Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 24, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Registrant Name | 'CROWN HOLDINGS INC | ' | ' |
Entity Central Index Key | '0001219601 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 138,384,712 | 140,789,829 |
Entity Public Float | ' | ' | $5,790,685,667 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $8,656 | $8,470 | $8,644 |
Cost of products sold, excluding depreciation and amortization | 7,180 | 7,013 | 7,120 |
Depreciation and amortization | 134 | 180 | 176 |
Gross profit | 1,342 | 1,277 | 1,348 |
Selling and administrative expense | 425 | 382 | 395 |
Provision for asbestos | 32 | 35 | 28 |
Provision for restructuring | 46 | 48 | 77 |
Asset impairments and sales | -12 | -48 | 6 |
Loss from early extinguishments of debt | 41 | 0 | 32 |
Interest expense | 236 | 226 | 232 |
Interest income | -5 | -7 | -11 |
Foreign exchange | 3 | -1 | 2 |
Income before income taxes and equity earnings | 576 | 642 | 587 |
Provision for / (benefit from) income taxes | 148 | -17 | 194 |
Equity earnings in affiliates | 0 | 5 | 3 |
Net income | 428 | 664 | 396 |
Net income attributable to noncontrolling interests | -104 | -105 | -114 |
Net income attributable to Crown Holdings | $324 | $559 | $282 |
Earnings per common share attributable to Crown Holdings: | ' | ' | ' |
Basic (in usd per share) | $2.32 | $3.83 | $1.86 |
Diluted (in usd per share) | $2.30 | $3.77 | $1.83 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $428 | $664 | $396 |
Other comprehensive income / (loss), net of tax | ' | ' | ' |
Foreign currency translation adjustments | -10 | 76 | -54 |
Pension and other postretirement benefits | 126 | -135 | -120 |
Derivatives qualifying as hedges | -17 | 40 | -93 |
Total other comprehensive income (loss) | 99 | -19 | -267 |
Total comprehensive income | 527 | 645 | 129 |
Net income attributable to noncontrolling interests | -104 | -105 | -114 |
Translation adjustments attributable to noncontrolling interests | 0 | -1 | -2 |
Derivatives qualifying as hedges attributable to noncontrolling interests | 2 | -4 | 6 |
Comprehensive income attributable to Crown Holdings | $425 | $535 | $19 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $689 | $350 |
Receivables, net | 1,064 | 1,057 |
Inventories | 1,213 | 1,166 |
Prepaid expenses and other current assets | 214 | 177 |
Total current assets | 3,180 | 2,750 |
Goodwill | 2,016 | 1,998 |
Property, plant and equipment, net | 2,152 | 2,005 |
Other non-current assets | 682 | 747 |
Total | 8,030 | 7,500 |
Current liabilities | ' | ' |
Short-term debt | 279 | 261 |
Current maturities of long-term debt | 94 | 115 |
Accounts payable and accrued liabilities | 2,547 | 2,146 |
Total current liabilities | 2,920 | 2,522 |
Long-term debt, excluding current maturities | 3,469 | 3,289 |
Postretirement and pension liabilities | 891 | 1,098 |
Other non-current liabilities | 461 | 462 |
Commitments and contingent liabilities (Note L) | ' | ' |
Equity/(deficit) | ' | ' |
Noncontrolling interests | 285 | 289 |
Preferred stock, authorized: 30,000,000; none issued (Note O) | 0 | 0 |
Common stock, par value: $5.00; authorized: 500,000,000 shares; issued: 185,744,072 shares (Note O) | 929 | 929 |
Additional paid-in capital | 431 | 668 |
Accumulated earnings | 1,395 | 1,071 |
Accumulated other comprehensive loss | -2,513 | -2,614 |
Treasury stock at par value (2013 - 47,536,183 shares; 2012 - 42,607,599 shares) | -238 | -214 |
Crown Holdings shareholders’ equity/(deficit) | 4 | -160 |
Total equity | 289 | 129 |
Total | $8,030 | $7,500 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in usd per share) | $5 | $5 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 185,744,072 | 185,744,072 |
Treasury stock, shares | 47,536,183 | 42,607,599 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $428 | $664 | $396 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 134 | 180 | 176 |
Provision for restructuring | 46 | 48 | 77 |
Asset impairments and sales | -12 | -48 | 6 |
Provision for bad debts | 41 | 0 | 2 |
Pension expense | 75 | 97 | 97 |
Pension contributions | -84 | -102 | -404 |
Stock-based compensation | 21 | 18 | 18 |
Deferred income taxes | 50 | -101 | 83 |
Changes in assets and liabilities: | ' | ' | ' |
Receivables | -51 | -113 | -36 |
Inventories | -45 | 21 | -119 |
Accounts payable and accrued liabilities | 246 | -6 | 100 |
Other, net | 36 | -37 | -17 |
Net cash provided by operating activities | 885 | 621 | 379 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -275 | -324 | -401 |
Insurance proceeds | 8 | 48 | 0 |
Acquisition of businesses, net of cash acquired | -16 | -78 | 0 |
Proceeds from sale of businesses, net of cash sold | 10 | 0 | 4 |
Proceeds from sale of property, plant and equipment | 29 | 3 | 26 |
Other | -2 | -11 | -1 |
Net cash used for investing activities | -246 | -362 | -372 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | 1,083 | 110 | 1,770 |
Payments of long-term debt | -1,022 | -66 | -1,069 |
Net change in revolving credit facility and short-term debt | 18 | 28 | -192 |
Debt issue costs | -32 | 0 | -22 |
Common stock issued | 21 | 15 | 11 |
Common stock repurchased | -300 | -257 | -312 |
Purchase of noncontrolling interests | -16 | -4 | -202 |
Dividends paid to noncontrolling interests | -78 | -79 | -104 |
Other | 20 | -1 | -9 |
Net cash used for financing activities | -306 | -254 | -129 |
Effect of exchange rate changes on cash and cash equivalents | 6 | 3 | 1 |
Net change in cash and cash equivalents | 339 | 8 | -121 |
Cash and cash equivalents at January 1 | 350 | 342 | 463 |
Cash and cash equivalents at December 31 | $689 | $350 | $342 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Shareholders' Equity (USD $) | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Earnings/(Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total Crown Equity [Member] | Noncontrolling Interests [Member] |
In Millions, unless otherwise specified | ||||||||
Balance at beginning of period at Dec. 31, 2010 | $229 | $929 | $1,231 | $230 | ($2,333) | ($153) | ($96) | $325 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Crown Holdings | 282 | ' | ' | 282 | ' | ' | 282 | ' |
Net income attributable to noncontrolling interests | 114 | ' | ' | ' | ' | ' | ' | 114 |
Net income | 396 | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | ' | ' | ' | ' | -263 | ' | -263 | ' |
Other comprehensive income/ (loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | -4 |
Total other comprehensive income (loss) | -267 | ' | ' | ' | ' | ' | ' | ' |
Dividends paid to noncontrolling interests | -104 | ' | ' | ' | ' | ' | ' | -104 |
Contribution from noncontrolling interests | 2 | ' | ' | ' | ' | ' | ' | 2 |
Restricted stock awarded | ' | ' | -2 | ' | ' | 2 | ' | ' |
Stock-based compensation | 18 | ' | 18 | ' | ' | ' | 18 | ' |
Common stock issued | 11 | ' | 7 | ' | ' | 4 | 11 | ' |
Common stock repurchased | -312 | ' | -272 | ' | ' | -40 | -312 | ' |
Purchase of noncontrolling interests | -212 | ' | -119 | ' | 6 | ' | -113 | -99 |
Balance at end of period at Dec. 31, 2011 | -239 | 929 | 863 | 512 | -2,590 | -187 | -473 | 234 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Crown Holdings | 559 | ' | ' | 559 | ' | ' | 559 | ' |
Net income attributable to noncontrolling interests | 105 | ' | ' | ' | ' | ' | ' | 105 |
Net income | 664 | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | ' | ' | ' | ' | -24 | ' | -24 | ' |
Other comprehensive income/ (loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | 5 |
Total other comprehensive income (loss) | -19 | ' | ' | ' | ' | ' | ' | ' |
Dividends paid to noncontrolling interests | -79 | ' | ' | ' | ' | ' | ' | -79 |
Contribution from noncontrolling interests | 17 | ' | ' | ' | ' | ' | ' | 17 |
Restricted stock awarded | ' | ' | -2 | ' | ' | 2 | ' | ' |
Acquisition of business | 7 | ' | ' | ' | ' | ' | ' | 7 |
Stock-based compensation | 18 | ' | 18 | ' | ' | ' | 18 | ' |
Common stock issued | 17 | ' | 11 | ' | ' | 6 | 17 | ' |
Common stock repurchased | -257 | ' | -222 | ' | ' | -35 | -257 | ' |
Balance at end of period at Dec. 31, 2012 | 129 | 929 | 668 | 1,071 | -2,614 | -214 | -160 | 289 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Crown Holdings | 324 | ' | ' | 324 | ' | ' | 324 | ' |
Net income attributable to noncontrolling interests | 104 | ' | ' | ' | ' | ' | ' | 104 |
Net income | 428 | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 101 | ' | ' | ' | 101 | ' | 101 | ' |
Other comprehensive income/ (loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | -2 |
Total other comprehensive income (loss) | 99 | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | -93 | ' | ' | ' | ' | ' | ' | -93 |
Dividends paid to noncontrolling interests | -78 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awarded | ' | ' | -6 | ' | ' | 6 | ' | ' |
Stock-based compensation | 21 | ' | 21 | ' | ' | ' | 21 | ' |
Common stock issued | 21 | ' | 16 | ' | ' | 5 | 21 | ' |
Common stock repurchased | -300 | ' | -265 | ' | ' | -35 | -300 | ' |
Purchase of noncontrolling interests | -16 | ' | -3 | ' | 0 | ' | -3 | -13 |
Balance at end of period at Dec. 31, 2013 | $289 | $929 | $431 | $1,395 | ($2,513) | ($238) | $4 | $285 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Summary of Significant Accounting Policies | ||
Business and Principles of Consolidation. The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). | ||
The Company manufactures and sells metal containers, metal closures, and canmaking equipment. These products are manufactured in the Company’s plants both within and outside the U.S. and are sold through the Company’s sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary based on whether it (1) has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (2) has the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. Investments in securities where the Company does not have the ability to exercise significant influence over operating and financial policies, and whose fair value is readily determinable such as those listed on a securities exchange, are referred to as “available for sale securities” and reported at their fair value with unrealized gains and losses reported in accumulated other comprehensive income in equity. Other investments are carried at cost. | ||
Foreign Currency Translation. For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. | ||
Revenue Recognition. Revenue is recognized from product sales when the goods are shipped and the title and risk of loss pass to the customer. Provisions for discounts and rebates to customers, returns, and other adjustments are estimated and provided for in the period that the related sales are recorded. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs are reported as cost of products sold. | ||
Stock-Based Compensation. The Company has stock-based employee compensation plans that are currently comprised of fixed stock option grants and restricted stock awards. Compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. The Company’s plans provide for stock awards which include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date that retirement eligibility is achieved, if less that the stated vesting period. | ||
Cash and Cash Equivalents. Cash equivalents represent investments with maturities of three months or less from the time of purchase and are carried at cost, which approximates fair value because of the short maturity of those instruments. Outstanding checks in excess of funds on deposit are included in accounts payable. | ||
Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on a review of individual accounts for collectability, generally | ||
focusing on those accounts that are past due or experiencing financial difficulties. The current year expense to adjust the allowance for doubtful accounts is recorded within selling and administrative expense in the consolidated statements of operations. | ||
Inventory Valuation. Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method and for non-U.S. inventories under the FIFO or average cost method. | ||
Property, Plant and Equipment. Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. | ||
Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. | ||
Land improvements | 25 | |
Buildings and Building Improvements | 25 – 40 | |
Machinery and Equipment | 3 – 18 | |
The Company, with the assistance of a third party appraiser, completed an evaluation of the estimated useful lives of its two-piece and three-piece can-making equipment. As a result, effective January 1, 2013, the company adjusted the estimated useful lives of its can-making equipment to reflect its current estimate of the useful lives. As a result of this change, for the year ended December 31, 2013, depreciation and amortization was lower by $49 and net income higher by $36 or $0.26 per diluted share. | ||
Goodwill. Goodwill is carried at cost and reviewed for impairment in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired. Goodwill was allocated to the reporting units at the time of the acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that an impairment is more likely than not, it will perform the two-step quantitative impairment test using a combination of market values for comparable businesses and discounted cash flow projections compared to the reporting unit's carrying value including goodwill. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit’s goodwill to its implied fair value. | ||
Impairment or Disposal of Long-Lived Assets. In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. | ||
Taxes on Income. The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. | ||
The with-and-without approach is used to account for utilization of windfall tax benefits arising from the Company’s stock-based compensation plans and only the direct impact of awards is considered when calculating the amount of windfalls or shortfalls. Income tax-related interest is reported as interest expense and penalties are reported as income tax expense. | ||
Derivatives and Hedging. All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of | ||
instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities and unrecognized firm commitments are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the anticipated transactions are no longer probable. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. | ||
The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Any amounts excluded from the assessment of hedge effectiveness, and any ineffective portion of designated hedges, are reported currently in earnings. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. | ||
Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. | ||
The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. | ||
Treasury Stock. Treasury stock is reported at par value. The excess of fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. | ||
Research and Development. Net research, development and engineering costs of $36, $43 and $43 in 2013, 2012 and 2011, respectively, were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. | ||
Reclassifications. Certain reclassifications of prior years’ data have been made to conform to the current year presentation. As discussed further in Note S to the Company's consolidated financial statements, in the fourth quarter of 2013, the Company finalized the purchase price allocation related to its acquisition of Superior and as a result revised the presentation of certain 2012 amounts. | ||
Recent Accounting and Reporting Pronouncements. In the first quarter of 2013, the Company adopted changes to the disclosure of offsetting assets and liabilities. These changes require an entity to disclose both gross and net information about instruments and transactions subject to an agreement similar to a master netting arrangement and eligible for offset in the statement of financial position. The disclosures are intended to enable users of an entity’s financial statements to understand and evaluate the effect or potential effect of master netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments. Other than disclosure, these changes had no impact on the Company's consolidated financial statements. See Note R for the Company's disclosures. | ||
In the first quarter of 2013, the Company adopted changes to the disclosure of amounts reclassified out of accumulated other comprehensive income. These changes require an entity to present in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. Other than disclosure, these changes had no impact on the Company's consolidated financial statements. See Note B for the Company's disclosures. | ||
In the fourth quarter of 2013, the Company elected to early adopt changes to the presentation of an unrecognized tax benefit when a net operating loss or similar tax carryforward exists. The new guidance requires that an entity net its liability for an unrecognized tax benefit against all same-jurisdiction loss or similar tax carryforwards that would apply if the unrecognized tax benefit were settled for the presumed amount at the balance sheet date. The change did not have a material impact on the Company's consolidated balance sheet and had no impact on the Company's consolidated statements of operations, comprehensive income, cash flows or changes in shareholders' equity. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | |||||||||||||||||
The following table provides information about the changes in each component of accumulated other comprehensive income for the year ended December 31, 2013. | |||||||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Gains and Losses on Cash Flow Hedges | Total | ||||||||||||||
Balance at December 31, 2012 | $ | (1,954 | ) | $ | (648 | ) | $ | (12 | ) | $ | (2,614 | ) | |||||
Other comprehensive income (loss) before reclassifications | 60 | (8 | ) | (49 | ) | 3 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 66 | (2 | ) | 34 | 98 | ||||||||||||
Other comprehensive income (loss) | 126 | (10 | ) | (15 | ) | 101 | |||||||||||
Balance at December 31, 2013 | $ | (1,828 | ) | $ | (658 | ) | $ | (27 | ) | $ | (2,513 | ) | |||||
The following table provides information about the amounts reclassified out of accumulated other comprehensive income in 2013. | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement of Operations | |||||||||||||||
Gains and losses on cash flow hedges | |||||||||||||||||
Commodities | $ | 43 | Cost of products sold | ||||||||||||||
43 | Total before tax | ||||||||||||||||
(11 | ) | Provision for income taxes | |||||||||||||||
$ | 32 | Net of tax | |||||||||||||||
Foreign exchange | $ | 9 | Net sales | ||||||||||||||
(7 | ) | Cost of products sold | |||||||||||||||
2 | Total before tax | ||||||||||||||||
— | Provision for income taxes | ||||||||||||||||
$ | 2 | Net of tax | |||||||||||||||
Total gains and losses on cash flow hedges | $ | 34 | |||||||||||||||
Foreign currency translation | |||||||||||||||||
Currency translation on disposed investment | $ | (2 | ) | Asset impairments and sales | |||||||||||||
(2 | ) | Total before tax | |||||||||||||||
— | Provision for income taxes | ||||||||||||||||
$ | (2 | ) | Net of tax | ||||||||||||||
Amortization of defined benefit plan items | |||||||||||||||||
Actuarial losses | $ | 136 | (a) | ||||||||||||||
Prior service credit | (52 | ) | (a) | ||||||||||||||
84 | Total before tax | ||||||||||||||||
(18 | ) | Provision for income taxes | |||||||||||||||
$ | 66 | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | 98 | Net of tax | ||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note V for further details. |
Receivables
Receivables | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables | ' | |||||||
Receivables | ||||||||
2013 | 2012 | |||||||
Accounts receivable | $ | 962 | $ | 922 | ||||
Less: allowance for doubtful accounts | (78 | ) | (37 | ) | ||||
Net trade receivables | 884 | 885 | ||||||
Miscellaneous receivables | 180 | 172 | ||||||
$ | 1,064 | $ | 1,057 | |||||
As of December 31, 2013, the Company has a net receivable of $25 from a European Food customer who has been experiencing financial difficulties. If the Company's expectations with respect to collectability change, the Company may need to record an additional charge in the future that could be material. | ||||||||
The Company uses receivables securitization facilities in the normal course of business as part of managing its cash flows. In North America, the Company has a $200 securitization facility that matures in December 2015. In Europe, the Company has a €110 ($151 at December 31, 2013) securitization facility that matures in July 2017. The Company has determined that transactions under these facilities do not qualify for sale accounting and has therefore accounted for the transactions as secured borrowings with the receivables and associated liabilities recognized in the Company’s Consolidated Balance Sheets. | ||||||||
In addition, the Company uses receivables factoring arrangements in the normal course of business as part of managing its cash flows. Under these arrangements, the Company sells its entire interest in specified receivables to various third parties. Where the Company has surrendered control over factored receivables, the Company has accounted for the transfers as sales. | ||||||||
The Company’s continuing involvement in factored receivables accounted for as sales is limited to servicing the receivables. The Company receives adequate compensation for servicing the receivables and no servicing asset or liability is recorded. | ||||||||
At December 31, amounts securitized or factored were as follows: | ||||||||
2013 | 2012 | |||||||
Accounted for as secured borrowings | $ | 233 | $ | 216 | ||||
Accounted for as sales | $ | 348 | $ | 312 | ||||
In 2013, 2012 and 2011, the Company recorded expenses related to securitization and factoring facilities of $10, $8 and $10 as interest expense. | ||||||||
Collections from customers on securitized or factored receivables and related fees and costs are included in operating activities in the Consolidated Statements of Cash Flows. Proceeds and repayments related to securitization or factoring transactions that do not qualify for sale accounting are included in financing activities in the Consolidated Statements of Cash Flows. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
2013 | 2012 | |||||||
Raw materials and supplies | $ | 645 | $ | 602 | ||||
Work in process | 128 | 128 | ||||||
Finished goods | 440 | 436 | ||||||
$ | 1,213 | $ | 1,166 | |||||
Goodwill
Goodwill | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Goodwill | ' | ||||||||||||||||||
Goodwill | |||||||||||||||||||
Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2013 and 2012 were as | |||||||||||||||||||
follows: | |||||||||||||||||||
Americas Beverage | North America Food | European Beverage | European Food | Non-reportable Segments | Total | ||||||||||||||
Balance at January 1, 2012: | |||||||||||||||||||
Goodwill | $ | 455 | $ | 162 | $ | 732 | $ | 1,284 | $ | 295 | $ | 2,928 | |||||||
Accumulated impairment losses | (29 | ) | (73 | ) | (724 | ) | (150 | ) | (976 | ) | |||||||||
Net | 426 | 162 | 659 | 560 | 145 | 1,952 | |||||||||||||
Foreign currency translation | 2 | 2 | 19 | 14 | 9 | 46 | |||||||||||||
Balance at December 31, 2012: | |||||||||||||||||||
Goodwill | 457 | 164 | 751 | 1,298 | 304 | 2,974 | |||||||||||||
Accumulated impairment losses | (29 | ) | (73 | ) | (724 | ) | (150 | ) | (976 | ) | |||||||||
Net | 428 | 164 | 678 | 574 | 154 | 1,998 | |||||||||||||
Foreign currency translation | (4 | ) | (6 | ) | 2 | 22 | 4 | 18 | |||||||||||
Balance at December 31, 2013: | |||||||||||||||||||
Goodwill | 453 | 158 | 753 | 1,320 | 308 | 2,992 | |||||||||||||
Accumulated impairment losses | (29 | ) | (73 | ) | (724 | ) | (150 | ) | (976 | ) | |||||||||
Net | $ | 424 | $ | 158 | $ | 680 | $ | 596 | $ | 158 | $ | 2,016 | |||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
2013 | 2012 | |||||||
Buildings and improvements | $ | 942 | $ | 923 | ||||
Machinery and equipment | 4,768 | 4,559 | ||||||
Land and improvements | 143 | 167 | ||||||
Construction in progress | 172 | 185 | ||||||
6,025 | 5,834 | |||||||
Less: accumulated depreciation and amortization | (3,873 | ) | (3,829 | ) | ||||
$ | 2,152 | $ | 2,005 | |||||
Other_NonCurrent_Assets
Other Non-Current Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Investments, All Other Investments [Abstract] | ' | |||||||
Other Non-Current Assets | ' | |||||||
Other Non-Current Assets | ||||||||
2013 | 2012 | |||||||
Deferred taxes | $ | 488 | $ | 577 | ||||
Debt issue costs | 54 | 40 | ||||||
Investments | 20 | 30 | ||||||
Fair value of derivatives | — | 1 | ||||||
Other | 120 | 99 | ||||||
$ | 682 | $ | 747 | |||||
The investments caption includes the Company’s investments accounted for by the equity method and the cost method. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities | ' | |||||||
Accounts Payable and Accrued Liabilities | ||||||||
2013 | 2012 | |||||||
Trade accounts payable | $ | 1,768 | $ | 1,470 | ||||
Salaries, wages and other employee benefits, including pension and postretirement | 164 | 168 | ||||||
Accrued taxes, other than on income | 118 | 117 | ||||||
Restructuring | 60 | 70 | ||||||
Accrued interest | 68 | 47 | ||||||
Fair value of derivatives | 58 | 27 | ||||||
Asbestos liabilities | 28 | 25 | ||||||
Income taxes payable | 19 | 12 | ||||||
Deferred taxes | 30 | 15 | ||||||
Other | 234 | 195 | ||||||
$ | 2,547 | $ | 2,146 | |||||
Other_NonCurrent_Liabilities
Other Non-Current Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Non-Current Liabilities | ' | |||||||
Other Non-Current Liabilities | ||||||||
2013 | 2012 | |||||||
Asbestos liabilities | $ | 232 | $ | 231 | ||||
Postemployment benefits | 28 | 37 | ||||||
Income taxes payable | 22 | 29 | ||||||
Deferred taxes | 31 | 23 | ||||||
Environmental | 12 | 12 | ||||||
Fair value of derivatives | 2 | 3 | ||||||
Other | 134 | 127 | ||||||
$ | 461 | $ | 462 | |||||
Income taxes payable includes uncertain tax positions as discussed in Note W. |
Lease_Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2013 | |
Leases [Abstract] | ' |
Lease Commitments | ' |
Lease Commitments | |
The Company leases manufacturing, warehouse and office facilities and certain equipment. Certain of the leases contain renewal or purchase options, but the leases do not contain significant contingent rental payments, escalation clauses, rent holidays, rent concessions or leasehold improvement incentives. Under long-term operating leases, minimum annual rentals are $55 in 2014, $41 in 2015, $32 in 2016, $24 in 2017, $14 in 2018 and $55 thereafter. Such rental commitments have been reduced by minimum sublease rentals of $9 due under non-cancelable subleases. Rental expense (net of sublease rental income) was $65, $63 and $62 in 2013, 2012 and 2011, respectively. The Company did not have any significant capital leases at December 31, 2013. |
AsbestosRelated_Liabilities
Asbestos-Related Liabilities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Liability for Asbestos and Environmental Claims [Abstract] | ' | |||||||||||
Asbestos-Related Liabilities | ' | |||||||||||
Asbestos-Related Liabilities | ||||||||||||
Crown Cork & Seal Company, Inc. (“Crown Cork”) is one of many defendants in a substantial number of lawsuits filed throughout the United States by persons alleging bodily injury as a result of exposure to asbestos. These claims arose from the insulation operations of a U.S. company, the majority of whose stock Crown Cork purchased in 1963. Approximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. | ||||||||||||
Prior to 1998, amounts paid to asbestos claimants were covered by a fund made available to Crown Cork under a 1985 settlement with carriers insuring Crown Cork through 1976, when Crown Cork became self-insured. The fund was depleted in 1998 and the Company has no remaining coverage for asbestos-related costs. | ||||||||||||
In recent years, the states of Alabama, Arizona, Florida, Georgia, Idaho, Indiana, Michigan, Mississippi, Nebraska, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, Wisconsin and Wyoming enacted legislation that limits asbestos-related liabilities under state law of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The legislation, which applies to future and, with the exception of Georgia, South Carolina, South Dakota and Wyoming, pending claims, caps asbestos-related liabilities at | ||||||||||||
the fair market value of the predecessor's total gross assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total value of its predecessor's assets adjusted for inflation. Crown Cork has integrated the legislation into its claims defense strategy. The Company cautions, however, that the legislation may be challenged and there can be no assurance regarding the ultimate effect of the legislation on Crown Cork. | ||||||||||||
In June 2003, the State of Texas enacted legislation that limits the asbestos-related liabilities in Texas courts of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The Texas legislation, which applies to future claims and pending claims, caps asbestos-related liabilities at the total gross value of the predecessor’s assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total adjusted value of its predecessor’s assets. | ||||||||||||
On October 22, 2010, the Texas Supreme Court, in a 6-2 decision, reversed a lower court decision, Barbara Robinson v. Crown Cork & Seal Company, Inc., No. 14-04-00658-CV, Fourteenth Court of Appeals, Texas, which had upheld the dismissal of an asbestos-related case against Crown Cork. The Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June of 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. | ||||||||||||
In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld. | ||||||||||||
The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. | ||||||||||||
The Company's approximate claims activity for the years ended 2013, 2012 and 2011 was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning claims | 51,000 | 50,000 | 50,000 | |||||||||
New claims | 4,000 | 3,000 | 2,000 | |||||||||
Settlements or dismissals | (2,000 | ) | (2,000 | ) | (2,000 | ) | ||||||
Ending claims | 53,000 | 51,000 | 50,000 | |||||||||
The Company's cash payments during the years ended 2013, 2012, and 2011 were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Asbestos-related payments | $ | 28 | $ | 28 | $ | 28 | ||||||
Settled claims payments (included in asbestos-related payments above) | 21 | 20 | 20 | |||||||||
In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes by year of exposure and state filed. As of December 31, 2013 and December 31, 2012, the Company's outstanding claims were: | ||||||||||||
2013 | 2012 | |||||||||||
Claimants alleging first exposure after 1964 | 16,000 | 15,000 | ||||||||||
Claimants alleging first exposure before or during 1964 filed in: | ||||||||||||
Texas | 13,000 | 13,000 | ||||||||||
Pennsylvania | 2,000 | 2,000 | ||||||||||
Other states that have enacted asbestos legislation | 6,000 | 6,000 | ||||||||||
Other states | 16,000 | 15,000 | ||||||||||
Total claims outstanding | 53,000 | 51,000 | ||||||||||
The outstanding claims in each period exclude approximately 19,000 inactive claims. Due to the passage of time, the Company considers it unlikely that the plaintiffs in these cases will pursue further action against the Company. The exclusion of these inactive claims had no effect on the calculation of the Company’s accrual as the claims were filed in states, as described above, where the Company’s liability is limited by statute. | ||||||||||||
With respect to claimants alleging first exposure to asbestos before or during 1964, the Company does not include in its accrual any amounts for settlements in states where the Company’s liability is limited by statute except for certain pending claims in Texas as described earlier. | ||||||||||||
With respect to post-1964 claims, regardless of the existence of asbestos legislation, the Company does not include in its accrual any amounts for settlement of these claims because of increased difficulty of establishing identification of relevant insulation products as the cause of injury. Given its settlement experience with post-1964 claims, the Company does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. | ||||||||||||
As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total claims | 21 | % | 19 | % | 18 | % | ||||||
Pre-1964 claims in states without asbestos legislation | 39 | % | 36 | % | 33 | % | ||||||
Crown Cork has entered into arrangements with plaintiffs’ counsel in certain jurisdictions with respect to claims which are not yet filed, or asserted, against it. However, Crown Cork expects claims under these arrangements to be filed or asserted against Crown Cork in the future. The projected value of these claims is included in the Company’s estimated liability as of December 31, 2013. | ||||||||||||
As of December 31, 2013, the Company’s accrual for pending and future asbestos-related claims and related legal costs was $260, including $221 for unasserted claims. The Company’s accrual includes estimated probable costs for claims through the year 2023. The Company’s accrual excludes potential costs for claims beyond 2023 because the Company believes that the key assumptions underlying its accrual are subject to greater uncertainty as the projection period lengthens. | ||||||||||||
Approximately 87% of the claims outstanding at the end of 2013 were filed by plaintiffs who do not claim a specific amount of damages or claim a minimum amount as established by court rules relating to jurisdiction; approximately 12% were filed by plaintiffs who claim damages of less than $5; approximately 1% were filed by plaintiffs who claim damages from $5 to less than $100 (87% of whom claim damages less than $25) and 3 were filed by plaintiffs who claim damages in excess of $100. | ||||||||||||
It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant, the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed). |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
Commitments and Contingent Liabilities | |
The Company, along with others in most cases, has been identified by the EPA or a comparable state environmental agency as a Potentially Responsible Party (“PRP”) at a number of sites and has recorded aggregate accruals of $6 for its share of estimated future remediation costs at these sites. The Company has been identified as having either directly or indirectly disposed of commercial or industrial waste at the sites subject to the accrual, and where appropriate and supported by available information, | |
generally has agreed to be responsible for a percentage of future remediation costs based on an estimated volume of materials disposed in proportion to the total materials disposed at each site. The Company has not had monetary sanctions imposed nor has the Company been notified of any potential monetary sanctions at any of the sites. | |
The Company has also recorded aggregate accruals of $7 for remediation activities at various worldwide locations that are owned by the Company and for which the Company is not a member of a PRP group. In 2013, in connection with a favorable arbitration ruling, the Company recorded a receivable of $3 for the recovery of certain remediation costs from a third party. Although the Company believes its accruals are adequate to cover its portion of future remediation costs, there can be no assurance that the ultimate payments will not exceed the amount of the Company’s accruals and will not have a material effect on its results of operations, financial position and cash flow. Any possible loss or range of potential loss that may be incurred in excess of the recorded accruals cannot be estimated. | |
The Company's Italian subsidiaries received assessments for value added taxes and related income taxes from the Italian tax authorities resulting from certain third party suppliers' failures to remit required value added tax payments due by those suppliers under Italian law with respect to purchases for resale to the Company. In 2013, the Company entered into a formal agreement with the Italian tax authorities to settle these matters and as a result recorded a pre-tax charge of $20 ($14 after-tax). | |
In 2013, an arbitrator ruled in favor of the Company over certain environmental indemnification matters related to a prior acquisition. Under the terms of the ruling, the Company received payment of $16 and as a result recognized a pre-tax gain of $16 ($11 after-tax). | |
The Company and its subsidiaries are also subject to various other lawsuits and claims with respect to labor, environmental, securities, vendor and other matters arising out of the Company’s normal course of business. While the impact on future financial results is not subject to reasonable estimation because considerable uncertainty exists, management believes that the ultimate liabilities resulting from such lawsuits and claims will not materially affect the Company’s consolidated earnings, financial position or cash flow. | |
The Company has various commitments to purchase materials, supplies and utilities as part of the ordinary conduct of business. The Company’s basic raw materials for its products are steel and aluminum, both of which are purchased from multiple sources. The Company is subject to fluctuations in the cost of these raw materials and has periodically adjusted its selling prices to reflect these movements. There can be no assurance, however, that the Company will be able to fully recover any increases or fluctuations in raw material costs from its customers. The Company also has commitments for standby letters of credit and for purchases of capital assets. | |
At December 31, 2013, the Company was party to certain indemnification agreements covering environmental remediation, lease payments and other potential costs associated with properties sold or businesses divested. For agreements with defined liability limits the maximum potential amount of future liability was $7. The Company accrues for costs related to these items when it is probable that a liability has been incurred and the amount can be reasonably estimated. At December 31, 2013, the Company also had guarantees of $39 related to the residual values of leased assets. |
Restructuring
Restructuring | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring Reserve [Abstract] | ' | |||||||||||
Restructuring | ' | |||||||||||
Restructuring | ||||||||||||
The Company recorded restructuring charges as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
North America Food | 5 | 3 | 3 | |||||||||
European Food | 14 | 15 | 9 | |||||||||
European Beverage | 2 | — | — | |||||||||
Asia Pacific | 1 | 4 | — | |||||||||
Non-reportable segments | 16 | 18 | 45 | |||||||||
Corporate | 8 | 8 | 20 | |||||||||
$ | 46 | $ | 48 | $ | 77 | |||||||
Restructuring charges by type are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Termination benefits | $ | 35 | $ | 35 | $ | 56 | ||||||
Other exit costs | 11 | 13 | 21 | |||||||||
$ | 46 | $ | 48 | $ | 77 | |||||||
2011 European Division Headquarters Relocation | ||||||||||||
As of December 31, 2013, the Company incurred costs of $40 which are expected to be the total costs related to the relocation of its European Division headquarters and management to Switzerland in order to benefit from a more centralized management location. | ||||||||||||
The following table summarizes the restructuring accrual balances and utilization by cost type for the relocation: | ||||||||||||
Termination | Other exit | Total | ||||||||||
benefits | costs | |||||||||||
Balance at December 31, 2011 | $ | — | $ | 19 | $ | 19 | ||||||
Provisions | — | 3 | 3 | |||||||||
Balance at December 31, 2012 | — | 22 | 22 | |||||||||
Provisions | — | 3 | 3 | |||||||||
Payments | — | (7 | ) | (7 | ) | |||||||
Balance at December 31, 2013 | $ | — | $ | 18 | $ | 18 | ||||||
Other exit costs represent employee compensation costs resulting from an intercompany payment related to the relocation. The Company expects to pay the remaining costs in 2014 and 2015. | ||||||||||||
2012 European Food Actions | ||||||||||||
Through December 31, 2013, the Company incurred costs of $17 in connection with actions taken in 2012 to reduce manufacturing capacity and headcount in its European Food segment. These actions combined are expected to reduce headcount by approximately 165 and to eliminate approximately 7% of the business' capacity. The Company currently expects to incur future additional charges of $1 related to the actions which are expected to be completed in 2014 at an estimated aggregate cost of $18. The Company continues to review its supply and demand profile and long-term plans in Europe and it is possible that the Company may record additional restructuring charges in the future. | ||||||||||||
Termination | Other exit | Total | ||||||||||
benefits | costs | |||||||||||
Balance at December 31, 2011 | $ | 10 | $ | — | $ | 10 | ||||||
Provisions | 14 | 1 | 15 | |||||||||
Payments made | (7 | ) | (1 | ) | (8 | ) | ||||||
Foreign currency translation | 1 | — | 1 | |||||||||
Balance at December 31, 2012 | 18 | — | 18 | |||||||||
Provisions | — | 2 | 2 | |||||||||
Payments | (12 | ) | (2 | ) | (14 | ) | ||||||
Balance at December 31, 2013 | $ | 6 | $ | — | $ | 6 | ||||||
2011 and 2012 European Division Actions | ||||||||||||
Through December 31, 2013, the Company incurred costs of $67 in connection with actions taken in 2011 and 2012 to reduce manufacturing capacity and headcount in its European Aerosol and Specialty Packaging businesses. These actions combined are expected to reduce headcount by approximately 474 and to eliminate approximately 20% of the businesses' capacity. Due to the similar nature of these actions, the Company has combined them in the rollforward presented below. The Company currently expects to incur future additional charges of $2 related to the actions which are expected to be completed in 2014 at an estimated aggregate cost of $69. The Company expects to pay the liability through 2024 as certain employees have elected to receive payout as a fixed monthly sum over 11 years. The Company continues to review its supply and demand profile and long-term plans in Europe and it is possible that the Company may record additional restructuring charges in the future. | ||||||||||||
The table below summarizes the restructuring accrual balances and utilization by cost type for this action. | ||||||||||||
Termination | Other exit | Total | ||||||||||
benefits | costs | |||||||||||
Balance at December 31, 2011 | $ | 45 | $ | — | $ | 45 | ||||||
Provisions | 15 | 3 | 18 | |||||||||
Payments made | (23 | ) | (3 | ) | (26 | ) | ||||||
Balance at December 31, 2012 | 37 | — | 37 | |||||||||
Provisions | — | 4 | 4 | |||||||||
Payments made | (20 | ) | (4 | ) | (24 | ) | ||||||
Foreign currency translation | (1 | ) | — | (1 | ) | |||||||
Balance at December 31, 2013 | $ | 16 | $ | — | $ | 16 | ||||||
2013 European Division Actions | ||||||||||||
During 2013, the Company recorded a charge of $31 related to a cost-reduction initiative to better align costs with ongoing market conditions in its European operations, primarily in its food, aerosol and specialty packaging businesses. The action is expected to result in the reduction of approximately 235 employees when completed in 2014. The Company expects to pay the liability in 2014 and does not expect to incur any additional charges related to this action. | ||||||||||||
The table below summarizes the restructuring accrual balances and utilization by cost type for this action. | ||||||||||||
Termination | Other exit | Total | ||||||||||
benefits | costs | |||||||||||
Balance at December 31, 2012 | $ | — | $ | — | $ | — | ||||||
Provision | 31 | — | 31 | |||||||||
Payments | (5 | ) | — | (5 | ) | |||||||
Foreign currency translation | 1 | — | 1 | |||||||||
Balance at December 31, 2013 | $ | 27 | $ | — | $ | 27 | ||||||
Other | ||||||||||||
As a result of prior restructuring actions in the Company's North America food business, the Company may incur a future charge of up to $16 related to pension settlements which may be triggered as employees elect to receive lump sum distributions. The timing and amount of the charge may be impacted by the number of employees who elect to receive lump sum distributions. |
Asset_Impairment_and_Sales
Asset Impairment and Sales | 12 Months Ended |
Dec. 31, 2013 | |
Asset Impairments And Sales [Abstract] | ' |
Asset Impairments and Sales | ' |
Asset Impairments and Sales | |
During 2013, the Company recognized a net gain of $12 for asset impairments and sales including $9 related to the sale of land and a building in Belgium. | |
During 2012, the Company recognized a net gain of $48 for asset impairments and sales including $31 related to insurance proceeds received for property damage incurred in the 2011 flooding of its beverage can plant in Thailand and a gain of $20 related to its acquisition of Superior Multi-Packaging, Ltd., as described further in Note S. | |
During 2011, the Company recorded a net charge of $6 for asset impairments and sales including a loss of $4 for the insurance deductible related to its beverage can plant in Thailand that was shut down in October due to damage caused by severe flooding. As a result of the flooding, the company wrote-off $23 of property, plant and equipment which was fully offset by anticipated insurance proceeds which the Company recognized because realization of such proceeds was considered probable. |
Capital_Stock
Capital Stock | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Capital Stock [Abstract] | ' | |||||||||
Capital Stock | ' | |||||||||
Capital Stock | ||||||||||
A summary of common share activity for the years ended December 31 is as follows (in shares): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Common shares outstanding at January 1 | 143,136,473 | 148,449,293 | 155,256,791 | |||||||
Shares repurchased | (6,925,789 | ) | (6,954,968 | ) | (7,965,176 | ) | ||||
Shares issued upon exercise of employee stock options | 855,061 | 1,143,755 | 666,183 | |||||||
Restricted stock issued to employees, net of forfeitures | 1,115,484 | 468,323 | 463,885 | |||||||
Shares issued to non-employee directors | 26,660 | 30,070 | 27,610 | |||||||
Common shares outstanding at December 31 | 138,207,889 | 143,136,473 | 148,449,293 | |||||||
The share repurchases were made pursuant to authorizations from the Company's Board of Directors. In December 2012, the Company's Board of Directors authorized the repurchase of an aggregate amount of $800 of the Company's common stock through the end of 2014. This authorization supersedes the previous authorization. Share repurchases under the Company's programs may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. As of December 31, 2013, $507 of the Company's outstanding common stock may be repurchased under the authorization. | ||||||||||
The Company is not obligated to acquire any shares of its common stock and the share repurchase program may be suspended or terminated at any time at the Company’s discretion. Share repurchases are subject to the terms of the Company’s debt agreements, market conditions and other factors. The repurchased shares, if any, are expected to be used for the Company’s stock-based benefit plans, as required, and to offset dilution resulting from the issuance of shares thereunder, and for other general corporate purposes. | ||||||||||
The Board of Directors has the authority to issue, at any time or from time to time, up to 30 million shares of preferred stock and has authority to fix the designations, number and voting rights, preferences, privileges, limitations, restrictions, conversion rights and other special or relative rights, if any, of any class or series of any class of preferred stock that may be desired, provided the shares of any such class or series of preferred stock shall not be entitled to more than one vote per share when voting as a class with holders of the Company's common stock. | ||||||||||
The Company’s ability to pay dividends and repurchase its common stock is limited by certain restrictions in its debt agreements. These restrictions are subject to a number of exceptions, however, allowing the Company to make otherwise restricted payments. The amount of restricted payments permitted to be made, including dividends and repurchases of the Company’s common stock, is generally limited to the cumulative excess of $200 plus 50% of adjusted net income plus proceeds from the exercise of employee stock options over the aggregate of restricted payments made since July 2004. Adjustments to net income may include, but are not limited to, items such as asset impairments, gains and losses from asset sales and early extinguishments of debt. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company’s shareholder-approved stock-based incentive compensation plans provide for the granting of awards in the form of stock options, deferred stock, restricted stock or stock appreciation rights (“SARs”). The awards may be subject to the achievement of certain performance goals, generally based on market conditions, as determined by the Plan Committee designated by the Company’s Board of Directors. There have been no awards of SARs. | |||||||||||||||||
In April 2013, the Company's shareholders approved the 2013 Stock-Based Incentive Compensation Plan (the "Plan") which allows for a total of 6.2 million shares to be issued under future awards. As of December 31, 2013, approximately 5.0 million shares are available for future awards under the Plan. | |||||||||||||||||
Stock-based compensation expense was as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Stock options | $ | 1 | $ | 5 | $ | 5 | |||||||||||
Restricted stock/deferred stock | 20 | 12 | 12 | ||||||||||||||
Stock Options | |||||||||||||||||
A summary of stock option activity follows: | |||||||||||||||||
2013 | |||||||||||||||||
Shares | Weighted average | ||||||||||||||||
exercise price | |||||||||||||||||
Options outstanding at January 1 | 2,556,114 | $ | 21.38 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (851,061 | ) | 21.72 | ||||||||||||||
Forfeited | (5,000 | ) | 23.45 | ||||||||||||||
Expired | (5,000 | ) | 23.45 | ||||||||||||||
Options outstanding at December 31 | 1,695,053 | 21.2 | |||||||||||||||
Options fully vested or expected to vest at December 31 | 1,693,076 | $ | 21.18 | ||||||||||||||
The following table summarizes outstanding and exercisable options at December 31, 2013: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | ||||||||||||
exercise | outstanding | average | average | exercisable | average | ||||||||||||
prices | remaining | exercise | exercise | ||||||||||||||
contractual | price | price | |||||||||||||||
life in years | |||||||||||||||||
$8.60 to $8.75 | 353,020 | 0.3 | $ | 8.61 | 353,020 | $ | 8.61 | ||||||||||
$13.20 to $23.19 | 20,500 | 2.9 | 19.5 | 18,500 | 19.1 | ||||||||||||
$23.45 | 1,205,533 | 3 | 23.45 | 1,205,533 | 23.45 | ||||||||||||
$23.88 to $40.01 | 116,000 | 6.6 | 36.41 | 38,000 | 31.32 | ||||||||||||
1,695,053 | 2.7 | 21.2 | 1,615,053 | 20.34 | |||||||||||||
Outstanding stock options have a contractual term of ten years, are fixed-price and non-qualified. Options granted in 2007 or later vest over six years at 20% per year with initial vesting on the second anniversary of the grant. | |||||||||||||||||
Options outstanding at December 31, 2013 had an aggregate intrinsic value (which is the amount by which the stock price exceeded the exercise price of the options as of December 31, 2013) of $40. The aggregate intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $17, $27 and $15, respectively. | |||||||||||||||||
At December 31, 2013, options that were fully vested or expected to vest had an aggregate intrinsic value of $40 and a weighted average remaining contractual term of 2.7 years, and options exercisable had an aggregate intrinsic value of $39 and a weighted average remaining contractual term of 2.5 years. Also at December 31, 2013, there was $1 of unrecognized compensation expense related to outstanding nonvested stock options with a weighted average recognition period of 3.2 years. | |||||||||||||||||
Stock options are valued at their grant date fair value using the Black-Scholes option pricing model. Valuations incorporate several variables, including expected term, expected volatility, and a risk-free interest rate. The expected term (which is the timeframe over which an award is exercised after grant) is derived from historical data about participant exercise and post-vesting employment termination patterns. Volatility is the expected fluctuation of the Company’s stock price in the market and is derived from a combination of historical data about the Company’s stock price and implied volatilities based on market data. The risk-free interest rate is the U.S. Treasury yield curve rate in effect at the date of the grant which has a contractual life similar to the option’s expected term. | |||||||||||||||||
There were no stock option grants in 2013 or 2012. The fair value of stock option grants during 2011 were estimated using the following weighted average assumptions: | |||||||||||||||||
2011 | |||||||||||||||||
Risk-free interest rate | 2.4 | % | |||||||||||||||
Expected life of option (years) | 6.8 | ||||||||||||||||
Expected stock price volatility | 31.7 | % | |||||||||||||||
Expected dividend yield | 0 | % | |||||||||||||||
The weighted average grant-date fair values for options granted during 2011 were $14.98. | |||||||||||||||||
The Company has assumed an annual forfeiture rate of between three and six percent in each year based on historical data of the forfeiture of nonvested stock options through the termination of service by plan participants. | |||||||||||||||||
Restricted and Deferred Stock | |||||||||||||||||
Annually the Company awards shares of restricted stock to certain senior executives in the form of time-vested restricted stock and performance-based shares. The restricted stock vests ratably over three years on the anniversary date of the award. The performance-based shares cliff vest at the end of three years on the anniversary date of the award. The number of performance-based shares that will ultimately vest is based on the level of performance achieved, ranging between 0% and 200% of the shares originally awarded and will be settled in shares of common stock. The market performance criteria is the Company’s Total Shareholder Return (“TSR”), which includes share price appreciation and dividends paid, during the three-year term of the award measured against the TSR of a peer group of companies. Participants who terminate employment because of retirement, disability or death receive accelerated vesting of their time-vested awards to the date of termination. However, performance-based awards, for such participants, will not be issued until the original vesting date. | |||||||||||||||||
In May 2013, the Company issued a general award of 0.7 million shares of time-vesting restricted stock and 0.5 million shares of time-vesting deferred stock which vest ratably over 4 years commencing in 2015. The Company has assumed an initial annual forfeiture rate of 5 percent | |||||||||||||||||
A summary of restricted and deferred stock activity follows: | |||||||||||||||||
Number of shares | |||||||||||||||||
Non-vested shares outstanding at January 1, 2013 | 898,190 | ||||||||||||||||
Awarded: | |||||||||||||||||
Time-vesting, net of forfeitures | 1,275,078 | ||||||||||||||||
Performance-based | 243,251 | ||||||||||||||||
Performance-based – achieved 141% level (grant-date fair value of $37.91) | 93,755 | ||||||||||||||||
Released: | |||||||||||||||||
Time-vesting shares awarded in 2010 through 2012 | (144,623 | ) | |||||||||||||||
Performance-based shares awarded in 2010 | (229,624 | ) | |||||||||||||||
Performance-based awards – achieved 141% level | (93,755 | ) | |||||||||||||||
Non-vested shares outstanding at December 31, 2013 | 2,042,272 | ||||||||||||||||
The average grant-date fair value of restricted stock awarded in 2013, 2012 and 2011 follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Time-vested restricted stock | $ | 43.19 | $ | 33.75 | $ | 33.7 | |||||||||||
Performance-based shares | $ | 36.75 | $ | 39.52 | $ | 41.69 | |||||||||||
Deferred stock | $ | 43.79 | |||||||||||||||
The fair values of the performance-based shares awarded were calculated using a Monte Carlo valuation model and the following weighted average assumptions: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 0.3 | % | 0.4 | % | 1 | % | |||||||||||
Expected term (years) | 3 | 3 | 3 | ||||||||||||||
Expected stock price volatility | 22.4 | % | 27.8 | % | 37.9 | % | |||||||||||
During 2013, the Company issued 93,755 additional performance-based shares under its 2010 award because it exceeded the target level (100%) of performance-based shares, established on the original date of the related award, by 41%. These shares were issued without restriction. | |||||||||||||||||
At December 31, 2013, unrecognized compensation cost related to outstanding restricted stock was $51. The weighted average period over which the expense is expected to be recognized is 3.3 years. The aggregate market value of the shares released and issued on the vesting dates was $18. | |||||||||||||||||
The Company maintains a Stock-Based Compensation Plan for Non-Employee Directors. Under the plan a portion of the non-employee directors' quarterly compensation is provided in the form of restricted stock. During 2013, $1 of stock-based compensation was recognized under this plan. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt and Capital Lease Obligations [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
. | |||||||||
2013 | 2012 | ||||||||
Short-term debt | |||||||||
Receivables securitization | $ | 205 | $ | 203 | |||||
Bank loans/overdrafts/factoring | 74 | 58 | |||||||
Total short-term debt | $ | 279 | $ | 261 | |||||
Long-term debt | |||||||||
Senior secured borrowings: | |||||||||
Revolving credit facilities | $ | 103 | $ | 45 | |||||
Term loan facilities | |||||||||
U.S. dollar at LIBOR plus 1.75% due 2018 | 220 | 550 | |||||||
Euro (€110 at December 31, 2013) at EURIBOR plus 1.75% due 2018 | 151 | 362 | |||||||
Senior notes and debentures: | |||||||||
U.S. dollar 7.625% due 2017 | — | 400 | |||||||
Euro (€500 at December 31, 2013) 7.125% due 2018 | 688 | 659 | |||||||
U.S. dollar 6.25% due 2021 | 700 | 700 | |||||||
U. S. dollar 4.50% due 2023 | 1,000 | — | |||||||
U.S. dollar 7.375% due 2026 | 350 | 350 | |||||||
U.S. dollar 7.50% due 2096 | 64 | 64 | |||||||
Other indebtedness in various currencies | |||||||||
Fixed rate with rates in 2013 from 1.0% to 8.5% due through 2020 | 180 | 157 | |||||||
Variable rate with average rates in 2013 from 2.4% to 6.1% through 2018 | 109 | 126 | |||||||
Unamortized discounts | (2 | ) | (9 | ) | |||||
Total long-term debt | 3,563 | 3,404 | |||||||
Less: current maturities | (94 | ) | (115 | ) | |||||
Total long-term debt, less current maturities | $ | 3,469 | $ | 3,289 | |||||
The estimated fair value of the Company’s long-term borrowings, using a market approach incorporating level 2 inputs such as quoted market prices for the same or similar issues, was $3,645 at December 31, 2013 and $3,603 at December 31, 2012. | |||||||||
The weighted average interest rates were as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Short-term debt | 1.9 | % | 1.9 | % | 2.5 | % | |||
Revolving credit facilities | 3.6 | % | 3.5 | % | 3.6 | % | |||
Aggregate maturities of long-term debt for the five years subsequent to 2013, excluding unamortized discounts, are $94, $97, $92, $89 and $1,071, respectively. Cash payments for interest during 2013, 2012 and 2011 were $199, $205 and $203, respectively. | |||||||||
In January 2013, the Company issued $1,000 principal amount of 4.5% senior unsecured notes due 2023. The Company paid $15 in issuance costs that will be amortized over the term of the debt. In connection with the issuance, the Company redeemed all of its outstanding $400 senior notes due 2017 and repaid $500 of indebtedness under its senior secured term loan facilities. | |||||||||
In December 2013, the Company entered into a new credit agreement which provides for a $1,200 revolving credit facility, a $220 Term Loan A facility, a €110 ($151 at December 31, 2013) Term Euro facility, a $580 Delayed Draw Term Loan A Facility, a €590 ($812 at December 31, 2013) Delayed Draw Term Euro Facility and a $362 Farm Credit Facility. The Delayed Draw Term Loan A Facility, the Delayed Draw Term Euro Facility and the Farm Credit Facility are subject to consummation of the Mivisa acquisition discussed in Note S. The maturity date for the facilities, other than the Farm Credit Facility, is December 19, 2018. The maturity date for the Farm Credit Facility is December 19, 2019. | |||||||||
The Company used proceeds from the facilities to repay borrowings under its previous credit facility and term loans. | |||||||||
In connection with the above transactions, the Company recorded a loss from early extinguishment of debt of $41, including $23 for premiums paid, $12 for the write off of deferred financing fees and $6 for the write off of unamortized discounts. | |||||||||
The revolving credit facilities include provisions for letters of credit up to $210 that reduce the amount of borrowing capacity otherwise available. At December 31, 2013, the Company’s available borrowing capacity under the credit facilities was $1,057, equal to the facilities’ aggregate capacity of $1,200 less $103 of borrowings and $40 of outstanding letters of credit. The interest rate on the facilities can vary from LIBOR or EURIBOR plus a margin of 1.50% up to 2.00% based on the Company's total net leverage ratio plus a 0.25% facing fee on letters of credit. The term loans bear interest of LIBOR or EURIBOR plus 1.75%. The revolving credit facilities and term loans contain financial covenants including an interest coverage ratio and a total net leverage ratio. | |||||||||
In January 2011, the Company sold $700 principal amount of 6.25% senior notes due 2021. The notes were issued at par by Crown Americas LLC and Crown Americas Capital Corp. III, each a subsidiary of the Company, and are unconditionally guaranteed by the Company and substantially all of its U.S. subsidiaries. The Company paid $11 in issue costs that will be amortized over the term of the debt. | |||||||||
In 2011, the Company recorded a loss from early extinguishments of debt of $32 including $27 for premiums paid and $5 for the write off of deferred financing fees in connection with the following transactions. | |||||||||
• | The Company retired all of its $600 outstanding 7.75% senior notes due 2015 and paid a redemption premium of $25. | ||||||||
• | The Company repaid its existing $147 and €108 ($159) term loans, which were scheduled to mature in November 2012. | ||||||||
• | The Company redeemed all €83 ($121) of the outstanding 6.25% first priority senior secured notes due September 2011. |
Derivative_and_Other_Financial
Derivative and Other Financial Instruments | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||
Derivative and Other Financial Instruments | ||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||
Under US GAAP a framework exists for measuring fair value, providing a three-tier hierarchy of pricing inputs used to report assets and liabilities that are adjusted to fair value. Level 1 includes inputs such as quoted prices which are available in active markets for identical assets or liabilities as of the report date. Level 2 includes inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 includes unobservable pricing inputs that are not corroborated by market data or other objective sources. The Company has no items valued using Level 3 inputs other than certain pension plan assets. | ||||||||||||||||||
The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities measured at fair value and their placement within the fair value hierarchy. | ||||||||||||||||||
The Company applies a market approach to value its commodity price hedge contracts. Prices from observable markets are used to develop the fair value of these financial instruments and they are reported under Level 1. The Company uses an income approach to value its foreign exchange forward contracts. These contracts are valued using a discounted cash flow model that calculates the present value of future cash flows under the terms of the contracts using market information as of the reporting date, such as foreign exchange spot and forward rates, and are reported under Level 2 of the fair value hierarchy. | ||||||||||||||||||
Fair value disclosures for financial assets and liabilities that were accounted for at fair value on a recurring basis are provided later in this note. In addition, see Note Q for fair value disclosures related to debt. | ||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||
In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. | ||||||||||||||||||
The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk and using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers. | ||||||||||||||||||
For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. Any ineffective portion of the change in fair value of the instruments is recognized immediately in earnings. | ||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||
The Company designates certain derivative financial instruments as cash flow hedges. No components of the hedging instruments are excluded from the assessment of hedge effectiveness. Changes in fair value of outstanding derivatives accounted for as cash flow hedges, except any ineffective portion, are recorded in other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon release from comprehensive income is the same as that of the underlying exposure. Contracts outstanding at December 31, 2013 mature between one and thirty-four months. | ||||||||||||||||||
When the Company discontinues hedge accounting because it is no longer probable that an anticipated transaction will occur in the originally specified period, changes to fair value accumulated in other comprehensive income are recognized immediately in earnings. | ||||||||||||||||||
The Company uses commodity forwards to hedge anticipated purchases of various commodities, including aluminum, fuel oil and natural gas and these exposures are hedged by a central treasury unit. | ||||||||||||||||||
The Company also designates certain foreign exchange contracts as cash flow hedges of anticipated foreign currency denominated sales or purchases. The Company manages these risks at the operating unit level. Often the hedging of foreign currency risk is performed in concert with related commodity price hedges. | ||||||||||||||||||
The following table sets forth financial information about the impact on Accumulated Other Comprehensive Income (“AOCI”) and earnings from changes in fair value related to derivative instruments. | ||||||||||||||||||
Amount of gain/(loss) | Amount of gain/(loss) | |||||||||||||||||
recognized in AOCI | reclassified from AOCI | |||||||||||||||||
(effective portion) | into earnings | |||||||||||||||||
Derivatives in cash flow hedges | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Foreign exchange | $ | (5 | ) | $ | — | $ | (2 | ) | $ | — | (1) | |||||||
Commodities | (44 | ) | (82 | ) | (32 | ) | (46 | ) | (2) | |||||||||
Total | $ | (49 | ) | $ | (82 | ) | $ | (34 | ) | $ | (46 | ) | ||||||
(1) Within the Statement of Operations for the twelve months ended December 31, 2013, a gain of $7 was recognized in cost of products sold and a loss of $9 was recognized in net sales. During the twelve months ended December 31, 2012, a gain of $14 was recognized in cost of products sold and a loss of $14 recognized in net sales. | ||||||||||||||||||
(2) Within the Statement of Operations for the twelve months ended December 31, 2013, a loss of $43, including a reduction of $2 for ineffectiveness, was recognized in cost of products sold and a tax benefit of $11 was recognized in income tax expense. During the twelve months ended December 31, 2012, a gain of $60, including $3 of ineffectiveness, was recognized in cost of products sold and a tax charge of $14 was recognized in income tax expense. | ||||||||||||||||||
For the twelve-month period ending December 31, 2014, a net loss of $32 ($25, net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the twelve months ended December 31, 2013 and 2012 in connection with anticipated transactions that were no longer considered probable. | ||||||||||||||||||
Fair Value Hedges and Contracts Not Designated as Hedges | ||||||||||||||||||
The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. | ||||||||||||||||||
Other than for firm commitments, amounts related to time value are excluded from the assessment and measurement of hedge effectiveness and are reported in earnings. Less than $1 was reported in earnings for the twelve months ended December 31, 2013. | ||||||||||||||||||
Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated or did not qualify for hedge accounting; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes in re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. Changes in fair value of these derivative instruments are immediately recognized in earnings as foreign exchange adjustments. | ||||||||||||||||||
The impact on earnings from foreign exchange contracts designated as fair value hedges was a gain of less than $1 for the twelve months ended December 31, 2013 and a gain of $4 for the twelve months ended December 31, 2012. The impact on earnings from foreign exchange contracts not designated as hedges was a gain of $4 for the twelve months ended December 31, 2013 and a gain of $2 for the same period in 2012. These adjustments were reported within translation and foreign exchange in the Consolidated Statements of Operations and were offset by changes in the fair values of the related hedged item. | ||||||||||||||||||
Fair Values of Derivative Financial Instruments and Valuation Hierarchy | ||||||||||||||||||
The following table sets forth the fair value hierarchy for the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
Derivative Assets | Balance Sheet Classification | Fair Value Hierarchy | December 31, 2013 | December 31, 2012 | ||||||||||||||
Derivatives designated as hedges: | ||||||||||||||||||
Foreign exchange | Other current assets | 2 | $ | 29 | $ | 5 | ||||||||||||
Commodities | Other current assets | 1 | — | 5 | ||||||||||||||
Commodities | Other non-current assets | 1 | — | 1 | ||||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||
Foreign exchange | Other current assets | 2 | 8 | 11 | ||||||||||||||
Total | $ | 37 | $ | 22 | ||||||||||||||
Derivative Liabilities | Balance Sheet Classification | |||||||||||||||||
Derivatives designated as hedges: | ||||||||||||||||||
Foreign exchange | Accounts payable and accrued liabilities | 2 | $ | 30 | $ | 6 | ||||||||||||
Commodities | Accounts payable and accrued liabilities | 1 | 27 | 17 | ||||||||||||||
Commodities | Other non-current liabilities | 1 | 2 | 3 | ||||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||
Foreign exchange | Accounts payable and accrued liabilities | 2 | 1 | 4 | ||||||||||||||
Total | $ | 60 | $ | 30 | ||||||||||||||
Offsetting of Derivative Assets and Liabilities | ||||||||||||||||||
Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the statement of financial position. In the table below, the aggregate fair values of the the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. | ||||||||||||||||||
Gross Amounts Recognized in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Net Amount | ||||||||||||||||
Balance at December 31, 2013 | ||||||||||||||||||
Derivative Assets | 37 | 2 | 35 | |||||||||||||||
Derivative Liabilities | 60 | 2 | 58 | |||||||||||||||
Balance at December 31, 2012 | ||||||||||||||||||
Derivative Assets | 22 | 7 | 15 | |||||||||||||||
Derivative Liabilities | 30 | 7 | 23 | |||||||||||||||
Notional Values of Outstanding Derivative Instruments | ||||||||||||||||||
The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012 were: | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||
Derivatives in cash flow hedges: | ||||||||||||||||||
Foreign exchange | $ | 724 | $ | 471 | ||||||||||||||
Commodities | 379 | 434 | ||||||||||||||||
Derivatives in fair value hedges: | ||||||||||||||||||
Foreign exchange | 128 | 105 | ||||||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||
Foreign exchange | 675 | 924 | ||||||||||||||||
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
Pending Acquisition | |
On October 30, 2013, the Company entered into an agreement (the “Purchase Agreement”) to acquire Mivisa Envases, S.A.U. (“Mivisa”), a leading Spanish manufacturer of two- and three-piece food cans and ends, from certain investment funds managed by affiliates of The Blackstone Group L.P., N+1 Mercapital and management. The Company will pay €500 ($688 at December 31, 2013) plus €5.5 ($7.6 at December 31, 2013) per month from June 30, 2013 to closing to acquire the equity of Mivisa and will assume €700 ($963 at December 31, 2013) of pre-acquisition debt which it will repay at closing. The Purchase Agreement reflects a “locked box” approach, such that the Company will acquire Mivisa with economic effect from June 30, 2013. | |
The Company has obtained debt financing commitments for the transaction as described in Note Q to the consolidated financial statements. The aggregate proceeds from the commitments, together with available cash on hand, will be sufficient for the Company to pay the purchase price and related fees and expenses. | |
The acquisition, which is subject to review by the European Commission and competition authorities in other jurisdictions, is expected to close in 2014. If necessary to obtain approval of the transaction from relevant competition authorities, the Company has agreed to certain divestiture and other commitments principally related to the Company’s food can operations. The Company has agreed to pay a transaction payment of €41 ($56 at December 31, 2013) if (i) the transaction is not consummated prior to September 5, 2014; (ii) if the European Commission determines that the transaction is impermissible; or (iii) subject to the satisfaction of certain conditions, the Purchase Agreement is terminated due to the breach by either party of its material obligations with respect to the application for antitrust approvals, in each case only if Seller is not in material breach of any of its material obligations and such breach has resulted in a required antitrust approval not being obtained. | |
The Purchase Agreement permits the Company and Seller to terminate the Purchase Agreement under certain circumstances, including, among others, (i) by mutual agreement of the Company and Seller; (ii) by either party if the other breaches any of its material obligations with respect to the antitrust approval process; (iii) by either party if the European Commission determines that the transaction is impermissible; and (iv) by either party upon notice to the other after September 5, 2014 (but only if such party is not in material breach of its material obligations under the Purchase Agreement at the time of such notice). | |
For its fiscal year ended June 30, 2013, Mivisa had sales of approximately €555 ($764 at December 31, 2013). | |
Recently Completed Acquisitions | |
In the fourth quarter of 2013, the Company paid $16 to acquire a food can production business in Turkey. The purchase price was allocated entirely to fixed assets. | |
In the fourth quarter of 2012, the Company completed the following acquisitions: | |
The Company established a joint venture to acquire shares of Superior Multi-Packaging, Ltd., (“Superior”) a listed company on the Singapore exchange with operations in China, Singapore and Vietnam through a tender offer. The Company's partner in the joint venture contributed its existing shares in Superior to the joint venture and the Company paid $20 to acquire additional shares. Upon completion of the tender offer, the joint venture owned approximately 85% of the shares of Superior. As of December 31, 2013, the joint venture owns approximately 96% of the shares of Superior. | |
The Company has consolidated both the joint venture and Superior in its financial statements. In 2013, Superior had net sales of $132 and in 2012 had net sales of $126 of which $8 was generated post-acquisition and is included in the Company's net sales. | |
As initially reported at December 31, 2012, the Company's preliminary purchase price allocation included $9 to cash, $39 to receivables, $22 to inventory, $39 to fixed assets, $28 to debt, $23 to accounts payable and accrued liabilities and $7 to non-controlling interests. The fair value of the non-controlling interest that remained publicly traded was determined based on the acquisition date share price. In the fourth quarter of 2013, the Company finalized its purchase price allocation and allocated an additional $10 to fixed assets, $1 to accounts payable, $3 to deferred income taxes and $4 to non-controlling interests. | |
Although the price paid to acquire the public shares of Superior was at a premium to its then trading price, the fair value of the assets acquired and liabilities assumed exceeded the fair value of the consideration transferred. As a result, the Company initially recognized a bargain purchase gain of $14 included in asset impairments and sales in the consolidated statements of operations. Upon finalization of the Company's purchase price allocation, the Company recognized an additional bargain purchase gain of $6 in asset impairments and sales in the consolidated statements of operations. Net income attributable to noncontrolling interests includes $11 of bargain purchase gain allocated to the Company's joint venture partner. | |
In accordance with the applicable accounting standards, 2012 amounts have been revised to account for the final purchase price allocation adjustments described above. | |
The Company believes that the acquisition resulted in a gain because Superior has underperformed in recent years. Consequently, the Company reassessed the recognition and measurement of the assets acquired and liabilities assumed and concluded that its purchase price allocation was appropriate. | |
The Company paid $38 to acquire a beverage can and end production business in Vietnam. The purchase price was allocated entirely to fixed assets. | |
The Company paid $29 to acquire a food can production business in the U.S. The purchase price was allocated $25 to customer contracts, $3 to fixed assets and $1 to inventory. The customer contracts will be amortized on a straight-line basis over the life of the contracts. |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||
Noncontrolling Interests | ' | |||||||||||
Noncontrolling interests | ||||||||||||
In 2013, the Company paid an aggregate of $16 to increase its ownership interests in non-wholly owned subsidiaries in Asia. | ||||||||||||
In 2011, the Company paid an aggregate of $202 to purchase the remaining public ownership interests in Hellas Can, a listed company in Greece and to increase its ownership interests in its subsidiaries in Dubai, Beijing and Shanghai to 100% and in Jordan and Tunisia to 60%. | ||||||||||||
The accounting guidance requires changes in noncontrolling interests that do not result in a change of control and where there is a difference between fair value and carrying value to be accounted for as equity transactions. The effect on net income attributable to the Company had the purchases of noncontrolling interests been recorded through net income is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to Crown Holdings | $ | 324 | $ | 559 | $ | 282 | ||||||
Transfers to noncontrolling interests – Decrease in paid-in-capital for purchase of noncontrolling interests | (3 | ) | — | (119 | ) | |||||||
Net income attributable to Crown Holdings after transfers to noncontrolling interests | $ | 321 | $ | 559 | $ | 163 | ||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
The following table summarizes the basic and diluted earnings per share (EPS) attributable to Crown Holdings. Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of stock options and restricted stock as calculated under the treasury stock method. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to Crown Holdings | $ | 324 | $ | 559 | $ | 282 | ||||||
Weighted average shares outstanding: | ||||||||||||
Basic | 139.5 | 146.1 | 151.7 | |||||||||
Add: dilutive stock options and restricted stock | 1.2 | 2.3 | 2.6 | |||||||||
Diluted | 140.7 | 148.4 | 154.3 | |||||||||
Basic EPS | $ | 2.32 | $ | 3.83 | $ | 1.86 | ||||||
Diluted EPS | $ | 2.3 | $ | 3.77 | $ | 1.83 | ||||||
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. | 0.1 | 0.1 | 0.1 | |||||||||
For purposes of calculating assumed proceeds under the treasury stock method when determining the diluted weighted average shares outstanding, the Company excludes the impact of windfall tax benefits until the deduction reduces taxes payable. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits | |||||||||||||||||||||||||
Pensions. The Company sponsors various pension plans covering certain U.S. and non-U.S. employees, and participates in certain multi-employer pension plans. The benefits under the Company plans are based primarily on years of service and either the employees’ remuneration near retirement or a fixed dollar multiple. | |||||||||||||||||||||||||
A measurement date of December 31 was used for all plans presented below. | |||||||||||||||||||||||||
The components of pension expense were as follows: | |||||||||||||||||||||||||
U.S. Plans | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | 15 | $ | 12 | $ | 11 | |||||||||||||||||||
Interest cost | 62 | 69 | 72 | ||||||||||||||||||||||
Expected return on plan assets | (99 | ) | (94 | ) | (80 | ) | |||||||||||||||||||
Amortization of actuarial loss | 55 | 56 | 47 | ||||||||||||||||||||||
Amortization of prior service cost | 1 | — | 3 | ||||||||||||||||||||||
Net periodic cost | $ | 34 | $ | 43 | $ | 53 | |||||||||||||||||||
Non-U.S. Plans | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | 24 | $ | 26 | $ | 27 | |||||||||||||||||||
Interest cost | 138 | 153 | 161 | ||||||||||||||||||||||
Expected return on plan assets | (176 | ) | (186 | ) | (196 | ) | |||||||||||||||||||
Settlements | (2 | ) | — | — | |||||||||||||||||||||
Amortization of actuarial loss | 71 | 61 | 50 | ||||||||||||||||||||||
Amortization of prior service cost/(credit) | (14 | ) | — | 2 | |||||||||||||||||||||
Net periodic cost | $ | 41 | $ | 54 | $ | 44 | |||||||||||||||||||
The non-U.S. pension expense excludes $4 of cost attributable to plan curtailments and settlements that was recorded in restructuring expense in 2013. | |||||||||||||||||||||||||
Additional pension expense of $5 was recognized in each of 2013, 2012 and 2011 for multi-employer plans. | |||||||||||||||||||||||||
The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and Non-U.S. plans is as follows: | |||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Projected Benefit Obligations | |||||||||||||||||||||||||
Benefit obligations at January 1 | $ | 1,609 | $ | 1,502 | $ | 3,572 | $ | 3,256 | |||||||||||||||||
Service cost | 15 | 12 | 24 | 26 | |||||||||||||||||||||
Interest cost | 62 | 69 | 138 | 153 | |||||||||||||||||||||
Plan participants’ contributions | — | 1 | 4 | 5 | |||||||||||||||||||||
Amendments | 2 | 2 | (1 | ) | (108 | ) | |||||||||||||||||||
Actuarial (gain) / loss | (122 | ) | 131 | 46 | 279 | ||||||||||||||||||||
Benefits paid | (112 | ) | (108 | ) | (189 | ) | (181 | ) | |||||||||||||||||
Foreign currency translation | — | — | 57 | 142 | |||||||||||||||||||||
Benefit obligations at December 31 | $ | 1,454 | $ | 1,609 | $ | 3,651 | $ | 3,572 | |||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 1,292 | $ | 1,172 | $ | 3,116 | $ | 2,894 | |||||||||||||||||
Actual return on plan assets | 162 | 195 | 85 | 201 | |||||||||||||||||||||
Employer contributions | 7 | 32 | 77 | 70 | |||||||||||||||||||||
Plan participants’ contributions | — | 1 | 4 | 5 | |||||||||||||||||||||
Benefits paid | (112 | ) | (108 | ) | (189 | ) | (181 | ) | |||||||||||||||||
Foreign currency translation | — | — | 42 | 127 | |||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 1,349 | $ | 1,292 | $ | 3,135 | $ | 3,116 | |||||||||||||||||
Funded Status | $ | (105 | ) | $ | (317 | ) | $ | (516 | ) | $ | (456 | ) | |||||||||||||
Accumulated benefit obligations at December 31 | $ | 1,423 | $ | 1,575 | $ | 3,488 | $ | 3,427 | |||||||||||||||||
During 2012, the Company eliminated discretionary enhanced early retirement benefits for certain active employees participating in its U.K. plan. | |||||||||||||||||||||||||
Information for pension plans with accumulated benefit obligations in excess of plan assets is as follows: | |||||||||||||||||||||||||
U.S. | 2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligations | $ | 1,454 | $ | 1,609 | |||||||||||||||||||||
Accumulated benefit obligations | 1,423 | 1,575 | |||||||||||||||||||||||
Fair value of plan assets | 1,349 | 1,292 | |||||||||||||||||||||||
Non-U.S. | 2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligations | $ | 3,318 | $ | 3,559 | |||||||||||||||||||||
Accumulated benefit obligations | 3,187 | 3,427 | |||||||||||||||||||||||
Fair value of plan assets | 2,800 | 3,104 | |||||||||||||||||||||||
The Company’s investment strategy in its U.S. plan is designed to generate returns that are consistent with providing benefits to plan participants within the risk tolerance of the plan. Asset allocation is the primary determinant of return levels and investment risk exposure. The assets of the plan are broadly diversified in terms of securities and security types in order to limit the potential of large losses from any one security. | |||||||||||||||||||||||||
The strategic ranges for asset allocation in the U.S. plan are as follows: | |||||||||||||||||||||||||
U.S. equities | 30 | % | to | 40 | % | ||||||||||||||||||||
International equities | 10 | % | to | 15 | % | ||||||||||||||||||||
Fixed income | 13 | % | to | 23 | % | ||||||||||||||||||||
Balanced funds | 15 | % | to | 25 | % | ||||||||||||||||||||
Real estate | 3 | % | to | 7 | % | ||||||||||||||||||||
Private equity | 3 | % | to | 7 | % | ||||||||||||||||||||
Hedge funds | 2 | % | to | 7 | % | ||||||||||||||||||||
The Company’s investment strategy in its U.K. plan, the largest non-U.S. plan, is designed to achieve a funding level of 100% within the next 15 years by targeting an expected return of 2.0% annually in excess of the expected growth in the liabilities. The company seeks to achieve this return with a risk level commensurate with a 5% chance of the funding level falling between 5% and 9% in any one year. The strategic ranges for asset allocation in the U.K. plan are as follows: | |||||||||||||||||||||||||
Investment grade credit | 40 | % | to | 80 | % | ||||||||||||||||||||
Equities | 0 | % | to | 30 | % | ||||||||||||||||||||
Hedge funds | 0 | % | to | 10 | % | ||||||||||||||||||||
Real estate | 0 | % | to | 5 | % | ||||||||||||||||||||
Private equity | 0 | % | to | 15 | % | ||||||||||||||||||||
Emerging market wealth | 0 | % | to | 15 | % | ||||||||||||||||||||
Alternative credit | 0 | % | to | 15 | % | ||||||||||||||||||||
Other | 0 | % | to | 5 | % | ||||||||||||||||||||
Pension assets are classified into three levels. Level 1 asset values are derived from quoted prices which are available in active markets as of the report date. Level 2 asset values are derived from other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the report date. Level 3 asset values are derived from unobservable pricing inputs that are not corroborated by market data or other objective sources. | |||||||||||||||||||||||||
Equity securities are valued at the latest quoted prices taken from the primary exchange on which the security trades. Mutual funds are valued at the net asset value (NAV) of shares held at year-end. Fixed income securities, including government issued debt, corporate debt, asset-backed and structured debt securities are valued using market inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and other reference data including market research publications. Derivatives, which consist mainly of interest rate swaps, are valued using a discounted cash flow pricing model based on observable market data. Investment funds, hedge funds and private equity funds are valued at the NAV at year-end. The values assigned to private equity funds are based upon assessments of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, and performance multiples among other factors. Real estate investments are based on third party appraisals as of year-end. | |||||||||||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair value. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurements at the reporting date. | |||||||||||||||||||||||||
The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and their placement within the fair value hierarchy. | |||||||||||||||||||||||||
The levels assigned to the defined benefit plan assets as of December 31, 2013 and 2012 are summarized in the tables below: | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
U.S. plan | Non-U.S. plan | Total | |||||||||||||||||||||||
assets | assets | ||||||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 68 | $ | 125 | $ | 193 | |||||||||||||||||||
Global large cap equity | — | 76 | 76 | ||||||||||||||||||||||
U.S. large cap equity | 170 | 50 | 220 | ||||||||||||||||||||||
U.S. mid/small cap equity | 257 | 16 | 273 | ||||||||||||||||||||||
Mutual funds – global equity | 214 | — | 214 | ||||||||||||||||||||||
Mutual funds – U.S. equity | 93 | — | 93 | ||||||||||||||||||||||
Mutual funds – fixed income | 147 | — | 147 | ||||||||||||||||||||||
949 | 267 | 1,216 | |||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||||
Government issued debt securities | 50 | 504 | 554 | ||||||||||||||||||||||
Corporate debt securities | 103 | 133 | 236 | ||||||||||||||||||||||
Asset backed securities | 11 | 7 | 18 | ||||||||||||||||||||||
Structured debt | 2 | 685 | 687 | ||||||||||||||||||||||
Insurance contracts | — | 12 | 12 | ||||||||||||||||||||||
Derivatives | — | 64 | 64 | ||||||||||||||||||||||
Investment funds – fixed income | 16 | 442 | 458 | ||||||||||||||||||||||
Investment funds – global equity | — | 317 | 317 | ||||||||||||||||||||||
Investment funds – emerging markets | 40 | 157 | 197 | ||||||||||||||||||||||
222 | 2,321 | 2,543 | |||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||
Investment funds – real estate | 47 | 88 | 135 | ||||||||||||||||||||||
Hedge funds | 75 | 150 | 225 | ||||||||||||||||||||||
Private equity | 37 | 298 | 335 | ||||||||||||||||||||||
Real estate – direct | 17 | 5 | 22 | ||||||||||||||||||||||
176 | 541 | 717 | |||||||||||||||||||||||
Total | $ | 1,347 | $ | 3,129 | $ | 4,476 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
U.S. plan | Non-U.S. plan | Total | |||||||||||||||||||||||
assets | assets | ||||||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 92 | $ | 158 | $ | 250 | |||||||||||||||||||
Global large cap equity | — | 62 | 62 | ||||||||||||||||||||||
U.S. large cap equity | 146 | 37 | 183 | ||||||||||||||||||||||
U.S. mid/small cap equity | 246 | 14 | 260 | ||||||||||||||||||||||
Mutual funds – global equity | 183 | — | 183 | ||||||||||||||||||||||
Mutual funds – U.S. equity | 88 | — | 88 | ||||||||||||||||||||||
Mutual funds – fixed income | 138 | — | 138 | ||||||||||||||||||||||
893 | 271 | 1,164 | |||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||||
Government issued debt securities | 59 | 542 | 601 | ||||||||||||||||||||||
Corporate debt securities | 95 | 162 | 257 | ||||||||||||||||||||||
Asset backed securities | 3 | 4 | 7 | ||||||||||||||||||||||
Structured debt | 7 | 628 | 635 | ||||||||||||||||||||||
Insurance contracts | — | 13 | 13 | ||||||||||||||||||||||
Derivatives | — | 98 | 98 | ||||||||||||||||||||||
Investment funds – fixed income | 14 | 404 | 418 | ||||||||||||||||||||||
Investment funds – global equity | — | 257 | 257 | ||||||||||||||||||||||
Investment funds – emerging markets | 43 | 174 | 217 | ||||||||||||||||||||||
221 | 2,282 | 2,503 | |||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||
Investment funds – real estate | 42 | 88 | 130 | ||||||||||||||||||||||
Hedge funds | 70 | 144 | 214 | ||||||||||||||||||||||
Private equity | 48 | 321 | 369 | ||||||||||||||||||||||
Real estate – direct | 16 | 5 | 21 | ||||||||||||||||||||||
176 | 558 | 734 | |||||||||||||||||||||||
Total | $ | 1,290 | $ | 3,111 | $ | 4,401 | |||||||||||||||||||
Accrued income excluded from the table above is as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. plan assets | 2 | 2 | |||||||||||||||||||||||
Non-U.S. plan assets | 6 | 5 | |||||||||||||||||||||||
Plan assets include $150 and $124 of the Company’s common stock at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3). | |||||||||||||||||||||||||
Hedge | Private | Real | Total | ||||||||||||||||||||||
funds | equity | Estate | |||||||||||||||||||||||
Balance at January 1, 2012 | $ | 284 | $ | 385 | $ | 108 | $ | 777 | |||||||||||||||||
Foreign currency translation | 7 | 14 | 4 | 25 | |||||||||||||||||||||
Asset returns – assets held at reporting date | 6 | (39 | ) | 14 | (19 | ) | |||||||||||||||||||
Asset returns – assets sold during the period | 18 | 49 | 4 | 71 | |||||||||||||||||||||
Purchases, sales and settlements, net | (101 | ) | (40 | ) | 21 | (120 | ) | ||||||||||||||||||
Balance at December 31, 2012 | 214 | 369 | 151 | 734 | |||||||||||||||||||||
Foreign currency translation | 3 | 7 | 1 | 11 | |||||||||||||||||||||
Asset returns – assets held at reporting date | 8 | (11 | ) | 7 | 4 | ||||||||||||||||||||
Asset returns – assets sold during the period | 7 | 43 | 1 | 51 | |||||||||||||||||||||
Purchases, sales and settlements, net | (7 | ) | (73 | ) | (3 | ) | (83 | ) | |||||||||||||||||
31-Dec-13 | $ | 225 | $ | 335 | $ | 157 | $ | 717 | |||||||||||||||||
Pension assets/(liabilities) included in the Consolidated Balance Sheets were: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Non-current assets | $ | 21 | $ | — | |||||||||||||||||||||
Current liabilities | 7 | 9 | |||||||||||||||||||||||
Non-current liabilities | 635 | 764 | |||||||||||||||||||||||
The Company’s current liability at December 31, 2013, represents the expected required payments to be made for unfunded plans over the next twelve months. Total estimated 2014 employer contributions are $77 for the Company’s pension plans. | |||||||||||||||||||||||||
Changes in the net loss and prior service cost/(credit) for the Company’s pension plans were: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Net loss | Prior | Net | Prior | Net | Prior | ||||||||||||||||||||
service | loss | service | loss | service | |||||||||||||||||||||
Balance at January 1 | $ | 2,619 | $ | (102 | ) | $ | 2,382 | $ | 4 | $ | 2,135 | $ | 9 | ||||||||||||
Reclassification to net periodic benefit cost | (130 | ) | 13 | (117 | ) | — | (97 | ) | (5 | ) | |||||||||||||||
Current year loss/(gain) | (47 | ) | (1 | ) | 295 | — | 358 | — | |||||||||||||||||
Amendments | — | — | — | (106 | ) | — | (1 | ) | |||||||||||||||||
Foreign currency translation | 24 | (4 | ) | 59 | — | (14 | ) | 1 | |||||||||||||||||
Balance at December 31 | $ | 2,466 | $ | (94 | ) | $ | 2,619 | $ | (102 | ) | $ | 2,382 | $ | 4 | |||||||||||
The estimated portions of the net losses and net prior service that are expected to be recognized as components of net periodic benefit cost in 2014 are $113 and $(14). | |||||||||||||||||||||||||
Expected future benefit payments as of December 31, 2013 were: | |||||||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||||||
plans | plans | ||||||||||||||||||||||||
2014 | $ | 109 | $ | 192 | |||||||||||||||||||||
2015 | 140 | 195 | |||||||||||||||||||||||
2016 | 107 | 203 | |||||||||||||||||||||||
2017 | 112 | 208 | |||||||||||||||||||||||
2018 | 104 | 214 | |||||||||||||||||||||||
2019 - 2023 | 507 | 1,127 | |||||||||||||||||||||||
The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: | |||||||||||||||||||||||||
U.S. | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.8 | % | 4 | % | 4.8 | % | |||||||||||||||||||
Compensation increase | 3 | % | 3 | % | 3 | % | |||||||||||||||||||
Non-U.S. | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.4 | % | 4.1 | % | 4.7 | % | |||||||||||||||||||
Compensation increase | 3.2 | % | 2.8 | % | 3.3 | % | |||||||||||||||||||
The weighted average actuarial assumptions used to calculate pension expense for each year were: | |||||||||||||||||||||||||
U.S. | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4 | % | 4.8 | % | 5.1 | % | |||||||||||||||||||
Compensation increase | 3 | % | 3 | % | 3 | % | |||||||||||||||||||
Long-term rate of return | 8 | % | 8 | % | 8.75 | % | |||||||||||||||||||
Non-U.S. | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.1 | % | 4.7 | % | 5.4 | % | |||||||||||||||||||
Compensation increase | 2.8 | % | 3.3 | % | 3.3 | % | |||||||||||||||||||
Long-term rate of return | 6 | % | 6.4 | % | 7 | % | |||||||||||||||||||
The expected long-term rates of return are determined at each measurement date based on a review of the actual plan assets, the target allocation, and the historical returns of the capital markets. | |||||||||||||||||||||||||
The U.S. plan’s 2013 assumed asset rate of return was based on a calculation using underlying assumed rates of return of 9.8% for equity securities and alternative investments, and 4.0% for debt securities and real estate. The rate of return used for equity securities and alternative investments was based on the total return of the S&P 500 for the 25 year period ended December 31, 2012. The Company believes that the equity securities included in the S&P 500 are representative of the equity securities and alternative investments held by its U.S. plan, and that this period provides a sufficient time horizon as a basis for estimating future returns. The rate of return used for debt securities is consistent with the U.S. plan discount rate and the return on AA corporate bonds with duration equal to the plan’s liabilities. The underlying debt securities in the plan are primarily invested in various corporate and government agency securities and are benchmarked against returns on AA corporate bonds. | |||||||||||||||||||||||||
The U.K. plan’s 2013 assumed asset rate of return was based on a calculation using underlying assumed rates of return of 9.8% for equity securities and alternative investments, and 4.1% for debt securities and real estate. Equity securities in the U.K. plan as of December 31, 2012 were allocated approximately 41% to U.S. securities, 26% to securities in developed European countries, and 33% to securities in emerging markets. The assumed rate of return for equity securities and alternative investments represents the weighted average 25 year return of equity securities in these markets. The Company believes that the equity securities included in the related market indexes are representative of the equity securities and alternative investments held by its U.K. plan, and that this period provides a sufficient time horizon as a basis for estimating future returns. | |||||||||||||||||||||||||
Other Postretirement Benefit Plans. The Company sponsors unfunded plans to provide health care and life insurance benefits to pensioners and survivors. Generally, the medical plans pay a stated percentage of medical expenses reduced by deductibles and other coverages. Life insurance benefits are generally provided by insurance contracts. The Company reserves the right, subject to existing agreements, to change, modify or discontinue the plans. A measurement date of December 31 was used for the plans presented below. | |||||||||||||||||||||||||
The components of net postretirement benefits cost were as follows: | |||||||||||||||||||||||||
Other Postretirement Benefits | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | 3 | $ | 3 | $ | 8 | |||||||||||||||||||
Interest cost | 13 | 16 | 20 | ||||||||||||||||||||||
Amortization of prior service credit | (39 | ) | (44 | ) | (36 | ) | |||||||||||||||||||
Amortization of actuarial loss | 10 | 14 | 13 | ||||||||||||||||||||||
Net periodic (benefit) / cost | $ | (13 | ) | $ | (11 | ) | $ | 5 | |||||||||||||||||
Changes in the benefit obligations were: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Benefit obligations at January 1 | $ | 352 | $ | 337 | |||||||||||||||||||||
Service cost | 3 | 3 | |||||||||||||||||||||||
Interest cost | 13 | 16 | |||||||||||||||||||||||
Amendments | (18 | ) | — | ||||||||||||||||||||||
Actuarial loss/(gain) | (49 | ) | 16 | ||||||||||||||||||||||
Benefits paid | (22 | ) | (22 | ) | |||||||||||||||||||||
Foreign currency translation | (5 | ) | 2 | ||||||||||||||||||||||
Benefit obligations at December 31 | $ | 274 | $ | 352 | |||||||||||||||||||||
Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Net | Prior | Net | Prior | Net | Prior | ||||||||||||||||||||
loss | service | loss | service | loss | service | ||||||||||||||||||||
Balance at January 1 | $ | 157 | $ | (269 | ) | $ | 157 | $ | (313 | ) | $ | 174 | $ | (242 | ) | ||||||||||
Reclassification to net periodic benefit cost | (10 | ) | 39 | (14 | ) | 44 | (13 | ) | 36 | ||||||||||||||||
Current year (gain)/loss | (49 | ) | — | 16 | — | (3 | ) | — | |||||||||||||||||
Amendments | — | (18 | ) | — | — | — | (107 | ) | |||||||||||||||||
Foreign currency translation | (1 | ) | 2 | (2 | ) | — | (1 | ) | — | ||||||||||||||||
Balance at December 31 | $ | 97 | $ | (246 | ) | $ | 157 | $ | (269 | ) | $ | 157 | $ | (313 | ) | ||||||||||
The estimated portions of the net losses and prior service credits that are expected to be recognized as components of net periodic benefit cost/(credit) in 2014 are $8 and $(32). | |||||||||||||||||||||||||
In 2013, a non-U.S. plan was amended to eliminate certain health coverage benefits. In 2011, the U.S. plans were amended to, among other things, eliminate health coverage for retirees who are not yet eligible for Medicare. | |||||||||||||||||||||||||
Expected future benefit payments, as of December 31, 2013, net of expected Medicare Part D subsidies of $6 in the aggregate were: | |||||||||||||||||||||||||
Benefit Payments | |||||||||||||||||||||||||
2014 | $ | 21 | |||||||||||||||||||||||
2015 | 21 | ||||||||||||||||||||||||
2016 | 20 | ||||||||||||||||||||||||
2017 | 20 | ||||||||||||||||||||||||
2018 | 20 | ||||||||||||||||||||||||
2019 - 2023 | 92 | ||||||||||||||||||||||||
The assumed health care cost trend rates at December 31, 2013 are as follows: | |||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 5.8 | % | |||||||||||||||||||||||
Rate that the cost trend rate gradually declines to | 4.4 | % | |||||||||||||||||||||||
Year that the rate reaches the rate it is assumed to remain | 2020 | ||||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||
One percentage point | |||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total service and interest cost | $ | 2 | $ | 2 | |||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 20 | $ | 17 | |||||||||||||||||||||
Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below. | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Benefit obligations | 4.8 | % | 4.1 | % | 4.9 | % | |||||||||||||||||||
Cost | 4.1 | % | 4.9 | % | 5.1 | % | |||||||||||||||||||
Other Comprehensive Income. Amounts recorded in other comprehensive income were net of tax as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amortization of net loss and prior service cost | $ | 18 | $ | 19 | $ | 18 | |||||||||||||||||||
Net loss and prior service cost adjustments arising in the current year | (39 | ) | 60 | 52 | |||||||||||||||||||||
Employee Savings Plan. The Company sponsors the Savings Investment Plan which covers substantially all domestic salaried employees who are at least 21 years of age. The Company matches up to 50% of 3% of a participant’s compensation and the total Company contributions were $2 in each of the last three years. | |||||||||||||||||||||||||
Employee Stock Purchase Plan. The Company sponsors an Employee Stock Purchase Plan which covers all domestic employees with one or more years of service who are non-officers and non-highly compensated as defined by the Internal Revenue Code. Eligible participants contribute 85% of the quarter-ending market price towards the purchase of each common share. The Company’s contribution is equivalent to 15% of the quarter-ending market price. Total shares purchased under the plan in 2013 and 2012 were 26,777 and 31,598, respectively, and the Company’s contributions were less than $1 in both years. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
The components of income before income taxes and equity earnings were as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
U.S. | $ | 116 | $ | 127 | $ | 66 | ||||||||||
Foreign | 460 | 515 | 521 | |||||||||||||
$ | 576 | $ | 642 | $ | 587 | |||||||||||
The provision for income taxes consisted of the following: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Current tax: | ||||||||||||||||
U.S. federal | 11 | — | — | |||||||||||||
State and foreign | $ | 87 | $ | 84 | $ | 111 | ||||||||||
$ | 98 | $ | 84 | $ | 111 | |||||||||||
Deferred tax: | ||||||||||||||||
U.S. federal | $ | 41 | $ | (131 | ) | $ | 69 | |||||||||
State and foreign | 9 | 30 | 14 | |||||||||||||
50 | (101 | ) | 83 | |||||||||||||
Total | $ | 148 | $ | (17 | ) | $ | 194 | |||||||||
The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
U.S. statutory rate at 35% | $ | 203 | $ | 223 | $ | 205 | ||||||||||
Tax on foreign income | (53 | ) | (70 | ) | (50 | ) | ||||||||||
Valuation allowance | 1 | 56 | (19 | ) | ||||||||||||
Tax law changes | 11 | 2 | (4 | ) | ||||||||||||
Other items, net | (14 | ) | (228 | ) | 62 | |||||||||||
Income tax provision | $ | 148 | $ | (17 | ) | $ | 194 | |||||||||
The other items caption in 2012 includes an income tax benefit of $213, before valuation allowance as described below, primarily related to the recognition of previously unrecognized U.S. foreign tax credits. | ||||||||||||||||
In 2012, the Company committed to a formal repatriation plan, including certain steps that were completed with the filing of its 2011 U.S. income tax return, which allowed it to claim certain foreign tax credits on its 2012 income tax return. The Company's plan involved finalization of earnings and profits in certain foreign subsidiaries, evaluation of expiring U.S. tax law provisions and anticipated utilization of existing net operating loss and foreign tax credit carryforwards. | ||||||||||||||||
In connection with the action, the Company amended its 2003 U.S. income tax return to claim foreign taxes paid as a credit rather than as a tax deduction. In 2012, the Company recorded a valuation allowance of $38 against certain of these credits that expire in 2013 which, at the time, the Company did not believe were more likely than not to be realized prior to expiration. In 2013, the Company identified additional tax planning actions which allowed it to accelerate taxable income into 2013 and as a result released $16 of valuation allowance. The release was offset by additional valuation allowances recorded in jurisdictions where the Company does not believe it is more likely than not it will realize the benefit. | ||||||||||||||||
The other items caption in 2012 also includes a benefit of $10 from the receipt of non-taxable insurance proceeds related to the 2011 flooding in Thailand. | ||||||||||||||||
The other items caption in 2011 includes $55 of increase due to tax charges in connection with the relocation of the Company’s European headquarters and management to Switzerland. The tax charges were partially offset by $30 of valuation allowance release included in the valuation allowance caption. | ||||||||||||||||
The Company has certain income tax incentives in Brazil which allow it pay reduced income taxes. The tax incentives expire at various dates beginning in 2016. These incentives increased net income attributable to the Company by $11 in both 2012 and 2013. | ||||||||||||||||
The Company paid taxes of $114, $92 and $107 in 2013, 2012 and 2011, respectively. | ||||||||||||||||
The components of deferred taxes at December 31 are: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Tax loss and credit carryforwards | $ | 640 | $ | — | $ | 744 | $ | — | ||||||||
Postretirement and postemployment benefits | 107 | — | 130 | — | ||||||||||||
Pensions | 150 | 1 | 246 | 10 | ||||||||||||
Property, plant and equipment | 13 | 111 | 7 | 114 | ||||||||||||
Asbestos | 98 | — | 97 | — | ||||||||||||
Accruals and other | 120 | 123 | 86 | 140 | ||||||||||||
Valuation allowances | (343 | ) | — | (400 | ) | — | ||||||||||
Total | $ | 785 | $ | 235 | $ | 910 | $ | 264 | ||||||||
At December 31, 2013 and 2012, $123 and $104 of deferred tax assets were included in prepaid expenses and other current assets. | ||||||||||||||||
Tax loss and credit carryforwards expire as follows: | ||||||||||||||||
2014 | $ | 24 | ||||||||||||||
2015 | 23 | |||||||||||||||
2016 | 13 | |||||||||||||||
2017 | 32 | |||||||||||||||
2018 | 32 | |||||||||||||||
Thereafter | 368 | |||||||||||||||
Unlimited | 148 | |||||||||||||||
Tax loss and credit carryforwards expiring after 2018 include $181 of state tax loss carryforwards. The unlimited category includes $101 of French tax loss carryforwards. The tax loss carryforwards presented above exclude $55 of U.S. windfall tax benefits that will be recorded in additional paid-in capital when realized. | ||||||||||||||||
Realization of any portion of the Company’s deferred tax assets is dependent upon the availability of taxable income in the relevant jurisdictions. The Company considers all sources of taxable income, including (i) taxable income in any available carry back period, (ii) the reversal of taxable temporary differences, (iii) tax-planning strategies, and (iv) taxable income expected to be generated in the future other than from reversing temporary differences. The Company also considers whether there have been cumulative losses in recent years. The Company records a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||||||||||||||||
The Company’s valuation allowances at December 31, 2013 include $162 in the U.S., $94 in France, $55 in Canada and $15 in Belgium. | ||||||||||||||||
The Company’s valuation allowance in the U.S. relates to state tax loss carryforwards that the Company does not believe are more likely than not to be utilized prior to their expiration. The Company’s ability to utilize state tax loss carryforwards is impacted by several factors including expiration dates, limitations imposed by certain states on the amount of loss carryforwards that can be used in a given year to offset taxable income and whether the state permits the Company to file a combined return. | ||||||||||||||||
The Company continues to maintain a full valuation allowance against its net deferred tax assets in France because the Company does not believe at this time that it is more likely than not that it will realize any deferred tax benefits in France, primarily due to significant interest costs which are in excess of operating profits. | ||||||||||||||||
The Company maintains a full valuation allowance against its net deferred tax assets in Canada because the Company does not believe at this time that it is more likely than not that it will realize any deferred tax benefits in Canada. The Company’s Canadian operations remain in a three year cumulative loss position and continue to project losses in the near-term. | ||||||||||||||||
The Company’s valuation allowance in Belgium is primarily for tax loss carryforwards in a dormant entity that do not expire but the Company does not believe at this time it will be able to utilize the loss carryforwards. | ||||||||||||||||
At December 31, 2013, the Company had a net deferred tax asset of $14 in a Spanish food can business for which a valuation allowance was not recorded because the Company believes, based on current circumstances, that it is more likely than not to realize the benefit. However, the Company is considering certain planning actions in connection with its planned acquisition of Mivisa which, if implemented, may require the Company to record a valuation allowance in the future. | ||||||||||||||||
Management’s estimates of the appropriate valuation allowance in any jurisdiction involve a number of assumptions and judgments, including the amount and timing of future taxable income. Should future results differ from management’s estimates, it is possible there could be future adjustments to the valuation allowances that would result in an increase or decrease in tax expense in the period such changes in estimates are made. | ||||||||||||||||
The Company has not provided deferred taxes on $639 of earnings in certain non-U.S. subsidiaries because such earnings are indefinitely reinvested in its international operations. Upon distribution of such earnings in the form of dividends or otherwise, the Company would be subject to incremental tax. It is not practicable to estimate the amount of tax that might be payable. | ||||||||||||||||
A reconciliation of unrecognized tax benefits for 2013, 2012 and 2011 follows. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Balance at January 1 | $ | 35 | $ | 37 | $ | 37 | ||||||||||
Additions for current year tax positions | — | — | 8 | |||||||||||||
Reductions to prior period tax positions | — | — | (5 | ) | ||||||||||||
Lapse of statute of limitations | (5 | ) | (3 | ) | (2 | ) | ||||||||||
Foreign currency translation | 1 | 1 | (1 | ) | ||||||||||||
Balance at December 31 | $ | 31 | $ | 35 | $ | 37 | ||||||||||
The Company’s reserves as presented primarily include potential liabilities related to transfer pricing, foreign withholding taxes, and non-deductibility of expenses and exclude $2 of penalties as of December 31, 2013. The total interest and penalties recorded in the statement of operations was less than $1 in each of the last three years. | ||||||||||||||||
The unrecognized tax benefits as of December 31, 2013 include $26 that, if recognized, would affect the effective tax rate. The remaining balance would have no effect due to valuation allowances in certain jurisdictions. The Company’s unrecognized tax benefits are expected to increase in the next twelve months as it continues its current transfer pricing policies, and are expected to decrease as open tax years lapse or claims are settled. The Company is unable to estimate a range of reasonably possible changes in its unrecognized tax benefits in the next twelve months as it is unable to predict when, or if, the tax authorities will commence their audits, the time needed for the audits, and the audit findings that will require settlement with the applicable tax authorities, if any. | ||||||||||||||||
The tax years that remained subject to examination by major tax jurisdiction as of December 31, 2013 were 2005 and subsequent years for France; 2006 and subsequent years for Spain and the U.K.; 2009 and subsequent years for Germany and Italy; 2010 and subsequent years for the U.S. and Canada. In addition, tax authorities in certain jurisdictions may examine earlier years when tax carryforwards that were generated in those years are subsequently utilized. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||
The Company’s business is organized geographically within three divisions, Americas, Europe and Asia Pacific. Within the Americas and European divisions, the Company has determined that it has the following reportable segments organized along a combination of product lines and geographic areas: Americas Beverage and North America Food within the Americas, and European Beverage and European Food within Europe. Within the Asia Pacific division, the Company has aggregated its beverage and non-beverage operations into a single reportable segment based on similar economic and qualitative characteristics. | ||||||||||||||||||||||||
Non-reportable segments include the Company’s aerosol can businesses in North America and Europe, the Company’s specialty packaging business in Europe and the Company’s tooling and equipment operations in the U.S. and United Kingdom. | ||||||||||||||||||||||||
The Company evaluates performance and allocates resources based on segment income. Segment income, which is not a defined term under GAAP, is defined by the Company as gross profit less 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, 2013, 2012 and 2011: | ||||||||||||||||||||||||
2013 | Inter- | Depreciation | ||||||||||||||||||||||
External | segment | Segment | and | Capital | Segment | |||||||||||||||||||
sales | sales | assets | amortization | expenditures | income | |||||||||||||||||||
Americas Beverage | $ | 2,289 | $ | 61 | $ | 1,588 | $ | 35 | $ | 76 | $ | 327 | ||||||||||||
North America Food | 845 | 10 | 457 | 10 | 5 | 119 | ||||||||||||||||||
European Beverage | 1,731 | 1 | 1,605 | 26 | 24 | 257 | ||||||||||||||||||
European Food | 1,751 | 76 | 1,500 | 16 | 28 | 144 | ||||||||||||||||||
Asia Pacific | 1,189 | — | 1,277 | 33 | 110 | 133 | ||||||||||||||||||
Total reportable segments | 7,805 | 148 | 6,427 | 120 | 243 | $ | 980 | |||||||||||||||||
Non-reportable segments | 851 | 113 | 633 | 8 | 21 | |||||||||||||||||||
Corporate and unallocated items | — | — | 970 | 6 | 11 | |||||||||||||||||||
Total | $ | 8,656 | $ | 261 | $ | 8,030 | $ | 134 | $ | 275 | ||||||||||||||
2012 | Inter- | Depreciation | ||||||||||||||||||||||
External | segment | Segment | and | Capital | Segment | |||||||||||||||||||
sales | sales | assets | amortization | expenditures | income | |||||||||||||||||||
Americas Beverage | $ | 2,274 | $ | 68 | $ | 1,504 | $ | 48 | $ | 52 | $ | 311 | ||||||||||||
North America Food | 876 | 9 | 500 | 13 | 7 | 146 | ||||||||||||||||||
European Beverage | 1,653 | 13 | 1,593 | 42 | 25 | 217 | ||||||||||||||||||
European Food | 1,793 | 96 | 1,464 | 29 | 26 | 180 | ||||||||||||||||||
Asia Pacific | 979 | — | 1,147 | 27 | 181 | 137 | ||||||||||||||||||
Total reportable segments | 7,575 | 186 | 6,208 | 159 | 291 | $ | 991 | |||||||||||||||||
Non-reportable segments | 895 | 128 | 611 | 15 | 24 | |||||||||||||||||||
Corporate and unallocated items | — | — | 681 | 6 | 9 | |||||||||||||||||||
Total | $ | 8,470 | $ | 314 | $ | 7,500 | $ | 180 | $ | 324 | ||||||||||||||
2011 | Inter- | Depreciation | ||||||||||||||||||||||
External | segment | Segment | and | Capital | Segment | |||||||||||||||||||
sales | sales | assets | amortization | expenditures | income | |||||||||||||||||||
Americas Beverage | $ | 2,273 | $ | 71 | $ | 1,445 | $ | 44 | $ | 126 | $ | 302 | ||||||||||||
North America Food | 889 | 14 | 504 | 14 | 7 | 146 | ||||||||||||||||||
European Beverage | 1,669 | 2 | 1,578 | 43 | 61 | 210 | ||||||||||||||||||
European Food | 1,999 | 109 | 1,531 | 33 | 26 | 239 | ||||||||||||||||||
Asia Pacific | 861 | — | 757 | 20 | 154 | 125 | ||||||||||||||||||
Total reportable segments | 7,691 | 196 | 5,815 | 154 | 374 | $ | 1,022 | |||||||||||||||||
Non-reportable segments | $ | 953 | 196 | 593 | 15 | 17 | ||||||||||||||||||
Corporate and unallocated items | — | — | 460 | 7 | 10 | |||||||||||||||||||
Total | $ | 8,644 | $ | 392 | $ | 6,868 | $ | 176 | $ | 401 | ||||||||||||||
Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. | ||||||||||||||||||||||||
“Corporate and unallocated items” includes corporate and division administrative costs, technology costs, and unallocated items such as the U.S. and U.K. pension plan costs. | ||||||||||||||||||||||||
A reconciliation of segment income of reportable segments to income before income taxes and equity earnings for the three years ended December 31, 2013, 2012 and 2011 follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Segment income of reportable segments | $ | 980 | $ | 991 | $ | 1,022 | ||||||||||||||||||
Segment income of non-reportable segments | 102 | 98 | 139 | |||||||||||||||||||||
Corporate and unallocated items | (165 | ) | (194 | ) | (208 | ) | ||||||||||||||||||
Provision for asbestos | (32 | ) | (35 | ) | (28 | ) | ||||||||||||||||||
Provision for restructuring | (46 | ) | (48 | ) | (77 | ) | ||||||||||||||||||
Asset impairments and sales | 12 | 48 | (6 | ) | ||||||||||||||||||||
Loss from early extinguishments of debt | (41 | ) | — | (32 | ) | |||||||||||||||||||
Interest expense | (236 | ) | (226 | ) | (232 | ) | ||||||||||||||||||
Interest income | 5 | 7 | 11 | |||||||||||||||||||||
Foreign exchange | (3 | ) | 1 | (2 | ) | |||||||||||||||||||
Income before income taxes and equity earnings | $ | 576 | $ | 642 | $ | 587 | ||||||||||||||||||
For the three years ended December 31, 2013, 2012 and 2011, intercompany profit of $2, $5 and $7 was eliminated within segment income of non-reportable segments. | ||||||||||||||||||||||||
For the three years ended December 31, 2013, 2012 and 2011, no one customer accounted for more than 10% of the Company's consolidated net sales. | ||||||||||||||||||||||||
Sales by major product were: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Metal beverage cans and ends | $ | 4,824 | $ | 4,649 | $ | 4,532 | ||||||||||||||||||
Metal food cans and ends | 2,339 | 2,425 | 2,614 | |||||||||||||||||||||
Other metal packaging | 1,211 | 1,244 | 1,373 | |||||||||||||||||||||
Other products | 282 | 152 | 125 | |||||||||||||||||||||
Consolidated net sales | $ | 8,656 | $ | 8,470 | $ | 8,644 | ||||||||||||||||||
Sales and long-lived assets for the major countries in which the Company operates were: | ||||||||||||||||||||||||
Net Sales | Long-Lived Assets | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||||||
United States | $ | 2,214 | $ | 2,275 | $ | 2,297 | $ | 315 | $ | 309 | ||||||||||||||
United Kingdom | 759 | 852 | 826 | 163 | 138 | |||||||||||||||||||
France | 547 | 568 | 675 | 70 | 65 | |||||||||||||||||||
Other | 5,136 | 4,775 | 4,846 | 1,604 | 1,493 | |||||||||||||||||||
Consolidated total | $ | 8,656 | $ | 8,470 | $ | 8,644 | $ | 2,152 | $ | 2,005 | ||||||||||||||
Condensed_Combining_Financial_
Condensed Combining Financial Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Combining Financial Information | ' | |||||||||||||||||||||||
Condensed Combining Financial Information | ||||||||||||||||||||||||
Crown European Holdings SA (Issuer), a wholly owned subsidiary of the Company, has €500 ($688 at December 31, 2013) principal amount of 7.125% senior notes due 2018 outstanding that are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and certain subsidiaries. The guarantors are wholly owned by the Company and the guarantees are made on a joint and several basis. The guarantor column includes financial information for all subsidiaries in the United States (except for an insurance subsidiary and a receivable securitization subsidiary), substantially all subsidiaries in Belgium, Canada, France, Germany, Mexico, Switzerland and the United Kingdom, and a subsidiary in the Netherlands. The following condensed combining financial statements: | ||||||||||||||||||||||||
•statements of comprehensive income and cash flows for the years ended December 31, 2013, 2012, 2011, and | ||||||||||||||||||||||||
•balance sheets as of December 31, 2013 and December 31, 2012 | ||||||||||||||||||||||||
are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. | ||||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 4,303 | $ | 4,353 | $ | 8,656 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | $ | (1 | ) | 3,512 | 3,669 | 7,180 | ||||||||||||||||||
Depreciation and amortization | 51 | 83 | 134 | |||||||||||||||||||||
Gross profit | 1 | 740 | 601 | 1,342 | ||||||||||||||||||||
Selling and administrative expense | (1 | ) | 315 | 111 | 425 | |||||||||||||||||||
Provision for asbestos | 32 | 32 | ||||||||||||||||||||||
Provision for restructuring | 36 | 10 | 46 | |||||||||||||||||||||
Asset impairments and sales | (16 | ) | 4 | (12 | ) | |||||||||||||||||||
Loss from early extinguishment of debt | 2 | 39 | 41 | |||||||||||||||||||||
Net interest expense | 54 | 125 | 52 | 231 | ||||||||||||||||||||
Technology royalty | (33 | ) | 33 | — | ||||||||||||||||||||
Translation and foreign exchange | 2 | 1 | 3 | |||||||||||||||||||||
Income/(loss) before income taxes | (54 | ) | 240 | 390 | — | 576 | ||||||||||||||||||
Provision for / (benefit from) income taxes | 1 | 90 | 57 | 148 | ||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 324 | 221 | 174 | $ | (719 | ) | — | ||||||||||||||||
Net income | 324 | 166 | 324 | 333 | (719 | ) | 428 | |||||||||||||||||
Net income attributable to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 324 | $ | 166 | $ | 324 | $ | 229 | $ | (719 | ) | $ | 324 | |||||||||||
Comprehensive income | $ | 425 | $ | 152 | $ | 425 | $ | 308 | $ | (783 | ) | $ | 527 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (102 | ) | (102 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 425 | $ | 152 | $ | 425 | $ | 206 | $ | (783 | ) | $ | 425 | |||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 4,573 | $ | 3,897 | $ | 8,470 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | $ | (1 | ) | 3,771 | 3,243 | 7,013 | ||||||||||||||||||
Depreciation and amortization | 79 | 101 | 180 | |||||||||||||||||||||
Gross profit | 1 | 723 | 553 | 1,277 | ||||||||||||||||||||
Selling and administrative expense | (2 | ) | 290 | 94 | 382 | |||||||||||||||||||
Provision for asbestos | 35 | 35 | ||||||||||||||||||||||
Provision for restructuring | 45 | 3 | 48 | |||||||||||||||||||||
Asset impairments and sales | (977 | ) | (1 | ) | (47 | ) | $ | 977 | (48 | ) | ||||||||||||||
Net interest expense | 57 | 121 | 41 | 219 | ||||||||||||||||||||
Technology royalty | (31 | ) | 31 | — | ||||||||||||||||||||
Translation and foreign exchange | (1 | ) | (1 | ) | ||||||||||||||||||||
Income/(loss) before income taxes | 923 | 265 | 431 | (977 | ) | 642 | ||||||||||||||||||
Provision for / (benefit from) income taxes | 8 | (81 | ) | 56 | (17 | ) | ||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 559 | 242 | 213 | 1 | (1,010 | ) | 5 | ||||||||||||||||
Net income | 559 | 1,157 | 559 | 376 | (1,987 | ) | 664 | |||||||||||||||||
Net income attributable to noncontrolling interests | (105 | ) | (105 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 559 | $ | 1,157 | $ | 559 | $ | 271 | $ | (1,987 | ) | $ | 559 | |||||||||||
Comprehensive income | $ | 535 | $ | 1,202 | $ | 535 | $ | 427 | $ | (2,054 | ) | $ | 645 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 535 | $ | 1,202 | $ | 535 | $ | 317 | $ | (2,054 | ) | $ | 535 | |||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 4,780 | $ | 3,864 | $ | 8,644 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | $ | (1 | ) | 3,934 | 3,187 | 7,120 | ||||||||||||||||||
Depreciation and amortization | 82 | 94 | 176 | |||||||||||||||||||||
Gross profit | 1 | 764 | 583 | 1,348 | ||||||||||||||||||||
Selling and administrative expense | (2 | ) | 298 | 99 | 395 | |||||||||||||||||||
Provision for asbestos | 28 | 28 | ||||||||||||||||||||||
Provision for restructuring | 73 | 4 | 77 | |||||||||||||||||||||
Asset impairments and sales | 4 | $ | 2 | 6 | ||||||||||||||||||||
Loss from early extinguishment of debt | 2 | 30 | 32 | |||||||||||||||||||||
Net interest expense | 78 | 104 | 39 | 221 | ||||||||||||||||||||
Technology royalty | (46 | ) | 46 | — | ||||||||||||||||||||
Translation and foreign exchange | (3 | ) | 5 | 2 | ||||||||||||||||||||
Income/(loss) before income taxes | (77 | ) | 280 | 386 | (2 | ) | 587 | |||||||||||||||||
Provision for / (benefit from) income taxes | 123 | 71 | 194 | |||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 282 | 239 | 125 | (643 | ) | 3 | |||||||||||||||||
Net income | 282 | 162 | 282 | 315 | (645 | ) | 396 | |||||||||||||||||
Net income attributable to noncontrolling interests | (114 | ) | (114 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 282 | $ | 162 | $ | 282 | $ | 201 | $ | (645 | ) | $ | 282 | |||||||||||
Comprehensive income | $ | 19 | $ | 3 | $ | 19 | $ | 219 | $ | (131 | ) | $ | 129 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 19 | $ | 3 | $ | 19 | $ | 109 | $ | (131 | ) | $ | 19 | |||||||||||
CONDENSED COMBINING BALANCE SHEET | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 48 | $ | 392 | $ | 249 | $ | 689 | ||||||||||||||||
Receivables, net | 1 | 246 | 817 | 1,064 | ||||||||||||||||||||
Intercompany receivables | 2 | 89 | 63 | $ | (154 | ) | — | |||||||||||||||||
Inventories | 565 | 648 | 1,213 | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | 10 | 146 | 57 | 214 | ||||||||||||||||||
Total current assets | 1 | 61 | 1,438 | 1,834 | (154 | ) | 3,180 | |||||||||||||||||
Intercompany debt receivables | 1,531 | 3,746 | 589 | (5,866 | ) | — | ||||||||||||||||||
Investments | 1,176 | 4,155 | (325 | ) | (5,006 | ) | — | |||||||||||||||||
Goodwill | 1,444 | 572 | 2,016 | |||||||||||||||||||||
Property, plant and equipment, net | 643 | 1,509 | 2,152 | |||||||||||||||||||||
Other non-current assets | 29 | 562 | 91 | 682 | ||||||||||||||||||||
Total | $ | 1,177 | $ | 5,776 | $ | 7,508 | $ | 4,595 | $ | (11,026 | ) | $ | 8,030 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 2 | $ | 277 | $ | 279 | ||||||||||||||||||
Current maturities of long-term debt | 94 | 94 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 16 | $ | 22 | 1,277 | 1,232 | 2,547 | |||||||||||||||||
Intercompany payables | 8 | 55 | 91 | $ | (154 | ) | — | |||||||||||||||||
Total current liabilities | 16 | 30 | 1,334 | 1,694 | (154 | ) | 2,920 | |||||||||||||||||
Long-term debt, excluding current maturities | 942 | 2,332 | 195 | 3,469 | ||||||||||||||||||||
Long-term intercompany debt | 1,157 | 2,510 | 1,515 | 684 | (5,866 | ) | — | |||||||||||||||||
Postretirement and pension liabilities | 870 | 21 | 891 | |||||||||||||||||||||
Other non-current liabilities | 8 | 281 | 172 | 461 | ||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 285 | 285 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 4 | 2,286 | 1,176 | 1,544 | (5,006 | ) | 4 | |||||||||||||||||
Total equity/(deficit) | 4 | 2,286 | 1,176 | 1,829 | (5,006 | ) | 289 | |||||||||||||||||
Total | $ | 1,177 | $ | 5,776 | $ | 7,508 | $ | 4,595 | $ | (11,026 | ) | $ | 8,030 | |||||||||||
CONDENSED COMBINING BALANCE SHEET | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 134 | $ | 216 | $ | 350 | ||||||||||||||||||
Receivables, net | 274 | 783 | 1,057 | |||||||||||||||||||||
Intercompany receivables | $ | 2 | 41 | 32 | $ | (75 | ) | — | ||||||||||||||||
Inventories | 582 | 584 | 1,166 | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | 14 | 123 | 39 | 177 | ||||||||||||||||||
Total current assets | 1 | 16 | 1,154 | 1,654 | (75 | ) | 2,750 | |||||||||||||||||
Intercompany debt receivables | 1,578 | 3,141 | 492 | (5,211 | ) | — | ||||||||||||||||||
Investments | 751 | 3,841 | (276 | ) | (4,316 | ) | — | |||||||||||||||||
Goodwill | 1,429 | 569 | 1,998 | |||||||||||||||||||||
Property, plant and equipment, net | 610 | 1,395 | 2,005 | |||||||||||||||||||||
Other non-current assets | 24 | 658 | 65 | 747 | ||||||||||||||||||||
Total | $ | 752 | $ | 5,459 | $ | 6,716 | $ | 4,175 | $ | (9,602 | ) | $ | 7,500 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 2 | $ | 259 | $ | 261 | ||||||||||||||||||
Current maturities of long-term debt | 18 | $ | 28 | 69 | 115 | |||||||||||||||||||
Accounts payable and accrued liabilities | $ | 18 | 21 | 1,097 | 1,010 | 2,146 | ||||||||||||||||||
Intercompany payables | 32 | 43 | $ | (75 | ) | — | ||||||||||||||||||
Total current liabilities | 18 | 41 | 1,157 | 1,381 | (75 | ) | 2,522 | |||||||||||||||||
Long-term debt, excluding current maturities | 1,003 | 2,073 | 213 | 3,289 | ||||||||||||||||||||
Long-term intercompany debt | 894 | 2,264 | 1,340 | 713 | (5,211 | ) | — | |||||||||||||||||
Postretirement and pension liabilities | 1,079 | 19 | 1,098 | |||||||||||||||||||||
Other non-current liabilities | 8 | 316 | 138 | 462 | ||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 289 | 289 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | (160 | ) | 2,143 | 751 | 1,422 | (4,316 | ) | (160 | ) | |||||||||||||||
Total equity/(deficit) | (160 | ) | 2,143 | 751 | 1,711 | (4,316 | ) | 129 | ||||||||||||||||
Total | $ | 752 | $ | 5,459 | $ | 6,716 | $ | 4,175 | $ | (9,602 | ) | $ | 7,500 | |||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 16 | $ | (48 | ) | $ | 364 | $ | 553 | $ | 885 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (81 | ) | (194 | ) | (275 | ) | ||||||||||||||||||
Insurance proceeds | 8 | 8 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (16 | ) | (16 | ) | ||||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 10 | 10 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 20 | 9 | 29 | |||||||||||||||||||||
Intercompany investing activities | (40 | ) | 114 | $ | (74 | ) | — | |||||||||||||||||
Other, net | (2 | ) | (2 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | (40 | ) | 63 | (195 | ) | (74 | ) | (246 | ) | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 1,000 | 83 | 1,083 | |||||||||||||||||||||
Payments of long-term debt | (218 | ) | (730 | ) | (74 | ) | (1,022 | ) | ||||||||||||||||
Net change in revolving credit facility and short-term debt | 97 | (45 | ) | (34 | ) | 18 | ||||||||||||||||||
Net change in long-term intercompany balances | 263 | 255 | (380 | ) | (138 | ) | — | |||||||||||||||||
Debt issue costs | (6 | ) | (26 | ) | (32 | ) | ||||||||||||||||||
Capital contribution | 40 | (40 | ) | — | ||||||||||||||||||||
Common stock issued | 21 | 21 | ||||||||||||||||||||||
Common stock repurchased | (300 | ) | (300 | ) | ||||||||||||||||||||
Dividends paid | (114 | ) | 114 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (16 | ) | (16 | ) | ||||||||||||||||||||
Dividends paid to noncontrolling interests | (78 | ) | (78 | ) | ||||||||||||||||||||
Other | 8 | 12 | 20 | |||||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | 136 | (169 | ) | (331 | ) | 74 | (306 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 6 | 6 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | 48 | 258 | 33 | — | 339 | ||||||||||||||||||
Cash and cash equivalents at January 1 | 134 | 216 | 350 | |||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 48 | $ | 392 | $ | 249 | $ | — | $ | 689 | ||||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 16 | $ | (66 | ) | $ | 299 | $ | 372 | $ | 621 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (77 | ) | (247 | ) | (324 | ) | ||||||||||||||||||
Insurance proceeds | 48 | 48 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (29 | ) | (49 | ) | (78 | ) | ||||||||||||||||||
Proceeds from sale of intercompany investment | 1,205 | (1,205 | ) | — | ||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | 3 | ||||||||||||||||||||||
Intercompany investing activities | (741 | ) | 293 | $ | 448 | — | ||||||||||||||||||
Other, net | (11 | ) | (11 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | 464 | (1,015 | ) | (259 | ) | 448 | (362 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 110 | 110 | ||||||||||||||||||||||
Payments of long-term debt | (1 | ) | (65 | ) | (66 | ) | ||||||||||||||||||
Net change in revolving credit facility and short-term debt | (4 | ) | (103 | ) | 135 | 28 | ||||||||||||||||||
Net change in long-term intercompany balances | 226 | (232 | ) | 77 | (71 | ) | — | |||||||||||||||||
Capital contribution | 1,205 | 8 | (1,213 | ) | — | |||||||||||||||||||
Common stock issued | 15 | 15 | ||||||||||||||||||||||
Common stock repurchased | (257 | ) | (257 | ) | ||||||||||||||||||||
Dividends paid | (170 | ) | (370 | ) | (225 | ) | 765 | — | ||||||||||||||||
Purchase of noncontrolling interests | (3 | ) | (1 | ) | (4 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | (79 | ) | (79 | ) | ||||||||||||||||||||
Other | 8 | (9 | ) | (1 | ) | |||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | (398 | ) | 796 | (188 | ) | (448 | ) | (254 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3 | 3 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 80 | (72 | ) | — | 8 | |||||||||||||||||
Cash and cash equivalents at January 1 | 54 | 288 | 342 | |||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 134 | $ | 216 | $ | — | $ | 350 | ||||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 10 | $ | (12 | ) | $ | (119 | ) | $ | 500 | $ | 379 | ||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (107 | ) | (294 | ) | (401 | ) | ||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 4 | 4 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 26 | 26 | ||||||||||||||||||||||
Intercompany investing activities | 8 | 290 | (180 | ) | $ | (118 | ) | — | ||||||||||||||||
Other | (1 | ) | (1 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | 8 | 212 | (474 | ) | (118 | ) | (372 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 383 | 1,250 | 137 | 1,770 | ||||||||||||||||||||
Payments of long-term debt | (276 | ) | (748 | ) | (45 | ) | (1,069 | ) | ||||||||||||||||
Net change in revolving credit facility and short-term debt | (48 | ) | (54 | ) | (90 | ) | (192 | ) | ||||||||||||||||
Net change in long-term intercompany balances | 291 | (38 | ) | (438 | ) | 185 | — | |||||||||||||||||
Debt issue costs | (3 | ) | (19 | ) | (22 | ) | ||||||||||||||||||
Common stock issued | 11 | 11 | ||||||||||||||||||||||
Common stock repurchased | (312 | ) | (312 | ) | ||||||||||||||||||||
Dividends paid | (118 | ) | 118 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (98 | ) | (104 | ) | (202 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Other | (14 | ) | 3 | 2 | (9 | ) | ||||||||||||||||||
Net cash provided by/(used for) financing activities | (10 | ) | 4 | (104 | ) | (137 | ) | 118 | (129 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1 | 1 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (11 | ) | (110 | ) | — | (121 | ) | |||||||||||||||
Cash and cash equivalents at January 1 | 65 | 398 | 463 | |||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 54 | $ | 288 | $ | — | $ | 342 | ||||||||||||
Crown Cork & Seal Company, Inc. (Issuer), a wholly owned subsidiary, has $350 principal amount of 7.375% senior notes due 2026 and $64 principal amount of 7.5% senior notes due 2096 outstanding that are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt. The following condensed combining financial statements: | ||||||||||||||||||||||||
•statements of comprehensive income and cash flows for the years ended December 31, 2013, 2012, 2011, and | ||||||||||||||||||||||||
•balance sheets as of December 31, 2013 and December 31, 2012 | ||||||||||||||||||||||||
are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. | ||||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 8,656 | $ | 8,656 | ||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | $ | (16 | ) | 7,196 | 7,180 | |||||||||||||||||||
Depreciation and amortization | 134 | 134 | ||||||||||||||||||||||
Gross profit | 16 | 1,326 | 1,342 | |||||||||||||||||||||
Selling and administrative expense | 6 | 419 | 425 | |||||||||||||||||||||
Provision for asbestos | 32 | 32 | ||||||||||||||||||||||
Provision for restructuring | 46 | 46 | ||||||||||||||||||||||
Asset impairments and sales | (2 | ) | (10 | ) | (12 | ) | ||||||||||||||||||
Loss from early extinguishment of debt | 41 | 41 | ||||||||||||||||||||||
Net interest expense | 101 | 130 | 231 | |||||||||||||||||||||
Translation and foreign exchange | 3 | 3 | ||||||||||||||||||||||
Income/(loss) before income taxes | (121 | ) | 697 | 576 | ||||||||||||||||||||
Provision for / (benefit from) income taxes | (28 | ) | 176 | 148 | ||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 324 | 417 | $ | (741 | ) | — | |||||||||||||||||
Net income | 324 | 324 | 521 | (741 | ) | 428 | ||||||||||||||||||
Net income attributable to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 324 | $ | 324 | $ | 417 | $ | (741 | ) | $ | 324 | |||||||||||||
Comprehensive income | $ | 425 | $ | 425 | $ | 620 | $ | (943 | ) | $ | 527 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | (102 | ) | (102 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 425 | $ | 425 | $ | 518 | $ | (943 | ) | $ | 425 | |||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net Sales | $ | 8,470 | $ | 8,470 | ||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 7,013 | 7,013 | ||||||||||||||||||||||
Depreciation and amortization | 180 | 180 | ||||||||||||||||||||||
Gross profit | 1,277 | 1,277 | ||||||||||||||||||||||
Selling and administrative expense | $ | 9 | 373 | 382 | ||||||||||||||||||||
Provision for asbestos | 35 | 35 | ||||||||||||||||||||||
Provision for restructuring | 48 | 48 | ||||||||||||||||||||||
Asset impairments and sales | (48 | ) | (48 | ) | ||||||||||||||||||||
Net interest expense | 90 | 129 | 219 | |||||||||||||||||||||
Translation and foreign exchange | (1 | ) | (1 | ) | ||||||||||||||||||||
Income/(loss) before income taxes | (134 | ) | 776 | 642 | ||||||||||||||||||||
Provision for / (benefit from) income taxes | (36 | ) | 19 | (17 | ) | |||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 559 | 657 | $ | (1,211 | ) | 5 | |||||||||||||||||
Net income | 559 | 559 | 757 | (1,211 | ) | 664 | ||||||||||||||||||
Net income attributable to noncontrolling interests | (105 | ) | (105 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 559 | $ | 559 | $ | 652 | $ | (1,211 | ) | $ | 559 | |||||||||||||
Comprehensive income | $ | 535 | $ | 535 | $ | 738 | $ | (1,163 | ) | $ | 645 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 535 | $ | 535 | $ | 628 | $ | (1,163 | ) | $ | 535 | |||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net Sales | $ | 8,644 | $ | 8,644 | ||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 7,120 | 7,120 | ||||||||||||||||||||||
Depreciation and amortization | 176 | 176 | ||||||||||||||||||||||
Gross profit | 1,348 | 1,348 | ||||||||||||||||||||||
Selling and administrative expense | $ | 10 | 385 | 395 | ||||||||||||||||||||
Provision for asbestos | 28 | 28 | ||||||||||||||||||||||
Provision for restructuring | 77 | 77 | ||||||||||||||||||||||
Asset impairments and sales | 6 | 6 | ||||||||||||||||||||||
Loss from early extinguishment of debt | 32 | 32 | ||||||||||||||||||||||
Net interest expense | 83 | 138 | 221 | |||||||||||||||||||||
Translation and foreign exchange | 2 | 2 | ||||||||||||||||||||||
Income/(loss) before income taxes | (121 | ) | 708 | 587 | ||||||||||||||||||||
Provision for / (benefit from) income taxes | (7 | ) | 201 | 194 | ||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 282 | 396 | 3 | $ | (678 | ) | 3 | ||||||||||||||||
Net income | 282 | 282 | 510 | (678 | ) | 396 | ||||||||||||||||||
Net income attributable to noncontrolling interests | (114 | ) | (114 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 282 | $ | 282 | $ | 396 | $ | (678 | ) | $ | 282 | |||||||||||||
Comprehensive income | $ | 19 | $ | 19 | $ | 243 | $ | (152 | ) | $ | 129 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 19 | $ | 19 | $ | 133 | $ | (152 | ) | $ | 19 | |||||||||||||
CONDENSED COMBINING BALANCE SHEET | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 689 | $ | 689 | ||||||||||||||||||||
Receivables, net | 1,064 | 1,064 | ||||||||||||||||||||||
Inventories | 1,213 | 1,213 | ||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | $ | 103 | 110 | 214 | ||||||||||||||||||
Total current assets | 1 | 103 | 3,076 | 3,180 | ||||||||||||||||||||
Intercompany debt receivables | 1,908 | $ | (1,908 | ) | — | |||||||||||||||||||
Investments | 1,176 | 2,212 | (3,388 | ) | — | |||||||||||||||||||
Goodwill | 2,016 | 2,016 | ||||||||||||||||||||||
Property, plant and equipment, net | 2,152 | 2,152 | ||||||||||||||||||||||
Other non-current assets | 349 | 333 | 682 | |||||||||||||||||||||
Total | $ | 1,177 | $ | 2,664 | $ | 9,485 | $ | (5,296 | ) | $ | 8,030 | |||||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 279 | $ | 279 | ||||||||||||||||||||
Current maturities of long-term debt | 94 | 94 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 16 | $ | 36 | 2,495 | 2,547 | ||||||||||||||||||
Total current liabilities | 16 | 36 | 2,868 | 2,920 | ||||||||||||||||||||
Long-term debt, excluding current maturities | 412 | 3,057 | 3,469 | |||||||||||||||||||||
Long-term intercompany debt | 1,157 | 751 | $ | (1,908 | ) | — | ||||||||||||||||||
Postretirement and pension liabilities | 891 | 891 | ||||||||||||||||||||||
Other non-current liabilities | 289 | 172 | 461 | |||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 285 | 285 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 4 | 1,176 | 2,212 | (3,388 | ) | 4 | ||||||||||||||||||
Total equity/(deficit) | 4 | 1,176 | 2,497 | (3,388 | ) | 289 | ||||||||||||||||||
Total | $ | 1,177 | $ | 2,664 | $ | 9,485 | $ | (5,296 | ) | $ | 8,030 | |||||||||||||
CONDENSED COMBINING BALANCE SHEET | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 350 | $ | 350 | ||||||||||||||||||||
Receivables, net | 1,057 | 1,057 | ||||||||||||||||||||||
Inventories | 1,166 | 1,166 | ||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | $ | 83 | 93 | 177 | ||||||||||||||||||
Total current assets | 1 | 83 | 2,666 | 2,750 | ||||||||||||||||||||
Intercompany debt receivables | 1,769 | $ | (1,769 | ) | — | |||||||||||||||||||
Investments | 751 | 1,770 | (2,521 | ) | — | |||||||||||||||||||
Goodwill | 1,998 | 1,998 | ||||||||||||||||||||||
Property, plant and equipment, net | 2,005 | 2,005 | ||||||||||||||||||||||
Other non-current assets | 504 | 243 | 747 | |||||||||||||||||||||
Total | $ | 752 | $ | 2,357 | $ | 8,681 | $ | (4,290 | ) | $ | 7,500 | |||||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 261 | $ | 261 | ||||||||||||||||||||
Current maturities of long-term debt | 115 | 115 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 18 | $ | 34 | 2,094 | 2,146 | ||||||||||||||||||
Total current liabilities | 18 | 34 | 2,470 | 2,522 | ||||||||||||||||||||
Long-term debt, excluding current maturities | 412 | 2,877 | 3,289 | |||||||||||||||||||||
Long-term intercompany debt | 894 | 875 | $ | (1,769 | ) | — | ||||||||||||||||||
Postretirement and pension liabilities | 1,098 | 1,098 | ||||||||||||||||||||||
Other non-current liabilities | 285 | 177 | 462 | |||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 289 | 289 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | (160 | ) | 751 | 1,770 | (2,521 | ) | (160 | ) | ||||||||||||||||
Total equity/(deficit) | (160 | ) | 751 | 2,059 | (2,521 | ) | 129 | |||||||||||||||||
Total | $ | 752 | $ | 2,357 | $ | 8,681 | $ | (4,290 | ) | $ | 7,500 | |||||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 16 | $ | 37 | $ | 832 | $ | 885 | ||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (275 | ) | (275 | ) | ||||||||||||||||||||
Insurance proceeds | 8 | 8 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (16 | ) | (16 | ) | ||||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 10 | 10 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 29 | 29 | ||||||||||||||||||||||
Intercompany investing activities | 77 | $ | (77 | ) | — | |||||||||||||||||||
Other | (2 | ) | (2 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 87 | (256 | ) | (77 | ) | (246 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 1,083 | 1,083 | ||||||||||||||||||||||
Payments of long-term debt | (1,022 | ) | (1,022 | ) | ||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 18 | 18 | ||||||||||||||||||||||
Net change in long-term intercompany balances | 263 | (124 | ) | (139 | ) | — | ||||||||||||||||||
Debt issue costs | (32 | ) | (32 | ) | ||||||||||||||||||||
Common stock issued | 21 | 21 | ||||||||||||||||||||||
Common stock repurchased | (300 | ) | (300 | ) | ||||||||||||||||||||
Dividends paid | (77 | ) | 77 | — | ||||||||||||||||||||
Purchase of noncontrollling interests | (16 | ) | (16 | ) | ||||||||||||||||||||
Dividend paid to noncontrolling interests | (78 | ) | (78 | ) | ||||||||||||||||||||
Other | 20 | 20 | ||||||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | (124 | ) | (243 | ) | 77 | (306 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 6 | 6 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 339 | — | 339 | |||||||||||||||||||
Cash and cash equivalents at January 1 | 350 | 350 | ||||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 689 | $ | — | $ | 689 | ||||||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 16 | $ | (217 | ) | $ | 822 | $ | 621 | |||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (324 | ) | (324 | ) | ||||||||||||||||||||
Insurance proceeds | 48 | 48 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (78 | ) | (78 | ) | ||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | 3 | ||||||||||||||||||||||
Intercompany investing activities | 67 | $ | (67 | ) | — | |||||||||||||||||||
Other | (11 | ) | (11 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | 67 | (362 | ) | (67 | ) | (362 | ) | |||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 110 | 110 | ||||||||||||||||||||||
Payments of long-term debt | (66 | ) | (66 | ) | ||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 28 | 28 | ||||||||||||||||||||||
Net change in long-term intercompany balances | 226 | 150 | (376 | ) | — | |||||||||||||||||||
Common stock issued | 15 | 15 | ||||||||||||||||||||||
Common stock repurchased | (257 | ) | (257 | ) | ||||||||||||||||||||
Dividends paid | (67 | ) | 67 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (4 | ) | (4 | ) | ||||||||||||||||||||
Dividend paid to noncontrolling interests | (79 | ) | (79 | ) | ||||||||||||||||||||
Other | (1 | ) | (1 | ) | ||||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | 150 | (455 | ) | 67 | (254 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3 | 3 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 8 | — | 8 | |||||||||||||||||||
Cash and cash equivalents at January 1 | 342 | 342 | ||||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 350 | $ | — | $ | 350 | ||||||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 10 | $ | (39 | ) | $ | 408 | $ | 379 | |||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (401 | ) | (401 | ) | ||||||||||||||||||||
Proceeds from sale of business, net of cash sold | 4 | 4 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 26 | 26 | ||||||||||||||||||||||
Intercompany investing activities | 49 | $ | (49 | ) | — | |||||||||||||||||||
Other | (1 | ) | (1 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 49 | (372 | ) | (49 | ) | (372 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 1,770 | 1,770 | ||||||||||||||||||||||
Payments of long-term debt | (1,069 | ) | (1,069 | ) | ||||||||||||||||||||
Net change in revolving credit facility and short-term debt | (192 | ) | (192 | ) | ||||||||||||||||||||
Net change in long-term intercompany balances | 291 | 86 | (377 | ) | — | |||||||||||||||||||
Debt issue costs | (22 | ) | (22 | ) | ||||||||||||||||||||
Common stock issued | 11 | 11 | ||||||||||||||||||||||
Common stock repurchased | (312 | ) | (312 | ) | ||||||||||||||||||||
Dividends paid | (49 | ) | 49 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (96 | ) | (106 | ) | (202 | ) | ||||||||||||||||||
Dividend paid to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Other | (9 | ) | (9 | ) | ||||||||||||||||||||
Net cash provided by/(used for) financing activities | (10 | ) | (10 | ) | (158 | ) | 49 | (129 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1 | 1 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (121 | ) | — | (121 | ) | |||||||||||||||||
Cash and cash equivalents at January 1 | 463 | 463 | ||||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 342 | $ | — | $ | 342 | ||||||||||||||
Crown Americas, LLC, Crown Americas Capital Corp. II and Crown Americas Capital Corp. III (collectively, the Issuers), wholly owned subsidiaries of the Company, have outstanding $700 principal amount of 6.25% senior notes due 2021 and $1,000 principal amount of 4.5% senior notes due 2023, which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all subsidiaries in the United States. The guarantors are wholly owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements: | ||||||||||||||||||||||||
• | statements of comprehensive income and cash flows for the years ended December 31, 2013, 2012, 2011, and | |||||||||||||||||||||||
• | balance sheets as of December 31, 2013 and December 31, 2012 | |||||||||||||||||||||||
are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. | ||||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 2,214 | $ | 6,442 | $ | 8,656 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,746 | 5,434 | 7,180 | |||||||||||||||||||||
Depreciation and amortization | 29 | 105 | 134 | |||||||||||||||||||||
Gross profit | 439 | 903 | 1,342 | |||||||||||||||||||||
Selling and administrative expense | $ | 9 | 154 | 262 | 425 | |||||||||||||||||||
Provision for asbestos | 32 | 32 | ||||||||||||||||||||||
Provision for restructuring | 5 | 41 | 46 | |||||||||||||||||||||
Asset impairments and sales | (3 | ) | (9 | ) | (12 | ) | ||||||||||||||||||
Loss from early extinguishment of debt | 39 | — | 2 | 41 | ||||||||||||||||||||
Net interest expense | 46 | 91 | 94 | 231 | ||||||||||||||||||||
Technology royalty | (48 | ) | 48 | — | ||||||||||||||||||||
Translation and foreign exchange | 3 | 3 | ||||||||||||||||||||||
Income/(loss) before income taxes | (94 | ) | 208 | 462 | 576 | |||||||||||||||||||
Provision for / (benefit from) income taxes | (36 | ) | 100 | 84 | 148 | |||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 324 | 247 | 216 | $ | (787 | ) | — | ||||||||||||||||
Net income | 324 | 189 | 324 | 378 | (787 | ) | 428 | |||||||||||||||||
Net income attributable to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 324 | $ | 189 | $ | 324 | $ | 274 | $ | (787 | ) | $ | 324 | |||||||||||
Comprehensive income | $ | 425 | $ | 332 | $ | 425 | $ | 336 | $ | (991 | ) | $ | 527 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (102 | ) | (102 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 425 | $ | 332 | $ | 425 | $ | 234 | $ | (991 | ) | $ | 425 | |||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 2,276 | $ | 6,194 | $ | 8,470 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,821 | 5,192 | 7,013 | |||||||||||||||||||||
Depreciation and amortization | 40 | 140 | 180 | |||||||||||||||||||||
Gross profit | 415 | 862 | 1,277 | |||||||||||||||||||||
Selling and administrative expense | $ | 7 | 131 | 244 | 382 | |||||||||||||||||||
Provision for asbestos | 35 | 35 | ||||||||||||||||||||||
Provision for restructuring | 5 | 43 | 48 | |||||||||||||||||||||
Asset impairments and sales | (1 | ) | (47 | ) | (48 | ) | ||||||||||||||||||
Net interest expense | 50 | 90 | 79 | 219 | ||||||||||||||||||||
Technology royalty | (41 | ) | 41 | — | ||||||||||||||||||||
Translation and foreign exchange | (1 | ) | (1 | ) | ||||||||||||||||||||
Income/(loss) before income taxes | (57 | ) | 196 | 503 | 642 | |||||||||||||||||||
Provision for / (benefit from) income taxes | (22 | ) | (97 | ) | 102 | (17 | ) | |||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 559 | 217 | 266 | 1 | $ | (1,038 | ) | 5 | |||||||||||||||
Net income | 559 | 182 | 559 | 402 | (1,038 | ) | 664 | |||||||||||||||||
Net income attributable to noncontrolling interests | (105 | ) | (105 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 559 | $ | 182 | $ | 559 | $ | 297 | $ | (1,038 | ) | $ | 559 | |||||||||||
Comprehensive income | $ | 535 | $ | 162 | $ | 535 | $ | 391 | $ | (978 | ) | $ | 645 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 535 | $ | 162 | $ | 535 | $ | 281 | $ | (978 | ) | $ | 535 | |||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 2,297 | $ | 6,347 | $ | 8,644 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,865 | 5,255 | 7,120 | |||||||||||||||||||||
Depreciation and amortization | 39 | 137 | 176 | |||||||||||||||||||||
Gross profit | 393 | 955 | 1,348 | |||||||||||||||||||||
Selling and administrative expense | $ | 6 | 134 | 255 | 395 | |||||||||||||||||||
Provision for asbestos | 28 | 28 | ||||||||||||||||||||||
Provision for restructuring | 2 | 75 | 77 | |||||||||||||||||||||
Asset impairments and sales | 1 | 5 | 6 | |||||||||||||||||||||
Loss from early extinguishment of debt | 30 | 1 | 1 | 32 | ||||||||||||||||||||
Net interest expense | 49 | 81 | 91 | 221 | ||||||||||||||||||||
Technology royalty | (47 | ) | 47 | — | ||||||||||||||||||||
Translation and foreign exchange | 2 | 2 | ||||||||||||||||||||||
Income/(loss) before income taxes | (85 | ) | 193 | 479 | 587 | |||||||||||||||||||
Provision for / (benefit from) income taxes | (32 | ) | 114 | 112 | 194 | |||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 282 | 237 | 203 | $ | (719 | ) | 3 | ||||||||||||||||
Net income | 282 | 184 | 282 | 367 | (719 | ) | 396 | |||||||||||||||||
Net income attributable to noncontrolling interests | (114 | ) | (114 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 282 | $ | 184 | $ | 282 | $ | 253 | $ | (719 | ) | $ | 282 | |||||||||||
Comprehensive income | $ | 19 | $ | 160 | $ | 19 | $ | 125 | $ | (194 | ) | $ | 129 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 19 | $ | 160 | $ | 19 | $ | 15 | $ | (194 | ) | $ | 19 | |||||||||||
CONDENSED COMBINING BALANCE SHEET | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 177 | $ | 2 | $ | 510 | $ | 689 | ||||||||||||||||
Receivables, net | 26 | 1,038 | 1,064 | |||||||||||||||||||||
Intercompany receivables | 30 | 81 | $ | (111 | ) | — | ||||||||||||||||||
Inventories | 266 | 947 | 1,213 | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | 2 | 109 | 102 | 214 | ||||||||||||||||||
Total current assets | 1 | 179 | 433 | 2,678 | (111 | ) | 3,180 | |||||||||||||||||
Intercompany debt receivables | 1,476 | 1,808 | 19 | (3,303 | ) | — | ||||||||||||||||||
Investments | 1,176 | 1,917 | 685 | (3,778 | ) | — | ||||||||||||||||||
Goodwill | 453 | 1,563 | 2,016 | |||||||||||||||||||||
Property, plant and equipment, net | 1 | 314 | 1,837 | 2,152 | ||||||||||||||||||||
Other non-current assets | 36 | 388 | 258 | 682 | ||||||||||||||||||||
Total | $ | 1,177 | $ | 3,609 | $ | 4,081 | $ | 6,355 | $ | (7,192 | ) | $ | 8,030 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 279 | $ | 279 | ||||||||||||||||||||
Current maturities of long-term debt | 94 | 94 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 16 | $ | 49 | $ | 466 | 2,016 | 2,547 | ||||||||||||||||
Intercompany payables | 81 | 30 | $ | (111 | ) | — | ||||||||||||||||||
Total current liabilities | 16 | 49 | 547 | 2,419 | (111 | ) | 2,920 | |||||||||||||||||
Long-term debt, excluding current maturities | 1,920 | 412 | 1,137 | 3,469 | ||||||||||||||||||||
Long-term intercompany debt | 1,157 | 594 | 1,353 | 199 | (3,303 | ) | — | |||||||||||||||||
Postretirement and pension liabilities | 299 | 592 | 891 | |||||||||||||||||||||
Other non-current liabilities | 294 | 167 | 461 | |||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 285 | 285 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 4 | 1,046 | 1,176 | 1,556 | (3,778 | ) | 4 | |||||||||||||||||
Total equity/(deficit) | 4 | 1,046 | 1,176 | 1,841 | (3,778 | ) | 289 | |||||||||||||||||
Total | $ | 1,177 | $ | 3,609 | $ | 4,081 | $ | 6,355 | $ | (7,192 | ) | $ | 8,030 | |||||||||||
CONDENSED COMBINING BALANCE SHEET | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 27 | $ | 1 | $ | 322 | $ | 350 | ||||||||||||||||
Receivables, net | 2 | 14 | 1,041 | 1,057 | ||||||||||||||||||||
Intercompany receivables | 7 | 17 | $ | (24 | ) | — | ||||||||||||||||||
Inventories | 282 | 884 | 1,166 | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | 1 | 92 | 83 | 177 | ||||||||||||||||||
Total current assets | 1 | 30 | 396 | 2,347 | (24 | ) | 2,750 | |||||||||||||||||
Intercompany debt receivables | 1,530 | 1,483 | 279 | (3,292 | ) | — | ||||||||||||||||||
Investments | 751 | 1,560 | 608 | (2,919 | ) | — | ||||||||||||||||||
Goodwill | 453 | 1,545 | 1,998 | |||||||||||||||||||||
Property, plant and equipment, net | 1 | 308 | 1,696 | 2,005 | ||||||||||||||||||||
Other non-current assets | 26 | 529 | 192 | 747 | ||||||||||||||||||||
Total | $ | 752 | $ | 3,147 | $ | 3,777 | $ | 6,059 | $ | (6,235 | ) | $ | 7,500 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 261 | $ | 261 | ||||||||||||||||||||
Current maturities of long-term debt | $ | 28 | 87 | 115 | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 18 | 33 | $ | 317 | 1,778 | 2,146 | |||||||||||||||||
Intercompany payables | 17 | 7 | $ | (24 | ) | — | ||||||||||||||||||
Total current liabilities | 18 | 61 | 334 | 2,133 | (24 | ) | 2,522 | |||||||||||||||||
Long-term debt, excluding current maturities | 1,616 | 412 | 1,261 | 3,289 | ||||||||||||||||||||
Long-term intercompany debt | 894 | 756 | 1,447 | 195 | (3,292 | ) | — | |||||||||||||||||
Postretirement and pension liabilities | 545 | 553 | 1,098 | |||||||||||||||||||||
Other non-current liabilities | 288 | 174 | 462 | |||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 289 | 289 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | (160 | ) | 714 | 751 | 1,454 | (2,919 | ) | (160 | ) | |||||||||||||||
Total equity/(deficit) | (160 | ) | 714 | 751 | 1,743 | (2,919 | ) | 129 | ||||||||||||||||
Total | $ | 752 | $ | 3,147 | $ | 3,777 | $ | 6,059 | $ | (6,235 | ) | $ | 7,500 | |||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net provided by/(used for) operating activities | $ | 16 | $ | (18 | ) | $ | 352 | $ | 535 | $ | 885 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (37 | ) | (238 | ) | (275 | ) | ||||||||||||||||||
Insurance proceeds | 8 | 8 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (16 | ) | (16 | ) | ||||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 10 | 10 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 4 | 25 | 29 | |||||||||||||||||||||
Intercompany investing activities | 32 | 91 | $ | (123 | ) | — | ||||||||||||||||||
Other | (2 | ) | (2 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | 32 | 68 | (223 | ) | (123 | ) | (246 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 1,000 | 83 | 1,083 | |||||||||||||||||||||
Payments of long-term debt | (730 | ) | (292 | ) | (1,022 | ) | ||||||||||||||||||
Net change in revolving credit facility and short-term debt | 18 | 18 | ||||||||||||||||||||||
Net change in long-term intercompany balances | 263 | (108 | ) | (419 | ) | 264 | — | |||||||||||||||||
Debt issue costs | (26 | ) | (6 | ) | (32 | ) | ||||||||||||||||||
Common stock issued | 21 | 21 | ||||||||||||||||||||||
Common stock repurchased | (300 | ) | (300 | ) | ||||||||||||||||||||
Dividends paid | (123 | ) | 123 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (16 | ) | (16 | ) | ||||||||||||||||||||
Dividends paid to noncontrolling interests | (78 | ) | (78 | ) | ||||||||||||||||||||
Other | 20 | 20 | ||||||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | 136 | (419 | ) | (130 | ) | 123 | (306 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 6 | 6 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | 150 | 1 | 188 | — | 339 | ||||||||||||||||||
Cash and cash equivalents at January 1 | 27 | 1 | 322 | 350 | ||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 177 | $ | 2 | $ | 510 | $ | — | $ | 689 | ||||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net provided by/(used for) operating activities | $ | 16 | $ | (28 | ) | $ | 213 | $ | 420 | $ | 621 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (41 | ) | (283 | ) | (324 | ) | ||||||||||||||||||
Insurance proceeds | 48 | 48 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (29 | ) | (49 | ) | (78 | ) | ||||||||||||||||||
Proceeds from sale of property, plant and equipment | 1 | 2 | 3 | |||||||||||||||||||||
Intercompany investing activities | 29 | 268 | $ | (297 | ) | — | ||||||||||||||||||
Other | (11 | ) | (11 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 29 | 199 | (293 | ) | (297 | ) | (362 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 110 | 110 | ||||||||||||||||||||||
Payments of long-term debt | (1 | ) | (65 | ) | (66 | ) | ||||||||||||||||||
Net change in revolving credit facility and short-term debt | (104 | ) | 132 | 28 | ||||||||||||||||||||
Net change in long-term intercompany balances | 226 | 109 | (408 | ) | 73 | — | ||||||||||||||||||
Common stock issued | 15 | 15 | ||||||||||||||||||||||
Common stock repurchased | (257 | ) | (257 | ) | ||||||||||||||||||||
Dividends paid | (297 | ) | 297 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (3 | ) | (1 | ) | (4 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | (79 | ) | (79 | ) | ||||||||||||||||||||
Other | (1 | ) | (1 | ) | ||||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | 5 | (412 | ) | (128 | ) | 297 | (254 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3 | 3 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | 6 | — | 2 | — | 8 | ||||||||||||||||||
Cash and cash equivalents at January 1 | 21 | 1 | 320 | 342 | ||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 27 | $ | 1 | $ | 322 | $ | — | $ | 350 | ||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net provided by/(used for) operating activities | $ | 10 | $ | (29 | ) | $ | (127 | ) | $ | 525 | $ | 379 | ||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (55 | ) | (346 | ) | (401 | ) | ||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 4 | 4 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 26 | 26 | ||||||||||||||||||||||
Intercompany investing activities | 31 | 53 | $ | (84 | ) | — | ||||||||||||||||||
Other | (1 | ) | (1 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 31 | 1 | (320 | ) | (84 | ) | (372 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 1,250 | 520 | 1,770 | |||||||||||||||||||||
Payments of long-term debt | (746 | ) | (1 | ) | (322 | ) | (1,069 | ) | ||||||||||||||||
Net change in revolving credit facility and short-term debt | (55 | ) | (137 | ) | (192 | ) | ||||||||||||||||||
Net change in long-term intercompany balances | 291 | (449 | ) | 223 | (65 | ) | — | |||||||||||||||||
Debt issue costs | (19 | ) | (3 | ) | (22 | ) | ||||||||||||||||||
Common stock issued | 11 | 11 | ||||||||||||||||||||||
Common stock repurchased | (312 | ) | (312 | ) | ||||||||||||||||||||
Dividends paid | (84 | ) | 84 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (96 | ) | (106 | ) | (202 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Other | (9 | ) | (9 | ) | ||||||||||||||||||||
Net cash provided by/(used for) financing activities | (10 | ) | (19 | ) | 126 | (310 | ) | 84 | (129 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1 | 1 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | (17 | ) | — | (104 | ) | — | (121 | ) | |||||||||||||||
Cash and cash equivalents at January 1 | 38 | 1 | 424 | 463 | ||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 21 | $ | 1 | $ | 320 | $ | — | $ | 342 | ||||||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts and Reserves | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Valuation and Qualifying Accounts and Reserves | ' | |||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ||||||||||||||||
(In millions) | ||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | ||||||||||||
Additions | ||||||||||||||||
Description | Balance at | Charged to costs and expense | Charged to | Deductions | Balance at | |||||||||||
beginning of | other accounts | – Write-offs | end of period | |||||||||||||
period | ||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||
Allowances deducted from assets to which they apply: | ||||||||||||||||
Trade accounts receivable | $ | 37 | $ | 41 | $ | 2 | $ | (2 | ) | $ | 78 | |||||
Deferred tax assets | 400 | (1 | ) | 1 | (57 | ) | 343 | |||||||||
For the year ended December 31, 2012 | ||||||||||||||||
Allowances deducted from assets to which they apply: | ||||||||||||||||
Trade accounts receivable | 37 | — | 2 | (2 | ) | 37 | ||||||||||
Deferred tax assets | 359 | 56 | (15 | ) | — | 400 | ||||||||||
For the year ended December 31, 2011 | ||||||||||||||||
Allowances deducted from assets to which they apply: | ||||||||||||||||
Trade accounts receivable | 40 | 1 | (1 | ) | (3 | ) | 37 | |||||||||
Deferred tax assets | 376 | (19 | ) | 2 | — | 359 | ||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Business and Principles of Consolidation | ' | |
Business and Principles of Consolidation. The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). | ||
The Company manufactures and sells metal containers, metal closures, and canmaking equipment. These products are manufactured in the Company’s plants both within and outside the U.S. and are sold through the Company’s sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary based on whether it (1) has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (2) has the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. Investments in securities where the Company does not have the ability to exercise significant influence over operating and financial policies, and whose fair value is readily determinable such as those listed on a securities exchange, are referred to as “available for sale securities” and reported at their fair value with unrealized gains and losses reported in accumulated other comprehensive income in equity. Other investments are carried at cost. | ||
Foreign Currency Translation | ' | |
Foreign Currency Translation. For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. | ||
Revenue Recognition | ' | |
Revenue Recognition. Revenue is recognized from product sales when the goods are shipped and the title and risk of loss pass to the customer. Provisions for discounts and rebates to customers, returns, and other adjustments are estimated and provided for in the period that the related sales are recorded. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs are reported as cost of products sold. | ||
Stock-Based Compensation | ' | |
Stock-Based Compensation. The Company has stock-based employee compensation plans that are currently comprised of fixed stock option grants and restricted stock awards. Compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. The Company’s plans provide for stock awards which include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date that retirement eligibility is achieved, if less that the stated vesting period. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents. Cash equivalents represent investments with maturities of three months or less from the time of purchase and are carried at cost, which approximates fair value because of the short maturity of those instruments. Outstanding checks in excess of funds on deposit are included in accounts payable. | ||
Accounts Receivable and Allowance for Doubtful Accounts | ' | |
Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on a review of individual accounts for collectability, generally | ||
focusing on those accounts that are past due or experiencing financial difficulties. The current year expense to adjust the allowance for doubtful accounts is recorded within selling and administrative expense in the consolidated statements of operations. | ||
Inventory Valuation | ' | |
Inventory Valuation. Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method and for non-U.S. inventories under the FIFO or average cost method. | ||
Property, Plant And Equipment | ' | |
Property, Plant and Equipment. Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. | ||
Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. | ||
Land improvements | 25 | |
Buildings and Building Improvements | 25 – 40 | |
Machinery and Equipment | 3 – 18 | |
Goodwill | ' | |
Goodwill. Goodwill is carried at cost and reviewed for impairment in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired. Goodwill was allocated to the reporting units at the time of the acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that an impairment is more likely than not, it will perform the two-step quantitative impairment test using a combination of market values for comparable businesses and discounted cash flow projections compared to the reporting unit's carrying value including goodwill. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit’s goodwill to its implied fair value. | ||
Impairment or Disposal of Long-Lived Assets | ' | |
Impairment or Disposal of Long-Lived Assets. In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. | ||
Taxes on Income | ' | |
Taxes on Income. The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. | ||
The with-and-without approach is used to account for utilization of windfall tax benefits arising from the Company’s stock-based compensation plans and only the direct impact of awards is considered when calculating the amount of windfalls or shortfalls. Income tax-related interest is reported as interest expense and penalties are reported as income tax expense. | ||
Derivatives and Hedging | ' | |
Derivatives and Hedging. All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of | ||
instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities and unrecognized firm commitments are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the anticipated transactions are no longer probable. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. | ||
The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Any amounts excluded from the assessment of hedge effectiveness, and any ineffective portion of designated hedges, are reported currently in earnings. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. | ||
Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. | ||
The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. | ||
Treasury Stock | ' | |
Treasury Stock. Treasury stock is reported at par value. The excess of fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. | ||
Research and Development | ' | |
Research and Development. Net research, development and engineering costs of $36, $43 and $43 in 2013, 2012 and 2011, respectively, were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. | ||
Reclassifications | ' | |
Reclassifications. Certain reclassifications of prior years’ data have been made to conform to the current year presentation. As discussed further in Note S to the Company's consolidated financial statements, in the fourth quarter of 2013, the Company finalized the purchase price allocation related to its acquisition of Superior and as a result revised the presentation of certain 2012 amounts. | ||
Recent Accounting and Reporting Pronouncements | ' | |
Recent Accounting and Reporting Pronouncements. In the first quarter of 2013, the Company adopted changes to the disclosure of offsetting assets and liabilities. These changes require an entity to disclose both gross and net information about instruments and transactions subject to an agreement similar to a master netting arrangement and eligible for offset in the statement of financial position. The disclosures are intended to enable users of an entity’s financial statements to understand and evaluate the effect or potential effect of master netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments. Other than disclosure, these changes had no impact on the Company's consolidated financial statements. See Note R for the Company's disclosures. | ||
In the first quarter of 2013, the Company adopted changes to the disclosure of amounts reclassified out of accumulated other comprehensive income. These changes require an entity to present in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. Other than disclosure, these changes had no impact on the Company's consolidated financial statements. See Note B for the Company's disclosures. | ||
In the fourth quarter of 2013, the Company elected to early adopt changes to the presentation of an unrecognized tax benefit when a net operating loss or similar tax carryforward exists. The new guidance requires that an entity net its liability for an unrecognized tax benefit against all same-jurisdiction loss or similar tax carryforwards that would apply if the unrecognized tax benefit were settled for the presumed amount at the balance sheet date. The change did not have a material impact on the Company's consolidated balance sheet and had no impact on the Company's consolidated statements of operations, comprehensive income, cash flows or changes in shareholders' equity. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Estimated Useful Lives of Property, Plant and Equipment | ' | |
Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. | ||
Land improvements | 25 | |
Buildings and Building Improvements | 25 – 40 | |
Machinery and Equipment | 3 – 18 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
The following table provides information about the changes in each component of accumulated other comprehensive income for the year ended December 31, 2013. | |||||||||||||||||
Defined Benefit Plans | Foreign Currency Translation | Gains and Losses on Cash Flow Hedges | Total | ||||||||||||||
Balance at December 31, 2012 | $ | (1,954 | ) | $ | (648 | ) | $ | (12 | ) | $ | (2,614 | ) | |||||
Other comprehensive income (loss) before reclassifications | 60 | (8 | ) | (49 | ) | 3 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 66 | (2 | ) | 34 | 98 | ||||||||||||
Other comprehensive income (loss) | 126 | (10 | ) | (15 | ) | 101 | |||||||||||
Balance at December 31, 2013 | $ | (1,828 | ) | $ | (658 | ) | $ | (27 | ) | $ | (2,513 | ) | |||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The following table provides information about the amounts reclassified out of accumulated other comprehensive income in 2013. | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement of Operations | |||||||||||||||
Gains and losses on cash flow hedges | |||||||||||||||||
Commodities | $ | 43 | Cost of products sold | ||||||||||||||
43 | Total before tax | ||||||||||||||||
(11 | ) | Provision for income taxes | |||||||||||||||
$ | 32 | Net of tax | |||||||||||||||
Foreign exchange | $ | 9 | Net sales | ||||||||||||||
(7 | ) | Cost of products sold | |||||||||||||||
2 | Total before tax | ||||||||||||||||
— | Provision for income taxes | ||||||||||||||||
$ | 2 | Net of tax | |||||||||||||||
Total gains and losses on cash flow hedges | $ | 34 | |||||||||||||||
Foreign currency translation | |||||||||||||||||
Currency translation on disposed investment | $ | (2 | ) | Asset impairments and sales | |||||||||||||
(2 | ) | Total before tax | |||||||||||||||
— | Provision for income taxes | ||||||||||||||||
$ | (2 | ) | Net of tax | ||||||||||||||
Amortization of defined benefit plan items | |||||||||||||||||
Actuarial losses | $ | 136 | (a) | ||||||||||||||
Prior service credit | (52 | ) | (a) | ||||||||||||||
84 | Total before tax | ||||||||||||||||
(18 | ) | Provision for income taxes | |||||||||||||||
$ | 66 | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | 98 | Net of tax | ||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note V for further details. |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Receivables | ' | |||||||
2013 | 2012 | |||||||
Accounts receivable | $ | 962 | $ | 922 | ||||
Less: allowance for doubtful accounts | (78 | ) | (37 | ) | ||||
Net trade receivables | 884 | 885 | ||||||
Miscellaneous receivables | 180 | 172 | ||||||
$ | 1,064 | $ | 1,057 | |||||
Schedule of Amounts Securitized or Factored | ' | |||||||
At December 31, amounts securitized or factored were as follows: | ||||||||
2013 | 2012 | |||||||
Accounted for as secured borrowings | $ | 233 | $ | 216 | ||||
Accounted for as sales | $ | 348 | $ | 312 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of Inventories | ' | |||||||
2013 | 2012 | |||||||
Raw materials and supplies | $ | 645 | $ | 602 | ||||
Work in process | 128 | 128 | ||||||
Finished goods | 440 | 436 | ||||||
$ | 1,213 | $ | 1,166 | |||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||
Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2013 and 2012 were as | |||||||||||||||||||
follows: | |||||||||||||||||||
Americas Beverage | North America Food | European Beverage | European Food | Non-reportable Segments | Total | ||||||||||||||
Balance at January 1, 2012: | |||||||||||||||||||
Goodwill | $ | 455 | $ | 162 | $ | 732 | $ | 1,284 | $ | 295 | $ | 2,928 | |||||||
Accumulated impairment losses | (29 | ) | (73 | ) | (724 | ) | (150 | ) | (976 | ) | |||||||||
Net | 426 | 162 | 659 | 560 | 145 | 1,952 | |||||||||||||
Foreign currency translation | 2 | 2 | 19 | 14 | 9 | 46 | |||||||||||||
Balance at December 31, 2012: | |||||||||||||||||||
Goodwill | 457 | 164 | 751 | 1,298 | 304 | 2,974 | |||||||||||||
Accumulated impairment losses | (29 | ) | (73 | ) | (724 | ) | (150 | ) | (976 | ) | |||||||||
Net | 428 | 164 | 678 | 574 | 154 | 1,998 | |||||||||||||
Foreign currency translation | (4 | ) | (6 | ) | 2 | 22 | 4 | 18 | |||||||||||
Balance at December 31, 2013: | |||||||||||||||||||
Goodwill | 453 | 158 | 753 | 1,320 | 308 | 2,992 | |||||||||||||
Accumulated impairment losses | (29 | ) | (73 | ) | (724 | ) | (150 | ) | (976 | ) | |||||||||
Net | $ | 424 | $ | 158 | $ | 680 | $ | 596 | $ | 158 | $ | 2,016 | |||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Summary of Property, Plant and Equipment | ' | |||||||
2013 | 2012 | |||||||
Buildings and improvements | $ | 942 | $ | 923 | ||||
Machinery and equipment | 4,768 | 4,559 | ||||||
Land and improvements | 143 | 167 | ||||||
Construction in progress | 172 | 185 | ||||||
6,025 | 5,834 | |||||||
Less: accumulated depreciation and amortization | (3,873 | ) | (3,829 | ) | ||||
$ | 2,152 | $ | 2,005 | |||||
Other_NonCurrent_Assets_Tables
Other Non-Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Investments, All Other Investments [Abstract] | ' | |||||||
Components of Other Non-Current Assets | ' | |||||||
2013 | 2012 | |||||||
Deferred taxes | $ | 488 | $ | 577 | ||||
Debt issue costs | 54 | 40 | ||||||
Investments | 20 | 30 | ||||||
Fair value of derivatives | — | 1 | ||||||
Other | 120 | 99 | ||||||
$ | 682 | $ | 747 | |||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | |||||||
Components of Accounts Payable and Accrued Liabilities | ' | |||||||
2013 | 2012 | |||||||
Trade accounts payable | $ | 1,768 | $ | 1,470 | ||||
Salaries, wages and other employee benefits, including pension and postretirement | 164 | 168 | ||||||
Accrued taxes, other than on income | 118 | 117 | ||||||
Restructuring | 60 | 70 | ||||||
Accrued interest | 68 | 47 | ||||||
Fair value of derivatives | 58 | 27 | ||||||
Asbestos liabilities | 28 | 25 | ||||||
Income taxes payable | 19 | 12 | ||||||
Deferred taxes | 30 | 15 | ||||||
Other | 234 | 195 | ||||||
$ | 2,547 | $ | 2,146 | |||||
Other_NonCurrent_Liabilities_T
Other Non-Current Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Non-Current Liabilities | ' | |||||||
2013 | 2012 | |||||||
Asbestos liabilities | $ | 232 | $ | 231 | ||||
Postemployment benefits | 28 | 37 | ||||||
Income taxes payable | 22 | 29 | ||||||
Deferred taxes | 31 | 23 | ||||||
Environmental | 12 | 12 | ||||||
Fair value of derivatives | 2 | 3 | ||||||
Other | 134 | 127 | ||||||
$ | 461 | $ | 462 | |||||
AsbestosRelated_Liabilities_Ta
Asbestos-Related Liabilities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Liability for Asbestos and Environmental Claims [Abstract] | ' | |||||||||||
Summary of Claims Activity | ' | |||||||||||
The Company's approximate claims activity for the years ended 2013, 2012 and 2011 was as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning claims | 51,000 | 50,000 | 50,000 | |||||||||
New claims | 4,000 | 3,000 | 2,000 | |||||||||
Settlements or dismissals | (2,000 | ) | (2,000 | ) | (2,000 | ) | ||||||
Ending claims | 53,000 | 51,000 | 50,000 | |||||||||
Schedule of Asbestos Claims Cash Payment by Company | ' | |||||||||||
The Company's cash payments during the years ended 2013, 2012, and 2011 were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Asbestos-related payments | $ | 28 | $ | 28 | $ | 28 | ||||||
Settled claims payments (included in asbestos-related payments above) | 21 | 20 | 20 | |||||||||
Summary of Outstanding Asbestos Claims by Years of Exposure and State Filed | ' | |||||||||||
In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes by year of exposure and state filed. As of December 31, 2013 and December 31, 2012, the Company's outstanding claims were: | ||||||||||||
2013 | 2012 | |||||||||||
Claimants alleging first exposure after 1964 | 16,000 | 15,000 | ||||||||||
Claimants alleging first exposure before or during 1964 filed in: | ||||||||||||
Texas | 13,000 | 13,000 | ||||||||||
Pennsylvania | 2,000 | 2,000 | ||||||||||
Other states that have enacted asbestos legislation | 6,000 | 6,000 | ||||||||||
Other states | 16,000 | 15,000 | ||||||||||
Total claims outstanding | 53,000 | 51,000 | ||||||||||
Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases | ' | |||||||||||
As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total claims | 21 | % | 19 | % | 18 | % | ||||||
Pre-1964 claims in states without asbestos legislation | 39 | % | 36 | % | 33 | % |
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Restructuring Charges by Action | ' | |||||||||||
The Company recorded restructuring charges as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
North America Food | 5 | 3 | 3 | |||||||||
European Food | 14 | 15 | 9 | |||||||||
European Beverage | 2 | — | — | |||||||||
Asia Pacific | 1 | 4 | — | |||||||||
Non-reportable segments | 16 | 18 | 45 | |||||||||
Corporate | 8 | 8 | 20 | |||||||||
$ | 46 | $ | 48 | $ | 77 | |||||||
Restructuring Cost by Type | ' | |||||||||||
Restructuring charges by type are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Termination benefits | $ | 35 | $ | 35 | $ | 56 | ||||||
Other exit costs | 11 | 13 | 21 | |||||||||
$ | 46 | $ | 48 | $ | 77 | |||||||
2011 European Division Headquarters Relocation [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Restructuring Accrual Balances And Utilization By Cost Type | ' | |||||||||||
The following table summarizes the restructuring accrual balances and utilization by cost type for the relocation: | ||||||||||||
Termination | Other exit | Total | ||||||||||
benefits | costs | |||||||||||
Balance at December 31, 2011 | $ | — | $ | 19 | $ | 19 | ||||||
Provisions | — | 3 | 3 | |||||||||
Balance at December 31, 2012 | — | 22 | 22 | |||||||||
Provisions | — | 3 | 3 | |||||||||
Payments | — | (7 | ) | (7 | ) | |||||||
Balance at December 31, 2013 | $ | — | $ | 18 | $ | 18 | ||||||
Europe Food [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Restructuring Accrual Balances And Utilization By Cost Type | ' | |||||||||||
Termination | Other exit | Total | ||||||||||
benefits | costs | |||||||||||
Balance at December 31, 2011 | $ | 10 | $ | — | $ | 10 | ||||||
Provisions | 14 | 1 | 15 | |||||||||
Payments made | (7 | ) | (1 | ) | (8 | ) | ||||||
Foreign currency translation | 1 | — | 1 | |||||||||
Balance at December 31, 2012 | 18 | — | 18 | |||||||||
Provisions | — | 2 | 2 | |||||||||
Payments | (12 | ) | (2 | ) | (14 | ) | ||||||
Balance at December 31, 2013 | $ | 6 | $ | — | $ | 6 | ||||||
2011 and 2012 European Division Actions [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Restructuring Accrual Balances And Utilization By Cost Type | ' | |||||||||||
The table below summarizes the restructuring accrual balances and utilization by cost type for this action. | ||||||||||||
Termination | Other exit | Total | ||||||||||
benefits | costs | |||||||||||
Balance at December 31, 2011 | $ | 45 | $ | — | $ | 45 | ||||||
Provisions | 15 | 3 | 18 | |||||||||
Payments made | (23 | ) | (3 | ) | (26 | ) | ||||||
Balance at December 31, 2012 | 37 | — | 37 | |||||||||
Provisions | — | 4 | 4 | |||||||||
Payments made | (20 | ) | (4 | ) | (24 | ) | ||||||
Foreign currency translation | (1 | ) | — | (1 | ) | |||||||
Balance at December 31, 2013 | $ | 16 | $ | — | $ | 16 | ||||||
2013 European Division Actions [Member] | ' | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||
Restructuring Accrual Balances And Utilization By Cost Type | ' | |||||||||||
The table below summarizes the restructuring accrual balances and utilization by cost type for this action. | ||||||||||||
Termination | Other exit | Total | ||||||||||
benefits | costs | |||||||||||
Balance at December 31, 2012 | $ | — | $ | — | $ | — | ||||||
Provision | 31 | — | 31 | |||||||||
Payments | (5 | ) | — | (5 | ) | |||||||
Foreign currency translation | 1 | — | 1 | |||||||||
Balance at December 31, 2013 | $ | 27 | $ | — | $ | 27 | ||||||
Other | ||||||||||||
As a result of prior restructuring actions in the Company's North America food business, the Company may incur a future charge of up to $16 related to pension settlements which may be triggered as employees elect to receive lump sum distributions. The timing and amount of the charge may be impacted by the number of employees who elect to receive lump sum distributions. |
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Capital Stock [Abstract] | ' | |||||||||
Summary of Common Stock Activity | ' | |||||||||
A summary of common share activity for the years ended December 31 is as follows (in shares): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Common shares outstanding at January 1 | 143,136,473 | 148,449,293 | 155,256,791 | |||||||
Shares repurchased | (6,925,789 | ) | (6,954,968 | ) | (7,965,176 | ) | ||||
Shares issued upon exercise of employee stock options | 855,061 | 1,143,755 | 666,183 | |||||||
Restricted stock issued to employees, net of forfeitures | 1,115,484 | 468,323 | 463,885 | |||||||
Shares issued to non-employee directors | 26,660 | 30,070 | 27,610 | |||||||
Common shares outstanding at December 31 | 138,207,889 | 143,136,473 | 148,449,293 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||
Summary of Stock-Based Compensation Expense | ' | ||||||||||||||||
Stock-based compensation expense was as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Stock options | $ | 1 | $ | 5 | $ | 5 | |||||||||||
Restricted stock/deferred stock | 20 | 12 | 12 | ||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of stock option activity follows: | |||||||||||||||||
2013 | |||||||||||||||||
Shares | Weighted average | ||||||||||||||||
exercise price | |||||||||||||||||
Options outstanding at January 1 | 2,556,114 | $ | 21.38 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (851,061 | ) | 21.72 | ||||||||||||||
Forfeited | (5,000 | ) | 23.45 | ||||||||||||||
Expired | (5,000 | ) | 23.45 | ||||||||||||||
Options outstanding at December 31 | 1,695,053 | 21.2 | |||||||||||||||
Options fully vested or expected to vest at December 31 | 1,693,076 | $ | 21.18 | ||||||||||||||
Summary of Outstanding and Exercisable Options | ' | ||||||||||||||||
The following table summarizes outstanding and exercisable options at December 31, 2013: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | ||||||||||||
exercise | outstanding | average | average | exercisable | average | ||||||||||||
prices | remaining | exercise | exercise | ||||||||||||||
contractual | price | price | |||||||||||||||
life in years | |||||||||||||||||
$8.60 to $8.75 | 353,020 | 0.3 | $ | 8.61 | 353,020 | $ | 8.61 | ||||||||||
$13.20 to $23.19 | 20,500 | 2.9 | 19.5 | 18,500 | 19.1 | ||||||||||||
$23.45 | 1,205,533 | 3 | 23.45 | 1,205,533 | 23.45 | ||||||||||||
$23.88 to $40.01 | 116,000 | 6.6 | 36.41 | 38,000 | 31.32 | ||||||||||||
1,695,053 | 2.7 | 21.2 | 1,615,053 | 20.34 | |||||||||||||
Summary of Weighted Average Fair Value Assumptions of Stock Options | ' | ||||||||||||||||
The fair value of stock option grants during 2011 were estimated using the following weighted average assumptions: | |||||||||||||||||
2011 | |||||||||||||||||
Risk-free interest rate | 2.4 | % | |||||||||||||||
Expected life of option (years) | 6.8 | ||||||||||||||||
Expected stock price volatility | 31.7 | % | |||||||||||||||
Expected dividend yield | 0 | % | |||||||||||||||
Summary of Restricted Stock Transactions | ' | ||||||||||||||||
summary of restricted and deferred stock activity follows: | |||||||||||||||||
Number of shares | |||||||||||||||||
Non-vested shares outstanding at January 1, 2013 | 898,190 | ||||||||||||||||
Awarded: | |||||||||||||||||
Time-vesting, net of forfeitures | 1,275,078 | ||||||||||||||||
Performance-based | 243,251 | ||||||||||||||||
Performance-based – achieved 141% level (grant-date fair value of $37.91) | 93,755 | ||||||||||||||||
Released: | |||||||||||||||||
Time-vesting shares awarded in 2010 through 2012 | (144,623 | ) | |||||||||||||||
Performance-based shares awarded in 2010 | (229,624 | ) | |||||||||||||||
Performance-based awards – achieved 141% level | (93,755 | ) | |||||||||||||||
Non-vested shares outstanding at December 31, 2013 | 2,042,272 | ||||||||||||||||
Summary of Grant Date Fair Value of Restricted Stock | ' | ||||||||||||||||
The average grant-date fair value of restricted stock awarded in 2013, 2012 and 2011 follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Time-vested restricted stock | $ | 43.19 | $ | 33.75 | $ | 33.7 | |||||||||||
Performance-based shares | $ | 36.75 | $ | 39.52 | $ | 41.69 | |||||||||||
Deferred stock | $ | 43.79 | |||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | ' | ||||||||||||||||
e fair values of the performance-based shares awarded were calculated using a Monte Carlo valuation model and the following weighted average assumptions: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 0.3 | % | 0.4 | % | 1 | % | |||||||||||
Expected term (years) | 3 | 3 | 3 | ||||||||||||||
Expected stock price volatility | 22.4 | % | 27.8 | % | 37.9 | % |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt and Capital Lease Obligations [Abstract] | ' | ||||||||
Summary of Outstanding Debt | ' | ||||||||
. | |||||||||
2013 | 2012 | ||||||||
Short-term debt | |||||||||
Receivables securitization | $ | 205 | $ | 203 | |||||
Bank loans/overdrafts/factoring | 74 | 58 | |||||||
Total short-term debt | $ | 279 | $ | 261 | |||||
Long-term debt | |||||||||
Senior secured borrowings: | |||||||||
Revolving credit facilities | $ | 103 | $ | 45 | |||||
Term loan facilities | |||||||||
U.S. dollar at LIBOR plus 1.75% due 2018 | 220 | 550 | |||||||
Euro (€110 at December 31, 2013) at EURIBOR plus 1.75% due 2018 | 151 | 362 | |||||||
Senior notes and debentures: | |||||||||
U.S. dollar 7.625% due 2017 | — | 400 | |||||||
Euro (€500 at December 31, 2013) 7.125% due 2018 | 688 | 659 | |||||||
U.S. dollar 6.25% due 2021 | 700 | 700 | |||||||
U. S. dollar 4.50% due 2023 | 1,000 | — | |||||||
U.S. dollar 7.375% due 2026 | 350 | 350 | |||||||
U.S. dollar 7.50% due 2096 | 64 | 64 | |||||||
Other indebtedness in various currencies | |||||||||
Fixed rate with rates in 2013 from 1.0% to 8.5% due through 2020 | 180 | 157 | |||||||
Variable rate with average rates in 2013 from 2.4% to 6.1% through 2018 | 109 | 126 | |||||||
Unamortized discounts | (2 | ) | (9 | ) | |||||
Total long-term debt | 3,563 | 3,404 | |||||||
Less: current maturities | (94 | ) | (115 | ) | |||||
Total long-term debt, less current maturities | $ | 3,469 | $ | 3,289 | |||||
Schedule of Weighted Average Interest Rates | ' | ||||||||
The weighted average interest rates were as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Short-term debt | 1.9 | % | 1.9 | % | 2.5 | % | |||
Revolving credit facilities | 3.6 | % | 3.5 | % | 3.6 | % |
Derivative_and_Other_Financial1
Derivative and Other Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Accumulated Other Comprehensive Income (AOCI) and Earnings from Changes in Fair Value Related to Derivative Instruments | ' | |||||||||||||||||
The following table sets forth financial information about the impact on Accumulated Other Comprehensive Income (“AOCI”) and earnings from changes in fair value related to derivative instruments. | ||||||||||||||||||
Amount of gain/(loss) | Amount of gain/(loss) | |||||||||||||||||
recognized in AOCI | reclassified from AOCI | |||||||||||||||||
(effective portion) | into earnings | |||||||||||||||||
Derivatives in cash flow hedges | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Foreign exchange | $ | (5 | ) | $ | — | $ | (2 | ) | $ | — | (1) | |||||||
Commodities | (44 | ) | (82 | ) | (32 | ) | (46 | ) | (2) | |||||||||
Total | $ | (49 | ) | $ | (82 | ) | $ | (34 | ) | $ | (46 | ) | ||||||
(1) Within the Statement of Operations for the twelve months ended December 31, 2013, a gain of $7 was recognized in cost of products sold and a loss of $9 was recognized in net sales. During the twelve months ended December 31, 2012, a gain of $14 was recognized in cost of products sold and a loss of $14 recognized in net sales. | ||||||||||||||||||
(2) Within the Statement of Operations for the twelve months ended December 31, 2013, a loss of $43, including a reduction of $2 for ineffectiveness, was recognized in cost of products sold and a tax benefit of $11 was recognized in income tax expense. During the twelve months ended December 31, 2012, a gain of $60, including $3 of ineffectiveness, was recognized in cost of products sold and a tax charge of $14 was recognized in income tax expense. | ||||||||||||||||||
Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets | ' | |||||||||||||||||
The following table sets forth the fair value hierarchy for the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
Derivative Assets | Balance Sheet Classification | Fair Value Hierarchy | December 31, 2013 | December 31, 2012 | ||||||||||||||
Derivatives designated as hedges: | ||||||||||||||||||
Foreign exchange | Other current assets | 2 | $ | 29 | $ | 5 | ||||||||||||
Commodities | Other current assets | 1 | — | 5 | ||||||||||||||
Commodities | Other non-current assets | 1 | — | 1 | ||||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||
Foreign exchange | Other current assets | 2 | 8 | 11 | ||||||||||||||
Total | $ | 37 | $ | 22 | ||||||||||||||
Derivative Liabilities | Balance Sheet Classification | |||||||||||||||||
Derivatives designated as hedges: | ||||||||||||||||||
Foreign exchange | Accounts payable and accrued liabilities | 2 | $ | 30 | $ | 6 | ||||||||||||
Commodities | Accounts payable and accrued liabilities | 1 | 27 | 17 | ||||||||||||||
Commodities | Other non-current liabilities | 1 | 2 | 3 | ||||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||
Foreign exchange | Accounts payable and accrued liabilities | 2 | 1 | 4 | ||||||||||||||
Total | $ | 60 | $ | 30 | ||||||||||||||
Schedule of Offsetting Derivative Assets and Liabilities | ' | |||||||||||||||||
In the table below, the aggregate fair values of the the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. | ||||||||||||||||||
Gross Amounts Recognized in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Net Amount | ||||||||||||||||
Balance at December 31, 2013 | ||||||||||||||||||
Derivative Assets | 37 | 2 | 35 | |||||||||||||||
Derivative Liabilities | 60 | 2 | 58 | |||||||||||||||
Balance at December 31, 2012 | ||||||||||||||||||
Derivative Assets | 22 | 7 | 15 | |||||||||||||||
Derivative Liabilities | 30 | 7 | 23 | |||||||||||||||
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet | ' | |||||||||||||||||
The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012 were: | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||
Derivatives in cash flow hedges: | ||||||||||||||||||
Foreign exchange | $ | 724 | $ | 471 | ||||||||||||||
Commodities | 379 | 434 | ||||||||||||||||
Derivatives in fair value hedges: | ||||||||||||||||||
Foreign exchange | 128 | 105 | ||||||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||
Foreign exchange | 675 | 924 | ||||||||||||||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||
Effect on Net Income Attributable to Company for Purchases of Noncontrolling Interests | ' | |||||||||||
The accounting guidance requires changes in noncontrolling interests that do not result in a change of control and where there is a difference between fair value and carrying value to be accounted for as equity transactions. The effect on net income attributable to the Company had the purchases of noncontrolling interests been recorded through net income is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to Crown Holdings | $ | 324 | $ | 559 | $ | 282 | ||||||
Transfers to noncontrolling interests – Decrease in paid-in-capital for purchase of noncontrolling interests | (3 | ) | — | (119 | ) | |||||||
Net income attributable to Crown Holdings after transfers to noncontrolling interests | $ | 321 | $ | 559 | $ | 163 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computations of Basic and Diluted Earnings Per Share | ' | |||||||||||
The following table summarizes the basic and diluted earnings per share (EPS) attributable to Crown Holdings. Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of stock options and restricted stock as calculated under the treasury stock method. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to Crown Holdings | $ | 324 | $ | 559 | $ | 282 | ||||||
Weighted average shares outstanding: | ||||||||||||
Basic | 139.5 | 146.1 | 151.7 | |||||||||
Add: dilutive stock options and restricted stock | 1.2 | 2.3 | 2.6 | |||||||||
Diluted | 140.7 | 148.4 | 154.3 | |||||||||
Basic EPS | $ | 2.32 | $ | 3.83 | $ | 1.86 | ||||||
Diluted EPS | $ | 2.3 | $ | 3.77 | $ | 1.83 | ||||||
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. | 0.1 | 0.1 | 0.1 | |||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Projected Benefit Obligations | ' | ||||||||||||||||||||||||
The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and Non-U.S. plans is as follows: | |||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Projected Benefit Obligations | |||||||||||||||||||||||||
Benefit obligations at January 1 | $ | 1,609 | $ | 1,502 | $ | 3,572 | $ | 3,256 | |||||||||||||||||
Service cost | 15 | 12 | 24 | 26 | |||||||||||||||||||||
Interest cost | 62 | 69 | 138 | 153 | |||||||||||||||||||||
Plan participants’ contributions | — | 1 | 4 | 5 | |||||||||||||||||||||
Amendments | 2 | 2 | (1 | ) | (108 | ) | |||||||||||||||||||
Actuarial (gain) / loss | (122 | ) | 131 | 46 | 279 | ||||||||||||||||||||
Benefits paid | (112 | ) | (108 | ) | (189 | ) | (181 | ) | |||||||||||||||||
Foreign currency translation | — | — | 57 | 142 | |||||||||||||||||||||
Benefit obligations at December 31 | $ | 1,454 | $ | 1,609 | $ | 3,651 | $ | 3,572 | |||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 1,292 | $ | 1,172 | $ | 3,116 | $ | 2,894 | |||||||||||||||||
Actual return on plan assets | 162 | 195 | 85 | 201 | |||||||||||||||||||||
Employer contributions | 7 | 32 | 77 | 70 | |||||||||||||||||||||
Plan participants’ contributions | — | 1 | 4 | 5 | |||||||||||||||||||||
Benefits paid | (112 | ) | (108 | ) | (189 | ) | (181 | ) | |||||||||||||||||
Foreign currency translation | — | — | 42 | 127 | |||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 1,349 | $ | 1,292 | $ | 3,135 | $ | 3,116 | |||||||||||||||||
Funded Status | $ | (105 | ) | $ | (317 | ) | $ | (516 | ) | $ | (456 | ) | |||||||||||||
Accumulated benefit obligations at December 31 | $ | 1,423 | $ | 1,575 | $ | 3,488 | $ | 3,427 | |||||||||||||||||
Schedule of Defined Benefit Plan Assets | ' | ||||||||||||||||||||||||
The levels assigned to the defined benefit plan assets as of December 31, 2013 and 2012 are summarized in the tables below: | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
U.S. plan | Non-U.S. plan | Total | |||||||||||||||||||||||
assets | assets | ||||||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 68 | $ | 125 | $ | 193 | |||||||||||||||||||
Global large cap equity | — | 76 | 76 | ||||||||||||||||||||||
U.S. large cap equity | 170 | 50 | 220 | ||||||||||||||||||||||
U.S. mid/small cap equity | 257 | 16 | 273 | ||||||||||||||||||||||
Mutual funds – global equity | 214 | — | 214 | ||||||||||||||||||||||
Mutual funds – U.S. equity | 93 | — | 93 | ||||||||||||||||||||||
Mutual funds – fixed income | 147 | — | 147 | ||||||||||||||||||||||
949 | 267 | 1,216 | |||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||||
Government issued debt securities | 50 | 504 | 554 | ||||||||||||||||||||||
Corporate debt securities | 103 | 133 | 236 | ||||||||||||||||||||||
Asset backed securities | 11 | 7 | 18 | ||||||||||||||||||||||
Structured debt | 2 | 685 | 687 | ||||||||||||||||||||||
Insurance contracts | — | 12 | 12 | ||||||||||||||||||||||
Derivatives | — | 64 | 64 | ||||||||||||||||||||||
Investment funds – fixed income | 16 | 442 | 458 | ||||||||||||||||||||||
Investment funds – global equity | — | 317 | 317 | ||||||||||||||||||||||
Investment funds – emerging markets | 40 | 157 | 197 | ||||||||||||||||||||||
222 | 2,321 | 2,543 | |||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||
Investment funds – real estate | 47 | 88 | 135 | ||||||||||||||||||||||
Hedge funds | 75 | 150 | 225 | ||||||||||||||||||||||
Private equity | 37 | 298 | 335 | ||||||||||||||||||||||
Real estate – direct | 17 | 5 | 22 | ||||||||||||||||||||||
176 | 541 | 717 | |||||||||||||||||||||||
Total | $ | 1,347 | $ | 3,129 | $ | 4,476 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
U.S. plan | Non-U.S. plan | Total | |||||||||||||||||||||||
assets | assets | ||||||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 92 | $ | 158 | $ | 250 | |||||||||||||||||||
Global large cap equity | — | 62 | 62 | ||||||||||||||||||||||
U.S. large cap equity | 146 | 37 | 183 | ||||||||||||||||||||||
U.S. mid/small cap equity | 246 | 14 | 260 | ||||||||||||||||||||||
Mutual funds – global equity | 183 | — | 183 | ||||||||||||||||||||||
Mutual funds – U.S. equity | 88 | — | 88 | ||||||||||||||||||||||
Mutual funds – fixed income | 138 | — | 138 | ||||||||||||||||||||||
893 | 271 | 1,164 | |||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||||
Government issued debt securities | 59 | 542 | 601 | ||||||||||||||||||||||
Corporate debt securities | 95 | 162 | 257 | ||||||||||||||||||||||
Asset backed securities | 3 | 4 | 7 | ||||||||||||||||||||||
Structured debt | 7 | 628 | 635 | ||||||||||||||||||||||
Insurance contracts | — | 13 | 13 | ||||||||||||||||||||||
Derivatives | — | 98 | 98 | ||||||||||||||||||||||
Investment funds – fixed income | 14 | 404 | 418 | ||||||||||||||||||||||
Investment funds – global equity | — | 257 | 257 | ||||||||||||||||||||||
Investment funds – emerging markets | 43 | 174 | 217 | ||||||||||||||||||||||
221 | 2,282 | 2,503 | |||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||
Investment funds – real estate | 42 | 88 | 130 | ||||||||||||||||||||||
Hedge funds | 70 | 144 | 214 | ||||||||||||||||||||||
Private equity | 48 | 321 | 369 | ||||||||||||||||||||||
Real estate – direct | 16 | 5 | 21 | ||||||||||||||||||||||
176 | 558 | 734 | |||||||||||||||||||||||
Total | $ | 1,290 | $ | 3,111 | $ | 4,401 | |||||||||||||||||||
Accrued income excluded from the table above is as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
U.S. plan assets | 2 | 2 | |||||||||||||||||||||||
Non-U.S. plan assets | 6 | 5 | |||||||||||||||||||||||
Schedule of Plan Assets Measured Using Significant Unobservable Inputs | ' | ||||||||||||||||||||||||
The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3). | |||||||||||||||||||||||||
Hedge | Private | Real | Total | ||||||||||||||||||||||
funds | equity | Estate | |||||||||||||||||||||||
Balance at January 1, 2012 | $ | 284 | $ | 385 | $ | 108 | $ | 777 | |||||||||||||||||
Foreign currency translation | 7 | 14 | 4 | 25 | |||||||||||||||||||||
Asset returns – assets held at reporting date | 6 | (39 | ) | 14 | (19 | ) | |||||||||||||||||||
Asset returns – assets sold during the period | 18 | 49 | 4 | 71 | |||||||||||||||||||||
Purchases, sales and settlements, net | (101 | ) | (40 | ) | 21 | (120 | ) | ||||||||||||||||||
Balance at December 31, 2012 | 214 | 369 | 151 | 734 | |||||||||||||||||||||
Foreign currency translation | 3 | 7 | 1 | 11 | |||||||||||||||||||||
Asset returns – assets held at reporting date | 8 | (11 | ) | 7 | 4 | ||||||||||||||||||||
Asset returns – assets sold during the period | 7 | 43 | 1 | 51 | |||||||||||||||||||||
Purchases, sales and settlements, net | (7 | ) | (73 | ) | (3 | ) | (83 | ) | |||||||||||||||||
31-Dec-13 | $ | 225 | $ | 335 | $ | 157 | $ | 717 | |||||||||||||||||
Schedule of Pension Assets/(Liabilities) | ' | ||||||||||||||||||||||||
Pension assets/(liabilities) included in the Consolidated Balance Sheets were: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Non-current assets | $ | 21 | $ | — | |||||||||||||||||||||
Current liabilities | 7 | 9 | |||||||||||||||||||||||
Non-current liabilities | 635 | 764 | |||||||||||||||||||||||
Schedule of Expected Future Benefit Payments | ' | ||||||||||||||||||||||||
Expected future benefit payments as of December 31, 2013 were: | |||||||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||||||
plans | plans | ||||||||||||||||||||||||
2014 | $ | 109 | $ | 192 | |||||||||||||||||||||
2015 | 140 | 195 | |||||||||||||||||||||||
2016 | 107 | 203 | |||||||||||||||||||||||
2017 | 112 | 208 | |||||||||||||||||||||||
2018 | 104 | 214 | |||||||||||||||||||||||
2019 - 2023 | 507 | 1,127 | |||||||||||||||||||||||
Schedule of Benefit Obligations Weighted Average Actuarial Assumptions | ' | ||||||||||||||||||||||||
The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: | |||||||||||||||||||||||||
U.S. | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.8 | % | 4 | % | 4.8 | % | |||||||||||||||||||
Compensation increase | 3 | % | 3 | % | 3 | % | |||||||||||||||||||
Non-U.S. | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.4 | % | 4.1 | % | 4.7 | % | |||||||||||||||||||
Compensation increase | 3.2 | % | 2.8 | % | 3.3 | % | |||||||||||||||||||
The weighted average actuarial assumptions used to calculate pension expense for each year were: | |||||||||||||||||||||||||
U.S. | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4 | % | 4.8 | % | 5.1 | % | |||||||||||||||||||
Compensation increase | 3 | % | 3 | % | 3 | % | |||||||||||||||||||
Long-term rate of return | 8 | % | 8 | % | 8.75 | % | |||||||||||||||||||
Non-U.S. | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.1 | % | 4.7 | % | 5.4 | % | |||||||||||||||||||
Compensation increase | 2.8 | % | 3.3 | % | 3.3 | % | |||||||||||||||||||
Long-term rate of return | 6 | % | 6.4 | % | 7 | % | |||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Other Comprehensive Income. Amounts recorded in other comprehensive income were net of tax as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amortization of net loss and prior service cost | $ | 18 | $ | 19 | $ | 18 | |||||||||||||||||||
Net loss and prior service cost adjustments arising in the current year | (39 | ) | 60 | 52 | |||||||||||||||||||||
Pension Expense [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Changes in Net Loss and Prior Service Cost/(Credit) | ' | ||||||||||||||||||||||||
Changes in the net loss and prior service cost/(credit) for the Company’s pension plans were: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Net loss | Prior | Net | Prior | Net | Prior | ||||||||||||||||||||
service | loss | service | loss | service | |||||||||||||||||||||
Balance at January 1 | $ | 2,619 | $ | (102 | ) | $ | 2,382 | $ | 4 | $ | 2,135 | $ | 9 | ||||||||||||
Reclassification to net periodic benefit cost | (130 | ) | 13 | (117 | ) | — | (97 | ) | (5 | ) | |||||||||||||||
Current year loss/(gain) | (47 | ) | (1 | ) | 295 | — | 358 | — | |||||||||||||||||
Amendments | — | — | — | (106 | ) | — | (1 | ) | |||||||||||||||||
Foreign currency translation | 24 | (4 | ) | 59 | — | (14 | ) | 1 | |||||||||||||||||
Balance at December 31 | $ | 2,466 | $ | (94 | ) | $ | 2,619 | $ | (102 | ) | $ | 2,382 | $ | 4 | |||||||||||
Pension Benefits - U.S. Plans [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Components of Net Periodic Pension and Other Postretirement Benefits Costs | ' | ||||||||||||||||||||||||
The components of pension expense were as follows: | |||||||||||||||||||||||||
U.S. Plans | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | 15 | $ | 12 | $ | 11 | |||||||||||||||||||
Interest cost | 62 | 69 | 72 | ||||||||||||||||||||||
Expected return on plan assets | (99 | ) | (94 | ) | (80 | ) | |||||||||||||||||||
Amortization of actuarial loss | 55 | 56 | 47 | ||||||||||||||||||||||
Amortization of prior service cost | 1 | — | 3 | ||||||||||||||||||||||
Net periodic cost | $ | 34 | $ | 43 | $ | 53 | |||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | ' | ||||||||||||||||||||||||
Information for pension plans with accumulated benefit obligations in excess of plan assets is as follows: | |||||||||||||||||||||||||
U.S. | 2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligations | $ | 1,454 | $ | 1,609 | |||||||||||||||||||||
Accumulated benefit obligations | 1,423 | 1,575 | |||||||||||||||||||||||
Fair value of plan assets | 1,349 | 1,292 | |||||||||||||||||||||||
Schedule of Defined Benefit Plan Assets | ' | ||||||||||||||||||||||||
The strategic ranges for asset allocation in the U.S. plan are as follows: | |||||||||||||||||||||||||
U.S. equities | 30 | % | to | 40 | % | ||||||||||||||||||||
International equities | 10 | % | to | 15 | % | ||||||||||||||||||||
Fixed income | 13 | % | to | 23 | % | ||||||||||||||||||||
Balanced funds | 15 | % | to | 25 | % | ||||||||||||||||||||
Real estate | 3 | % | to | 7 | % | ||||||||||||||||||||
Private equity | 3 | % | to | 7 | % | ||||||||||||||||||||
Hedge funds | 2 | % | to | 7 | % | ||||||||||||||||||||
Pension Benefits - Non-U.S. Plans [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Components of Net Periodic Pension and Other Postretirement Benefits Costs | ' | ||||||||||||||||||||||||
Non-U.S. Plans | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | 24 | $ | 26 | $ | 27 | |||||||||||||||||||
Interest cost | 138 | 153 | 161 | ||||||||||||||||||||||
Expected return on plan assets | (176 | ) | (186 | ) | (196 | ) | |||||||||||||||||||
Settlements | (2 | ) | — | — | |||||||||||||||||||||
Amortization of actuarial loss | 71 | 61 | 50 | ||||||||||||||||||||||
Amortization of prior service cost/(credit) | (14 | ) | — | 2 | |||||||||||||||||||||
Net periodic cost | $ | 41 | $ | 54 | $ | 44 | |||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | ' | ||||||||||||||||||||||||
Non-U.S. | 2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligations | $ | 3,318 | $ | 3,559 | |||||||||||||||||||||
Accumulated benefit obligations | 3,187 | 3,427 | |||||||||||||||||||||||
Fair value of plan assets | 2,800 | 3,104 | |||||||||||||||||||||||
Pension Benefits - U.K. Plans [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Defined Benefit Plan Assets | ' | ||||||||||||||||||||||||
The strategic ranges for asset allocation in the U.K. plan are as follows: | |||||||||||||||||||||||||
Investment grade credit | 40 | % | to | 80 | % | ||||||||||||||||||||
Equities | 0 | % | to | 30 | % | ||||||||||||||||||||
Hedge funds | 0 | % | to | 10 | % | ||||||||||||||||||||
Real estate | 0 | % | to | 5 | % | ||||||||||||||||||||
Private equity | 0 | % | to | 15 | % | ||||||||||||||||||||
Emerging market wealth | 0 | % | to | 15 | % | ||||||||||||||||||||
Alternative credit | 0 | % | to | 15 | % | ||||||||||||||||||||
Other | 0 | % | to | 5 | % | ||||||||||||||||||||
Other Postretirement Benefits [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Changes in Net Loss and Prior Service Cost/(Credit) | ' | ||||||||||||||||||||||||
Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Net | Prior | Net | Prior | Net | Prior | ||||||||||||||||||||
loss | service | loss | service | loss | service | ||||||||||||||||||||
Balance at January 1 | $ | 157 | $ | (269 | ) | $ | 157 | $ | (313 | ) | $ | 174 | $ | (242 | ) | ||||||||||
Reclassification to net periodic benefit cost | (10 | ) | 39 | (14 | ) | 44 | (13 | ) | 36 | ||||||||||||||||
Current year (gain)/loss | (49 | ) | — | 16 | — | (3 | ) | — | |||||||||||||||||
Amendments | — | (18 | ) | — | — | — | (107 | ) | |||||||||||||||||
Foreign currency translation | (1 | ) | 2 | (2 | ) | — | (1 | ) | — | ||||||||||||||||
Balance at December 31 | $ | 97 | $ | (246 | ) | $ | 157 | $ | (269 | ) | $ | 157 | $ | (313 | ) | ||||||||||
Schedule of Expected Future Benefit Payments | ' | ||||||||||||||||||||||||
Expected future benefit payments, as of December 31, 2013, net of expected Medicare Part D subsidies of $6 in the aggregate were: | |||||||||||||||||||||||||
Benefit Payments | |||||||||||||||||||||||||
2014 | $ | 21 | |||||||||||||||||||||||
2015 | 21 | ||||||||||||||||||||||||
2016 | 20 | ||||||||||||||||||||||||
2017 | 20 | ||||||||||||||||||||||||
2018 | 20 | ||||||||||||||||||||||||
2019 - 2023 | 92 | ||||||||||||||||||||||||
Components of Postretirement Benefit Cost | ' | ||||||||||||||||||||||||
The components of net postretirement benefits cost were as follows: | |||||||||||||||||||||||||
Other Postretirement Benefits | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | 3 | $ | 3 | $ | 8 | |||||||||||||||||||
Interest cost | 13 | 16 | 20 | ||||||||||||||||||||||
Amortization of prior service credit | (39 | ) | (44 | ) | (36 | ) | |||||||||||||||||||
Amortization of actuarial loss | 10 | 14 | 13 | ||||||||||||||||||||||
Net periodic (benefit) / cost | $ | (13 | ) | $ | (11 | ) | $ | 5 | |||||||||||||||||
Schedule of Changes in Postretirement Benefit Obligations | ' | ||||||||||||||||||||||||
Changes in the benefit obligations were: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Benefit obligations at January 1 | $ | 352 | $ | 337 | |||||||||||||||||||||
Service cost | 3 | 3 | |||||||||||||||||||||||
Interest cost | 13 | 16 | |||||||||||||||||||||||
Amendments | (18 | ) | — | ||||||||||||||||||||||
Actuarial loss/(gain) | (49 | ) | 16 | ||||||||||||||||||||||
Benefits paid | (22 | ) | (22 | ) | |||||||||||||||||||||
Foreign currency translation | (5 | ) | 2 | ||||||||||||||||||||||
Benefit obligations at December 31 | $ | 274 | $ | 352 | |||||||||||||||||||||
Schedule of Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
The assumed health care cost trend rates at December 31, 2013 are as follows: | |||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 5.8 | % | |||||||||||||||||||||||
Rate that the cost trend rate gradually declines to | 4.4 | % | |||||||||||||||||||||||
Year that the rate reaches the rate it is assumed to remain | 2020 | ||||||||||||||||||||||||
Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||
One percentage point | |||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total service and interest cost | $ | 2 | $ | 2 | |||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 20 | $ | 17 | |||||||||||||||||||||
Schedule of Defined Benefit Plans Weighted Average Discount Rate | ' | ||||||||||||||||||||||||
Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below. | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Benefit obligations | 4.8 | % | 4.1 | % | 4.9 | % | |||||||||||||||||||
Cost | 4.1 | % | 4.9 | % | 5.1 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Components of Income Before Income Taxes and Equity Earnings | ' | |||||||||||||||
The components of income before income taxes and equity earnings were as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
U.S. | $ | 116 | $ | 127 | $ | 66 | ||||||||||
Foreign | 460 | 515 | 521 | |||||||||||||
$ | 576 | $ | 642 | $ | 587 | |||||||||||
Provision for Income Taxes | ' | |||||||||||||||
The provision for income taxes consisted of the following: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Current tax: | ||||||||||||||||
U.S. federal | 11 | — | — | |||||||||||||
State and foreign | $ | 87 | $ | 84 | $ | 111 | ||||||||||
$ | 98 | $ | 84 | $ | 111 | |||||||||||
Deferred tax: | ||||||||||||||||
U.S. federal | $ | 41 | $ | (131 | ) | $ | 69 | |||||||||
State and foreign | 9 | 30 | 14 | |||||||||||||
50 | (101 | ) | 83 | |||||||||||||
Total | $ | 148 | $ | (17 | ) | $ | 194 | |||||||||
Schedule of U.S. Statutory Federal Income Tax Rate to Pre-tax Income | ' | |||||||||||||||
The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
U.S. statutory rate at 35% | $ | 203 | $ | 223 | $ | 205 | ||||||||||
Tax on foreign income | (53 | ) | (70 | ) | (50 | ) | ||||||||||
Valuation allowance | 1 | 56 | (19 | ) | ||||||||||||
Tax law changes | 11 | 2 | (4 | ) | ||||||||||||
Other items, net | (14 | ) | (228 | ) | 62 | |||||||||||
Income tax provision | $ | 148 | $ | (17 | ) | $ | 194 | |||||||||
Components of Deferred Taxes | ' | |||||||||||||||
The components of deferred taxes at December 31 are: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Tax loss and credit carryforwards | $ | 640 | $ | — | $ | 744 | $ | — | ||||||||
Postretirement and postemployment benefits | 107 | — | 130 | — | ||||||||||||
Pensions | 150 | 1 | 246 | 10 | ||||||||||||
Property, plant and equipment | 13 | 111 | 7 | 114 | ||||||||||||
Asbestos | 98 | — | 97 | — | ||||||||||||
Accruals and other | 120 | 123 | 86 | 140 | ||||||||||||
Valuation allowances | (343 | ) | — | (400 | ) | — | ||||||||||
Total | $ | 785 | $ | 235 | $ | 910 | $ | 264 | ||||||||
Schedule of Tax Loss and Credit Carryforwards Expiration | ' | |||||||||||||||
Tax loss and credit carryforwards expire as follows: | ||||||||||||||||
2014 | $ | 24 | ||||||||||||||
2015 | 23 | |||||||||||||||
2016 | 13 | |||||||||||||||
2017 | 32 | |||||||||||||||
2018 | 32 | |||||||||||||||
Thereafter | 368 | |||||||||||||||
Unlimited | 148 | |||||||||||||||
Reconciliation of Unrecognized Tax Benefits | ' | |||||||||||||||
A reconciliation of unrecognized tax benefits for 2013, 2012 and 2011 follows. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Balance at January 1 | $ | 35 | $ | 37 | $ | 37 | ||||||||||
Additions for current year tax positions | — | — | 8 | |||||||||||||
Reductions to prior period tax positions | — | — | (5 | ) | ||||||||||||
Lapse of statute of limitations | (5 | ) | (3 | ) | (2 | ) | ||||||||||
Foreign currency translation | 1 | 1 | (1 | ) | ||||||||||||
Balance at December 31 | $ | 31 | $ | 35 | $ | 37 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Information of Information about Operating Segments | ' | |||||||||||||||||||||||
The tables below present information about operating segments for the three years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
2013 | Inter- | Depreciation | ||||||||||||||||||||||
External | segment | Segment | and | Capital | Segment | |||||||||||||||||||
sales | sales | assets | amortization | expenditures | income | |||||||||||||||||||
Americas Beverage | $ | 2,289 | $ | 61 | $ | 1,588 | $ | 35 | $ | 76 | $ | 327 | ||||||||||||
North America Food | 845 | 10 | 457 | 10 | 5 | 119 | ||||||||||||||||||
European Beverage | 1,731 | 1 | 1,605 | 26 | 24 | 257 | ||||||||||||||||||
European Food | 1,751 | 76 | 1,500 | 16 | 28 | 144 | ||||||||||||||||||
Asia Pacific | 1,189 | — | 1,277 | 33 | 110 | 133 | ||||||||||||||||||
Total reportable segments | 7,805 | 148 | 6,427 | 120 | 243 | $ | 980 | |||||||||||||||||
Non-reportable segments | 851 | 113 | 633 | 8 | 21 | |||||||||||||||||||
Corporate and unallocated items | — | — | 970 | 6 | 11 | |||||||||||||||||||
Total | $ | 8,656 | $ | 261 | $ | 8,030 | $ | 134 | $ | 275 | ||||||||||||||
2012 | Inter- | Depreciation | ||||||||||||||||||||||
External | segment | Segment | and | Capital | Segment | |||||||||||||||||||
sales | sales | assets | amortization | expenditures | income | |||||||||||||||||||
Americas Beverage | $ | 2,274 | $ | 68 | $ | 1,504 | $ | 48 | $ | 52 | $ | 311 | ||||||||||||
North America Food | 876 | 9 | 500 | 13 | 7 | 146 | ||||||||||||||||||
European Beverage | 1,653 | 13 | 1,593 | 42 | 25 | 217 | ||||||||||||||||||
European Food | 1,793 | 96 | 1,464 | 29 | 26 | 180 | ||||||||||||||||||
Asia Pacific | 979 | — | 1,147 | 27 | 181 | 137 | ||||||||||||||||||
Total reportable segments | 7,575 | 186 | 6,208 | 159 | 291 | $ | 991 | |||||||||||||||||
Non-reportable segments | 895 | 128 | 611 | 15 | 24 | |||||||||||||||||||
Corporate and unallocated items | — | — | 681 | 6 | 9 | |||||||||||||||||||
Total | $ | 8,470 | $ | 314 | $ | 7,500 | $ | 180 | $ | 324 | ||||||||||||||
2011 | Inter- | Depreciation | ||||||||||||||||||||||
External | segment | Segment | and | Capital | Segment | |||||||||||||||||||
sales | sales | assets | amortization | expenditures | income | |||||||||||||||||||
Americas Beverage | $ | 2,273 | $ | 71 | $ | 1,445 | $ | 44 | $ | 126 | $ | 302 | ||||||||||||
North America Food | 889 | 14 | 504 | 14 | 7 | 146 | ||||||||||||||||||
European Beverage | 1,669 | 2 | 1,578 | 43 | 61 | 210 | ||||||||||||||||||
European Food | 1,999 | 109 | 1,531 | 33 | 26 | 239 | ||||||||||||||||||
Asia Pacific | 861 | — | 757 | 20 | 154 | 125 | ||||||||||||||||||
Total reportable segments | 7,691 | 196 | 5,815 | 154 | 374 | $ | 1,022 | |||||||||||||||||
Non-reportable segments | $ | 953 | 196 | 593 | 15 | 17 | ||||||||||||||||||
Corporate and unallocated items | — | — | 460 | 7 | 10 | |||||||||||||||||||
Total | $ | 8,644 | $ | 392 | $ | 6,868 | $ | 176 | $ | 401 | ||||||||||||||
Reconciliation of Segment Income | ' | |||||||||||||||||||||||
A reconciliation of segment income of reportable segments to income before income taxes and equity earnings for the three years ended December 31, 2013, 2012 and 2011 follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Segment income of reportable segments | $ | 980 | $ | 991 | $ | 1,022 | ||||||||||||||||||
Segment income of non-reportable segments | 102 | 98 | 139 | |||||||||||||||||||||
Corporate and unallocated items | (165 | ) | (194 | ) | (208 | ) | ||||||||||||||||||
Provision for asbestos | (32 | ) | (35 | ) | (28 | ) | ||||||||||||||||||
Provision for restructuring | (46 | ) | (48 | ) | (77 | ) | ||||||||||||||||||
Asset impairments and sales | 12 | 48 | (6 | ) | ||||||||||||||||||||
Loss from early extinguishments of debt | (41 | ) | — | (32 | ) | |||||||||||||||||||
Interest expense | (236 | ) | (226 | ) | (232 | ) | ||||||||||||||||||
Interest income | 5 | 7 | 11 | |||||||||||||||||||||
Foreign exchange | (3 | ) | 1 | (2 | ) | |||||||||||||||||||
Income before income taxes and equity earnings | $ | 576 | $ | 642 | $ | 587 | ||||||||||||||||||
Summary of Sales by Major Product | ' | |||||||||||||||||||||||
Sales by major product were: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Metal beverage cans and ends | $ | 4,824 | $ | 4,649 | $ | 4,532 | ||||||||||||||||||
Metal food cans and ends | 2,339 | 2,425 | 2,614 | |||||||||||||||||||||
Other metal packaging | 1,211 | 1,244 | 1,373 | |||||||||||||||||||||
Other products | 282 | 152 | 125 | |||||||||||||||||||||
Consolidated net sales | $ | 8,656 | $ | 8,470 | $ | 8,644 | ||||||||||||||||||
Summary of Sales and Long-Lived Assets for the Major Countries | ' | |||||||||||||||||||||||
Sales and long-lived assets for the major countries in which the Company operates were: | ||||||||||||||||||||||||
Net Sales | Long-Lived Assets | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||||||
United States | $ | 2,214 | $ | 2,275 | $ | 2,297 | $ | 315 | $ | 309 | ||||||||||||||
United Kingdom | 759 | 852 | 826 | 163 | 138 | |||||||||||||||||||
France | 547 | 568 | 675 | 70 | 65 | |||||||||||||||||||
Other | 5,136 | 4,775 | 4,846 | 1,604 | 1,493 | |||||||||||||||||||
Consolidated total | $ | 8,656 | $ | 8,470 | $ | 8,644 | $ | 2,152 | $ | 2,005 | ||||||||||||||
Condensed_Combining_Financial_1
Condensed Combining Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Crown European Holdings SA [Member] | ' | |||||||||||||||||||||||
Condensed Combining Statement of Comprehensive Income | ' | |||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 4,303 | $ | 4,353 | $ | 8,656 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | $ | (1 | ) | 3,512 | 3,669 | 7,180 | ||||||||||||||||||
Depreciation and amortization | 51 | 83 | 134 | |||||||||||||||||||||
Gross profit | 1 | 740 | 601 | 1,342 | ||||||||||||||||||||
Selling and administrative expense | (1 | ) | 315 | 111 | 425 | |||||||||||||||||||
Provision for asbestos | 32 | 32 | ||||||||||||||||||||||
Provision for restructuring | 36 | 10 | 46 | |||||||||||||||||||||
Asset impairments and sales | (16 | ) | 4 | (12 | ) | |||||||||||||||||||
Loss from early extinguishment of debt | 2 | 39 | 41 | |||||||||||||||||||||
Net interest expense | 54 | 125 | 52 | 231 | ||||||||||||||||||||
Technology royalty | (33 | ) | 33 | — | ||||||||||||||||||||
Translation and foreign exchange | 2 | 1 | 3 | |||||||||||||||||||||
Income/(loss) before income taxes | (54 | ) | 240 | 390 | — | 576 | ||||||||||||||||||
Provision for / (benefit from) income taxes | 1 | 90 | 57 | 148 | ||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 324 | 221 | 174 | $ | (719 | ) | — | ||||||||||||||||
Net income | 324 | 166 | 324 | 333 | (719 | ) | 428 | |||||||||||||||||
Net income attributable to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 324 | $ | 166 | $ | 324 | $ | 229 | $ | (719 | ) | $ | 324 | |||||||||||
Comprehensive income | $ | 425 | $ | 152 | $ | 425 | $ | 308 | $ | (783 | ) | $ | 527 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (102 | ) | (102 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 425 | $ | 152 | $ | 425 | $ | 206 | $ | (783 | ) | $ | 425 | |||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 4,573 | $ | 3,897 | $ | 8,470 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | $ | (1 | ) | 3,771 | 3,243 | 7,013 | ||||||||||||||||||
Depreciation and amortization | 79 | 101 | 180 | |||||||||||||||||||||
Gross profit | 1 | 723 | 553 | 1,277 | ||||||||||||||||||||
Selling and administrative expense | (2 | ) | 290 | 94 | 382 | |||||||||||||||||||
Provision for asbestos | 35 | 35 | ||||||||||||||||||||||
Provision for restructuring | 45 | 3 | 48 | |||||||||||||||||||||
Asset impairments and sales | (977 | ) | (1 | ) | (47 | ) | $ | 977 | (48 | ) | ||||||||||||||
Net interest expense | 57 | 121 | 41 | 219 | ||||||||||||||||||||
Technology royalty | (31 | ) | 31 | — | ||||||||||||||||||||
Translation and foreign exchange | (1 | ) | (1 | ) | ||||||||||||||||||||
Income/(loss) before income taxes | 923 | 265 | 431 | (977 | ) | 642 | ||||||||||||||||||
Provision for / (benefit from) income taxes | 8 | (81 | ) | 56 | (17 | ) | ||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 559 | 242 | 213 | 1 | (1,010 | ) | 5 | ||||||||||||||||
Net income | 559 | 1,157 | 559 | 376 | (1,987 | ) | 664 | |||||||||||||||||
Net income attributable to noncontrolling interests | (105 | ) | (105 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 559 | $ | 1,157 | $ | 559 | $ | 271 | $ | (1,987 | ) | $ | 559 | |||||||||||
Comprehensive income | $ | 535 | $ | 1,202 | $ | 535 | $ | 427 | $ | (2,054 | ) | $ | 645 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 535 | $ | 1,202 | $ | 535 | $ | 317 | $ | (2,054 | ) | $ | 535 | |||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 4,780 | $ | 3,864 | $ | 8,644 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | $ | (1 | ) | 3,934 | 3,187 | 7,120 | ||||||||||||||||||
Depreciation and amortization | 82 | 94 | 176 | |||||||||||||||||||||
Gross profit | 1 | 764 | 583 | 1,348 | ||||||||||||||||||||
Selling and administrative expense | (2 | ) | 298 | 99 | 395 | |||||||||||||||||||
Provision for asbestos | 28 | 28 | ||||||||||||||||||||||
Provision for restructuring | 73 | 4 | 77 | |||||||||||||||||||||
Asset impairments and sales | 4 | $ | 2 | 6 | ||||||||||||||||||||
Loss from early extinguishment of debt | 2 | 30 | 32 | |||||||||||||||||||||
Net interest expense | 78 | 104 | 39 | 221 | ||||||||||||||||||||
Technology royalty | (46 | ) | 46 | — | ||||||||||||||||||||
Translation and foreign exchange | (3 | ) | 5 | 2 | ||||||||||||||||||||
Income/(loss) before income taxes | (77 | ) | 280 | 386 | (2 | ) | 587 | |||||||||||||||||
Provision for / (benefit from) income taxes | 123 | 71 | 194 | |||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 282 | 239 | 125 | (643 | ) | 3 | |||||||||||||||||
Net income | 282 | 162 | 282 | 315 | (645 | ) | 396 | |||||||||||||||||
Net income attributable to noncontrolling interests | (114 | ) | (114 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 282 | $ | 162 | $ | 282 | $ | 201 | $ | (645 | ) | $ | 282 | |||||||||||
Comprehensive income | $ | 19 | $ | 3 | $ | 19 | $ | 219 | $ | (131 | ) | $ | 129 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 19 | $ | 3 | $ | 19 | $ | 109 | $ | (131 | ) | $ | 19 | |||||||||||
Condensed Combining Balance Sheet | ' | |||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 48 | $ | 392 | $ | 249 | $ | 689 | ||||||||||||||||
Receivables, net | 1 | 246 | 817 | 1,064 | ||||||||||||||||||||
Intercompany receivables | 2 | 89 | 63 | $ | (154 | ) | — | |||||||||||||||||
Inventories | 565 | 648 | 1,213 | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | 10 | 146 | 57 | 214 | ||||||||||||||||||
Total current assets | 1 | 61 | 1,438 | 1,834 | (154 | ) | 3,180 | |||||||||||||||||
Intercompany debt receivables | 1,531 | 3,746 | 589 | (5,866 | ) | — | ||||||||||||||||||
Investments | 1,176 | 4,155 | (325 | ) | (5,006 | ) | — | |||||||||||||||||
Goodwill | 1,444 | 572 | 2,016 | |||||||||||||||||||||
Property, plant and equipment, net | 643 | 1,509 | 2,152 | |||||||||||||||||||||
Other non-current assets | 29 | 562 | 91 | 682 | ||||||||||||||||||||
Total | $ | 1,177 | $ | 5,776 | $ | 7,508 | $ | 4,595 | $ | (11,026 | ) | $ | 8,030 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 2 | $ | 277 | $ | 279 | ||||||||||||||||||
Current maturities of long-term debt | 94 | 94 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 16 | $ | 22 | 1,277 | 1,232 | 2,547 | |||||||||||||||||
Intercompany payables | 8 | 55 | 91 | $ | (154 | ) | — | |||||||||||||||||
Total current liabilities | 16 | 30 | 1,334 | 1,694 | (154 | ) | 2,920 | |||||||||||||||||
Long-term debt, excluding current maturities | 942 | 2,332 | 195 | 3,469 | ||||||||||||||||||||
Long-term intercompany debt | 1,157 | 2,510 | 1,515 | 684 | (5,866 | ) | — | |||||||||||||||||
Postretirement and pension liabilities | 870 | 21 | 891 | |||||||||||||||||||||
Other non-current liabilities | 8 | 281 | 172 | 461 | ||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 285 | 285 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 4 | 2,286 | 1,176 | 1,544 | (5,006 | ) | 4 | |||||||||||||||||
Total equity/(deficit) | 4 | 2,286 | 1,176 | 1,829 | (5,006 | ) | 289 | |||||||||||||||||
Total | $ | 1,177 | $ | 5,776 | $ | 7,508 | $ | 4,595 | $ | (11,026 | ) | $ | 8,030 | |||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 134 | $ | 216 | $ | 350 | ||||||||||||||||||
Receivables, net | 274 | 783 | 1,057 | |||||||||||||||||||||
Intercompany receivables | $ | 2 | 41 | 32 | $ | (75 | ) | — | ||||||||||||||||
Inventories | 582 | 584 | 1,166 | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | 14 | 123 | 39 | 177 | ||||||||||||||||||
Total current assets | 1 | 16 | 1,154 | 1,654 | (75 | ) | 2,750 | |||||||||||||||||
Intercompany debt receivables | 1,578 | 3,141 | 492 | (5,211 | ) | — | ||||||||||||||||||
Investments | 751 | 3,841 | (276 | ) | (4,316 | ) | — | |||||||||||||||||
Goodwill | 1,429 | 569 | 1,998 | |||||||||||||||||||||
Property, plant and equipment, net | 610 | 1,395 | 2,005 | |||||||||||||||||||||
Other non-current assets | 24 | 658 | 65 | 747 | ||||||||||||||||||||
Total | $ | 752 | $ | 5,459 | $ | 6,716 | $ | 4,175 | $ | (9,602 | ) | $ | 7,500 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 2 | $ | 259 | $ | 261 | ||||||||||||||||||
Current maturities of long-term debt | 18 | $ | 28 | 69 | 115 | |||||||||||||||||||
Accounts payable and accrued liabilities | $ | 18 | 21 | 1,097 | 1,010 | 2,146 | ||||||||||||||||||
Intercompany payables | 32 | 43 | $ | (75 | ) | — | ||||||||||||||||||
Total current liabilities | 18 | 41 | 1,157 | 1,381 | (75 | ) | 2,522 | |||||||||||||||||
Long-term debt, excluding current maturities | 1,003 | 2,073 | 213 | 3,289 | ||||||||||||||||||||
Long-term intercompany debt | 894 | 2,264 | 1,340 | 713 | (5,211 | ) | — | |||||||||||||||||
Postretirement and pension liabilities | 1,079 | 19 | 1,098 | |||||||||||||||||||||
Other non-current liabilities | 8 | 316 | 138 | 462 | ||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 289 | 289 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | (160 | ) | 2,143 | 751 | 1,422 | (4,316 | ) | (160 | ) | |||||||||||||||
Total equity/(deficit) | (160 | ) | 2,143 | 751 | 1,711 | (4,316 | ) | 129 | ||||||||||||||||
Total | $ | 752 | $ | 5,459 | $ | 6,716 | $ | 4,175 | $ | (9,602 | ) | $ | 7,500 | |||||||||||
Condensed Combining Statement of Cash Flows | ' | |||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 16 | $ | (48 | ) | $ | 364 | $ | 553 | $ | 885 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (81 | ) | (194 | ) | (275 | ) | ||||||||||||||||||
Insurance proceeds | 8 | 8 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (16 | ) | (16 | ) | ||||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 10 | 10 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 20 | 9 | 29 | |||||||||||||||||||||
Intercompany investing activities | (40 | ) | 114 | $ | (74 | ) | — | |||||||||||||||||
Other, net | (2 | ) | (2 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | (40 | ) | 63 | (195 | ) | (74 | ) | (246 | ) | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 1,000 | 83 | 1,083 | |||||||||||||||||||||
Payments of long-term debt | (218 | ) | (730 | ) | (74 | ) | (1,022 | ) | ||||||||||||||||
Net change in revolving credit facility and short-term debt | 97 | (45 | ) | (34 | ) | 18 | ||||||||||||||||||
Net change in long-term intercompany balances | 263 | 255 | (380 | ) | (138 | ) | — | |||||||||||||||||
Debt issue costs | (6 | ) | (26 | ) | (32 | ) | ||||||||||||||||||
Capital contribution | 40 | (40 | ) | — | ||||||||||||||||||||
Common stock issued | 21 | 21 | ||||||||||||||||||||||
Common stock repurchased | (300 | ) | (300 | ) | ||||||||||||||||||||
Dividends paid | (114 | ) | 114 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (16 | ) | (16 | ) | ||||||||||||||||||||
Dividends paid to noncontrolling interests | (78 | ) | (78 | ) | ||||||||||||||||||||
Other | 8 | 12 | 20 | |||||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | 136 | (169 | ) | (331 | ) | 74 | (306 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 6 | 6 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | 48 | 258 | 33 | — | 339 | ||||||||||||||||||
Cash and cash equivalents at January 1 | 134 | 216 | 350 | |||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 48 | $ | 392 | $ | 249 | $ | — | $ | 689 | ||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 16 | $ | (66 | ) | $ | 299 | $ | 372 | $ | 621 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (77 | ) | (247 | ) | (324 | ) | ||||||||||||||||||
Insurance proceeds | 48 | 48 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (29 | ) | (49 | ) | (78 | ) | ||||||||||||||||||
Proceeds from sale of intercompany investment | 1,205 | (1,205 | ) | — | ||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | 3 | ||||||||||||||||||||||
Intercompany investing activities | (741 | ) | 293 | $ | 448 | — | ||||||||||||||||||
Other, net | (11 | ) | (11 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | 464 | (1,015 | ) | (259 | ) | 448 | (362 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 110 | 110 | ||||||||||||||||||||||
Payments of long-term debt | (1 | ) | (65 | ) | (66 | ) | ||||||||||||||||||
Net change in revolving credit facility and short-term debt | (4 | ) | (103 | ) | 135 | 28 | ||||||||||||||||||
Net change in long-term intercompany balances | 226 | (232 | ) | 77 | (71 | ) | — | |||||||||||||||||
Capital contribution | 1,205 | 8 | (1,213 | ) | — | |||||||||||||||||||
Common stock issued | 15 | 15 | ||||||||||||||||||||||
Common stock repurchased | (257 | ) | (257 | ) | ||||||||||||||||||||
Dividends paid | (170 | ) | (370 | ) | (225 | ) | 765 | — | ||||||||||||||||
Purchase of noncontrolling interests | (3 | ) | (1 | ) | (4 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | (79 | ) | (79 | ) | ||||||||||||||||||||
Other | 8 | (9 | ) | (1 | ) | |||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | (398 | ) | 796 | (188 | ) | (448 | ) | (254 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3 | 3 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 80 | (72 | ) | — | 8 | |||||||||||||||||
Cash and cash equivalents at January 1 | 54 | 288 | 342 | |||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 134 | $ | 216 | $ | — | $ | 350 | ||||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 10 | $ | (12 | ) | $ | (119 | ) | $ | 500 | $ | 379 | ||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (107 | ) | (294 | ) | (401 | ) | ||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 4 | 4 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 26 | 26 | ||||||||||||||||||||||
Intercompany investing activities | 8 | 290 | (180 | ) | $ | (118 | ) | — | ||||||||||||||||
Other | (1 | ) | (1 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | 8 | 212 | (474 | ) | (118 | ) | (372 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 383 | 1,250 | 137 | 1,770 | ||||||||||||||||||||
Payments of long-term debt | (276 | ) | (748 | ) | (45 | ) | (1,069 | ) | ||||||||||||||||
Net change in revolving credit facility and short-term debt | (48 | ) | (54 | ) | (90 | ) | (192 | ) | ||||||||||||||||
Net change in long-term intercompany balances | 291 | (38 | ) | (438 | ) | 185 | — | |||||||||||||||||
Debt issue costs | (3 | ) | (19 | ) | (22 | ) | ||||||||||||||||||
Common stock issued | 11 | 11 | ||||||||||||||||||||||
Common stock repurchased | (312 | ) | (312 | ) | ||||||||||||||||||||
Dividends paid | (118 | ) | 118 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (98 | ) | (104 | ) | (202 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Other | (14 | ) | 3 | 2 | (9 | ) | ||||||||||||||||||
Net cash provided by/(used for) financing activities | (10 | ) | 4 | (104 | ) | (137 | ) | 118 | (129 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1 | 1 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (11 | ) | (110 | ) | — | (121 | ) | |||||||||||||||
Cash and cash equivalents at January 1 | 65 | 398 | 463 | |||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 54 | $ | 288 | $ | — | $ | 342 | ||||||||||||
Crown Cork & Seal Company, Inc [Member] | ' | |||||||||||||||||||||||
Condensed Combining Statement of Comprehensive Income | ' | |||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 8,656 | $ | 8,656 | ||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | $ | (16 | ) | 7,196 | 7,180 | |||||||||||||||||||
Depreciation and amortization | 134 | 134 | ||||||||||||||||||||||
Gross profit | 16 | 1,326 | 1,342 | |||||||||||||||||||||
Selling and administrative expense | 6 | 419 | 425 | |||||||||||||||||||||
Provision for asbestos | 32 | 32 | ||||||||||||||||||||||
Provision for restructuring | 46 | 46 | ||||||||||||||||||||||
Asset impairments and sales | (2 | ) | (10 | ) | (12 | ) | ||||||||||||||||||
Loss from early extinguishment of debt | 41 | 41 | ||||||||||||||||||||||
Net interest expense | 101 | 130 | 231 | |||||||||||||||||||||
Translation and foreign exchange | 3 | 3 | ||||||||||||||||||||||
Income/(loss) before income taxes | (121 | ) | 697 | 576 | ||||||||||||||||||||
Provision for / (benefit from) income taxes | (28 | ) | 176 | 148 | ||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 324 | 417 | $ | (741 | ) | — | |||||||||||||||||
Net income | 324 | 324 | 521 | (741 | ) | 428 | ||||||||||||||||||
Net income attributable to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 324 | $ | 324 | $ | 417 | $ | (741 | ) | $ | 324 | |||||||||||||
Comprehensive income | $ | 425 | $ | 425 | $ | 620 | $ | (943 | ) | $ | 527 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | (102 | ) | (102 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 425 | $ | 425 | $ | 518 | $ | (943 | ) | $ | 425 | |||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net Sales | $ | 8,470 | $ | 8,470 | ||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 7,013 | 7,013 | ||||||||||||||||||||||
Depreciation and amortization | 180 | 180 | ||||||||||||||||||||||
Gross profit | 1,277 | 1,277 | ||||||||||||||||||||||
Selling and administrative expense | $ | 9 | 373 | 382 | ||||||||||||||||||||
Provision for asbestos | 35 | 35 | ||||||||||||||||||||||
Provision for restructuring | 48 | 48 | ||||||||||||||||||||||
Asset impairments and sales | (48 | ) | (48 | ) | ||||||||||||||||||||
Net interest expense | 90 | 129 | 219 | |||||||||||||||||||||
Translation and foreign exchange | (1 | ) | (1 | ) | ||||||||||||||||||||
Income/(loss) before income taxes | (134 | ) | 776 | 642 | ||||||||||||||||||||
Provision for / (benefit from) income taxes | (36 | ) | 19 | (17 | ) | |||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 559 | 657 | $ | (1,211 | ) | 5 | |||||||||||||||||
Net income | 559 | 559 | 757 | (1,211 | ) | 664 | ||||||||||||||||||
Net income attributable to noncontrolling interests | (105 | ) | (105 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 559 | $ | 559 | $ | 652 | $ | (1,211 | ) | $ | 559 | |||||||||||||
Comprehensive income | $ | 535 | $ | 535 | $ | 738 | $ | (1,163 | ) | $ | 645 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 535 | $ | 535 | $ | 628 | $ | (1,163 | ) | $ | 535 | |||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net Sales | $ | 8,644 | $ | 8,644 | ||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 7,120 | 7,120 | ||||||||||||||||||||||
Depreciation and amortization | 176 | 176 | ||||||||||||||||||||||
Gross profit | 1,348 | 1,348 | ||||||||||||||||||||||
Selling and administrative expense | $ | 10 | 385 | 395 | ||||||||||||||||||||
Provision for asbestos | 28 | 28 | ||||||||||||||||||||||
Provision for restructuring | 77 | 77 | ||||||||||||||||||||||
Asset impairments and sales | 6 | 6 | ||||||||||||||||||||||
Loss from early extinguishment of debt | 32 | 32 | ||||||||||||||||||||||
Net interest expense | 83 | 138 | 221 | |||||||||||||||||||||
Translation and foreign exchange | 2 | 2 | ||||||||||||||||||||||
Income/(loss) before income taxes | (121 | ) | 708 | 587 | ||||||||||||||||||||
Provision for / (benefit from) income taxes | (7 | ) | 201 | 194 | ||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 282 | 396 | 3 | $ | (678 | ) | 3 | ||||||||||||||||
Net income | 282 | 282 | 510 | (678 | ) | 396 | ||||||||||||||||||
Net income attributable to noncontrolling interests | (114 | ) | (114 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 282 | $ | 282 | $ | 396 | $ | (678 | ) | $ | 282 | |||||||||||||
Comprehensive income | $ | 19 | $ | 19 | $ | 243 | $ | (152 | ) | $ | 129 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 19 | $ | 19 | $ | 133 | $ | (152 | ) | $ | 19 | |||||||||||||
Condensed Combining Balance Sheet | ' | |||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 689 | $ | 689 | ||||||||||||||||||||
Receivables, net | 1,064 | 1,064 | ||||||||||||||||||||||
Inventories | 1,213 | 1,213 | ||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | $ | 103 | 110 | 214 | ||||||||||||||||||
Total current assets | 1 | 103 | 3,076 | 3,180 | ||||||||||||||||||||
Intercompany debt receivables | 1,908 | $ | (1,908 | ) | — | |||||||||||||||||||
Investments | 1,176 | 2,212 | (3,388 | ) | — | |||||||||||||||||||
Goodwill | 2,016 | 2,016 | ||||||||||||||||||||||
Property, plant and equipment, net | 2,152 | 2,152 | ||||||||||||||||||||||
Other non-current assets | 349 | 333 | 682 | |||||||||||||||||||||
Total | $ | 1,177 | $ | 2,664 | $ | 9,485 | $ | (5,296 | ) | $ | 8,030 | |||||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 279 | $ | 279 | ||||||||||||||||||||
Current maturities of long-term debt | 94 | 94 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 16 | $ | 36 | 2,495 | 2,547 | ||||||||||||||||||
Total current liabilities | 16 | 36 | 2,868 | 2,920 | ||||||||||||||||||||
Long-term debt, excluding current maturities | 412 | 3,057 | 3,469 | |||||||||||||||||||||
Long-term intercompany debt | 1,157 | 751 | $ | (1,908 | ) | — | ||||||||||||||||||
Postretirement and pension liabilities | 891 | 891 | ||||||||||||||||||||||
Other non-current liabilities | 289 | 172 | 461 | |||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 285 | 285 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 4 | 1,176 | 2,212 | (3,388 | ) | 4 | ||||||||||||||||||
Total equity/(deficit) | 4 | 1,176 | 2,497 | (3,388 | ) | 289 | ||||||||||||||||||
Total | $ | 1,177 | $ | 2,664 | $ | 9,485 | $ | (5,296 | ) | $ | 8,030 | |||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 350 | $ | 350 | ||||||||||||||||||||
Receivables, net | 1,057 | 1,057 | ||||||||||||||||||||||
Inventories | 1,166 | 1,166 | ||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | $ | 83 | 93 | 177 | ||||||||||||||||||
Total current assets | 1 | 83 | 2,666 | 2,750 | ||||||||||||||||||||
Intercompany debt receivables | 1,769 | $ | (1,769 | ) | — | |||||||||||||||||||
Investments | 751 | 1,770 | (2,521 | ) | — | |||||||||||||||||||
Goodwill | 1,998 | 1,998 | ||||||||||||||||||||||
Property, plant and equipment, net | 2,005 | 2,005 | ||||||||||||||||||||||
Other non-current assets | 504 | 243 | 747 | |||||||||||||||||||||
Total | $ | 752 | $ | 2,357 | $ | 8,681 | $ | (4,290 | ) | $ | 7,500 | |||||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 261 | $ | 261 | ||||||||||||||||||||
Current maturities of long-term debt | 115 | 115 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 18 | $ | 34 | 2,094 | 2,146 | ||||||||||||||||||
Total current liabilities | 18 | 34 | 2,470 | 2,522 | ||||||||||||||||||||
Long-term debt, excluding current maturities | 412 | 2,877 | 3,289 | |||||||||||||||||||||
Long-term intercompany debt | 894 | 875 | $ | (1,769 | ) | — | ||||||||||||||||||
Postretirement and pension liabilities | 1,098 | 1,098 | ||||||||||||||||||||||
Other non-current liabilities | 285 | 177 | 462 | |||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 289 | 289 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | (160 | ) | 751 | 1,770 | (2,521 | ) | (160 | ) | ||||||||||||||||
Total equity/(deficit) | (160 | ) | 751 | 2,059 | (2,521 | ) | 129 | |||||||||||||||||
Total | $ | 752 | $ | 2,357 | $ | 8,681 | $ | (4,290 | ) | $ | 7,500 | |||||||||||||
Condensed Combining Statement of Cash Flows | ' | |||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 16 | $ | 37 | $ | 832 | $ | 885 | ||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (275 | ) | (275 | ) | ||||||||||||||||||||
Insurance proceeds | 8 | 8 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (16 | ) | (16 | ) | ||||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 10 | 10 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 29 | 29 | ||||||||||||||||||||||
Intercompany investing activities | 77 | $ | (77 | ) | — | |||||||||||||||||||
Other | (2 | ) | (2 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 87 | (256 | ) | (77 | ) | (246 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 1,083 | 1,083 | ||||||||||||||||||||||
Payments of long-term debt | (1,022 | ) | (1,022 | ) | ||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 18 | 18 | ||||||||||||||||||||||
Net change in long-term intercompany balances | 263 | (124 | ) | (139 | ) | — | ||||||||||||||||||
Debt issue costs | (32 | ) | (32 | ) | ||||||||||||||||||||
Common stock issued | 21 | 21 | ||||||||||||||||||||||
Common stock repurchased | (300 | ) | (300 | ) | ||||||||||||||||||||
Dividends paid | (77 | ) | 77 | — | ||||||||||||||||||||
Purchase of noncontrollling interests | (16 | ) | (16 | ) | ||||||||||||||||||||
Dividend paid to noncontrolling interests | (78 | ) | (78 | ) | ||||||||||||||||||||
Other | 20 | 20 | ||||||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | (124 | ) | (243 | ) | 77 | (306 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 6 | 6 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 339 | — | 339 | |||||||||||||||||||
Cash and cash equivalents at January 1 | 350 | 350 | ||||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 689 | $ | — | $ | 689 | ||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 16 | $ | (217 | ) | $ | 822 | $ | 621 | |||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (324 | ) | (324 | ) | ||||||||||||||||||||
Insurance proceeds | 48 | 48 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (78 | ) | (78 | ) | ||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | 3 | ||||||||||||||||||||||
Intercompany investing activities | 67 | $ | (67 | ) | — | |||||||||||||||||||
Other | (11 | ) | (11 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | 67 | (362 | ) | (67 | ) | (362 | ) | |||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 110 | 110 | ||||||||||||||||||||||
Payments of long-term debt | (66 | ) | (66 | ) | ||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 28 | 28 | ||||||||||||||||||||||
Net change in long-term intercompany balances | 226 | 150 | (376 | ) | — | |||||||||||||||||||
Common stock issued | 15 | 15 | ||||||||||||||||||||||
Common stock repurchased | (257 | ) | (257 | ) | ||||||||||||||||||||
Dividends paid | (67 | ) | 67 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (4 | ) | (4 | ) | ||||||||||||||||||||
Dividend paid to noncontrolling interests | (79 | ) | (79 | ) | ||||||||||||||||||||
Other | (1 | ) | (1 | ) | ||||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | 150 | (455 | ) | 67 | (254 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3 | 3 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 8 | — | 8 | |||||||||||||||||||
Cash and cash equivalents at January 1 | 342 | 342 | ||||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 350 | $ | — | $ | 350 | ||||||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | 10 | $ | (39 | ) | $ | 408 | $ | 379 | |||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (401 | ) | (401 | ) | ||||||||||||||||||||
Proceeds from sale of business, net of cash sold | 4 | 4 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 26 | 26 | ||||||||||||||||||||||
Intercompany investing activities | 49 | $ | (49 | ) | — | |||||||||||||||||||
Other | (1 | ) | (1 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 49 | (372 | ) | (49 | ) | (372 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 1,770 | 1,770 | ||||||||||||||||||||||
Payments of long-term debt | (1,069 | ) | (1,069 | ) | ||||||||||||||||||||
Net change in revolving credit facility and short-term debt | (192 | ) | (192 | ) | ||||||||||||||||||||
Net change in long-term intercompany balances | 291 | 86 | (377 | ) | — | |||||||||||||||||||
Debt issue costs | (22 | ) | (22 | ) | ||||||||||||||||||||
Common stock issued | 11 | 11 | ||||||||||||||||||||||
Common stock repurchased | (312 | ) | (312 | ) | ||||||||||||||||||||
Dividends paid | (49 | ) | 49 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (96 | ) | (106 | ) | (202 | ) | ||||||||||||||||||
Dividend paid to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Other | (9 | ) | (9 | ) | ||||||||||||||||||||
Net cash provided by/(used for) financing activities | (10 | ) | (10 | ) | (158 | ) | 49 | (129 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1 | 1 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (121 | ) | — | (121 | ) | |||||||||||||||||
Cash and cash equivalents at January 1 | 463 | 463 | ||||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 342 | $ | — | $ | 342 | ||||||||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ' | |||||||||||||||||||||||
Condensed Combining Statement of Comprehensive Income | ' | |||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 2,214 | $ | 6,442 | $ | 8,656 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,746 | 5,434 | 7,180 | |||||||||||||||||||||
Depreciation and amortization | 29 | 105 | 134 | |||||||||||||||||||||
Gross profit | 439 | 903 | 1,342 | |||||||||||||||||||||
Selling and administrative expense | $ | 9 | 154 | 262 | 425 | |||||||||||||||||||
Provision for asbestos | 32 | 32 | ||||||||||||||||||||||
Provision for restructuring | 5 | 41 | 46 | |||||||||||||||||||||
Asset impairments and sales | (3 | ) | (9 | ) | (12 | ) | ||||||||||||||||||
Loss from early extinguishment of debt | 39 | — | 2 | 41 | ||||||||||||||||||||
Net interest expense | 46 | 91 | 94 | 231 | ||||||||||||||||||||
Technology royalty | (48 | ) | 48 | — | ||||||||||||||||||||
Translation and foreign exchange | 3 | 3 | ||||||||||||||||||||||
Income/(loss) before income taxes | (94 | ) | 208 | 462 | 576 | |||||||||||||||||||
Provision for / (benefit from) income taxes | (36 | ) | 100 | 84 | 148 | |||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 324 | 247 | 216 | $ | (787 | ) | — | ||||||||||||||||
Net income | 324 | 189 | 324 | 378 | (787 | ) | 428 | |||||||||||||||||
Net income attributable to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 324 | $ | 189 | $ | 324 | $ | 274 | $ | (787 | ) | $ | 324 | |||||||||||
Comprehensive income | $ | 425 | $ | 332 | $ | 425 | $ | 336 | $ | (991 | ) | $ | 527 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (102 | ) | (102 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 425 | $ | 332 | $ | 425 | $ | 234 | $ | (991 | ) | $ | 425 | |||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 2,276 | $ | 6,194 | $ | 8,470 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,821 | 5,192 | 7,013 | |||||||||||||||||||||
Depreciation and amortization | 40 | 140 | 180 | |||||||||||||||||||||
Gross profit | 415 | 862 | 1,277 | |||||||||||||||||||||
Selling and administrative expense | $ | 7 | 131 | 244 | 382 | |||||||||||||||||||
Provision for asbestos | 35 | 35 | ||||||||||||||||||||||
Provision for restructuring | 5 | 43 | 48 | |||||||||||||||||||||
Asset impairments and sales | (1 | ) | (47 | ) | (48 | ) | ||||||||||||||||||
Net interest expense | 50 | 90 | 79 | 219 | ||||||||||||||||||||
Technology royalty | (41 | ) | 41 | — | ||||||||||||||||||||
Translation and foreign exchange | (1 | ) | (1 | ) | ||||||||||||||||||||
Income/(loss) before income taxes | (57 | ) | 196 | 503 | 642 | |||||||||||||||||||
Provision for / (benefit from) income taxes | (22 | ) | (97 | ) | 102 | (17 | ) | |||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 559 | 217 | 266 | 1 | $ | (1,038 | ) | 5 | |||||||||||||||
Net income | 559 | 182 | 559 | 402 | (1,038 | ) | 664 | |||||||||||||||||
Net income attributable to noncontrolling interests | (105 | ) | (105 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 559 | $ | 182 | $ | 559 | $ | 297 | $ | (1,038 | ) | $ | 559 | |||||||||||
Comprehensive income | $ | 535 | $ | 162 | $ | 535 | $ | 391 | $ | (978 | ) | $ | 645 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 535 | $ | 162 | $ | 535 | $ | 281 | $ | (978 | ) | $ | 535 | |||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net sales | $ | 2,297 | $ | 6,347 | $ | 8,644 | ||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,865 | 5,255 | 7,120 | |||||||||||||||||||||
Depreciation and amortization | 39 | 137 | 176 | |||||||||||||||||||||
Gross profit | 393 | 955 | 1,348 | |||||||||||||||||||||
Selling and administrative expense | $ | 6 | 134 | 255 | 395 | |||||||||||||||||||
Provision for asbestos | 28 | 28 | ||||||||||||||||||||||
Provision for restructuring | 2 | 75 | 77 | |||||||||||||||||||||
Asset impairments and sales | 1 | 5 | 6 | |||||||||||||||||||||
Loss from early extinguishment of debt | 30 | 1 | 1 | 32 | ||||||||||||||||||||
Net interest expense | 49 | 81 | 91 | 221 | ||||||||||||||||||||
Technology royalty | (47 | ) | 47 | — | ||||||||||||||||||||
Translation and foreign exchange | 2 | 2 | ||||||||||||||||||||||
Income/(loss) before income taxes | (85 | ) | 193 | 479 | 587 | |||||||||||||||||||
Provision for / (benefit from) income taxes | (32 | ) | 114 | 112 | 194 | |||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 282 | 237 | 203 | $ | (719 | ) | 3 | ||||||||||||||||
Net income | 282 | 184 | 282 | 367 | (719 | ) | 396 | |||||||||||||||||
Net income attributable to noncontrolling interests | (114 | ) | (114 | ) | ||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 282 | $ | 184 | $ | 282 | $ | 253 | $ | (719 | ) | $ | 282 | |||||||||||
Comprehensive income | $ | 19 | $ | 160 | $ | 19 | $ | 125 | $ | (194 | ) | $ | 129 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (110 | ) | (110 | ) | ||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 19 | $ | 160 | $ | 19 | $ | 15 | $ | (194 | ) | $ | 19 | |||||||||||
Condensed Combining Balance Sheet | ' | |||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 177 | $ | 2 | $ | 510 | $ | 689 | ||||||||||||||||
Receivables, net | 26 | 1,038 | 1,064 | |||||||||||||||||||||
Intercompany receivables | 30 | 81 | $ | (111 | ) | — | ||||||||||||||||||
Inventories | 266 | 947 | 1,213 | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | 2 | 109 | 102 | 214 | ||||||||||||||||||
Total current assets | 1 | 179 | 433 | 2,678 | (111 | ) | 3,180 | |||||||||||||||||
Intercompany debt receivables | 1,476 | 1,808 | 19 | (3,303 | ) | — | ||||||||||||||||||
Investments | 1,176 | 1,917 | 685 | (3,778 | ) | — | ||||||||||||||||||
Goodwill | 453 | 1,563 | 2,016 | |||||||||||||||||||||
Property, plant and equipment, net | 1 | 314 | 1,837 | 2,152 | ||||||||||||||||||||
Other non-current assets | 36 | 388 | 258 | 682 | ||||||||||||||||||||
Total | $ | 1,177 | $ | 3,609 | $ | 4,081 | $ | 6,355 | $ | (7,192 | ) | $ | 8,030 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 279 | $ | 279 | ||||||||||||||||||||
Current maturities of long-term debt | 94 | 94 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 16 | $ | 49 | $ | 466 | 2,016 | 2,547 | ||||||||||||||||
Intercompany payables | 81 | 30 | $ | (111 | ) | — | ||||||||||||||||||
Total current liabilities | 16 | 49 | 547 | 2,419 | (111 | ) | 2,920 | |||||||||||||||||
Long-term debt, excluding current maturities | 1,920 | 412 | 1,137 | 3,469 | ||||||||||||||||||||
Long-term intercompany debt | 1,157 | 594 | 1,353 | 199 | (3,303 | ) | — | |||||||||||||||||
Postretirement and pension liabilities | 299 | 592 | 891 | |||||||||||||||||||||
Other non-current liabilities | 294 | 167 | 461 | |||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 285 | 285 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 4 | 1,046 | 1,176 | 1,556 | (3,778 | ) | 4 | |||||||||||||||||
Total equity/(deficit) | 4 | 1,046 | 1,176 | 1,841 | (3,778 | ) | 289 | |||||||||||||||||
Total | $ | 1,177 | $ | 3,609 | $ | 4,081 | $ | 6,355 | $ | (7,192 | ) | $ | 8,030 | |||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 27 | $ | 1 | $ | 322 | $ | 350 | ||||||||||||||||
Receivables, net | 2 | 14 | 1,041 | 1,057 | ||||||||||||||||||||
Intercompany receivables | 7 | 17 | $ | (24 | ) | — | ||||||||||||||||||
Inventories | 282 | 884 | 1,166 | |||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | 1 | 92 | 83 | 177 | ||||||||||||||||||
Total current assets | 1 | 30 | 396 | 2,347 | (24 | ) | 2,750 | |||||||||||||||||
Intercompany debt receivables | 1,530 | 1,483 | 279 | (3,292 | ) | — | ||||||||||||||||||
Investments | 751 | 1,560 | 608 | (2,919 | ) | — | ||||||||||||||||||
Goodwill | 453 | 1,545 | 1,998 | |||||||||||||||||||||
Property, plant and equipment, net | 1 | 308 | 1,696 | 2,005 | ||||||||||||||||||||
Other non-current assets | 26 | 529 | 192 | 747 | ||||||||||||||||||||
Total | $ | 752 | $ | 3,147 | $ | 3,777 | $ | 6,059 | $ | (6,235 | ) | $ | 7,500 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 261 | $ | 261 | ||||||||||||||||||||
Current maturities of long-term debt | $ | 28 | 87 | 115 | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 18 | 33 | $ | 317 | 1,778 | 2,146 | |||||||||||||||||
Intercompany payables | 17 | 7 | $ | (24 | ) | — | ||||||||||||||||||
Total current liabilities | 18 | 61 | 334 | 2,133 | (24 | ) | 2,522 | |||||||||||||||||
Long-term debt, excluding current maturities | 1,616 | 412 | 1,261 | 3,289 | ||||||||||||||||||||
Long-term intercompany debt | 894 | 756 | 1,447 | 195 | (3,292 | ) | — | |||||||||||||||||
Postretirement and pension liabilities | 545 | 553 | 1,098 | |||||||||||||||||||||
Other non-current liabilities | 288 | 174 | 462 | |||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||
Noncontrolling interests | 289 | 289 | ||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | (160 | ) | 714 | 751 | 1,454 | (2,919 | ) | (160 | ) | |||||||||||||||
Total equity/(deficit) | (160 | ) | 714 | 751 | 1,743 | (2,919 | ) | 129 | ||||||||||||||||
Total | $ | 752 | $ | 3,147 | $ | 3,777 | $ | 6,059 | $ | (6,235 | ) | $ | 7,500 | |||||||||||
Condensed Combining Statement of Cash Flows | ' | |||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net provided by/(used for) operating activities | $ | 16 | $ | (18 | ) | $ | 352 | $ | 535 | $ | 885 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (37 | ) | (238 | ) | (275 | ) | ||||||||||||||||||
Insurance proceeds | 8 | 8 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (16 | ) | (16 | ) | ||||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 10 | 10 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 4 | 25 | 29 | |||||||||||||||||||||
Intercompany investing activities | 32 | 91 | $ | (123 | ) | — | ||||||||||||||||||
Other | (2 | ) | (2 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | 32 | 68 | (223 | ) | (123 | ) | (246 | ) | ||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 1,000 | 83 | 1,083 | |||||||||||||||||||||
Payments of long-term debt | (730 | ) | (292 | ) | (1,022 | ) | ||||||||||||||||||
Net change in revolving credit facility and short-term debt | 18 | 18 | ||||||||||||||||||||||
Net change in long-term intercompany balances | 263 | (108 | ) | (419 | ) | 264 | — | |||||||||||||||||
Debt issue costs | (26 | ) | (6 | ) | (32 | ) | ||||||||||||||||||
Common stock issued | 21 | 21 | ||||||||||||||||||||||
Common stock repurchased | (300 | ) | (300 | ) | ||||||||||||||||||||
Dividends paid | (123 | ) | 123 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (16 | ) | (16 | ) | ||||||||||||||||||||
Dividends paid to noncontrolling interests | (78 | ) | (78 | ) | ||||||||||||||||||||
Other | 20 | 20 | ||||||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | 136 | (419 | ) | (130 | ) | 123 | (306 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 6 | 6 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | 150 | 1 | 188 | — | 339 | ||||||||||||||||||
Cash and cash equivalents at January 1 | 27 | 1 | 322 | 350 | ||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 177 | $ | 2 | $ | 510 | $ | — | $ | 689 | ||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net provided by/(used for) operating activities | $ | 16 | $ | (28 | ) | $ | 213 | $ | 420 | $ | 621 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (41 | ) | (283 | ) | (324 | ) | ||||||||||||||||||
Insurance proceeds | 48 | 48 | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (29 | ) | (49 | ) | (78 | ) | ||||||||||||||||||
Proceeds from sale of property, plant and equipment | 1 | 2 | 3 | |||||||||||||||||||||
Intercompany investing activities | 29 | 268 | $ | (297 | ) | — | ||||||||||||||||||
Other | (11 | ) | (11 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 29 | 199 | (293 | ) | (297 | ) | (362 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 110 | 110 | ||||||||||||||||||||||
Payments of long-term debt | (1 | ) | (65 | ) | (66 | ) | ||||||||||||||||||
Net change in revolving credit facility and short-term debt | (104 | ) | 132 | 28 | ||||||||||||||||||||
Net change in long-term intercompany balances | 226 | 109 | (408 | ) | 73 | — | ||||||||||||||||||
Common stock issued | 15 | 15 | ||||||||||||||||||||||
Common stock repurchased | (257 | ) | (257 | ) | ||||||||||||||||||||
Dividends paid | (297 | ) | 297 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (3 | ) | (1 | ) | (4 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | (79 | ) | (79 | ) | ||||||||||||||||||||
Other | (1 | ) | (1 | ) | ||||||||||||||||||||
Net cash provided by/(used for) financing activities | (16 | ) | 5 | (412 | ) | (128 | ) | 297 | (254 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3 | 3 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | 6 | — | 2 | — | 8 | ||||||||||||||||||
Cash and cash equivalents at January 1 | 21 | 1 | 320 | 342 | ||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 27 | $ | 1 | $ | 322 | $ | — | $ | 350 | ||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||
Net provided by/(used for) operating activities | $ | 10 | $ | (29 | ) | $ | (127 | ) | $ | 525 | $ | 379 | ||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (55 | ) | (346 | ) | (401 | ) | ||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 4 | 4 | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 26 | 26 | ||||||||||||||||||||||
Intercompany investing activities | 31 | 53 | $ | (84 | ) | — | ||||||||||||||||||
Other | (1 | ) | (1 | ) | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 31 | 1 | (320 | ) | (84 | ) | (372 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from long-term debt | 1,250 | 520 | 1,770 | |||||||||||||||||||||
Payments of long-term debt | (746 | ) | (1 | ) | (322 | ) | (1,069 | ) | ||||||||||||||||
Net change in revolving credit facility and short-term debt | (55 | ) | (137 | ) | (192 | ) | ||||||||||||||||||
Net change in long-term intercompany balances | 291 | (449 | ) | 223 | (65 | ) | — | |||||||||||||||||
Debt issue costs | (19 | ) | (3 | ) | (22 | ) | ||||||||||||||||||
Common stock issued | 11 | 11 | ||||||||||||||||||||||
Common stock repurchased | (312 | ) | (312 | ) | ||||||||||||||||||||
Dividends paid | (84 | ) | 84 | — | ||||||||||||||||||||
Purchase of noncontrolling interests | (96 | ) | (106 | ) | (202 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | (104 | ) | (104 | ) | ||||||||||||||||||||
Other | (9 | ) | (9 | ) | ||||||||||||||||||||
Net cash provided by/(used for) financing activities | (10 | ) | (19 | ) | 126 | (310 | ) | 84 | (129 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1 | 1 | ||||||||||||||||||||||
Net change in cash and cash equivalents | — | (17 | ) | — | (104 | ) | — | (121 | ) | |||||||||||||||
Cash and cash equivalents at January 1 | 38 | 1 | 424 | 463 | ||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 21 | $ | 1 | $ | 320 | $ | — | $ | 342 | ||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Depreciation and amortization | $134 | $180 | $176 |
Net income attributable to Crown Holdings | 324 | 559 | 282 |
Diluted (in usd per share) | $2.30 | $3.77 | $1.83 |
Research, development and engineering costs | 36 | 43 | 43 |
Estimated Useful Lives [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Depreciation and amortization | -49 | ' | ' |
Net income attributable to Crown Holdings | $36 | ' | ' |
Diluted (in usd per share) | $0.26 | ' | ' |
Land Improvements [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '25 years | ' | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '25 years | ' | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '40 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '18 years | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Schedule of AOCI) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Increase (Decrease) in AOCI [Roll Forward] | ' | ' | ' |
Balance at beginning of period | ($2,614) | ' | ' |
Other comprehensive income (loss) before reclassifications | 3 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 98 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 101 | ' | ' |
Total other comprehensive income (loss) | 99 | -19 | -267 |
Balance at end of period | -2,513 | -2,614 | ' |
Defined Benefit Plans [Member] | ' | ' | ' |
Increase (Decrease) in AOCI [Roll Forward] | ' | ' | ' |
Balance at beginning of period | -1,954 | ' | ' |
Other comprehensive income (loss) before reclassifications | 60 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 66 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 126 | ' | ' |
Balance at end of period | -1,828 | ' | ' |
Foreign Currency Translation [Member] | ' | ' | ' |
Increase (Decrease) in AOCI [Roll Forward] | ' | ' | ' |
Balance at beginning of period | -648 | ' | ' |
Other comprehensive income (loss) before reclassifications | -8 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -2 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -10 | ' | ' |
Balance at end of period | -658 | ' | ' |
Gains and Losses on Cash Flow Hedges [Member] | ' | ' | ' |
Increase (Decrease) in AOCI [Roll Forward] | ' | ' | ' |
Balance at beginning of period | -12 | ' | ' |
Other comprehensive income (loss) before reclassifications | -49 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 34 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -15 | ' | ' |
Balance at end of period | ($27) | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Reclassification out of AOCI) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Net sales | $8,656 | $8,470 | $8,644 | |
Cost of products sold | 7,180 | 7,013 | 7,120 | |
Asset impairments and sales | 12 | 48 | -6 | |
Total before tax | 576 | 642 | 587 | |
Provision for income taxes | 148 | -17 | 194 | |
Net income | 428 | 664 | 396 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Net income | 98 | ' | ' | |
Gains and Losses on Cash Flow Hedges [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Net income | 34 | ' | ' | |
Foreign Currency Translation [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Asset impairments and sales | -2 | ' | ' | |
Total before tax | -2 | ' | ' | |
Provision for income taxes | 0 | ' | ' | |
Net income | -2 | ' | ' | |
Amortization of Defined Benefit Plan Items[Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Actuarial losses | 136 | [1] | ' | ' |
Prior service credit | -52 | [1] | ' | ' |
Total before tax | 84 | ' | ' | |
Provision for income taxes | -18 | ' | ' | |
Net income | 66 | ' | ' | |
Commodities [Member] | Gains and Losses on Cash Flow Hedges [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Cost of products sold | 43 | ' | ' | |
Total before tax | 43 | ' | ' | |
Provision for income taxes | -11 | ' | ' | |
Net income | 32 | ' | ' | |
Foreign Exchange [Member] | Gains and Losses on Cash Flow Hedges [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Net sales | 9 | ' | ' | |
Cost of products sold | -7 | ' | ' | |
Total before tax | 2 | ' | ' | |
Provision for income taxes | 0 | ' | ' | |
Net income | $2 | ' | ' | |
[1] | These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note V for further details. |
Receivables_Narrative_Details
Receivables (Narrative) (Details) | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | North American Facility [Member] | Europe [Member] | Europe [Member] | European Food Customer [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | $1,064 | $1,057 | ' | ' | ' | ' | $25 |
Securitization facilities | ' | ' | ' | 200 | 151 | 110 | ' |
Interest expense securitization and factoringfacilities | $10 | $8 | $10 | ' | ' | ' | ' |
Receivables_Receivables_Schedu
Receivables Receivables (Schedule of Receivables) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accounts receivable | $962 | $922 |
Less: allowance for doubtful accounts | -78 | -37 |
Net trade receivables | 884 | 885 |
Miscellaneous receivables | 180 | 172 |
Receivables, net | $1,064 | $1,057 |
Receivables_Schedule_of_Amount
Receivables (Schedule of Amounts Securitized or Factored) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accounted for as secured borrowings | $233 | $216 |
Accounted for as sales | $348 | $312 |
Inventories_Components_of_Inve
Inventories (Components of Inventories) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and supplies | $645 | $602 |
Work in process | 128 | 128 |
Finished goods | 440 | 436 |
Total inventories | $1,213 | $1,166 |
Goodwill_Schedule_of_Goodwill_
Goodwill (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Balance at beginning of period | $2,974 | $2,928 | ' |
Accumulated impairment losses | -976 | -976 | -976 |
Net | 2,016 | 1,998 | 1,952 |
Foreign currency translation | 18 | 46 | ' |
Goodwill, Balance at end of period | 2,992 | 2,974 | ' |
Americas Beverage [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Balance at beginning of period | 457 | 455 | ' |
Accumulated impairment losses | -29 | -29 | -29 |
Net | 424 | 428 | 426 |
Foreign currency translation | -4 | 2 | ' |
Goodwill, Balance at end of period | 453 | 457 | ' |
North America Food [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Balance at beginning of period | 164 | 162 | ' |
Net | 158 | 164 | 162 |
Foreign currency translation | -6 | 2 | ' |
Goodwill, Balance at end of period | 158 | 164 | ' |
European Beverage [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Balance at beginning of period | 751 | 732 | ' |
Accumulated impairment losses | -73 | -73 | -73 |
Net | 680 | 678 | 659 |
Foreign currency translation | 2 | 19 | ' |
Goodwill, Balance at end of period | 753 | 751 | ' |
European Food [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Balance at beginning of period | 1,298 | 1,284 | ' |
Accumulated impairment losses | -724 | -724 | -724 |
Net | 596 | 574 | 560 |
Foreign currency translation | 22 | 14 | ' |
Goodwill, Balance at end of period | 1,320 | 1,298 | ' |
Non-reportable Segments [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Balance at beginning of period | 304 | 295 | ' |
Accumulated impairment losses | -150 | -150 | -150 |
Net | 158 | 154 | 145 |
Foreign currency translation | 4 | 9 | ' |
Goodwill, Balance at end of period | $308 | $304 | ' |
Property_Plant_and_Equipment_S
Property, Plant and Equipment (Summary of Property, Plant and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Buildings and improvements | $942 | $923 |
Machinery and equipment | 4,768 | 4,559 |
Land and improvements | 143 | 167 |
Construction in progress | 172 | 185 |
Property, plant and equipment, gross | 6,025 | 5,834 |
Less: accumulated depreciation and amortization | -3,873 | -3,829 |
Property, plant and equipment, net | $2,152 | $2,005 |
Other_NonCurrent_Assets_Compon
Other Non-Current Assets (Components of Other Non-Current Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments, All Other Investments [Abstract] | ' | ' |
Deferred taxes | $488 | $577 |
Debt issue costs | 54 | 40 |
Investments | 20 | 30 |
Fair value of derivatives | 0 | 1 |
Other | 120 | 99 |
Other non-current assets | $682 | $747 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Components of Accounts Payable and Accrued Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Trade accounts payable | $1,768 | $1,470 |
Salaries, wages and other employee benefits, including pension and postretirement | 164 | 168 |
Accrued taxes, other than on income | 118 | 117 |
Restructuring | 60 | 70 |
Accrued interest | 68 | 47 |
Fair value of derivatives | 58 | 27 |
Asbestos liabilities | 28 | 25 |
Income taxes payable | 19 | 12 |
Deferred taxes | 30 | 15 |
Other | 234 | 195 |
Accounts payable and accrued liabilities | $2,547 | $2,146 |
Other_NonCurrent_Liabilities_D
Other Non-Current Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Asbestos liabilities | $232 | $231 |
Postemployment benefits | 28 | 37 |
Income taxes payable | 22 | 29 |
Deferred taxes | 31 | 23 |
Environmental | 12 | 12 |
Fair value of derivatives | 2 | 3 |
Other | 134 | 127 |
Other non-current liabilities | $461 | $462 |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Operating leases, minimum annual rentals in 2014 | $55 | ' | ' |
Operating leases, minimum annual rentals in 2015 | 41 | ' | ' |
Operating leases, minimum annual rentals in 2016 | 32 | ' | ' |
Operating leases, minimum annual rentals in 2017 | 24 | ' | ' |
Operating leases, minimum annual rentals in 2018 | 14 | ' | ' |
Operating leases, minimum annual rentals, thereafter | 55 | ' | ' |
Minimum sublease rentals | 9 | ' | ' |
Rental expense (net of sublease rental income) | $65 | $63 | $62 |
AsbestosRelated_Liabilities_Na
Asbestos-Related Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Claim | Claim | Claim | Claim | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Holding period for insulation operations (in days) | '90 days | ' | ' | ' |
Inactive claims (in claims) | 19,000 | ' | ' | ' |
Accrued asbestos claims and related legal costs | $260,000,000 | ' | ' | ' |
Unasserted claims | 221,000,000 | ' | ' | ' |
Accrued asbestos-related claims cost, final maturity date | '2023 | ' | ' | ' |
Percentage of claims that do not specify damages | 87.00% | ' | ' | ' |
Claims outstanding | 53,000 | 51,000 | 50,000 | 50,000 |
Damage Claims Less than $5 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Percentage Of Claims Damages Specified | 12.00% | ' | ' | ' |
Damage Claims From $5 to Less than $100 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Percentage Of Claims Damages Specified | 1.00% | ' | ' | ' |
Damage Claims Less than $25 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Percentage Of Claims Damages Specified | 87.00% | ' | ' | ' |
Damages Claims in Excess of $100 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Damages claims amount | 100,000,000 | ' | ' | ' |
Claims outstanding | 3 | ' | ' | ' |
Maximum [Member] | Damage Claims Less than $5 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Damages claims amount | 5,000,000 | ' | ' | ' |
Maximum [Member] | Damage Claims From $5 to Less than $100 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Damages claims amount | 100,000,000 | ' | ' | ' |
Maximum [Member] | Damage Claims Less than $25 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Damages claims amount | 25,000,000 | ' | ' | ' |
Minimum [Member] | Damage Claims From $5 to Less than $100 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Damages claims amount | $5,000,000 | ' | ' | ' |
AsbestosRelated_Liabilities_Su
Asbestos-Related Liabilities (Summary of Claims Activity) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Claim | Claim | Claim | |
Loss Contingency, Pending Claims [Roll Forward] | ' | ' | ' |
Beginning claims | 51,000 | 50,000 | 50,000 |
New claims | 4,000 | 3,000 | 2,000 |
Settlements or dismissals | -2,000 | -2,000 | -2,000 |
Ending claims | 53,000 | 51,000 | 50,000 |
AsbestosRelated_Liabilities_Su1
Asbestos-Related Liabilities (Summary of Asbestos Claims Cash Payments by Company) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Liability for Asbestos and Environmental Claims [Abstract] | ' | ' | ' |
Asbestos-related payments | $28 | $28 | $28 |
Settled claims payments (included in asbestos-related payments above) | $21 | $20 | $20 |
AsbestosRelated_Liabilities_Su2
Asbestos-Related Liabilities (Summary of Outstanding Claims by Year Of Exposure and State Filed) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Claim | Claim | Claim | Claim | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Claims outstanding | 53,000 | 51,000 | 50,000 | 50,000 |
Asbestos After 1964 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Claims outstanding | 16,000 | 15,000 | ' | ' |
Texas [Member] | Asbestos Before or During 1964 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Claims outstanding | 13,000 | 13,000 | ' | ' |
Pennsylvania [Member] | Asbestos Before or During 1964 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Claims outstanding | 2,000 | 2,000 | ' | ' |
Other States that have Enacted Asbestos Legislation [Member] | Asbestos Before or During 1964 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Claims outstanding | 6,000 | 6,000 | ' | ' |
Other States [Member] | Asbestos Before or During 1964 [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Claims outstanding | 16,000 | 15,000 | ' | ' |
AsbestosRelated_Liabilities_Su3
Asbestos-Related Liabilities (Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total Claims [Member] | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Claims alleging serious diseases | 21.00% | 19.00% | 18.00% |
Pre-1964 Claims in States without Asbestos Legislation [Member] | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Claims alleging serious diseases | 39.00% | 36.00% | 33.00% |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingent Liabilities [Line Items] | ' | ' | ' |
Net of tax | $324 | $559 | $282 |
Maximum potential costs related to indemnification agreements for properties sold and businesses divested | 7 | ' | ' |
Environmental Issue [Member] | ' | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' | ' |
Net of tax | 11 | ' | ' |
Legal settlement, initial payment received | 16 | ' | ' |
Legal settlement, pre-tax gain | 16 | ' | ' |
Property Lease Guarantee [Member] | ' | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' | ' |
Guarantees related to residual values of leased assets | 39 | ' | ' |
PRP site [Member] | ' | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' | ' |
Estimated future remediation costs | 6 | ' | ' |
Non- PRP sites [Member] | ' | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' | ' |
Estimated future remediation costs | 7 | ' | ' |
Recorded Third-Party Environmental Recoveries Receivable | 3 | ' | ' |
Foreign Tax Authority [Member] | Italian Subsidiaries (Member) | ' | ' | ' |
Commitments And Contingent Liabilities [Line Items] | ' | ' | ' |
Loss contingency, pre-tax expense | 20 | ' | ' |
Net of tax | $14 | ' | ' |
Restructuring_Narrative_Detail
Restructuring (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Provision for restructuring | $46 | $48 | $77 |
2011 European Division Headquarters Relocation [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs incurred to date | 40 | ' | ' |
Provision for restructuring | 3 | 3 | ' |
2012 European Food Actions [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs incurred to date | 17 | ' | ' |
Headcount reduction due to consolidation (in employees) | 165 | ' | ' |
Business capacity reduction (as a percent) | 7.00% | ' | ' |
Expected additional restructuring costs | 1 | ' | ' |
Estimated aggregate cost at completion | 18 | ' | ' |
Provision for restructuring | 2 | 15 | ' |
2011 and 2012 European Division Actions [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs incurred to date | 67 | ' | ' |
Headcount reduction due to consolidation (in employees) | 474 | ' | ' |
Business capacity reduction (as a percent) | 20.00% | ' | ' |
Expected additional restructuring costs | 2 | ' | ' |
Estimated aggregate cost at completion | 69 | ' | ' |
Provision for restructuring | 4 | 18 | ' |
2013 European Division Actions [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Headcount reduction due to consolidation (in employees) | 235 | ' | ' |
Provision for restructuring | 31 | ' | ' |
North America Food [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Expected additional restructuring costs | 16 | ' | ' |
Provision for restructuring | $5 | $3 | $3 |
Restructuring_Charges_by_Actio
Restructuring (Charges by Action/Type) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $46 | $48 | $77 |
Termination Benefits [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 35 | 35 | 56 |
Other Exit Costs [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 11 | 13 | 21 |
North America Food [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 5 | 3 | 3 |
Europe Food [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 14 | 15 | 9 |
European Beverage [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 2 | 0 | 0 |
Asia Pacific [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 1 | 4 | 0 |
Non-reportable Segments [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 16 | 18 | 45 |
Corporate [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $8 | $8 | $20 |
Restructuring_Components_of_Ou
Restructuring (Components of Outstanding Restructuring Reserve and Movements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Provisions | $46 | $48 | $77 |
Termination Benefits [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Provisions | 35 | 35 | 56 |
Other Exit Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Provisions | 11 | 13 | 21 |
2011 European Division Headquarters Relocation [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 22 | 19 | ' |
Provisions | 3 | 3 | ' |
Payments made | -7 | ' | ' |
Balance at end of period | 18 | 22 | ' |
2011 European Division Headquarters Relocation [Member] | Termination Benefits [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 0 | 0 | ' |
Provisions | 0 | 0 | ' |
Payments made | 0 | ' | ' |
Balance at end of period | 0 | 0 | ' |
2011 European Division Headquarters Relocation [Member] | Other Exit Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 22 | 19 | ' |
Provisions | 3 | 3 | ' |
Payments made | -7 | ' | ' |
Balance at end of period | 18 | 22 | ' |
2012 European Food Actions [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 18 | 10 | ' |
Provisions | 2 | 15 | ' |
Payments made | -14 | -8 | ' |
Foreign currency translation | ' | 1 | ' |
Balance at end of period | 6 | 18 | ' |
2012 European Food Actions [Member] | Termination Benefits [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 18 | 10 | ' |
Provisions | 0 | 14 | ' |
Payments made | -12 | -7 | ' |
Foreign currency translation | ' | 1 | ' |
Balance at end of period | 6 | 18 | ' |
2012 European Food Actions [Member] | Other Exit Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 0 | 0 | ' |
Provisions | 2 | 1 | ' |
Payments made | -2 | -1 | ' |
Foreign currency translation | ' | 0 | ' |
Balance at end of period | 0 | 0 | ' |
2011 and 2012 European Division Actions [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 37 | 45 | ' |
Provisions | 4 | 18 | ' |
Payments made | -24 | -26 | ' |
Foreign currency translation | -1 | ' | ' |
Balance at end of period | 16 | 37 | ' |
2011 and 2012 European Division Actions [Member] | Termination Benefits [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 37 | 45 | ' |
Provisions | 0 | 15 | ' |
Payments made | -20 | -23 | ' |
Foreign currency translation | -1 | ' | ' |
Balance at end of period | 16 | 37 | ' |
2011 and 2012 European Division Actions [Member] | Other Exit Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 0 | 0 | ' |
Provisions | 4 | 3 | ' |
Payments made | -4 | -3 | ' |
Foreign currency translation | 0 | ' | ' |
Balance at end of period | 0 | 0 | ' |
2013 European Division Actions [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 0 | ' | ' |
Provisions | 31 | ' | ' |
Payments made | -5 | ' | ' |
Foreign currency translation | 1 | ' | ' |
Balance at end of period | 27 | ' | ' |
2013 European Division Actions [Member] | Termination Benefits [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 0 | ' | ' |
Provisions | 31 | ' | ' |
Payments made | -5 | ' | ' |
Foreign currency translation | 1 | ' | ' |
Balance at end of period | 27 | ' | ' |
2013 European Division Actions [Member] | Other Exit Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 0 | ' | ' |
Provisions | 0 | ' | ' |
Payments made | 0 | ' | ' |
Foreign currency translation | 0 | ' | ' |
Balance at end of period | $0 | ' | ' |
Asset_Impairment_and_Sales_Det
Asset Impairment and Sales (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Impairments And Sales [Line Items] | ' | ' | ' |
Asset impairments and sales | $12 | $48 | ($6) |
Beverage Can Plant in Thailand [Member] | ' | ' | ' |
Asset Impairments And Sales [Line Items] | ' | ' | ' |
Asset impairments and sales | ' | 31 | -4 |
Property, plant, and equipment write-down | ' | ' | 23 |
Superior Acquisition [Member] | ' | ' | ' |
Asset Impairments And Sales [Line Items] | ' | ' | ' |
Gain related to business acquisition | ' | 20 | ' |
Belgium [Member] | Land and Building [Member] | ' | ' | ' |
Asset Impairments And Sales [Line Items] | ' | ' | ' |
Asset impairments and sales | $9 | ' | ' |
Capital_Stock_Summary_of_Commo
Capital Stock (Summary of Common Stock Activity) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Common shares outstanding at beginning of period | 143,136,473 | 148,449,293 | 155,256,791 |
Shares repurchased | -6,925,789 | -6,954,968 | -7,965,176 |
Shares issued upon exercise of employee stock options | 855,061 | 1,143,755 | 666,183 |
Restricted stock issued to employees, net of forfeitures | 1,115,484 | 468,323 | 463,885 |
Shares issued to non-employee directors | 26,660 | 30,070 | 27,610 |
Common shares outstanding at end of period | 138,207,889 | 143,136,473 | 148,449,293 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Capital Stock [Abstract] | ' | ' |
Authorized repurchased shares, amount | $800,000,000 | ' |
Stock that may be repurchased under the authorization | ' | 507,000,000 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Debt restrictions on Company's ability to pay dividends and repurchase its common stock | ' | 'The amount of restricted payments permitted to be made, including dividends and repurchases of the Company’s common stock, is generally limited to the cumulative excess of $200 plus 50% of adjusted net income plus proceeds from the exercise of employee stock options over the aggregate of restricted payments made since July 2004. |
Limited cumulative excess amount, maximum | ' | $200,000,000 |
Debt restrictions on payment of dividends and repurchase of common stock, percentage adjustment | ' | 50.00% |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2013 |
Non-Employee Directors [Member] | Stock Option [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Time-Vested Restricted Stock [Member] | Time-Vested Restricted Stock [Member] | Performance-Based Restricted Stock [Member] | Performance-Based Restricted Stock [Member] | Performance-Based Restricted Stock [Member] | Time-vested Deferred Stock Awards [Member] | Time Vested Stock [Member] | Performance-Based-Achieved [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | the Plan [Member] | the Plan [Member] | ||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 6,200,000 |
Contractual term of outstanding stock options | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period (in years) for shares awarded | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' |
Vesting percentage of options granted | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options outstanding | ' | ' | ' | ' | ' | $40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised | ' | ' | ' | ' | ' | 17 | 27 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value for outstanding stock options fully vested or expected to vest | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual life for outstanding stock options vested or expected to vest (in years) | ' | ' | ' | ' | ' | '2 years 8 months 8 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value for outstanding stock options exercisable | ' | ' | ' | ' | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual life for outstanding stock options exercisable (in years) | ' | ' | ' | ' | ' | '2 years 5 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51 | ' | ' | ' | ' |
Weighted average recognition period, in years | ' | ' | ' | ' | ' | '3 years 2 months 15 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 3 months 0 days | ' | ' | ' | ' |
Method of measuring cost of award | ' | ' | ' | ' | ' | 'Black-Scholes option pricing model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option grants (in shares) | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant-date fair values for options granted during period | ' | ' | ' | ' | ' | ' | ' | $14.98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual forfeiture rate | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 6.00% | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Level of performance achieved based on shares awarded, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Level of performance achieved based on shares awarded, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Performance-based (in shares) | 1,115,484 | 468,323 | 463,885 | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,755 | ' | ' | ' | ' | ' |
Percentage of shares awarded on market performance target (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Percentage of shares awarded on market performance in excess of target (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41.00% | ' | ' | ' | ' | ' |
Aggregate market value of the shares released and issued on the vesting dates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | $1 | ' | $1 | $5 | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20 | $12 | $12 | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $1 | $5 | $5 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $20 | $12 | $12 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Shares | ' | ' |
Options outstanding at beginning of period (in shares) | 2,556,114 | ' |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | -851,061 | ' |
Forfeited (in shares) | -5,000 | ' |
Expired (in shares) | -5,000 | ' |
Options outstanding at end of period (in shares) | 1,695,053 | 2,556,114 |
Options fully vested or expected to vest at end of period (in shares) | 1,693,076 | ' |
Weighted average exercise price | ' | ' |
Options outstanding at beginning of period (in usd per share) | $21.38 | ' |
Granted (in usd per share) | $0 | ' |
Exercised (in usd per share) | $21.72 | ' |
Forfeited (in usd per share) | $23.45 | ' |
Expired (in usd per share) | $23.45 | ' |
Options outstanding at end of period (in usd per share) | $21.20 | $21.38 |
Options fully vested or expected to vest at end of period (in usd per share) | $21.18 | ' |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Outstanding and Exercisable Options) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number outstanding (shares) | 1,695,053 |
Options Outstanding, Weighted average remaining contractual life in years | '2 years 8 months 12 days |
Options Outstanding, Weighted average exercise price (in usd per share) | $21.20 |
Options Exercisable, Number exercisable (in shares) | 1,615,053 |
Options Exercisable, Weighted average exercise price (in usd per share) | $20.34 |
Range Of Exercise Prices From Eight Point Six Zero To Eight Point Seven five [Member] [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number outstanding (shares) | 353,020 |
Options Exercisable, Number exercisable (in shares) | 353,020 |
$8.60 to $8.75 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Weighted average remaining contractual life in years | '0 years 3 months 28 days |
Options Outstanding, Weighted average exercise price (in usd per share) | $8.61 |
Options Exercisable, Weighted average exercise price (in usd per share) | $8.61 |
Range of exercise prices, lower limit (in usd per share) | $8.60 |
Range of exercise prices, upper limit (in usd per share) | $8.75 |
Range Of Exercise Prices From Thirteen Point Two Zero To Twenty Three Point One Nine [Member] [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number outstanding (shares) | 20,500 |
Options Exercisable, Number exercisable (in shares) | 18,500 |
$13.20 to $23.19 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Weighted average remaining contractual life in years | '2 years 10 months 18 days |
Options Outstanding, Weighted average exercise price (in usd per share) | $19.50 |
Options Exercisable, Weighted average exercise price (in usd per share) | $19.10 |
Range of exercise prices, lower limit (in usd per share) | $13.20 |
Range of exercise prices, upper limit (in usd per share) | $23.19 |
$23.45 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number outstanding (shares) | 1,205,533 |
Options Outstanding, Weighted average remaining contractual life in years | '3 years 0 months 0 days |
Options Outstanding, Weighted average exercise price (in usd per share) | $23.45 |
Options Exercisable, Number exercisable (in shares) | 1,205,533 |
Options Exercisable, Weighted average exercise price (in usd per share) | $23.45 |
Range of exercise prices (in usd per share) | $23.45 |
$23.88 to $40.01 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number outstanding (shares) | 116,000 |
Options Outstanding, Weighted average remaining contractual life in years | '6 years 7 months 16 days |
Options Outstanding, Weighted average exercise price (in usd per share) | $36.41 |
Options Exercisable, Number exercisable (in shares) | 38,000 |
Options Exercisable, Weighted average exercise price (in usd per share) | $31.32 |
Range of exercise prices, lower limit (in usd per share) | $23.88 |
Range of exercise prices, upper limit (in usd per share) | $40.01 |
StockBased_Compensation_Summar2
Stock-Based Compensation (Summary of Weighted Average Fair Value Assumptions of Awards) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance-Based Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.30% | 0.40% | 1.00% |
Expected term (years) | '3 years | '3 years | '3 years |
Expected stock price volatility | 22.40% | 27.80% | 37.90% |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | ' | ' | 2.40% |
Expected term (years) | ' | ' | '6 years 9 months 18 days |
Expected stock price volatility | ' | ' | 31.70% |
Expected dividend yield | ' | ' | 0.00% |
StockBased_Compensation_Summar3
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | |
Time Vested Stock [Member] | Performance-Based-Achieved [Member] | Time-Vested Restricted Stock [Member] | Time-Vested Restricted Stock [Member] | Performance-Based Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value of shares awarded (in usd per share) | ' | ' | ' | ' | $37.91 | ' | ' | ' |
Percentage of shares awarded based on market performance achieved | ' | ' | ' | ' | 141.00% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested shares outstanding at beginning of period (in shares) | 898,190 | ' | ' | ' | ' | ' | ' | ' |
Time-vesting, net of forfeitures (in shares) | ' | ' | ' | 1,275,078 | ' | ' | ' | ' |
Performance-based (in shares) | 1,115,484 | 468,323 | 463,885 | ' | ' | 700,000 | ' | 243,251 |
Performance-based – achieved 141% level (grant-date fair value of $37.91) (in shares) | ' | ' | ' | ' | 93,755 | ' | ' | ' |
Stock released during the period (in shares) | ' | ' | ' | ' | ' | ' | -144,623 | -229,624 |
Performance-based awards – achieved 141% level (in shares) | ' | ' | ' | ' | -93,755 | ' | ' | ' |
Nonvested shares outstanding at end of period (in shares) | 2,042,272 | 898,190 | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Grant Date Fair Value of Restricted Stock) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Time-Vested Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Average grant-date fair value of restricted stock awarded (in usd per share) | $43.19 | $33.75 | $33.70 |
Performance-Based Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Average grant-date fair value of restricted stock awarded (in usd per share) | $36.75 | $39.52 | $41.69 |
Time-vested Deferred Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Average grant-date fair value of restricted stock awarded (in usd per share) | $43.79 | ' | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | |
USD ($) | USD ($) | USD ($) | Revolving Credit Facility [Member] | Farm Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | U.S. Dollar 4.5% due 2023 [Member] | U.S. Dollar 4.5% due 2023 [Member] | U.S. Dollar 4.5% due 2023 [Member] | U.S. Dollar 7.625% due 2017 [Member] | U.S. Dollar 7.625% due 2017 [Member] | Term Loan Facilities [Member] | Term Loan Facilities [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | 6.25% Senior Notes Due 2021 [Member] | Euro Term Loan Facility [Member] | Euro Term Loan Facility [Member] | 7.75% Senior Notes Due 2015 [Member] | 6.25% Senior Secured Notes Due 2011 [Member] | 6.25% Senior Secured Notes Due 2011 [Member] | |
USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Term Loan A Facility [Member] | Term Euro Facility [Member] | Term Euro Facility [Member] | Delayed Draw Term Loan A Facility [Member] | Delayed Draw Term Euro Facility [Member] | Delayed Draw Term Euro Facility [Member] | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | ||||
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | $3,645,000,000 | $3,603,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities of long term debt excluding unamortized discounts, year one | 94,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities of long term debt excluding unamortized discounts, year two | 97,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities of long term debt excluding unamortized discounts, year three | 92,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities of long term debt excluding unamortized discounts, year four | 89,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities of long term debt excluding unamortized discounts, year five | 1,071,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments for interest | 199,000,000 | 205,000,000 | 203,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | 1,000,000,000 | 0 | 0 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' |
Debt instrument stated percentage | ' | ' | ' | ' | ' | 1.50% | 2.00% | 4.50% | 4.50% | ' | 7.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% | ' | ' | 7.75% | 6.25% | 6.25% |
Bond issue cost | 32,000,000 | 0 | 22,000,000 | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' |
Payments of long-term debt | 1,022,000,000 | 66,000,000 | 1,069,000,000 | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | 362,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,000,000 | 151,000,000 | 110,000,000 | 580,000,000 | 812,000,000 | 590,000,000 | ' | ' | ' | ' | ' | ' |
Loss from early extinguishments of debt | -41,000,000 | 0 | -32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premiums paid on extinguishment of debt | 23,000,000 | ' | 27,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' |
Write off of deferred financing fees | 12,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of unamortized debt discount | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Facilities include provisions for letters of credit | ' | ' | ' | 210,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, borrowing capacity | ' | ' | ' | 1,057,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed | 103,000,000 | 45,000,000 | ' | 103,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, facing fee rate | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, covenant description | 'The revolving credit facilities and term loans contain financial covenants including an interest coverage ratio and a total net leverage ratio. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $147,000,000 | ' | ' | ' | ' | ' | ' | ' | $159,000,000 | € 108,000,000 | $600,000,000 | $121,000,000 | € 83,000,000 |
Debt_Summary_of_Outstanding_De
Debt (Summary of Outstanding Debt) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | USD ($) | U.S. Dollar at LIBOR plus 1.75% due 2016 [Member] | U.S. Dollar at LIBOR plus 1.75% due 2016 [Member] | Euro at EURIBOR plus 1.75% due 2016 [Member] | Euro at EURIBOR plus 1.75% due 2016 [Member] | Euro at EURIBOR plus 1.75% due 2016 [Member] | U.S. Dollar 7.625% due 2017 [Member] | U.S. Dollar 7.625% due 2017 [Member] | Euro 7.125% due 2018 [Member] | Euro 7.125% due 2018 [Member] | Euro 7.125% due 2018 [Member] | U.S. Dollar 6.25% due 2021 [Member] | U.S. Dollar 6.25% due 2021 [Member] | U.S. Dollar 4.5% due 2023 [Member] | U.S. Dollar 4.5% due 2023 [Member] | U.S. Dollar 4.5% due 2023 [Member] | U.S. Dollar 7.375% due 2026 [Member] | U.S. Dollar 7.375% due 2026 [Member] | U.S. Dollar 7.50% due 2096 [Member] | U.S. Dollar 7.50% due 2096 [Member] | Other Indebtedness Fixed Rate [Member] | Other Indebtedness Fixed Rate [Member] | Other Indebtedness Variable Rate [Member] | Other Indebtedness Variable Rate [Member] | Securitization [Member] | Securitization [Member] | Bank Loans/Over Drafts/Factoring [Member] | Bank Loans/Over Drafts/Factoring [Member] |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt | $279 | $261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $205 | $203 | $74 | $58 |
Revolving credit facilities | 103 | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facilities | ' | ' | 220 | 550 | 151 | 110 | 362 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes and debentures: | ' | ' | ' | ' | ' | ' | ' | 0 | 400 | 688 | 500 | 659 | 700 | 700 | 1,000 | 1,000 | 0 | 350 | 350 | 64 | 64 | ' | ' | ' | ' | ' | ' | ' | ' |
Other indebtedness in various currencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180 | 157 | 109 | 126 | ' | ' | ' | ' |
Unamortized discounts | -2 | -9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 3,563 | 3,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: current maturities | -94 | -115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt, less current maturities | $3,469 | $3,289 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument stated percentage | ' | ' | 1.75% | ' | 1.75% | 1.75% | ' | 7.63% | ' | 7.13% | 7.13% | ' | 6.25% | ' | 4.50% | 4.50% | ' | 7.38% | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Fixed rate, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' |
Variable Rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.40% | ' | ' | ' | ' | ' |
Variable rate, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.10% | ' | ' | ' | ' | ' |
Debt_Schedule_of_Weighted_Aver
Debt (Schedule of Weighted Average Interest Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Disclosure [Abstract] | ' | ' | ' |
Short-term debt | 1.90% | 1.90% | 2.50% |
Revolving credit facilities | 3.60% | 3.50% | 3.60% |
Derivative_and_Other_Financial2
Derivative and Other Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Objectives for using derivative instruments | ' | 'The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. | ' |
Net loss to be reclassified to earnings | ($32,000,000) | ' | ' |
Loss, net of tax, expected to be reclassified to earnings | -25,000,000 | ' | ' |
Reclassification of anticipated transactions that were no longer considered probable | ' | 0 | 0 |
Changes in fair value of the derivative financial instruments, excluded from the assessment and measurement of hedge effectiveness reported in earnings | ' | 1,000,000 | ' |
Foreign Exchange [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (loss) on foreign exchange contracts designated as fair value hedges | ' | 1,000,000 | 4,000,000 |
Gain (loss) on foreign exchange contracts not designated as fair value hedges | ' | $4,000,000 | $2,000,000 |
Minimum [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative, lower remaining maturity range | ' | '1 month | ' |
Maximum [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative, higher remaining maturity range | ' | '34 months | ' |
Derivative_and_Other_Financial3
Derivative and Other Financial Instruments (Accumulated Other Comprehensive Income ("AOCI") and Earnings from Changes in Fair Value Related to Derivative Instruments) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |
Amount of gain/(loss) recognized in AOCI (effective portion) | ($49) | ($82) | ' | |
Amount of gain/(loss) reclassified from AOCI into earnings | -34 | -46 | ' | |
Net sales | 261 | 314 | 392 | |
Foreign Exchange [Member] | ' | ' | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |
Amount of gain/(loss) recognized in AOCI (effective portion) | -5 | 0 | ' | |
Amount of gain/(loss) reclassified from AOCI into earnings | -2 | 0 | [1] | ' |
Commodities [Member] | ' | ' | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |
Amount of gain/(loss) recognized in AOCI (effective portion) | -44 | -82 | ' | |
Amount of gain/(loss) reclassified from AOCI into earnings | -32 | -46 | [2] | ' |
Gain (loss) on price risk cash flow hedge ineffectiveness | 2 | -3 | ' | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Foreign Exchange [Member] | ' | ' | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |
Cost of products sold | 7 | 14 | ' | |
Net sales | -9 | -14 | ' | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Commodities [Member] | ' | ' | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |
Cost of products sold | -43 | 60 | ' | |
Cash flow hedge gain (loss) reclassified to income tax expense, net | ($11) | $14 | ' | |
[1] | Within the Statement of Operations for the twelve months ended December 31, 2013, a gain of $7 was recognized in cost of products sold and a loss of $9 was recognized in net sales. During the twelve months ended December 31, 2012, a gain of $14 was recognized in cost of products sold and a loss of $14 recognized in net sales. | |||
[2] | Within the Statement of Operations for the twelve months ended December 31, 2013, a loss of $43, including a reduction of $2 for ineffectiveness, was recognized in cost of products sold and a tax benefit of $11 was recognized in income tax expense. During the twelve months ended December 31, 2012, a gain of $60, including $3 of ineffectiveness, was recognized in cost of products sold and a tax charge of $14 was recognized in income tax expense. |
Derivative_and_Other_Financial4
Derivative and Other Financial Instruments (Fair Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Total | $37 | $22 |
Derivative Liabilities, Total | 60 | 30 |
Designated as Hedging Instrument [Member] | Other current assets [Member] | Foreign Exchange [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Foreign exchange | 29 | 5 |
Designated as Hedging Instrument [Member] | Other current assets [Member] | Commodities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Commodities | 0 | 5 |
Designated as Hedging Instrument [Member] | Other non-current assets [Member] | Commodities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Commodities | 0 | 1 |
Designated as Hedging Instrument [Member] | Accounts payable and accrued liabilities [Member] | Foreign Exchange [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Foreign exchange | 30 | 6 |
Designated as Hedging Instrument [Member] | Accounts payable and accrued liabilities [Member] | Commodities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Commodities | 27 | 17 |
Designated as Hedging Instrument [Member] | Other non-current liabilities [Member] | Commodities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Commodities | 2 | 3 |
Not Designated as Hedging Instrument [Member] | Other current assets [Member] | Foreign Exchange [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Foreign exchange | 8 | 11 |
Not Designated as Hedging Instrument [Member] | Accounts payable and accrued liabilities [Member] | Foreign Exchange [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Foreign exchange | $1 | $4 |
Derivative_and_Other_Financial5
Derivative and Other Financial Instruments (Schedule of Offsetting Derivative Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Gross Amounts Recognized in the Balance Sheet, Derivative Assets | $37 | $22 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Assets | 2 | 7 |
Net Amount, Derivative Assets | 35 | 15 |
Gross Amounts Recognized in the Balance Sheet, Derivative Liabilities | 60 | 30 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Liabilities | 2 | 7 |
Net Amount, Derivative Liabilities | $58 | $23 |
Derivative_and_Other_Financial6
Derivative and Other Financial Instruments (Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives | $724 | $471 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives | 379 | 434 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Foreign Exchange [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives | 128 | 105 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives | $675 | $924 |
Acquisitions_Details
Acquisitions (Details) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | Vietnam [Member] | Superior Multi-Packaging, Ltd. [Member] | Superior Multi-Packaging, Ltd. [Member] | Purchase Price Allocation Adjustments [Member] | Mivisa [Member] | Mivisa [Member] | Mivisa [Member] | Mivisa [Member] | Superior Multi-Packaging, Ltd. [Member] | Superior Multi-Packaging, Ltd. [Member] | Superior Multi-Packaging, Ltd. [Member] | Bargain Purchase Gain [Member] | Food Can Production Business [Member] | Food Can Production Business [Member] | |
USD ($) | USD ($) | USD ($) | Superior Multi-Packaging, Ltd. [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | United States [Member] | United States [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | Customer Contracts [Member] | |||||||||||||
USD ($) | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PendingAcquisitionPrice | ' | ' | ' | ' | ' | ' | ' | ' | ' | $688 | € 500 | ' | ' | ' | ' | ' | ' |
Pending Acquisition Price Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.6 | 5.5 | ' | ' | ' | ' | ' | ' |
Purchase price allocation, debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 963 | 700 | 28 | ' | ' | ' | ' | ' |
Pending Acquisition Termination Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56 | 41 | ' | ' | ' | ' | ' | ' |
Acquiree, sales | ' | ' | ' | ' | ' | ' | ' | 764 | 555 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 16 | 78 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, consideration transferred | ' | ' | ' | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | 29 | ' |
Joint venture ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96.00% | 85.00% | ' | ' | ' |
Net sales | ' | ' | ' | ' | 132 | 126 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales generated post-acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' |
Purchase price allocation, cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' |
Purchase price allocation, receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39 | ' | ' | ' | ' | ' |
Purchase price allocation, inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' | 1 | ' |
Purchase price allocation, fixed assets | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | 39 | ' | ' | ' | 3 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 23 | ' | ' | ' | ' | ' |
Purchase price allocation, non-controlling interests | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain related to business acquisition | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' |
Net income attributable to noncontrolling interests | 104 | 105 | 114 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' |
Purchase price allocation, customer contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 |
Noncontrolling_Interests_Narra
Noncontrolling Interests (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Purchase of noncontrolling interests | $16 | $4 | $202 |
Dubai [Member] | ' | ' | ' |
Percentage of ownership interest in subsidiary | ' | ' | 100.00% |
Beijing [Member] | ' | ' | ' |
Percentage of ownership interest in subsidiary | ' | ' | 100.00% |
Shanghai [Member] | ' | ' | ' |
Percentage of ownership interest in subsidiary | ' | ' | 100.00% |
Jordan [Member] | ' | ' | ' |
Percentage of ownership interest in subsidiary | ' | ' | 60.00% |
Tunisia [Member] | ' | ' | ' |
Percentage of ownership interest in subsidiary | ' | ' | 60.00% |
Noncontrolling_Interests_Effec
Noncontrolling Interests (Effect on Net Income Attributable to Company for Purchases of Noncontrolling Interests) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Noncontrolling Interest [Abstract] | ' | ' | ' |
Net income attributable to Crown Holdings | $324 | $559 | $282 |
Transfers to noncontrolling interests – Decrease in paid-in-capital for purchase of noncontrolling interests | -3 | 0 | -119 |
Net income attributable to Crown Holdings after transfers to noncontrolling interests | $321 | $559 | $163 |
Earnings_Per_Share_Computation
Earnings Per Share (Computations of Basic and Diluted Earnings Per Share) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Net income attributable to Crown Holdings | $324 | $559 | $282 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 139.5 | 146.1 | 151.7 |
Add: dilutive stock options and restricted stock (in shares) | 1.2 | 2.3 | 2.6 |
Diluted (in shares) | 140.7 | 148.4 | 154.3 |
Basic EPS (in usd per share) | $2.32 | $3.83 | $1.86 |
Diluted EPS (in usd per share) | $2.30 | $3.77 | $1.83 |
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. | 0.1 | 0.1 | 0.1 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined benefit plan, additional pension expense | $5 | $5 |
Amounts of common stock included in plan assets | 150 | 124 |
Defined benefit plan, estimated employer contributions | 77 | ' |
Employee Savings Investment Plan Minimum Age Requirement | '21 years | ' |
Maximum contribution percent by employer | 50.00% | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 3.00% | ' |
Defined Contribution Plan, Cost Recognized | 2 | 2 |
Percentage of employee stock purchase plan, employee contribution | 85.00% | ' |
Percentage of employee stock purchase plan, employer contribution | 15.00% | ' |
Shares purchased under employee stock purchase plan | 26,777 | 31,598 |
Employee stock purchase plan, maximum company contribution | 1 | 1 |
Medicare part D [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Prescription drug expected future benefit payments | 6 | ' |
Pension Benefits - Non-U.S. Plans [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Curtailments Recorded In Restructuring Provision | 4 | ' |
Pension Benefits - U.K. Plans [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Funding level | 100.00% | ' |
Target Funding Level Years | '15 years | ' |
Expected return net of fees | 2.00% | ' |
Percentage change of risk level commensurate | 5.00% | ' |
Assumed rate of return on equity securities and alternative investments | 9.80% | ' |
Assumed rate of return on debt securities and real estate | 4.10% | ' |
Weighted average return of equity securities period (years) | '25 years | ' |
Pension Expense [Member] | Net Loss [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Estimated net periodic benefit cost of pensions in following twelve months | 113 | ' |
Pension Expense [Member] | Prior Service [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Estimated net periodic benefit cost of pensions in following twelve months | -14 | ' |
Pension Benefits - U.S. Plans [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Assumed rate of return on equity securities and alternative investments | 9.80% | ' |
Assumed rate of return on debt securities and real estate | 4.00% | ' |
Weighted average return of equity securities period (years) | '25 years | ' |
U.K. Plan Securities Allocated To U.S. Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Percentage allocation of equity securities in pension plan | 41.00% | ' |
U K Plan Securities Allocated To Developed European Countries Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Percentage allocation of equity securities in pension plan | 26.00% | ' |
U K Plan Securities Allocated To Emerging Markets Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Percentage allocation of equity securities in pension plan | 33.00% | ' |
Other Postretirement Benefits [Member] | Net Loss [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Estimated net periodic benefit cost of pensions in following twelve months | 8 | ' |
Other Postretirement Benefits [Member] | Prior Service [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Estimated net periodic benefit cost of pensions in following twelve months | ($32) | ' |
Minimum [Member] | Pension Benefits - U.K. Plans [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Yearly rate of funding level decline | 5.00% | ' |
Maximum [Member] | Pension Benefits - U.K. Plans [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Yearly rate of funding level decline | 9.00% | ' |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits (Components of Net Periodic Pension and Other Postretirement Benefits Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits - U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $15 | $12 | $11 |
Interest cost | 62 | 69 | 72 |
Expected return on plan assets | -99 | -94 | -80 |
Amortization of actuarial loss | 55 | 56 | 47 |
Amortization of prior service cost/(credit) | 1 | 0 | 3 |
Net periodic cost | 34 | 43 | 53 |
Pension Benefits - Non-U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 24 | 26 | 27 |
Interest cost | 138 | 153 | 161 |
Expected return on plan assets | -176 | -186 | -196 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | -2 | 0 | 0 |
Amortization of actuarial loss | 71 | 61 | 50 |
Amortization of prior service cost/(credit) | -14 | 0 | 2 |
Net periodic cost | 41 | 54 | 44 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 3 | 3 | 8 |
Interest cost | 13 | 16 | 20 |
Amortization of actuarial loss | 10 | 14 | 13 |
Amortization of prior service cost/(credit) | -39 | -44 | -36 |
Net periodic cost | ($13) | ($11) | $5 |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefits (Schedule of Projected and Changes in Benefit Obligations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits - U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligations at beginning of period | $1,609 | $1,502 | ' |
Service cost | 15 | 12 | 11 |
Interest cost | 62 | 69 | 72 |
Plan participants’ contributions | 0 | 1 | ' |
Amendments | 2 | 2 | ' |
Actuarial (gain) / loss | -122 | 131 | ' |
Benefits paid | -112 | -108 | ' |
Foreign currency translation | 0 | 0 | ' |
Benefit obligations at end of period | 1,454 | 1,609 | 1,502 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 1,292 | 1,172 | ' |
Actual return on plan assets | 162 | 195 | ' |
Employer contributions | 7 | 32 | ' |
Plan participants’ contributions | 0 | 1 | ' |
Benefits paid | -112 | -108 | ' |
Foreign currency translation | 0 | 0 | ' |
Balance at end of period | 1,349 | 1,292 | 1,172 |
Funded Status | -105 | -317 | ' |
Accumulated benefit obligations at end of period | 1,423 | 1,575 | ' |
Pension Benefits - Non-U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligations at beginning of period | 3,572 | 3,256 | ' |
Service cost | 24 | 26 | 27 |
Interest cost | 138 | 153 | 161 |
Plan participants’ contributions | 4 | 5 | ' |
Amendments | -1 | -108 | ' |
Actuarial (gain) / loss | 46 | 279 | ' |
Benefits paid | -189 | -181 | ' |
Foreign currency translation | 57 | 142 | ' |
Benefit obligations at end of period | 3,651 | 3,572 | 3,256 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 3,116 | 2,894 | ' |
Actual return on plan assets | 85 | 201 | ' |
Employer contributions | 77 | 70 | ' |
Plan participants’ contributions | 4 | 5 | ' |
Benefits paid | -189 | -181 | ' |
Foreign currency translation | 42 | 127 | ' |
Balance at end of period | 3,135 | 3,116 | 2,894 |
Funded Status | -516 | -456 | ' |
Accumulated benefit obligations at end of period | $3,488 | $3,427 | ' |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefits (Schedule of Accumulated Benefit Obligations in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Pension Benefits - U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Projected benefit obligations | $1,454 | $1,609 | $1,502 |
Accumulated benefit obligations | 1,423 | 1,575 | ' |
Fair value of plan assets | 1,349 | 1,292 | 1,172 |
Pension Benefits Non Us Plans Accumlated Benefits Obligation In Excess Of Plan Assets [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Projected benefit obligations | 3,318 | 3,559 | ' |
Accumulated benefit obligations | 3,187 | 3,427 | ' |
Fair value of plan assets | $2,800 | $3,104 | ' |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefits (Summary of Strategic Ranges for Assets Allocation Plan) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Pension Benefits - U.S. Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Equities, minimum | 30.00% |
International equities | 10.00% |
Fixed income | 13.00% |
Balanced funds | 15.00% |
Real estate | 3.00% |
Private equity | 3.00% |
Hedge funds | 2.00% |
Minimum [Member] | Pension Benefits - U.K. Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Investment grade credit | 40.00% |
Equities, minimum | 0.00% |
Real estate | 0.00% |
Private equity | 0.00% |
Hedge funds | 0.00% |
Emerging market wealth | 0.00% |
Alternative credit | 0.00% |
Other | 0.00% |
Maximum [Member] | Pension Benefits - U.S. Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Equities, maximum | 40.00% |
International equities | 15.00% |
Fixed income | 23.00% |
Balanced funds | 25.00% |
Real estate | 7.00% |
Private equity | 7.00% |
Hedge funds | 7.00% |
Maximum [Member] | Pension Benefits - U.K. Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Investment grade credit | 80.00% |
Equities, maximum | 30.00% |
Real estate | 5.00% |
Private equity | 15.00% |
Hedge funds | 10.00% |
Emerging market wealth | 15.00% |
Alternative credit | 15.00% |
Other | 5.00% |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefits (Schedule of Defined Benefit Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | $4,476 | $4,401 | ' |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 1,216 | 1,164 | ' |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 193 | 250 | ' |
Level 1 [Member] | Global Large Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 76 | 62 | ' |
Level 1 [Member] | U.S. Large Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 220 | 183 | ' |
Level 1 [Member] | U.S. Mid/Small Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 273 | 260 | ' |
Level 1 [Member] | Mutual Funds - Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 214 | 183 | ' |
Level 1 [Member] | Mutual Funds - U.S. Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 93 | 88 | ' |
Level 1 [Member] | Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 147 | 138 | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 2,543 | 2,503 | ' |
Level 2 [Member] | Government Issued Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 554 | 601 | ' |
Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 236 | 257 | ' |
Level 2 [Member] | Asset Backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 18 | 7 | ' |
Level 2 [Member] | Structured Debt [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 687 | 635 | ' |
Level 2 [Member] | Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 12 | 13 | ' |
Level 2 [Member] | Derivatives [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 64 | 98 | ' |
Level 2 [Member] | Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 458 | 418 | ' |
Level 2 [Member] | Investment Funds - Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 317 | 257 | ' |
Level 2 [Member] | Investment Funds - Emerging Markets [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 197 | 217 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 717 | 734 | 777 |
Level 3 [Member] | Investment Funds - Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 135 | 130 | ' |
Level 3 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 225 | 214 | 284 |
Level 3 [Member] | Private Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 335 | 369 | 385 |
Level 3 [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 22 | 21 | ' |
Pension Benefits - U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 1,349 | 1,292 | 1,172 |
Defined benefit plan assets | 1,347 | 1,290 | ' |
Accrued income | 2 | 2 | ' |
Pension Benefits - U.S. Plans [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 949 | 893 | ' |
Pension Benefits - U.S. Plans [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 68 | 92 | ' |
Pension Benefits - U.S. Plans [Member] | Level 1 [Member] | Global Large Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 0 | 0 | ' |
Pension Benefits - U.S. Plans [Member] | Level 1 [Member] | U.S. Large Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 170 | 146 | ' |
Pension Benefits - U.S. Plans [Member] | Level 1 [Member] | U.S. Mid/Small Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 257 | 246 | ' |
Pension Benefits - U.S. Plans [Member] | Level 1 [Member] | Mutual Funds - Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 214 | 183 | ' |
Pension Benefits - U.S. Plans [Member] | Level 1 [Member] | Mutual Funds - U.S. Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 93 | 88 | ' |
Pension Benefits - U.S. Plans [Member] | Level 1 [Member] | Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 147 | 138 | ' |
Pension Benefits - U.S. Plans [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 222 | 221 | ' |
Pension Benefits - U.S. Plans [Member] | Level 2 [Member] | Government Issued Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 50 | 59 | ' |
Pension Benefits - U.S. Plans [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 103 | 95 | ' |
Pension Benefits - U.S. Plans [Member] | Level 2 [Member] | Asset Backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 11 | 3 | ' |
Pension Benefits - U.S. Plans [Member] | Level 2 [Member] | Structured Debt [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 2 | 7 | ' |
Pension Benefits - U.S. Plans [Member] | Level 2 [Member] | Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 0 | 0 | ' |
Pension Benefits - U.S. Plans [Member] | Level 2 [Member] | Derivatives [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 0 | 0 | ' |
Pension Benefits - U.S. Plans [Member] | Level 2 [Member] | Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 16 | 14 | ' |
Pension Benefits - U.S. Plans [Member] | Level 2 [Member] | Investment Funds - Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 0 | 0 | ' |
Pension Benefits - U.S. Plans [Member] | Level 2 [Member] | Investment Funds - Emerging Markets [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 40 | 43 | ' |
Pension Benefits - U.S. Plans [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 176 | 176 | ' |
Pension Benefits - U.S. Plans [Member] | Level 3 [Member] | Investment Funds - Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 47 | 42 | ' |
Pension Benefits - U.S. Plans [Member] | Level 3 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 75 | 70 | ' |
Pension Benefits - U.S. Plans [Member] | Level 3 [Member] | Private Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 37 | 48 | ' |
Pension Benefits - U.S. Plans [Member] | Level 3 [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 17 | 16 | ' |
Pension Benefits - Non-U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 3,135 | 3,116 | 2,894 |
Defined benefit plan assets | 3,129 | 3,111 | ' |
Accrued income | 6 | 5 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 267 | 271 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 125 | 158 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 1 [Member] | Global Large Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 76 | 62 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 1 [Member] | U.S. Large Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 50 | 37 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 1 [Member] | U.S. Mid/Small Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 16 | 14 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 1 [Member] | Mutual Funds - Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 0 | 0 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 1 [Member] | Mutual Funds - U.S. Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 0 | 0 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 1 [Member] | Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 0 | 0 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 2,321 | 2,282 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 2 [Member] | Government Issued Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 504 | 542 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 133 | 162 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 2 [Member] | Asset Backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 7 | 4 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 2 [Member] | Structured Debt [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 685 | 628 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 2 [Member] | Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 12 | 13 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 2 [Member] | Derivatives [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 64 | 98 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 2 [Member] | Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 442 | 404 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 2 [Member] | Investment Funds - Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 317 | 257 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 2 [Member] | Investment Funds - Emerging Markets [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 157 | 174 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 541 | 558 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 3 [Member] | Investment Funds - Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 88 | 88 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 3 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 150 | 144 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 3 [Member] | Private Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | 298 | 321 | ' |
Pension Benefits - Non-U.S. Plans [Member] | Level 3 [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan assets | $5 | $5 | ' |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefits (Schedule of Reconcile of Plan Assets Measured by Significant Unobservable Inputs) (Details) (Level 3 [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Balance at beginning of period | $734 | $777 |
Foreign currency translation | 11 | 25 |
Asset returns – assets held at reporting date | 4 | -19 |
Asset returns – assets sold during the period | 51 | 71 |
Purchases, sales and settlements, net | -83 | -120 |
Balance at end of period | 717 | 734 |
Hedge Funds [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Balance at beginning of period | 214 | 284 |
Foreign currency translation | 3 | 7 |
Asset returns – assets held at reporting date | 8 | 6 |
Asset returns – assets sold during the period | 7 | 18 |
Purchases, sales and settlements, net | -7 | -101 |
Balance at end of period | 225 | 214 |
Private Equity [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Balance at beginning of period | 369 | 385 |
Foreign currency translation | 7 | 14 |
Asset returns – assets held at reporting date | -11 | -39 |
Asset returns – assets sold during the period | 43 | 49 |
Purchases, sales and settlements, net | -73 | -40 |
Balance at end of period | 335 | 369 |
Real Estate [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Balance at beginning of period | 151 | 108 |
Foreign currency translation | 1 | 4 |
Asset returns – assets held at reporting date | 7 | 14 |
Asset returns – assets sold during the period | 1 | 4 |
Purchases, sales and settlements, net | -3 | 21 |
Balance at end of period | $157 | $151 |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefits (Schedule of Pension Assets/(Liabilities)) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Non-current assets | $21 | $0 |
Current liabilities | 7 | 9 |
Non-current liabilities | $635 | $764 |
Recovered_Sheet1
Pension and Other Postretirement Benefits (Schedule of Changes in Benefit Obligations) (Details) (Other Postretirement Benefits [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligations at beginning of period | $352 | $337 | ' |
Service cost | 3 | 3 | 8 |
Interest cost | 13 | 16 | 20 |
Amendments | -18 | 0 | ' |
Actuarial loss/(gain) | -49 | 16 | ' |
Benefits paid | -22 | -22 | ' |
Foreign currency translation | -5 | 2 | ' |
Benefit obligations at end of period | $274 | $352 | $337 |
Recovered_Sheet2
Pension and Other Postretirement Benefits (Schedule of Changes in Net Loss and Prior Service Cost/(Credit)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Amortization of net loss and prior service cost | $18 | $19 | $18 |
Pension Expense [Member] | Net Loss [Member] | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 2,619 | 2,382 | 2,135 |
Reclassification to net periodic benefit cost | -130 | -117 | -97 |
Current year (gain)/loss | -47 | 295 | 358 |
Amendments | 0 | 0 | 0 |
Foreign currency translation | 24 | 59 | -14 |
Balance at end of period | 2,466 | 2,619 | 2,382 |
Pension Expense [Member] | Prior Service [Member] | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at beginning of period | -102 | 4 | 9 |
Amortization of net loss and prior service cost | 13 | 0 | -5 |
Current year (gain)/loss | -1 | 0 | 0 |
Amendments | 0 | -106 | -1 |
Foreign currency translation | -4 | 0 | 1 |
Balance at end of period | -94 | -102 | 4 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Amendments | -18 | 0 | ' |
Foreign currency translation | -5 | 2 | ' |
Other Postretirement Benefits [Member] | Net Loss [Member] | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 157 | 157 | 174 |
Reclassification to net periodic benefit cost | -10 | -14 | -13 |
Current year (gain)/loss | -49 | 16 | -3 |
Amendments | 0 | 0 | 0 |
Foreign currency translation | -1 | -2 | -1 |
Balance at end of period | 97 | 157 | 157 |
Other Postretirement Benefits [Member] | Prior Service [Member] | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at beginning of period | -269 | -313 | -242 |
Amortization of net loss and prior service cost | 39 | 44 | 36 |
Current year (gain)/loss | 0 | 0 | 0 |
Amendments | -18 | 0 | -107 |
Foreign currency translation | 2 | 0 | 0 |
Balance at end of period | ($246) | ($269) | ($313) |
Recovered_Sheet3
Pension and Other Postretirement Benefits (Schedule of Expected Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Benefits - U.S. Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $109 |
2015 | 140 |
2016 | 107 |
2017 | 112 |
2018 | 104 |
2019 - 2023 | 507 |
Pension Benefits - Non-U.S. Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 192 |
2015 | 195 |
2016 | 203 |
2017 | 208 |
2018 | 214 |
2019 - 2023 | 1,127 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 21 |
2015 | 21 |
2016 | 20 |
2017 | 20 |
2018 | 20 |
2019 - 2023 | $92 |
Recovered_Sheet4
Pension and Other Postretirement Benefits (Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 4.80% | 4.10% | 4.90% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate | 4.10% | 4.90% | 5.10% |
Pension Benefits - U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 4.80% | 4.00% | 4.80% |
Compensation increase | 3.00% | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate | 4.00% | 4.80% | 5.10% |
Compensation increase | 3.00% | 3.00% | 3.00% |
Long-term rate of return | 8.00% | 8.00% | 8.75% |
Pension Benefits - Non-U.S. Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate | 4.40% | 4.10% | 4.70% |
Compensation increase | 3.20% | 2.80% | 3.30% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate | 4.10% | 4.70% | 5.40% |
Compensation increase | 2.80% | 3.30% | 3.30% |
Long-term rate of return | 6.00% | 6.40% | 7.00% |
Recovered_Sheet5
Pension and Other Postretirement Benefits (Schedule of Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Health care cost trend rate assumed for next year | 5.80% |
Rate that the cost trend rate gradually declines to | 4.40% |
Year that the rate reaches the rate it is assumed to remain | '2020 |
Recovered_Sheet6
Pension and Other Postretirement Benefits (Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' |
Effect on total service and interest cost, Increase | $2 |
Effect on total service and interest cost, Decrease | 2 |
Effect on postretirement benefit obligation, Increase | 20 |
Effect on postretirement benefit obligation, Decrease | $17 |
Recovered_Sheet7
Pension and Other Postretirement Benefits (Schedule of Amounts Recorded in Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Amortization of net loss and prior service cost | $18 | $19 | $18 |
Net loss and prior service cost adjustments arising in the current year | ($39) | $60 | $52 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Other items, net | $14 | $228 | ($62) |
Valuation allowance | 343 | 400 | ' |
Taxes paid | 114 | 92 | 107 |
Deferred tax assets, prepaid expenses and other current assets | 123 | 104 | ' |
Deferred taxes on earnings of foreign subsidiaries | 639 | ' | ' |
Unrecognized tax benefits, penalties excluded from reserves | 2 | ' | ' |
Interest and penalties expenses | 1 | 1 | 1 |
Unrecognized tax benefit that affect effective tax rate | 26 | ' | ' |
Beverage Can Plant in Thailand [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Other items, net | ' | 10 | ' |
2011 European Division Headquarters Relocation [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Other items, net | ' | ' | -55 |
Valuation allowance | ' | ' | 30 |
Brazil [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax incentives, beginning of expiration date | '2016 | ' | ' |
Increase in net income attributable to the Company resulting from incentives | 11 | 11 | ' |
U.S. [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance | 162 | ' | ' |
Windfall tax benefits | 55 | ' | ' |
France [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance | 94 | ' | ' |
Tax loss carryforwards | 101 | ' | ' |
Canada [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance | 55 | ' | ' |
Belgium [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance | 15 | ' | ' |
State [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax loss carryforwards | 181 | ' | ' |
SPAIN | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Deferred Tax Assets, Net | 14 | ' | ' |
Foreign Tax Credit Recognition [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Other items, net | ' | 213 | ' |
Change in valuation allowance, deferred tax asset | $16 | $38 | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Before Income Taxes and Equity Earnings) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. | $116 | $127 | $66 |
Foreign | 460 | 515 | 521 |
Income before income taxes and equity earnings | $576 | $642 | $587 |
Income_Taxes_Provision_for_Inc
Income Taxes (Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current tax: | ' | ' | ' |
U.S. federal | $11 | $0 | $0 |
State and foreign | 87 | 84 | 111 |
Current tax, total | 98 | 84 | 111 |
Deferred tax: | ' | ' | ' |
U.S. federal | 41 | -131 | 69 |
State and foreign | 9 | 30 | 14 |
Deferred tax, total | 50 | -101 | 83 |
Total | $148 | ($17) | $194 |
Income_Taxes_Income_Taxes_Effe
Income Taxes Income Taxes (Effective Income Tax Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory income tax rate (as a percent) | 35.00% | ' | ' |
U.S. statutory rate at 35% | $203 | $223 | $205 |
Tax on foreign income | -53 | -70 | -50 |
Valuation allowance | 1 | 56 | -19 |
Tax law changes | 11 | 2 | -4 |
Other items, net | -14 | -228 | 62 |
Total | $148 | ($17) | $194 |
Income_Taxes_Components_of_Def
Income Taxes (Components of Deferred Taxes) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Tax loss and credit carryforwards | $640 | $744 |
Postretirement and postemployment benefits | 107 | 130 |
Pensions | 150 | 246 |
Property, plant and equipment | 13 | 7 |
Asbestos | 98 | 97 |
Accruals and other | 120 | 86 |
Valuation allowances | -343 | -400 |
Total | 785 | 910 |
Liabilities | ' | ' |
Tax loss and credit carryforwards | 0 | 0 |
Postretirement and postemployment benefits | 0 | 0 |
Pensions | 1 | 10 |
Property, plant and equipment | 111 | 114 |
Accruals and other | 123 | 140 |
Valuation allowances | 0 | 0 |
Total | $235 | $264 |
Income_Taxes_Income_Taxes_Tax_
Income Taxes Income Taxes (Tax Loss and Credit Carryforwards Expirations) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Tax loss and credit carryforwards, expire in 2014 | $24 |
Tax loss and credit carryforwards, expire in 2015 | 23 |
Tax loss and credit carryforwards, expire in 2016 | 13 |
Tax loss and credit carryforwards, expire in 2017 | 32 |
Tax loss and credit carryforwards, expire in 2018 | 32 |
Tax loss and credit carryforwards, expire, thereafter | 368 |
Tax loss and credit carryforwards, expire, unlimited | $148 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $35 | $37 | $37 |
Additions for current year tax positions | 0 | 0 | 8 |
Reductions to prior period tax positions | 0 | 0 | -5 |
Lapse of statute of limitations | -5 | -3 | -2 |
Foreign currency translation | 1 | 1 | -1 |
Balance at end of period | $31 | $35 | $37 |
Segment_Information_Informatio
Segment Information (Information About Operating Segments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | $261 | $314 | $392 |
Net sales | 8,656 | 8,470 | 8,644 |
Segment assets | 8,030 | 7,500 | 6,868 |
Depreciation and amortization | 134 | 180 | 176 |
Capital expenditures | 275 | 324 | 401 |
Non-reportable segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Description of Company's non-reportable segments | 'Non-reportable segments include the Company’s aerosol can businesses in North America and Europe, the Company’s specialty packaging business in Europe and the Company’s tooling and equipment operations in the U.S. and United Kingdom. | ' | ' |
Corporate and Unallocated Items [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Segment assets | 970 | 681 | 460 |
Depreciation and amortization | 6 | 6 | 7 |
Capital expenditures | 11 | 9 | 10 |
Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 148 | 186 | 196 |
Intersegment Eliminations [Member] | Americas Beverage [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 61 | 68 | 71 |
Intersegment Eliminations [Member] | North America Food [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 10 | 9 | 14 |
Intersegment Eliminations [Member] | European Beverage [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 1 | 13 | 2 |
Intersegment Eliminations [Member] | European Food [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 76 | 96 | 109 |
Intersegment Eliminations [Member] | Asia-Pacific [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Non-reportable segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 113 | 128 | 196 |
Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 7,805 | 7,575 | 7,691 |
Segment assets | 6,427 | 6,208 | 5,815 |
Depreciation and amortization | 120 | 159 | 154 |
Capital expenditures | 243 | 291 | 374 |
Segment income | 980 | 991 | 1,022 |
Operating Segments [Member] | Americas Beverage [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 2,289 | 2,274 | 2,273 |
Segment assets | 1,588 | 1,504 | 1,445 |
Depreciation and amortization | 35 | 48 | 44 |
Capital expenditures | 76 | 52 | 126 |
Segment income | 327 | 311 | 302 |
Operating Segments [Member] | North America Food [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 845 | 876 | 889 |
Segment assets | 457 | 500 | 504 |
Depreciation and amortization | 10 | 13 | 14 |
Capital expenditures | 5 | 7 | 7 |
Segment income | 119 | 146 | 146 |
Operating Segments [Member] | European Beverage [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 1,731 | 1,653 | 1,669 |
Segment assets | 1,605 | 1,593 | 1,578 |
Depreciation and amortization | 26 | 42 | 43 |
Capital expenditures | 24 | 25 | 61 |
Segment income | 257 | 217 | 210 |
Operating Segments [Member] | European Food [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 1,751 | 1,793 | 1,999 |
Segment assets | 1,500 | 1,464 | 1,531 |
Depreciation and amortization | 16 | 29 | 33 |
Capital expenditures | 28 | 26 | 26 |
Segment income | 144 | 180 | 239 |
Operating Segments [Member] | Asia-Pacific [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 1,189 | 979 | 861 |
Segment assets | 1,277 | 1,147 | 757 |
Depreciation and amortization | 33 | 27 | 20 |
Capital expenditures | 110 | 181 | 154 |
Segment income | 133 | 137 | 125 |
Operating Segments [Member] | Non-reportable segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from reportable segments | 851 | 895 | 953 |
Segment assets | 633 | 611 | 593 |
Depreciation and amortization | 8 | 15 | 15 |
Capital expenditures | $21 | $24 | $17 |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Segment Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Segment income of reportable segments | $980 | $991 | $1,022 |
Segment income of non-reportable segments | 102 | 98 | 139 |
Corporate and unallocated items | -165 | -194 | -208 |
Provision for asbestos | -32 | -35 | -28 |
Provision for restructuring | -46 | -48 | -77 |
Asset impairments and sales | 12 | 48 | -6 |
Loss from early extinguishments of debt | -41 | 0 | -32 |
Interest expense | -236 | -226 | -232 |
Interest income | 5 | 7 | 11 |
Foreign exchange | -3 | 1 | -2 |
Income before income taxes and equity earnings | 576 | 642 | 587 |
Intercompany profit related to non-reportable segments | $2 | $5 | $7 |
Concentration risk, percentage | 10.00% | ' | ' |
Segment_Information_Summary_of
Segment Information (Summary of Sales by Major Product) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $8,656 | $8,470 | $8,644 |
Metal Beverage Cans and Ends [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 4,824 | 4,649 | 4,532 |
Metal Food Cans and Ends [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 2,339 | 2,425 | 2,614 |
Other Metal Packaging [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 1,211 | 1,244 | 1,373 |
Other Products [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $282 | $152 | $125 |
Segment_Information_Summary_of1
Segment Information (Summary of Sales and Long-Lived Assets for The Major Countries) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | $8,656 | $8,470 | $8,644 |
Long-Lived Assets | 2,152 | 2,005 | ' |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 2,214 | 2,275 | 2,297 |
Long-Lived Assets | 315 | 309 | ' |
United Kingdom [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 759 | 852 | 826 |
Long-Lived Assets | 163 | 138 | ' |
France [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 547 | 568 | 675 |
Long-Lived Assets | 70 | 65 | ' |
Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net Sales | 5,136 | 4,775 | 4,846 |
Long-Lived Assets | $1,604 | $1,493 | ' |
Condensed_Combining_Financial_2
Condensed Combining Financial Information (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Euro 7.125% due 2018 [Member] | U.S. Dollar 7.375% due 2026 [Member] | U.S. Dollar 7.50% due 2096 [Member] | 6.25% Senior Notes Due 2021 [Member] | U.S. Dollar 4.5% due 2023 [Member] | U.S. Dollar 4.5% due 2023 [Member] | Crown European Holdings SA [Member] | Crown European Holdings SA [Member] | Crown Cork & Seal Company, Inc [Member] | Crown Cork & Seal Company, Inc [Member] | Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | |
Euro 7.125% due 2018 [Member] | Euro 7.125% due 2018 [Member] | U.S. Dollar 7.375% due 2026 [Member] | U.S. Dollar 7.50% due 2096 [Member] | 6.25% Senior Notes Due 2021 [Member] | U.S. Dollar 4.5% due 2023 [Member] | |||||||
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||
Senior notes, principal amount | ' | ' | ' | ' | ' | ' | $688,000,000 | € 500,000,000 | $350,000,000 | $64,000,000 | $700,000,000 | $1,000,000,000 |
Debt instrument stated percentage | 7.13% | 7.38% | 7.50% | 6.25% | 4.50% | 4.50% | 7.13% | 7.13% | 7.38% | 7.50% | 6.25% | 4.50% |
Condensed_Combining_Financial_3
Condensed Combining Financial Information (Condensed Combining Statement Of Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $8,656 | $8,470 | $8,644 |
Cost of products sold, excluding depreciation and amortization | 7,180 | 7,013 | 7,120 |
Depreciation and amortization | 134 | 180 | 176 |
Gross profit | 1,342 | 1,277 | 1,348 |
Selling and administrative expense | 425 | 382 | 395 |
Provision for asbestos | 32 | 35 | 28 |
Provision for restructuring | 46 | 48 | 77 |
Asset impairments and sales | -12 | -48 | 6 |
Loss from early extinguishments of debt | 41 | 0 | 32 |
Net interest expense | 231 | 219 | 221 |
Technology royalty | 0 | 0 | 0 |
Foreign exchange | 3 | -1 | 2 |
Income before income taxes and equity earnings | 576 | 642 | 587 |
Provision for / (benefit from) income taxes | 148 | -17 | 194 |
Equity earnings / (loss) in affiliates | 0 | 5 | 3 |
Net income | 428 | 664 | 396 |
Net income attributable to noncontrolling interests | -104 | -105 | -114 |
Net income attributable to Crown Holdings | 324 | 559 | 282 |
Comprehensive income | 527 | 645 | 129 |
Comprehensive income attributable to noncontrolling interests | -102 | -110 | -110 |
Comprehensive income attributable to Crown Holdings | 425 | 535 | 19 |
Crown European Holdings SA [Member] | Parent [Member] | ' | ' | ' |
Net sales | ' | ' | ' |
Cost of products sold, excluding depreciation and amortization | ' | ' | ' |
Depreciation and amortization | ' | ' | ' |
Selling and administrative expense | ' | ' | ' |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | ' | ' | ' |
Asset impairments and sales | ' | ' | ' |
Loss from early extinguishments of debt | ' | ' | ' |
Net interest expense | ' | ' | ' |
Technology royalty | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Provision for / (benefit from) income taxes | ' | ' | ' |
Equity earnings / (loss) in affiliates | 324 | 559 | 282 |
Net income | 324 | 559 | 282 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | 324 | 559 | 282 |
Comprehensive income | 425 | 535 | 19 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | 425 | 535 | 19 |
Crown European Holdings SA [Member] | Issuer [Member] | ' | ' | ' |
Net sales | ' | ' | ' |
Cost of products sold, excluding depreciation and amortization | -1 | -1 | -1 |
Depreciation and amortization | ' | ' | ' |
Gross profit | 1 | 1 | 1 |
Selling and administrative expense | -1 | -2 | -2 |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | ' | ' | ' |
Asset impairments and sales | ' | -977 | ' |
Loss from early extinguishments of debt | 2 | ' | 2 |
Net interest expense | 54 | 57 | 78 |
Technology royalty | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Income before income taxes and equity earnings | -54 | 923 | -77 |
Provision for / (benefit from) income taxes | 1 | 8 | ' |
Equity earnings / (loss) in affiliates | 221 | 242 | 239 |
Net income | 166 | 1,157 | 162 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | 166 | 1,157 | 162 |
Comprehensive income | 152 | 1,202 | 3 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | 152 | 1,202 | 3 |
Crown European Holdings SA [Member] | Guarantors [Member] | ' | ' | ' |
Net sales | 4,303 | 4,573 | 4,780 |
Cost of products sold, excluding depreciation and amortization | 3,512 | 3,771 | 3,934 |
Depreciation and amortization | 51 | 79 | 82 |
Gross profit | 740 | 723 | 764 |
Selling and administrative expense | 315 | 290 | 298 |
Provision for asbestos | 32 | 35 | 28 |
Provision for restructuring | 36 | 45 | 73 |
Asset impairments and sales | -16 | -1 | ' |
Loss from early extinguishments of debt | 39 | ' | 30 |
Net interest expense | 125 | 121 | 104 |
Technology royalty | -33 | -31 | -46 |
Foreign exchange | 2 | -1 | -3 |
Income before income taxes and equity earnings | 240 | 265 | 280 |
Provision for / (benefit from) income taxes | 90 | -81 | 123 |
Equity earnings / (loss) in affiliates | 174 | 213 | 125 |
Net income | 324 | 559 | 282 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | 324 | 559 | 282 |
Comprehensive income | 425 | 535 | 19 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | 425 | 535 | 19 |
Crown European Holdings SA [Member] | Non-Guarantors [Member] | ' | ' | ' |
Net sales | 4,353 | 3,897 | 3,864 |
Cost of products sold, excluding depreciation and amortization | 3,669 | 3,243 | 3,187 |
Depreciation and amortization | 83 | 101 | 94 |
Gross profit | 601 | 553 | 583 |
Selling and administrative expense | 111 | 94 | 99 |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | 10 | 3 | 4 |
Asset impairments and sales | 4 | -47 | 4 |
Loss from early extinguishments of debt | ' | ' | ' |
Net interest expense | 52 | 41 | 39 |
Technology royalty | 33 | 31 | 46 |
Foreign exchange | 1 | ' | 5 |
Income before income taxes and equity earnings | 390 | 431 | 386 |
Provision for / (benefit from) income taxes | 57 | 56 | 71 |
Equity earnings / (loss) in affiliates | ' | 1 | ' |
Net income | 333 | 376 | 315 |
Net income attributable to noncontrolling interests | -104 | -105 | -114 |
Net income attributable to Crown Holdings | 229 | 271 | 201 |
Comprehensive income | 308 | 427 | 219 |
Comprehensive income attributable to noncontrolling interests | -102 | -110 | -110 |
Comprehensive income attributable to Crown Holdings | 206 | 317 | 109 |
Crown European Holdings SA [Member] | Eliminations [Member] | ' | ' | ' |
Net sales | ' | ' | ' |
Cost of products sold, excluding depreciation and amortization | ' | ' | ' |
Depreciation and amortization | ' | ' | ' |
Selling and administrative expense | ' | ' | ' |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | ' | ' | ' |
Asset impairments and sales | ' | 977 | 2 |
Loss from early extinguishments of debt | ' | ' | ' |
Net interest expense | ' | ' | ' |
Technology royalty | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Income before income taxes and equity earnings | 0 | -977 | -2 |
Provision for / (benefit from) income taxes | ' | ' | ' |
Equity earnings / (loss) in affiliates | -719 | -1,010 | -643 |
Net income | -719 | -1,987 | -645 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | -719 | -1,987 | -645 |
Comprehensive income | -783 | -2,054 | -131 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | -783 | -2,054 | -131 |
Crown Cork & Seal Company, Inc [Member] | Parent [Member] | ' | ' | ' |
Net sales | ' | ' | ' |
Cost of products sold, excluding depreciation and amortization | ' | ' | ' |
Depreciation and amortization | ' | ' | ' |
Gross profit | ' | ' | ' |
Selling and administrative expense | ' | ' | ' |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | ' | ' | ' |
Asset impairments and sales | ' | ' | ' |
Loss from early extinguishments of debt | ' | ' | ' |
Net interest expense | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Income before income taxes and equity earnings | ' | ' | ' |
Provision for / (benefit from) income taxes | ' | ' | ' |
Equity earnings / (loss) in affiliates | 324 | 559 | 282 |
Net income | 324 | 559 | 282 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | 324 | 559 | 282 |
Comprehensive income | 425 | 535 | 19 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | 425 | 535 | 19 |
Crown Cork & Seal Company, Inc [Member] | Issuer [Member] | ' | ' | ' |
Net sales | ' | ' | ' |
Cost of products sold, excluding depreciation and amortization | -16 | ' | ' |
Depreciation and amortization | ' | ' | ' |
Gross profit | 16 | ' | ' |
Selling and administrative expense | 6 | 9 | 10 |
Provision for asbestos | 32 | 35 | 28 |
Provision for restructuring | ' | ' | ' |
Asset impairments and sales | -2 | ' | ' |
Loss from early extinguishments of debt | ' | ' | ' |
Net interest expense | 101 | 90 | 83 |
Foreign exchange | ' | ' | ' |
Income before income taxes and equity earnings | -121 | -134 | -121 |
Provision for / (benefit from) income taxes | -28 | -36 | -7 |
Equity earnings / (loss) in affiliates | 417 | 657 | 396 |
Net income | 324 | 559 | 282 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | 324 | 559 | 282 |
Comprehensive income | 425 | 535 | 19 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | 425 | 535 | 19 |
Crown Cork & Seal Company, Inc [Member] | Non-Guarantors [Member] | ' | ' | ' |
Net sales | 8,656 | 8,470 | 8,644 |
Cost of products sold, excluding depreciation and amortization | 7,196 | 7,013 | 7,120 |
Depreciation and amortization | 134 | 180 | 176 |
Gross profit | 1,326 | 1,277 | 1,348 |
Selling and administrative expense | 419 | 373 | 385 |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | 46 | 48 | 77 |
Asset impairments and sales | -10 | -48 | 6 |
Loss from early extinguishments of debt | 41 | ' | 32 |
Net interest expense | 130 | 129 | 138 |
Foreign exchange | 3 | -1 | 2 |
Income before income taxes and equity earnings | 697 | 776 | 708 |
Provision for / (benefit from) income taxes | 176 | 19 | 201 |
Equity earnings / (loss) in affiliates | ' | ' | 3 |
Net income | 521 | 757 | 510 |
Net income attributable to noncontrolling interests | -104 | -105 | -114 |
Net income attributable to Crown Holdings | 417 | 652 | 396 |
Comprehensive income | 620 | 738 | 243 |
Comprehensive income attributable to noncontrolling interests | -102 | -110 | -110 |
Comprehensive income attributable to Crown Holdings | 518 | 628 | 133 |
Crown Cork & Seal Company, Inc [Member] | Eliminations [Member] | ' | ' | ' |
Net sales | ' | ' | ' |
Cost of products sold, excluding depreciation and amortization | ' | ' | ' |
Depreciation and amortization | ' | ' | ' |
Gross profit | ' | ' | ' |
Selling and administrative expense | ' | ' | ' |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | ' | ' | ' |
Asset impairments and sales | ' | ' | ' |
Loss from early extinguishments of debt | ' | ' | ' |
Net interest expense | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Provision for / (benefit from) income taxes | ' | ' | ' |
Equity earnings / (loss) in affiliates | -741 | -1,211 | -678 |
Net income | -741 | -1,211 | -678 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | -741 | -1,211 | -678 |
Comprehensive income | -943 | -1,163 | -152 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | -943 | -1,163 | -152 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ' | ' | ' |
Net sales | ' | ' | ' |
Cost of products sold, excluding depreciation and amortization | ' | ' | ' |
Depreciation and amortization | ' | ' | ' |
Selling and administrative expense | ' | ' | ' |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | ' | ' | ' |
Asset impairments and sales | ' | ' | ' |
Loss from early extinguishments of debt | ' | ' | ' |
Net interest expense | ' | ' | ' |
Technology royalty | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Provision for / (benefit from) income taxes | ' | ' | ' |
Equity earnings / (loss) in affiliates | 324 | 559 | 282 |
Net income | 324 | 559 | 282 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | 324 | 559 | 282 |
Comprehensive income | 425 | 535 | 19 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | 425 | 535 | 19 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ' | ' | ' |
Net sales | ' | ' | ' |
Cost of products sold, excluding depreciation and amortization | ' | ' | ' |
Depreciation and amortization | ' | ' | ' |
Selling and administrative expense | 9 | 7 | 6 |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | ' | ' | ' |
Asset impairments and sales | ' | ' | ' |
Loss from early extinguishments of debt | 39 | ' | 30 |
Net interest expense | 46 | 50 | 49 |
Technology royalty | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Income before income taxes and equity earnings | -94 | -57 | -85 |
Provision for / (benefit from) income taxes | -36 | -22 | -32 |
Equity earnings / (loss) in affiliates | 247 | 217 | 237 |
Net income | 189 | 182 | 184 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | 189 | 182 | 184 |
Comprehensive income | 332 | 162 | 160 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | 332 | 162 | 160 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ' | ' | ' |
Net sales | 2,214 | 2,276 | 2,297 |
Cost of products sold, excluding depreciation and amortization | 1,746 | 1,821 | 1,865 |
Depreciation and amortization | 29 | 40 | 39 |
Gross profit | 439 | 415 | 393 |
Selling and administrative expense | 154 | 131 | 134 |
Provision for asbestos | 32 | 35 | 28 |
Provision for restructuring | 5 | 5 | 2 |
Asset impairments and sales | -3 | -1 | 1 |
Loss from early extinguishments of debt | 0 | ' | 1 |
Net interest expense | 91 | 90 | 81 |
Technology royalty | -48 | -41 | -47 |
Foreign exchange | ' | ' | ' |
Income before income taxes and equity earnings | 208 | 196 | 193 |
Provision for / (benefit from) income taxes | 100 | -97 | 114 |
Equity earnings / (loss) in affiliates | 216 | 266 | 203 |
Net income | 324 | 559 | 282 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | 324 | 559 | 282 |
Comprehensive income | 425 | 535 | 19 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | 425 | 535 | 19 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantors [Member] | ' | ' | ' |
Net sales | 6,442 | 6,194 | 6,347 |
Cost of products sold, excluding depreciation and amortization | 5,434 | 5,192 | 5,255 |
Depreciation and amortization | 105 | 140 | 137 |
Gross profit | 903 | 862 | 955 |
Selling and administrative expense | 262 | 244 | 255 |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | 41 | 43 | 75 |
Asset impairments and sales | -9 | -47 | 5 |
Loss from early extinguishments of debt | 2 | ' | 1 |
Net interest expense | 94 | 79 | 91 |
Technology royalty | 48 | 41 | 47 |
Foreign exchange | 3 | -1 | 2 |
Income before income taxes and equity earnings | 462 | 503 | 479 |
Provision for / (benefit from) income taxes | 84 | 102 | 112 |
Equity earnings / (loss) in affiliates | ' | 1 | ' |
Net income | 378 | 402 | 367 |
Net income attributable to noncontrolling interests | -104 | -105 | -114 |
Net income attributable to Crown Holdings | 274 | 297 | 253 |
Comprehensive income | 336 | 391 | 125 |
Comprehensive income attributable to noncontrolling interests | -102 | -110 | -110 |
Comprehensive income attributable to Crown Holdings | 234 | 281 | 15 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | ' | ' | ' |
Net sales | ' | ' | ' |
Cost of products sold, excluding depreciation and amortization | ' | ' | ' |
Depreciation and amortization | ' | ' | ' |
Selling and administrative expense | ' | ' | ' |
Provision for asbestos | ' | ' | ' |
Provision for restructuring | ' | ' | ' |
Asset impairments and sales | ' | ' | ' |
Loss from early extinguishments of debt | ' | ' | ' |
Net interest expense | ' | ' | ' |
Technology royalty | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Provision for / (benefit from) income taxes | ' | ' | ' |
Equity earnings / (loss) in affiliates | -787 | -1,038 | -719 |
Net income | -787 | -1,038 | -719 |
Net income attributable to noncontrolling interests | ' | ' | ' |
Net income attributable to Crown Holdings | -787 | -1,038 | -719 |
Comprehensive income | -991 | -978 | -194 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' |
Comprehensive income attributable to Crown Holdings | ($991) | ($978) | ($194) |
Condensed_Combining_Financial_4
Condensed Combining Financial Information (Condensed Combining Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $689 | $350 | $342 | $463 |
Receivables, net | 1,064 | 1,057 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Inventories | 1,213 | 1,166 | ' | ' |
Prepaid expenses and other current assets | 214 | 177 | ' | ' |
Total current assets | 3,180 | 2,750 | ' | ' |
Intercompany debt receivables | 0 | 0 | ' | ' |
Investments | 0 | 0 | ' | ' |
Goodwill | 2,016 | 1,998 | 1,952 | ' |
Property, plant and equipment, net | 2,152 | 2,005 | ' | ' |
Other non-current assets | 682 | 747 | ' | ' |
Total | 8,030 | 7,500 | 6,868 | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | 279 | 261 | ' | ' |
Current maturities of long-term debt | 94 | 115 | ' | ' |
Accounts payable and accrued liabilities | 2,547 | 2,146 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Total current liabilities | 2,920 | 2,522 | ' | ' |
Long-term debt, excluding current maturities | 3,469 | 3,289 | ' | ' |
Long-term intercompany debt | 0 | 0 | ' | ' |
Postretirement and pension liabilities | 891 | 1,098 | ' | ' |
Other non-current liabilities | 461 | 462 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | 285 | 289 | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 4 | -160 | ' | ' |
Total equity | 289 | 129 | -239 | 229 |
Total | 8,030 | 7,500 | ' | ' |
Crown European Holdings SA [Member] | Parent [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Intercompany receivables | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' |
Prepaid expenses and other current assets | 1 | 1 | ' | ' |
Total current assets | 1 | 1 | ' | ' |
Intercompany debt receivables | ' | ' | ' | ' |
Investments | 1,176 | 751 | ' | ' |
Goodwill | ' | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' |
Other non-current assets | ' | ' | ' | ' |
Total | 1,177 | 752 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 16 | 18 | ' | ' |
Intercompany payables | ' | ' | ' | ' |
Total current liabilities | 16 | 18 | ' | ' |
Long-term debt, excluding current maturities | ' | ' | ' | ' |
Long-term intercompany debt | 1,157 | 894 | ' | ' |
Postretirement and pension liabilities | ' | ' | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 4 | -160 | ' | ' |
Total equity | 4 | -160 | ' | ' |
Total | 1,177 | 752 | ' | ' |
Crown European Holdings SA [Member] | Issuer [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 48 | ' | ' | ' |
Receivables, net | 1 | ' | ' | ' |
Intercompany receivables | 2 | 2 | ' | ' |
Inventories | ' | ' | ' | ' |
Prepaid expenses and other current assets | 10 | 14 | ' | ' |
Total current assets | 61 | 16 | ' | ' |
Intercompany debt receivables | 1,531 | 1,578 | ' | ' |
Investments | 4,155 | 3,841 | ' | ' |
Goodwill | ' | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' |
Other non-current assets | 29 | 24 | ' | ' |
Total | 5,776 | 5,459 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | ' | 2 | ' | ' |
Current maturities of long-term debt | ' | 18 | ' | ' |
Accounts payable and accrued liabilities | 22 | 21 | ' | ' |
Intercompany payables | 8 | ' | ' | ' |
Total current liabilities | 30 | 41 | ' | ' |
Long-term debt, excluding current maturities | 942 | 1,003 | ' | ' |
Long-term intercompany debt | 2,510 | 2,264 | ' | ' |
Postretirement and pension liabilities | ' | ' | ' | ' |
Other non-current liabilities | 8 | 8 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 2,286 | 2,143 | ' | ' |
Total equity | 2,286 | 2,143 | ' | ' |
Total | 5,776 | 5,459 | ' | ' |
Crown European Holdings SA [Member] | Guarantors [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 392 | 134 | 54 | 65 |
Receivables, net | 246 | 274 | ' | ' |
Intercompany receivables | 89 | 41 | ' | ' |
Inventories | 565 | 582 | ' | ' |
Prepaid expenses and other current assets | 146 | 123 | ' | ' |
Total current assets | 1,438 | 1,154 | ' | ' |
Intercompany debt receivables | 3,746 | 3,141 | ' | ' |
Investments | -325 | -276 | ' | ' |
Goodwill | 1,444 | 1,429 | ' | ' |
Property, plant and equipment, net | 643 | 610 | ' | ' |
Other non-current assets | 562 | 658 | ' | ' |
Total | 7,508 | 6,716 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | 2 | ' | ' | ' |
Current maturities of long-term debt | ' | 28 | ' | ' |
Accounts payable and accrued liabilities | 1,277 | 1,097 | ' | ' |
Intercompany payables | 55 | 32 | ' | ' |
Total current liabilities | 1,334 | 1,157 | ' | ' |
Long-term debt, excluding current maturities | 2,332 | 2,073 | ' | ' |
Long-term intercompany debt | 1,515 | 1,340 | ' | ' |
Postretirement and pension liabilities | 870 | 1,079 | ' | ' |
Other non-current liabilities | 281 | 316 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 1,176 | 751 | ' | ' |
Total equity | 1,176 | 751 | ' | ' |
Total | 7,508 | 6,716 | ' | ' |
Crown European Holdings SA [Member] | Non-Guarantors [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 249 | 216 | 288 | 398 |
Receivables, net | 817 | 783 | ' | ' |
Intercompany receivables | 63 | 32 | ' | ' |
Inventories | 648 | 584 | ' | ' |
Prepaid expenses and other current assets | 57 | 39 | ' | ' |
Total current assets | 1,834 | 1,654 | ' | ' |
Intercompany debt receivables | 589 | 492 | ' | ' |
Investments | ' | ' | ' | ' |
Goodwill | 572 | 569 | ' | ' |
Property, plant and equipment, net | 1,509 | 1,395 | ' | ' |
Other non-current assets | 91 | 65 | ' | ' |
Total | 4,595 | 4,175 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | 277 | 259 | ' | ' |
Current maturities of long-term debt | 94 | 69 | ' | ' |
Accounts payable and accrued liabilities | 1,232 | 1,010 | ' | ' |
Intercompany payables | 91 | 43 | ' | ' |
Total current liabilities | 1,694 | 1,381 | ' | ' |
Long-term debt, excluding current maturities | 195 | 213 | ' | ' |
Long-term intercompany debt | 684 | 713 | ' | ' |
Postretirement and pension liabilities | 21 | 19 | ' | ' |
Other non-current liabilities | 172 | 138 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | 285 | 289 | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 1,544 | 1,422 | ' | ' |
Total equity | 1,829 | 1,711 | ' | ' |
Total | 4,595 | 4,175 | ' | ' |
Crown European Holdings SA [Member] | Eliminations [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Intercompany receivables | -154 | -75 | ' | ' |
Inventories | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' |
Total current assets | -154 | -75 | ' | ' |
Intercompany debt receivables | -5,866 | -5,211 | ' | ' |
Investments | -5,006 | -4,316 | ' | ' |
Goodwill | ' | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' |
Other non-current assets | ' | ' | ' | ' |
Total | -11,026 | -9,602 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | ' |
Intercompany payables | -154 | -75 | ' | ' |
Total current liabilities | -154 | -75 | ' | ' |
Long-term debt, excluding current maturities | ' | ' | ' | ' |
Long-term intercompany debt | -5,866 | -5,211 | ' | ' |
Postretirement and pension liabilities | ' | ' | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | -5,006 | -4,316 | ' | ' |
Total equity | -5,006 | -4,316 | ' | ' |
Total | -11,026 | -9,602 | ' | ' |
Crown Cork & Seal Company, Inc [Member] | Parent [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' |
Prepaid expenses and other current assets | 1 | 1 | ' | ' |
Total current assets | 1 | 1 | ' | ' |
Intercompany debt receivables | ' | ' | ' | ' |
Investments | 1,176 | 751 | ' | ' |
Goodwill | ' | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' |
Other non-current assets | ' | ' | ' | ' |
Total | 1,177 | 752 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 16 | 18 | ' | ' |
Total current liabilities | 16 | 18 | ' | ' |
Long-term debt, excluding current maturities | ' | ' | ' | ' |
Long-term intercompany debt | 1,157 | 894 | ' | ' |
Postretirement and pension liabilities | ' | ' | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 4 | -160 | ' | ' |
Total equity | 4 | -160 | ' | ' |
Total | 1,177 | 752 | ' | ' |
Crown Cork & Seal Company, Inc [Member] | Issuer [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' |
Prepaid expenses and other current assets | 103 | 83 | ' | ' |
Total current assets | 103 | 83 | ' | ' |
Intercompany debt receivables | ' | ' | ' | ' |
Investments | 2,212 | 1,770 | ' | ' |
Goodwill | ' | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' |
Other non-current assets | 349 | 504 | ' | ' |
Total | 2,664 | 2,357 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 36 | 34 | ' | ' |
Total current liabilities | 36 | 34 | ' | ' |
Long-term debt, excluding current maturities | 412 | 412 | ' | ' |
Long-term intercompany debt | 751 | 875 | ' | ' |
Postretirement and pension liabilities | ' | ' | ' | ' |
Other non-current liabilities | 289 | 285 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 1,176 | 751 | ' | ' |
Total equity | 1,176 | 751 | ' | ' |
Total | 2,664 | 2,357 | ' | ' |
Crown Cork & Seal Company, Inc [Member] | Non-Guarantors [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 689 | 350 | 342 | 463 |
Receivables, net | 1,064 | 1,057 | ' | ' |
Inventories | 1,213 | 1,166 | ' | ' |
Prepaid expenses and other current assets | 110 | 93 | ' | ' |
Total current assets | 3,076 | 2,666 | ' | ' |
Intercompany debt receivables | 1,908 | 1,769 | ' | ' |
Investments | ' | ' | ' | ' |
Goodwill | 2,016 | 1,998 | ' | ' |
Property, plant and equipment, net | 2,152 | 2,005 | ' | ' |
Other non-current assets | 333 | 243 | ' | ' |
Total | 9,485 | 8,681 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | 279 | 261 | ' | ' |
Current maturities of long-term debt | 94 | 115 | ' | ' |
Accounts payable and accrued liabilities | 2,495 | 2,094 | ' | ' |
Total current liabilities | 2,868 | 2,470 | ' | ' |
Long-term debt, excluding current maturities | 3,057 | 2,877 | ' | ' |
Long-term intercompany debt | ' | ' | ' | ' |
Postretirement and pension liabilities | 891 | 1,098 | ' | ' |
Other non-current liabilities | 172 | 177 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | 285 | 289 | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 2,212 | 1,770 | ' | ' |
Total equity | 2,497 | 2,059 | ' | ' |
Total | 9,485 | 8,681 | ' | ' |
Crown Cork & Seal Company, Inc [Member] | Eliminations [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' |
Intercompany debt receivables | -1,908 | -1,769 | ' | ' |
Investments | -3,388 | -2,521 | ' | ' |
Goodwill | ' | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' |
Other non-current assets | ' | ' | ' | ' |
Total | -5,296 | -4,290 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | ' |
Long-term debt, excluding current maturities | ' | ' | ' | ' |
Long-term intercompany debt | -1,908 | -1,769 | ' | ' |
Postretirement and pension liabilities | ' | ' | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | -3,388 | -2,521 | ' | ' |
Total equity | -3,388 | -2,521 | ' | ' |
Total | -5,296 | -4,290 | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Intercompany receivables | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' |
Prepaid expenses and other current assets | 1 | 1 | ' | ' |
Total current assets | 1 | 1 | ' | ' |
Intercompany debt receivables | ' | ' | ' | ' |
Investments | 1,176 | 751 | ' | ' |
Goodwill | ' | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' |
Other non-current assets | ' | ' | ' | ' |
Total | 1,177 | 752 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 16 | 18 | ' | ' |
Intercompany payables | ' | ' | ' | ' |
Total current liabilities | 16 | 18 | ' | ' |
Long-term debt, excluding current maturities | ' | ' | ' | ' |
Long-term intercompany debt | 1,157 | 894 | ' | ' |
Postretirement and pension liabilities | ' | ' | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 4 | -160 | ' | ' |
Total equity | 4 | -160 | ' | ' |
Total | 1,177 | 752 | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 177 | 27 | 21 | 38 |
Receivables, net | ' | 2 | ' | ' |
Intercompany receivables | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' |
Prepaid expenses and other current assets | 2 | 1 | ' | ' |
Total current assets | 179 | 30 | ' | ' |
Intercompany debt receivables | 1,476 | 1,530 | ' | ' |
Investments | 1,917 | 1,560 | ' | ' |
Goodwill | ' | ' | ' | ' |
Property, plant and equipment, net | 1 | 1 | ' | ' |
Other non-current assets | 36 | 26 | ' | ' |
Total | 3,609 | 3,147 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | ' | ' | ' | ' |
Current maturities of long-term debt | ' | 28 | ' | ' |
Accounts payable and accrued liabilities | 49 | 33 | ' | ' |
Intercompany payables | ' | ' | ' | ' |
Total current liabilities | 49 | 61 | ' | ' |
Long-term debt, excluding current maturities | 1,920 | 1,616 | ' | ' |
Long-term intercompany debt | 594 | 756 | ' | ' |
Postretirement and pension liabilities | ' | ' | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 1,046 | 714 | ' | ' |
Total equity | 1,046 | 714 | ' | ' |
Total | 3,609 | 3,147 | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 2 | 1 | 1 | 1 |
Receivables, net | 26 | 14 | ' | ' |
Intercompany receivables | 30 | 7 | ' | ' |
Inventories | 266 | 282 | ' | ' |
Prepaid expenses and other current assets | 109 | 92 | ' | ' |
Total current assets | 433 | 396 | ' | ' |
Intercompany debt receivables | 1,808 | 1,483 | ' | ' |
Investments | 685 | 608 | ' | ' |
Goodwill | 453 | 453 | ' | ' |
Property, plant and equipment, net | 314 | 308 | ' | ' |
Other non-current assets | 388 | 529 | ' | ' |
Total | 4,081 | 3,777 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 466 | 317 | ' | ' |
Intercompany payables | 81 | 17 | ' | ' |
Total current liabilities | 547 | 334 | ' | ' |
Long-term debt, excluding current maturities | 412 | 412 | ' | ' |
Long-term intercompany debt | 1,353 | 1,447 | ' | ' |
Postretirement and pension liabilities | 299 | 545 | ' | ' |
Other non-current liabilities | 294 | 288 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 1,176 | 751 | ' | ' |
Total equity | 1,176 | 751 | ' | ' |
Total | 4,081 | 3,777 | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantors [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 510 | 322 | 320 | 424 |
Receivables, net | 1,038 | 1,041 | ' | ' |
Intercompany receivables | 81 | 17 | ' | ' |
Inventories | 947 | 884 | ' | ' |
Prepaid expenses and other current assets | 102 | 83 | ' | ' |
Total current assets | 2,678 | 2,347 | ' | ' |
Intercompany debt receivables | 19 | 279 | ' | ' |
Investments | ' | ' | ' | ' |
Goodwill | 1,563 | 1,545 | ' | ' |
Property, plant and equipment, net | 1,837 | 1,696 | ' | ' |
Other non-current assets | 258 | 192 | ' | ' |
Total | 6,355 | 6,059 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | 279 | 261 | ' | ' |
Current maturities of long-term debt | 94 | 87 | ' | ' |
Accounts payable and accrued liabilities | 2,016 | 1,778 | ' | ' |
Intercompany payables | 30 | 7 | ' | ' |
Total current liabilities | 2,419 | 2,133 | ' | ' |
Long-term debt, excluding current maturities | 1,137 | 1,261 | ' | ' |
Long-term intercompany debt | 199 | 195 | ' | ' |
Postretirement and pension liabilities | 592 | 553 | ' | ' |
Other non-current liabilities | 167 | 174 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | 285 | 289 | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | 1,556 | 1,454 | ' | ' |
Total equity | 1,841 | 1,743 | ' | ' |
Total | 6,355 | 6,059 | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Receivables, net | ' | ' | ' | ' |
Intercompany receivables | -111 | -24 | ' | ' |
Inventories | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' |
Total current assets | -111 | -24 | ' | ' |
Intercompany debt receivables | -3,303 | -3,292 | ' | ' |
Investments | -3,778 | -2,919 | ' | ' |
Goodwill | ' | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' |
Other non-current assets | ' | ' | ' | ' |
Total | -7,192 | -6,235 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term debt | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | ' |
Intercompany payables | -111 | -24 | ' | ' |
Total current liabilities | -111 | -24 | ' | ' |
Long-term debt, excluding current maturities | ' | ' | ' | ' |
Long-term intercompany debt | -3,303 | -3,292 | ' | ' |
Postretirement and pension liabilities | ' | ' | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders’ equity/(deficit) | -3,778 | -2,919 | ' | ' |
Total equity | -3,778 | -2,919 | ' | ' |
Total | ($7,192) | ($6,235) | ' | ' |
Condensed_Combining_Financial_5
Condensed Combining Financial Information (Condensed Combining Statement Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net cash provided by/(used for) operating activities | $885 | $621 | $379 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -275 | -324 | -401 |
Insurance proceeds | 8 | 48 | 0 |
Acquisition of businesses, net of cash acquired | -16 | -78 | 0 |
Proceeds from sale of businesses, net of cash sold | 10 | 0 | 4 |
Proceeds from sale of property, plant and equipment | 29 | 3 | 26 |
Intercompany investing activities | 0 | 0 | 0 |
Proceeds from sale of interompany investment | ' | ' | ' |
Other, net | -2 | -11 | -1 |
Net cash used for investing activities | -246 | -362 | -372 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | 1,083 | 110 | 1,770 |
Payments of long-term debt | -1,022 | -66 | -1,069 |
Net change in revolving credit facility and short-term debt | 18 | 28 | -192 |
Net change in long-term intercompany balances | 0 | 0 | 0 |
Debt issue costs | -32 | 0 | -22 |
Capital contribution | 0 | 0 | ' |
Common stock issued | 21 | 15 | 11 |
Common stock repurchased | -300 | -257 | -312 |
Dividends paid | 0 | 0 | 0 |
Purchase of noncontrolling interests | -16 | -4 | -202 |
Dividends paid to noncontrolling interests | -78 | -79 | -104 |
Other | 20 | -1 | -9 |
Net cash used for financing activities | -306 | -254 | -129 |
Effect of exchange rate changes on cash and cash equivalents | 6 | 3 | 1 |
Net change in cash and cash equivalents | 339 | 8 | -121 |
Cash and cash equivalents at January 1 | 350 | 342 | 463 |
Cash and cash equivalents at December 31 | 689 | 350 | 342 |
Crown European Holdings SA [Member] | Parent [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | 16 | 16 | 10 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' |
Proceeds from sale of businesses, net of cash sold | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | ' |
Intercompany investing activities | ' | ' | ' |
Proceeds from sale of interompany investment | ' | ' | ' |
Other, net | ' | ' | ' |
Net cash used for investing activities | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments of long-term debt | ' | ' | ' |
Net change in revolving credit facility and short-term debt | ' | ' | ' |
Net change in long-term intercompany balances | 263 | 226 | 291 |
Debt issue costs | ' | ' | ' |
Capital contribution | ' | ' | ' |
Common stock issued | 21 | 15 | 11 |
Common stock repurchased | -300 | -257 | -312 |
Dividends paid | ' | ' | ' |
Purchase of noncontrolling interests | ' | ' | ' |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | ' | ' | ' |
Net cash used for financing activities | -16 | -16 | -10 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at December 31 | ' | ' | ' |
Crown European Holdings SA [Member] | Issuer [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -48 | -66 | -12 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' |
Proceeds from sale of businesses, net of cash sold | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | ' |
Intercompany investing activities | -40 | -741 | 8 |
Proceeds from sale of interompany investment | ' | 1,205 | ' |
Other, net | ' | ' | ' |
Net cash used for investing activities | -40 | 464 | 8 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | ' | ' | 383 |
Payments of long-term debt | -218 | ' | -276 |
Net change in revolving credit facility and short-term debt | 97 | -4 | -48 |
Net change in long-term intercompany balances | 255 | -232 | -38 |
Debt issue costs | -6 | ' | -3 |
Capital contribution | ' | ' | ' |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | ' | -170 | ' |
Purchase of noncontrolling interests | ' | ' | ' |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | 8 | 8 | -14 |
Net cash used for financing activities | 136 | -398 | 4 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | 48 | ' | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at December 31 | 48 | ' | ' |
Crown European Holdings SA [Member] | Guarantors [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | 364 | 299 | -119 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -81 | -77 | -107 |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | -29 | ' |
Proceeds from sale of businesses, net of cash sold | 10 | ' | 4 |
Proceeds from sale of property, plant and equipment | 20 | 3 | 26 |
Intercompany investing activities | 114 | 293 | 290 |
Proceeds from sale of interompany investment | ' | -1,205 | ' |
Other, net | ' | ' | -1 |
Net cash used for investing activities | 63 | -1,015 | 212 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | 1,000 | ' | 1,250 |
Payments of long-term debt | -730 | -1 | -748 |
Net change in revolving credit facility and short-term debt | -45 | -103 | -54 |
Net change in long-term intercompany balances | -380 | 77 | -438 |
Debt issue costs | -26 | ' | -19 |
Capital contribution | ' | 1,205 | ' |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | ' | -370 | ' |
Purchase of noncontrolling interests | ' | -3 | -98 |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | 12 | -9 | 3 |
Net cash used for financing activities | -169 | 796 | -104 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | 258 | 80 | -11 |
Cash and cash equivalents at January 1 | 134 | 54 | 65 |
Cash and cash equivalents at December 31 | 392 | 134 | 54 |
Crown European Holdings SA [Member] | Non-Guarantors [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | 553 | 372 | 500 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -194 | -247 | -294 |
Insurance proceeds | 8 | 48 | ' |
Acquisition of businesses, net of cash acquired | -16 | -49 | ' |
Proceeds from sale of businesses, net of cash sold | ' | ' | ' |
Proceeds from sale of property, plant and equipment | 9 | ' | ' |
Intercompany investing activities | ' | ' | -180 |
Proceeds from sale of interompany investment | ' | ' | ' |
Other, net | -2 | -11 | ' |
Net cash used for investing activities | -195 | -259 | -474 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | 83 | 110 | 137 |
Payments of long-term debt | -74 | -65 | -45 |
Net change in revolving credit facility and short-term debt | -34 | 135 | -90 |
Net change in long-term intercompany balances | -138 | -71 | 185 |
Debt issue costs | ' | ' | ' |
Capital contribution | 40 | 8 | ' |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | -114 | -225 | -118 |
Purchase of noncontrolling interests | -16 | -1 | -104 |
Dividends paid to noncontrolling interests | -78 | -79 | -104 |
Other | ' | ' | 2 |
Net cash used for financing activities | -331 | -188 | -137 |
Effect of exchange rate changes on cash and cash equivalents | 6 | 3 | 1 |
Net change in cash and cash equivalents | 33 | -72 | -110 |
Cash and cash equivalents at January 1 | 216 | 288 | 398 |
Cash and cash equivalents at December 31 | 249 | 216 | 288 |
Crown European Holdings SA [Member] | Eliminations [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' |
Proceeds from sale of businesses, net of cash sold | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | ' |
Intercompany investing activities | -74 | 448 | -118 |
Proceeds from sale of interompany investment | ' | ' | ' |
Other, net | ' | ' | ' |
Net cash used for investing activities | -74 | 448 | -118 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments of long-term debt | ' | ' | ' |
Net change in revolving credit facility and short-term debt | ' | ' | ' |
Net change in long-term intercompany balances | ' | ' | ' |
Debt issue costs | ' | ' | ' |
Capital contribution | -40 | -1,213 | ' |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | 114 | 765 | 118 |
Purchase of noncontrolling interests | ' | ' | ' |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | ' | ' | ' |
Net cash used for financing activities | 74 | -448 | 118 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at December 31 | ' | ' | ' |
Crown Cork & Seal Company, Inc [Member] | Parent [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | 16 | 16 | 10 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | ' |
Intercompany investing activities | ' | ' | ' |
Other, net | ' | ' | ' |
Net cash used for investing activities | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments of long-term debt | ' | ' | ' |
Net change in revolving credit facility and short-term debt | ' | ' | ' |
Net change in long-term intercompany balances | 263 | 226 | 291 |
Debt issue costs | ' | ' | ' |
Common stock issued | 21 | 15 | 11 |
Common stock repurchased | -300 | -257 | -312 |
Dividends paid | ' | ' | ' |
Purchase of noncontrolling interests | ' | ' | ' |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | ' | ' | ' |
Net cash used for financing activities | -16 | -16 | -10 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at December 31 | ' | ' | ' |
Crown Cork & Seal Company, Inc [Member] | Issuer [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | 37 | -217 | -39 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' |
Proceeds from sale of businesses, net of cash sold | 10 | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | ' |
Intercompany investing activities | 77 | 67 | 49 |
Other, net | ' | ' | ' |
Net cash used for investing activities | 87 | 67 | 49 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments of long-term debt | ' | ' | ' |
Net change in revolving credit facility and short-term debt | ' | ' | ' |
Net change in long-term intercompany balances | -124 | 150 | 86 |
Debt issue costs | ' | ' | ' |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | ' | ' | ' |
Purchase of noncontrolling interests | ' | ' | -96 |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | ' | ' | ' |
Net cash used for financing activities | -124 | 150 | -10 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at December 31 | ' | ' | ' |
Crown Cork & Seal Company, Inc [Member] | Non-Guarantors [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | 832 | 822 | 408 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -275 | -324 | -401 |
Insurance proceeds | 8 | 48 | ' |
Acquisition of businesses, net of cash acquired | -16 | -78 | ' |
Proceeds from sale of businesses, net of cash sold | ' | ' | 4 |
Proceeds from sale of property, plant and equipment | 29 | 3 | 26 |
Intercompany investing activities | ' | ' | ' |
Other, net | -2 | -11 | -1 |
Net cash used for investing activities | -256 | -362 | -372 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | 1,083 | 110 | 1,770 |
Payments of long-term debt | -1,022 | -66 | -1,069 |
Net change in revolving credit facility and short-term debt | 18 | 28 | -192 |
Net change in long-term intercompany balances | -139 | -376 | -377 |
Debt issue costs | -32 | ' | -22 |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | -77 | -67 | -49 |
Purchase of noncontrolling interests | -16 | -4 | -106 |
Dividends paid to noncontrolling interests | -78 | -79 | -104 |
Other | 20 | -1 | -9 |
Net cash used for financing activities | -243 | -455 | -158 |
Effect of exchange rate changes on cash and cash equivalents | 6 | 3 | 1 |
Net change in cash and cash equivalents | 339 | 8 | -121 |
Cash and cash equivalents at January 1 | 350 | 342 | 463 |
Cash and cash equivalents at December 31 | 689 | 350 | 342 |
Crown Cork & Seal Company, Inc [Member] | Eliminations [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | ' |
Intercompany investing activities | -77 | -67 | -49 |
Other, net | ' | ' | ' |
Net cash used for investing activities | -77 | -67 | -49 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments of long-term debt | ' | ' | ' |
Net change in revolving credit facility and short-term debt | ' | ' | ' |
Net change in long-term intercompany balances | ' | ' | ' |
Debt issue costs | ' | ' | ' |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | 77 | 67 | 49 |
Purchase of noncontrolling interests | ' | ' | ' |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | ' | ' | ' |
Net cash used for financing activities | 77 | 67 | 49 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at December 31 | ' | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | 16 | 16 | 10 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' |
Proceeds from sale of businesses, net of cash sold | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | ' |
Intercompany investing activities | ' | ' | ' |
Other, net | ' | ' | ' |
Net cash used for investing activities | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments of long-term debt | ' | ' | ' |
Net change in revolving credit facility and short-term debt | ' | ' | ' |
Net change in long-term intercompany balances | 263 | 226 | 291 |
Debt issue costs | ' | ' | ' |
Common stock issued | 21 | 15 | 11 |
Common stock repurchased | -300 | -257 | -312 |
Dividends paid | ' | ' | ' |
Purchase of noncontrolling interests | ' | ' | ' |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | ' | ' | ' |
Net cash used for financing activities | -16 | -16 | -10 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at December 31 | ' | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -18 | -28 | -29 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' |
Proceeds from sale of businesses, net of cash sold | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | ' |
Intercompany investing activities | 32 | 29 | 31 |
Other, net | ' | ' | ' |
Net cash used for investing activities | 32 | 29 | 31 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | 1,000 | ' | 1,250 |
Payments of long-term debt | -730 | ' | -746 |
Net change in revolving credit facility and short-term debt | ' | -104 | -55 |
Net change in long-term intercompany balances | -108 | 109 | -449 |
Debt issue costs | -26 | ' | -19 |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | ' | ' | ' |
Purchase of noncontrolling interests | ' | ' | ' |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | ' | ' | ' |
Net cash used for financing activities | 136 | 5 | -19 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | 150 | 6 | -17 |
Cash and cash equivalents at January 1 | 27 | 21 | 38 |
Cash and cash equivalents at December 31 | 177 | 27 | 21 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | 352 | 213 | -127 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -37 | -41 | -55 |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | -29 | ' |
Proceeds from sale of businesses, net of cash sold | 10 | ' | 4 |
Proceeds from sale of property, plant and equipment | 4 | 1 | ' |
Intercompany investing activities | 91 | 268 | 53 |
Other, net | ' | ' | -1 |
Net cash used for investing activities | 68 | 199 | 1 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments of long-term debt | ' | -1 | -1 |
Net change in revolving credit facility and short-term debt | ' | ' | ' |
Net change in long-term intercompany balances | -419 | -408 | 223 |
Debt issue costs | ' | ' | ' |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | ' | ' | ' |
Purchase of noncontrolling interests | ' | -3 | -96 |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | ' | ' | ' |
Net cash used for financing activities | -419 | -412 | 126 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | 1 | ' | ' |
Cash and cash equivalents at January 1 | 1 | 1 | 1 |
Cash and cash equivalents at December 31 | 2 | 1 | 1 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantors [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | 535 | 420 | 525 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -238 | -283 | -346 |
Insurance proceeds | 8 | 48 | ' |
Acquisition of businesses, net of cash acquired | -16 | -49 | ' |
Proceeds from sale of businesses, net of cash sold | ' | ' | ' |
Proceeds from sale of property, plant and equipment | 25 | 2 | 26 |
Intercompany investing activities | ' | ' | ' |
Other, net | -2 | -11 | ' |
Net cash used for investing activities | -223 | -293 | -320 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | 83 | 110 | 520 |
Payments of long-term debt | -292 | -65 | -322 |
Net change in revolving credit facility and short-term debt | 18 | 132 | -137 |
Net change in long-term intercompany balances | 264 | 73 | -65 |
Debt issue costs | -6 | ' | -3 |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | -123 | -297 | -84 |
Purchase of noncontrolling interests | -16 | -1 | -106 |
Dividends paid to noncontrolling interests | -78 | -79 | -104 |
Other | 20 | -1 | -9 |
Net cash used for financing activities | -130 | -128 | -310 |
Effect of exchange rate changes on cash and cash equivalents | 6 | 3 | 1 |
Net change in cash and cash equivalents | 188 | 2 | -104 |
Cash and cash equivalents at January 1 | 322 | 320 | 424 |
Cash and cash equivalents at December 31 | 510 | 322 | 320 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | ' | ' | ' |
Insurance proceeds | ' | ' | ' |
Acquisition of businesses, net of cash acquired | ' | ' | ' |
Proceeds from sale of businesses, net of cash sold | ' | ' | ' |
Proceeds from sale of property, plant and equipment | ' | ' | ' |
Intercompany investing activities | -123 | -297 | -84 |
Other, net | ' | ' | ' |
Net cash used for investing activities | -123 | -297 | -84 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments of long-term debt | ' | ' | ' |
Net change in revolving credit facility and short-term debt | ' | ' | ' |
Net change in long-term intercompany balances | ' | ' | ' |
Debt issue costs | ' | ' | ' |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | 123 | 297 | 84 |
Purchase of noncontrolling interests | ' | ' | ' |
Dividends paid to noncontrolling interests | ' | ' | ' |
Other | ' | ' | ' |
Net cash used for financing activities | 123 | 297 | 84 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at December 31 | ' | ' | ' |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts and Reserves (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Trade Accounts Receivable [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $37 | $37 | $40 |
Charged to costs and expense | 41 | 0 | 1 |
Charged to other accounts | 2 | 2 | -1 |
Deductions – Write-offs | -2 | -2 | -3 |
Balance at end of period | 78 | 37 | 37 |
Deferred Tax Assets [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 400 | 359 | 376 |
Charged to costs and expense | -1 | 56 | -19 |
Charged to other accounts | 1 | -15 | 2 |
Deductions – Write-offs | -57 | 0 | 0 |
Balance at end of period | $343 | $400 | $359 |