Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 23, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'CROWN HOLDINGS INC | ' |
Entity Central Index Key | '0001219601 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 138,601,827 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $1,993 | $1,973 |
Cost of products sold, excluding depreciation and amortization | 1,661 | 1,640 |
Depreciation and amortization | 35 | 34 |
Gross profit | 297 | 299 |
Selling and administrative expense | 104 | 104 |
Restructuring and other | 52 | 4 |
Loss from early extinguishments of debt | 0 | 38 |
Interest expense | 58 | 60 |
Interest income | -2 | -2 |
Foreign exchange | 6 | 2 |
Income before income taxes and equity earnings | 79 | 93 |
Provision for income taxes | 33 | 24 |
Equity earnings/(loss) in affiliates | 0 | -2 |
Net income | 46 | 67 |
Net income attributable to noncontrolling interests | -22 | -26 |
Net income attributable to Crown Holdings | $24 | $41 |
Earnings per common share attributable to Crown Holdings: | ' | ' |
Basic | $0.18 | $0.29 |
Diluted | $0.17 | $0.28 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $46 | $67 |
Other comprehensive income, net of tax | ' | ' |
Foreign currency translation adjustments | -4 | -20 |
Pension and other postretirement benefits | 15 | 18 |
Derivatives qualifying as hedges | 7 | -18 |
Total other comprehensive income/ (loss) | 18 | -20 |
Total comprehensive income | 64 | 47 |
Net income attributable to noncontrolling interests | -22 | -26 |
Derivatives qualifying as hedges attributable to noncontrolling interests | 0 | 3 |
Comprehensive income attributable to Crown Holdings | $42 | $24 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets (Condensed) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $267 | $689 | $304 | $350 |
Receivables, net | 1,199 | 1,064 | ' | ' |
Inventories | 1,334 | 1,213 | ' | ' |
Prepaid expenses and other current assets | 216 | 214 | ' | ' |
Assets Held-for-sale, Current | 63 | 0 | ' | ' |
Total current assets | 3,079 | 3,180 | ' | ' |
Goodwill | 2,016 | 2,016 | ' | ' |
Property, plant and equipment, net | 2,160 | 2,152 | ' | ' |
Other non-current assets | 630 | 682 | ' | ' |
Total | 7,885 | 8,030 | ' | ' |
Liabilities and equity | ' | ' | ' | ' |
Short-term debt | 252 | 279 | ' | ' |
Current maturities of long-term debt | 87 | 94 | ' | ' |
Accounts payable and accrued liabilities | 2,165 | 2,547 | ' | ' |
Liabilities of Assets Held-for-sale | 57 | 0 | ' | ' |
Total current liabilities | 2,561 | 2,920 | ' | ' |
Long-term debt, excluding current maturities | 3,765 | 3,469 | ' | ' |
Postretirement and pension liabilities | 855 | 891 | ' | ' |
Other non-current liabilities | 446 | 461 | ' | ' |
Commitments and contingent liabilities (Note K) | ' | ' | ' | ' |
Noncontrolling interests | 255 | 285 | ' | ' |
Crown Holdings shareholders' equity | 3 | 4 | ' | ' |
Total equity | 258 | 289 | 170 | 129 |
Total | $7,885 | $8,030 | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (Condensed) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $46 | $67 |
Adjustments to reconcile net income to net cash used for operating activities: | ' | ' |
Depreciation and amortization | 35 | 34 |
Restructuring and other | 52 | 4 |
Pension expense | 16 | 19 |
Pension contributions | -22 | -20 |
Stock-based compensation | 9 | 10 |
Changes in assets and liabilities: | ' | ' |
Receivables | -157 | -118 |
Inventories | -154 | -205 |
Accounts payable and accrued liabilities | -281 | -208 |
Other, net | -39 | -15 |
Net cash used for operating activities | -495 | -432 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -84 | -63 |
Insurance proceeds | 0 | 8 |
Proceeds from sale of property, plant and equipment | 3 | 0 |
Other | 8 | 3 |
Net cash used for investing activities | -73 | -52 |
Cash flows from financing activities | ' | ' |
Proceeds from long-term debt | 70 | 1,007 |
Payments of long-term debt | -29 | -911 |
Net change in revolving credit facility and short-term debt | 218 | 364 |
Debt issue costs | 0 | -15 |
Common stock issued | 4 | 8 |
Common stock repurchased | -2 | -6 |
Purchase of noncontrolling interests | -93 | -10 |
Dividends paid to noncontrolling interests | -23 | -8 |
Other | 2 | 10 |
Net cash provided by financing activities | 147 | 439 |
Effect of exchange rate changes on cash and cash equivalents | -1 | -1 |
Net change in cash and cash equivalents | -422 | -46 |
Cash and cash equivalents at January 1 | 689 | 350 |
Cash and cash equivalents at Sept 30 | $267 | $304 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Shareholders' Equity (USD $) | Total | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Parent [Member] | Noncontrolling Interests [Member] |
In Millions | ||||||||
Balance at Dec. 31, 2012 | $129 | $929 | $668 | $1,071 | ($2,614) | ($214) | ($160) | $289 |
Net income | 67 | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to noncontrolling interests | 26 | ' | ' | ' | ' | ' | ' | 26 |
Net income attributable to Crown Holdings | 41 | ' | ' | 41 | ' | ' | 41 | ' |
Other comprehensive income/ (loss) | ' | ' | ' | ' | -17 | ' | -17 | ' |
Other comprehensive income/ (loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | -3 |
Total other comprehensive income/ (loss) | -20 | ' | ' | ' | ' | ' | ' | ' |
Dividends paid to noncontrolling interests | -8 | ' | ' | ' | ' | ' | ' | -8 |
Restricted stock awarded | ' | ' | -2 | ' | ' | 2 | ' | ' |
Stock-based compensation | 10 | ' | 10 | ' | ' | ' | 10 | ' |
Common stock issued | 8 | ' | 6 | ' | ' | 2 | 8 | ' |
Common stock repurchased | -6 | ' | -5 | ' | ' | -1 | -6 | ' |
Purchase of noncontrolling interests | -10 | ' | -2 | ' | ' | ' | -2 | -8 |
Balance at Mar. 31, 2013 | 170 | 929 | 675 | 1,112 | -2,631 | -211 | -126 | 296 |
Balance at Dec. 31, 2013 | 289 | 929 | 431 | 1,395 | -2,513 | -238 | 4 | 285 |
Net income | 46 | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to noncontrolling interests | 22 | ' | ' | ' | ' | ' | ' | 22 |
Net income attributable to Crown Holdings | 24 | ' | ' | 24 | ' | ' | 24 | ' |
Other comprehensive income/ (loss) | ' | ' | ' | ' | 18 | ' | 18 | ' |
Other comprehensive income/ (loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | 0 |
Total other comprehensive income/ (loss) | 18 | ' | ' | ' | ' | ' | ' | ' |
Dividends paid to noncontrolling interests | -8 | ' | ' | ' | ' | ' | ' | -8 |
Stock-based compensation | 9 | ' | 9 | ' | ' | ' | 9 | ' |
Common stock issued | 4 | ' | 3 | ' | ' | 1 | 4 | ' |
Common stock repurchased | -2 | ' | -2 | ' | ' | 0 | -2 | ' |
Purchase of noncontrolling interests | -98 | ' | -54 | ' | ' | ' | -54 | -44 |
Balance at Mar. 31, 2014 | $258 | $929 | $387 | $1,419 | ($2,495) | ($237) | $3 | $255 |
Statement_Of_Information_Furni
Statement Of Information Furnished | 3 Months Ended |
Mar. 31, 2014 | |
Quarterly Financial Data [Abstract] | ' |
Statement Of Information Furnished | ' |
Statement of Information Furnished | |
The consolidated financial statements include the accounts of Crown Holdings, Inc. and its consolidated subsidiaries (the “Company”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Form 10-Q instructions. In the opinion of management, these consolidated financial statements contain all adjustments of a normal and recurring nature necessary for a fair statement of the financial position of the Company as of March 31, 2014 and the results of its operations for the three months ended March 31, 2014 and 2013 and of its cash flows for the three months ended March 31, 2014 and 2013. The results reported in these consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. These results have been determined on the basis of accounting principles generally accepted in the United States of America (“GAAP”). | |
Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. |
Accounting_and_Reporting_Devel
Accounting and Reporting Developments | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Accounting and Reporting Developments | ' |
Accounting and Reporting Developments | |
Recently Adopted Accounting Standards | |
In the first quarter of 2014, the Company adopted changes to the guidance on a parent’s accounting for cumulative translation adjustments upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The changes primarily clarified existing guidance regarding when cumulative translation adjustments should be released into earnings upon the occurrence of various events. The change did not impact the Company's financial statements in the first quarter. | |
Recently Issued Accounting Standards | |
In April 2014, the FASB issued changes to the definition of a discontinued operation to include only disposals that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The guidance, which will be effective for the Company on January 1, 2015, applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. Early adoption is permitted. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||
The following table provides information about the changes in each component of accumulated other comprehensive income. | |||||||||||||||||
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 | — | (20 | ) | (17 | ) | (37 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 18 | — | 2 | 20 | |||||||||||||
Other comprehensive income (loss) | 18 | (20 | ) | (15 | ) | (17 | ) | ||||||||||
Balance at March 31, 2013 | $ | (1,936 | ) | $ | (668 | ) | $ | (27 | ) | $ | (2,631 | ) | |||||
Balance at December 31, 2013 | $ | (1,828 | ) | $ | (658 | ) | $ | (27 | ) | $ | (2,513 | ) | |||||
Other comprehensive income (loss) before reclassifications | — | (4 | ) | (8 | ) | (12 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 15 | — | 15 | 30 | |||||||||||||
Other comprehensive income (loss) | 15 | (4 | ) | 7 | 18 | ||||||||||||
Balance at March 31, 2014 | $ | (1,813 | ) | $ | (662 | ) | $ | (20 | ) | $ | (2,495 | ) | |||||
The following table provides information about amounts reclassified out of accumulated other comprehensive income. | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | |||||||||||||||||
Details about Accumulated Other | Three Months Ended March 31, | Affected Line Item in the | |||||||||||||||
Comprehensive Income Components | 2014 | 2013 | Statement of Operations | ||||||||||||||
Gains and losses on cash flow hedges | |||||||||||||||||
Commodities | $ | 19 | $ | 3 | Cost of products sold | ||||||||||||
19 | 3 | Total before tax | |||||||||||||||
(6 | ) | (1 | ) | Provision for income taxes | |||||||||||||
$ | 13 | $ | 2 | Net of tax | |||||||||||||
Foreign exchange | $ | 1 | $ | — | Net sales | ||||||||||||
1 | — | Cost of products sold | |||||||||||||||
2 | — | Total before tax | |||||||||||||||
— | — | Provision for income taxes | |||||||||||||||
$ | 2 | $ | — | Net of tax | |||||||||||||
Total gains and losses on cash flow hedges | $ | 15 | $ | 2 | |||||||||||||
Amortization of defined benefit plan items | |||||||||||||||||
Actuarial losses | $ | 30 | $ | 36 | (a) | ||||||||||||
Prior service credit | (12 | ) | (14 | ) | (a) | ||||||||||||
18 | 22 | Total before tax | |||||||||||||||
(3 | ) | (4 | ) | Provision for income taxes | |||||||||||||
$ | 15 | $ | 18 | Net of tax | |||||||||||||
Total reclassifications for the period | $ | 30 | $ | 20 | Net of tax | ||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note M for further details. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||
Mar. 31, 2014 | |||
Share-based Compensation [Abstract] | ' | ||
Stock-Based Compensation | ' | ||
Stock-Based Compensation | |||
A summary of restricted and deferred stock transactions during the three months ended March 31, 2014 follows: | |||
Number of shares | |||
Non-vested stock awards outstanding at January 1, 2014 | 2,042,272 | ||
Awarded: | |||
Time-vesting | 95,094 | ||
Performance-based | 174,481 | ||
Released: | |||
Time-vesting shares awarded in 2011 through 2013 | (107,284 | ) | |
Forfeitures: | |||
Time-vesting | (15,500 | ) | |
Performance-based-shares awarded in 2011 | (196,667 | ) | |
Non-vested shares outstanding at March 31, 2014 | 1,992,396 | ||
In January 2014, the Company awarded shares of restricted stock to certain senior executives consisting of time-vesting awards which vest ratably over three years and performance-based shares which cliff vest at the end of three years. The number of performance-based shares that will ultimately vest is based on the level of market performance achieved, ranging between 0% and 200% of the shares originally awarded, and will be settled in 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. | |||
The average grant-date fair value of the 2014 and 2013 restricted stock awards was $44.32 and $38.68 for time-vesting shares and $48.31 and $36.75 for performance-based shares. | |||
The fair value of the performance-based shares awarded was calculated using a Monte Carlo valuation model. The estimated weighted average grant-date fair value of the 174,481 performance-based shares awarded in 2014 was $48.31 using a weighted average stock price volatility of 21.5%, an expected term of three years, and a weighted average risk-free interest rate of 0.80%. The variables used to value the 2013 award included a weighted average stock price volatility of 22.40%, an expected term of three years, and a weighted average risk-free rate of 0.34%. | |||
In January 2014, the performance-based shares awarded in 2011 were forfeited as the required market performance condition was not met. | |||
At March 31, 2014, unrecognized compensation cost related to outstanding nonvested stock awards was $54. The weighted average period over which the expense is expected to be recognized is 3.5 years. The aggregate market value of the shares released and issued on the vesting dates was $5. |
Receivables
Receivables | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables | ' | |||||||
Receivables | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Accounts receivable | $ | 1,084 | $ | 962 | ||||
Less: allowance for doubtful accounts | (71 | ) | (78 | ) | ||||
Net trade receivables | 1,013 | 884 | ||||||
Miscellaneous receivables | 186 | 180 | ||||||
Receivables, net | $ | 1,199 | $ | 1,064 | ||||
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Gross [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
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. Non-U.S. inventories are principally determined under the FIFO or average cost method. | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Raw materials and supplies | $ | 639 | $ | 645 | ||||
Work in process | 135 | 128 | ||||||
Finished goods | 560 | 440 | ||||||
$ | 1,334 | $ | 1,213 | |||||
Derivative_and_Other_Financial
Derivative and Other Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||||||
Derivative and Other Financial Instruments | ' | ||||||||||||||||
Derivative and Other Financial Instruments | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Under 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 I 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 reclassification from comprehensive income is the same as that of the underlying exposure. Contracts outstanding at March 31, 2014 mature between one and thirty 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 forward contracts 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 the fair value of derivative instruments. | |||||||||||||||||
Amount of gain/(loss) | Amount of gain/(loss) | ||||||||||||||||
recognized in AOCI | reclassified from AOCI | ||||||||||||||||
(effective portion) | into earnings | ||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||
Derivatives in cash flow hedges | March 31, 2014 | March 31, 2013 | March 31, 2014 | March 31, 2013 | |||||||||||||
Foreign exchange | $ | — | $ | — | $ | (2 | ) | $ | — | ||||||||
Commodities | (8 | ) | (17 | ) | (13 | ) | (2 | ) | |||||||||
Total | $ | (8 | ) | $ | (17 | ) | $ | (15 | ) | $ | (2 | ) | |||||
For the three months ended March 31, 2014, the Company recognized a net loss of $5 related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices. In the event that recent volatility in metal premiums continues, it is possible that the Company could record additional losses in the future that could be material. | |||||||||||||||||
For the twelve month period ending March 31, 2015, a net loss of $21 ($19, net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the three months ended March 31, 2014 and 2013 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 three months ended March 31, 2014. | |||||||||||||||||
Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated in hedge relationships; 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 loss of $1 for the three months ended March 31, 2014 and a gain of $3 for the three months ended March 31, 2013. The impact on earnings from foreign exchange contracts not designated as hedges was a loss of $1 for the three months ended March 31, 2014 and a loss of $3 for the same period in 2013. These adjustments were reported within 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 March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||
Balance Sheet Classification | Fair Value Hierarchy | March 31, 2014 | December 31, 2013 | ||||||||||||||
Derivative Assets | |||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Foreign exchange | Other current assets | 2 | $ | 22 | $ | 29 | |||||||||||
Commodities | Other current assets | 1 | 1 | — | |||||||||||||
Commodities | Other non-current assets | 1 | — | — | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Foreign exchange | Other current assets | 2 | 4 | 8 | |||||||||||||
Total | $ | 27 | $ | 37 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Foreign exchange | Accounts payable and accrued liabilities | 2 | $ | 24 | $ | 30 | |||||||||||
Commodities | Accounts payable and accrued liabilities | 1 | 27 | 27 | |||||||||||||
Commodities | Other non-current liabilities | 1 | 2 | 2 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Foreign exchange | Accounts payable and accrued liabilities | 2 | — | 1 | |||||||||||||
Total | $ | 53 | $ | 60 | |||||||||||||
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 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 March 31, 2014 | |||||||||||||||||
Derivative Assets | 27 | 2 | 25 | ||||||||||||||
Derivative Liabilities | 53 | 2 | 51 | ||||||||||||||
Balance at December 31, 2013 | |||||||||||||||||
Derivative Assets | 37 | 2 | 35 | ||||||||||||||
Derivative Liabilities | 60 | 2 | 58 | ||||||||||||||
Notional Values of Outstanding Derivative Instruments | |||||||||||||||||
The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2014 and December 31, 2013 were: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Derivatives in cash flow hedges: | |||||||||||||||||
Foreign exchange | $ | 623 | $ | 724 | |||||||||||||
Commodities | 335 | 379 | |||||||||||||||
Derivatives in fair value hedges: | |||||||||||||||||
Foreign exchange | 120 | 128 | |||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Foreign exchange | 679 | 675 | |||||||||||||||
Restructuring
Restructuring | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Restructuring Reserve [Abstract] | ' | |||||||||||
Restructuring | ' | |||||||||||
Restructuring and Other | ||||||||||||
For the three months ended March 31, 2014, the Company recorded restructuring and other charges of $52 including $42 of impairment charges related to the planned divestment of certain operations in connection with the acquisition of Mivisa, $8 of other charges including strip and clean costs associated with prior restructuring actions and incremental costs associated with the temporary relocation of production due to an ongoing labor dispute in the Company's Americas Beverage segment and $2 of transaction costs incurred in connection with the acquisition of Mivisa. | ||||||||||||
As a condition for approval of the Company's acquisition of Mivisa by the European Commission, the Company entered into agreements to divest certain operations. The Company expects the sales to close in 2014. The underlying assets and liabilities of the operations to be divested are presented as held for sale in the Company's Consolidated Statements of Financial Position and their carrying value has been written down to fair value less costs to sell. | ||||||||||||
For the three months ended March 31, 2013, the Company recorded restructuring and other charges of $4 related to other exit costs associated with prior restructuring actions. | ||||||||||||
The tables below summarize the outstanding accrual balances associated with prior restructuring actions. | ||||||||||||
2011 European Division Headquarters Relocation | ||||||||||||
Through March 31, 2014, 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 January 1, 2014 | $ | — | $ | 18 | $ | 18 | ||||||
Provisions | — | — | — | |||||||||
Payments | — | — | — | |||||||||
Foreign currency translation | — | — | — | |||||||||
Balance at March 31, 2014 | $ | — | $ | 18 | $ | 18 | ||||||
Other exit costs represent the estimated employee compensation costs resulting from an intercompany payment related to the relocation. The Company expects to pay these costs in 2014 and 2015. | ||||||||||||
2011 and 2012 European Division Actions | ||||||||||||
Through March 31, 2014, the Company incurred costs of $68 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, they have been combined in the rollforward presented below. The Company currently expects to incur future additional costs of $2 related to the actions which are expected to be completed in 2014 at an estimated aggregate cost of $70. 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 January 1, 2014 | $ | 16 | $ | — | $ | 16 | ||||||
Provision | — | 1 | 1 | |||||||||
Payments | (1 | ) | (1 | ) | (2 | ) | ||||||
Foreign currency translation | — | — | — | |||||||||
Balance at March 31, 2014 | $ | 15 | $ | — | $ | 15 | ||||||
2013 European Division Actions | ||||||||||||
Through March 31, 2014, the Company incurred costs 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 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 January 1, 2014 | $ | 27 | $ | — | $ | 27 | ||||||
Provision | — | — | — | |||||||||
Payments | (3 | ) | — | (3 | ) | |||||||
Foreign currency translation | — | — | — | |||||||||
Balance at March 31, 2014 | $ | 24 | $ | — | $ | 24 | ||||||
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. |
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt and Capital Lease Obligations [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
The Company’s outstanding debt was as follows. | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Short-term debt | $ | 252 | $ | 279 | ||||
Long-term debt | ||||||||
Senior secured borrowings: | ||||||||
Revolving credit facilities | $ | 350 | $ | 103 | ||||
Term loan facilities | ||||||||
U.S. dollar at LIBOR plus 1.75% due 2018 | 220 | 220 | ||||||
Euro (€110 at March 31, 2014) at EURIBOR plus 1.75% due 2018 | 151 | 151 | ||||||
Senior notes and debentures: | ||||||||
Euro (€500 at March 31, 2014) 7.125% due 2018 | 689 | 688 | ||||||
U.S. dollar 6.25% due 2021 | 700 | 700 | ||||||
U.S. dollar 4.50% due 2023 | 1,000 | 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 | 330 | 289 | ||||||
Unamortized discounts | (2 | ) | (2 | ) | ||||
Total long-term debt | 3,852 | 3,563 | ||||||
Less: current maturities | (87 | ) | (94 | ) | ||||
Total long-term debt, less current maturities | $ | 3,765 | $ | 3,469 | ||||
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 $4,195 at March 31, 2014 and $3,645 at December 31, 2013. |
AsbestosRelated_Liabilities
Asbestos-Related Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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, Kansas, 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 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. | |||||||||
During the three months ended March 31, 2014, the Company paid $7 to settle outstanding claims and had claims activity as follows: | |||||||||
Beginning claims | 53,000 | ||||||||
New claims | 1,000 | ||||||||
Settlements or dismissals | (1,000 | ) | |||||||
Ending claims | 53,000 | ||||||||
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, the Company's outstanding claims were: | |||||||||
2013 | |||||||||
Claimants alleging first exposure after 1964 | 16,000 | ||||||||
Claimants alleging first exposure before or during 1964 filed in: | |||||||||
Texas | 13,000 | ||||||||
Pennsylvania | 2,000 | ||||||||
Other states that have enacted asbestos legislation | 6,000 | ||||||||
Other states | 16,000 | ||||||||
Total claims outstanding | 53,000 | ||||||||
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 our settlement experience with post-1964 claims, we do 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 March 31, 2014. | |||||||||
As of March 31, 2014, the Company’s accrual for pending and future asbestos-related claims and related legal costs was $250, including $211 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. | |||||||||
It is reasonably possible that the actual loss could be in excess of the Company’s accrual. 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 (which was not specified for approximately 87% of the claims outstanding at the end of 2013), 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 | 3 Months Ended |
Mar. 31, 2014 | |
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. The Company has a receivable of $3 for the recovery of certain of these 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. | |
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 course 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 March 31, 2014, 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 March 31, 2014, the Company also had guarantees of $38 related to the residual values of leased assets. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings Per Share | ||||||||
The following table summarizes the computations of basic and diluted earnings per share attributable to the Company: | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
Net income attributable to Crown Holdings | $ | 24 | $ | 41 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 136.8 | 142.5 | ||||||
Add: dilutive stock options and restricted stock | 1.1 | 1.5 | ||||||
Diluted | 137.9 | 144 | ||||||
Basic earnings per share | $ | 0.18 | $ | 0.29 | ||||
Diluted earnings per share | $ | 0.17 | $ | 0.28 | ||||
For both the three months ended March 31, 2014 and 2013, 0.2 million contingently issuable common shares were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. |
Pension_And_Other_Postretireme
Pension And Other Postretirement Benefits | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Pension And Other Postretirement Benefits | ' | |||||||
Pension and Other Postretirement Benefits | ||||||||
The components of net periodic pension and other postretirement benefits costs for the three months ended March 31 were as follows: | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
Pension Benefits – U.S. Plans | 2014 | 2013 | ||||||
Service cost | $ | 4 | $ | 4 | ||||
Interest cost | 16 | 15 | ||||||
Expected return on plan assets | (26 | ) | (25 | ) | ||||
Recognized net loss | 11 | 14 | ||||||
Net periodic cost | $ | 5 | $ | 8 | ||||
Three Months Ended | ||||||||
31-Mar | ||||||||
Pension Benefits – Non-U.S. Plans | 2014 | 2013 | ||||||
Service cost | $ | 7 | $ | 7 | ||||
Interest cost | 39 | 36 | ||||||
Expected return on plan assets | (49 | ) | (46 | ) | ||||
Recognized prior service credit | (4 | ) | (4 | ) | ||||
Recognized net loss | 18 | 18 | ||||||
Net periodic cost | $ | 11 | $ | 11 | ||||
Three Months Ended | ||||||||
31-Mar | ||||||||
Other Postretirement Benefits | 2014 | 2013 | ||||||
Service cost | $ | 1 | $ | 1 | ||||
Interest cost | 3 | 3 | ||||||
Recognized prior service credit | (9 | ) | (10 | ) | ||||
Recognized net loss | 2 | 4 | ||||||
Net periodic cost | $ | (3 | ) | $ | (2 | ) |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
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: | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
U.S. statutory rate at 35% | $ | 28 | $ | 33 | ||||
Tax on foreign income | (17 | ) | (10 | ) | ||||
Valuation allowance | 5 | 2 | ||||||
Non-deductible impairment charge | 15 | — | ||||||
Other items, net | 2 | (1 | ) | |||||
Income tax provision | $ | 33 | $ | 24 | ||||
For the three months ended March 31, 2014 compared to 2013, the Company's effective income tax rate was higher primarily due to non-deductible impairment charges related to the planned divestment of certain operations in connection with the Company's acquisition of Mivisa. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
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 excluding the timing impact of hedge ineffectiveness 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 the Company's operating segments: | ||||||||
External Sales | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
Americas Beverage | $ | 549 | $ | 552 | ||||
North America Food | 179 | 197 | ||||||
European Beverage | 388 | 371 | ||||||
European Food | 373 | 376 | ||||||
Asia Pacific | 298 | 276 | ||||||
Total reportable segments | 1,787 | 1,772 | ||||||
Non-reportable segments | 206 | 201 | ||||||
Total | $ | 1,993 | $ | 1,973 | ||||
The primary sources of revenue included in non-reportable segments are 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. | ||||||||
Intersegment Sales | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
Americas Beverage | $ | 19 | $ | 14 | ||||
North America Food | 3 | 3 | ||||||
European Beverage | — | 1 | ||||||
European Food | 22 | 21 | ||||||
Asia Pacific | — | — | ||||||
Total reportable segments | 44 | 39 | ||||||
Non-reportable segments | 29 | 32 | ||||||
Total | $ | 73 | $ | 71 | ||||
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. | ||||||||
Segment Income | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
Americas Beverage | $ | 79 | $ | 76 | ||||
North America Food | 29 | 31 | ||||||
European Beverage | 59 | 51 | ||||||
European Food | 26 | 32 | ||||||
Asia Pacific | 34 | 33 | ||||||
Total reportable segments | $ | 227 | $ | 223 | ||||
A reconciliation of segment income of reportable segments to income before income taxes and equity earnings is as follows: | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
Segment income of reportable segments | $ | 227 | $ | 223 | ||||
Segment income of non-reportable segments | 24 | 22 | ||||||
Corporate and unallocated items | (58 | ) | (50 | ) | ||||
Restructuring and other | (52 | ) | (4 | ) | ||||
Loss from early extinguishments of debt | — | (38 | ) | |||||
Interest expense | (58 | ) | (60 | ) | ||||
Interest income | 2 | 2 | ||||||
Foreign exchange | (6 | ) | (2 | ) | ||||
Income before income taxes and equity earnings | $ | 79 | $ | 93 | ||||
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. For the three months ended March 31, 2014, corporate and unallocated items also included a charge of $7 related to hedge ineffectiveness included in cost of products sold. | ||||||||
For the three months ended March 31 2014 and 2013, intercompany profit of $1 and $2 was eliminated within segment income of non-reportable segments. |
Condensed_Combining_Financial_
Condensed Combining Financial Information | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Condensed Combining Financial Information | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Condensed Combining Financial Information | ONDENSED COMBINING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||||
Crown European Holdings SA (Issuer), a wholly owned subsidiary of the Company, has €500 ($689 at March 31, 2014) 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. | For the three months ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
The following condensed combining financial statements: | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
•statements of comprehensive income for the three months ended March 31, 2014 and 2013, | ||||||||||||||||||||||||||||||||||||||||||||
•balance sheets as of March 31, 2014 and December 31, 2013, and | ||||||||||||||||||||||||||||||||||||||||||||
•statements of cash flows for the three months ended March 31, 2014 and 2013 | ||||||||||||||||||||||||||||||||||||||||||||
are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. | Parent | Issuer | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | Guarantors | Company | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | Net cash provided by/(used for) operating activities | $ | (2 | ) | $ | (34 | ) | $ | (396 | ) | $ | (432 | ) | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (63 | ) | (63 | ) | ||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | Insurance proceeds | 8 | 8 | ||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 980 | $ | 1,013 | $ | 1,993 | Intercompany investing activities | 8 | $ | (8 | ) | — | ||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 809 | 852 | 1,661 | Other | 3 | 3 | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 13 | 22 | 35 | Net cash provided by/(used for) investing activities | 8 | (52 | ) | (8 | ) | (52 | ) | |||||||||||||||||||||||||||||||||
Gross profit | 158 | 139 | 297 | Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 1,007 | 1,007 | ||||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | (1 | ) | 85 | 20 | 104 | ||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (911 | ) | (911 | ) | ||||||||||||||||||||||||||||||||||||||||
Restructuring and other | 28 | 24 | 52 | |||||||||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 364 | 364 | ||||||||||||||||||||||||||||||||||||||||||
Net interest expense | 15 | 29 | 12 | 56 | ||||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | 26 | (26 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Technology royalty | (8 | ) | 8 | — | ||||||||||||||||||||||||||||||||||||||||
Debt issue costs | (15 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 3 | 3 | 6 | |||||||||||||||||||||||||||||||||||||||||
Common stock issued | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (14 | ) | 21 | 72 | 79 | |||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (6 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | 17 | 16 | 33 | |||||||||||||||||||||||||||||||||||||||||
Dividends paid | (8 | ) | 8 | — | ||||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 24 | 8 | 20 | $ | (52 | ) | — | ||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (10 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income | 24 | (6 | ) | 24 | 56 | (52 | ) | 46 | ||||||||||||||||||||||||||||||||||||
Dividend paid to noncontrolling interests | (8 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | 10 | 10 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 24 | $ | (6 | ) | $ | 24 | $ | 34 | $ | (52 | ) | $ | 24 | ||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 2 | 26 | 403 | 8 | 439 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 42 | $ | (10 | ) | $ | 42 | $ | 54 | $ | (64 | ) | $ | 64 | Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | |||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (22 | ) | (22 | ) | Net change in cash and cash equivalents | — | — | (46 | ) | — | (46 | ) | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 42 | $ | (10 | ) | $ | 42 | $ | 32 | $ | (64 | ) | $ | 42 | Cash and cash equivalents at January 1 | 350 | 350 | |||||||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | Cash and cash equivalents at March 31 | $ | — | $ | — | $ | 304 | $ | — | $ | 304 | |||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,008 | $ | 965 | $ | 1,973 | ||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 828 | 812 | 1,640 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 14 | 20 | 34 | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 166 | 133 | 299 | ||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | 81 | 23 | 104 | |||||||||||||||||||||||||||||||||||||||||
Restructuring and other | 2 | 2 | 4 | |||||||||||||||||||||||||||||||||||||||||
Loss from early extinguishment of debt | $ | 1 | 37 | 38 | ||||||||||||||||||||||||||||||||||||||||
Net interest expense | 13 | 32 | 13 | 58 | ||||||||||||||||||||||||||||||||||||||||
Technology royalty | (8 | ) | 8 | — | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (14 | ) | 20 | 87 | — | 93 | ||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | 16 | 8 | 24 | |||||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 41 | 22 | 37 | $ | (102 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||
Net income | 41 | 8 | 41 | 79 | (102 | ) | 67 | |||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (26 | ) | (26 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 41 | $ | 8 | $ | 41 | $ | 53 | $ | (102 | ) | $ | 41 | |||||||||||||||||||||||||||||||
Comprehensive income | $ | 24 | $ | (11 | ) | $ | 24 | $ | 49 | $ | (39 | ) | $ | 47 | ||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 24 | $ | (11 | ) | $ | 24 | $ | 26 | $ | (39 | ) | $ | 24 | ||||||||||||||||||||||||||||||
CONDENSED COMBINING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 117 | $ | 150 | $ | 267 | ||||||||||||||||||||||||||||||||||||||
Receivables, net | 306 | 893 | 1,199 | |||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | $ | 3 | 93 | 62 | $ | (158 | ) | — | ||||||||||||||||||||||||||||||||||||
Inventories | 659 | 675 | 1,334 | |||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 2 | 7 | 146 | 61 | 216 | ||||||||||||||||||||||||||||||||||||||
Assets held for sale | 63 | 63 | ||||||||||||||||||||||||||||||||||||||||||
Total current assets | 2 | 10 | 1,321 | 1,904 | (158 | ) | 3,079 | |||||||||||||||||||||||||||||||||||||
Intercompany debt receivables | 1,563 | 3,841 | 487 | (5,891 | ) | — | ||||||||||||||||||||||||||||||||||||||
Investments | 1,164 | 4,153 | (271 | ) | (5,046 | ) | — | |||||||||||||||||||||||||||||||||||||
Goodwill | 1,442 | 574 | 2,016 | |||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 645 | 1,515 | 2,160 | |||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 28 | 528 | 74 | 630 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 5,754 | $ | 7,506 | $ | 4,554 | $ | (11,095 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | 5 | $ | 247 | $ | 252 | ||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | 87 | 87 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 7 | $ | 9 | 1,165 | 984 | 2,165 | |||||||||||||||||||||||||||||||||||||
Intercompany payables | 1 | 61 | 96 | $ | (158 | ) | — | |||||||||||||||||||||||||||||||||||||
Liabilities held for sale | 57 | 57 | ||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 7 | 10 | 1,231 | 1,471 | (158 | ) | 2,561 | |||||||||||||||||||||||||||||||||||||
Long-term debt, excluding current maturities | 1,125 | 2,397 | 243 | 3,765 | ||||||||||||||||||||||||||||||||||||||||
Long-term intercompany debt | 1,156 | 2,342 | 1,597 | 796 | (5,891 | ) | — | |||||||||||||||||||||||||||||||||||||
Postretirement and pension liabilities | 834 | 21 | 855 | |||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 8 | 283 | 155 | 446 | ||||||||||||||||||||||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 255 | 255 | ||||||||||||||||||||||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 3 | 2,269 | 1,164 | 1,613 | (5,046 | ) | 3 | |||||||||||||||||||||||||||||||||||||
Total equity/(deficit) | 3 | 2,269 | 1,164 | 1,868 | (5,046 | ) | 258 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 5,754 | $ | 7,506 | $ | 4,554 | $ | (11,095 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||
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 STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | (1 | ) | $ | (29 | ) | $ | (268 | ) | $ | (197 | ) | $ | (495 | ) | |||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (17 | ) | (67 | ) | (84 | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Intercompany investing activities | 6 | $ | (6 | ) | — | |||||||||||||||||||||||||||||||||||||||
Other | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | — | (8 | ) | (59 | ) | (6 | ) | (73 | ) | ||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 70 | 70 | ||||||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (29 | ) | (29 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 180 | 68 | (30 | ) | 218 | |||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | (1 | ) | (201 | ) | 26 | 176 | — | |||||||||||||||||||||||||||||||||||||
Common stock issued | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid | (6 | ) | 6 | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (93 | ) | (93 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | 2 | — | 2 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 1 | (19 | ) | 1 | 158 | 6 | 147 | |||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | (48 | ) | (275 | ) | (99 | ) | — | (422 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at January 1 | 48 | 392 | 249 | 689 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | — | $ | 117 | $ | 150 | $ | — | $ | 267 | ||||||||||||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | (2 | ) | $ | (24 | ) | $ | (276 | ) | $ | (130 | ) | $ | (432 | ) | |||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (10 | ) | (53 | ) | (63 | ) | ||||||||||||||||||||||||||||||||||||||
Insurance proceeds | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany investing activities | 10 | $ | (10 | ) | — | |||||||||||||||||||||||||||||||||||||||
Other | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 3 | (45 | ) | (10 | ) | (52 | ) | ||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 1,000 | 7 | 1,007 | |||||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (199 | ) | (702 | ) | (10 | ) | (911 | ) | ||||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 237 | 138 | (11 | ) | 364 | |||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | (12 | ) | (166 | ) | 178 | — | ||||||||||||||||||||||||||||||||||||||
Debt issue costs | (15 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||
Common stock issued | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (6 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid | (10 | ) | 10 | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (10 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (8 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | (2 | ) | 12 | 10 | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 2 | 24 | 267 | 136 | 10 | 439 | ||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (6 | ) | (40 | ) | — | (46 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at January 1 | 134 | 216 | 350 | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | — | $ | 128 | $ | 176 | $ | — | $ | 304 | ||||||||||||||||||||||||||||||||
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 for the three months ended March 31, 2014 and 2013, | ||||||||||||||||||||||||||||||||||||||||||||
•balance sheets as of March 31, 2014 and December 31, 2013, and | ||||||||||||||||||||||||||||||||||||||||||||
•statements of cash flows for the three months ended March 31, 2014 and 2013 | ||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,993 | $ | 1,993 | ||||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,661 | 1,661 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 35 | 35 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 297 | 297 | |||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | 3 | 101 | 104 | ||||||||||||||||||||||||||||||||||||||||
Restructuring and other | 14 | 38 | 52 | |||||||||||||||||||||||||||||||||||||||||
Net interest expense | 23 | 33 | 56 | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (40 | ) | 119 | — | 79 | |||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | (5 | ) | 38 | 33 | ||||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 24 | 59 | $ | (83 | ) | — | |||||||||||||||||||||||||||||||||||||
Net income | 24 | 24 | 81 | (83 | ) | 46 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 24 | $ | 24 | $ | 59 | $ | (83 | ) | $ | 24 | |||||||||||||||||||||||||||||||||
Comprehensive income | $ | 42 | $ | 42 | $ | 99 | $ | (119 | ) | $ | 64 | |||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 42 | $ | 42 | $ | 77 | $ | (119 | ) | $ | 42 | |||||||||||||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,973 | $ | 1,973 | ||||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,640 | 1,640 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 34 | 34 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit | 299 | 299 | ||||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | 3 | 101 | 104 | ||||||||||||||||||||||||||||||||||||||||
Restructuring and other | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Loss from early extinguishment of debt | 38 | 38 | ||||||||||||||||||||||||||||||||||||||||||
Net interest expense | 26 | 32 | 58 | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (29 | ) | 122 | 93 | ||||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | 2 | 22 | 24 | |||||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 41 | 72 | — | $ | (115 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||
Net income | 41 | 41 | 100 | (115 | ) | 67 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (26 | ) | (26 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 41 | $ | 41 | $ | 74 | $ | (115 | ) | $ | 41 | |||||||||||||||||||||||||||||||||
Comprehensive income | $ | 24 | $ | 24 | $ | 80 | $ | (81 | ) | $ | 47 | |||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 24 | $ | 24 | $ | 57 | $ | (81 | ) | $ | 24 | |||||||||||||||||||||||||||||||||
CONDENSED COMBINING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 267 | $ | 267 | ||||||||||||||||||||||||||||||||||||||||
Receivables, net | $ | 1 | 1,198 | 1,199 | ||||||||||||||||||||||||||||||||||||||||
Inventories | 1,334 | 1,334 | ||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 2 | 103 | 111 | 216 | |||||||||||||||||||||||||||||||||||||||
Assets held for sale | 63 | 63 | ||||||||||||||||||||||||||||||||||||||||||
Total current assets | 2 | 104 | 2,973 | 3,079 | ||||||||||||||||||||||||||||||||||||||||
Intercompany debt receivables | 1,930 | $ | (1,930 | ) | — | |||||||||||||||||||||||||||||||||||||||
Investments | 1,164 | 2,231 | (3,395 | ) | — | |||||||||||||||||||||||||||||||||||||||
Goodwill | 2,016 | 2,016 | ||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 2,160 | 2,160 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 335 | 295 | 630 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 2,670 | $ | 9,374 | $ | (5,325 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | 252 | $ | 252 | ||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | 87 | 87 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 7 | $ | 39 | 2,119 | 2,165 | ||||||||||||||||||||||||||||||||||||||
Liabilities held for sale | 57 | 57 | ||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 7 | 39 | 2,515 | 2,561 | ||||||||||||||||||||||||||||||||||||||||
Long-term debt, excluding current maturities | 412 | 3,353 | 3,765 | |||||||||||||||||||||||||||||||||||||||||
Long-term intercompany debt | 1,156 | 774 | $ | (1,930 | ) | — | ||||||||||||||||||||||||||||||||||||||
Postretirement and pension liabilities | 855 | 855 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 281 | 165 | 446 | |||||||||||||||||||||||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 255 | 255 | ||||||||||||||||||||||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 3 | 1,164 | 2,231 | (3,395 | ) | 3 | ||||||||||||||||||||||||||||||||||||||
Total equity/(deficit) | 3 | 1,164 | 2,486 | (3,395 | ) | 258 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 2,670 | $ | 9,374 | $ | (5,325 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||||
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 STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | (1 | ) | $ | (27 | ) | $ | (467 | ) | $ | (495 | ) | ||||||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (84 | ) | (84 | ) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany investing activities | 4 | $ | (4 | ) | — | |||||||||||||||||||||||||||||||||||||||
Other | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 4 | (73 | ) | (4 | ) | (73 | ) | ||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 70 | 70 | ||||||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (29 | ) | (29 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 218 | 218 | ||||||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | (1 | ) | 23 | (22 | ) | — | ||||||||||||||||||||||||||||||||||||||
Common stock issued | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid | (4 | ) | 4 | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrollling interests | (93 | ) | (93 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividend paid to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 1 | 23 | 119 | 4 | 147 | |||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (422 | ) | — | (422 | ) | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at January 1 | 689 | 689 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | — | $ | 267 | $ | — | $ | 267 | ||||||||||||||||||||||||||||||||||
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 for the three months ended March 31, 2014 and 2013, | |||||||||||||||||||||||||||||||||||||||||||
• | balance sheets as of March 31, 2014 and December 31, 2013, and | |||||||||||||||||||||||||||||||||||||||||||
• | statements of cash flows for the three months ended March 31, 2014 and 2013 | |||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 499 | $ | 1,494 | $ | 1,993 | ||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 398 | 1,263 | 1,661 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 7 | 28 | 35 | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 94 | 203 | 297 | ||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | 2 | 39 | 63 | 104 | |||||||||||||||||||||||||||||||||||||||
Restructuring and other | 2 | 36 | 14 | 52 | ||||||||||||||||||||||||||||||||||||||||
Net interest expense | 9 | 22 | 25 | 56 | ||||||||||||||||||||||||||||||||||||||||
Technology royalty | (11 | ) | 11 | — | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (13 | ) | 8 | 84 | 79 | |||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | (5 | ) | 14 | 24 | 33 | |||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 24 | 40 | 30 | $ | (94 | ) | — | ||||||||||||||||||||||||||||||||||||
Net income | 24 | 32 | 24 | 60 | (94 | ) | 46 | |||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 24 | $ | 32 | $ | 24 | $ | 38 | $ | (94 | ) | $ | 24 | |||||||||||||||||||||||||||||||
Comprehensive income | $ | 42 | $ | 38 | $ | 42 | $ | 72 | $ | (130 | ) | $ | 64 | |||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 42 | $ | 38 | $ | 42 | $ | 50 | $ | (130 | ) | $ | 42 | |||||||||||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 534 | $ | 1,439 | $ | 1,973 | ||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 429 | 1,211 | 1,640 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 7 | 27 | 34 | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 98 | 201 | 299 | ||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | 3 | 37 | 64 | 104 | |||||||||||||||||||||||||||||||||||||||
Restructuring and other | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Loss from early extinguishment of debt | 37 | 1 | 38 | |||||||||||||||||||||||||||||||||||||||||
Net interest expense | 13 | 23 | 22 | 58 | ||||||||||||||||||||||||||||||||||||||||
Technology royalty | (9 | ) | 9 | — | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (53 | ) | 43 | 103 | 93 | |||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | (20 | ) | 28 | 16 | 24 | |||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 41 | 52 | 26 | $ | (121 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||
Net income | 41 | 19 | 41 | 87 | (121 | ) | 67 | |||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (26 | ) | (26 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 41 | $ | 19 | $ | 41 | $ | 61 | $ | (121 | ) | $ | 41 | |||||||||||||||||||||||||||||||
Comprehensive income | $ | 24 | $ | 24 | $ | 24 | $ | 62 | $ | (87 | ) | $ | 47 | |||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 24 | $ | 24 | $ | 24 | $ | 39 | $ | (87 | ) | $ | 24 | |||||||||||||||||||||||||||||||
CONDENSED COMBINING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 38 | $ | 1 | $ | 228 | $ | 267 | ||||||||||||||||||||||||||||||||||||
Receivables, net | 18 | 1,181 | 1,199 | |||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | 26 | 22 | $ | (48 | ) | — | ||||||||||||||||||||||||||||||||||||||
Inventories | 310 | 1,024 | 1,334 | |||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 2 | 2 | 79 | 133 | 216 | ||||||||||||||||||||||||||||||||||||||
Assets held for sale | 63 | 63 | ||||||||||||||||||||||||||||||||||||||||||
Total current assets | 2 | 40 | 434 | 2,651 | (48 | ) | 3,079 | |||||||||||||||||||||||||||||||||||||
Intercompany debt receivables | 1,609 | 1,846 | 26 | (3,481 | ) | — | ||||||||||||||||||||||||||||||||||||||
Investments | 1,164 | 1,964 | 745 | (3,873 | ) | — | ||||||||||||||||||||||||||||||||||||||
Goodwill | 453 | 1,563 | 2,016 | |||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 1 | 315 | 1,844 | 2,160 | ||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 35 | 357 | 238 | 630 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 3,649 | $ | 4,150 | $ | 6,322 | $ | (7,402 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | 252 | $ | 252 | ||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | 87 | 87 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 7 | $ | 26 | $ | 468 | 1,664 | 2,165 | ||||||||||||||||||||||||||||||||||||
Intercompany payables | 22 | 26 | $ | (48 | ) | — | ||||||||||||||||||||||||||||||||||||||
Liabilities held for sale | 57 | 57 | ||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 7 | 26 | 490 | 2,086 | (48 | ) | 2,561 | |||||||||||||||||||||||||||||||||||||
Long-term debt, excluding current maturities | 1,940 | 412 | 1,413 | 3,765 | ||||||||||||||||||||||||||||||||||||||||
Long-term intercompany debt | 1,156 | 599 | 1,510 | 216 | (3,481 | ) | — | |||||||||||||||||||||||||||||||||||||
Postretirement and pension liabilities | 289 | 566 | 855 | |||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 285 | 161 | 446 | |||||||||||||||||||||||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 255 | 255 | ||||||||||||||||||||||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 3 | 1,084 | 1,164 | 1,625 | (3,873 | ) | 3 | |||||||||||||||||||||||||||||||||||||
Total equity/(deficit) | 3 | 1,084 | 1,164 | 1,880 | (3,873 | ) | 258 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 3,649 | $ | 4,150 | $ | 6,322 | $ | (7,402 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||
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 STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net provided by/(used for) operating activities | $ | (1 | ) | $ | (31 | ) | $ | (44 | ) | $ | (419 | ) | $ | (495 | ) | |||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (9 | ) | (75 | ) | (84 | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Intercompany investing activities | 6 | $ | (6 | ) | — | |||||||||||||||||||||||||||||||||||||||
Other | — | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | — | (67 | ) | (6 | ) | (73 | ) | ||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 70 | 70 | ||||||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (29 | ) | (29 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 20 | 198 | 218 | |||||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | (1 | ) | (128 | ) | 119 | 10 | — | |||||||||||||||||||||||||||||||||||||
Common stock issued | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid | (6 | ) | 6 | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (76 | ) | (17 | ) | (93 | ) | ||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 1 | (108 | ) | 43 | 205 | 6 | 147 | |||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | (139 | ) | (1 | ) | (282 | ) | — | (422 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at January 1 | 177 | 2 | 510 | 689 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | 38 | $ | 1 | $ | 228 | $ | — | $ | 267 | ||||||||||||||||||||||||||||||||
CONDENSED COMBINING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net provided by/(used for) operating activities | $ | (2 | ) | $ | (20 | ) | $ | (48 | ) | $ | (362 | ) | $ | (432 | ) | |||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (5 | ) | (58 | ) | (63 | ) | ||||||||||||||||||||||||||||||||||||||
Insurance Proceeds | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany investing activities | 2 | 8 | $ | (10 | ) | — | ||||||||||||||||||||||||||||||||||||||
Other | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 2 | 6 | (50 | ) | (10 | ) | (52 | ) | |||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 1,000 | 7 | 1,007 | |||||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (702 | ) | (209 | ) | (911 | ) | ||||||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 85 | 279 | 364 | |||||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | (351 | ) | 41 | 310 | — | |||||||||||||||||||||||||||||||||||||||
Debt issue costs | (15 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||
Common stock issued | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (6 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid | (10 | ) | 10 | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (10 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (8 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | 10 | 10 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 2 | 17 | 41 | 369 | 10 | 439 | ||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | (1 | ) | (1 | ) | (44 | ) | — | (46 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at January 1 | 27 | 1 | 322 | 350 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | 26 | $ | — | $ | 278 | $ | — | $ | 304 | ||||||||||||||||||||||||||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
On April 23, 2014, the Company completed its previously announced acquisition of the sole shareholder of Mivisa Envases, S.A.U. (“Mivisa”) from certain investment funds managed by affiliates of The Blackstone Group L.P., N+1 Mercapital and management for approximately €550 ($760) including lockbox interest and €700 ($966) of debt assumed plus transaction costs excluding the impact of any cash acquired. With manufacturing facilities primarily serving the vegetable, fruit, fish and meat segments, Mivisa, based in Murcia, Spain, is the largest food can producer in both the Iberian Peninsula and Morocco. To fund the acquisition, payoff certain of Mivisa's existing debt and pay related transaction costs, the Company used (i) a $580 Delayed Draw Term Loan A Facility, (ii) a €590 ($815) Delayed Draw Term Euro Facility and (iii) a $362 Farm Credit Facility (together, the “Facilities”). 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. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The following table provides information about the changes in each component of accumulated other comprehensive income. | |||||||||||||||||
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 | — | (20 | ) | (17 | ) | (37 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 18 | — | 2 | 20 | |||||||||||||
Other comprehensive income (loss) | 18 | (20 | ) | (15 | ) | (17 | ) | ||||||||||
Balance at March 31, 2013 | $ | (1,936 | ) | $ | (668 | ) | $ | (27 | ) | $ | (2,631 | ) | |||||
Balance at December 31, 2013 | $ | (1,828 | ) | $ | (658 | ) | $ | (27 | ) | $ | (2,513 | ) | |||||
Other comprehensive income (loss) before reclassifications | — | (4 | ) | (8 | ) | (12 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 15 | — | 15 | 30 | |||||||||||||
Other comprehensive income (loss) | 15 | (4 | ) | 7 | 18 | ||||||||||||
Balance at March 31, 2014 | $ | (1,813 | ) | $ | (662 | ) | $ | (20 | ) | $ | (2,495 | ) | |||||
Accumulated Other Comprehensive Income | |||||||||||||||||
The following table provides information about the changes in each component of accumulated other comprehensive income. | |||||||||||||||||
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 | — | (20 | ) | (17 | ) | (37 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 18 | — | 2 | 20 | |||||||||||||
Other comprehensive income (loss) | 18 | (20 | ) | (15 | ) | (17 | ) | ||||||||||
Balance at March 31, 2013 | $ | (1,936 | ) | $ | (668 | ) | $ | (27 | ) | $ | (2,631 | ) | |||||
Balance at December 31, 2013 | $ | (1,828 | ) | $ | (658 | ) | $ | (27 | ) | $ | (2,513 | ) | |||||
Other comprehensive income (loss) before reclassifications | — | (4 | ) | (8 | ) | (12 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 15 | — | 15 | 30 | |||||||||||||
Other comprehensive income (loss) | 15 | (4 | ) | 7 | 18 | ||||||||||||
Balance at March 31, 2014 | $ | (1,813 | ) | $ | (662 | ) | $ | (20 | ) | $ | (2,495 | ) | |||||
The following table provides information about amounts reclassified out of accumulated other comprehensive income. | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | |||||||||||||||||
Details about Accumulated Other | Three Months Ended March 31, | Affected Line Item in the | |||||||||||||||
Comprehensive Income Components | 2014 | 2013 | Statement of Operations | ||||||||||||||
Gains and losses on cash flow hedges | |||||||||||||||||
Commodities | $ | 19 | $ | 3 | Cost of products sold | ||||||||||||
19 | 3 | Total before tax | |||||||||||||||
(6 | ) | (1 | ) | Provision for income taxes | |||||||||||||
$ | 13 | $ | 2 | Net of tax | |||||||||||||
Foreign exchange | $ | 1 | $ | — | Net sales | ||||||||||||
1 | — | Cost of products sold | |||||||||||||||
2 | — | Total before tax | |||||||||||||||
— | — | Provision for income taxes | |||||||||||||||
$ | 2 | $ | — | Net of tax | |||||||||||||
Total gains and losses on cash flow hedges | $ | 15 | $ | 2 | |||||||||||||
Amortization of defined benefit plan items | |||||||||||||||||
Actuarial losses | $ | 30 | $ | 36 | (a) | ||||||||||||
Prior service credit | (12 | ) | (14 | ) | (a) | ||||||||||||
18 | 22 | Total before tax | |||||||||||||||
(3 | ) | (4 | ) | Provision for income taxes | |||||||||||||
$ | 15 | $ | 18 | Net of tax | |||||||||||||
Total reclassifications for the period | $ | 30 | $ | 20 | Net of tax | ||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note M for further details. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||
Mar. 31, 2014 | |||
Share-based Compensation [Abstract] | ' | ||
Summary Of Restricted Stock Transactions | ' | ||
A summary of restricted and deferred stock transactions during the three months ended March 31, 2014 follows: | |||
Number of shares | |||
Non-vested stock awards outstanding at January 1, 2014 | 2,042,272 | ||
Awarded: | |||
Time-vesting | 95,094 | ||
Performance-based | 174,481 | ||
Released: | |||
Time-vesting shares awarded in 2011 through 2013 | (107,284 | ) | |
Forfeitures: | |||
Time-vesting | (15,500 | ) | |
Performance-based-shares awarded in 2011 | (196,667 | ) | |
Non-vested shares outstanding at March 31, 2014 | 1,992,396 | ||
Receivables_Tables
Receivables (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Receivables | ' | |||||||
March 31, 2014 | December 31, 2013 | |||||||
Accounts receivable | $ | 1,084 | $ | 962 | ||||
Less: allowance for doubtful accounts | (71 | ) | (78 | ) | ||||
Net trade receivables | 1,013 | 884 | ||||||
Miscellaneous receivables | 186 | 180 | ||||||
Receivables, net | $ | 1,199 | $ | 1,064 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Gross [Abstract] | ' | |||||||
Components Of Inventories | ' | |||||||
March 31, 2014 | December 31, 2013 | |||||||
Raw materials and supplies | $ | 639 | $ | 645 | ||||
Work in process | 135 | 128 | ||||||
Finished goods | 560 | 440 | ||||||
$ | 1,334 | $ | 1,213 | |||||
Derivative_and_Other_Financial1
Derivative and Other Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [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 the fair value of derivative instruments. | |||||||||||||||||
Amount of gain/(loss) | Amount of gain/(loss) | ||||||||||||||||
recognized in AOCI | reclassified from AOCI | ||||||||||||||||
(effective portion) | into earnings | ||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||
Derivatives in cash flow hedges | March 31, 2014 | March 31, 2013 | March 31, 2014 | March 31, 2013 | |||||||||||||
Foreign exchange | $ | — | $ | — | $ | (2 | ) | $ | — | ||||||||
Commodities | (8 | ) | (17 | ) | (13 | ) | (2 | ) | |||||||||
Total | $ | (8 | ) | $ | (17 | ) | $ | (15 | ) | $ | (2 | ) | |||||
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 March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||
Balance Sheet Classification | Fair Value Hierarchy | March 31, 2014 | December 31, 2013 | ||||||||||||||
Derivative Assets | |||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Foreign exchange | Other current assets | 2 | $ | 22 | $ | 29 | |||||||||||
Commodities | Other current assets | 1 | 1 | — | |||||||||||||
Commodities | Other non-current assets | 1 | — | — | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Foreign exchange | Other current assets | 2 | 4 | 8 | |||||||||||||
Total | $ | 27 | $ | 37 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||
Foreign exchange | Accounts payable and accrued liabilities | 2 | $ | 24 | $ | 30 | |||||||||||
Commodities | Accounts payable and accrued liabilities | 1 | 27 | 27 | |||||||||||||
Commodities | Other non-current liabilities | 1 | 2 | 2 | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Foreign exchange | Accounts payable and accrued liabilities | 2 | — | 1 | |||||||||||||
Total | $ | 53 | $ | 60 | |||||||||||||
Schedule of Offsetting Derivative Assets and Liabilities | ' | ||||||||||||||||
In the table below, the aggregate fair values of 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 March 31, 2014 | |||||||||||||||||
Derivative Assets | 27 | 2 | 25 | ||||||||||||||
Derivative Liabilities | 53 | 2 | 51 | ||||||||||||||
Balance at December 31, 2013 | |||||||||||||||||
Derivative Assets | 37 | 2 | 35 | ||||||||||||||
Derivative Liabilities | 60 | 2 | 58 | ||||||||||||||
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 March 31, 2014 and December 31, 2013 were: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Derivatives in cash flow hedges: | |||||||||||||||||
Foreign exchange | $ | 623 | $ | 724 | |||||||||||||
Commodities | 335 | 379 | |||||||||||||||
Derivatives in fair value hedges: | |||||||||||||||||
Foreign exchange | 120 | 128 | |||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Foreign exchange | 679 | 675 | |||||||||||||||
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
European Division Headquarters [Member] | ' | |||||||||||
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 January 1, 2014 | $ | — | $ | 18 | $ | 18 | ||||||
Provisions | — | — | — | |||||||||
Payments | — | — | — | |||||||||
Foreign currency translation | — | — | — | |||||||||
Balance at March 31, 2014 | $ | — | $ | 18 | $ | 18 | ||||||
Other European operations [Member] | ' | |||||||||||
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 January 1, 2014 | $ | 16 | $ | — | $ | 16 | ||||||
Provision | — | 1 | 1 | |||||||||
Payments | (1 | ) | (1 | ) | (2 | ) | ||||||
Foreign currency translation | — | — | — | |||||||||
Balance at March 31, 2014 | $ | 15 | $ | — | $ | 15 | ||||||
2013 Action - European Division [Member] | ' | |||||||||||
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 January 1, 2014 | $ | 27 | $ | — | $ | 27 | ||||||
Provision | — | — | — | |||||||||
Payments | (3 | ) | — | (3 | ) | |||||||
Foreign currency translation | — | — | — | |||||||||
Balance at March 31, 2014 | $ | 24 | $ | — | $ | 24 | ||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt and Capital Lease Obligations [Abstract] | ' | |||||||
Summary Of Outstanding Debt | ' | |||||||
The Company’s outstanding debt was as follows. | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Short-term debt | $ | 252 | $ | 279 | ||||
Long-term debt | ||||||||
Senior secured borrowings: | ||||||||
Revolving credit facilities | $ | 350 | $ | 103 | ||||
Term loan facilities | ||||||||
U.S. dollar at LIBOR plus 1.75% due 2018 | 220 | 220 | ||||||
Euro (€110 at March 31, 2014) at EURIBOR plus 1.75% due 2018 | 151 | 151 | ||||||
Senior notes and debentures: | ||||||||
Euro (€500 at March 31, 2014) 7.125% due 2018 | 689 | 688 | ||||||
U.S. dollar 6.25% due 2021 | 700 | 700 | ||||||
U.S. dollar 4.50% due 2023 | 1,000 | 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 | 330 | 289 | ||||||
Unamortized discounts | (2 | ) | (2 | ) | ||||
Total long-term debt | 3,852 | 3,563 | ||||||
Less: current maturities | (87 | ) | (94 | ) | ||||
Total long-term debt, less current maturities | $ | 3,765 | $ | 3,469 | ||||
AsbestosRelated_Liabilities_Ta
Asbestos-Related Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Liability for Asbestos and Environmental Claims [Abstract] | ' | ||||||||
Summary Of Claims Activity | ' | ||||||||
During the three months ended March 31, 2014, the Company paid $7 to settle outstanding claims and had claims activity as follows: | |||||||||
Beginning claims | 53,000 | ||||||||
New claims | 1,000 | ||||||||
Settlements or dismissals | (1,000 | ) | |||||||
Ending claims | 53,000 | ||||||||
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, the Company's outstanding claims were: | |||||||||
2013 | |||||||||
Claimants alleging first exposure after 1964 | 16,000 | ||||||||
Claimants alleging first exposure before or during 1964 filed in: | |||||||||
Texas | 13,000 | ||||||||
Pennsylvania | 2,000 | ||||||||
Other states that have enacted asbestos legislation | 6,000 | ||||||||
Other states | 16,000 | ||||||||
Total claims outstanding | 53,000 | ||||||||
Summary Of Percentage Of Outstanding Claims Related To Claimants Alleging Serious Diseases | ' | ||||||||
2013 | 2012 | 2011 | |||||||
Total claims | 21 | % | 19 | % | 18 | % | |||
Pre-1964 claims in states without asbestos legislation | 39 | % | 36 | % | 33 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computations Of Basic And Diluted Earnings Per Share | ' | |||||||
The following table summarizes the computations of basic and diluted earnings per share attributable to the Company: | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
Net income attributable to Crown Holdings | $ | 24 | $ | 41 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 136.8 | 142.5 | ||||||
Add: dilutive stock options and restricted stock | 1.1 | 1.5 | ||||||
Diluted | 137.9 | 144 | ||||||
Basic earnings per share | $ | 0.18 | $ | 0.29 | ||||
Diluted earnings per share | $ | 0.17 | $ | 0.28 | ||||
Pension_And_Other_Postretireme1
Pension And Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 net periodic pension and other postretirement benefits costs for the three months ended March 31 were as follows: | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
Pension Benefits – U.S. Plans | 2014 | 2013 | ||||||
Service cost | $ | 4 | $ | 4 | ||||
Interest cost | 16 | 15 | ||||||
Expected return on plan assets | (26 | ) | (25 | ) | ||||
Recognized net loss | 11 | 14 | ||||||
Net periodic cost | $ | 5 | $ | 8 | ||||
Pension Benefits - Non-U.S. Plans [Member] | ' | |||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||
Components Of Net Periodic Pension And Other Postretirement Benefits Costs | ' | |||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
Pension Benefits – Non-U.S. Plans | 2014 | 2013 | ||||||
Service cost | $ | 7 | $ | 7 | ||||
Interest cost | 39 | 36 | ||||||
Expected return on plan assets | (49 | ) | (46 | ) | ||||
Recognized prior service credit | (4 | ) | (4 | ) | ||||
Recognized net loss | 18 | 18 | ||||||
Net periodic cost | $ | 11 | $ | 11 | ||||
Other Postretirement Benefits [Member] | ' | |||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||
Components Of Net Periodic Pension And Other Postretirement Benefits Costs | ' | |||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
Other Postretirement Benefits | 2014 | 2013 | ||||||
Service cost | $ | 1 | $ | 1 | ||||
Interest cost | 3 | 3 | ||||||
Recognized prior service credit | (9 | ) | (10 | ) | ||||
Recognized net loss | 2 | 4 | ||||||
Net periodic cost | $ | (3 | ) | $ | (2 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
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: | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
U.S. statutory rate at 35% | $ | 28 | $ | 33 | ||||
Tax on foreign income | (17 | ) | (10 | ) | ||||
Valuation allowance | 5 | 2 | ||||||
Non-deductible impairment charge | 15 | — | ||||||
Other items, net | 2 | (1 | ) | |||||
Income tax provision | $ | 33 | $ | 24 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Information of Information about Operating Segments | ' | |||||||
Intersegment Sales | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
Americas Beverage | $ | 19 | $ | 14 | ||||
North America Food | 3 | 3 | ||||||
European Beverage | — | 1 | ||||||
European Food | 22 | 21 | ||||||
Asia Pacific | — | — | ||||||
Total reportable segments | 44 | 39 | ||||||
Non-reportable segments | 29 | 32 | ||||||
Total | $ | 73 | $ | 71 | ||||
I | ||||||||
The tables below present information about the Company's operating segments: | ||||||||
External Sales | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
Americas Beverage | $ | 549 | $ | 552 | ||||
North America Food | 179 | 197 | ||||||
European Beverage | 388 | 371 | ||||||
European Food | 373 | 376 | ||||||
Asia Pacific | 298 | 276 | ||||||
Total reportable segments | 1,787 | 1,772 | ||||||
Non-reportable segments | 206 | 201 | ||||||
Total | $ | 1,993 | $ | 1,973 | ||||
Reconciliation Of Segment Income | ' | |||||||
A reconciliation of segment income of reportable segments to income before income taxes and equity earnings is as follows: | ||||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2014 | 2013 | |||||||
Segment income of reportable segments | $ | 227 | $ | 223 | ||||
Segment income of non-reportable segments | 24 | 22 | ||||||
Corporate and unallocated items | (58 | ) | (50 | ) | ||||
Restructuring and other | (52 | ) | (4 | ) | ||||
Loss from early extinguishments of debt | — | (38 | ) | |||||
Interest expense | (58 | ) | (60 | ) | ||||
Interest income | 2 | 2 | ||||||
Foreign exchange | (6 | ) | (2 | ) | ||||
Income before income taxes and equity earnings | $ | 79 | $ | 93 | ||||
Condensed_Combining_Financial_1
Condensed Combining Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Crown European Holdings SA [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Condensed Combining Statement Of Comprehensive Income | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 980 | $ | 1,013 | $ | 1,993 | ||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 809 | 852 | 1,661 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 13 | 22 | 35 | |||||||||||||||||||||||||||||||||||||||||
Gross profit | 158 | 139 | 297 | |||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | (1 | ) | 85 | 20 | 104 | ||||||||||||||||||||||||||||||||||||||
Restructuring and other | 28 | 24 | 52 | |||||||||||||||||||||||||||||||||||||||||
Net interest expense | 15 | 29 | 12 | 56 | ||||||||||||||||||||||||||||||||||||||||
Technology royalty | (8 | ) | 8 | — | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 3 | 3 | 6 | |||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (14 | ) | 21 | 72 | 79 | |||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | 17 | 16 | 33 | |||||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 24 | 8 | 20 | $ | (52 | ) | — | ||||||||||||||||||||||||||||||||||||
Net income | 24 | (6 | ) | 24 | 56 | (52 | ) | 46 | ||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 24 | $ | (6 | ) | $ | 24 | $ | 34 | $ | (52 | ) | $ | 24 | ||||||||||||||||||||||||||||||
Comprehensive income | $ | 42 | $ | (10 | ) | $ | 42 | $ | 54 | $ | (64 | ) | $ | 64 | ||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 42 | $ | (10 | ) | $ | 42 | $ | 32 | $ | (64 | ) | $ | 42 | ||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,008 | $ | 965 | $ | 1,973 | ||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 828 | 812 | 1,640 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 14 | 20 | 34 | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 166 | 133 | 299 | ||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | 81 | 23 | 104 | |||||||||||||||||||||||||||||||||||||||||
Restructuring and other | 2 | 2 | 4 | |||||||||||||||||||||||||||||||||||||||||
Loss from early extinguishment of debt | $ | 1 | 37 | 38 | ||||||||||||||||||||||||||||||||||||||||
Net interest expense | 13 | 32 | 13 | 58 | ||||||||||||||||||||||||||||||||||||||||
Technology royalty | (8 | ) | 8 | — | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (14 | ) | 20 | 87 | — | 93 | ||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | 16 | 8 | 24 | |||||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 41 | 22 | 37 | $ | (102 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||
Net income | 41 | 8 | 41 | 79 | (102 | ) | 67 | |||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (26 | ) | (26 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 41 | $ | 8 | $ | 41 | $ | 53 | $ | (102 | ) | $ | 41 | |||||||||||||||||||||||||||||||
Comprehensive income | $ | 24 | $ | (11 | ) | $ | 24 | $ | 49 | $ | (39 | ) | $ | 47 | ||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 24 | $ | (11 | ) | $ | 24 | $ | 26 | $ | (39 | ) | $ | 24 | ||||||||||||||||||||||||||||||
Condensed Combining Balance Sheet | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 117 | $ | 150 | $ | 267 | ||||||||||||||||||||||||||||||||||||||
Receivables, net | 306 | 893 | 1,199 | |||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | $ | 3 | 93 | 62 | $ | (158 | ) | — | ||||||||||||||||||||||||||||||||||||
Inventories | 659 | 675 | 1,334 | |||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 2 | 7 | 146 | 61 | 216 | ||||||||||||||||||||||||||||||||||||||
Assets held for sale | 63 | 63 | ||||||||||||||||||||||||||||||||||||||||||
Total current assets | 2 | 10 | 1,321 | 1,904 | (158 | ) | 3,079 | |||||||||||||||||||||||||||||||||||||
Intercompany debt receivables | 1,563 | 3,841 | 487 | (5,891 | ) | — | ||||||||||||||||||||||||||||||||||||||
Investments | 1,164 | 4,153 | (271 | ) | (5,046 | ) | — | |||||||||||||||||||||||||||||||||||||
Goodwill | 1,442 | 574 | 2,016 | |||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 645 | 1,515 | 2,160 | |||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 28 | 528 | 74 | 630 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 5,754 | $ | 7,506 | $ | 4,554 | $ | (11,095 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | 5 | $ | 247 | $ | 252 | ||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | 87 | 87 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 7 | $ | 9 | 1,165 | 984 | 2,165 | |||||||||||||||||||||||||||||||||||||
Intercompany payables | 1 | 61 | 96 | $ | (158 | ) | — | |||||||||||||||||||||||||||||||||||||
Liabilities held for sale | 57 | 57 | ||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 7 | 10 | 1,231 | 1,471 | (158 | ) | 2,561 | |||||||||||||||||||||||||||||||||||||
Long-term debt, excluding current maturities | 1,125 | 2,397 | 243 | 3,765 | ||||||||||||||||||||||||||||||||||||||||
Long-term intercompany debt | 1,156 | 2,342 | 1,597 | 796 | (5,891 | ) | — | |||||||||||||||||||||||||||||||||||||
Postretirement and pension liabilities | 834 | 21 | 855 | |||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 8 | 283 | 155 | 446 | ||||||||||||||||||||||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 255 | 255 | ||||||||||||||||||||||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 3 | 2,269 | 1,164 | 1,613 | (5,046 | ) | 3 | |||||||||||||||||||||||||||||||||||||
Total equity/(deficit) | 3 | 2,269 | 1,164 | 1,868 | (5,046 | ) | 258 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 5,754 | $ | 7,506 | $ | 4,554 | $ | (11,095 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||
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 Statement Of Cash Flows | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | (1 | ) | $ | (29 | ) | $ | (268 | ) | $ | (197 | ) | $ | (495 | ) | |||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (17 | ) | (67 | ) | (84 | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Intercompany investing activities | 6 | $ | (6 | ) | — | |||||||||||||||||||||||||||||||||||||||
Other | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | — | (8 | ) | (59 | ) | (6 | ) | (73 | ) | ||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 70 | 70 | ||||||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (29 | ) | (29 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 180 | 68 | (30 | ) | 218 | |||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | (1 | ) | (201 | ) | 26 | 176 | — | |||||||||||||||||||||||||||||||||||||
Common stock issued | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid | (6 | ) | 6 | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (93 | ) | (93 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | 2 | — | 2 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 1 | (19 | ) | 1 | 158 | 6 | 147 | |||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | (48 | ) | (275 | ) | (99 | ) | — | (422 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at January 1 | 48 | 392 | 249 | 689 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | — | $ | 117 | $ | 150 | $ | — | $ | 267 | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | (2 | ) | $ | (24 | ) | $ | (276 | ) | $ | (130 | ) | $ | (432 | ) | |||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (10 | ) | (53 | ) | (63 | ) | ||||||||||||||||||||||||||||||||||||||
Insurance proceeds | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany investing activities | 10 | $ | (10 | ) | — | |||||||||||||||||||||||||||||||||||||||
Other | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 3 | (45 | ) | (10 | ) | (52 | ) | ||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 1,000 | 7 | 1,007 | |||||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (199 | ) | (702 | ) | (10 | ) | (911 | ) | ||||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 237 | 138 | (11 | ) | 364 | |||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | (12 | ) | (166 | ) | 178 | — | ||||||||||||||||||||||||||||||||||||||
Debt issue costs | (15 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||
Common stock issued | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (6 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid | (10 | ) | 10 | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (10 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (8 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | (2 | ) | 12 | 10 | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 2 | 24 | 267 | 136 | 10 | 439 | ||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (6 | ) | (40 | ) | — | (46 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at January 1 | 134 | 216 | 350 | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | — | $ | 128 | $ | 176 | $ | — | $ | 304 | ||||||||||||||||||||||||||||||||
Crown Cork & Seal Company, Inc [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Condensed Combining Statement Of Comprehensive Income | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,993 | $ | 1,993 | ||||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,661 | 1,661 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 35 | 35 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 297 | 297 | |||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | 3 | 101 | 104 | ||||||||||||||||||||||||||||||||||||||||
Restructuring and other | 14 | 38 | 52 | |||||||||||||||||||||||||||||||||||||||||
Net interest expense | 23 | 33 | 56 | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (40 | ) | 119 | — | 79 | |||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | (5 | ) | 38 | 33 | ||||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 24 | 59 | $ | (83 | ) | — | |||||||||||||||||||||||||||||||||||||
Net income | 24 | 24 | 81 | (83 | ) | 46 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 24 | $ | 24 | $ | 59 | $ | (83 | ) | $ | 24 | |||||||||||||||||||||||||||||||||
Comprehensive income | $ | 42 | $ | 42 | $ | 99 | $ | (119 | ) | $ | 64 | |||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 42 | $ | 42 | $ | 77 | $ | (119 | ) | $ | 42 | |||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,973 | $ | 1,973 | ||||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,640 | 1,640 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 34 | 34 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit | 299 | 299 | ||||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | 3 | 101 | 104 | ||||||||||||||||||||||||||||||||||||||||
Restructuring and other | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Loss from early extinguishment of debt | 38 | 38 | ||||||||||||||||||||||||||||||||||||||||||
Net interest expense | 26 | 32 | 58 | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (29 | ) | 122 | 93 | ||||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | 2 | 22 | 24 | |||||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 41 | 72 | — | $ | (115 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||
Net income | 41 | 41 | 100 | (115 | ) | 67 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (26 | ) | (26 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 41 | $ | 41 | $ | 74 | $ | (115 | ) | $ | 41 | |||||||||||||||||||||||||||||||||
Comprehensive income | $ | 24 | $ | 24 | $ | 80 | $ | (81 | ) | $ | 47 | |||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 24 | $ | 24 | $ | 57 | $ | (81 | ) | $ | 24 | |||||||||||||||||||||||||||||||||
Condensed Combining Balance Sheet | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 267 | $ | 267 | ||||||||||||||||||||||||||||||||||||||||
Receivables, net | $ | 1 | 1,198 | 1,199 | ||||||||||||||||||||||||||||||||||||||||
Inventories | 1,334 | 1,334 | ||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 2 | 103 | 111 | 216 | |||||||||||||||||||||||||||||||||||||||
Assets held for sale | 63 | 63 | ||||||||||||||||||||||||||||||||||||||||||
Total current assets | 2 | 104 | 2,973 | 3,079 | ||||||||||||||||||||||||||||||||||||||||
Intercompany debt receivables | 1,930 | $ | (1,930 | ) | — | |||||||||||||||||||||||||||||||||||||||
Investments | 1,164 | 2,231 | (3,395 | ) | — | |||||||||||||||||||||||||||||||||||||||
Goodwill | 2,016 | 2,016 | ||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 2,160 | 2,160 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 335 | 295 | 630 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 2,670 | $ | 9,374 | $ | (5,325 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | 252 | $ | 252 | ||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | 87 | 87 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 7 | $ | 39 | 2,119 | 2,165 | ||||||||||||||||||||||||||||||||||||||
Liabilities held for sale | 57 | 57 | ||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 7 | 39 | 2,515 | 2,561 | ||||||||||||||||||||||||||||||||||||||||
Long-term debt, excluding current maturities | 412 | 3,353 | 3,765 | |||||||||||||||||||||||||||||||||||||||||
Long-term intercompany debt | 1,156 | 774 | $ | (1,930 | ) | — | ||||||||||||||||||||||||||||||||||||||
Postretirement and pension liabilities | 855 | 855 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 281 | 165 | 446 | |||||||||||||||||||||||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 255 | 255 | ||||||||||||||||||||||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 3 | 1,164 | 2,231 | (3,395 | ) | 3 | ||||||||||||||||||||||||||||||||||||||
Total equity/(deficit) | 3 | 1,164 | 2,486 | (3,395 | ) | 258 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 2,670 | $ | 9,374 | $ | (5,325 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||||
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 Statement Of Cash Flows | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | For the three months ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Non- | Eliminations | Total | Parent | Issuer | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||
Guarantors | Company | Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) operating activities | $ | (1 | ) | $ | (27 | ) | $ | (467 | ) | $ | (495 | ) | Net cash provided by/(used for) operating activities | $ | (2 | ) | $ | (34 | ) | $ | (396 | ) | $ | (432 | ) | |||||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (84 | ) | (84 | ) | Capital expenditures | (63 | ) | (63 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | 3 | Insurance proceeds | 8 | 8 | |||||||||||||||||||||||||||||||||||||||
Intercompany investing activities | 4 | $ | (4 | ) | — | Intercompany investing activities | 8 | $ | (8 | ) | — | |||||||||||||||||||||||||||||||||
Other | 8 | 8 | Other | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 4 | (73 | ) | (4 | ) | (73 | ) | Net cash provided by/(used for) investing activities | 8 | (52 | ) | (8 | ) | (52 | ) | ||||||||||||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 70 | 70 | Proceeds from long-term debt | 1,007 | 1,007 | |||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (29 | ) | (29 | ) | Payments of long-term debt | (911 | ) | (911 | ) | |||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 218 | 218 | Net change in revolving credit facility and short-term debt | 364 | 364 | |||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | (1 | ) | 23 | (22 | ) | — | Net change in long-term intercompany balances | 26 | (26 | ) | — | |||||||||||||||||||||||||||||||||
Common stock issued | 4 | 4 | Debt issue costs | (15 | ) | (15 | ) | |||||||||||||||||||||||||||||||||||||
Common stock repurchased | (2 | ) | (2 | ) | Common stock issued | 8 | 8 | |||||||||||||||||||||||||||||||||||||
Dividends paid | (4 | ) | 4 | — | Common stock repurchased | (6 | ) | (6 | ) | |||||||||||||||||||||||||||||||||||
Purchase of noncontrollling interests | (93 | ) | (93 | ) | Dividends paid | (8 | ) | 8 | — | |||||||||||||||||||||||||||||||||||
Dividend paid to noncontrolling interests | (23 | ) | (23 | ) | Purchase of noncontrolling interests | (10 | ) | (10 | ) | |||||||||||||||||||||||||||||||||||
Other | 2 | 2 | Dividend paid to noncontrolling interests | (8 | ) | (8 | ) | |||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 1 | 23 | 119 | 4 | 147 | Other | 10 | 10 | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | Net cash provided by/(used for) financing activities | 2 | 26 | 403 | 8 | 439 | ||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (422 | ) | — | (422 | ) | Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at January 1 | 689 | 689 | Net change in cash and cash equivalents | — | — | (46 | ) | — | (46 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | — | $ | 267 | $ | — | $ | 267 | Cash and cash equivalents at January 1 | 350 | 350 | |||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | — | $ | 304 | $ | — | $ | 304 | ||||||||||||||||||||||||||||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Condensed Combining Statement Of Comprehensive Income | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 499 | $ | 1,494 | $ | 1,993 | ||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 398 | 1,263 | 1,661 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 7 | 28 | 35 | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 94 | 203 | 297 | ||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | 2 | 39 | 63 | 104 | |||||||||||||||||||||||||||||||||||||||
Restructuring and other | 2 | 36 | 14 | 52 | ||||||||||||||||||||||||||||||||||||||||
Net interest expense | 9 | 22 | 25 | 56 | ||||||||||||||||||||||||||||||||||||||||
Technology royalty | (11 | ) | 11 | — | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (13 | ) | 8 | 84 | 79 | |||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | (5 | ) | 14 | 24 | 33 | |||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 24 | 40 | 30 | $ | (94 | ) | — | ||||||||||||||||||||||||||||||||||||
Net income | 24 | 32 | 24 | 60 | (94 | ) | 46 | |||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 24 | $ | 32 | $ | 24 | $ | 38 | $ | (94 | ) | $ | 24 | |||||||||||||||||||||||||||||||
Comprehensive income | $ | 42 | $ | 38 | $ | 42 | $ | 72 | $ | (130 | ) | $ | 64 | |||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (22 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 42 | $ | 38 | $ | 42 | $ | 50 | $ | (130 | ) | $ | 42 | |||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 534 | $ | 1,439 | $ | 1,973 | ||||||||||||||||||||||||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 429 | 1,211 | 1,640 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 7 | 27 | 34 | |||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 98 | 201 | 299 | ||||||||||||||||||||||||||||||||||||||||
Selling and administrative expense | $ | 3 | 37 | 64 | 104 | |||||||||||||||||||||||||||||||||||||||
Restructuring and other | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Loss from early extinguishment of debt | 37 | 1 | 38 | |||||||||||||||||||||||||||||||||||||||||
Net interest expense | 13 | 23 | 22 | 58 | ||||||||||||||||||||||||||||||||||||||||
Technology royalty | (9 | ) | 9 | — | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | (53 | ) | 43 | 103 | 93 | |||||||||||||||||||||||||||||||||||||||
Provision for / (benefit from) income taxes | (20 | ) | 28 | 16 | 24 | |||||||||||||||||||||||||||||||||||||||
Equity earnings / (loss) in affiliates | $ | 41 | 52 | 26 | $ | (121 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||
Net income | 41 | 19 | 41 | 87 | (121 | ) | 67 | |||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (26 | ) | (26 | ) | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Crown Holdings | $ | 41 | $ | 19 | $ | 41 | $ | 61 | $ | (121 | ) | $ | 41 | |||||||||||||||||||||||||||||||
Comprehensive income | $ | 24 | $ | 24 | $ | 24 | $ | 62 | $ | (87 | ) | $ | 47 | |||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 24 | $ | 24 | $ | 24 | $ | 39 | $ | (87 | ) | $ | 24 | |||||||||||||||||||||||||||||||
Condensed Combining Balance Sheet | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 38 | $ | 1 | $ | 228 | $ | 267 | ||||||||||||||||||||||||||||||||||||
Receivables, net | 18 | 1,181 | 1,199 | |||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | 26 | 22 | $ | (48 | ) | — | ||||||||||||||||||||||||||||||||||||||
Inventories | 310 | 1,024 | 1,334 | |||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 2 | 2 | 79 | 133 | 216 | ||||||||||||||||||||||||||||||||||||||
Assets held for sale | 63 | 63 | ||||||||||||||||||||||||||||||||||||||||||
Total current assets | 2 | 40 | 434 | 2,651 | (48 | ) | 3,079 | |||||||||||||||||||||||||||||||||||||
Intercompany debt receivables | 1,609 | 1,846 | 26 | (3,481 | ) | — | ||||||||||||||||||||||||||||||||||||||
Investments | 1,164 | 1,964 | 745 | (3,873 | ) | — | ||||||||||||||||||||||||||||||||||||||
Goodwill | 453 | 1,563 | 2,016 | |||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 1 | 315 | 1,844 | 2,160 | ||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 35 | 357 | 238 | 630 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 3,649 | $ | 4,150 | $ | 6,322 | $ | (7,402 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||
Liabilities and equity | ||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | 252 | $ | 252 | ||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | 87 | 87 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 7 | $ | 26 | $ | 468 | 1,664 | 2,165 | ||||||||||||||||||||||||||||||||||||
Intercompany payables | 22 | 26 | $ | (48 | ) | — | ||||||||||||||||||||||||||||||||||||||
Liabilities held for sale | 57 | 57 | ||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 7 | 26 | 490 | 2,086 | (48 | ) | 2,561 | |||||||||||||||||||||||||||||||||||||
Long-term debt, excluding current maturities | 1,940 | 412 | 1,413 | 3,765 | ||||||||||||||||||||||||||||||||||||||||
Long-term intercompany debt | 1,156 | 599 | 1,510 | 216 | (3,481 | ) | — | |||||||||||||||||||||||||||||||||||||
Postretirement and pension liabilities | 289 | 566 | 855 | |||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 285 | 161 | 446 | |||||||||||||||||||||||||||||||||||||||||
Commitments and contingent liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 255 | 255 | ||||||||||||||||||||||||||||||||||||||||||
Crown Holdings shareholders’ equity/(deficit) | 3 | 1,084 | 1,164 | 1,625 | (3,873 | ) | 3 | |||||||||||||||||||||||||||||||||||||
Total equity/(deficit) | 3 | 1,084 | 1,164 | 1,880 | (3,873 | ) | 258 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,166 | $ | 3,649 | $ | 4,150 | $ | 6,322 | $ | (7,402 | ) | $ | 7,885 | |||||||||||||||||||||||||||||||
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 Statement Of Cash Flows | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net provided by/(used for) operating activities | $ | (1 | ) | $ | (31 | ) | $ | (44 | ) | $ | (419 | ) | $ | (495 | ) | |||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (9 | ) | (75 | ) | (84 | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 3 | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Intercompany investing activities | 6 | $ | (6 | ) | — | |||||||||||||||||||||||||||||||||||||||
Other | — | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | — | (67 | ) | (6 | ) | (73 | ) | ||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 70 | 70 | ||||||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (29 | ) | (29 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 20 | 198 | 218 | |||||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | (1 | ) | (128 | ) | 119 | 10 | — | |||||||||||||||||||||||||||||||||||||
Common stock issued | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid | (6 | ) | 6 | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (76 | ) | (17 | ) | (93 | ) | ||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 1 | (108 | ) | 43 | 205 | 6 | 147 | |||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | (139 | ) | (1 | ) | (282 | ) | — | (422 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at January 1 | 177 | 2 | 510 | 689 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | 38 | $ | 1 | $ | 228 | $ | — | $ | 267 | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
Guarantors | Company | |||||||||||||||||||||||||||||||||||||||||||
Net provided by/(used for) operating activities | $ | (2 | ) | $ | (20 | ) | $ | (48 | ) | $ | (362 | ) | $ | (432 | ) | |||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (5 | ) | (58 | ) | (63 | ) | ||||||||||||||||||||||||||||||||||||||
Insurance Proceeds | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany investing activities | 2 | 8 | $ | (10 | ) | — | ||||||||||||||||||||||||||||||||||||||
Other | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) investing activities | — | 2 | 6 | (50 | ) | (10 | ) | (52 | ) | |||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt | 1,000 | 7 | 1,007 | |||||||||||||||||||||||||||||||||||||||||
Payments of long-term debt | (702 | ) | (209 | ) | (911 | ) | ||||||||||||||||||||||||||||||||||||||
Net change in revolving credit facility and short-term debt | 85 | 279 | 364 | |||||||||||||||||||||||||||||||||||||||||
Net change in long-term intercompany balances | (351 | ) | 41 | 310 | — | |||||||||||||||||||||||||||||||||||||||
Debt issue costs | (15 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||
Common stock issued | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (6 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid | (10 | ) | 10 | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (10 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (8 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | 10 | 10 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used for) financing activities | 2 | 17 | 41 | 369 | 10 | 439 | ||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | (1 | ) | (1 | ) | (44 | ) | — | (46 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at January 1 | 27 | 1 | 322 | 350 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at March 31 | $ | — | $ | 26 | $ | — | $ | 278 | $ | — | $ | 304 | ||||||||||||||||||||||||||||||||
Accounting_and_Reporting_Devel1
Accounting and Reporting Developments Change in Depreciable Lives (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Depreciation and amortization | $35 | $34 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $46 | $67 |
Diluted earnings per share | $0.17 | $0.28 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Balance at December 31, 2012 | ($2,513) | ($2,614) | |
Other comprehensive income (loss) before reclassifications | -12 | -37 | |
Amounts reclassified from accumulated other comprehensive income | 30 | 20 | |
Other comprehensive income (loss) | 18 | -17 | |
Balance at June 30, 2013 | -2,495 | -2,631 | |
Revenue, Net | 1,993 | 1,973 | |
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization | 1,661 | 1,640 | |
Income before income taxes and equity earnings | 79 | 93 | |
Provision for income taxes | 33 | 24 | |
Net income | 46 | 67 | |
Defined Benefit Plans [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Balance at December 31, 2012 | -1,828 | -1,954 | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 15 | 18 | |
Other comprehensive income (loss) | 15 | 18 | |
Balance at June 30, 2013 | -1,813 | -1,936 | |
Foreign Currency Translation [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Balance at December 31, 2012 | -658 | -648 | |
Other comprehensive income (loss) before reclassifications | -4 | -20 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Other comprehensive income (loss) | -4 | -20 | |
Balance at June 30, 2013 | -662 | -668 | |
Gains and Losses on Cash Flow Hedges [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Balance at December 31, 2012 | -27 | -12 | |
Other comprehensive income (loss) before reclassifications | -8 | -17 | |
Amounts reclassified from accumulated other comprehensive income | 15 | 2 | |
Other comprehensive income (loss) | 7 | -15 | |
Balance at June 30, 2013 | -20 | -27 | |
Amount Reclassified from Accumulated Other Comprehensive Income[Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Net income | 30 | 20 | |
Amount Reclassified from Accumulated Other Comprehensive Income[Member] | Defined Benefit Plans [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Other Compehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 30 | 36 | [1] |
Other Compehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | -12 | -14 | [1] |
Income before income taxes and equity earnings | 18 | 22 | |
Provision for income taxes | -3 | -4 | |
Net income | 15 | 18 | |
Amount Reclassified from Accumulated Other Comprehensive Income[Member] | Commodity Contracts [Member] | Gains and Losses on Cash Flow Hedges [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization | 19 | 3 | |
Income before income taxes and equity earnings | 19 | 3 | |
Provision for income taxes | -6 | -1 | |
Net income | 13 | 2 | |
Amount Reclassified from Accumulated Other Comprehensive Income[Member] | Foreign Exchange Contracts [Member] | Gains and Losses on Cash Flow Hedges [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Revenue, Net | 1 | 0 | |
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization | 1 | 0 | |
Income before income taxes and equity earnings | 2 | 0 | |
Provision for income taxes | 0 | ' | |
Net income | $2 | $0 | |
[1] | These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note M for further details. |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost | $54 | ' |
Cost expected to be recognized, weighted average period (in years) | '3 years 6 months | ' |
Performance-Based-Achieved [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Estimated fair value for the shares awarded (in dollars per share) | $0 | ' |
Percentage of stock awarded based on market performance achieved (as a percent) | 0.00% | ' |
Performance-Based Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $48.31 | $36.75 |
Vesting period (in years) for shares awarded | '3 years | ' |
Level of market performance achieved based on shares awarded, minimum (as a percent) | 0.00% | ' |
Level of market performance achieved based on shares awarded, maximum (as a percent) | 200.00% | ' |
Method used for calculation of performance of share | 'Monte Carlo | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 174,481 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 21.50% | 22.40% |
Expected term (in years) | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.80% | 0.34% |
Time-Vested Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $44.32 | $38.68 |
Vesting period (in years) for shares awarded | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 95,094 | ' |
Time-vested Deferred Stock Awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period (in years) for shares awarded | '4 years | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Aggregate market value of shares released and issued | $5 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Restricted Stock Transactions) (Details) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Time-Vested Restricted Stock [Member] | Time Vested Stock [Member] | Performance-Based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Nonvested shares outstanding | 1,992,396 | 2,042,272 | ' | ' | ' |
Stock awarded during the period | ' | ' | 95,094 | ' | 174,481 |
Stock released during the period | ' | ' | ' | -107,284 | ' |
Nonvested shares outstanding | 1,992,396 | 2,042,272 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | ' | ' | ' | -15,500 | -196,667 |
Receivables_Details
Receivables (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accounts receivable | $1,084 | $962 |
Less: allowance for doubtful accounts | -71 | -78 |
Net trade receivables | 1,013 | 884 |
Miscellaneous receivables | 186 | 180 |
Receivables, net | $1,199 | $1,064 |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Gross [Abstract] | ' | ' |
Raw materials and supplies | $639 | $645 |
Work in process | 135 | 128 |
Finished goods | 560 | 440 |
Total inventories | $1,334 | $1,213 |
Derivative_and_Other_Financial2
Derivative and Other Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Objective for using derivative instruments | 'The Companybs objective in managing exposure to market risk is to limit the impact on earnings and cash flow. | ' |
Derivative, lower remaining maturity range | '1 month | ' |
Derivative, higher remaining maturity range | '30 months | ' |
Net loss to be reclassified to earnings | ($21) | ' |
Loss, net of tax, expected to be reclassified to earnings | -19 | ' |
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 | ' |
Foreign Exchange Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) on foreign exchange contracts designated as fair value hedges | -1 | 3 |
Gain (loss) on foreign exchange contracts not designated as fair value hedges | ($1) | ($3) |
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 $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of gain/(loss) recognized in AOCI (effective portion) | ($8) | ($17) |
Amount of gain/(loss) reclassified from AOCI into earnings | -15 | -2 |
Cash flow hedge ineffectiveness | 7 | ' |
Provision for income taxes | 33 | 24 |
Foreign Exchange Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of gain/(loss) recognized in AOCI (effective portion) | 0 | 0 |
Amount of gain/(loss) reclassified from AOCI into earnings | -2 | 0 |
Commodity Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of gain/(loss) recognized in AOCI (effective portion) | -8 | -17 |
Amount of gain/(loss) reclassified from AOCI into earnings | -13 | -2 |
Cash flow hedge ineffectiveness | -5 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Provision for income taxes | 0 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Provision for income taxes | ($6) | ($1) |
Derivative_and_Other_Financial4
Derivative and Other Financial Instruments (Fair Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total | $27 | $37 |
Total | 53 | 60 |
Fair Value, Inputs, Level 2 [Member] | Other current assets [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets, Foreign exchange contracts | 22 | 29 |
Fair Value, Inputs, Level 2 [Member] | Other current assets [Member] | Not Designated As Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets, Foreign exchange contracts | 4 | 8 |
Fair Value, Inputs, Level 2 [Member] | Accounts payable and accrued liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilites, Foreign exchange contracts | 24 | 30 |
Fair Value, Inputs, Level 2 [Member] | Accounts payable and accrued liabilities [Member] | Not Designated As Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilites, Foreign exchange contracts | 0 | 1 |
Fair Value, Inputs, Level 1 [Member] | Other current assets [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets, Commodity contracts | 1 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other non-current assets [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets, Commodity contracts | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Accounts payable and accrued liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities, Commodity contracts | 27 | 27 |
Fair Value, Inputs, Level 1 [Member] | Other non-current liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities, Commodity contracts | $2 | $2 |
Derivative_and_Other_Financial5
Derivative and Other Financial Instruments Derivative and Other Financial Instruments (Offsetting of Derivative Assets and Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Gross Amounts Recognized in the Balance Sheet, Derivative Liabilities | $53 | $60 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Assets | 2 | 2 |
Net Amount, Derivative Assets | 25 | 35 |
Gross Amounts Recognized in the Balance Sheet, Derivative Assets | 27 | 37 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Liabilities | 2 | 2 |
Net Amount, Derivative Liabilities | $51 | $58 |
Derivative_and_Other_Financial6
Derivative and Other Financial Instruments (Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash Flow Hedges [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, notional amount | $623 | $724 |
Cash Flow Hedges [Member] | Commodity Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, notional amount | 335 | 379 |
Fair Value Hedges [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, notional amount | 120 | 128 |
Not Designated as Hedges [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, notional amount | $679 | $675 |
Restructuring_Narrative_Detail
Restructuring (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other | $52 | $4 |
Asset Impairment Charges | 42 | ' |
Business Acquisition, Transaction Costs | 2 | ' |
Other Restructuring Costs | 8 | ' |
Restructuring and other | 52 | 4 |
European Division Headquarters [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other | 0 | ' |
Restructuring and Related Cost, Cost Incurred to Date | 40 | ' |
Other European operations [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other | 1 | ' |
Restructuring and Related Cost, Cost Incurred to Date | 68 | ' |
Headcount reduction due to consolidation (in employees) | 474 | ' |
Business capacity reduction (as a percent) | 20.00% | ' |
Expected future additional charges | 2 | ' |
Expected restructuring and related expected total costs | 70 | ' |
2013 Action - European Division [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other | 0 | ' |
Restructuring and Related Cost, Cost Incurred to Date | 31 | ' |
Headcount reduction due to consolidation (in employees) | 235 | ' |
North America Food [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and Related Cost, Expected Cost | $16 | ' |
Restructuring_Restructuring_Ch
Restructuring Restructuring Charges by Action/Type (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Charges | $52 | $4 |
Restructuring_Components_Of_Ou
Restructuring (Components Of Outstanding Restructuring Reserve And Movements) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other | $52 | $4 |
European Division Headquarters [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 18 | ' |
Restructuring and other | 0 | ' |
Payments | 0 | ' |
Foreign currency translation | 0 | ' |
Balance | 18 | ' |
Other European Operations [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 16 | ' |
Restructuring and other | 1 | ' |
Payments | -2 | ' |
Foreign currency translation | 0 | ' |
Balance | 15 | ' |
2013 Action - European Division [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 27 | ' |
Restructuring and other | 0 | ' |
Payments | -3 | ' |
Foreign currency translation | 0 | ' |
Balance | 24 | ' |
Termination Benefits [Member] | European Division Headquarters [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 0 | ' |
Restructuring and other | 0 | ' |
Payments | 0 | ' |
Foreign currency translation | 0 | ' |
Balance | 0 | ' |
Termination Benefits [Member] | Other European Operations [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 16 | ' |
Restructuring and other | 0 | ' |
Payments | -1 | ' |
Foreign currency translation | 0 | ' |
Balance | 15 | ' |
Termination Benefits [Member] | 2013 Action - European Division [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 27 | ' |
Restructuring and other | 0 | ' |
Payments | -3 | ' |
Foreign currency translation | 0 | ' |
Balance | 24 | ' |
Other Exit Costs [Member] | European Division Headquarters [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 18 | ' |
Restructuring and other | 0 | ' |
Payments | 0 | ' |
Foreign currency translation | 0 | ' |
Balance | 18 | ' |
Other Exit Costs [Member] | Other European Operations [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 0 | ' |
Restructuring and other | 1 | ' |
Payments | -1 | ' |
Foreign currency translation | 0 | ' |
Balance | 0 | ' |
Other Exit Costs [Member] | 2013 Action - European Division [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance | 0 | ' |
Restructuring and other | 0 | ' |
Payments | 0 | ' |
Foreign currency translation | 0 | ' |
Balance | $0 | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Fair Value | $4,195 | ' | $3,645 |
Repayments of Long-term Debt | 29 | 911 | ' |
Payments of Debt Issuance Costs | 0 | 15 | ' |
Gains (Losses) on Extinguishment of Debt | $0 | $38 | ' |
Debt_Summary_Of_Outstanding_De
Debt (Summary Of Outstanding Debt) (Details) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
USD ($) | USD ($) | U.S. Dollar At LIBOR Plus 1.75% Due 2016 [Member] | U.S. Dollar At LIBOR Plus 1.75% Due 2016 [Member] | Euro At EURIBOR Plus 1.75% Due 2016 [Member] | Euro At EURIBOR Plus 1.75% Due 2016 [Member] | Euro At EURIBOR Plus 1.75% Due 2016 [Member] | Euro 7.125% Due 2018 [Member] | Euro 7.125% Due 2018 [Member] | Euro 7.125% Due 2018 [Member] | U.S. Dollar 6.25% Due 2021 [Member] | U.S. Dollar 6.25% Due 2021 [Member] | U S Dollar 4.5% Due 2023 [Member] | U S Dollar 4.5% Due 2023 [Member] | U.S. Dollar 7.375% Due 2026 [Member] | U.S. Dollar 7.375% Due 2026 [Member] | U.S. Dollar 7.50% Due 2096 [Member] | U.S. Dollar 7.50% Due 2096 [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt | $252,000,000 | $279,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facilities | 350,000,000 | 103,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facilities | ' | ' | 220,000,000 | 220,000,000 | 151,000,000 | 110,000,000 | 151,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes and debentures | ' | ' | ' | ' | ' | ' | ' | 689,000,000 | 500,000,000 | 688,000,000 | 700,000,000 | 700,000,000 | 1,000,000,000 | 1,000,000,000 | 350,000,000 | 350,000,000 | 64,000,000 | 64,000,000 |
Other indebtedness in various currencies | 330,000,000 | 289,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discounts | -2,000,000 | -2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 3,852,000,000 | 3,563,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: current maturities | -87,000,000 | -94,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt, less current maturities | $3,765,000,000 | $3,469,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 1.75% | ' | 1.75% | 1.75% | ' | 7.13% | 7.13% | ' | 6.25% | ' | 4.50% | ' | 7.38% | ' | 7.50% | ' |
AsbestosRelated_Liabilities_Su
Asbestos-Related Liabilities (Summary Of Claims Activity) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Liability for Asbestos and Environmental Claims [Abstract] | ' |
Beginning claims | 53,000 |
New claims | 1,000 |
Settlements or dismissals | -1,000 |
Ending claims | 53,000 |
AsbestosRelated_Liabilities_Su1
Asbestos-Related Liabilities (Summary Of Outstanding Claims By Year Of Exposure And State Filed) (Details) | Mar. 31, 2014 | Dec. 31, 2013 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' |
Claims outstanding | 53,000 | 53,000 |
Asbestos After 1964 [Member] | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' |
Claims outstanding | ' | 16,000 |
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 |
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 |
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 |
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 |
AsbestosRelated_Liabilities_Su2
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 |
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% |
AsbestosRelated_Liabilities_Na
Asbestos-Related Liabilities (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Liability for Asbestos and Environmental Claims [Abstract] | ' | ' |
Holding period for insulation operations (in days) | '90 days | ' |
Liability for asbestos and environmental claims net claims paid | $7 | ' |
Inactive claims (in claims) | 19,000 | ' |
Accrued asbestos claims and related legal costs | 250 | ' |
Unasserted claims | $211 | ' |
Percentage of claims that do not specify damages | ' | 87.00% |
Recovered_Sheet1
Commitments and Contingent Liabilities (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
PRP site [Member] | Non- PRP sites [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Indemnification Agreement [Member] | Property Lease Guarantee [Member] | |||
Commitments And Contingent Liabilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future remediation costs | ' | ' | $6 | $7 | ' | ' | ' | ' |
Site Contingency, Recovery from Third Party of Environmental Remediation Cost | ' | ' | ' | 3 | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 24 | 41 | ' | ' | 11 | ' | ' | ' |
Gain (Loss) Related to Litigation Settlement | ' | ' | ' | ' | ' | 16 | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum | ' | ' | ' | ' | ' | ' | 7 | ' |
Guarantees related to residual values of leased assets | ' | ' | ' | ' | ' | ' | ' | $38 |
Earnings_Per_Share_Computation
Earnings Per Share (Computations Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income attributable to Crown Holdings | $24 | $41 |
Weighted average shares outstanding: | ' | ' |
Basic | 136.8 | 142.5 |
Add: dilutive stock options and restricted stock | 1.1 | 1.5 |
Diluted | 137.9 | 144 |
Basic earnings per share | $0.18 | $0.29 |
Diluted earnings per share | $0.17 | $0.28 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Shares excluded from the computation of diluted earnings per share | 0.2 | 0.2 |
Recovered_Sheet2
Pension and Other Postretirement Benefits (Components Of Net Periodic Pension And Other Postretirement Benefits Costs) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits - U.S. Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $4 | $4 |
Interest cost | 16 | 15 |
Expected return on plan assets | -26 | -25 |
Recognized net loss | 11 | 14 |
Net periodic cost | 5 | 8 |
Pension Benefits - Non-U.S. Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 7 | 7 |
Interest cost | 39 | 36 |
Expected return on plan assets | -49 | -46 |
Recognized prior service cost (credit) | -4 | -4 |
Recognized net loss | 18 | 18 |
Net periodic cost | 11 | 11 |
Other Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 1 | 1 |
Interest cost | 3 | 3 |
Recognized prior service cost (credit) | -9 | -10 |
Recognized net loss | 2 | 4 |
Net periodic cost | ($3) | ($2) |
Income_Taxes_Schedule_Of_US_St
Income Taxes (Schedule Of U.S. Statutory Federal Income Tax Rate To Pre-tax Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statutory income tax rate (as a percent) | 35.00% | 35.00% |
U.S. statutory rate at 35% | $28 | $33 |
Tax on foreign income | -17 | -10 |
Valuation allowance | 5 | 2 |
Impairment charge | 15 | 0 |
Other items, net | 2 | -1 |
Income tax provision | $33 | $24 |
Segment_Information_Informatio
Segment Information (Information About Operating Segments) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Gain (Loss) on Price Risk Cash Flow Hedge Ineffectiveness | ($7) | ' |
Inter Company Profit Related To Non Reportable Segments | 1 | 2 |
Total, external sales | 1,993 | 1,973 |
Segment Income of reportable segments | 227 | 223 |
Other Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Segment Reporting, Description of All Other Segments | 'The primary sources of revenue included in non-reportable segments are 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. | ' |
Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 73 | 71 |
Intersegment Eliminations [Member] | Americas Beverage [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 19 | 14 |
Intersegment Eliminations [Member] | North America Food [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 3 | 3 |
Intersegment Eliminations [Member] | European Beverage [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 0 | 1 |
Intersegment Eliminations [Member] | European Food [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 22 | 21 |
Intersegment Eliminations [Member] | Asia-Pacific [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 0 | 0 |
Intersegment Eliminations [Member] | Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 44 | 39 |
Intersegment Eliminations [Member] | Other Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 29 | 32 |
Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 1,787 | 1,772 |
Segment Income of reportable segments | 227 | 223 |
Operating Segments [Member] | Americas Beverage [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 549 | 552 |
Segment Income of reportable segments | 79 | 76 |
Operating Segments [Member] | North America Food [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 179 | 197 |
Segment Income of reportable segments | 29 | 31 |
Operating Segments [Member] | European Beverage [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 388 | 371 |
Segment Income of reportable segments | 59 | 51 |
Operating Segments [Member] | European Food [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 373 | 376 |
Segment Income of reportable segments | 26 | 32 |
Operating Segments [Member] | Asia-Pacific [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | 298 | 276 |
Segment Income of reportable segments | 34 | 33 |
Operating Segments [Member] | Other Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from reportable segments | $206 | $201 |
Segment_Information_Reconcilia
Segment Information (Reconciliation Of Segment Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting [Abstract] | ' | ' |
Operating Income (Loss) | $227 | $223 |
Other Operating Income | 24 | 22 |
Other Operating Income (Expense), Net | -58 | -50 |
Restructuring and other | -52 | -4 |
Extinguishment of Debt, Gain (Loss), Net of Tax | 0 | -38 |
Interest expense | -58 | -60 |
Interest income | 2 | 2 |
Foreign exchange | 6 | 2 |
Income before income taxes and equity earnings | $79 | $93 |
Condensed_Combining_Financial_2
Condensed Combining Financial Information (Narrative) (Details) | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Euro 7.125% Due 2018 [Member] | Euro 7.125% Due 2018 [Member] | Euro 7.125% Due 2018 [Member] | U.S. Dollar 7.375% Due 2026 [Member] | U.S. Dollar 7.375% Due 2026 [Member] | U.S. Dollar 7.50% Due 2096 [Member] | U.S. Dollar 7.50% Due 2096 [Member] | U S Dollar 4.5% Due 2023 [Member] | U S Dollar 4.5% Due 2023 [Member] | Crown European Holdings SA [Member] | Crown European Holdings SA [Member] | Crown Cork & Seal Company, Inc [Member] | Crown Cork & Seal Company, Inc [Member] | Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Euro 7.125% Due 2018 [Member] | Euro 7.125% Due 2018 [Member] | U.S. Dollar 7.375% Due 2026 [Member] | U.S. Dollar 7.50% Due 2096 [Member] | 6.25% Senior Notes Due 2021 [Member] | U S Dollar 4.5% Due 2023 [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | |||||||||||
Senior Notes, Noncurrent | $689,000,000 | € 500,000,000 | $688,000,000 | $350,000,000 | $350,000,000 | $64,000,000 | $64,000,000 | $1,000,000,000 | $1,000,000,000 | $689,000,000 | € 500,000,000 | $350,000,000 | $64,000,000 | $700,000,000 | ' |
Debt instrument stated percentage | 7.13% | 7.13% | ' | 7.38% | ' | 7.50% | ' | 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 $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $1,993 | $1,973 |
Cost of products sold, excluding depreciation and amortization | 1,661 | 1,640 |
Depreciation and amortization | 35 | 34 |
Gross profit | 297 | 299 |
Selling and administrative expense | 104 | 104 |
Restructuring and other | 52 | 4 |
Loss from early extinguishments of debt | 0 | 38 |
Net interest expense | 56 | 58 |
Technology royalty | 0 | 0 |
Foreign exchange | 6 | 2 |
Income before income taxes and equity earnings | 79 | 93 |
Provision for/(benefit from) income taxes | 33 | 24 |
Equity earnings/(loss) in affiliates | 0 | -2 |
Net income | 46 | 67 |
Net income attributable to noncontrolling interests | -22 | -26 |
Net income attributable to Crown Holdings | 24 | 41 |
Comprehensive income | 64 | 47 |
Comprehensive income attributable to noncontrolling interests | -22 | -23 |
Comprehensive income attributable to Crown Holdings | 42 | 24 |
Crown European Holdings SA [Member] | Parent [Member] | ' | ' |
Foreign exchange | ' | ' |
Provision for/(benefit from) income taxes | ' | ' |
Equity earnings/(loss) in affiliates | 24 | 41 |
Net income | 24 | 41 |
Net income attributable to Crown Holdings | 24 | 41 |
Comprehensive income | 42 | 24 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
Comprehensive income attributable to Crown Holdings | 42 | 24 |
Crown European Holdings SA [Member] | Issuer [Member] | ' | ' |
Gross profit | ' | ' |
Selling and administrative expense | -1 | ' |
Restructuring and other | ' | ' |
Loss from early extinguishments of debt | ' | 1 |
Net interest expense | 15 | 13 |
Technology royalty | ' | ' |
Foreign exchange | ' | ' |
Income before income taxes and equity earnings | -14 | -14 |
Provision for/(benefit from) income taxes | ' | ' |
Equity earnings/(loss) in affiliates | 8 | 22 |
Net income | -6 | 8 |
Net income attributable to noncontrolling interests | ' | ' |
Net income attributable to Crown Holdings | -6 | 8 |
Comprehensive income | -10 | -11 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
Comprehensive income attributable to Crown Holdings | -10 | -11 |
Crown European Holdings SA [Member] | Guarantors [Member] | ' | ' |
Net sales | 980 | 1,008 |
Cost of products sold, excluding depreciation and amortization | 809 | 828 |
Depreciation and amortization | 13 | 14 |
Gross profit | 158 | 166 |
Selling and administrative expense | 85 | 81 |
Restructuring and other | 28 | 2 |
Loss from early extinguishments of debt | ' | 37 |
Net interest expense | 29 | 32 |
Technology royalty | -8 | -8 |
Foreign exchange | 3 | 2 |
Income before income taxes and equity earnings | 21 | 20 |
Provision for/(benefit from) income taxes | 17 | 16 |
Equity earnings/(loss) in affiliates | 20 | 37 |
Net income | 24 | 41 |
Net income attributable to Crown Holdings | 24 | 41 |
Comprehensive income | 42 | 24 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
Comprehensive income attributable to Crown Holdings | 42 | 24 |
Crown European Holdings SA [Member] | Non-Guarantors [Member] | ' | ' |
Net sales | 1,013 | 965 |
Cost of products sold, excluding depreciation and amortization | 852 | 812 |
Depreciation and amortization | 22 | 20 |
Gross profit | 139 | 133 |
Selling and administrative expense | 20 | 23 |
Restructuring and other | 24 | 2 |
Loss from early extinguishments of debt | ' | ' |
Net interest expense | 12 | 13 |
Technology royalty | 8 | 8 |
Foreign exchange | 3 | ' |
Income before income taxes and equity earnings | 72 | 87 |
Provision for/(benefit from) income taxes | 16 | 8 |
Equity earnings/(loss) in affiliates | ' | ' |
Net income | 56 | 79 |
Net income attributable to noncontrolling interests | -22 | -26 |
Net income attributable to Crown Holdings | 34 | 53 |
Comprehensive income | 54 | 49 |
Comprehensive income attributable to noncontrolling interests | -22 | -23 |
Comprehensive income attributable to Crown Holdings | 32 | 26 |
Crown European Holdings SA [Member] | Eliminations [Member] | ' | ' |
Income before income taxes and equity earnings | ' | ' |
Provision for/(benefit from) income taxes | ' | ' |
Equity earnings/(loss) in affiliates | -52 | -102 |
Net income | -52 | -102 |
Net income attributable to noncontrolling interests | ' | ' |
Net income attributable to Crown Holdings | -52 | -102 |
Comprehensive income | -64 | -39 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
Comprehensive income attributable to Crown Holdings | -64 | -39 |
Crown Cork Seal Company Inc [Member] | Parent [Member] | ' | ' |
Selling and administrative expense | ' | ' |
Restructuring and other | ' | ' |
Equity earnings/(loss) in affiliates | 24 | 41 |
Net income | 24 | 41 |
Net income attributable to Crown Holdings | 24 | 41 |
Comprehensive income | 42 | 24 |
Comprehensive income attributable to Crown Holdings | 42 | 24 |
Crown Cork Seal Company Inc [Member] | Issuer [Member] | ' | ' |
Cost of products sold, excluding depreciation and amortization | ' | ' |
Gross profit | 0 | ' |
Selling and administrative expense | 3 | 3 |
Restructuring and other | 14 | ' |
Loss from early extinguishments of debt | ' | ' |
Net interest expense | 23 | 26 |
Income before income taxes and equity earnings | -40 | -29 |
Provision for/(benefit from) income taxes | -5 | 2 |
Equity earnings/(loss) in affiliates | 59 | 72 |
Net income | 24 | 41 |
Net income attributable to Crown Holdings | 24 | 41 |
Comprehensive income | 42 | 24 |
Comprehensive income attributable to Crown Holdings | 42 | 24 |
Crown Cork Seal Company Inc [Member] | Non-Guarantors [Member] | ' | ' |
Net sales | 1,993 | 1,973 |
Cost of products sold, excluding depreciation and amortization | 1,661 | 1,640 |
Depreciation and amortization | 35 | 34 |
Gross profit | 297 | 299 |
Selling and administrative expense | 101 | 101 |
Restructuring and other | 38 | 4 |
Loss from early extinguishments of debt | ' | 38 |
Net interest expense | 33 | 32 |
Foreign exchange | 6 | 2 |
Income before income taxes and equity earnings | 119 | 122 |
Provision for/(benefit from) income taxes | 38 | 22 |
Equity earnings/(loss) in affiliates | ' | ' |
Net income | 81 | 100 |
Net income attributable to noncontrolling interests | -22 | -26 |
Net income attributable to Crown Holdings | 59 | 74 |
Comprehensive income | 99 | 80 |
Comprehensive income attributable to noncontrolling interests | -22 | -23 |
Comprehensive income attributable to Crown Holdings | 77 | 57 |
Crown Cork Seal Company Inc [Member] | Eliminations [Member] | ' | ' |
Income before income taxes and equity earnings | 0 | ' |
Equity earnings/(loss) in affiliates | -83 | -115 |
Net income | -83 | -115 |
Net income attributable to Crown Holdings | -83 | -115 |
Comprehensive income | -119 | -81 |
Comprehensive income attributable to Crown Holdings | -119 | -81 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ' | ' |
Provision for/(benefit from) income taxes | ' | ' |
Equity earnings/(loss) in affiliates | 24 | 41 |
Net income | 24 | 41 |
Net income attributable to Crown Holdings | 24 | 41 |
Comprehensive income | 42 | 24 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
Comprehensive income attributable to Crown Holdings | 42 | 24 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ' | ' |
Cost of products sold, excluding depreciation and amortization | ' | ' |
Gross profit | 0 | 0 |
Selling and administrative expense | 2 | 3 |
Restructuring and other | 2 | ' |
Loss from early extinguishments of debt | ' | 37 |
Net interest expense | 9 | 13 |
Technology royalty | ' | ' |
Foreign exchange | ' | ' |
Income before income taxes and equity earnings | -13 | -53 |
Provision for/(benefit from) income taxes | -5 | -20 |
Equity earnings/(loss) in affiliates | 40 | 52 |
Net income | 32 | 19 |
Net income attributable to Crown Holdings | 32 | 19 |
Comprehensive income | 38 | 24 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
Comprehensive income attributable to Crown Holdings | 38 | 24 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ' | ' |
Net sales | 499 | 534 |
Cost of products sold, excluding depreciation and amortization | 398 | 429 |
Depreciation and amortization | 7 | 7 |
Gross profit | 94 | 98 |
Selling and administrative expense | 39 | 37 |
Restructuring and other | 36 | 4 |
Loss from early extinguishments of debt | ' | ' |
Net interest expense | 22 | 23 |
Technology royalty | -11 | -9 |
Foreign exchange | ' | ' |
Income before income taxes and equity earnings | 8 | 43 |
Provision for/(benefit from) income taxes | 14 | 28 |
Equity earnings/(loss) in affiliates | 30 | 26 |
Net income | 24 | 41 |
Net income attributable to noncontrolling interests | ' | ' |
Net income attributable to Crown Holdings | 24 | 41 |
Comprehensive income | 42 | 24 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
Comprehensive income attributable to Crown Holdings | 42 | 24 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantors [Member] | ' | ' |
Net sales | 1,494 | 1,439 |
Cost of products sold, excluding depreciation and amortization | 1,263 | 1,211 |
Depreciation and amortization | 28 | 27 |
Gross profit | 203 | 201 |
Selling and administrative expense | 63 | 64 |
Restructuring and other | 14 | ' |
Loss from early extinguishments of debt | ' | 1 |
Net interest expense | 25 | 22 |
Technology royalty | 11 | 9 |
Foreign exchange | 6 | 2 |
Income before income taxes and equity earnings | 84 | 103 |
Provision for/(benefit from) income taxes | 24 | 16 |
Equity earnings/(loss) in affiliates | ' | ' |
Net income | 60 | 87 |
Net income attributable to noncontrolling interests | -22 | -26 |
Net income attributable to Crown Holdings | 38 | 61 |
Comprehensive income | 72 | 62 |
Comprehensive income attributable to noncontrolling interests | -22 | -23 |
Comprehensive income attributable to Crown Holdings | 50 | 39 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | ' | ' |
Provision for/(benefit from) income taxes | ' | ' |
Equity earnings/(loss) in affiliates | -94 | -121 |
Net income | -94 | -121 |
Net income attributable to Crown Holdings | -94 | -121 |
Comprehensive income | -130 | -87 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
Comprehensive income attributable to Crown Holdings | ($130) | ($87) |
Condensed_Combining_Financial_4
Condensed Combining Financial Information (Condensed Combining Balance Sheet) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Cash and cash equivalents | $267 | $689 | $304 | $350 |
Receivables, net | 1,199 | 1,064 | ' | ' |
Intercompany receivables | 0 | ' | ' | ' |
Inventories | 1,334 | 1,213 | ' | ' |
Prepaid expenses and other current assets | 216 | 214 | ' | ' |
Assets Held-for-sale, Current | 63 | 0 | ' | ' |
Total current assets | 3,079 | 3,180 | ' | ' |
Intercompany debt receivables | 0 | ' | ' | ' |
Investments | 0 | ' | ' | ' |
Goodwill | 2,016 | 2,016 | ' | ' |
Property, plant and equipment, net | 2,160 | 2,152 | ' | ' |
Other non-current assets | 630 | 682 | ' | ' |
Total | 7,885 | 8,030 | ' | ' |
Short-term debt | 252 | 279 | ' | ' |
Current maturities of long-term debt | 87 | 94 | ' | ' |
Accounts payable and accrued liabilities | 2,165 | 2,547 | ' | ' |
Intercompany payables | 0 | ' | ' | ' |
Liabilities of Assets Held-for-sale | 57 | 0 | ' | ' |
Total current liabilities | 2,561 | 2,920 | ' | ' |
Long-term debt, excluding current maturities | 3,765 | 3,469 | ' | ' |
Long-term intercompany debt | 0 | 0 | ' | ' |
Postretirement and pension liabilities | 855 | 891 | ' | ' |
Other non-current liabilities | 446 | 461 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | 255 | 285 | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 3 | 4 | ' | ' |
Total equity/(deficit) | 258 | 289 | 170 | 129 |
Total | 7,885 | 8,030 | ' | ' |
Crown European Holdings SA [Member] | Parent [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' |
Prepaid expenses and other current assets | 2 | 1 | ' | ' |
Total current assets | 2 | 1 | ' | ' |
Investments | 1,164 | 1,176 | ' | ' |
Total | 1,166 | 1,177 | ' | ' |
Accounts payable and accrued liabilities | 7 | 16 | ' | ' |
Total current liabilities | 7 | 16 | ' | ' |
Long-term intercompany debt | 1,156 | 1,157 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 3 | 4 | ' | ' |
Total equity/(deficit) | 3 | 4 | ' | ' |
Total | 1,166 | 1,177 | ' | ' |
Crown European Holdings SA [Member] | Issuer [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 48 | 0 | ' |
Receivables, net | ' | 1 | ' | ' |
Intercompany receivables | 3 | 2 | ' | ' |
Prepaid expenses and other current assets | 7 | 10 | ' | ' |
Total current assets | 10 | 61 | ' | ' |
Intercompany debt receivables | 1,563 | 1,531 | ' | ' |
Investments | 4,153 | 4,155 | ' | ' |
Other non-current assets | 28 | 29 | ' | ' |
Total | 5,754 | 5,776 | ' | ' |
Short-term debt | ' | ' | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 9 | 22 | ' | ' |
Intercompany payables | 1 | 8 | ' | ' |
Total current liabilities | 10 | 30 | ' | ' |
Long-term debt, excluding current maturities | 1,125 | 942 | ' | ' |
Long-term intercompany debt | 2,342 | 2,510 | ' | ' |
Other non-current liabilities | 8 | 8 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 2,269 | 2,286 | ' | ' |
Total equity/(deficit) | 2,269 | 2,286 | ' | ' |
Total | 5,754 | 5,776 | ' | ' |
Crown European Holdings SA [Member] | Guarantors [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 117 | 392 | 128 | 134 |
Receivables, net | 306 | 246 | ' | ' |
Intercompany receivables | 93 | 89 | ' | ' |
Inventories | 659 | 565 | ' | ' |
Prepaid expenses and other current assets | 146 | 146 | ' | ' |
Total current assets | 1,321 | 1,438 | ' | ' |
Intercompany debt receivables | 3,841 | 3,746 | ' | ' |
Investments | -271 | -325 | ' | ' |
Goodwill | 1,442 | 1,444 | ' | ' |
Property, plant and equipment, net | 645 | 643 | ' | ' |
Other non-current assets | 528 | 562 | ' | ' |
Total | 7,506 | 7,508 | ' | ' |
Short-term debt | 5 | 2 | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 1,165 | 1,277 | ' | ' |
Intercompany payables | 61 | 55 | ' | ' |
Total current liabilities | 1,231 | 1,334 | ' | ' |
Long-term debt, excluding current maturities | 2,397 | 2,332 | ' | ' |
Long-term intercompany debt | 1,597 | 1,515 | ' | ' |
Postretirement and pension liabilities | 834 | 870 | ' | ' |
Other non-current liabilities | 283 | 281 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 1,164 | 1,176 | ' | ' |
Total equity/(deficit) | 1,164 | 1,176 | ' | ' |
Total | 7,506 | 7,508 | ' | ' |
Crown European Holdings SA [Member] | Non-Guarantors [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 150 | 249 | 176 | 216 |
Receivables, net | 893 | 817 | ' | ' |
Intercompany receivables | 62 | 63 | ' | ' |
Inventories | 675 | 648 | ' | ' |
Prepaid expenses and other current assets | 61 | 57 | ' | ' |
Assets Held-for-sale, Current | 63 | ' | ' | ' |
Total current assets | 1,904 | 1,834 | ' | ' |
Intercompany debt receivables | 487 | 589 | ' | ' |
Investments | ' | ' | ' | ' |
Goodwill | 574 | 572 | ' | ' |
Property, plant and equipment, net | 1,515 | 1,509 | ' | ' |
Other non-current assets | 74 | 91 | ' | ' |
Total | 4,554 | 4,595 | ' | ' |
Short-term debt | 247 | 277 | ' | ' |
Current maturities of long-term debt | 87 | 94 | ' | ' |
Accounts payable and accrued liabilities | 984 | 1,232 | ' | ' |
Intercompany payables | 96 | 91 | ' | ' |
Liabilities of Assets Held-for-sale | 57 | ' | ' | ' |
Total current liabilities | 1,471 | 1,694 | ' | ' |
Long-term debt, excluding current maturities | 243 | 195 | ' | ' |
Long-term intercompany debt | 796 | 684 | ' | ' |
Postretirement and pension liabilities | 21 | 21 | ' | ' |
Other non-current liabilities | 155 | 172 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | 255 | 285 | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 1,613 | 1,544 | ' | ' |
Total equity/(deficit) | 1,868 | 1,829 | ' | ' |
Total | 4,554 | 4,595 | ' | ' |
Crown European Holdings SA [Member] | Eliminations [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' |
Intercompany receivables | -158 | -154 | ' | ' |
Total current assets | -158 | -154 | ' | ' |
Intercompany debt receivables | -5,891 | -5,866 | ' | ' |
Investments | -5,046 | -5,006 | ' | ' |
Total | -11,095 | -11,026 | ' | ' |
Intercompany payables | -158 | -154 | ' | ' |
Total current liabilities | -158 | -154 | ' | ' |
Long-term intercompany debt | -5,891 | -5,866 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | -5,046 | -5,006 | ' | ' |
Total equity/(deficit) | -5,046 | -5,006 | ' | ' |
Total | -11,095 | -11,026 | ' | ' |
Crown Cork Seal Company Inc [Member] | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Crown Cork Seal Company Inc [Member] | Parent [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' |
Prepaid expenses and other current assets | 2 | 1 | ' | ' |
Total current assets | 2 | 1 | ' | ' |
Investments | 1,164 | 1,176 | ' | ' |
Total | 1,166 | 1,177 | ' | ' |
Accounts payable and accrued liabilities | 7 | 16 | ' | ' |
Total current liabilities | 7 | 16 | ' | ' |
Long-term intercompany debt | 1,156 | 1,157 | ' | ' |
Postretirement and pension liabilities | ' | ' | ' | ' |
Other non-current liabilities | ' | ' | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 3 | 4 | ' | ' |
Total equity/(deficit) | 3 | 4 | ' | ' |
Total | 1,166 | 1,177 | ' | ' |
Crown Cork Seal Company Inc [Member] | Issuer [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' |
Receivables, net | 1 | ' | ' | ' |
Prepaid expenses and other current assets | 103 | 103 | ' | ' |
Total current assets | 104 | 103 | ' | ' |
Investments | 2,231 | 2,212 | ' | ' |
Other non-current assets | 335 | 349 | ' | ' |
Total | 2,670 | 2,664 | ' | ' |
Accounts payable and accrued liabilities | 39 | 36 | ' | ' |
Total current liabilities | 39 | 36 | ' | ' |
Long-term debt, excluding current maturities | 412 | 412 | ' | ' |
Long-term intercompany debt | 774 | 751 | ' | ' |
Other non-current liabilities | 281 | 289 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 1,164 | 1,176 | ' | ' |
Total equity/(deficit) | 1,164 | 1,176 | ' | ' |
Total | 2,670 | 2,664 | ' | ' |
Crown Cork Seal Company Inc [Member] | Non-Guarantors [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 267 | 689 | 304 | 350 |
Receivables, net | 1,198 | 1,064 | ' | ' |
Inventories | 1,334 | 1,213 | ' | ' |
Prepaid expenses and other current assets | 111 | 110 | ' | ' |
Assets Held-for-sale, Current | 63 | ' | ' | ' |
Total current assets | 2,973 | 3,076 | ' | ' |
Intercompany debt receivables | 1,930 | 1,908 | ' | ' |
Goodwill | 2,016 | 2,016 | ' | ' |
Property, plant and equipment, net | 2,160 | 2,152 | ' | ' |
Other non-current assets | 295 | 333 | ' | ' |
Total | 9,374 | 9,485 | ' | ' |
Short-term debt | 252 | 279 | ' | ' |
Current maturities of long-term debt | 87 | 94 | ' | ' |
Accounts payable and accrued liabilities | 2,119 | 2,495 | ' | ' |
Liabilities of Assets Held-for-sale | 57 | ' | ' | ' |
Total current liabilities | 2,515 | 2,868 | ' | ' |
Long-term debt, excluding current maturities | 3,353 | 3,057 | ' | ' |
Postretirement and pension liabilities | 855 | 891 | ' | ' |
Other non-current liabilities | 165 | 172 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | 255 | 285 | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 2,231 | 2,212 | ' | ' |
Total equity/(deficit) | 2,486 | 2,497 | ' | ' |
Total | 9,374 | 9,485 | ' | ' |
Crown Cork Seal Company Inc [Member] | Eliminations [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' |
Intercompany debt receivables | -1,930 | -1,908 | ' | ' |
Investments | -3,395 | -3,388 | ' | ' |
Total | -5,325 | -5,296 | ' | ' |
Long-term intercompany debt | -1,930 | -1,908 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | -3,395 | -3,388 | ' | ' |
Total equity/(deficit) | -3,395 | -3,388 | ' | ' |
Total | -5,325 | -5,296 | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' |
Prepaid expenses and other current assets | 2 | 1 | ' | ' |
Total current assets | 2 | 1 | ' | ' |
Investments | 1,164 | 1,176 | ' | ' |
Total | 1,166 | 1,177 | ' | ' |
Accounts payable and accrued liabilities | 7 | 16 | ' | ' |
Total current liabilities | 7 | 16 | ' | ' |
Long-term intercompany debt | 1,156 | 1,157 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 3 | 4 | ' | ' |
Total equity/(deficit) | 3 | 4 | ' | ' |
Total | 1,166 | 1,177 | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 38 | 177 | 26 | 27 |
Receivables, net | ' | ' | ' | ' |
Prepaid expenses and other current assets | 2 | 2 | ' | ' |
Total current assets | 40 | 179 | ' | ' |
Intercompany debt receivables | 1,609 | 1,476 | ' | ' |
Investments | 1,964 | 1,917 | ' | ' |
Property, plant and equipment, net | 1 | 1 | ' | ' |
Other non-current assets | 35 | 36 | ' | ' |
Total | 3,649 | 3,609 | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 26 | 49 | ' | ' |
Total current liabilities | 26 | 49 | ' | ' |
Long-term debt, excluding current maturities | 1,940 | 1,920 | ' | ' |
Long-term intercompany debt | 599 | 594 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 1,084 | 1,046 | ' | ' |
Total equity/(deficit) | 1,084 | 1,046 | ' | ' |
Total | 3,649 | 3,609 | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 1 | 2 | ' | 1 |
Receivables, net | 18 | 26 | ' | ' |
Intercompany receivables | 26 | 30 | ' | ' |
Inventories | 310 | 266 | ' | ' |
Prepaid expenses and other current assets | 79 | 109 | ' | ' |
Total current assets | 434 | 433 | ' | ' |
Intercompany debt receivables | 1,846 | 1,808 | ' | ' |
Investments | 745 | 685 | ' | ' |
Goodwill | 453 | 453 | ' | ' |
Property, plant and equipment, net | 315 | 314 | ' | ' |
Other non-current assets | 357 | 388 | ' | ' |
Total | 4,150 | 4,081 | ' | ' |
Current maturities of long-term debt | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 468 | 466 | ' | ' |
Intercompany payables | 22 | 81 | ' | ' |
Total current liabilities | 490 | 547 | ' | ' |
Long-term debt, excluding current maturities | 412 | 412 | ' | ' |
Long-term intercompany debt | 1,510 | 1,353 | ' | ' |
Postretirement and pension liabilities | 289 | 299 | ' | ' |
Other non-current liabilities | 285 | 294 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 1,164 | 1,176 | ' | ' |
Total equity/(deficit) | 1,164 | 1,176 | ' | ' |
Total | 4,150 | 4,081 | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantors [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 228 | 510 | 278 | 322 |
Receivables, net | 1,181 | 1,038 | ' | ' |
Intercompany receivables | 22 | 81 | ' | ' |
Inventories | 1,024 | 947 | ' | ' |
Prepaid expenses and other current assets | 133 | 102 | ' | ' |
Assets Held-for-sale, Current | 63 | ' | ' | ' |
Total current assets | 2,651 | 2,678 | ' | ' |
Intercompany debt receivables | 26 | 19 | ' | ' |
Goodwill | 1,563 | 1,563 | ' | ' |
Property, plant and equipment, net | 1,844 | 1,837 | ' | ' |
Other non-current assets | 238 | 258 | ' | ' |
Total | 6,322 | 6,355 | ' | ' |
Short-term debt | 252 | 279 | ' | ' |
Current maturities of long-term debt | 87 | 94 | ' | ' |
Accounts payable and accrued liabilities | 1,664 | 2,016 | ' | ' |
Intercompany payables | 26 | 30 | ' | ' |
Liabilities of Assets Held-for-sale | 57 | ' | ' | ' |
Total current liabilities | 2,086 | 2,419 | ' | ' |
Long-term debt, excluding current maturities | 1,413 | 1,137 | ' | ' |
Long-term intercompany debt | 216 | 199 | ' | ' |
Postretirement and pension liabilities | 566 | 592 | ' | ' |
Other non-current liabilities | 161 | 167 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Noncontrolling interests | 255 | 285 | ' | ' |
Crown Holdings shareholders' equity/(deficit) | 1,625 | 1,556 | ' | ' |
Total equity/(deficit) | 1,880 | 1,841 | ' | ' |
Total | 6,322 | 6,355 | ' | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' |
Intercompany receivables | -48 | -111 | ' | ' |
Total current assets | -48 | -111 | ' | ' |
Intercompany debt receivables | -3,481 | -3,303 | ' | ' |
Investments | -3,873 | -3,778 | ' | ' |
Total | -7,402 | -7,192 | ' | ' |
Intercompany payables | -48 | -111 | ' | ' |
Total current liabilities | -48 | -111 | ' | ' |
Long-term intercompany debt | -3,481 | -3,303 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' | ' |
Crown Holdings shareholders' equity/(deficit) | -3,873 | -3,778 | ' | ' |
Total equity/(deficit) | -3,873 | -3,778 | ' | ' |
Total | ($7,402) | ($7,192) | ' | ' |
Condensed_Combining_Financial_5
Condensed Combining Financial Information (Condensed Combining Statement Of Cash Flows) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2012 |
Net cash provided by/(used for) operating activities | ($495) | ($432) | ' |
Capital expenditures | -84 | -63 | ' |
Insurance proceeds | 0 | 8 | ' |
Proceeds from sale of property, plant and equipment | 3 | 0 | ' |
Intercompany investing activities | 0 | 0 | ' |
Other, net | 8 | 3 | ' |
Net cash used for investing activities | -73 | -52 | ' |
Proceeds from long-term debt | 70 | 1,007 | ' |
Payments of long-term debt | -29 | -911 | ' |
Net change in revolving credit facility and short-term debt | 218 | 364 | ' |
Debt issue costs | 0 | -15 | ' |
Net change in long-term intercompany balances | ' | 0 | ' |
Common stock issued | 4 | 8 | ' |
Common stock repurchased | -2 | -6 | ' |
Dividends paid | ' | 0 | ' |
Purchase of noncontrolling interests | -93 | -10 | ' |
Dividends paid to noncontrolling interests | -23 | -8 | ' |
Other | 2 | 10 | ' |
Net cash provided by financing activities | 147 | 439 | ' |
Effect of exchange rate changes on cash and cash equivalents | -1 | -1 | ' |
Net change in cash and cash equivalents | -422 | -46 | ' |
Cash and cash equivalents at January 1 | 689 | 350 | ' |
Cash and cash equivalents at Sept 30 | 267 | 304 | ' |
Crown European Holdings SA [Member] | Parent [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -1 | -2 | ' |
Net cash used for investing activities | 0 | ' | ' |
Debt issue costs | ' | ' | ' |
Net change in long-term intercompany balances | -1 | ' | ' |
Common stock issued | 4 | 8 | ' |
Common stock repurchased | -2 | -6 | ' |
Net cash provided by financing activities | 1 | 2 | ' |
Net change in cash and cash equivalents | 0 | 0 | ' |
Cash and cash equivalents at Sept 30 | 0 | 0 | ' |
Crown European Holdings SA [Member] | Issuer [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -29 | -24 | ' |
Intercompany investing activities | ' | ' | ' |
Net cash used for investing activities | 0 | 0 | ' |
Proceeds from long-term debt | ' | ' | ' |
Payments of long-term debt | ' | -199 | ' |
Net change in revolving credit facility and short-term debt | 180 | 237 | ' |
Debt issue costs | ' | ' | ' |
Net change in long-term intercompany balances | -201 | -12 | ' |
Other | 2 | -2 | ' |
Net cash provided by financing activities | -19 | 24 | ' |
Net change in cash and cash equivalents | -48 | 0 | ' |
Cash and cash equivalents at January 1 | 48 | ' | ' |
Cash and cash equivalents at Sept 30 | 0 | 0 | ' |
Crown European Holdings SA [Member] | Guarantors [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -268 | -276 | ' |
Capital expenditures | -17 | -10 | ' |
Proceeds from sale of property, plant and equipment | 3 | ' | ' |
Intercompany investing activities | 6 | 10 | ' |
Other, net | ' | 3 | ' |
Net cash used for investing activities | -8 | 3 | ' |
Proceeds from long-term debt | ' | 1,000 | ' |
Payments of long-term debt | ' | -702 | ' |
Net change in revolving credit facility and short-term debt | 68 | 138 | ' |
Debt issue costs | ' | -15 | ' |
Net change in long-term intercompany balances | 26 | -166 | ' |
Dividends paid | ' | ' | ' |
Purchase of noncontrolling interests | -93 | ' | ' |
Other | ' | 12 | ' |
Net cash provided by financing activities | 1 | 267 | ' |
Net change in cash and cash equivalents | -275 | -6 | ' |
Cash and cash equivalents at January 1 | 392 | 134 | ' |
Cash and cash equivalents at Sept 30 | 117 | 128 | ' |
Crown European Holdings SA [Member] | Non-Guarantors [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -197 | -130 | ' |
Capital expenditures | -67 | -53 | ' |
Insurance proceeds | ' | 8 | ' |
Proceeds from sale of property, plant and equipment | 0 | ' | ' |
Intercompany investing activities | ' | ' | ' |
Other, net | 8 | ' | ' |
Net cash used for investing activities | -59 | -45 | ' |
Proceeds from long-term debt | 70 | 7 | ' |
Payments of long-term debt | -29 | -10 | ' |
Net change in revolving credit facility and short-term debt | -30 | -11 | ' |
Debt issue costs | ' | ' | ' |
Net change in long-term intercompany balances | 176 | 178 | ' |
Dividends paid | -6 | -10 | ' |
Purchase of noncontrolling interests | ' | -10 | ' |
Dividends paid to noncontrolling interests | -23 | -8 | ' |
Other | ' | ' | ' |
Net cash provided by financing activities | 158 | 136 | ' |
Effect of exchange rate changes on cash and cash equivalents | -1 | -1 | ' |
Net change in cash and cash equivalents | -99 | -40 | ' |
Cash and cash equivalents at January 1 | 249 | 216 | ' |
Cash and cash equivalents at Sept 30 | 150 | 176 | ' |
Crown European Holdings SA [Member] | Eliminations [Member] | ' | ' | ' |
Intercompany investing activities | -6 | -10 | ' |
Net cash used for investing activities | -6 | -10 | ' |
Dividends paid | 6 | 10 | ' |
Purchase of noncontrolling interests | ' | ' | ' |
Net cash provided by financing activities | 6 | 10 | ' |
Net change in cash and cash equivalents | 0 | 0 | ' |
Cash and cash equivalents at Sept 30 | 0 | 0 | ' |
Crown Cork Seal Company Inc [Member] | ' | ' | ' |
Cash and cash equivalents at Sept 30 | ' | ' | ' |
Crown Cork Seal Company Inc [Member] | Parent [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -1 | -2 | ' |
Net cash used for investing activities | 0 | ' | ' |
Debt issue costs | ' | ' | ' |
Net change in long-term intercompany balances | -1 | ' | ' |
Common stock issued | 4 | 8 | ' |
Common stock repurchased | -2 | -6 | ' |
Net cash provided by financing activities | 1 | 2 | ' |
Net change in cash and cash equivalents | 0 | 0 | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at Sept 30 | 0 | 0 | ' |
Crown Cork Seal Company Inc [Member] | Issuer [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -27 | -34 | ' |
Intercompany investing activities | 4 | ' | ' |
Other, net | ' | ' | ' |
Net cash used for investing activities | 4 | 8 | ' |
Debt issue costs | ' | ' | ' |
Net change in long-term intercompany balances | 23 | 26 | ' |
Common stock issued | ' | ' | ' |
Purchase of noncontrolling interests | ' | ' | ' |
Net cash provided by financing activities | 23 | 26 | ' |
Net change in cash and cash equivalents | 0 | 0 | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at Sept 30 | 0 | 0 | ' |
Crown Cork Seal Company Inc [Member] | Non-Guarantors [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -467 | -396 | ' |
Capital expenditures | -84 | -63 | ' |
Insurance proceeds | ' | 8 | ' |
Proceeds from sale of property, plant and equipment | 3 | ' | ' |
Intercompany investing activities | ' | ' | ' |
Other, net | 8 | 3 | ' |
Net cash used for investing activities | -73 | -52 | ' |
Proceeds from long-term debt | 70 | 1,007 | ' |
Payments of long-term debt | -29 | -911 | ' |
Net change in revolving credit facility and short-term debt | 218 | 364 | ' |
Debt issue costs | ' | -15 | ' |
Net change in long-term intercompany balances | -22 | -26 | ' |
Common stock issued | ' | ' | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | -4 | -8 | ' |
Purchase of noncontrolling interests | -93 | -10 | ' |
Dividends paid to noncontrolling interests | -23 | -8 | ' |
Other | 2 | 10 | ' |
Net cash provided by financing activities | 119 | 403 | ' |
Effect of exchange rate changes on cash and cash equivalents | -1 | -1 | ' |
Net change in cash and cash equivalents | -422 | -46 | ' |
Cash and cash equivalents at January 1 | 689 | 350 | ' |
Cash and cash equivalents at Sept 30 | 267 | 304 | ' |
Crown Cork Seal Company Inc [Member] | Eliminations [Member] | ' | ' | ' |
Intercompany investing activities | -4 | ' | ' |
Net cash used for investing activities | -4 | -8 | ' |
Dividends paid | 4 | 8 | ' |
Purchase of noncontrolling interests | ' | ' | ' |
Net cash provided by financing activities | 4 | 8 | ' |
Net change in cash and cash equivalents | 0 | 0 | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at Sept 30 | 0 | 0 | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -1 | -2 | ' |
Net cash used for investing activities | ' | 0 | ' |
Net change in long-term intercompany balances | -1 | ' | ' |
Common stock issued | 4 | 8 | ' |
Common stock repurchased | -2 | -6 | ' |
Other | ' | ' | ' |
Net cash provided by financing activities | 1 | 2 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | 0 | 0 | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at Sept 30 | 0 | 0 | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -31 | -20 | ' |
Intercompany investing activities | ' | 2 | ' |
Net cash used for investing activities | ' | 2 | ' |
Proceeds from long-term debt | ' | 1,000 | ' |
Payments of long-term debt | ' | -702 | ' |
Net change in revolving credit facility and short-term debt | 20 | 85 | ' |
Debt issue costs | ' | -15 | ' |
Net change in long-term intercompany balances | -128 | -351 | ' |
Other | ' | ' | ' |
Net cash provided by financing activities | -108 | 17 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | -139 | -1 | ' |
Cash and cash equivalents at January 1 | 177 | 27 | ' |
Cash and cash equivalents at Sept 30 | 38 | 26 | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ' | ' | ' |
Net cash provided by/(used for) operating activities | -44 | -48 | ' |
Capital expenditures | -9 | -5 | ' |
Proceeds from sale of property, plant and equipment | 3 | ' | ' |
Intercompany investing activities | 6 | 8 | ' |
Other, net | ' | 3 | ' |
Net cash used for investing activities | ' | 6 | ' |
Payments of long-term debt | ' | ' | ' |
Net change in long-term intercompany balances | 119 | 41 | ' |
Dividends paid | ' | ' | ' |
Purchase of noncontrolling interests | -76 | ' | ' |
Other | ' | ' | ' |
Net cash provided by financing activities | 43 | 41 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | -1 | -1 | ' |
Cash and cash equivalents at January 1 | 2 | 1 | ' |
Cash and cash equivalents at Sept 30 | 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 | -419 | -362 | ' |
Capital expenditures | -75 | -58 | ' |
Insurance proceeds | ' | 8 | ' |
Proceeds from sale of property, plant and equipment | 0 | ' | ' |
Intercompany investing activities | ' | ' | ' |
Other, net | 8 | ' | ' |
Net cash used for investing activities | -67 | -50 | ' |
Proceeds from long-term debt | 70 | 7 | ' |
Payments of long-term debt | -29 | -209 | ' |
Net change in revolving credit facility and short-term debt | 198 | 279 | ' |
Net change in long-term intercompany balances | 10 | 310 | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | -6 | -10 | ' |
Purchase of noncontrolling interests | -17 | -10 | ' |
Dividends paid to noncontrolling interests | -23 | -8 | ' |
Other | 2 | 10 | ' |
Net cash provided by financing activities | 205 | 369 | ' |
Effect of exchange rate changes on cash and cash equivalents | -1 | -1 | ' |
Net change in cash and cash equivalents | -282 | -44 | ' |
Cash and cash equivalents at January 1 | 510 | 322 | ' |
Cash and cash equivalents at Sept 30 | 228 | 278 | ' |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | ' | ' | ' |
Intercompany investing activities | -6 | -10 | ' |
Net cash used for investing activities | -6 | -10 | ' |
Common stock repurchased | ' | ' | ' |
Dividends paid | 6 | 10 | ' |
Other | ' | ' | ' |
Net cash provided by financing activities | 6 | 10 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net change in cash and cash equivalents | 0 | 0 | ' |
Cash and cash equivalents at January 1 | ' | ' | ' |
Cash and cash equivalents at Sept 30 | $0 | $0 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Mivisa Envases, S.A.U. [Member]) | 1 Months Ended | |||||||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 23, 2014 | Apr. 23, 2014 | Apr. 23, 2014 | Apr. 23, 2014 | Apr. 23, 2014 | Apr. 23, 2014 |
EUR (€) | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Delayed Draw Term Loan A Facility [Member] | Delayed Draw Term Euro Facility [Member] | Delayed Draw Term Euro Facility [Member] | Farm Credit Facility [Member] | |
USD ($) | USD ($) | EUR (€) | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
USD ($) | USD ($) | EUR (€) | USD ($) | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | € 550 | $760 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | 966 | 700 | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | $580 | $815 | € 590 | $362 |