Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 24, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Registrant Name | CROWN HOLDINGS INC | ||
Entity Central Index Key | 1,219,601 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 139,610,299 | ||
Entity Public Float | $ 7,375,696,487 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 8,762 | $ 9,097 | $ 8,656 |
Cost of products sold, excluding depreciation and amortization | 7,116 | 7,525 | 7,180 |
Depreciation and amortization | 237 | 190 | 134 |
Selling and administrative expense | 390 | 398 | 425 |
Provision for asbestos | 26 | 45 | 32 |
Restructuring and other | 66 | 129 | 34 |
Income from operations | 927 | 810 | 851 |
Loss from early extinguishments of debt | 9 | 34 | 41 |
Interest expense | 270 | 253 | 236 |
Interest income | (11) | (7) | (5) |
Foreign exchange | 20 | 14 | 3 |
Income before income taxes | 639 | 516 | 576 |
Provision for income taxes | 178 | 41 | 148 |
Net income | 461 | 475 | 428 |
Net income attributable to noncontrolling interests | (68) | (88) | (104) |
Net income attributable to Crown Holdings | $ 393 | $ 387 | $ 324 |
Earnings per common share attributable to Crown Holdings: | |||
Basic (in usd per share) | $ 2.85 | $ 2.82 | $ 2.32 |
Diluted (in usd per share) | $ 2.82 | $ 2.79 | $ 2.30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 461 | $ 475 | $ 428 |
Other comprehensive income / (loss), net of tax | |||
Foreign currency translation adjustments | (469) | (323) | (10) |
Pension and other postretirement benefits | 91 | 47 | 126 |
Derivatives qualifying as hedges | (15) | 25 | (17) |
Total other comprehensive income / (loss) | (393) | (251) | 99 |
Total comprehensive income | 68 | 224 | 527 |
Net income attributable to noncontrolling interests | (68) | (88) | (104) |
Translation adjustments attributable to noncontrolling interests | 3 | 1 | 0 |
Derivatives qualifying as hedges attributable to noncontrolling interests | 1 | (2) | 2 |
Comprehensive income attributable to Crown Holdings | $ 4 | $ 135 | $ 425 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 717 | $ 965 |
Receivables, net | 912 | 1,031 |
Inventories | 1,213 | 1,324 |
Prepaid expenses and other current assets | 207 | 251 |
Assets held for sale | 0 | 48 |
Total current assets | 3,049 | 3,619 |
Goodwill and intangible assets | 3,580 | 2,926 |
Property, plant and equipment, net | 2,699 | 2,437 |
Other non-current assets | 692 | 661 |
Total | 10,020 | 9,643 |
Current liabilities | ||
Short-term debt | 54 | 75 |
Current maturities of long-term debt | 209 | 175 |
Accounts payable and accrued liabilities | 2,645 | 2,651 |
Liabilities related to assets held for sale | 0 | 23 |
Total current liabilities | 2,908 | 2,924 |
Long-term debt, excluding current maturities | 5,255 | 4,944 |
Postretirement and pension liabilities | 767 | 871 |
Other non-current liabilities | $ 655 | $ 517 |
Commitments and contingent liabilities | ||
Equity | ||
Noncontrolling interests | $ 291 | $ 268 |
Preferred stock, authorized: 30,000,000; none issued | 0 | 0 |
Common stock, par value: $5.00; authorized: 500,000,000 shares; issued: 185,744,072 shares | 929 | 929 |
Additional paid-in capital | 426 | 407 |
Accumulated earnings | 2,175 | 1,782 |
Accumulated other comprehensive loss | (3,154) | (2,765) |
Treasury stock at par value (2015 - 46,302,744 shares; 2014 - 46,743,601 shares) | (232) | (234) |
Crown Holdings shareholders’ equity | 144 | 119 |
Total equity | 435 | 387 |
Total | $ 10,020 | $ 9,643 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in usd per share) | $ 5 | $ 5 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 185,744,072 | 185,744,072 |
Treasury stock, shares | 46,302,744 | 46,743,601 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income | $ 461 | $ 475 | $ 428 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 237 | 190 | 134 |
Restructuring and other | 66 | 129 | 34 |
Provision for bad debts | 4 | 0 | 41 |
Pension expense | 48 | 56 | 75 |
Pension contributions | (79) | (81) | (84) |
Stock-based compensation | 27 | 22 | 21 |
Deferred income taxes | 25 | (83) | 50 |
Changes in assets and liabilities: | |||
Receivables | 34 | 45 | (51) |
Inventories | 60 | (62) | (45) |
Accounts payable and accrued liabilities | 59 | 219 | 246 |
Other, net | 14 | 2 | 36 |
Net cash provided by operating activities | 956 | 912 | 885 |
Cash flows from investing activities | |||
Capital expenditures | (354) | (328) | (275) |
Acquisition of businesses, net of cash acquired | (1,207) | (733) | (16) |
Proceeds from sale of businesses, net of cash sold | 33 | 22 | 10 |
Proceeds from sale of property, plant and equipment | 7 | 16 | 29 |
Net investment hedge settlements | (11) | 0 | 0 |
Other | (16) | 2 | 6 |
Net cash used for investing activities | (1,548) | (1,021) | (246) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,435 | 2,742 | 1,083 |
Payments of long-term debt | (900) | (1,752) | (1,022) |
Net change in revolving credit facility and short-term debt | (7) | (319) | 18 |
Debt issuance costs | (18) | (41) | (32) |
Common stock issued | 6 | 14 | 21 |
Common stock repurchased | (9) | (2) | (300) |
Dividends paid to noncontrolling interests | (48) | (77) | (78) |
Purchase of noncontrolling interests | 0 | (93) | (16) |
Contribution from noncontrolling interests | 5 | 0 | 0 |
Foreign exchange derivatives related to debt | (58) | (27) | 20 |
Net cash provided by/(used for) financing activities | 406 | 445 | (306) |
Effect of exchange rate changes on cash and cash equivalents | (62) | (60) | 6 |
Net change in cash and cash equivalents | (248) | 276 | 339 |
Cash and cash equivalents at beginning of period | 965 | 689 | 350 |
Cash and cash equivalents at end of period | $ 717 | $ 965 | $ 689 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total Crown Equity [Member] | Noncontrolling Interests [Member] |
Balance at beginning of period at Dec. 31, 2012 | $ 129 | $ 929 | $ 668 | $ 1,071 | $ (2,614) | $ (214) | $ (160) | $ 289 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 428 | 324 | 324 | 104 | ||||
Other comprehensive income / (loss) | 99 | $ 101 | 101 | (2) | ||||
Dividends paid to noncontrolling interests | (93) | (93) | ||||||
Restricted stock awarded | 0 | (6) | 6 | |||||
Stock-based compensation | 21 | 21 | 21 | |||||
Common stock issued | 21 | 16 | 5 | 21 | ||||
Common stock repurchased | (300) | (265) | (35) | (300) | 0 | |||
Purchase of noncontrolling interests | (16) | (3) | (3) | (13) | ||||
Balance at end of period at Dec. 31, 2013 | 289 | 929 | 431 | 1,395 | $ (2,513) | (238) | 4 | 285 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 475 | 387 | 387 | 88 | ||||
Other comprehensive income / (loss) | (251) | (252) | (252) | 1 | ||||
Dividends paid to noncontrolling interests | (62) | (62) | ||||||
Stock-based compensation | 22 | 22 | 22 | |||||
Common stock issued | 14 | 10 | $ 4 | 14 | ||||
Common stock repurchased | (2) | (2) | (2) | |||||
Purchase of noncontrolling interests | (98) | (54) | (54) | (44) | ||||
Balance at end of period at Dec. 31, 2014 | 387 | 929 | 407 | 1,782 | (2,765) | $ (234) | 119 | 268 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 461 | 393 | 393 | 68 | ||||
Other comprehensive income / (loss) | (393) | $ (389) | (389) | (4) | ||||
Dividends paid to noncontrolling interests | (48) | (48) | ||||||
Contribution from noncontrolling interests | 4 | 4 | ||||||
Restricted stock awarded | 0 | (2) | 2 | |||||
Stock-based compensation | 27 | 27 | 27 | |||||
Common stock issued | 6 | 5 | 1 | 6 | ||||
Common stock repurchased | (9) | (8) | (1) | (9) | ||||
Purchase of noncontrolling interests | 0 | (3) | (3) | 3 | ||||
Balance at end of period at Dec. 31, 2015 | $ 435 | $ 929 | $ 426 | $ 2,175 | $ (3,154) | $ (232) | $ 144 | $ 291 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business and Principles of Consolidation . The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). The Company manufactures and sells metal and glass packaging containers, metal closures, and canmaking equipment. These products are manufactured in the Company’s plants both within and outside the U.S. and are sold through the Company’s sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. Other investments are carried at cost. Foreign Currency Translation . For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. Revenue Recognition . Revenue is recognized from product sales when the goods are shipped and the title and risk of loss pass to the customer. Provisions for discounts and rebates to customers, returns, and other adjustments are estimated and provided for in the period that the related sales are recorded. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold. Stock-Based Compensation . Compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. The Company’s plans provide for stock awards which may include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals, or over the period from the grant date to the date that retirement eligibility is achieved if less than the stated vesting period. Cash and Cash Equivalents . Cash equivalents represent investments with maturities of three months or less from the time of purchase and are carried at cost, which approximates fair value because of the short maturity of those instruments. Outstanding checks in excess of funds on deposit are included in accounts payable. Accounts Receivable and Allowance for Doubtful Accounts . Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on a review of individual accounts for collectability, generally focusing on those accounts that are past due or experiencing financial difficulties. The current year expense to adjust the allowance for doubtful accounts is recorded within selling and administrative expense in the consolidated statements of operations. Inventory Valuation . Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method and for non-U.S. inventories under the FIFO or average cost method. Property, Plant and Equipment . Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and Building Improvements 25 – 40 Machinery and Equipment 3 – 18 Goodwill and Intangible Assets. Goodwill is carried at cost and reviewed for impairment in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired. Goodwill was allocated to the reporting units at the time of the acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that an impairment is more likely than not, it will perform the two-step quantitative impairment test using a combination of market values for comparable businesses and discounted cash flow projections compared to the reporting unit's carrying value including goodwill. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit’s goodwill to its implied fair value. Definite-lived intangible assets are tested for impairment when facts and circumstances indicate the carrying value may not be recoverable from their undiscounted cash flows. If impaired, the assets are written down to fair value based on either discounted cash flows or appraised values. Impairment or Disposal of Long-Lived Assets . In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. Taxes on Income . The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. The with-and-without approach is used to account for utilization of windfall tax benefits arising from the Company’s stock-based compensation plans and only the direct impact of awards is considered when calculating the amount of windfalls or shortfalls. Income tax-related interest and penalties are reported as income tax expense. Derivatives and Hedging . All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the anticipated transactions are no longer probable. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Any amounts excluded from the assessment of hedge effectiveness, and any ineffective portion of designated hedges, are reported currently in earnings. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. Treasury Stock . Treasury stock is reported at par value. The excess of fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. Research and Development . Research, development and engineering costs of $39 in 2015 and 2014 and $36 in 2013were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. Reclassifications . Certain reclassifications of prior years’ data have been made to conform to the current year presentation. Recent Accounting and Reporting Pronouncements. Recently Adopted Accounting Standards In the first quarter of 2015, the Company adopted changes to the definition of discontinued operations 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 change did not impact the Company's financial statements in 2015. In September 2015, the FASB issued new guidance related to accounting for measurement-period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment, including the impact on prior periods, be recognized in the reporting period in which the adjustment is identified. The Company elected to early adopt this standard during the third quarter of 2015. The change did not materially impact the Company's financial statements in 2015. In April 2015, the FASB issued new guidance related to the classification of debt issuance costs. The guidance requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the liability instead of a deferred charge. The Company elected to early adopt this standard. As of December 31, 2015, the Company reclassified debt issuance costs associated with long term debt from other assets to current maturities of long-term debt and long-term debt, excluding current maturities. Prior year amounts have been reclassified to conform to the current year classification resulting in adjustments of $2 to current maturities of long-term debt and of $63 to long-term debt, excluding current maturities. Debt issuance costs related to revolving credit arrangements remain classified in other non-current assets. In December 2015, the FASB issued new guidance related to the classification of deferred tax assets and liabilities. The guidance requires that deferred tax assets and liabilities be classified as noncurrent in the balance sheet. In the fourth quarter of 2015, the Company elected to early adopt this standard. Prior period deferred tax asset and liability balances were not retrospectively adjusted. Recently Issued Accounting Standards In May 2014, the FASB issued new guidance related to how an entity should recognize revenue. The guidance specifies that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In addition, the guidance expands the required disclosures related to revenue and cash flows from contracts with customers. The guidance is effective for the Company beginning in the first quarter of 2018 with early adoption permitted beginning in the first quarter of 2017. The Company will adopt this standard on a modified retrospective basis and is currently evaluating the impact of adopting this guidance on its financial position and results of operations. In July 2015, the FASB issued new guidance related to the subsequent measurement of inventory. Under existing guidance, inventory is measured at the lower of cost or market, where market is defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin. The new guidance requires an entity to subsequently measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The guidance will be effective for the Company on January 1, 2017 and early adoption is permitted. The guidance is not expected to have a material effect on the Company’s consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Empaque On February 18, 2015 , the Company completed its acquisition of Empaque, a leading manufacturer of beverage packaging in Mexico, from Heineken N.V., for $1.2 billion . The following table summarizes the consideration transferred to acquire Empaque and the preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date. Fair value of consideration transferred Cash $ 1,207 Total consideration $ 1,207 Recognized amounts of identifiable assets acquired and liabilities assumed Receivables, net $ 106 Inventories 56 Intangible assets 443 Property, plant and equipment, net 300 Accounts payable and accrued liabilities (89 ) Other non-current liabilities (227 ) Total identifiable net assets $ 589 Goodwill $ 618 The acquired goodwill was assigned to the Company's Americas Beverage segment and is not expected to be deductible for tax purposes. The acquired property, plant and equipment will be depreciated on a straight-line basis over the estimated remaining useful lives of the equipment in accordance with the Company's existing policies and procedures. Intangible assets include $254 of customer relationships that will be amortized over 18 years and $189 for long-term supply contracts that will be amortized over 15 years. The Company expects to finalize its purchase accounting in the first quarter of 2016. The primary items that are not yet finalized include income taxes and contingencies. Empaque's results of operations have been included in the Company's financial statements for the period subsequent to the completion of the acquisition on February 18, 2015. Empaque contributed sales of $560 and net income attributable to Crown Holdings of $52 for the period from the completion of the acquisition through December 31, 2015. Mivisa On April 23, 2014 , the Company completed its acquisition of Mivisa Envases, S.A.U. (“Mivisa”) for $733 , net of $28 in cash acquired, plus $977 of debt assumed. Mivisa, based in Murcia, Spain, primarily serves the vegetable, fruit, fish and meat markets and is the largest food can producer in both the Iberian Peninsula and Morocco. In conjunction with the acquisition the Company acquired intangible assets which included $14 of acquired trademarks that were fully amortized in 2014 and $281 of customer relationships that will be amortized over 13 years, and assigned goodwill of $938 to the European Food segment. Pro-forma data The following unaudited supplemental pro-forma data presents consolidated information as if the Empaque acquisition had been completed on January 1, 2014 and the Mivisa acquisition had been completed on January 1, 2013. These amounts were calculated after conversion to US GAAP, applying the Company's accounting policies and adjusting Empaque's and Mivisa's results to reflect the additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment, inventory and intangible assets had been applied from the assumed completion dates. These adjustments also reflect interest expense incurred on the debt to finance the acquisition and related transaction costs. Pro-forma data for the year ended December 31, 2015 2014 2013 Net sales $ 8,837 $ 9,955 $ 9,380 Net income attributable to Crown Holdings 415 426 338 The unaudited supplemental pro-forma financial information is based on the Company's preliminary assignment of purchase price for Empaque and therefore subject to adjustment upon finalization. Pro-forma results excludes the potential realization of cost savings relating to integration of the companies and the impact of divestitures required to obtain regulatory approval for the Mivisa acqusition. Further, the pro-forma data should not be considered indicative of the results that would have occurred if the acquisition and related financing had been consummated on the assumed completion dates, nor are they indicative of future results. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | Accumulated Other Comprehensive Loss Attributable to Crown Holdings The following table provides information about the changes in each component of accumulated other comprehensive income for the years ended December 31, 2015 and 2014. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at December 31, 2013 $ (1,828 ) $ (658 ) $ (27 ) $ (2,513 ) Other comprehensive income (loss) before reclassifications (9 ) (322 ) 6 (325 ) Amounts reclassified from accumulated other comprehensive income 56 — 17 73 Other comprehensive income (loss) 47 (322 ) 23 (252 ) Balance at December 31, 2014 (1,781 ) (980 ) (4 ) (2,765 ) Other comprehensive income (loss) before reclassifications 46 (466 ) (33 ) (453 ) Amounts reclassified from accumulated other comprehensive income 45 — 19 64 Other comprehensive income (loss) 91 (466 ) (14 ) (389 ) Balance at December 31, 2015 $ (1,690 ) $ (1,446 ) $ (18 ) $ (3,154 ) The following table provides information about the amounts reclassified out of accumulated other comprehensive income in 2015 and 2014. Details about Accumulated Other Comprehensive Income Components Amount reclassified from Accumulated Other Comprehensive Income Affected line item in the Statement of Operations 2015 2014 Gains and losses on cash flow hedges Commodities $ 23 $ 21 Cost of products sold 23 21 Total before tax (5 ) (6 ) Provision for income taxes 18 15 Net of tax Foreign exchange 2 (2 ) Net sales (1 ) 4 Cost of products sold 1 2 Total before tax — — Provision for income taxes 1 2 Net of tax Total gains and losses on cash flow hedges $ 19 $ 17 Amortization of defined benefit plan items Actuarial losses $ 109 $ 119 (a) Prior service credit (50 ) (49 ) (a) 59 70 Total before tax (14 ) (14 ) Provision for income taxes Total amortization of defined benefit plan items $ 45 $ 56 Net of tax Total reclassifications $ 64 $ 73 Net of tax (a) These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note U for further details. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables | Receivables 2015 2014 Accounts receivable $ 827 $ 940 Less: allowance for doubtful accounts (83 ) (88 ) Net trade receivables 744 852 Miscellaneous receivables 168 179 $ 912 $ 1,031 The Company uses receivables securitization and factoring facilities in the normal course of business as part of managing its cash flows. The Company accounts for transfers under its securitization facilities as sales because the Company sells full title and ownership in the underlying receivables and has met the criteria for control of the receivables to be considered transferred. The Company accounts for its factoring arrangements as either sales or secured borrowing based on whether it has transferred control over the factored receivables. The Company’s continuing involvement in factored receivables accounted for as sales is limited to servicing the receivables. The Company receives adequate compensation for servicing the receivables and no servicing asset or liability is recorded. At December 31, amounts securitized or factored were as follows: 2015 2014 Accounted for as secured borrowings $ 10 $ 19 Accounted for as sales 716 615 Certain of the Company’s securitization facilities include a deferred purchase price component. As consideration for the sale of its receivables, the Company receives a cash payment and a new asset, the deferred purchase price receivable from the purchaser, which will be paid to the Company as payments on the receivables are collected from the account debtors. As the criteria for sale accounting have been met, the Company derecognizes the entire amount of receivables sold from its balance sheet and recognizes an asset at fair value for the deferred purchase price receivable as well as the cash received. As the deferred purchase price is not a trade receivable, it is reported in prepaid expenses and other current assets in the Company’s balance sheet. As receipt of the deferred purchase price coincides with collections of the underlying receivables, the collection period is short in duration. As of December 31, 2015 and 2014, the amount of deferred purchase price included in prepaid expenses and other current assets was $105 and $76 . The net change in the deferred purchase price receivable is reflected in the receivables line item in the Company’s Consolidated Statement of Cash Flows. This activity is reflected as an operating cash flow because the related customer receivables are the result of an operating activity with an insignificant, short-term interest rate risk. In 2015, 2014 and 2013, the Company recorded expenses related to securitization and factoring facilities of $12 , $12 and $10 as interest expense. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories 2015 2014 Raw materials and supplies $ 599 $ 684 Work in process 129 134 Finished goods 485 506 $ 1,213 $ 1,324 |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Goodwill and Intangible Assets Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2015 and 2014 were as follows: Americas Beverage North America Food European Beverage European Food Non-reportable segments Total Balance at December 31, 2013 $ 424 $ 158 $ 680 $ 596 $ 158 $ 2,016 Foreign currency translation (4 ) (6 ) (57 ) (180 ) (12 ) (259 ) Goodwill acquired — — — 934 — 934 Disposals — — — (3 ) (17 ) (20 ) Balance at December 31, 2014 420 152 623 1,347 129 2,671 Foreign currency translation (94 ) (11 ) (51 ) (133 ) (4 ) (293 ) Goodwill acquired 618 — — 7 — 625 Transfers — — — 20 (20 ) — Balance at December 31, 2015 $ 944 $ 141 $ 572 $ 1,241 $ 105 $ 3,003 In 2015 and 2014, goodwill acquired relates to the acquisitions of Empaque and Mivisa, respectively, as discussed in Note B . In 2014, disposals primarily relate to the divestment of certain operations in the Company's European Specialty Packaging business. The carrying amount of goodwill at December 31, 2015, 2014 and 2013 is net of the following accumulated impairments: Americas Beverage North America Food European Beverage European Food Non-reportable Segments Total Accumulated impairments $ 29 $ — $ 73 $ 724 $ 150 $ 976 Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class at December 31 are as follows: 2015 2014 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 410 $ (46 ) $ 364 $ 271 $ (18 ) $ 253 Trademarks 11 (11 ) — 12 (12 ) — Long term supply contacts 221 (10 ) 211 — — — $ 642 $ (67 ) $ 575 $ 283 $ (30 ) $ 253 The table above excludes other intangible assets with a net balance of $ 2 at December 31, 2015 and December 31, 2014. Amortization expense for the years ended December 31, 2015, 2014, and 2013 was $40 , $31 and $3 . Annual amortization expense for each of the five years subsequent to 2015 is estimated to be $44 . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment 2015 2014 Buildings and improvements $ 1,009 $ 1,016 Machinery and equipment 4,667 4,704 Land and improvements 180 154 Construction in progress 229 158 6,085 6,032 Less: accumulated depreciation and amortization (3,386 ) (3,595 ) $ 2,699 $ 2,437 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Other Non-Current Assets | Other Non-Current Assets 2015 2014 Deferred taxes $ 596 $ 565 Debt issuance costs 11 16 Investments 5 5 Other 80 75 $ 692 $ 661 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities 2015 2014 Trade accounts payable $ 1,838 $ 1,881 Salaries, wages and other employee benefits, including pension and postretirement 190 169 Accrued taxes, other than on income 109 108 Restructuring 32 44 Accrued interest 62 64 Fair value of derivatives 47 45 Asbestos liabilities 30 30 Income taxes payable 40 24 Deferred taxes — 11 Other 297 275 $ 2,645 $ 2,651 |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | Other Non-Current Liabilities 2015 2014 Asbestos liabilities $ 241 $ 245 Postemployment benefits 31 29 Income taxes payable 21 17 Deferred taxes 223 96 Environmental 13 12 Other 126 118 $ 655 $ 517 Income taxes payable includes uncertain tax positions as discussed in Note V . |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments The Company leases manufacturing, warehouse and office facilities and certain equipment. Certain of the leases contain renewal or purchase options, but the leases do not contain significant contingent rental payments, escalation clauses, rent holidays, rent concessions or leasehold improvement incentives. Under long-term operating leases, minimum annual rentals are $47 in 2016, $33 in 2017, $19 in 2018, $10 in 2019, $7 in 2020 and $46 thereafter. Such rental commitments have been reduced by minimum sublease rentals of $6 due under non-cancelable subleases. Rental expense (net of sublease rental income) was $53 , $60 and $65 in 2015, 2014 and 2013. The Company did not have any significant capital leases at December 31, 2015 . |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
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, Arkansas, Florida, Georgia, Idaho, Indiana, Kansas, Michigan, Mississippi, Nebraska, North Carolina, 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 Arkansas, Georgia, South Carolina, South Dakota and Wyoming, pending claims at the time of enactment, 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. In October 2010, the Texas Supreme Court reversed a lower court decision, Barbara Robinson v. Crown Cork & Seal Company, Inc., No. 14-04-00658-CV, Fourteenth Court of Appeals, Texas, which had upheld the dismissal of an asbestos-related case against Crown Cork. The Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June of 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld. The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. The Company's approximate claims activity for the years ended 2015, 2014 and 2013 were as follows: 2015 2014 2013 Beginning claims 54,000 53,000 51,000 New claims 2,500 3,000 4,000 Settlements or dismissals (2,000 ) (2,000 ) (2,000 ) Ending claims 54,500 54,000 53,000 The Company's cash payments during the years ended 2015 , 2014 , and 2013 were as follows: 2015 2014 2013 Asbestos-related payments $ 30 $ 30 $ 28 Settled claims payments (included in asbestos-related payments above) 22 21 21 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, 2015 and December 31, 2014 , the Company's outstanding claims are: 2015 2014 Claimants alleging first exposure after 1964 16,000 16,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 13,000 Pennsylvania 2,000 2,000 Other states that have enacted asbestos legislation 6,000 6,000 Other states 17,500 17,000 Total claims outstanding 54,500 54,000 The outstanding claims in each period exclude approximately 19,000 inactive claims. Due to the passage of time, the Company considers it unlikely that the plaintiffs in these cases will pursue further action against the Company. The exclusion of these inactive claims had no effect on the calculation of the Company’s accrual as the claims were filed in states, as described above, where the Company’s liability is limited by statute. With respect to claimants alleging first exposure to asbestos before or during 1964, the Company does not include in its accrual any amounts for settlements in states where the Company’s liability is limited by statute except for certain pending claims in Texas as described earlier. With respect to post-1964 claims, regardless of the existence of asbestos legislation, the Company does not include in its accrual any amounts for settlement of these claims because of increased difficulty of establishing identification of relevant insulation products as the cause of injury. Given its settlement experience with post-1964 claims, the Company does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) are as follows: 2015 2014 2013 Total claims 22 % 22 % 21 % Pre-1964 claims in states without asbestos legislation 41 % 41 % 39 % Crown Cork has entered into arrangements with plaintiffs’ counsel in certain jurisdictions with respect to claims which are not yet filed, or asserted, against it. However, Crown Cork expects claims under these arrangements to be filed or asserted against Crown Cork in the future. The projected value of these claims is included in the Company’s estimated liability as of December 31, 2015 . As of December 31, 2015 , the Company’s accrual for pending and future asbestos-related claims and related legal costs was $ 271 , including $ 231 for unasserted claims. The Company’s accrual includes estimated probable costs for claims through the year 2025 . The Company’s accrual excludes potential costs for claims beyond 2025 because the Company believes that the key assumptions underlying its accrual are subject to greater uncertainty as the projection period lengthens. Approximately 82% of the claims outstanding at the end of 2015 were filed by plaintiffs who do not claim a specific amount of damages or claim a minimum amount as established by court rules relating to jurisdiction; approximately 17% were filed by plaintiffs who claim damages of less than $5 ; approximately 1% were filed by plaintiffs who claim damages from $5 to less than $100 ( 73% of whom claim damages less than $25 ) and 3 were filed by plaintiffs who claim damages in excess of $100 . It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant, the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
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 $7 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. 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. In March 2015, the Bundeskartellamt, or German Federal Cartel Office (“FCO”), conducted unannounced inspections of the premises of several metal packaging manufacturers, including a German subsidiary of the Company. The local court order authorizing the inspection cited FCO suspicions of anti-competitive agreements in the market for the supply of metal packaging products. The FCO’s investigation is ongoing. To date, the FCO has not officially charged the Company or any of its subsidiaries with any violations of competition law. The Company has commenced an internal investigation into the matter and has discovered instances of inappropriate conduct by certain employees of German subsidiaries of the Company. The Company is cooperating with the FCO and submitted a leniency application which disclosed the findings of its internal investigation to date and which may lead to the reduction of penalties that the FCO may impose. If the FCO finds that the Company or any of its subsidiaries violated competition law, the FCO has wide discretion to levy fines. At this stage of the investigation the Company believes that a loss is probable. The Company is unable to predict the ultimate outcome of the FCO’s investigation and any additional losses that could be incurred, which could be material to the Company’s operating results and cash flows for the periods in which they are resolved or become reasonably estimable. The Company and its subsidiaries are also subject to various other lawsuits and claims with respect to labor, environmental, securities, vendor and other matters arising out of the Company’s normal course of business. While the impact on future financial results is not subject to reasonable estimation because considerable uncertainty exists, management believes that the ultimate liabilities resulting from such lawsuits and claims will not materially affect the Company’s consolidated earnings, financial position or cash flow.The Company has various commitments to purchase materials, supplies and utilities as part of the ordinary conduct of business. The Company’s basic raw materials for its products are steel and aluminum, both of which are purchased from multiple sources. The Company is subject to fluctuations in the cost of these raw materials and has periodically adjusted its selling prices to reflect these movements. There can be no assurance, however, that the Company will be able to fully recover any increases or fluctuations in raw material costs from its customers. The Company also has commitments for standby letters of credit and for purchases of capital assets. At December 31, 2015 , 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 $8 . The Company accrues for costs related to these items when it is probable that a liability has been incurred and the amount can be reasonably estimated. At December 31, 2015 , the Company also had guarantees of $26 related to the residual values of leased assets. |
Restructuring and Other
Restructuring and Other | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other charges as follows: 2015 2014 2013 Asset impairments and sales $ 22 $ 70 $ (12 ) Restructuring 23 21 46 Transaction costs 15 17 — Other costs 6 21 — $ 66 $ 129 $ 34 In 2015, asset impairments and sales and restructuring primarily related to the closure of two plants in the Company's North America Food segment and two plants in its European Food segment. Transaction costs related to the acquisition of Empaque. In 2014, asset impairments and sales included charges of $44 related to the divestment of certain operations in connection with the Company's acquisition of Mivisa and $24 related to the divestment of certain operations in the Company's European Specialty Packaging business. Transaction costs were incurred in connection with the acquisitions of Mivisa and Empaque. Other costs primarily included incremental costs associated with the temporary relocation of production due to a labor dispute in the Company's Americas Beverage segment. In 2013, asset impairments and sales included a gain of $9 related to the sale of land and a building in Belgium and restructuring primarily related to cost-reduction initiatives in the Company's European Food, Aerosol and Specialty Packaging businesses. Restructuring charges by segment were as follows: 2015 2014 2013 North America Food $ 2 $ 10 $ 5 European Food 19 8 14 European Beverage — — 2 Asia Pacific — — 1 Non-reportable segments — 3 16 Corporate 2 — 8 $ 23 $ 21 $ 46 Restructuring charges by type were as follows: 2015 2014 2013 Termination benefits $ 20 $ 8 $ 35 Other exit costs 3 13 11 $ 23 $ 21 $ 46 2015 European Division Actions In 2015, the Company recorded charges of $13 to write down the carrying value of fixed assets and $17 for termination benefits related to the announced closure of two facilities in the Company's European Food segment following completion of consultation processes with employee representatives. The closures are expected to reduce costs by eliminating excess capacity and consolidating manufacturing processes. This action is expected to result in the reduction of approximately 280 employees when completed in 2017. The Company expects to incur $12 of future charges related to this action. The table below summarizes the restructuring accrual balances and utilization by cost type for this action. Termination benefits Other exit costs Total Balance at January 1, 2015 $ — $ — $ — Provisions 17 — 17 Balance at December 31, 2015 $ 17 $ — $ 17 Other Actions At December 31, 2015, the Company had an additional restructuring accrual of $12 , primarily related to past actions to reduce manufacturing capacity and headcount in its European Aerosol and Specialty Packaging businesses. The Company expects to pay the liability through 2024 as certain employees have elected to receive payments as a fixed monthly sum over future 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. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Capital Stock [Abstract] | |
Capital Stock | Capital Stock A summary of common share activity for the years ended December 31 follows (in shares): 2015 2014 2013 Common shares outstanding at January 1 139,000,471 138,207,889 143,136,473 Shares repurchased (165,138 ) (36,702 ) (6,925,789 ) Shares issued upon exercise of employee stock options 207,890 744,431 855,061 Restricted stock issued to employees, net of forfeitures 375,575 60,933 1,115,484 Shares issued to non-employee directors 22,500 23,920 26,660 Common shares outstanding at December 31 139,441,298 139,000,471 138,207,889 The Board of Directors has the authority to issue, at any time or from time to time, up to 30 million shares of preferred stock and has authority to fix the designations, number and voting rights, preferences, privileges, limitations, restrictions, conversion rights and other special or relative rights, if any, of any class or series of any class of preferred stock that may be desired, provided the shares of any such class or series of preferred stock shall not be entitled to more than one vote per share when voting as a class with holders of the Company's common stock. The Company’s ability to pay dividends and repurchase its common stock is limited by certain restrictions in its debt agreements. These restrictions are subject to a number of exceptions, however, allowing the Company to make otherwise restricted payments. The amount of restricted payments permitted to be made, including dividends and repurchases of the Company’s common stock, may be limited to the cumulative excess of $200 plus 50% of adjusted net income plus proceeds from the exercise of employee stock options over the aggregate of restricted payments made since July 2004. Adjustments to net income may include, but are not limited to, items such as asset impairments, gains and losses from asset sales and early extinguishments of debt. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s shareholder-approved stock-based incentive compensation plans provide for the granting of awards in the form of stock options, deferred stock, restricted stock or stock appreciation rights (“SARs”). The awards may be subject to the achievement of certain performance goals, generally based on market conditions, as determined by the Plan Committee designated by the Company’s Board of Directors. There have been no awards of SARs. At December 31, 2015 , there were 4.6 million authorized shares available for future awards. Stock Options At December 31, 2015 and 2014 there were 721,690 and 944,622 options outstanding with weighted average exercise prices of $25.32 and $24.98 . There were no stock options granted in 2015 , 2014 or 2013 . The aggregate intrinsic value of options exercised during the years ended December 31, 2015 , 2014 and 2013 was $5 , $12 and $17 . At December 31, 2015 options outstanding had an aggregate intrinsic value of $18 and a weighted-average remaining contractual term of 1.3 years. At December 31, 2015 , there was approximately $1 of unrecognized compensation expense. Restricted and Deferred Stock Annually, the Company awards shares of restricted stock to certain senior executives in the form of time-vested restricted stock and performance-based shares. The time-vested restricted stock vests ratably over three years . The performance-based shares cliff vest at the end of three years . The number of performance-based shares that will ultimately vest is based on the level of performance achieved, ranging between 0% and 200% of the shares originally awarded and will be settled in shares of common stock. The market performance criteria is the Company’s Total Shareholder Return (“TSR”), which includes share price appreciation and dividends paid, during the three -year term of the award measured against the TSR of a peer group of companies. Participants who terminate employment because of retirement, disability or death receive accelerated vesting of their time-vested awards to the date of termination. However, restrictions will lapse on performance-based awards, if at all, on the original vesting date. The Company also issues shares of time-vesting restricted stock and deferred stock to U.S. and non-U.S. employees which vest ratably up to four years commencing one year after the grant date. A summary of restricted and deferred stock activity follows: Number of shares Non-vested shares outstanding at January 1, 2015 1,960,357 Awarded: Time-vesting 270,330 Performance-based 201,092 Released: Time-vesting (373,741 ) Performance-based shares (155,180 ) Forfeitures: Time-vesting (63,575 ) Performance-based (61,008 ) Non-vested shares outstanding at December 31, 2015 1,778,275 The average grant-date fair value of restricted stock awarded in 2015 , 2014 and 2013 follows: 2015 2014 2013 Time-vested $ 53.17 $ 45.62 $ 43.19 Performance-based 49.50 48.31 36.75 Deferred stock 55.19 49.49 43.79 The fair values of the performance-based shares awarded were calculated using a Monte Carlo valuation model and the following weighted average assumptions: 2015 2014 2013 Risk-free interest rate 1.1 % 0.8 % 0.3 % Expected term (years) 3 3 3 Expected stock price volatility 17.4 % 21.5 % 22.4 % At December 31, 2015 , unrecognized compensation cost related to outstanding restricted and deferred stock was $39 . The weighted average period over which the expense is expected to be recognized is 2.3 years . The aggregate market value of the shares released and issued on the vesting dates was $28 in 2015. The Company maintains a Stock-Based Compensation Plan for Non-Employee Directors. Under the plan a portion of the non-employee directors' quarterly compensation is provided in the form of restricted stock. During 2015 , $1 of stock-based compensation was recognized under this plan. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2015 2014 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 54 $ 54 $ 75 $ 75 Long-term debt Senior secured borrowings: Revolving credit facilities $ — $ — $ — $ — Term loan facilities U.S. dollar at LIBOR plus 1.75% due 2018 831 821 800 787 Euro at EURIBOR plus 1.75% due 2018 1 723 714 847 834 Farm credit facility at LIBOR plus 2.00% due 2019 355 350 358 351 Senior notes and debentures: U.S. dollar at 6.25% due 2021 700 694 700 693 €650 at 4.0% due 2022 706 697 786 775 U. S. dollar at 4.50% due 2023 1,000 989 1,000 988 €600 at 3.375% due 2025 652 642 — — U.S. dollar at 7.375% due 2026 350 346 350 346 U.S. dollar at 7.50% due 2096 45 45 64 64 Other indebtedness in various currencies Fixed rate with rates in 2015 from 1.0% to 8.5% due through 2036 146 146 211 211 Variable rate with average rates in 2015 from 3.4% to 5.1% due through 2021 20 20 70 70 Total long-term debt 5,528 5,464 5,186 5,119 Less: current maturities (211 ) (209 ) (177 ) (175 ) Total long-term debt, less current maturities $ 5,317 $ 5,255 $ 5,009 $ 4,944 (1) €665 and €700 at December 31, 2015 and 2014, respectively. 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 $5,540 at December 31, 2015 and $5,346 at December 31, 2014. The revolving credit facilities include provisions for letters of credit up to $210 that reduce the amount of borrowing capacity otherwise available. At December 31, 2015, the Company’s available borrowing capacity under the credit facilities was $1,157 , equal to the facilities’ aggregate capacity of $1,200 less $43 of outstanding letters of credit. The interest rate on the facilities can vary from LIBOR or EURIBOR plus a margin of 1.50% up to 2.00% based on the Company's total net leverage ratio. The revolving credit facilities and term loans contain financial covenants including an interest coverage ratio and a total net leverage ratio. The weighted average interest rates were as follows: 2015 2014 2013 Short-term debt 3.0 % 2.7 % 1.9 % Revolving credit facilities 4.4 % 4.4 % 3.6 % Aggregate maturities of long-term debt for the five years subsequent to 2015, excluding unamortized discounts and debt issuance costs, are $211 , $282 , $1,180 , $366 and $18 . Cash payments for interest during 2015, 2014 and 2013 were $249 , $231 and $199 . In February 2016, the Company amended its credit agreement to provide for an additional $300 of term loan borrowings, the proceeds of which, along with borrowings under the revolving credit facilities and cash on hand were used to redeem the Company's $700 6.25% senior notes due 2021. In connection with redemption of the repurchase and redemption of the 2021 notes, the Company expects to record a loss from early extinguishment of debt of approximately $28 million. 2015 Activity In February 2015, to fund the acquisition of Empaque as described in Note B , the Company borrowed an additional $75 under its U.S. dollar term loan facility due in December 2018 and $675 under a U.S. dollar term loan facility due in February 2022. In May 2015, the Company issued €600 ( $652 at December 31, 2015) principal amount of 3.375% senior unsecured notes due 2025. The notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used these proceeds to repay the U.S. dollar term loan facility due in February 2022. In connection with the repayment of the term loan facility, the Company recorded a loss from early extinguishment of debt of $9 for the write off of deferred financing fees. 2014 Activity In April 2014, to fund the acquisition of Mivisa as described in Note B , repay certain of Mivisa's existing debt and pay transaction costs, the Company borrowed $580 under its U.S. dollar term loan facility, €590 ( $641 at December 31, 2015) under its euro term loan facility and $362 under a farm credit facility. In July 2014, the Company issued €650 ( $706 at December 31, 2015) principal amount of 4% senior unsecured notes due 2022. The notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used a portion of the proceeds to redeem all of its outstanding senior notes due 2018. In connection with the repurchase and redemption of the 2018 notes, the Company recorded a loss from early extinguishment of debt of approximately $34 including $28 for premiums paid and $6 for the write off of deferred financing fees. |
Derivative and Other Financial
Derivative and Other Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Other Financial Instruments | Derivative and Other Financial Instruments Fair Value Measurements Under U.S. 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 2. The Company uses an income approach to value its foreign exchange forward contracts. These contracts are valued using a discounted cash flow model that calculates the present value of future cash flows under the terms of the contracts using market information as of the reporting date, such as foreign exchange spot and forward rates, and are reported under Level 2 of the fair value hierarchy. Fair value disclosures for financial assets and liabilities that were accounted for at fair value on a recurring basis are provided later in this note. In addition, see Note Q for fair value disclosures related to debt. Derivative Financial Instruments In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk and using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers. For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. When a hedge no longer qualifies for hedge accounting, the change in fair value from the date of the last effectiveness test is recognized in earnings. Any gain or loss which has accumulated in other comprehensive income at the date of the last effectiveness test is reclassified into earnings at the same time of the underlying exposure. Cash Flow Hedges The Company designates certain derivative financial instruments as cash flow hedges. No components of the hedging instruments are excluded from the assessment of hedge effectiveness. Changes in fair value of outstanding derivatives accounted for as cash flow hedges, except any ineffective portion, are recorded in other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon release from comprehensive income is the same as that of the underlying exposure. Contracts outstanding at December 31, 2015 mature between one and thirty-four months . When the Company discontinues hedge accounting because it is no longer probable that an anticipated transaction will occur in the originally specified period, changes to fair value accumulated in other comprehensive income are recognized immediately in earnings. The Company uses commodity forwards to hedge anticipated purchases of various commodities, including aluminum, fuel oil and natural gas and these exposures are hedged by a central treasury unit. The Company also designates certain foreign exchange contracts as cash flow hedges of anticipated foreign currency denominated sales or purchases. The Company manages these risks at the operating unit level. The following table sets forth financial information about the impact on Accumulated Other Comprehensive Income (“AOCI”) and earnings from changes in fair value related to derivative instruments. Amount of gain/(loss) Amount of gain/(loss) recognized in AOCI reclassified from AOCI (effective portion) into earnings Derivatives in cash flow hedges 2015 2014 2015 2014 Foreign exchange $ (1 ) $ 4 $ (1 ) $ (2 ) (1) Commodities (32 ) 2 (18 ) (15 ) (2) Total $ (33 ) $ 6 $ (19 ) $ (17 ) (1) In 2015, a gain of $1 was recognized in cost of products sold and a loss of $2 was recognized in net sales. In 2014, a loss of $4 was recognized in cost of products sold and a gain of $2 was recognized in net sales. (2) In 2015, a loss of $23 , including a gain of $2 ( $1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $5 was recognized in income tax expense. In 2014, a loss of $21 , including a loss of $1 related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $6 was recognized in income tax expense. For the twelve-month period ending December 31, 2016, a net loss of $18 ( $14 , net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the twelve months ended December 31 , 2015 and 2014 in connection with anticipated transactions that were no longer considered probable. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. Other than for firm commitments, amounts related to time value are excluded from the assessment and measurement of hedge effectiveness and are reported in earnings. Less than $1 was reported in earnings for the twelve months ended December 31 , 2015 . Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated or did not qualify for hedge accounting; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes from 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 twelve months ended December 31 , 2015 and a loss of $7 for the twelve months ended December 31 , 2014 . The impact on earnings from foreign exchange contracts not designated as hedges was a loss of $29 for the twelve months ended December 31 , 2015 and a loss of $53 for the same period in 2014 . These adjustments were reported within translation and foreign exchange in the Consolidated Statements of Operations and were offset by changes in the fair values of the related hedged item. During the twelve months ended December 31 , 2015 , certain commodity hedges did not meet the criteria for hedge accounting and therefore the change in their fair value during the quarter was recognized in earnings. For the twelve months ended December 31 , 2015 , the Company recognized a loss of $2 ( $1 , net of tax) related to these ineffective hedges. Net Investment Hedges During the twelve months ended December 31, 2015, the Company recorded a gain of $13 ( $10 , net of tax) in accumulated other comprehensive income related to certain debt instruments that are designated as hedges of the Company's net investment in a euro-based subsidiary. 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. Derivative assets Balance Sheet classification Fair Value hierarchy December 31, 2015 December 31, 2014 Derivatives designated as hedges: Foreign exchange Other current assets 2 $ 32 $ 20 Commodities Other current assets 2 5 2 Commodities Other non-current assets 2 2 Derivatives not designated as hedges: Commodities Other current assets 2 3 Total $ 42 $ 22 Derivative liabilities Derivatives designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 $ 14 $ 20 Commodities Accounts payable and accrued liabilities 2 26 10 Commodities Other non-current liabilities 2 5 Derivatives not designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 2 15 Commodities Accounts payable and accrued liabilities 2 5 Total $ 52 $ 45 Offsetting of Derivative Assets and Liabilities Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the statement of financial position. In the table below, the aggregate fair values of the the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at December 31, 2015 Derivative assets $ 42 $ 9 $ 33 Derivative liabilities 52 9 43 Balance at December 31, 2014 Derivative assets $ 22 $ 4 $ 18 Derivative liabilities 45 4 41 Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets are: December 31, 2015 December 31, 2014 Derivatives in cash flow hedges: Foreign exchange $ 922 $ 678 Commodities 324 213 Derivatives in fair value hedges: Foreign exchange 125 85 Derivatives not designated as hedges: Foreign exchange 674 603 Commodities 57 — |
Noncontrolling interests
Noncontrolling interests | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling interests Changes in noncontrolling interests that do not result in a change of control, and where there is a difference between fair value and carrying value, are required to be accounted for as equity transactions. The effect on net income attributable to the Company had the purchases of noncontrolling interests been recorded through net income follows: 2015 2014 2013 Net income attributable to Crown Holdings $ 393 $ 387 $ 324 Transfers to noncontrolling interests – decrease in paid-in-capital for purchase of noncontrolling interests (3 ) (54 ) (3 ) Net income attributable to Crown Holdings after transfers to noncontrolling interests $ 390 $ 333 $ 321 In 2014, the Company paid an aggregate of $93 to purchase the ownership interests of its partner in certain non-wholly owned subsidiaries in the Middle East. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes basic and diluted earnings per share (EPS). Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of stock options and restricted stock as calculated under the treasury stock method. 2015 2014 2013 Net income attributable to Crown Holdings $ 393 $ 387 $ 324 Weighted average shares outstanding: Basic 137.94 137.23 139.45 Add: dilutive stock options and restricted stock 1.20 1.31 1.20 Diluted 139.14 138.54 140.65 Basic EPS $ 2.85 $ 2.82 $ 2.32 Diluted EPS $ 2.82 $ 2.79 $ 2.30 Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive 0.1 0.1 0.1 For purposes of calculating assumed proceeds under the treasury stock method when determining the diluted weighted average shares outstanding, the Company excludes the impact of windfall tax benefits unless the deduction reduces cash taxes payable. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Pensions. The Company sponsors various pension plans covering certain U.S. and non-U.S. employees, and participates in certain multi-employer pension plans. The benefits under the Company plans are based primarily on years of service and either the employees’ remuneration near retirement or a fixed dollar multiple. A measurement date of December 31 was used for all plans presented below. The components of pension expense were as follows: U.S. Plans 2015 2014 2013 Service cost $ 14 $ 13 $ 15 Interest cost 63 66 62 Expected return on plan assets (100 ) (104 ) (99 ) Amortization of actuarial loss 50 41 55 Amortization of prior service cost — — 1 Net periodic cost $ 27 $ 16 $ 34 Non-U.S. Plans 2015 2014 2013 Service cost $ 24 $ 23 $ 24 Interest cost 127 154 138 Expected return on plan assets (172 ) (194 ) (176 ) Settlements — — (2 ) Amortization of actuarial loss 55 73 71 Amortization of prior service credit (13 ) (16 ) (14 ) Net periodic cost $ 21 $ 40 $ 41 Additional pension expense of $5 was recognized in each of 2015, 2014 and 2013 for multi-employer plans. The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans is as follows: U.S. Plans Non-U.S. Plans 2015 2014 2015 2014 Projected Benefit Obligations Benefit obligations at January 1 $ 1,601 $ 1,454 $ 3,750 $ 3,651 Service cost 14 13 24 23 Interest cost 63 66 127 154 Plan participants’ contributions — — 3 4 Amendments — 3 — (3 ) Settlements (5 ) — — (17 ) Actuarial (gain) / loss (69 ) 170 (62 ) 384 Acquisitions — — 102 — Benefits paid (103 ) (105 ) (190 ) (191 ) Foreign currency translation — — (241 ) (255 ) Benefit obligations at December 31 $ 1,501 $ 1,601 $ 3,513 $ 3,750 Plan Assets Fair value of plan assets at January 1 $ 1,300 $ 1,349 $ 3,410 $ 3,135 Actual return on plan assets (9 ) 54 48 623 Employer contributions 7 2 72 80 Plan participants’ contributions — — 3 4 Settlements (5 ) — — (17 ) Acquisitions — — 40 — Benefits paid (103 ) (105 ) (190 ) (191 ) Foreign currency translation — — (214 ) (224 ) Fair value of plan assets at December 31 $ 1,190 $ 1,300 $ 3,169 $ 3,410 Funded Status $ (311 ) $ (301 ) $ (344 ) $ (340 ) Accumulated benefit obligations at December 31 $ 1,463 $ 1,557 $ 3,407 $ 3,630 Information for pension plans with accumulated benefit obligations in excess of plan assets is as follows: U.S. Plans 2015 2014 Projected benefit obligations $ 1,501 $ 1,601 Accumulated benefit obligations 1,463 1,557 Fair value of plan assets 1,190 1,300 Non-U.S. Plans 2015 2014 Projected benefit obligations $ 3,366 $ 3,444 Accumulated benefit obligations 3,261 3,350 Fair value of plan assets 3,015 3,116 The Company’s investment strategy in its U.S. plan is designed to generate returns that are consistent with providing benefits to plan participants within the risk tolerance of the plan. Asset allocation is the primary determinant of return levels and investment risk exposure. The assets of the plan are broadly diversified in terms of securities and security types in order to limit the potential of large losses from any one security. The strategic ranges for asset allocation in the U.S. plan are as follows: U.S. equities 30 % to 40 % International equities 10 % to 15 % Fixed income 13 % to 23 % Balanced funds 15 % to 25 % Real estate 5 % to 10 % Private equity 5 % to 10 % The Company’s investment strategy in its U.K. plan, the largest non-U.S. plan, is designed to achieve a funding level of 100% within the next 11 years by targeting an expected return of 2.0% annually in excess of the expected growth in the liabilities. The Company seeks to achieve this return with a risk level commensurate with a 5% chance of the funding level falling between 4% and 8% in any one year. The strategic ranges for asset allocation in the U.K. plan are as follows: Investment grade credit 40 % to 80 % Equities 0 % to 30 % Hedge funds 0 % to 10 % Real estate 0 % to 5 % Private equity 0 % to 15 % Emerging market wealth 0 % to 15 % Alternative credit 0 % to 15 % Other 0 % to 5 % Pension assets are classified into three levels. Level 1 asset values are derived from quoted prices which are available in active markets as of the report date. Level 2 asset values are derived from other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the report date. Level 3 asset values are derived from unobservable pricing inputs that are not corroborated by market data or other objective sources. Equity securities are valued at the latest quoted prices taken from the primary exchange on which the security trades. Mutual funds are valued at the net asset value (NAV) of shares held at year-end. Fixed income securities, including government issued debt, corporate debt and asset-backed and structured debt securities are valued using market inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other reference data including market research publications. Derivatives, which consist mainly of interest rate swaps, are valued using a discounted cash flow pricing model based on observable market data. Investment funds, hedge funds and private equity funds are valued at the NAV at year-end. The values assigned to private equity funds are based upon assessments of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, and performance multiples among other factors. Real estate investments are based on third party appraisals. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair value. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurements at the reporting date. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and their placement within the fair value hierarchy. The levels assigned to the defined benefit plan assets as of December 31, 2015 and 2014 are summarized in the tables below: 2015 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 40 $ 132 $ 172 U.S. large cap equity 62 7 69 U.S. mid/small cap equity 231 18 249 Mutual funds – global equity 164 2 166 Mutual funds – U.S. equity 194 — 194 Mutual funds – fixed income 134 — 134 825 159 984 Level 2 Government issued debt securities 43 381 424 Corporate debt securities 71 86 157 Asset backed securities 15 4 19 Structured debt — 697 697 Insurance contracts — 17 17 Derivatives — 84 84 Investment funds – fixed income 71 585 656 Investment funds – global equity 25 336 361 Investment funds – emerging markets 21 46 67 246 2,236 2,482 Level 3 Investment funds – real estate 74 97 171 Hedge funds 2 411 413 Private equity 26 255 281 Real estate – direct 16 4 20 118 767 885 Total $ 1,189 $ 3,162 $ 4,351 2014 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 66 $ 67 $ 133 Global large cap equity — 38 38 U.S. large cap equity 187 26 213 U.S. mid/small cap equity 251 19 270 Mutual funds – global equity 174 — 174 Mutual funds – U.S. equity 83 — 83 Mutual funds – fixed income 145 — 145 906 150 1,056 Level 2 Government issued debt securities 35 553 588 Corporate debt securities 81 75 156 Asset backed securities 17 8 25 Structured debt — 722 722 Insurance contracts — 12 12 Derivatives — 195 195 Investment funds – fixed income 60 527 587 Investment funds – global equity 24 377 401 Investment funds – emerging markets 29 112 141 246 2,581 2,827 Level 3 Investment funds – real estate 57 108 165 Hedge funds 42 260 302 Private equity 30 303 333 Real estate – direct 17 4 21 146 675 821 Total $ 1,298 $ 3,406 $ 4,704 Accrued income excluded from the tables above is as follows: 2015 2014 U.S. plan assets $ 1 $ 2 Non-U.S. plan assets 7 4 Plan assets include $171 of the Company’s common stock at December 31, 2015 and 2014. The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3). Hedge funds Private equity Real estate Total Balance at January 1, 2014 $ 225 $ 335 $ 157 $ 717 Foreign currency translation (9 ) (18 ) (6 ) (33 ) Asset returns – assets held at reporting date 25 62 25 112 Asset returns – assets sold during the period — (5 ) (4 ) (9 ) Purchases, sales and settlements, net 61 (41 ) 14 34 Balance at December 31, 2014 302 333 186 821 Foreign currency translation (14 ) (16 ) (8 ) (38 ) Asset returns – assets held at reporting date (5 ) (17 ) 5 (17 ) Asset returns – assets sold during the period 17 54 10 81 Purchases, sales and settlements, net 113 (73 ) (2 ) 38 Balance at December 31, 2015 $ 413 $ 281 $ 191 $ 885 Pension assets and liabilities included in the Consolidated Balance Sheets are: 2015 2014 Non-current assets $ 8 $ 13 Current liabilities 39 12 Non-current liabilities 629 641 The Company’s current liability at December 31, 2015, represents the expected required payments to be made for unfunded plans over the next twelve months. Total estimated 2016 employer contributions are $112 for the Company’s pension plans. Changes in the net loss and prior service credit for the Company’s pension plans were: 2015 2014 2013 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 2,423 $ (71 ) $ 2,466 $ (94 ) $ 2,619 $ (102 ) Reclassification to net periodic benefit cost (105 ) 13 (120 ) 16 (130 ) 13 Current year loss/(gain) 95 — 174 — (47 ) (1 ) Amendments — — — 3 — — Foreign currency translation (93 ) 4 (97 ) 4 24 (4 ) Balance at December 31 $ 2,320 $ (54 ) $ 2,423 $ (71 ) $ 2,466 $ (94 ) The estimated portions of the net losses and net prior service that are expected to be recognized as components of net periodic benefit cost / (credit) in 2016 are $102 and $(13) . Expected future benefit payments as of December 31, 2015 are: U.S. plans Non-U.S. plans 2016 $ 138 $ 179 2017 105 178 2018 102 182 2019 114 185 2020 104 188 2021 - 2025 490 961 The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 are: U.S. Plans 2015 2014 2013 Discount rate 4.4 % 4.0 % 4.8 % Compensation increase 4.6 % 4.6 % 3.0 % Non-U.S. Plans 2015 2014 2013 Discount rate 3.7 % 3.4 % 4.4 % Compensation increase 2.9 % 2.7 % 3.2 % The weighted average actuarial assumptions used to calculate pension expense for each year were: U.S. Plans 2015 2014 2013 Discount rate 4.0 % 4.8 % 4.0 % Compensation increase 4.6 % 3.0 % 3.0 % Long-term rate of return 8.0 % 8.0 % 8.0 % Non-U.S. Plans 2015 2014 2013 Discount rate 3.4 % 4.4 % 4.1 % Compensation increase 2.7 % 3.2 % 2.8 % Long-term rate of return 5.2 % 6.4 % 6.0 % The expected long-term rates of return are determined at each measurement date based on a review of the actual plan assets, the target allocation, and the historical returns of the capital markets. The U.S. plan’s 2015 assumed asset rate of return was based on a calculation using underlying assumed rates of return of 9.6% for equity securities and alternative investments, 5.5% for debt securities and 4.0% for real estate. The rate of return used for equity securities and alternative investments was based on the total return of the S&P 500 for the 25 year period ended December 31, 2014. The Company believes that the equity securities included in the S&P 500 are representative of the equity securities and alternative investments held by its U.S. plan, and that this period provides a sufficient time horizon as a basis for estimating future returns. The rate of return used for debt securities is consistent with the U.S. plan discount rate and the return on AA corporate bonds with duration equal to the plan’s liabilities. The underlying debt securities in the plan are primarily invested in various corporate and government agency securities and are benchmarked against returns on AA corporate bonds. The U.K. plan’s 2015 assumed asset rate of return was based on a calculation using underlying assumed rates of return of 8.5% for equity securities, 9.6% for alternative investments, 5.5% for debt securities and 3.4% for real estate. Equity securities in the U.K. plan were allocated approximately 39% to U.S. securities, 42% to securities in developed European countries, and 19% to securities in emerging markets. The assumed rate of return for equity securities and alternative investments represents the weighted average 25 year return of equity securities in these markets. The Company believes that the equity securities included in the related market indexes are representative of the equity securities and alternative investments held by its U.K. plan, and that this period provides a sufficient time horizon as a basis for estimating future returns. Other Postretirement Benefit Plans. The Company sponsors unfunded plans to provide health care and life insurance benefits to pensioners and survivors. Generally, the medical plans pay a stated percentage of medical expenses reduced by deductibles and other coverages. Life insurance benefits are generally provided by insurance contracts. The Company reserves the right, subject to existing agreements, to change, modify or discontinue the plans. A measurement date of December 31 was used for the plans presented below. The components of net postretirement benefits cost are as follows: Other Postretirement Benefits 2015 2014 2013 Service cost $ 1 $ 2 $ 3 Interest cost 7 12 13 Amortization of prior service credit (37 ) (34 ) (39 ) Amortization of actuarial loss 4 6 10 Net periodic benefit cost $ (25 ) $ (14 ) $ (13 ) Changes in the benefit obligations were: 2015 2014 Benefit obligations at January 1 $ 241 $ 274 Service cost 1 2 Interest cost 7 12 Amendments (52 ) — Actuarial gain (19 ) (23 ) Curtailment (3 ) — Benefits paid (17 ) (19 ) Foreign currency translation (7 ) (5 ) Benefit obligations at December 31 $ 151 $ 241 Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: 2015 2014 2013 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 69 $ (211 ) $ 97 $ (246 ) $ 157 $ (269 ) Reclassification to net periodic benefit cost (4 ) 37 (6 ) 34 (10 ) 39 Current year loss (18 ) — (24 ) — (49 ) — Amendments — (51 ) — — — (18 ) Foreign currency translation — 2 1 (1 ) 2 Balance at December 31 $ 47 $ (225 ) $ 69 $ (211 ) $ 97 $ (246 ) The estimated portions of the net losses and prior service credits that are expected to be recognized as components of net periodic benefit cost/(credit) in 2016 are $4 and $(41) . In 2015, the U.S. plan was amended to eliminate or reduce certain health and life insurance coverage benefits. Expected future benefit payments, as of December 31, 2015, net of expected Medicare Part D subsidies of $4 in the aggregate are: Benefit Payments 2016 $ 14 2017 13 2018 13 2019 12 2020 12 2021 - 2024 53 The assumed health care cost trend rates at December 31, 2015 are as follows: Health care cost trend rate assumed for 2016 5.5 % Rate that the cost trend rate gradually declines to 4.4 % Year that the rate reaches the rate it is assumed to remain 2027 A one-percentage-point change in assumed health care cost trend rates would have the following effects: One percentage point Increase Decrease Effect on total service and interest cost $ 1 $ 1 Effect on postretirement benefit obligation $ 6 $ 5 Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below. 2015 2014 2013 Benefit obligations 3.9 % 4.0 % 4.8 % Cost 4.0 % 4.8 % 4.1 % Employee Savings Plan. The Company sponsors a Savings Investment Plan which covers substantially all U.S. salaried employees who are at least 21 years of age. The Company matches up to 50% of 3% of a participant’s compensation and the total Company contributions were $2 in each of the last three years. Employee Stock Purchase Plan. The Company sponsors an Employee Stock Purchase Plan which covers all U.S. employees with one or more years of service who are non-officers and non-highly compensated as defined by the Internal Revenue Code. Eligible participants contribute 85% of the quarter-ending market price towards the purchase of each common share. The Company’s contribution is equivalent to 15% of the quarter-ending market price. Total shares purchased under the plan in 2015 and 2014 were 25,917 and 25,351 and the Company’s contributions were less than $1 in both years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes and equity earnings were as follows: 2015 2014 2013 U.S. $ 18 $ 78 $ 116 Foreign 621 438 460 $ 639 $ 516 $ 576 The provision for income taxes consisted of the following: 2015 2014 2013 Current tax: U.S. federal $ 6 $ 11 $ 11 State and foreign 147 113 87 $ 153 $ 124 $ 98 Deferred tax: U.S. federal $ 12 $ 28 $ 41 State and foreign 13 (111 ) 9 25 (83 ) 50 Total $ 178 $ 41 $ 148 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: 2015 2014 2013 U.S. statutory rate at 35% $ 224 $ 181 $ 203 Tax on foreign income (74 ) (67 ) (53 ) Valuation allowance 21 (70 ) 1 Non-deductible impairment charges — 18 — Tax law changes 4 (17 ) 11 Other items, net 3 (4 ) (14 ) Income tax provision $ 178 $ 41 $ 148 The Company benefits from certain incentives in Brazil which allow it pay reduced income taxes. The incentives expire at various dates beginning in 2018 . These incentives increased net income attributable to the Company by $8 , $12 and $11 in 2015, 2014 and 2013. The Company paid taxes of $137 , $109 and $114 in 2015, 2014 and 2013. The components of deferred taxes at December 31 are: 2015 2014 Assets Liabilities Assets Liabilities Tax loss and credit carryforwards $ 535 $ — $ 589 $ — Postretirement and postemployment benefits 65 — 97 — Pensions 223 38 229 49 Property, plant and equipment 19 167 14 132 Intangible assets — 158 — 58 Asbestos 102 — 103 — Accruals and other 131 98 123 114 Valuation allowances (241 ) — (245 ) — Total $ 834 $ 461 $ 910 $ 353 At December 31, 2014, $99 of deferred tax assets were included in prepaid expenses and other current assets. Tax loss and credit carryforwards expire as follows: Year Amount 2016 $ 5 2017 22 2018 32 2019 30 2020 44 Thereafter 294 Unlimited 108 Tax loss and credit carryforwards expiring after 2020 include $151 of U.S. state tax loss carryforwards and $116 of U.S. federal foreign tax credits. The unlimited category includes $75 of French tax loss carryforwards. The carryforwards presented above exclude $59 of U.S. windfall tax benefits that will be recorded in additional paid-in capital when realized. Realization of any portion of the Company’s deferred tax assets is dependent upon the availability of taxable income in the relevant jurisdictions. The Company considers all sources of taxable income, including (i) taxable income in any available carry back period, (ii) the reversal of taxable temporary differences, (iii) tax-planning strategies, and (iv) taxable income expected to be generated in the future other than from reversing temporary differences. The Company also considers whether there have been cumulative losses in recent years. The Company records a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company’s valuation allowances at December 31, 2015 include $185 related to U.S. state loss carryforwards and $33 in Canada. The Company continues to maintain a valuation allowance against the portion of U.S. state tax loss carryforwards that the Company does not believe are more likely than not to be utilized prior to their expiration. The Company’s ability to utilize state tax loss carryforwards is impacted by several factors including taxable income, expiration dates, limitations imposed by certain states on the amount of loss carryforwards that can be used in a given year to offset taxable income and whether the state permits the Company to file a combined return. The Company continues to maintain a full valuation allowance against its net deferred tax assets in Canada. Although the Company's Canadian operations generated a profit in 2015, given the history of operating losses, at this time, the Company does not believe it is more likely than not that it will realize its deferred tax benefits in Canada. In 2014, the Company recognized an income tax benefit of $86 to fully release the valuation allowance against its net deferred tax assets in France. In recent years, the Company's operating profits in France were offset by interest expense. In the third quarter of 2014, the Company refinanced its bonds issued by a French subsidiary resulting in significant interest savings. The impact of the refinancing and current low interest rate environment has significantly lowered the Company's interest expense in France. As the Company is currently generating taxable income in France and is projecting future taxable income in France, the Company has fully released its valuation allowance. Due to the Company's high level of debt in France, a significant increase in interest rates could cause the Company to incur losses which may result in recording additional valuation allowance in the future. The Company's loss carryforwards in France do not expire. Management’s estimates of the appropriate valuation allowance in any jurisdiction involve a number of assumptions and judgments, including the amount and timing of future taxable income. Should future results differ from management’s estimates, it is possible there could be future adjustments to the valuation allowances that would result in an increase or decrease in tax expense in the period such changes in estimates are made. The Company has not provided deferred taxes on $838 of earnings in certain non-U.S. subsidiaries because such earnings are indefinitely reinvested in its international operations. Upon distribution of such earnings in the form of dividends or otherwise, the Company would be subject to incremental tax. It is not practicable to estimate the amount of tax that might be payable. A reconciliation of unrecognized tax benefits follows: 2015 2014 2013 Balance at January 1 $ 26 $ 31 $ 35 Additions for prior year tax positions 13 — — Lapse of statute of limitations — (1 ) (5 ) Settlements (9 ) — — Foreign currency translation (2 ) (4 ) 1 Balance at December 31 $ 28 $ 26 $ 31 The Company’s unrecognized tax benefits include potential liabilities related to transfer pricing, foreign withholding taxes, and non-deductibility of expenses and exclude $1 of interest and penalties as of December 31, 2015. In 2015, the increase for prior year positions related to an unfavorable tax court ruling in Spain. The total interest and penalties recorded in income tax expense was $3 in 2015 and less than $1 in 2014 and 2013. As of December 31, 2015, unrecognized tax benefits of $28 , if recognized, would affect the Company's effective tax rate. The Company’s unrecognized tax benefits are not expected to increase over the next twelve months and are expected to decrease as open tax years lapse or claims are settled. The Company is unable to estimate a range of reasonably possible changes in its unrecognized tax benefits in the next twelve months as it is unable to predict when, or if, the tax authorities will commence their audits, the time needed for the audits, and the audit findings that will require settlement with the applicable tax authorities, if any. The tax years that remained subject to examination by major tax jurisdiction as of December 31, 2015 were 2005 and subsequent years for France; 2006 and subsequent years for the UK; 2009 and subsequent years for Spain and Germany; 2010 and subsequent years for Italy and Mexico; 2011 and subsequent years for Brazil and Canada; and 2012 and subsequent years for the U.S.. In addition, tax authorities in certain jurisdictions, including the U.S., may examine earlier years when tax carryforwards that were generated in those years are subsequently utilized. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s business is organized geographically within three divisions, Americas, Europe and Asia Pacific. Within the Americas and European divisions, the Company has determined that it has the following reportable segments organized along a combination of product lines and geographic areas: Americas Beverage and North America Food within the Americas, and European Beverage and European Food within Europe. The Company's Asia Pacific division is a reportable segment. Non-reportable segments include the Company’s aerosol can businesses in North America and Europe, the Company’s specialty packaging business in Europe and the Company’s tooling and equipment operations in the U.S. and United Kingdom. The Company evaluates performance and allocates resources based on segment income. Segment income, which is not a defined term under GAAP, is defined by the Company as income from operations adjusted to add back provisions for asbestos and restructuring and other, the impact of fair value adjustments related to the sale of inventory acquired in an acquisition and the timing impact of hedge ineffectiveness. Segment income should not be considered in isolation or as a substitute for net income data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. The tables below present information about operating segments for the three years ended December 31, 2015, 2014 and 2013 : 2015 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,771 $ 71 $ 2,977 $ 93 $ 119 $ 427 North America Food 680 4 527 10 14 86 European Beverage 1,504 1 1,461 27 97 228 European Food 1,984 93 2,723 53 35 246 Asia Pacific 1,202 2 1,133 40 68 145 Total reportable segments 8,141 171 8,821 223 333 $ 1,132 Non-reportable segments 621 96 457 8 15 Corporate and unallocated items — — 742 6 6 Total $ 8,762 $ 267 $ 10,020 $ 237 $ 354 2014 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,335 $ 82 $ 1,752 $ 40 $ 114 $ 334 North America Food 809 7 456 9 12 127 European Beverage 1,708 2 1,520 27 98 265 European Food 2,197 81 3,213 59 43 221 Asia Pacific 1,226 — 1,335 39 45 142 Total reportable segments 8,275 172 8,276 174 312 $ 1,089 Non-reportable segments 822 108 533 9 13 Corporate and unallocated items — — 834 7 3 Total $ 9,097 $ 280 $ 9,643 $ 190 $ 328 2013 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,289 $ 61 $ 1,588 $ 35 $ 76 $ 327 North America Food 845 10 457 10 5 119 European Beverage 1,731 1 1,605 26 24 257 European Food 1,751 76 1,500 16 28 144 Asia Pacific 1,189 — 1,277 33 110 133 Total reportable segments 7,805 148 6,427 120 243 $ 980 Non-reportable segments 851 113 633 8 21 Corporate and unallocated items — — 970 6 11 Total $ 8,656 $ 261 $ 8,030 $ 134 $ 275 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Corporate and unallocated items include corporate and division administrative costs, technology costs, and unallocated items such as the U.S. and U.K. pension plan costs. A reconciliation of segment income of reportable segments to income before income taxes and equity earnings for the three years ended December 31, 2015, 2014 and 2013 follows: 2015 2014 2013 Segment income of reportable segments $ 1,132 $ 1,089 $ 980 Segment income of non-reportable segments 83 92 102 Corporate and unallocated items (196 ) (197 ) (165 ) Provision for asbestos (26 ) (45 ) (32 ) Restructuring and other (66 ) (129 ) (34 ) Loss from early extinguishments of debt (9 ) (34 ) (41 ) Interest expense (270 ) (253 ) (236 ) Interest income 11 7 5 Foreign exchange (20 ) (14 ) (3 ) Income before income taxes and equity earnings $ 639 $ 516 $ 576 For the three years ended December 31, 2015, 2014 and 2013 , intercompany profit of $2 , $4 and $2 was eliminated within segment income of non-reportable segments. For the three years ended December 31, 2015, 2014 and 2013 , no one customer accounted for more than 10% of the Company's consolidated net sales. Sales by major product were: 2015 2014 2013 Metal beverage cans and ends $ 4,957 $ 4,863 $ 4,824 Metal food cans and ends 2,410 2,735 2,339 Other metal packaging 977 1,173 1,211 Other products 418 326 282 Consolidated net sales $ 8,762 $ 9,097 $ 8,656 Sales and long-lived assets for the major countries in which the Company operates follows: Net Sales Long-Lived Assets 2015 2014 2013 2015 2014 United States $ 2,013 $ 2,163 $ 2,214 $ 391 $ 329 United Kingdom 712 783 759 144 174 Mexico 693 119 116 284 17 Spain 669 728 420 224 272 Other 4,675 5,304 5,147 1,656 1,763 Consolidated total $ 8,762 $ 9,097 $ 8,656 $ 2,699 $ 2,555 |
Condensed Combining Financial I
Condensed Combining Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Combining Financial Information | Condensed Combining Financial Information Crown Cork & Seal Company, Inc. (Issuer), a wholly owned subsidiary, has $350 principal amount of 7.375% senior notes due 2026 and $45 principal amount of 7.5% senior notes due 2096 outstanding that are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt. The following condensed combining financial statements: • statements of comprehensive income and cash flows for the years ended December 31, 2015, 2014 , 2013, and • balance sheets as of December 31, 2015 and December 31, 2014 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 8,762 $ 8,762 Cost of products sold, excluding depreciation and amortization 7,116 7,116 Depreciation and amortization 237 237 Selling and administrative expense $ 10 380 390 Provision for asbestos 26 26 Restructuring and other (1 ) 67 66 Income from operations (35 ) 962 927 Loss from early extinguishments of debt 9 9 Net interest expense 100 159 259 Foreign exchange 20 20 Income/(loss) before income taxes (135 ) 774 639 Provision for / (benefit from) income taxes (35 ) 213 178 Equity earnings in affiliates $ 393 385 $ (778 ) — Net income 393 285 561 (778 ) 461 Net income attributable to noncontrolling interests (68 ) (68 ) Net income attributable to Crown Holdings $ 393 $ 285 $ 493 $ (778 ) $ 393 Total comprehensive income $ 4 $ 3 $ 168 $ (107 ) $ 68 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 4 $ 3 $ 104 $ (107 ) $ 4 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2014 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 9,097 $ 9,097 Cost of products sold, excluding depreciation and amortization 7,525 7,525 Depreciation and amortization 190 190 Selling and administrative expense $ 10 388 398 Provision for asbestos 45 45 Restructuring and other 14 115 129 Income from operations (69 ) 879 810 Loss from early extinguishments of debt 34 34 Net interest expense 93 153 246 Foreign exchange 14 14 Income/(loss) before income taxes (162 ) 678 516 Provision for / (benefit from) income taxes (26 ) 67 41 Equity earnings in affiliates $ 387 500 $ (887 ) — Net income 387 364 611 (887 ) 475 Net income attributable to noncontrolling interests (88 ) (88 ) Net income attributable to Crown Holdings $ 387 $ 364 $ 523 $ (887 ) $ 387 Total comprehensive income $ 135 $ 112 $ 360 $ (383 ) $ 224 Comprehensive income attributable to noncontrolling interests (89 ) (89 ) Comprehensive income attributable to Crown Holdings $ 135 $ 112 $ 271 $ (383 ) $ 135 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2013 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 8,656 $ 8,656 Cost of products sold, excluding depreciation and amortization $ (16 ) 7,196 7,180 Depreciation and amortization 134 134 Selling and administrative expense 6 419 425 Provision for asbestos 32 32 Restructuring and other (2 ) 36 34 Income from operations (20 ) 871 851 Loss from early extinguishments of debt 41 41 Net interest expense 101 130 231 Foreign exchange 3 3 Income/(loss) before income taxes (121 ) 697 576 Provision for / (benefit from) income taxes (28 ) 176 148 Equity earnings in affiliates $ 324 417 $ (741 ) — Net income 324 324 521 (741 ) 428 Net income attributable to noncontrolling interests (104 ) (104 ) Net income attributable to Crown Holdings $ 324 $ 324 $ 417 $ (741 ) $ 324 Total comprehensive income $ 425 $ 425 $ 620 $ (943 ) $ 527 Comprehensive income attributable to noncontrolling interests (102 ) (102 ) Comprehensive income attributable to Crown Holdings $ 425 $ 425 $ 518 $ (943 ) $ 425 CONDENSED COMBINING BALANCE SHEET As of December 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 717 $ 717 Receivables, net 912 912 Inventories 1,213 1,213 Prepaid expenses and other current assets $ 2 205 207 Total current assets 2 3,047 3,049 Intercompany debt receivables 3,654 $ (3,654 ) — Investments $ 2,937 2,490 (5,427 ) — Goodwill and intangible assets 3,580 3,580 Property, plant and equipment, net 2,699 2,699 Other non-current assets 430 262 692 Total $ 2,937 $ 2,922 $ 13,242 $ (9,081 ) $ 10,020 Liabilities and equity Current liabilities Short-term debt $ 54 $ 54 Current maturities of long-term debt 209 209 Accounts payable and accrued liabilities $ 24 $ 41 2,580 2,645 Total current liabilities 24 41 2,843 2,908 Long-term debt, excluding current maturities 391 4,864 5,255 Long-term intercompany debt 2,769 885 $ (3,654 ) — Postretirement and pension liabilities 767 767 Other non-current liabilities 309 346 655 Commitments and contingent liabilities Noncontrolling interests 291 291 Crown Holdings shareholders’ equity 144 1,296 4,131 (5,427 ) 144 Total equity 144 1,296 4,422 (5,427 ) 435 Total $ 2,937 $ 2,922 $ 13,242 $ (9,081 ) $ 10,020 CONDENSED COMBINING BALANCE SHEET As of December 31, 2014 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 965 $ 965 Receivables, net 1,031 1,031 Inventories 1,324 1,324 Prepaid expenses and other current assets $ 1 $ 69 181 251 Assets held for sale 48 48 Total current assets 1 69 3,549 3,619 Intercompany debt receivables 2,885 $ (2,885 ) — Investments 2,199 2,350 (4,549 ) — Goodwill and intangible assets 2,926 2,926 Property, plant and equipment, net 2,437 2,437 Other non-current assets 394 267 661 Total $ 2,200 $ 2,813 $ 12,064 $ (7,434 ) $ 9,643 Liabilities and equity Current liabilities Short-term debt $ 75 $ 75 Current maturities of long-term debt 175 175 Accounts payable and accrued liabilities $ 20 $ 35 2,596 2,651 Liabilities related to assets held for sale 23 23 Total current liabilities 20 35 2,869 2,924 Long-term debt, excluding current maturities 409 4,535 4,944 Long-term intercompany debt 2,061 824 $ (2,885 ) — Postretirement and pension liabilities 871 871 Other non-current liabilities 310 207 517 Commitments and contingent liabilities Noncontrolling interests 268 268 Crown Holdings shareholders’ equity 119 1,235 3,314 (4,549 ) 119 Total equity 119 1,235 3,582 (4,549 ) 387 Total $ 2,200 $ 2,813 $ 12,064 $ (7,434 ) $ 9,643 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 33 $ (65 ) $ 988 $ 956 Cash flows from investing activities Capital expenditures (354 ) (354 ) Acquisition of businesses, net of cash acquired (1,207 ) (1,207 ) Proceeds from sale of businesses, net of cash sold 33 33 Proceeds from sale of property, plant and equipment 7 7 Intercompany investing activities (738 ) 21 738 $ (21 ) — Net investment hedge settlements (11 ) (11 ) Other (16 ) (16 ) Net cash provided by/(used for) investing activities (738 ) 21 (810 ) (21 ) (1,548 ) Cash flows from financing activities Proceeds from long-term debt 1,435 1,435 Payments of long-term debt (17 ) (883 ) (900 ) Net change in revolving credit facility and short-term debt (7 ) (7 ) Net change in long-term intercompany balances 708 61 (769 ) — Debt issuance costs (18 ) (18 ) Common stock issued 6 6 Common stock repurchased (9 ) (9 ) Dividends paid (21 ) 21 — Dividend paid to noncontrolling interests (48 ) (48 ) Contribution from noncontrolling interests 5 5 Foreign exchange derivatives related to debt (58 ) (58 ) Net cash provided by/(used for) financing activities 705 44 (364 ) 21 406 Effect of exchange rate changes on cash and cash equivalents (62 ) (62 ) Net change in cash and cash equivalents — — (248 ) — (248 ) Cash and cash equivalents at January 1 965 965 Cash and cash equivalents at December 31 $ — $ — $ 717 $ — $ 717 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2014 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 25 $ (130 ) $ 1,017 $ 912 Cash flows from investing activities Capital expenditures (328 ) (328 ) Acquisition of businesses, net of cash acquired (733 ) (733 ) Proceeds from sale of businesses, net of cash sold 22 22 Proceeds from sale of property, plant and equipment 16 16 Intercompany investing activities (941 ) 56 941 $ (56 ) — Other 2 2 Net cash provided by/(used for) investing activities (941 ) 56 (80 ) (56 ) (1,021 ) Cash flows from financing activities Proceeds from long-term debt 2,742 2,742 Payments of long-term debt (1,752 ) (1,752 ) Net change in revolving credit facility and short-term debt (319 ) (319 ) Net change in long-term intercompany balances 904 74 (978 ) — Debt issuance costs (41 ) (41 ) Common stock issued 14 14 Common stock repurchased (2 ) (2 ) Dividends paid (56 ) 56 — Purchase of noncontrolling interests (93 ) (93 ) Dividend paid to noncontrolling interests (77 ) (77 ) Foreign exchange derivatives related to debt (27 ) (27 ) Net cash provided by/(used for) financing activities 916 74 (601 ) 56 445 Effect of exchange rate changes on cash and cash equivalents (60 ) (60 ) Net change in cash and cash equivalents — — 276 — 276 Cash and cash equivalents at January 1 689 689 Cash and cash equivalents at December 31 $ — $ — $ 965 $ — $ 965 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2013 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 16 $ 37 $ 832 $ 885 Cash flows from investing activities Capital expenditures (275 ) (275 ) Acquisition of businesses, net of cash acquired (16 ) (16 ) Proceeds from sale of business, net of cash sold 10 10 Proceeds from sale of property, plant and equipment 29 29 Intercompany investing activities 77 $ (77 ) — Other 6 6 Net cash provided by/(used for) investing activities 87 (256 ) (77 ) (246 ) Cash flows from financing activities Proceeds from long-term debt 1,083 1,083 Payments of long-term debt (1,022 ) (1,022 ) Net change in revolving credit facility and short-term debt 18 18 Net change in long-term intercompany balances 263 (124 ) (139 ) — Debt issuance costs (32 ) (32 ) Common stock issued 21 21 Common stock repurchased (300 ) (300 ) Dividends paid (77 ) 77 — Purchase of noncontrolling interests (16 ) (16 ) Dividend paid to noncontrolling interests (78 ) (78 ) Foreign exchange derivatives related to debt 20 20 Net cash provided by/(used for) financing activities (16 ) (124 ) (243 ) 77 (306 ) Effect of exchange rate changes on cash and cash equivalents 6 6 Net change in cash and cash equivalents — — 339 — 339 Cash and cash equivalents at January 1 350 350 Cash and cash equivalents at December 31 $ — $ — $ 689 $ — $ 689 Crown Americas, LLC, Crown Americas Capital Corp. II and Crown Americas Capital Corp. III (collectively, the Issuers), wholly owned subsidiaries of the Company, have outstanding $700 principal amount of 6.25% senior notes due 2021 and $1,000 principal amount of 4.5% senior notes due 2023 , which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all subsidiaries in the United States. The guarantors are wholly owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements: • statements of comprehensive income and cash flows for the years ended December 31, 2015, 2014 , 2013, and • balance sheets as of December 31, 2015 and December 31, 2014 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 2,013 $ 6,749 $ 8,762 Cost of products sold, excluding depreciation and amortization 1,611 5,505 7,116 Depreciation and amortization 32 205 237 Selling and administrative expense $ 9 153 228 390 Provision for asbestos 26 26 Restructuring and other 7 59 66 Income from operations (9 ) 184 752 927 Loss from early extinguishments of debt 9 9 Net interest expense 91 90 78 259 Technology royalty (42 ) 42 — Foreign exchange (8 ) 3 17 $ 8 20 Income/(loss) before income taxes (101 ) 133 615 (8 ) 639 Provision for / (benefit from) income taxes (38 ) 79 140 (3 ) 178 Equity earnings in affiliates $ 393 183 231 (807 ) — Net income 393 120 285 475 (812 ) 461 Net income attributable to noncontrolling interests (68 ) (68 ) Net income attributable to Crown Holdings $ 393 $ 120 $ 285 $ 407 $ (812 ) $ 393 Total comprehensive income $ 4 $ 146 $ 64 $ 46 $ (192 ) $ 68 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 4 $ 146 $ 64 $ (18 ) $ (192 ) $ 4 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2014 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 2,154 $ 6,943 $ 9,097 Cost of products sold, excluding depreciation and amortization 1,725 5,800 7,525 Depreciation and amortization 31 159 190 Selling and administrative expense $ 9 144 245 398 Provision for asbestos 45 45 Restructuring and other 5 44 80 129 Income from operations (14 ) 165 659 810 Loss from early extinguishments of debt 34 34 Net interest expense 58 90 98 246 Technology royalty (48 ) 48 — Foreign exchange 14 14 Income/(loss) before income taxes (72 ) 123 465 516 Provision for / (benefit from) income taxes (27 ) 86 (18 ) 41 Equity earnings in affiliates $ 387 222 327 $ (936 ) — Net income 387 177 364 483 (936 ) 475 Net income attributable to noncontrolling interests (88 ) (88 ) Net income attributable to Crown Holdings $ 387 $ 177 $ 364 $ 395 $ (936 ) $ 387 Total comprehensive income $ 135 $ 67 $ 112 $ 340 $ (430 ) $ 224 Comprehensive income attributable to noncontrolling interests (89 ) (89 ) Comprehensive income attributable to Crown Holdings $ 135 $ 67 $ 112 $ 251 $ (430 ) $ 135 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2013 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 2,214 $ 6,442 $ 8,656 Cost of products sold, excluding depreciation and amortization 1,746 5,434 7,180 Depreciation and amortization 29 105 134 Selling and administrative expense $ 9 154 262 425 Provision for asbestos 32 32 Restructuring and other 2 32 34 Income from operations (9 ) 251 609 851 Loss from early extinguishments of debt 39 2 41 Net interest expense 46 91 94 231 Technology royalty (48 ) 48 — Foreign exchange 3 3 Income/(loss) before income taxes (94 ) 208 462 576 Provision for / (benefit from) income taxes (36 ) 100 84 148 Equity earnings in affiliates $ 324 247 216 $ (787 ) — Net income 324 189 324 378 (787 ) 428 Net income attributable to noncontrolling interests (104 ) (104 ) Net income attributable to Crown Holdings $ 324 $ 189 $ 324 $ 274 $ (787 ) $ 324 Total comprehensive income $ 425 $ 332 $ 425 $ 336 $ (991 ) $ 527 Comprehensive income attributable to noncontrolling interests (102 ) (102 ) Comprehensive income attributable to Crown Holdings $ 425 $ 332 $ 425 $ 234 $ (991 ) $ 425 CONDENSED COMBINING BALANCE SHEET As of December 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 104 $ 613 $ 717 Receivables, net $ 23 889 912 Intercompany receivables 30 2 $ (32 ) — Inventories 291 922 1,213 Prepaid expenses and other current assets 2 7 198 207 Total current assets 106 351 2,624 (32 ) 3,049 Intercompany debt receivables 3,111 3,471 681 (7,263 ) — Investments $ 2,937 2,199 804 (5,940 ) — Goodwill and intangible assets 471 3,109 3,580 Property, plant and equipment, net 1 390 2,308 2,699 Other non-current assets 6 457 229 692 Total $ 2,937 $ 5,423 $ 5,944 $ 8,951 $ (13,235 ) $ 10,020 Liabilities and equity Current liabilities Short-term debt $ 54 $ 54 Current maturities of long-term debt $ 90 119 209 Accounts payable and accrued liabilities $ 24 47 $ 526 2,048 2,645 Intercompany payables 2 30 $ (32 ) — Total current liabilities 24 137 528 2,251 (32 ) 2,908 Long-term debt, excluding current maturities 2,759 391 2,105 5,255 Long-term intercompany debt 2,769 1,268 3,041 185 (7,263 ) — Postretirement and pension liabilities 377 390 767 Other non-current liabilities 311 344 655 Commitments and contingent liabilities Noncontrolling interests 291 291 Crown Holdings shareholders’ equity 144 1,259 1,296 3,385 (5,940 ) 144 Total equity 144 1,259 1,296 3,676 (5,940 ) 435 Total $ 2,937 $ 5,423 $ 5,944 $ 8,951 $ (13,235 ) $ 10,020 CONDENSED COMBINING BALANCE SHEET As of December 31, 2014 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 128 $ 837 $ 965 Receivables, net $ 18 1,013 1,031 Intercompany receivables 20 11 $ (31 ) — Inventories 291 1,033 1,324 Prepaid expenses and other current assets $ 1 4 75 171 251 Assets held for sale 48 48 Total current assets 1 132 404 3,113 (31 ) 3,619 Intercompany debt receivables 2,415 2,640 27 (5,082 ) — Investments 2,199 2,005 850 (5,054 ) — Goodwill and intangible assets 473 2,453 2,926 Property, plant and equipment, net 1 328 2,108 2,437 Other non-current assets 8 411 242 661 Total $ 2,200 $ 4,561 $ 5,106 $ 7,943 $ (10,167 ) $ 9,643 Liabilities and equity Current liabilities Short-term debt $ 75 $ 75 Current maturities of long-term debt $ 43 132 175 Accounts payable and accrued liabilities $ 20 $ 49 480 2,102 2,651 Intercompany payables 11 20 $ (31 ) — Liabilities related to assets held for sale 23 23 Total current liabilities 20 49 534 2,352 (31 ) 2,924 Long-term debt, excluding current maturities 2,815 367 1,762 4,944 Long-term intercompany debt 2,061 584 2,199 238 (5,082 ) — Postretirement and pension liabilities 464 407 871 Other non-current liabilities 307 210 517 Commitments and contingent liabilities Noncontrolling interests 268 268 Crown Holdings shareholders’ equity 119 1,113 1,235 2,706 (5,054 ) 119 Total equity 119 1,113 1,235 2,974 (5,054 ) 387 Total $ 2,200 $ 4,561 $ 5,106 $ 7,943 $ (10,167 ) $ 9,643 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ 33 $ (34 ) $ 6 $ 951 $ 956 Cash flows from investing activities Capital expenditures (80 ) (274 ) (354 ) Acquisition of businesses, net of cash acquired (1,207 ) (1,207 ) Proceeds from sale of businesses, net of cash sold 33 33 Proceeds from sale of property, plant and equipment 2 5 7 Intercompany investing activities (738 ) 15 71 738 $ (86 ) — Net investment hedge settlements (11 ) (11 ) Other — (10 ) (6 ) (16 ) Net cash provided by/(used for) investing activities (738 ) 4 (17 ) (711 ) (86 ) (1,548 ) Cash flows from financing activities Proceeds from long-term debt 750 685 1,435 Payments of long-term debt (722 ) (178 ) (900 ) Net change in revolving credit facility and short-term debt (7 ) (7 ) Net change in long-term intercompany balances 708 (12 ) 11 (707 ) — Debt issuance costs (10 ) (8 ) (18 ) Common stock issued 6 6 Common stock repurchased (9 ) (9 ) Dividends paid (86 ) 86 — Dividends paid to noncontrolling interests (48 ) (48 ) Contribution from noncontrolling interests 5 5 Foreign exchange derivatives related to debt (58 ) (58 ) Net cash provided by/(used for) financing activities 705 6 11 (402 ) 86 406 Effect of exchange rate changes on cash and cash equivalents (62 ) (62 ) Net change in cash and cash equivalents — (24 ) — (224 ) — (248 ) Cash and cash equivalents at January 1 128 — 837 965 Cash and cash equivalents at December 31 $ — $ 104 $ — $ 613 $ — $ 717 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2014 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ 25 $ (38 ) $ 52 $ 873 $ 912 Cash flows from investing activities Capital expenditures (42 ) (286 ) (328 ) Acquisition of businesses, net of cash acquired (733 ) (733 ) Proceeds from sale of businesses, net of cash sold 22 22 Proceeds from sale of property, plant and equipment 6 10 16 Intercompany investing activities (941 ) 24 44 954 $ (81 ) — Other 2 2 Net cash provided by/(used for) investing activities (941 ) 24 8 (31 ) (81 ) (1,021 ) Cash flows from financing activities Proceeds from long-term debt 942 1,800 2,742 Payments of long-term debt (4 ) (1,748 ) (1,752 ) Net change in revolving credit facility and short-term debt (319 ) (319 ) Net change in long-term intercompany balances 904 (949 ) 14 31 — Debt issuance costs (24 ) (17 ) (41 ) Common stock issued 14 14 Common stock repurchased (2 ) (2 ) Dividends paid (81 ) 81 — Purchase of noncontrolling interests (76 ) (17 ) (93 ) Dividends paid to noncontrolling interests (77 ) (77 ) Foreign exchange derivatives related to debt (27 ) (27 ) Net cash provided by/(used for) financing activities 916 (35 ) (62 ) (455 ) 81 445 Effect of exchange rate changes on cash and cash equivalents (60 ) (60 ) Net change in cash and cash equivalents — (49 ) (2 ) 327 — 276 Cash and cash equivalents at January 1 177 2 510 689 Cash and cash equivalents at December 31 $ — $ 128 $ — $ 837 $ — $ 965 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2013 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ 16 $ (18 ) $ 352 $ 535 $ 885 Cash flows from investing activities Capital expenditures (37 ) (238 ) (275 ) Acquisition of businesses, net of cash acquired (16 ) (16 ) Proceeds from sale of businesses, net of cash sold 10 10 Proceeds from sale of property, plant and equipment 4 25 29 Intercompany investing activities 32 91 $ (123 ) — Other 6 6 Net cash provided by/(used for) investing activities 32 68 (223 ) (123 ) (246 ) Cash flows from financing activities Proceeds from long-term debt 1,000 83 1,083 Payments of long-term debt (730 ) (292 ) (1,022 ) Net change in revolving credit facility and short-term debt 18 18 Net change in long-term intercompany balances 263 (108 ) (419 ) 264 — Debt issuance costs (26 ) (6 ) (32 ) Common stock issued 21 21 Common stock repurchased (300 ) (300 ) Dividends paid (123 ) 123 — Purchase of noncontrolling interests (16 ) (16 ) Dividends paid to noncontrolling interests (78 ) (78 ) Foreign exchange derivatives related to debt 20 20 Net cash provided by/(used for) financing activities (16 ) 136 (419 ) (130 ) 123 (306 ) Effect of exchange rate changes on cash and cash equivalents 6 6 Net change in cash and cash equivalents — 150 1 188 — 339 Cash and cash equivalents at January 1 27 1 322 350 Cash and cash equivalents at December 31 $ — $ 177 $ 2 $ 510 $ — $ 689 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (In millions) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E Additions Description Balance at beginning of period Charged to costs and expense Charged to other accounts Deductions – write-offs Balance at end of period For the year ended December 31, 2015 Allowances deducted from assets to which they apply: Trade accounts receivable $ 88 $ 4 $ (9 ) $ — $ 83 Deferred tax assets 245 21 (9 ) (16 ) 241 For the year ended December 31, 2014 Allowances deducted from assets to which they apply: Trade accounts receivable 78 — 10 — 88 Deferred tax assets 343 (70 ) (11 ) (17 ) 245 For the year ended December 31, 2013 Allowances deducted from assets to which they apply: Trade accounts receivable 37 41 2 (2 ) 78 Deferred tax assets 400 (1 ) 1 (57 ) 343 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business and Principles of Consolidation | Business and Principles of Consolidation . The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). The Company manufactures and sells metal and glass packaging containers, metal closures, and canmaking equipment. These products are manufactured in the Company’s plants both within and outside the U.S. and are sold through the Company’s sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. Other investments are carried at cost. |
Foreign Currency Translation | Foreign Currency Translation . For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. |
Revenue Recognition | Revenue Recognition . Revenue is recognized from product sales when the goods are shipped and the title and risk of loss pass to the customer. Provisions for discounts and rebates to customers, returns, and other adjustments are estimated and provided for in the period that the related sales are recorded. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold. |
Stock-Based Compensation | Stock-Based Compensation . Compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. The Company’s plans provide for stock awards which may include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals, or over the period from the grant date to the date that retirement eligibility is achieved if less than the stated vesting period. |
Cash and Cash Equivalents | Cash and Cash Equivalents . Cash equivalents represent investments with maturities of three months or less from the time of purchase and are carried at cost, which approximates fair value because of the short maturity of those instruments. Outstanding checks in excess of funds on deposit are included in accounts payable. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts . Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on a review of individual accounts for collectability, generally focusing on those accounts that are past due or experiencing financial difficulties. The current year expense to adjust the allowance for doubtful accounts is recorded within selling and administrative expense in the consolidated statements of operations. |
Inventory Valuation | Inventory Valuation . Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method and for non-U.S. inventories under the FIFO or average cost method. |
Property, Plant And Equipment | Property, Plant and Equipment . Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and Building Improvements 25 – 40 Machinery and Equipment 3 – 18 |
Goodwill and Intangible Assets | Goodwill and Intangible Assets. Goodwill is carried at cost and reviewed for impairment in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired. Goodwill was allocated to the reporting units at the time of the acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that an impairment is more likely than not, it will perform the two-step quantitative impairment test using a combination of market values for comparable businesses and discounted cash flow projections compared to the reporting unit's carrying value including goodwill. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit’s goodwill to its implied fair value. Definite-lived intangible assets are tested for impairment when facts and circumstances indicate the carrying value may not be recoverable from their undiscounted cash flows. If impaired, the assets are written down to fair value based on either discounted cash flows or appraised values. |
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets . In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. |
Taxes on Income | Taxes on Income . The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. The with-and-without approach is used to account for utilization of windfall tax benefits arising from the Company’s stock-based compensation plans and only the direct impact of awards is considered when calculating the amount of windfalls or shortfalls. Income tax-related interest and penalties are reported as income tax expense. |
Derivatives and Hedging | Derivatives and Hedging . All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the anticipated transactions are no longer probable. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Any amounts excluded from the assessment of hedge effectiveness, and any ineffective portion of designated hedges, are reported currently in earnings. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. |
Treasury Stock | Treasury Stock . Treasury stock is reported at par value. The excess of fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. |
Research and Development | Research and Development . Research, development and engineering costs of $39 in 2015 and 2014 and $36 in 2013were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. |
Reclassifications | Reclassifications . Certain reclassifications of prior years’ data have been made to conform to the current year presentation. |
Recent Accounting and Reporting Pronouncements | Recent Accounting and Reporting Pronouncements. Recently Adopted Accounting Standards In the first quarter of 2015, the Company adopted changes to the definition of discontinued operations 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 change did not impact the Company's financial statements in 2015. In September 2015, the FASB issued new guidance related to accounting for measurement-period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment, including the impact on prior periods, be recognized in the reporting period in which the adjustment is identified. The Company elected to early adopt this standard during the third quarter of 2015. The change did not materially impact the Company's financial statements in 2015. In April 2015, the FASB issued new guidance related to the classification of debt issuance costs. The guidance requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the liability instead of a deferred charge. The Company elected to early adopt this standard. As of December 31, 2015, the Company reclassified debt issuance costs associated with long term debt from other assets to current maturities of long-term debt and long-term debt, excluding current maturities. Prior year amounts have been reclassified to conform to the current year classification resulting in adjustments of $2 to current maturities of long-term debt and of $63 to long-term debt, excluding current maturities. Debt issuance costs related to revolving credit arrangements remain classified in other non-current assets. In December 2015, the FASB issued new guidance related to the classification of deferred tax assets and liabilities. The guidance requires that deferred tax assets and liabilities be classified as noncurrent in the balance sheet. In the fourth quarter of 2015, the Company elected to early adopt this standard. Prior period deferred tax asset and liability balances were not retrospectively adjusted. Recently Issued Accounting Standards In May 2014, the FASB issued new guidance related to how an entity should recognize revenue. The guidance specifies that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In addition, the guidance expands the required disclosures related to revenue and cash flows from contracts with customers. The guidance is effective for the Company beginning in the first quarter of 2018 with early adoption permitted beginning in the first quarter of 2017. The Company will adopt this standard on a modified retrospective basis and is currently evaluating the impact of adopting this guidance on its financial position and results of operations. In July 2015, the FASB issued new guidance related to the subsequent measurement of inventory. Under existing guidance, inventory is measured at the lower of cost or market, where market is defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin. The new guidance requires an entity to subsequently measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The guidance will be effective for the Company on January 1, 2017 and early adoption is permitted. The guidance is not expected to have a material effect on the Company’s consolidated financial statements. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of PP&E | Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and Building Improvements 25 – 40 Machinery and Equipment 3 – 18 2015 2014 Buildings and improvements $ 1,009 $ 1,016 Machinery and equipment 4,667 4,704 Land and improvements 180 154 Construction in progress 229 158 6,085 6,032 Less: accumulated depreciation and amortization (3,386 ) (3,595 ) $ 2,699 $ 2,437 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Summary of Consideration Transferred and Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire Empaque and the preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date. Fair value of consideration transferred Cash $ 1,207 Total consideration $ 1,207 Recognized amounts of identifiable assets acquired and liabilities assumed Receivables, net $ 106 Inventories 56 Intangible assets 443 Property, plant and equipment, net 300 Accounts payable and accrued liabilities (89 ) Other non-current liabilities (227 ) Total identifiable net assets $ 589 Goodwill $ 618 |
Schedule of Pro Forma Data | The following unaudited supplemental pro-forma data presents consolidated information as if the Empaque acquisition had been completed on January 1, 2014 and the Mivisa acquisition had been completed on January 1, 2013. These amounts were calculated after conversion to US GAAP, applying the Company's accounting policies and adjusting Empaque's and Mivisa's results to reflect the additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment, inventory and intangible assets had been applied from the assumed completion dates. These adjustments also reflect interest expense incurred on the debt to finance the acquisition and related transaction costs. Pro-forma data for the year ended December 31, 2015 2014 2013 Net sales $ 8,837 $ 9,955 $ 9,380 Net income attributable to Crown Holdings 415 426 338 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 for the years ended December 31, 2015 and 2014. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at December 31, 2013 $ (1,828 ) $ (658 ) $ (27 ) $ (2,513 ) Other comprehensive income (loss) before reclassifications (9 ) (322 ) 6 (325 ) Amounts reclassified from accumulated other comprehensive income 56 — 17 73 Other comprehensive income (loss) 47 (322 ) 23 (252 ) Balance at December 31, 2014 (1,781 ) (980 ) (4 ) (2,765 ) Other comprehensive income (loss) before reclassifications 46 (466 ) (33 ) (453 ) Amounts reclassified from accumulated other comprehensive income 45 — 19 64 Other comprehensive income (loss) 91 (466 ) (14 ) (389 ) Balance at December 31, 2015 $ (1,690 ) $ (1,446 ) $ (18 ) $ (3,154 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table provides information about the amounts reclassified out of accumulated other comprehensive income in 2015 and 2014. Details about Accumulated Other Comprehensive Income Components Amount reclassified from Accumulated Other Comprehensive Income Affected line item in the Statement of Operations 2015 2014 Gains and losses on cash flow hedges Commodities $ 23 $ 21 Cost of products sold 23 21 Total before tax (5 ) (6 ) Provision for income taxes 18 15 Net of tax Foreign exchange 2 (2 ) Net sales (1 ) 4 Cost of products sold 1 2 Total before tax — — Provision for income taxes 1 2 Net of tax Total gains and losses on cash flow hedges $ 19 $ 17 Amortization of defined benefit plan items Actuarial losses $ 109 $ 119 (a) Prior service credit (50 ) (49 ) (a) 59 70 Total before tax (14 ) (14 ) Provision for income taxes Total amortization of defined benefit plan items $ 45 $ 56 Net of tax Total reclassifications $ 64 $ 73 Net of tax (a) These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note U for further details. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Receivables | 2015 2014 Accounts receivable $ 827 $ 940 Less: allowance for doubtful accounts (83 ) (88 ) Net trade receivables 744 852 Miscellaneous receivables 168 179 $ 912 $ 1,031 |
Schedule of Amounts Securitized or Factored | At December 31, amounts securitized or factored were as follows: 2015 2014 Accounted for as secured borrowings $ 10 $ 19 Accounted for as sales 716 615 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | 2015 2014 Raw materials and supplies $ 599 $ 684 Work in process 129 134 Finished goods 485 506 $ 1,213 $ 1,324 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill at December 31, 2015, 2014 and 2013 is net of the following accumulated impairments: Americas Beverage North America Food European Beverage European Food Non-reportable Segments Total Accumulated impairments $ 29 $ — $ 73 $ 724 $ 150 $ 976 Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2015 and 2014 were as follows: Americas Beverage North America Food European Beverage European Food Non-reportable segments Total Balance at December 31, 2013 $ 424 $ 158 $ 680 $ 596 $ 158 $ 2,016 Foreign currency translation (4 ) (6 ) (57 ) (180 ) (12 ) (259 ) Goodwill acquired — — — 934 — 934 Disposals — — — (3 ) (17 ) (20 ) Balance at December 31, 2014 420 152 623 1,347 129 2,671 Foreign currency translation (94 ) (11 ) (51 ) (133 ) (4 ) (293 ) Goodwill acquired 618 — — 7 — 625 Transfers — — — 20 (20 ) — Balance at December 31, 2015 $ 944 $ 141 $ 572 $ 1,241 $ 105 $ 3,003 |
Schedule of Finite-Lived Intangible Assets | Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class at December 31 are as follows: 2015 2014 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 410 $ (46 ) $ 364 $ 271 $ (18 ) $ 253 Trademarks 11 (11 ) — 12 (12 ) — Long term supply contacts 221 (10 ) 211 — — — $ 642 $ (67 ) $ 575 $ 283 $ (30 ) $ 253 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and Building Improvements 25 – 40 Machinery and Equipment 3 – 18 2015 2014 Buildings and improvements $ 1,009 $ 1,016 Machinery and equipment 4,667 4,704 Land and improvements 180 154 Construction in progress 229 158 6,085 6,032 Less: accumulated depreciation and amortization (3,386 ) (3,595 ) $ 2,699 $ 2,437 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Components of Other Non-Current Assets | 2015 2014 Deferred taxes $ 596 $ 565 Debt issuance costs 11 16 Investments 5 5 Other 80 75 $ 692 $ 661 |
Accounts Payable and Accrued 42
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Components of Accounts Payable and Accrued Liabilities | 2015 2014 Trade accounts payable $ 1,838 $ 1,881 Salaries, wages and other employee benefits, including pension and postretirement 190 169 Accrued taxes, other than on income 109 108 Restructuring 32 44 Accrued interest 62 64 Fair value of derivatives 47 45 Asbestos liabilities 30 30 Income taxes payable 40 24 Deferred taxes — 11 Other 297 275 $ 2,645 $ 2,651 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Non-Current Liabilities | 2015 2014 Asbestos liabilities $ 241 $ 245 Postemployment benefits 31 29 Income taxes payable 21 17 Deferred taxes 223 96 Environmental 13 12 Other 126 118 $ 655 $ 517 |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Summary of Claims Activity | The Company's approximate claims activity for the years ended 2015, 2014 and 2013 were as follows: 2015 2014 2013 Beginning claims 54,000 53,000 51,000 New claims 2,500 3,000 4,000 Settlements or dismissals (2,000 ) (2,000 ) (2,000 ) Ending claims 54,500 54,000 53,000 |
Schedule of Asbestos Claims Cash Payments | The Company's cash payments during the years ended 2015 , 2014 , and 2013 were as follows: 2015 2014 2013 Asbestos-related payments $ 30 $ 30 $ 28 Settled claims payments (included in asbestos-related payments above) 22 21 21 |
Summary of Outstanding Asbestos Claims by Year 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, 2015 and December 31, 2014 , the Company's outstanding claims are: 2015 2014 Claimants alleging first exposure after 1964 16,000 16,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 13,000 Pennsylvania 2,000 2,000 Other states that have enacted asbestos legislation 6,000 6,000 Other states 17,500 17,000 Total claims outstanding 54,500 54,000 |
Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases | As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) are as follows: 2015 2014 2013 Total claims 22 % 22 % 21 % Pre-1964 claims in states without asbestos legislation 41 % 41 % 39 % |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | The Company recorded restructuring and other charges as follows: 2015 2014 2013 Asset impairments and sales $ 22 $ 70 $ (12 ) Restructuring 23 21 46 Transaction costs 15 17 — Other costs 6 21 — $ 66 $ 129 $ 34 |
Restructuring Charges by Segment | Restructuring charges by segment were as follows: 2015 2014 2013 North America Food $ 2 $ 10 $ 5 European Food 19 8 14 European Beverage — — 2 Asia Pacific — — 1 Non-reportable segments — 3 16 Corporate 2 — 8 $ 23 $ 21 $ 46 |
Restructuring Charges by Type | Restructuring charges by type were as follows: 2015 2014 2013 Termination benefits $ 20 $ 8 $ 35 Other exit costs 3 13 11 $ 23 $ 21 $ 46 |
Summary of 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 benefits Other exit costs Total Balance at January 1, 2015 $ — $ — $ — Provisions 17 — 17 Balance at December 31, 2015 $ 17 $ — $ 17 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Capital Stock [Abstract] | |
Summary of Common Share Activity | A summary of common share activity for the years ended December 31 follows (in shares): 2015 2014 2013 Common shares outstanding at January 1 139,000,471 138,207,889 143,136,473 Shares repurchased (165,138 ) (36,702 ) (6,925,789 ) Shares issued upon exercise of employee stock options 207,890 744,431 855,061 Restricted stock issued to employees, net of forfeitures 375,575 60,933 1,115,484 Shares issued to non-employee directors 22,500 23,920 26,660 Common shares outstanding at December 31 139,441,298 139,000,471 138,207,889 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Summary of Restricted and Deferred Stock Activity | A summary of restricted and deferred stock activity follows: Number of shares Non-vested shares outstanding at January 1, 2015 1,960,357 Awarded: Time-vesting 270,330 Performance-based 201,092 Released: Time-vesting (373,741 ) Performance-based shares (155,180 ) Forfeitures: Time-vesting (63,575 ) Performance-based (61,008 ) Non-vested shares outstanding at December 31, 2015 1,778,275 |
Summary of Average Grant-Date Fair Value of Restricted Stock | The average grant-date fair value of restricted stock awarded in 2015 , 2014 and 2013 follows: 2015 2014 2013 Time-vested $ 53.17 $ 45.62 $ 43.19 Performance-based 49.50 48.31 36.75 Deferred stock 55.19 49.49 43.79 |
Schedule of Weighted Average Assumptions on Performance-Based Shares | The fair values of the performance-based shares awarded were calculated using a Monte Carlo valuation model and the following weighted average assumptions: 2015 2014 2013 Risk-free interest rate 1.1 % 0.8 % 0.3 % Expected term (years) 3 3 3 Expected stock price volatility 17.4 % 21.5 % 22.4 % |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | 2015 2014 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 54 $ 54 $ 75 $ 75 Long-term debt Senior secured borrowings: Revolving credit facilities $ — $ — $ — $ — Term loan facilities U.S. dollar at LIBOR plus 1.75% due 2018 831 821 800 787 Euro at EURIBOR plus 1.75% due 2018 1 723 714 847 834 Farm credit facility at LIBOR plus 2.00% due 2019 355 350 358 351 Senior notes and debentures: U.S. dollar at 6.25% due 2021 700 694 700 693 €650 at 4.0% due 2022 706 697 786 775 U. S. dollar at 4.50% due 2023 1,000 989 1,000 988 €600 at 3.375% due 2025 652 642 — — U.S. dollar at 7.375% due 2026 350 346 350 346 U.S. dollar at 7.50% due 2096 45 45 64 64 Other indebtedness in various currencies Fixed rate with rates in 2015 from 1.0% to 8.5% due through 2036 146 146 211 211 Variable rate with average rates in 2015 from 3.4% to 5.1% due through 2021 20 20 70 70 Total long-term debt 5,528 5,464 5,186 5,119 Less: current maturities (211 ) (209 ) (177 ) (175 ) Total long-term debt, less current maturities $ 5,317 $ 5,255 $ 5,009 $ 4,944 (1) €665 and €700 at December 31, 2015 and 2014, respectively. |
Schedule of Weighted Average Interest Rates | The weighted average interest rates were as follows: 2015 2014 2013 Short-term debt 3.0 % 2.7 % 1.9 % Revolving credit facilities 4.4 % 4.4 % 3.6 % |
Derivative and Other Financia49
Derivative and Other Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accumulated Other Comprehensive Income (AOCI) and Earnings from Changes in Fair Value Related to Derivative Instruments | The following table sets forth financial information about the impact on Accumulated Other Comprehensive Income (“AOCI”) and earnings from changes in fair value related to derivative instruments. Amount of gain/(loss) Amount of gain/(loss) recognized in AOCI reclassified from AOCI (effective portion) into earnings Derivatives in cash flow hedges 2015 2014 2015 2014 Foreign exchange $ (1 ) $ 4 $ (1 ) $ (2 ) (1) Commodities (32 ) 2 (18 ) (15 ) (2) Total $ (33 ) $ 6 $ (19 ) $ (17 ) (1) In 2015, a gain of $1 was recognized in cost of products sold and a loss of $2 was recognized in net sales. In 2014, a loss of $4 was recognized in cost of products sold and a gain of $2 was recognized in net sales. (2) In 2015, a loss of $23 , including a gain of $2 ( $1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $5 was recognized in income tax expense. In 2014, a loss of $21 , including a loss of $1 related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $6 was recognized in income tax expense. |
Fair Value of Financial Assets and Liabilities on Recurring Basis | 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. Derivative assets Balance Sheet classification Fair Value hierarchy December 31, 2015 December 31, 2014 Derivatives designated as hedges: Foreign exchange Other current assets 2 $ 32 $ 20 Commodities Other current assets 2 5 2 Commodities Other non-current assets 2 2 Derivatives not designated as hedges: Commodities Other current assets 2 3 Total $ 42 $ 22 Derivative liabilities Derivatives designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 $ 14 $ 20 Commodities Accounts payable and accrued liabilities 2 26 10 Commodities Other non-current liabilities 2 5 Derivatives not designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 2 15 Commodities Accounts payable and accrued liabilities 2 5 Total $ 52 $ 45 |
Offsetting Assets | In the table below, the aggregate fair values of the the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at December 31, 2015 Derivative assets $ 42 $ 9 $ 33 Derivative liabilities 52 9 43 Balance at December 31, 2014 Derivative assets $ 22 $ 4 $ 18 Derivative liabilities 45 4 41 |
Offsetting Liabilities | In the table below, the aggregate fair values of the the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at December 31, 2015 Derivative assets $ 42 $ 9 $ 33 Derivative liabilities 52 9 43 Balance at December 31, 2014 Derivative assets $ 22 $ 4 $ 18 Derivative liabilities 45 4 41 |
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets are: December 31, 2015 December 31, 2014 Derivatives in cash flow hedges: Foreign exchange $ 922 $ 678 Commodities 324 213 Derivatives in fair value hedges: Foreign exchange 125 85 Derivatives not designated as hedges: Foreign exchange 674 603 Commodities 57 — |
Noncontrolling interests (Table
Noncontrolling interests (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Effect on Net Income Attributable to Company for Purchases of Noncontrolling Interests | The effect on net income attributable to the Company had the purchases of noncontrolling interests been recorded through net income follows: 2015 2014 2013 Net income attributable to Crown Holdings $ 393 $ 387 $ 324 Transfers to noncontrolling interests – decrease in paid-in-capital for purchase of noncontrolling interests (3 ) (54 ) (3 ) Net income attributable to Crown Holdings after transfers to noncontrolling interests $ 390 $ 333 $ 321 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | The following table summarizes basic and diluted earnings per share (EPS). Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of stock options and restricted stock as calculated under the treasury stock method. 2015 2014 2013 Net income attributable to Crown Holdings $ 393 $ 387 $ 324 Weighted average shares outstanding: Basic 137.94 137.23 139.45 Add: dilutive stock options and restricted stock 1.20 1.31 1.20 Diluted 139.14 138.54 140.65 Basic EPS $ 2.85 $ 2.82 $ 2.32 Diluted EPS $ 2.82 $ 2.79 $ 2.30 Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive 0.1 0.1 0.1 |
Pension and Other Postretirem52
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Pension Expense and Benefits Cost | Non-U.S. Plans 2015 2014 2013 Service cost $ 24 $ 23 $ 24 Interest cost 127 154 138 Expected return on plan assets (172 ) (194 ) (176 ) Settlements — — (2 ) Amortization of actuarial loss 55 73 71 Amortization of prior service credit (13 ) (16 ) (14 ) Net periodic cost $ 21 $ 40 $ 41 The components of net postretirement benefits cost are as follows: Other Postretirement Benefits 2015 2014 2013 Service cost $ 1 $ 2 $ 3 Interest cost 7 12 13 Amortization of prior service credit (37 ) (34 ) (39 ) Amortization of actuarial loss 4 6 10 Net periodic benefit cost $ (25 ) $ (14 ) $ (13 ) The components of pension expense were as follows: U.S. Plans 2015 2014 2013 Service cost $ 14 $ 13 $ 15 Interest cost 63 66 62 Expected return on plan assets (100 ) (104 ) (99 ) Amortization of actuarial loss 50 41 55 Amortization of prior service cost — — 1 Net periodic cost $ 27 $ 16 $ 34 |
Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations, Plan Assets and Funded Status | The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans is as follows: U.S. Plans Non-U.S. Plans 2015 2014 2015 2014 Projected Benefit Obligations Benefit obligations at January 1 $ 1,601 $ 1,454 $ 3,750 $ 3,651 Service cost 14 13 24 23 Interest cost 63 66 127 154 Plan participants’ contributions — — 3 4 Amendments — 3 — (3 ) Settlements (5 ) — — (17 ) Actuarial (gain) / loss (69 ) 170 (62 ) 384 Acquisitions — — 102 — Benefits paid (103 ) (105 ) (190 ) (191 ) Foreign currency translation — — (241 ) (255 ) Benefit obligations at December 31 $ 1,501 $ 1,601 $ 3,513 $ 3,750 Plan Assets Fair value of plan assets at January 1 $ 1,300 $ 1,349 $ 3,410 $ 3,135 Actual return on plan assets (9 ) 54 48 623 Employer contributions 7 2 72 80 Plan participants’ contributions — — 3 4 Settlements (5 ) — — (17 ) Acquisitions — — 40 — Benefits paid (103 ) (105 ) (190 ) (191 ) Foreign currency translation — — (214 ) (224 ) Fair value of plan assets at December 31 $ 1,190 $ 1,300 $ 3,169 $ 3,410 Funded Status $ (311 ) $ (301 ) $ (344 ) $ (340 ) Accumulated benefit obligations at December 31 $ 1,463 $ 1,557 $ 3,407 $ 3,630 |
Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Non-U.S. Plans 2015 2014 Projected benefit obligations $ 3,366 $ 3,444 Accumulated benefit obligations 3,261 3,350 Fair value of plan assets 3,015 3,116 Information for pension plans with accumulated benefit obligations in excess of plan assets is as follows: U.S. Plans 2015 2014 Projected benefit obligations $ 1,501 $ 1,601 Accumulated benefit obligations 1,463 1,557 Fair value of plan assets 1,190 1,300 |
Schedule of Ranges for Asset Allocation and Summary of Defined Benefit Plan Assets and Accrued Income | The levels assigned to the defined benefit plan assets as of December 31, 2015 and 2014 are summarized in the tables below: 2015 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 40 $ 132 $ 172 U.S. large cap equity 62 7 69 U.S. mid/small cap equity 231 18 249 Mutual funds – global equity 164 2 166 Mutual funds – U.S. equity 194 — 194 Mutual funds – fixed income 134 — 134 825 159 984 Level 2 Government issued debt securities 43 381 424 Corporate debt securities 71 86 157 Asset backed securities 15 4 19 Structured debt — 697 697 Insurance contracts — 17 17 Derivatives — 84 84 Investment funds – fixed income 71 585 656 Investment funds – global equity 25 336 361 Investment funds – emerging markets 21 46 67 246 2,236 2,482 Level 3 Investment funds – real estate 74 97 171 Hedge funds 2 411 413 Private equity 26 255 281 Real estate – direct 16 4 20 118 767 885 Total $ 1,189 $ 3,162 $ 4,351 2014 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 66 $ 67 $ 133 Global large cap equity — 38 38 U.S. large cap equity 187 26 213 U.S. mid/small cap equity 251 19 270 Mutual funds – global equity 174 — 174 Mutual funds – U.S. equity 83 — 83 Mutual funds – fixed income 145 — 145 906 150 1,056 Level 2 Government issued debt securities 35 553 588 Corporate debt securities 81 75 156 Asset backed securities 17 8 25 Structured debt — 722 722 Insurance contracts — 12 12 Derivatives — 195 195 Investment funds – fixed income 60 527 587 Investment funds – global equity 24 377 401 Investment funds – emerging markets 29 112 141 246 2,581 2,827 Level 3 Investment funds – real estate 57 108 165 Hedge funds 42 260 302 Private equity 30 303 333 Real estate – direct 17 4 21 146 675 821 Total $ 1,298 $ 3,406 $ 4,704 Accrued income excluded from the tables above is as follows: 2015 2014 U.S. plan assets $ 1 $ 2 Non-U.S. plan assets 7 4 The strategic ranges for asset allocation in the U.K. plan are as follows: Investment grade credit 40 % to 80 % Equities 0 % to 30 % Hedge funds 0 % to 10 % Real estate 0 % to 5 % Private equity 0 % to 15 % Emerging market wealth 0 % to 15 % Alternative credit 0 % to 15 % Other 0 % to 5 % The strategic ranges for asset allocation in the U.S. plan are as follows: U.S. equities 30 % to 40 % International equities 10 % to 15 % Fixed income 13 % to 23 % Balanced funds 15 % to 25 % Real estate 5 % to 10 % Private equity 5 % to 10 % |
Reconciliation of Plan Assets Using Level 3 | The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3). Hedge funds Private equity Real estate Total Balance at January 1, 2014 $ 225 $ 335 $ 157 $ 717 Foreign currency translation (9 ) (18 ) (6 ) (33 ) Asset returns – assets held at reporting date 25 62 25 112 Asset returns – assets sold during the period — (5 ) (4 ) (9 ) Purchases, sales and settlements, net 61 (41 ) 14 34 Balance at December 31, 2014 302 333 186 821 Foreign currency translation (14 ) (16 ) (8 ) (38 ) Asset returns – assets held at reporting date (5 ) (17 ) 5 (17 ) Asset returns – assets sold during the period 17 54 10 81 Purchases, sales and settlements, net 113 (73 ) (2 ) 38 Balance at December 31, 2015 $ 413 $ 281 $ 191 $ 885 |
Schedule of Pension Assets and Liabilities | Pension assets and liabilities included in the Consolidated Balance Sheets are: 2015 2014 Non-current assets $ 8 $ 13 Current liabilities 39 12 Non-current liabilities 629 641 |
Schedule of Changes in Net Loss and Prior Service Cost/(Credit) | Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: 2015 2014 2013 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 69 $ (211 ) $ 97 $ (246 ) $ 157 $ (269 ) Reclassification to net periodic benefit cost (4 ) 37 (6 ) 34 (10 ) 39 Current year loss (18 ) — (24 ) — (49 ) — Amendments — (51 ) — — — (18 ) Foreign currency translation — 2 1 (1 ) 2 Balance at December 31 $ 47 $ (225 ) $ 69 $ (211 ) $ 97 $ (246 ) Changes in the net loss and prior service credit for the Company’s pension plans were: 2015 2014 2013 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 2,423 $ (71 ) $ 2,466 $ (94 ) $ 2,619 $ (102 ) Reclassification to net periodic benefit cost (105 ) 13 (120 ) 16 (130 ) 13 Current year loss/(gain) 95 — 174 — (47 ) (1 ) Amendments — — — 3 — — Foreign currency translation (93 ) 4 (97 ) 4 24 (4 ) Balance at December 31 $ 2,320 $ (54 ) $ 2,423 $ (71 ) $ 2,466 $ (94 ) |
Schedule of Expected Future Benefit Payments | Expected future benefit payments, as of December 31, 2015, net of expected Medicare Part D subsidies of $4 in the aggregate are: Benefit Payments 2016 $ 14 2017 13 2018 13 2019 12 2020 12 2021 - 2024 53 Expected future benefit payments as of December 31, 2015 are: U.S. plans Non-U.S. plans 2016 $ 138 $ 179 2017 105 178 2018 102 182 2019 114 185 2020 104 188 2021 - 2025 490 961 |
Schedule of Benefit Obligations Weighted Average Actuarial Assumptions | The weighted average actuarial assumptions used to calculate pension expense for each year were: U.S. Plans 2015 2014 2013 Discount rate 4.0 % 4.8 % 4.0 % Compensation increase 4.6 % 3.0 % 3.0 % Long-term rate of return 8.0 % 8.0 % 8.0 % Non-U.S. Plans 2015 2014 2013 Discount rate 3.4 % 4.4 % 4.1 % Compensation increase 2.7 % 3.2 % 2.8 % Long-term rate of return 5.2 % 6.4 % 6.0 % The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 are: U.S. Plans 2015 2014 2013 Discount rate 4.4 % 4.0 % 4.8 % Compensation increase 4.6 % 4.6 % 3.0 % Non-U.S. Plans 2015 2014 2013 Discount rate 3.7 % 3.4 % 4.4 % Compensation increase 2.9 % 2.7 % 3.2 % |
Schedule of Changes in Benefit Obligations | Changes in the benefit obligations were: 2015 2014 Benefit obligations at January 1 $ 241 $ 274 Service cost 1 2 Interest cost 7 12 Amendments (52 ) — Actuarial gain (19 ) (23 ) Curtailment (3 ) — Benefits paid (17 ) (19 ) Foreign currency translation (7 ) (5 ) Benefit obligations at December 31 $ 151 $ 241 |
Schedule of Assumed Health Care Cost Trend Rates | The assumed health care cost trend rates at December 31, 2015 are as follows: Health care cost trend rate assumed for 2016 5.5 % Rate that the cost trend rate gradually declines to 4.4 % Year that the rate reaches the rate it is assumed to remain 2027 |
Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects: One percentage point Increase Decrease Effect on total service and interest cost $ 1 $ 1 Effect on postretirement benefit obligation $ 6 $ 5 |
Schedule of Weighted Average Discount Rates Used in Benefit Obligations Calculation | Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below. 2015 2014 2013 Benefit obligations 3.9 % 4.0 % 4.8 % Cost 4.0 % 4.8 % 4.1 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes and Equity Earnings | The components of income before income taxes and equity earnings were as follows: 2015 2014 2013 U.S. $ 18 $ 78 $ 116 Foreign 621 438 460 $ 639 $ 516 $ 576 |
Provision for Income Taxes | The provision for income taxes consisted of the following: 2015 2014 2013 Current tax: U.S. federal $ 6 $ 11 $ 11 State and foreign 147 113 87 $ 153 $ 124 $ 98 Deferred tax: U.S. federal $ 12 $ 28 $ 41 State and foreign 13 (111 ) 9 25 (83 ) 50 Total $ 178 $ 41 $ 148 |
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: 2015 2014 2013 U.S. statutory rate at 35% $ 224 $ 181 $ 203 Tax on foreign income (74 ) (67 ) (53 ) Valuation allowance 21 (70 ) 1 Non-deductible impairment charges — 18 — Tax law changes 4 (17 ) 11 Other items, net 3 (4 ) (14 ) Income tax provision $ 178 $ 41 $ 148 |
Components of Deferred Taxes | The components of deferred taxes at December 31 are: 2015 2014 Assets Liabilities Assets Liabilities Tax loss and credit carryforwards $ 535 $ — $ 589 $ — Postretirement and postemployment benefits 65 — 97 — Pensions 223 38 229 49 Property, plant and equipment 19 167 14 132 Intangible assets — 158 — 58 Asbestos 102 — 103 — Accruals and other 131 98 123 114 Valuation allowances (241 ) — (245 ) — Total $ 834 $ 461 $ 910 $ 353 |
Schedule of Tax Loss and Credit Carryforwards Expiration | Tax loss and credit carryforwards expire as follows: Year Amount 2016 $ 5 2017 22 2018 32 2019 30 2020 44 Thereafter 294 Unlimited 108 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits follows: 2015 2014 2013 Balance at January 1 $ 26 $ 31 $ 35 Additions for prior year tax positions 13 — — Lapse of statute of limitations — (1 ) (5 ) Settlements (9 ) — — Foreign currency translation (2 ) (4 ) 1 Balance at December 31 $ 28 $ 26 $ 31 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Information on Operating Segments | The tables below present information about operating segments for the three years ended December 31, 2015, 2014 and 2013 : 2015 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,771 $ 71 $ 2,977 $ 93 $ 119 $ 427 North America Food 680 4 527 10 14 86 European Beverage 1,504 1 1,461 27 97 228 European Food 1,984 93 2,723 53 35 246 Asia Pacific 1,202 2 1,133 40 68 145 Total reportable segments 8,141 171 8,821 223 333 $ 1,132 Non-reportable segments 621 96 457 8 15 Corporate and unallocated items — — 742 6 6 Total $ 8,762 $ 267 $ 10,020 $ 237 $ 354 2014 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,335 $ 82 $ 1,752 $ 40 $ 114 $ 334 North America Food 809 7 456 9 12 127 European Beverage 1,708 2 1,520 27 98 265 European Food 2,197 81 3,213 59 43 221 Asia Pacific 1,226 — 1,335 39 45 142 Total reportable segments 8,275 172 8,276 174 312 $ 1,089 Non-reportable segments 822 108 533 9 13 Corporate and unallocated items — — 834 7 3 Total $ 9,097 $ 280 $ 9,643 $ 190 $ 328 2013 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,289 $ 61 $ 1,588 $ 35 $ 76 $ 327 North America Food 845 10 457 10 5 119 European Beverage 1,731 1 1,605 26 24 257 European Food 1,751 76 1,500 16 28 144 Asia Pacific 1,189 — 1,277 33 110 133 Total reportable segments 7,805 148 6,427 120 243 $ 980 Non-reportable segments 851 113 633 8 21 Corporate and unallocated items — — 970 6 11 Total $ 8,656 $ 261 $ 8,030 $ 134 $ 275 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes and equity earnings for the three years ended December 31, 2015, 2014 and 2013 follows: 2015 2014 2013 Segment income of reportable segments $ 1,132 $ 1,089 $ 980 Segment income of non-reportable segments 83 92 102 Corporate and unallocated items (196 ) (197 ) (165 ) Provision for asbestos (26 ) (45 ) (32 ) Restructuring and other (66 ) (129 ) (34 ) Loss from early extinguishments of debt (9 ) (34 ) (41 ) Interest expense (270 ) (253 ) (236 ) Interest income 11 7 5 Foreign exchange (20 ) (14 ) (3 ) Income before income taxes and equity earnings $ 639 $ 516 $ 576 |
Summary of Sales by Major Product | Sales by major product were: 2015 2014 2013 Metal beverage cans and ends $ 4,957 $ 4,863 $ 4,824 Metal food cans and ends 2,410 2,735 2,339 Other metal packaging 977 1,173 1,211 Other products 418 326 282 Consolidated net sales $ 8,762 $ 9,097 $ 8,656 |
Summary of Sales and Long-Lived Assets for the Major Countries | Sales and long-lived assets for the major countries in which the Company operates follows: Net Sales Long-Lived Assets 2015 2014 2013 2015 2014 United States $ 2,013 $ 2,163 $ 2,214 $ 391 $ 329 United Kingdom 712 783 759 144 174 Mexico 693 119 116 284 17 Spain 669 728 420 224 272 Other 4,675 5,304 5,147 1,656 1,763 Consolidated total $ 8,762 $ 9,097 $ 8,656 $ 2,699 $ 2,555 |
Condensed Combining Financial55
Condensed Combining Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Crown Cork & Seal Company, Inc [Member] | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 8,762 $ 8,762 Cost of products sold, excluding depreciation and amortization 7,116 7,116 Depreciation and amortization 237 237 Selling and administrative expense $ 10 380 390 Provision for asbestos 26 26 Restructuring and other (1 ) 67 66 Income from operations (35 ) 962 927 Loss from early extinguishments of debt 9 9 Net interest expense 100 159 259 Foreign exchange 20 20 Income/(loss) before income taxes (135 ) 774 639 Provision for / (benefit from) income taxes (35 ) 213 178 Equity earnings in affiliates $ 393 385 $ (778 ) — Net income 393 285 561 (778 ) 461 Net income attributable to noncontrolling interests (68 ) (68 ) Net income attributable to Crown Holdings $ 393 $ 285 $ 493 $ (778 ) $ 393 Total comprehensive income $ 4 $ 3 $ 168 $ (107 ) $ 68 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 4 $ 3 $ 104 $ (107 ) $ 4 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2014 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 9,097 $ 9,097 Cost of products sold, excluding depreciation and amortization 7,525 7,525 Depreciation and amortization 190 190 Selling and administrative expense $ 10 388 398 Provision for asbestos 45 45 Restructuring and other 14 115 129 Income from operations (69 ) 879 810 Loss from early extinguishments of debt 34 34 Net interest expense 93 153 246 Foreign exchange 14 14 Income/(loss) before income taxes (162 ) 678 516 Provision for / (benefit from) income taxes (26 ) 67 41 Equity earnings in affiliates $ 387 500 $ (887 ) — Net income 387 364 611 (887 ) 475 Net income attributable to noncontrolling interests (88 ) (88 ) Net income attributable to Crown Holdings $ 387 $ 364 $ 523 $ (887 ) $ 387 Total comprehensive income $ 135 $ 112 $ 360 $ (383 ) $ 224 Comprehensive income attributable to noncontrolling interests (89 ) (89 ) Comprehensive income attributable to Crown Holdings $ 135 $ 112 $ 271 $ (383 ) $ 135 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2013 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 8,656 $ 8,656 Cost of products sold, excluding depreciation and amortization $ (16 ) 7,196 7,180 Depreciation and amortization 134 134 Selling and administrative expense 6 419 425 Provision for asbestos 32 32 Restructuring and other (2 ) 36 34 Income from operations (20 ) 871 851 Loss from early extinguishments of debt 41 41 Net interest expense 101 130 231 Foreign exchange 3 3 Income/(loss) before income taxes (121 ) 697 576 Provision for / (benefit from) income taxes (28 ) 176 148 Equity earnings in affiliates $ 324 417 $ (741 ) — Net income 324 324 521 (741 ) 428 Net income attributable to noncontrolling interests (104 ) (104 ) Net income attributable to Crown Holdings $ 324 $ 324 $ 417 $ (741 ) $ 324 Total comprehensive income $ 425 $ 425 $ 620 $ (943 ) $ 527 Comprehensive income attributable to noncontrolling interests (102 ) (102 ) Comprehensive income attributable to Crown Holdings $ 425 $ 425 $ 518 $ (943 ) $ 425 |
Condensed Combining Balance Sheet | Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 717 $ 717 Receivables, net 912 912 Inventories 1,213 1,213 Prepaid expenses and other current assets $ 2 205 207 Total current assets 2 3,047 3,049 Intercompany debt receivables 3,654 $ (3,654 ) — Investments $ 2,937 2,490 (5,427 ) — Goodwill and intangible assets 3,580 3,580 Property, plant and equipment, net 2,699 2,699 Other non-current assets 430 262 692 Total $ 2,937 $ 2,922 $ 13,242 $ (9,081 ) $ 10,020 Liabilities and equity Current liabilities Short-term debt $ 54 $ 54 Current maturities of long-term debt 209 209 Accounts payable and accrued liabilities $ 24 $ 41 2,580 2,645 Total current liabilities 24 41 2,843 2,908 Long-term debt, excluding current maturities 391 4,864 5,255 Long-term intercompany debt 2,769 885 $ (3,654 ) — Postretirement and pension liabilities 767 767 Other non-current liabilities 309 346 655 Commitments and contingent liabilities Noncontrolling interests 291 291 Crown Holdings shareholders’ equity 144 1,296 4,131 (5,427 ) 144 Total equity 144 1,296 4,422 (5,427 ) 435 Total $ 2,937 $ 2,922 $ 13,242 $ (9,081 ) $ 10,020 Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 965 $ 965 Receivables, net 1,031 1,031 Inventories 1,324 1,324 Prepaid expenses and other current assets $ 1 $ 69 181 251 Assets held for sale 48 48 Total current assets 1 69 3,549 3,619 Intercompany debt receivables 2,885 $ (2,885 ) — Investments 2,199 2,350 (4,549 ) — Goodwill and intangible assets 2,926 2,926 Property, plant and equipment, net 2,437 2,437 Other non-current assets 394 267 661 Total $ 2,200 $ 2,813 $ 12,064 $ (7,434 ) $ 9,643 Liabilities and equity Current liabilities Short-term debt $ 75 $ 75 Current maturities of long-term debt 175 175 Accounts payable and accrued liabilities $ 20 $ 35 2,596 2,651 Liabilities related to assets held for sale 23 23 Total current liabilities 20 35 2,869 2,924 Long-term debt, excluding current maturities 409 4,535 4,944 Long-term intercompany debt 2,061 824 $ (2,885 ) — Postretirement and pension liabilities 871 871 Other non-current liabilities 310 207 517 Commitments and contingent liabilities Noncontrolling interests 268 268 Crown Holdings shareholders’ equity 119 1,235 3,314 (4,549 ) 119 Total equity 119 1,235 3,582 (4,549 ) 387 Total $ 2,200 $ 2,813 $ 12,064 $ (7,434 ) $ 9,643 |
Condensed Combining Statement of Cash Flows | Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 33 $ (65 ) $ 988 $ 956 Cash flows from investing activities Capital expenditures (354 ) (354 ) Acquisition of businesses, net of cash acquired (1,207 ) (1,207 ) Proceeds from sale of businesses, net of cash sold 33 33 Proceeds from sale of property, plant and equipment 7 7 Intercompany investing activities (738 ) 21 738 $ (21 ) — Net investment hedge settlements (11 ) (11 ) Other (16 ) (16 ) Net cash provided by/(used for) investing activities (738 ) 21 (810 ) (21 ) (1,548 ) Cash flows from financing activities Proceeds from long-term debt 1,435 1,435 Payments of long-term debt (17 ) (883 ) (900 ) Net change in revolving credit facility and short-term debt (7 ) (7 ) Net change in long-term intercompany balances 708 61 (769 ) — Debt issuance costs (18 ) (18 ) Common stock issued 6 6 Common stock repurchased (9 ) (9 ) Dividends paid (21 ) 21 — Dividend paid to noncontrolling interests (48 ) (48 ) Contribution from noncontrolling interests 5 5 Foreign exchange derivatives related to debt (58 ) (58 ) Net cash provided by/(used for) financing activities 705 44 (364 ) 21 406 Effect of exchange rate changes on cash and cash equivalents (62 ) (62 ) Net change in cash and cash equivalents — — (248 ) — (248 ) Cash and cash equivalents at January 1 965 965 Cash and cash equivalents at December 31 $ — $ — $ 717 $ — $ 717 Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 25 $ (130 ) $ 1,017 $ 912 Cash flows from investing activities Capital expenditures (328 ) (328 ) Acquisition of businesses, net of cash acquired (733 ) (733 ) Proceeds from sale of businesses, net of cash sold 22 22 Proceeds from sale of property, plant and equipment 16 16 Intercompany investing activities (941 ) 56 941 $ (56 ) — Other 2 2 Net cash provided by/(used for) investing activities (941 ) 56 (80 ) (56 ) (1,021 ) Cash flows from financing activities Proceeds from long-term debt 2,742 2,742 Payments of long-term debt (1,752 ) (1,752 ) Net change in revolving credit facility and short-term debt (319 ) (319 ) Net change in long-term intercompany balances 904 74 (978 ) — Debt issuance costs (41 ) (41 ) Common stock issued 14 14 Common stock repurchased (2 ) (2 ) Dividends paid (56 ) 56 — Purchase of noncontrolling interests (93 ) (93 ) Dividend paid to noncontrolling interests (77 ) (77 ) Foreign exchange derivatives related to debt (27 ) (27 ) Net cash provided by/(used for) financing activities 916 74 (601 ) 56 445 Effect of exchange rate changes on cash and cash equivalents (60 ) (60 ) Net change in cash and cash equivalents — — 276 — 276 Cash and cash equivalents at January 1 689 689 Cash and cash equivalents at December 31 $ — $ — $ 965 $ — $ 965 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2013 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 16 $ 37 $ 832 $ 885 Cash flows from investing activities Capital expenditures (275 ) (275 ) Acquisition of businesses, net of cash acquired (16 ) (16 ) Proceeds from sale of business, net of cash sold 10 10 Proceeds from sale of property, plant and equipment 29 29 Intercompany investing activities 77 $ (77 ) — Other 6 6 Net cash provided by/(used for) investing activities 87 (256 ) (77 ) (246 ) Cash flows from financing activities Proceeds from long-term debt 1,083 1,083 Payments of long-term debt (1,022 ) (1,022 ) Net change in revolving credit facility and short-term debt 18 18 Net change in long-term intercompany balances 263 (124 ) (139 ) — Debt issuance costs (32 ) (32 ) Common stock issued 21 21 Common stock repurchased (300 ) (300 ) Dividends paid (77 ) 77 — Purchase of noncontrolling interests (16 ) (16 ) Dividend paid to noncontrolling interests (78 ) (78 ) Foreign exchange derivatives related to debt 20 20 Net cash provided by/(used for) financing activities (16 ) (124 ) (243 ) 77 (306 ) Effect of exchange rate changes on cash and cash equivalents 6 6 Net change in cash and cash equivalents — — 339 — 339 Cash and cash equivalents at January 1 350 350 Cash and cash equivalents at December 31 $ — $ — $ 689 $ — $ 689 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 2,013 $ 6,749 $ 8,762 Cost of products sold, excluding depreciation and amortization 1,611 5,505 7,116 Depreciation and amortization 32 205 237 Selling and administrative expense $ 9 153 228 390 Provision for asbestos 26 26 Restructuring and other 7 59 66 Income from operations (9 ) 184 752 927 Loss from early extinguishments of debt 9 9 Net interest expense 91 90 78 259 Technology royalty (42 ) 42 — Foreign exchange (8 ) 3 17 $ 8 20 Income/(loss) before income taxes (101 ) 133 615 (8 ) 639 Provision for / (benefit from) income taxes (38 ) 79 140 (3 ) 178 Equity earnings in affiliates $ 393 183 231 (807 ) — Net income 393 120 285 475 (812 ) 461 Net income attributable to noncontrolling interests (68 ) (68 ) Net income attributable to Crown Holdings $ 393 $ 120 $ 285 $ 407 $ (812 ) $ 393 Total comprehensive income $ 4 $ 146 $ 64 $ 46 $ (192 ) $ 68 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 4 $ 146 $ 64 $ (18 ) $ (192 ) $ 4 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2014 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 2,154 $ 6,943 $ 9,097 Cost of products sold, excluding depreciation and amortization 1,725 5,800 7,525 Depreciation and amortization 31 159 190 Selling and administrative expense $ 9 144 245 398 Provision for asbestos 45 45 Restructuring and other 5 44 80 129 Income from operations (14 ) 165 659 810 Loss from early extinguishments of debt 34 34 Net interest expense 58 90 98 246 Technology royalty (48 ) 48 — Foreign exchange 14 14 Income/(loss) before income taxes (72 ) 123 465 516 Provision for / (benefit from) income taxes (27 ) 86 (18 ) 41 Equity earnings in affiliates $ 387 222 327 $ (936 ) — Net income 387 177 364 483 (936 ) 475 Net income attributable to noncontrolling interests (88 ) (88 ) Net income attributable to Crown Holdings $ 387 $ 177 $ 364 $ 395 $ (936 ) $ 387 Total comprehensive income $ 135 $ 67 $ 112 $ 340 $ (430 ) $ 224 Comprehensive income attributable to noncontrolling interests (89 ) (89 ) Comprehensive income attributable to Crown Holdings $ 135 $ 67 $ 112 $ 251 $ (430 ) $ 135 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2013 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 2,214 $ 6,442 $ 8,656 Cost of products sold, excluding depreciation and amortization 1,746 5,434 7,180 Depreciation and amortization 29 105 134 Selling and administrative expense $ 9 154 262 425 Provision for asbestos 32 32 Restructuring and other 2 32 34 Income from operations (9 ) 251 609 851 Loss from early extinguishments of debt 39 2 41 Net interest expense 46 91 94 231 Technology royalty (48 ) 48 — Foreign exchange 3 3 Income/(loss) before income taxes (94 ) 208 462 576 Provision for / (benefit from) income taxes (36 ) 100 84 148 Equity earnings in affiliates $ 324 247 216 $ (787 ) — Net income 324 189 324 378 (787 ) 428 Net income attributable to noncontrolling interests (104 ) (104 ) Net income attributable to Crown Holdings $ 324 $ 189 $ 324 $ 274 $ (787 ) $ 324 Total comprehensive income $ 425 $ 332 $ 425 $ 336 $ (991 ) $ 527 Comprehensive income attributable to noncontrolling interests (102 ) (102 ) Comprehensive income attributable to Crown Holdings $ 425 $ 332 $ 425 $ 234 $ (991 ) $ 425 |
Condensed Combining Balance Sheet | Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 104 $ 613 $ 717 Receivables, net $ 23 889 912 Intercompany receivables 30 2 $ (32 ) — Inventories 291 922 1,213 Prepaid expenses and other current assets 2 7 198 207 Total current assets 106 351 2,624 (32 ) 3,049 Intercompany debt receivables 3,111 3,471 681 (7,263 ) — Investments $ 2,937 2,199 804 (5,940 ) — Goodwill and intangible assets 471 3,109 3,580 Property, plant and equipment, net 1 390 2,308 2,699 Other non-current assets 6 457 229 692 Total $ 2,937 $ 5,423 $ 5,944 $ 8,951 $ (13,235 ) $ 10,020 Liabilities and equity Current liabilities Short-term debt $ 54 $ 54 Current maturities of long-term debt $ 90 119 209 Accounts payable and accrued liabilities $ 24 47 $ 526 2,048 2,645 Intercompany payables 2 30 $ (32 ) — Total current liabilities 24 137 528 2,251 (32 ) 2,908 Long-term debt, excluding current maturities 2,759 391 2,105 5,255 Long-term intercompany debt 2,769 1,268 3,041 185 (7,263 ) — Postretirement and pension liabilities 377 390 767 Other non-current liabilities 311 344 655 Commitments and contingent liabilities Noncontrolling interests 291 291 Crown Holdings shareholders’ equity 144 1,259 1,296 3,385 (5,940 ) 144 Total equity 144 1,259 1,296 3,676 (5,940 ) 435 Total $ 2,937 $ 5,423 $ 5,944 $ 8,951 $ (13,235 ) $ 10,020 Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 128 $ 837 $ 965 Receivables, net $ 18 1,013 1,031 Intercompany receivables 20 11 $ (31 ) — Inventories 291 1,033 1,324 Prepaid expenses and other current assets $ 1 4 75 171 251 Assets held for sale 48 48 Total current assets 1 132 404 3,113 (31 ) 3,619 Intercompany debt receivables 2,415 2,640 27 (5,082 ) — Investments 2,199 2,005 850 (5,054 ) — Goodwill and intangible assets 473 2,453 2,926 Property, plant and equipment, net 1 328 2,108 2,437 Other non-current assets 8 411 242 661 Total $ 2,200 $ 4,561 $ 5,106 $ 7,943 $ (10,167 ) $ 9,643 Liabilities and equity Current liabilities Short-term debt $ 75 $ 75 Current maturities of long-term debt $ 43 132 175 Accounts payable and accrued liabilities $ 20 $ 49 480 2,102 2,651 Intercompany payables 11 20 $ (31 ) — Liabilities related to assets held for sale 23 23 Total current liabilities 20 49 534 2,352 (31 ) 2,924 Long-term debt, excluding current maturities 2,815 367 1,762 4,944 Long-term intercompany debt 2,061 584 2,199 238 (5,082 ) — Postretirement and pension liabilities 464 407 871 Other non-current liabilities 307 210 517 Commitments and contingent liabilities Noncontrolling interests 268 268 Crown Holdings shareholders’ equity 119 1,113 1,235 2,706 (5,054 ) 119 Total equity 119 1,113 1,235 2,974 (5,054 ) 387 Total $ 2,200 $ 4,561 $ 5,106 $ 7,943 $ (10,167 ) $ 9,643 |
Condensed Combining Statement of Cash Flows | Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ 33 $ (34 ) $ 6 $ 951 $ 956 Cash flows from investing activities Capital expenditures (80 ) (274 ) (354 ) Acquisition of businesses, net of cash acquired (1,207 ) (1,207 ) Proceeds from sale of businesses, net of cash sold 33 33 Proceeds from sale of property, plant and equipment 2 5 7 Intercompany investing activities (738 ) 15 71 738 $ (86 ) — Net investment hedge settlements (11 ) (11 ) Other — (10 ) (6 ) (16 ) Net cash provided by/(used for) investing activities (738 ) 4 (17 ) (711 ) (86 ) (1,548 ) Cash flows from financing activities Proceeds from long-term debt 750 685 1,435 Payments of long-term debt (722 ) (178 ) (900 ) Net change in revolving credit facility and short-term debt (7 ) (7 ) Net change in long-term intercompany balances 708 (12 ) 11 (707 ) — Debt issuance costs (10 ) (8 ) (18 ) Common stock issued 6 6 Common stock repurchased (9 ) (9 ) Dividends paid (86 ) 86 — Dividends paid to noncontrolling interests (48 ) (48 ) Contribution from noncontrolling interests 5 5 Foreign exchange derivatives related to debt (58 ) (58 ) Net cash provided by/(used for) financing activities 705 6 11 (402 ) 86 406 Effect of exchange rate changes on cash and cash equivalents (62 ) (62 ) Net change in cash and cash equivalents — (24 ) — (224 ) — (248 ) Cash and cash equivalents at January 1 128 — 837 965 Cash and cash equivalents at December 31 $ — $ 104 $ — $ 613 $ — $ 717 Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ 25 $ (38 ) $ 52 $ 873 $ 912 Cash flows from investing activities Capital expenditures (42 ) (286 ) (328 ) Acquisition of businesses, net of cash acquired (733 ) (733 ) Proceeds from sale of businesses, net of cash sold 22 22 Proceeds from sale of property, plant and equipment 6 10 16 Intercompany investing activities (941 ) 24 44 954 $ (81 ) — Other 2 2 Net cash provided by/(used for) investing activities (941 ) 24 8 (31 ) (81 ) (1,021 ) Cash flows from financing activities Proceeds from long-term debt 942 1,800 2,742 Payments of long-term debt (4 ) (1,748 ) (1,752 ) Net change in revolving credit facility and short-term debt (319 ) (319 ) Net change in long-term intercompany balances 904 (949 ) 14 31 — Debt issuance costs (24 ) (17 ) (41 ) Common stock issued 14 14 Common stock repurchased (2 ) (2 ) Dividends paid (81 ) 81 — Purchase of noncontrolling interests (76 ) (17 ) (93 ) Dividends paid to noncontrolling interests (77 ) (77 ) Foreign exchange derivatives related to debt (27 ) (27 ) Net cash provided by/(used for) financing activities 916 (35 ) (62 ) (455 ) 81 445 Effect of exchange rate changes on cash and cash equivalents (60 ) (60 ) Net change in cash and cash equivalents — (49 ) (2 ) 327 — 276 Cash and cash equivalents at January 1 177 2 510 689 Cash and cash equivalents at December 31 $ — $ 128 $ — $ 837 $ — $ 965 Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ 16 $ (18 ) $ 352 $ 535 $ 885 Cash flows from investing activities Capital expenditures (37 ) (238 ) (275 ) Acquisition of businesses, net of cash acquired (16 ) (16 ) Proceeds from sale of businesses, net of cash sold 10 10 Proceeds from sale of property, plant and equipment 4 25 29 Intercompany investing activities 32 91 $ (123 ) — Other 6 6 Net cash provided by/(used for) investing activities 32 68 (223 ) (123 ) (246 ) Cash flows from financing activities Proceeds from long-term debt 1,000 83 1,083 Payments of long-term debt (730 ) (292 ) (1,022 ) Net change in revolving credit facility and short-term debt 18 18 Net change in long-term intercompany balances 263 (108 ) (419 ) 264 — Debt issuance costs (26 ) (6 ) (32 ) Common stock issued 21 21 Common stock repurchased (300 ) (300 ) Dividends paid (123 ) 123 — Purchase of noncontrolling interests (16 ) (16 ) Dividends paid to noncontrolling interests (78 ) (78 ) Foreign exchange derivatives related to debt 20 20 Net cash provided by/(used for) financing activities (16 ) 136 (419 ) (130 ) 123 (306 ) Effect of exchange rate changes on cash and cash equivalents 6 6 Net change in cash and cash equivalents — 150 1 188 — 339 Cash and cash equivalents at January 1 27 1 322 350 Cash and cash equivalents at December 31 $ — $ 177 $ 2 $ 510 $ — $ 689 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 18 years |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Research and Development) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Research, development and engineering costs | $ 39 | $ 39 | $ 36 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies (Recent Accounting and Reporting Pronouncements) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Debt issuance costs, noncurrent | $ 11 | $ 16 |
Adjustments for New Accounting Principle, Early Adoption [Member] | Current Maturities of Long-term Debt [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Debt issuance costs, current | 2 | |
Adjustments for New Accounting Principle, Early Adoption [Member] | Long-term Debt [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Debt issuance costs, noncurrent | $ 63 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | Feb. 18, 2015 | Apr. 23, 2014 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 3,003 | $ 3,003 | $ 2,671 | $ 2,016 | ||
Empaque [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Effective date of acquisition | Feb. 18, 2015 | |||||
Total consideration | $ 1,207 | |||||
Customer relationships | 254 | |||||
Long-term supply contract | 189 | |||||
Contributed sales | 560 | |||||
Contributed net income attributable to Crown Holdings | $ 52 | |||||
Acquired receivables | 106 | |||||
Goodwill | $ 618 | |||||
Empaque [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangibles, amortization period | 18 years | |||||
Empaque [Member] | Contractual Rights [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangibles, amortization period | 15 years | |||||
Mivisa [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Effective date of acquisition | Apr. 23, 2014 | |||||
Total consideration | $ 733 | |||||
Customer relationships | 281 | |||||
Cash acquired | 28 | |||||
Debt assumed | (977) | |||||
Acquired trademarks | 14 | |||||
Goodwill | $ 938 | |||||
Mivisa [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangibles, amortization period | 13 years |
Acquisitions (Consideration Tra
Acquisitions (Consideration Transferred) (Details) - USD ($) $ in Millions | Feb. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Goodwill | $ 3,003 | $ 2,671 | $ 2,016 | |
Empaque [Member] | ||||
Fair value of consideration transferred | ||||
Cash | $ 1,207 | |||
Total consideration | 1,207 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Receivables, net | 106 | |||
Inventories | 56 | |||
Intangible assets | 443 | |||
Property, plant and equipment, net | 300 | |||
Accounts payable and accrued liabilities | (89) | |||
Other non-current liabilities | (227) | |||
Total identifiable net assets | 589 | |||
Goodwill | $ 618 |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | |||
Net sales | $ 8,837 | $ 9,955 | |
Net income attributable to Crown Holdings | $ 415 | $ 426 | $ 338 |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Schedule of AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in AOCI [Roll Forward] | ||
Balance at beginning of period | $ (2,765) | $ (2,513) |
Other comprehensive income (loss) before reclassifications | (453) | (325) |
Amounts reclassified from accumulated other comprehensive income | 64 | 73 |
Other comprehensive income (loss) | (389) | (252) |
Balance at end of period | (3,154) | (2,765) |
Defined Benefit Plans [Member] | ||
Increase (Decrease) in AOCI [Roll Forward] | ||
Balance at beginning of period | (1,781) | (1,828) |
Other comprehensive income (loss) before reclassifications | 46 | (9) |
Amounts reclassified from accumulated other comprehensive income | 45 | 56 |
Other comprehensive income (loss) | 91 | 47 |
Balance at end of period | (1,690) | (1,781) |
Foreign Currency Translation [Member] | ||
Increase (Decrease) in AOCI [Roll Forward] | ||
Balance at beginning of period | (980) | (658) |
Other comprehensive income (loss) before reclassifications | (466) | (322) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income (loss) | (466) | (322) |
Balance at end of period | (1,446) | (980) |
Gains and Losses on Cash Flow Hedges [Member] | ||
Increase (Decrease) in AOCI [Roll Forward] | ||
Balance at beginning of period | (4) | (27) |
Other comprehensive income (loss) before reclassifications | (33) | 6 |
Amounts reclassified from accumulated other comprehensive income | 19 | 17 |
Other comprehensive income (loss) | (14) | 23 |
Balance at end of period | $ (18) | $ (4) |
Accumulated Other Comprehensi63
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Reclassification out of AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net sales | $ (8,762) | $ (9,097) | $ (8,656) |
Cost of products sold | 7,116 | 7,525 | 7,180 |
Total gains and losses on cash flow hedges | (64) | (73) | |
Total before tax | (639) | (516) | (576) |
Provision for income taxes | 178 | 41 | 148 |
Net income | (461) | (475) | $ (428) |
Gains and Losses on Cash Flow Hedges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total gains and losses on cash flow hedges | (19) | (17) | |
Amortization of Defined Benefit Plan Items [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total gains and losses on cash flow hedges | (45) | (56) | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | 64 | 73 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total gains and losses on cash flow hedges | 19 | 17 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Commodities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of products sold | 23 | 21 | |
Total before tax | 23 | 21 | |
Provision for income taxes | (5) | (6) | |
Net income | 18 | 15 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Foreign Exchange [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net sales | 2 | (2) | |
Cost of products sold | (1) | 4 | |
Total before tax | 1 | 2 | |
Provision for income taxes | 0 | 0 | |
Net income | 1 | 2 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Amortization of Defined Benefit Plan Items [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Actuarial losses | 109 | 119 | |
Prior service credit | (50) | (49) | |
Total before tax | 59 | 70 | |
Provision for income taxes | (14) | (14) | |
Net income | $ 45 | $ 56 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | |||
Deferred purchase price | $ 105 | $ 76 | |
Interest expense securitization and factoring facilities | $ 12 | $ 12 | $ 10 |
Receivables (Schedule of Receiv
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Accounts receivable | $ 827 | $ 940 |
Less: allowance for doubtful accounts | (83) | (88) |
Net trade receivables | 744 | 852 |
Miscellaneous receivables | 168 | 179 |
Receivables, net | $ 912 | $ 1,031 |
Receivables (Schedule of Amount
Receivables (Schedule of Amounts Securitized or Factored) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Accounted for as secured borrowings | $ 10 | $ 19 |
Accounted for as sales | $ 716 | $ 615 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 599 | $ 684 |
Work in process | 129 | 134 |
Finished goods | 485 | 506 |
Total inventories | $ 1,213 | $ 1,324 |
Goodwill and intangible asset68
Goodwill and intangible assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | |||
Balance at beginning of period | $ 2,671 | $ 2,016 | |
Foreign currency translation | (293) | (259) | |
Goodwill acquired | 625 | 934 | |
Disposals | (20) | ||
Transfers | 0 | ||
Balance at end of period | 3,003 | 2,671 | |
Accumulated impairments | 976 | 976 | $ 976 |
Non-reportable Segments [Member] | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 129 | 158 | |
Foreign currency translation | (4) | (12) | |
Goodwill acquired | 0 | 0 | |
Disposals | (17) | ||
Transfers | (20) | ||
Balance at end of period | 105 | 129 | |
Accumulated impairments | 150 | 150 | 150 |
Americas Beverage [Member] | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 420 | 424 | |
Foreign currency translation | (94) | (4) | |
Goodwill acquired | 618 | 0 | |
Disposals | 0 | ||
Transfers | 0 | ||
Balance at end of period | 944 | 420 | |
Accumulated impairments | 29 | 29 | 29 |
North America Food [Member] | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 152 | 158 | |
Foreign currency translation | (11) | (6) | |
Goodwill acquired | 0 | 0 | |
Disposals | 0 | ||
Transfers | 0 | ||
Balance at end of period | 141 | 152 | |
Accumulated impairments | 0 | 0 | 0 |
European Beverage [Member] | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 623 | 680 | |
Foreign currency translation | (51) | (57) | |
Goodwill acquired | 0 | 0 | |
Disposals | 0 | ||
Transfers | 0 | ||
Balance at end of period | 572 | 623 | |
Accumulated impairments | 73 | 73 | 73 |
European Food [Member] | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 1,347 | 596 | |
Foreign currency translation | (133) | (180) | |
Goodwill acquired | 7 | 934 | |
Disposals | (3) | ||
Transfers | 20 | ||
Balance at end of period | 1,241 | 1,347 | |
Accumulated impairments | $ 724 | $ 724 | $ 724 |
Goodwill and intangible asset69
Goodwill and intangible assets (Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 642 | $ 283 | |
Accumulated amortization | (67) | (30) | |
Net | 575 | 253 | |
Amortization expense | 40 | 31 | $ 3 |
Amortization expense, 2016 | 44 | ||
Amortization expense, 2017 | 44 | ||
Amortization expense, 2018 | 44 | ||
Amortization expense, 2019 | 44 | ||
Amortization expense, 2020 | 44 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 410 | 271 | |
Accumulated amortization | (46) | (18) | |
Net | 364 | 253 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 11 | 12 | |
Accumulated amortization | (11) | (12) | |
Net | 0 | 0 | |
Long Term Supply Contacts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 221 | 0 | |
Accumulated amortization | (10) | 0 | |
Net | 211 | 0 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net | $ 2 | $ 2 |
Property, Plant and Equipment70
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Buildings and improvements | $ 1,009 | $ 1,016 |
Machinery and equipment | 4,667 | 4,704 |
Land and improvements | 180 | 154 |
Construction in progress | 229 | 158 |
Property, plant and equipment, gross | 6,085 | 6,032 |
Less: accumulated depreciation and amortization | (3,386) | (3,595) |
Property, plant and equipment, net | $ 2,699 | $ 2,437 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, All Other Investments [Abstract] | ||
Deferred taxes | $ 596 | $ 565 |
Debt issuance costs | 11 | 16 |
Investments | 5 | 5 |
Other | 80 | 75 |
Other non-current assets | $ 692 | $ 661 |
Accounts Payable and Accrued 72
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Trade accounts payable | $ 1,838 | $ 1,881 |
Salaries, wages and other employee benefits, including pension and postretirement | 190 | 169 |
Accrued taxes, other than on income | 109 | 108 |
Restructuring | 32 | 44 |
Accrued interest | 62 | 64 |
Fair value of derivatives | 47 | 45 |
Asbestos liabilities | 30 | 30 |
Income taxes payable | 40 | 24 |
Deferred taxes | 0 | 11 |
Other | 297 | 275 |
Accounts payable and accrued liabilities | $ 2,645 | $ 2,651 |
Other Non-Current Liabilities73
Other Non-Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Asbestos liabilities | $ 241 | $ 245 |
Postemployment benefits | 31 | 29 |
Income taxes payable | 21 | 17 |
Deferred taxes | 223 | 96 |
Environmental | 13 | 12 |
Other | 126 | 118 |
Other non-current liabilities | $ 655 | $ 517 |
Lease Commitments (Details)
Lease Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Operating leases, minimum annual rentals in 2016 | $ 47 | ||
Operating leases, minimum annual rentals in 2017 | 33 | ||
Operating leases, minimum annual rentals in 2018 | 19 | ||
Operating leases, minimum annual rentals in 2019 | 10 | ||
Operating leases, minimum annual rentals in 2020 | 7 | ||
Operating leases, minimum annual rentals, thereafter | 46 | ||
Minimum sublease rentals | 6 | ||
Rental expense (net of sublease rental income) | $ 53 | $ 60 | $ 65 |
Asbestos-Related Liabilities (N
Asbestos-Related Liabilities (Narrative) (Details) Claim in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)ClaimPending_Claim | Dec. 31, 2014Claim | Dec. 31, 2013Claim | Dec. 31, 2012Claim | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Holding period for insulation operations (in days) | 90 days | |||
Number of inactive claims | Claim | 19 | |||
Accrued asbestos claims and related legal costs | $ 271,000,000 | |||
Unasserted claims | $ 231,000,000 | |||
Accrued asbestos-related claims cost, final maturity date | 2,025 | |||
Percentage of claims that do not specify damages | 82.00% | |||
Claims outstanding | Claim | 55 | 54 | 53 | 51 |
Damage Claims Less than $5 [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage Of Claims Damages Specified | 17.00% | |||
Damage Claims Less than $5 [Member] | Maximum [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 5,000,000 | |||
Damage Claims From $5 to Less than $100 [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage Of Claims Damages Specified | 1.00% | |||
Damage Claims From $5 to Less than $100 [Member] | Maximum [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 100,000,000 | |||
Damage Claims From $5 to Less than $100 [Member] | Minimum [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 5,000,000 | |||
Damage Claims Less than $25 [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage Of Claims Damages Specified | 73.00% | |||
Damage Claims Less than $25 [Member] | Maximum [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 25,000,000 | |||
Damages Claims in Excess of $100 [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 100,000,000 | |||
Claims outstanding | Pending_Claim | 3 |
Asbestos-Related Liabilities (S
Asbestos-Related Liabilities (Summary of Claims Activity) (Details) - Claim Claim in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingency, Pending Claims [Roll Forward] | |||
Beginning claims | 54 | 53 | 51 |
New claims | 3 | 3 | 4 |
Settlements or dismissals | (2) | (2) | (2) |
Ending claims | 55 | 54 | 53 |
Asbestos-Related Liabilities 77
Asbestos-Related Liabilities (Summary of Asbestos Claims Cash Payments by Company) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Liability for Asbestos and Environmental Claims [Abstract] | |||
Asbestos-related payments | $ 30 | $ 30 | $ 28 |
Settled claims payments (included in asbestos-related payments above) | $ 22 | $ 21 | $ 21 |
Asbestos-Related Liabilities 78
Asbestos-Related Liabilities (Summary of Outstanding Claims by Year Of Exposure and State Filed) (Details) - Claim Claim in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 55 | 54 | 53 | 51 |
Asbestos After 1964 [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 16 | 16 | ||
Asbestos Before or During 1964 [Member] | Texas [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 13 | 13 | ||
Asbestos Before or During 1964 [Member] | Pennsylvania [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 2 | 2 | ||
Asbestos Before or During 1964 [Member] | Other States that have Enacted Asbestos Legislation [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 6 | 6 | ||
Asbestos Before or During 1964 [Member] | Other States [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 18 | 17 |
Asbestos-Related Liabilities 79
Asbestos-Related Liabilities (Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases) (Details) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Total Claims [Member] | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims alleging serious diseases | 22.00% | 22.00% | 21.00% |
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 | 41.00% | 41.00% | 39.00% |
Commitments and Contingent Li80
Commitments and Contingent Liabilities (Details) $ in Millions | Dec. 31, 2015USD ($) |
Indemnification Agreement [Member] | |
Commitments And Contingent Liabilities [Line Items] | |
Maximum potential costs related to indemnification agreements for properties sold and businesses divested | $ 8 |
Property Lease Guarantee [Member] | |
Commitments And Contingent Liabilities [Line Items] | |
Guarantees related to residual values of leased assets | 26 |
PRP Site [Member] | |
Commitments And Contingent Liabilities [Line Items] | |
Estimated future remediation costs | 7 |
Non- PRP Sites [Member] | |
Commitments And Contingent Liabilities [Line Items] | |
Estimated future remediation costs | $ 7 |
Restructuring and Other (Restru
Restructuring and Other (Restructuring and Other Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | |||
Asset impairments and sales | $ 22 | $ 70 | $ (12) |
Restructuring | 23 | 21 | 46 |
Transaction costs | 15 | 17 | 0 |
Other costs | 6 | 21 | 0 |
Restructuring and other | $ 66 | $ 129 | $ 34 |
Restructuring and Other (Narrat
Restructuring and Other (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)employeefacility | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Asset impairments and sales | $ 22 | $ 70 | $ (12) |
Belgium [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairments and sales | $ (9) | ||
Mivisa [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairments and sales | 44 | ||
North America Food Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of facilities closed | facility | 2 | ||
European Food Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of facilities closed | facility | 2 | ||
European Specialty Packaging [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairments and sales | 24 | ||
2015 European Division Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of facilities closed | facility | 2 | ||
Headcount reduction due to consolidation (in employees) | employee | 280 | ||
Expected additional restructuring costs | $ 12 | ||
Restructuring accrual | 17 | 0 | |
2015 European Division Actions [Member] | Write-down of Fixed Assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 13 | ||
2015 European Division Actions [Member] | Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | 17 | ||
Restructuring accrual | 17 | $ 0 | |
2011 and 2012 Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring accrual | $ 12 |
Restructuring and Other (Charge
Restructuring and Other (Charges by Action/Type) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 23 | $ 21 | $ 46 |
Termination Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 20 | 8 | 35 |
Other Exit Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 3 | 13 | 11 |
Non-reportable Segments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 0 | 3 | 16 |
Corporate [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 2 | 0 | 8 |
North America Food [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 2 | 10 | 5 |
Europe Food [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 19 | 8 | 14 |
European Beverage [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 0 | 0 | 2 |
Asia Pacific [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 0 | $ 0 | $ 1 |
Restructuring and Other (Compon
Restructuring and Other (Components of Outstanding Restructuring Reserve and Movements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Provisions | $ 23 | $ 21 | $ 46 |
Termination Benefits [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Provisions | 20 | 8 | 35 |
Other Exit Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Provisions | 3 | 13 | $ 11 |
2015 European Division Actions [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Provisions | 17 | ||
Balance at end of period | 17 | 0 | |
2015 European Division Actions [Member] | Termination Benefits [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Provisions | 17 | ||
Balance at end of period | 17 | 0 | |
2015 European Division Actions [Member] | Other Exit Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Provisions | 0 | ||
Balance at end of period | $ 0 | $ 0 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Stock [Abstract] | ||
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Debt restrictions on Company's ability to pay dividends and repurchase its common stock | The amount of restricted payments permitted to be made, including dividends and repurchases of the Company’s common stock, may be limited to the cumulative excess of $200 plus 50% of adjusted net income plus proceeds from the exercise of employee stock options over the aggregate of restricted payments made since July 2004. | |
Limited cumulative excess amount, maximum | $ 200,000,000 | |
Debt restrictions on payment of dividends and repurchase of common stock, percentage adjustment | 50.00% |
Capital Stock (Summary of Commo
Capital Stock (Summary of Common Stock Activity) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares outstanding at beginning of period | 139,000,471 | 138,207,889 | 143,136,473 |
Shares repurchased | (165,138) | (36,702) | (6,925,789) |
Shares issued upon exercise of employee stock options | 207,890 | 744,431 | 855,061 |
Restricted stock issued to employees, net of forfeitures | 375,575 | 60,933 | 1,115,484 |
Shares issued to non-employee directors | 22,500 | 23,920 | 26,660 |
Common shares outstanding at end of period | 139,441,298 | 139,000,471 | 138,207,889 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 1 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding (in shares) | 721,690 | 944,622 | |
Options, weighted average exercise price (in usd per share) | $ 25.32 | $ 24.98 | |
Stock options granted (in shares) | 0 | 0 | 0 |
Aggregate intrinsic value of options exercised | $ 5 | $ 12 | $ 17 |
Aggregate intrinsic value of options outstanding | $ 18 | ||
Weighted average remaining contractual life for outstanding stock options exercisable (in years) | 1 year 4 months | ||
Unrecognized compensation cost | $ 1 | ||
Time-Vested Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) for shares awarded | 3 years | ||
Performance-based Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Level of performance achieved based on shares awarded, minimum | 0.00% | ||
Level of performance achieved based on shares awarded, maximum | 200.00% | ||
Time-vested Deferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 39 | ||
Weighted average recognition period, in years | 2 years 4 months | ||
Aggregate market value of the shares released and issued on the vesting dates | $ 28 | ||
the Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance | 4,600,000 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares outstanding at beginning of period (in shares) | 1,960,357 | ||
Awarded: Performance-based (in shares) | 375,575 | 60,933 | 1,115,484 |
Nonvested shares outstanding at end of period (in shares) | 1,778,275 | 1,960,357 | |
Time-Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Awarded: Performance-based (in shares) | 270,330 | ||
Released: Time-vesting shares (in shares) | (373,741) | ||
Forfeitures (in shares) | (63,575) | ||
Performance-based [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Awarded: Performance-based (in shares) | 201,092 | ||
Released: Time-vesting shares (in shares) | (155,180) | ||
Forfeitures (in shares) | (61,008) |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Grant Date Fair Value of Restricted Stock) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Time-Vested [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in usd per share) | $ 53.17 | $ 45.62 | $ 43.19 |
Performance-based [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in usd per share) | 49.50 | 48.31 | 36.75 |
Deferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in usd per share) | $ 55.19 | $ 49.49 | $ 43.79 |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Assumptions) (Details) - Performance-based Shares [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.10% | 0.80% | 0.30% |
Expected term (years) | 3 years | 3 years | 3 years |
Expected stock price volatility | 17.40% | 21.50% | 22.40% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Feb. 26, 2016USD ($) | Feb. 28, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | May. 31, 2015USD ($) | May. 31, 2015EUR (€) | Dec. 31, 2014EUR (€) | Jul. 31, 2014USD ($) | Jul. 31, 2014EUR (€) | Apr. 30, 2014USD ($) | Apr. 30, 2014EUR (€) | |
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, fair value | $ 5,540,000,000 | $ 5,346,000,000 | ||||||||||||
Aggregate maturities of long term debt excluding unamortized discounts, year one | 211,000,000 | |||||||||||||
Aggregate maturities of long term debt excluding unamortized discounts, year two | 282,000,000 | |||||||||||||
Aggregate maturities of long term debt excluding unamortized discounts, year three | 1,180,000,000 | |||||||||||||
Aggregate maturities of long term debt excluding unamortized discounts, year four | 366,000,000 | |||||||||||||
Aggregate maturities of long term debt excluding unamortized discounts, year five | 18,000,000 | |||||||||||||
Cash payments for interest | 249,000,000 | 231,000,000 | $ 199,000,000 | |||||||||||
Proceeds from long-term debt | 1,435,000,000 | 2,742,000,000 | 1,083,000,000 | |||||||||||
Debt issued | 5,528,000,000 | 5,186,000,000 | ||||||||||||
Loss from early extinguishments of debt | 9,000,000 | 34,000,000 | $ 41,000,000 | |||||||||||
Farm Credit Facility at LIBOR Plus 2.00% due 2019 [Member] | Mivisa [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 362,000,000 | |||||||||||||
U S Dollar At Libor Plus One Point Seven Five Percentage Due Two Thousand And Sixteen Member | Empaque [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Additional borrowings | $ 75,000,000 | |||||||||||||
U.S. Dollar at LIBOR plus 3.25% due 2022 [Member] | Empaque [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Additional borrowings | $ 675,000,000 | |||||||||||||
Euro 3.375% due 2025 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loss from early extinguishments of debt | $ 9,000,000 | |||||||||||||
Senior Secured Borrowings [Member] | Euro at EURIBOR plus 1.75% due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||||||||||
Debt issued | $ 723,000,000 | 847,000,000 | ||||||||||||
Debt instrument, face amount | € | € 665,000,000 | € 700,000,000 | ||||||||||||
Senior Secured Borrowings [Member] | Euro at EURIBOR plus 1.75% due 2018 [Member] | Mivisa [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt issued | 641,000,000 | € 590,000,000 | ||||||||||||
Senior Secured Borrowings [Member] | Farm Credit Facility at LIBOR Plus 2.00% due 2019 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate (as a percent) | 2.00% | |||||||||||||
Debt issued | $ 355,000,000 | 358,000,000 | ||||||||||||
Senior Secured Borrowings [Member] | U.S. Dollar at LIBOR plus 1.75% due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||||||||||
Debt issued | $ 831,000,000 | 800,000,000 | ||||||||||||
Loss from early extinguishments of debt | 34,000,000 | |||||||||||||
Premiums paid on extinguishment of debt | 28,000,000 | |||||||||||||
Write off of deferred financing fees | 6,000,000 | |||||||||||||
Senior Secured Borrowings [Member] | U.S. Dollar at LIBOR plus 1.75% due 2018 [Member] | Mivisa [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt issued | $ 580,000,000 | |||||||||||||
Senior Secured Borrowings [Member] | U.S. Dollar at LIBOR plus 1.75% due 2018 [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from long-term debt | $ 300,000,000 | |||||||||||||
Senior Notes and Debentures [Member] | U.S. Dollar 6.25% due 2021 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt issued | $ 700,000,000 | 700,000,000 | ||||||||||||
Debt instrument stated percentage | 6.25% | 6.25% | ||||||||||||
Senior Notes and Debentures [Member] | U.S. Dollar 6.25% due 2021 [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loss from early extinguishments of debt | $ 28,000,000 | |||||||||||||
Senior Notes and Debentures [Member] | Euro 3.375% due 2025 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt issued | $ 652,000,000 | 0 | $ 652,000,000 | € 600,000,000 | ||||||||||
Debt instrument stated percentage | 3.375% | 3.375% | 3.375% | 3.375% | ||||||||||
Debt instrument, face amount | € | € 600,000,000 | |||||||||||||
Senior Notes and Debentures [Member] | Euro 4.0% due 2022 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt issued | $ 706,000,000 | $ 786,000,000 | $ 706,000,000 | € 650,000,000 | ||||||||||
Debt instrument stated percentage | 4.00% | 4.00% | 4.00% | 4.00% | ||||||||||
Debt instrument, face amount | € | € 650,000,000 | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility, available borrowing capacity | $ 1,157,000,000 | |||||||||||||
Line of credit facility, maximum borrowing capacity | 1,200,000,000 | |||||||||||||
Outstanding letters of credit | $ 43,000,000 | |||||||||||||
Basis spread on variable rate (as a percent) | 1.50% | |||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Provisions for letters of credit | $ 210,000,000 | |||||||||||||
Basis spread on variable rate (as a percent) | 2.00% |
Debt (Summary of Outstanding De
Debt (Summary of Outstanding Debt) (Details) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | May. 31, 2015USD ($) | May. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) | Jul. 31, 2014USD ($) | Jul. 31, 2014EUR (€) | |
Debt Instrument [Line Items] | ||||||||
Short-term debt | $ 54 | $ 75 | ||||||
Principal outstanding | ||||||||
Total long-term debt | 5,528 | 5,186 | ||||||
Less: current maturities | (211) | (177) | ||||||
Total long-term debt, less current maturities | 5,317 | 5,009 | ||||||
Carrying amount | ||||||||
Total long-term debt | 5,464 | 5,119 | ||||||
Less: current maturities | (209) | (175) | ||||||
Total long-term debt, less current maturities | 5,255 | 4,944 | ||||||
Line of Credit [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | 0 | 0 | ||||||
Carrying amount | ||||||||
Total long-term debt | 0 | 0 | ||||||
Senior Secured Borrowings [Member] | U.S. Dollar at LIBOR plus 1.75% due 2018 [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | 831 | 800 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 821 | 787 | ||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||||
Senior Secured Borrowings [Member] | Euro at EURIBOR plus 1.75% due 2018 [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 723 | 847 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 714 | 834 | ||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||||
Debt instrument, face amount | € | € 665,000,000 | € 700,000,000 | ||||||
Senior Secured Borrowings [Member] | Farm Credit Facility at LIBOR Plus 2.00% due 2019 [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 355 | 358 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 350 | 351 | ||||||
Basis spread on variable rate (as a percent) | 2.00% | |||||||
Senior Notes and Debentures [Member] | U.S. Dollar 6.25% due 2021 [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 700 | 700 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 694 | 693 | ||||||
Debt instrument stated percentage | 6.25% | 6.25% | ||||||
Senior Notes and Debentures [Member] | Euro 4.0% due 2022 [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 706 | 786 | $ 706 | € 650,000,000 | ||||
Carrying amount | ||||||||
Total long-term debt | $ 697 | 775 | ||||||
Debt instrument stated percentage | 4.00% | 4.00% | 4.00% | 4.00% | ||||
Debt instrument, face amount | € | € 650,000,000 | |||||||
Senior Notes and Debentures [Member] | U.S. Dollar 4.50% due 2023 [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 1,000 | 1,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 989 | 988 | ||||||
Debt instrument stated percentage | 4.50% | 4.50% | ||||||
Senior Notes and Debentures [Member] | Euro 3.375% due 2025 [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 652 | $ 652 | € 600,000,000 | 0 | ||||
Carrying amount | ||||||||
Total long-term debt | $ 642 | 0 | ||||||
Debt instrument stated percentage | 3.375% | 3.375% | 3.375% | 3.375% | ||||
Debt instrument, face amount | € | € 600,000,000 | |||||||
Senior Notes and Debentures [Member] | U.S. Dollar 7.375% due 2026 [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 350 | 350 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 346 | 346 | ||||||
Debt instrument stated percentage | 7.375% | 7.375% | ||||||
Senior Notes and Debentures [Member] | U.S. Dollar 7.50% due 2096 [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 45 | 64 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 45 | 64 | ||||||
Debt instrument stated percentage | 7.50% | 7.50% | ||||||
Other Indebtedness, Fixed Rate [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 146 | 211 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 146 | 211 | ||||||
Fixed rate, minimum (as a percent) | 1.00% | |||||||
Fixed rate, maximum (as a percent) | 8.50% | |||||||
Other Indebtedness, Variable Rate [Member] | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 20 | 70 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 20 | $ 70 | ||||||
Variable rate, minimum (as a percent) | 3.40% | |||||||
Variable rate, maximum (as a percent) | 5.10% |
Debt (Schedule of Weighted Aver
Debt (Schedule of Weighted Average Interest Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |||
Short-term debt | 3.00% | 2.70% | 1.90% |
Revolving credit facilities | 4.40% | 4.40% | 3.60% |
Derivative and Other Financia94
Derivative and Other Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Objectives for using derivative instruments | The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. | |
Derivative, lower remaining maturity range | 1 month | |
Derivative, higher remaining maturity range | 34 months | |
Net loss to be reclassified to earnings | $ 18,000,000 | |
Loss, net of tax, expected to be reclassified to earnings | 14,000,000 | |
Reclassification of anticipated transactions that were no longer considered probable | 0 | $ 0 |
Changes in fair value of the derivative financial instruments, excluded from the assessment and measurement of hedge effectiveness reported in earnings (less than) | 1,000,000 | |
Gain on net investment hedge | 13,000,000 | |
Gain on net investment hedge, net of tax | 10,000,000 | |
Foreign Exchange [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on foreign exchange contracts designated as fair value hedges | 1,000,000 | 7,000,000 |
Loss on foreign exchange contracts not designated as fair value hedges | 29,000,000 | $ 53,000,000 |
Commodity [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on commodity hedge ineffectiveness | 2,000,000 | |
Loss on commodity hedge ineffectiveness, net of tax | $ 1,000,000 |
Derivative and Other Financia95
Derivative and Other Financial Instruments (Accumulated Other Comprehensive Income ("AOCI") and Earnings from Changes in Fair Value Related to Derivative Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | $ (33) | $ 6 |
Amount of gain/(loss) reclassified from AOCI into earnings | (19) | (17) |
Foreign Exchange [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | (1) | 4 |
Amount of gain/(loss) reclassified from AOCI into earnings | (1) | (2) |
Foreign Exchange [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Gain) loss recognized in cost of products sold | (1) | 4 |
Gain (loss) recognized in net sales | (2) | 2 |
Commodities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | (32) | 2 |
Amount of gain/(loss) reclassified from AOCI into earnings | (18) | (15) |
Gain on hedge ineffectiveness | 2 | |
Gain (loss) on hedge ineffectiveness, net of tax | 1 | (1) |
Commodities [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
(Gain) loss recognized in cost of products sold | 23 | 21 |
Tax benefit recognized in income tax expense | $ 5 | $ 6 |
Derivative and Other Financia96
Derivative and Other Financial Instruments (Fair Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative assets | ||
Total | $ 42 | $ 22 |
Derivative liabilities | ||
Total | 52 | 45 |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign Exchange [Member] | Level 2 [Member] | ||
Derivative assets | ||
Foreign exchange | 32 | 20 |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Commodities [Member] | Level 1 [Member] | ||
Derivative assets | ||
Commodities | 5 | $ 2 |
Designated as Hedging Instrument [Member] | Other Non-current Assets [Member] | Commodities [Member] | Level 1 [Member] | ||
Derivative assets | ||
Commodities | 2 | |
Designated as Hedging Instrument [Member] | Accounts Payable and Accrued Liabilities [Member] | Foreign Exchange [Member] | Level 2 [Member] | ||
Derivative liabilities | ||
Foreign exchange | 14 | $ 20 |
Designated as Hedging Instrument [Member] | Accounts Payable and Accrued Liabilities [Member] | Commodities [Member] | Level 1 [Member] | ||
Derivative liabilities | ||
Commodities | 26 | $ 10 |
Designated as Hedging Instrument [Member] | Other Non-current Liabilities [Member] | Commodities [Member] | Level 1 [Member] | ||
Derivative liabilities | ||
Commodities | 5 | |
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Commodities [Member] | Level 1 [Member] | ||
Derivative assets | ||
Commodities | 3 | |
Not Designated as Hedging Instrument [Member] | Accounts Payable and Accrued Liabilities [Member] | Foreign Exchange [Member] | Level 2 [Member] | ||
Derivative liabilities | ||
Foreign exchange | 2 | $ 15 |
Not Designated as Hedging Instrument [Member] | Accounts Payable and Accrued Liabilities [Member] | Commodities [Member] | Level 1 [Member] | ||
Derivative liabilities | ||
Commodities | $ 5 |
Derivative and Other Financia97
Derivative and Other Financial Instruments (Schedule of Offsetting Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative assets | ||
Derivative assets | $ 42 | $ 22 |
Gross amounts recognized in the Balance Sheet | 42 | 22 |
Gross amounts not offset in the Balance Sheet | 9 | 4 |
Net amount | 33 | 18 |
Derivative liabilities | ||
Derivative liabilities | 52 | 45 |
Gross amounts recognized in the Balance Sheet | 52 | 45 |
Gross amounts not offset in the Balance Sheet | 9 | 4 |
Net amount | $ 43 | $ 41 |
Derivative and Other Financia98
Derivative and Other Financial Instruments (Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | $ 922 | $ 678 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 324 | 213 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Foreign Exchange [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 125 | 85 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 674 | 603 |
Not Designated as Hedging Instrument [Member] | Commodities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | $ 57 | $ 0 |
Noncontrolling interests (Narra
Noncontrolling interests (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Abstract] | |||
Purchase of noncontrolling interests | $ 0 | $ 93 | $ 16 |
Noncontrolling interests (Effec
Noncontrolling interests (Effect on Net Income Attributable to Company for Purchases of Noncontrolling Interests) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Abstract] | |||
Net income attributable to Crown Holdings | $ 393 | $ 387 | $ 324 |
Transfers to noncontrolling interests – decrease in paid-in-capital for purchase of noncontrolling interests | (3) | (54) | (3) |
Net income attributable to Crown Holdings after transfers to noncontrolling interests | $ 390 | $ 333 | $ 321 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Net income attributable to Crown Holdings | $ 393 | $ 387 | $ 324 |
Weighted average shares outstanding: | |||
Basic (in shares) | 137,940 | 137,230 | 139,450 |
Add: dilutive stock options and restricted stock (in shares) | 1,200 | 1,310 | 1,200 |
Diluted (in shares) | 139,140 | 138,540 | 140,650 |
Basic EPS (in usd per share) | $ 2.85 | $ 2.82 | $ 2.32 |
Diluted EPS (in usd per share) | $ 2.82 | $ 2.79 | $ 2.30 |
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive | 100 | 100 | 100 |
Pension and Other Postretire102
Pension and Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, additional pension expense | $ 5 | $ 5 | $ 5 |
Amounts of common stock included in plan assets | 171 | 171 | |
Defined benefit plan, estimated employer contributions | $ 112 | ||
Employee Savings Investment Plan, minimum age requirement | 21 years | ||
Maximum contribution percent by employer | 50.00% | ||
Employer matching contribution, percent of employee's gross pay | 3.00% | ||
Total contributions | $ 2 | $ 2 | 2 |
Percentage of employee stock purchase plan, employee contribution | 85.00% | ||
Percentage of employee stock purchase plan, employer contribution | 15.00% | ||
Shares purchased under employee stock purchase plan | 25,917 | 25,351 | |
Employee stock purchase plan, company contribution (less than) | $ 1 | $ 1 | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations | $ 3,513 | 3,750 | 3,651 |
Non-U.S. Plans [Member] | United Kingdom [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funding level | 100.00% | ||
Target funding level period | 11 years | ||
Expected return net of fees | 2.00% | ||
Percentage change of risk level commensurate | 5.00% | ||
Weighted average return of equity securities period (years) | 25 years | ||
Non-U.S. Plans [Member] | United Kingdom [Member] | Minimum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Yearly rate of funding level decline | 4.00% | ||
Non-U.S. Plans [Member] | United Kingdom [Member] | Maximum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Yearly rate of funding level decline | 8.00% | ||
Non-U.S. Plans [Member] | United Kingdom [Member] | Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 5.50% | ||
Non-U.S. Plans [Member] | United Kingdom [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 3.40% | ||
Non-U.S. Plans [Member] | United Kingdom [Member] | Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 8.50% | ||
Non-U.S. Plans [Member] | United Kingdom [Member] | Alternative Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 9.60% | ||
Non-U.S. Plans [Member] | United Kingdom [Member] | U.S. Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage allocation of equity securities in pension plan | 39.00% | ||
Non-U.S. Plans [Member] | United Kingdom [Member] | European Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage allocation of equity securities in pension plan | 42.00% | ||
Non-U.S. Plans [Member] | United Kingdom [Member] | Emerging Markets [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage allocation of equity securities in pension plan | 19.00% | ||
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Estimated net losses of pensions in following twelve months | $ 102 | ||
Estimated prior service credits of pensions in following twelve months | (13) | ||
U.S. Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations | $ 1,501 | $ 1,601 | 1,454 |
Weighted average return of equity securities period (years) | 25 years | ||
U.S. Plans [Member] | Equity Securities and Alternative Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 9.60% | ||
U.S. Plans [Member] | Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 5.50% | ||
U.S. Plans [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 4.00% | ||
Other Postretirement Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations | $ 151 | $ 241 | $ 274 |
Estimated net losses of pensions in following twelve months | 4 | ||
Estimated prior service credits of pensions in following twelve months | (41) | ||
Prescription drug expected future benefit payments | $ 4 |
Pension and Other Postretire103
Pension and Other Postretirement Benefits (Components of Net Periodic Pension and Other Postretirement Benefits Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Plans [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 14 | $ 13 | $ 15 |
Interest cost | 63 | 66 | 62 |
Expected return on plan assets | (100) | (104) | (99) |
Amortization of actuarial loss | 50 | 41 | 55 |
Amortization of prior service credit | 0 | 0 | 1 |
Net periodic cost | 27 | 16 | 34 |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 24 | 23 | 24 |
Interest cost | 127 | 154 | 138 |
Expected return on plan assets | (172) | (194) | (176) |
Settlements | 0 | 0 | (2) |
Amortization of actuarial loss | 55 | 73 | 71 |
Amortization of prior service credit | (13) | (16) | (14) |
Net periodic cost | 21 | 40 | 41 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 1 | 2 | 3 |
Interest cost | 7 | 12 | 13 |
Amortization of actuarial loss | 4 | 6 | 10 |
Amortization of prior service credit | (37) | (34) | (39) |
Net periodic cost | $ (25) | $ (14) | $ (13) |
Pension and Other Postretire104
Pension and Other Postretirement Benefits (Schedule of Projected and Changes in Benefit Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of period | $ 1,601 | $ 1,454 | |
Service cost | 14 | 13 | $ 15 |
Interest cost | 63 | 66 | 62 |
Plan participants’ contributions | 0 | 0 | |
Amendments | 0 | 3 | |
Settlements | (5) | 0 | |
Actuarial (gain) / loss | (69) | 170 | |
Acquisitions | 0 | 0 | |
Benefits paid | (103) | (105) | |
Foreign currency translation | 0 | 0 | |
Benefit obligations at end of period | 1,501 | 1,601 | 1,454 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance at beginning of period | 1,300 | 1,349 | |
Actual return on plan assets | (9) | 54 | |
Employer contributions | 7 | 2 | |
Plan participants’ contributions | 0 | 0 | |
Settlements | (5) | 0 | |
Acquisitions | 0 | 0 | |
Benefits paid | (103) | (105) | |
Foreign currency translation | 0 | 0 | |
Balance at end of period | 1,190 | 1,300 | 1,349 |
Funded Status | (311) | (301) | |
Accumulated benefit obligations at end of period | 1,463 | 1,557 | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of period | 3,750 | 3,651 | |
Service cost | 24 | 23 | 24 |
Interest cost | 127 | 154 | 138 |
Plan participants’ contributions | 3 | 4 | |
Amendments | 0 | (3) | |
Settlements | 0 | (17) | |
Actuarial (gain) / loss | (62) | 384 | |
Acquisitions | 102 | 0 | |
Benefits paid | (190) | (191) | |
Foreign currency translation | (241) | (255) | |
Benefit obligations at end of period | 3,513 | 3,750 | 3,651 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance at beginning of period | 3,410 | 3,135 | |
Actual return on plan assets | 48 | 623 | |
Employer contributions | 72 | 80 | |
Plan participants’ contributions | 3 | 4 | |
Settlements | 0 | (17) | |
Acquisitions | 40 | 0 | |
Benefits paid | (190) | (191) | |
Foreign currency translation | (214) | (224) | |
Balance at end of period | 3,169 | 3,410 | 3,135 |
Funded Status | (344) | (340) | |
Accumulated benefit obligations at end of period | 3,407 | 3,630 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of period | 241 | 274 | |
Service cost | 1 | 2 | 3 |
Interest cost | 7 | 12 | 13 |
Amendments | (52) | 0 | |
Actuarial (gain) / loss | (19) | (23) | |
Curtailment | (3) | 0 | |
Benefits paid | (17) | (19) | |
Foreign currency translation | (7) | (5) | |
Benefit obligations at end of period | 151 | 241 | $ 274 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Benefits paid | $ (17) | $ (19) |
Pension and Other Postretire105
Pension and Other Postretirement Benefits (Schedule of Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | $ 1,501 | $ 1,601 |
Accumulated benefit obligations | 1,463 | 1,557 |
Fair value of plan assets | 1,190 | 1,300 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | 3,366 | 3,444 |
Accumulated benefit obligations | 3,261 | 3,350 |
Fair value of plan assets | $ 3,015 | $ 3,116 |
Pension and Other Postretire106
Pension and Other Postretirement Benefits (Summary of Strategic Ranges for Assets Allocation Plan) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
U.S. Plans [Member] | Equities [Member] | United States [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 30.00% |
Target plan asset allocations, maximum | 40.00% |
U.S. Plans [Member] | Equities [Member] | International [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 10.00% |
Target plan asset allocations, maximum | 15.00% |
U.S. Plans [Member] | Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 13.00% |
Target plan asset allocations, maximum | 23.00% |
U.S. Plans [Member] | Balance Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 15.00% |
Target plan asset allocations, maximum | 25.00% |
U.S. Plans [Member] | Real Estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 5.00% |
Target plan asset allocations, maximum | 10.00% |
U.S. Plans [Member] | Private Equity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 5.00% |
Target plan asset allocations, maximum | 10.00% |
Non-U.S. Plans [Member] | Investment Grade Credit [Member] | United Kingdom [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 40.00% |
Target plan asset allocations, maximum | 80.00% |
Non-U.S. Plans [Member] | Equities [Member] | United Kingdom [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Target plan asset allocations, maximum | 30.00% |
Non-U.S. Plans [Member] | Hedge Funds [Member] | United Kingdom [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Target plan asset allocations, maximum | 10.00% |
Non-U.S. Plans [Member] | Real Estate [Member] | United Kingdom [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Target plan asset allocations, maximum | 5.00% |
Non-U.S. Plans [Member] | Private Equity [Member] | United Kingdom [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Target plan asset allocations, maximum | 15.00% |
Non-U.S. Plans [Member] | Emerging Market Wealth [Member] | United Kingdom [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Target plan asset allocations, maximum | 15.00% |
Non-U.S. Plans [Member] | Alternative Credit [Member] | United Kingdom [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Target plan asset allocations, maximum | 15.00% |
Non-U.S. Plans [Member] | Other [Member] | United Kingdom [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Target plan asset allocations, maximum | 5.00% |
Pension and Other Postretire107
Pension and Other Postretirement Benefits (Schedule of Defined Benefit Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | $ 4,351 | $ 4,704 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 984 | 1,056 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 172 | 133 | |
Level 1 [Member] | Global Large Cap Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 38 | ||
Level 1 [Member] | U.S. Large Cap Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 69 | 213 | |
Level 1 [Member] | U.S. Mid/Small Cap Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 249 | 270 | |
Level 1 [Member] | Mutual Funds - Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 166 | 174 | |
Level 1 [Member] | Mutual Funds - U.S. Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 194 | 83 | |
Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 134 | 145 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 2,482 | 2,827 | |
Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 656 | 587 | |
Level 2 [Member] | Government Issued Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 424 | 588 | |
Level 2 [Member] | Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 157 | 156 | |
Level 2 [Member] | Asset Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 19 | 25 | |
Level 2 [Member] | Structured Debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 697 | 722 | |
Level 2 [Member] | Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 17 | 12 | |
Level 2 [Member] | Derivatives [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 84 | 195 | |
Level 2 [Member] | Investment Funds - Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 361 | 401 | |
Level 2 [Member] | Investment Funds - Emerging Markets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 67 | 141 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 885 | 821 | $ 717 |
Level 3 [Member] | Investment Funds - Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 171 | 165 | |
Level 3 [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 413 | 302 | 225 |
Level 3 [Member] | Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 281 | 333 | 335 |
Level 3 [Member] | Real Estate - Direct [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 20 | 21 | |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 1,190 | 1,300 | 1,349 |
Defined benefit plan assets | 1,189 | 1,298 | |
Accrued income | 1 | 2 | |
U.S. Plans [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 825 | 906 | |
U.S. Plans [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 40 | 66 | |
U.S. Plans [Member] | Level 1 [Member] | Global Large Cap Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | ||
U.S. Plans [Member] | Level 1 [Member] | U.S. Large Cap Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 62 | 187 | |
U.S. Plans [Member] | Level 1 [Member] | U.S. Mid/Small Cap Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 231 | 251 | |
U.S. Plans [Member] | Level 1 [Member] | Mutual Funds - Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 164 | 174 | |
U.S. Plans [Member] | Level 1 [Member] | Mutual Funds - U.S. Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 194 | 83 | |
U.S. Plans [Member] | Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 134 | 145 | |
U.S. Plans [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 246 | 246 | |
U.S. Plans [Member] | Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 71 | 60 | |
U.S. Plans [Member] | Level 2 [Member] | Government Issued Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 43 | 35 | |
U.S. Plans [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 71 | 81 | |
U.S. Plans [Member] | Level 2 [Member] | Asset Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 15 | 17 | |
U.S. Plans [Member] | Level 2 [Member] | Structured Debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
U.S. Plans [Member] | Level 2 [Member] | Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
U.S. Plans [Member] | Level 2 [Member] | Derivatives [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
U.S. Plans [Member] | Level 2 [Member] | Investment Funds - Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 25 | 24 | |
U.S. Plans [Member] | Level 2 [Member] | Investment Funds - Emerging Markets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 21 | 29 | |
U.S. Plans [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 118 | 146 | |
U.S. Plans [Member] | Level 3 [Member] | Investment Funds - Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 74 | 57 | |
U.S. Plans [Member] | Level 3 [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 2 | 42 | |
U.S. Plans [Member] | Level 3 [Member] | Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 26 | 30 | |
U.S. Plans [Member] | Level 3 [Member] | Real Estate - Direct [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 16 | 17 | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 3,169 | 3,410 | $ 3,135 |
Defined benefit plan assets | 3,162 | 3,406 | |
Accrued income | 7 | 4 | |
Non-U.S. Plans [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 159 | 150 | |
Non-U.S. Plans [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 132 | 67 | |
Non-U.S. Plans [Member] | Level 1 [Member] | Global Large Cap Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 38 | ||
Non-U.S. Plans [Member] | Level 1 [Member] | U.S. Large Cap Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 7 | 26 | |
Non-U.S. Plans [Member] | Level 1 [Member] | U.S. Mid/Small Cap Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 18 | 19 | |
Non-U.S. Plans [Member] | Level 1 [Member] | Mutual Funds - Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 2 | 0 | |
Non-U.S. Plans [Member] | Level 1 [Member] | Mutual Funds - U.S. Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Non-U.S. Plans [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 2,236 | 2,581 | |
Non-U.S. Plans [Member] | Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 585 | 527 | |
Non-U.S. Plans [Member] | Level 2 [Member] | Government Issued Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 381 | 553 | |
Non-U.S. Plans [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 86 | 75 | |
Non-U.S. Plans [Member] | Level 2 [Member] | Asset Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 4 | 8 | |
Non-U.S. Plans [Member] | Level 2 [Member] | Structured Debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 697 | 722 | |
Non-U.S. Plans [Member] | Level 2 [Member] | Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 17 | 12 | |
Non-U.S. Plans [Member] | Level 2 [Member] | Derivatives [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 84 | 195 | |
Non-U.S. Plans [Member] | Level 2 [Member] | Investment Funds - Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 336 | 377 | |
Non-U.S. Plans [Member] | Level 2 [Member] | Investment Funds - Emerging Markets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 46 | 112 | |
Non-U.S. Plans [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 767 | 675 | |
Non-U.S. Plans [Member] | Level 3 [Member] | Investment Funds - Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 97 | 108 | |
Non-U.S. Plans [Member] | Level 3 [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 411 | 260 | |
Non-U.S. Plans [Member] | Level 3 [Member] | Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 255 | 303 | |
Non-U.S. Plans [Member] | Level 3 [Member] | Real Estate - Direct [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | $ 4 | $ 4 |
Pension and Other Postretire108
Pension and Other Postretirement Benefits (Schedule of Reconcile of Plan Assets Measured by Significant Unobservable Inputs) (Details) - Level 3 [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | $ 821 | $ 717 |
Foreign currency translation | (38) | (33) |
Asset returns – assets held at reporting date | (17) | 112 |
Asset returns – assets sold during the period | 81 | (9) |
Purchases, sales and settlements, net | 38 | 34 |
Balance at end of period | 885 | 821 |
Hedge Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | 302 | 225 |
Foreign currency translation | (14) | (9) |
Asset returns – assets held at reporting date | (5) | 25 |
Asset returns – assets sold during the period | 17 | 0 |
Purchases, sales and settlements, net | 113 | 61 |
Balance at end of period | 413 | 302 |
Private Equity [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | 333 | 335 |
Foreign currency translation | (16) | (18) |
Asset returns – assets held at reporting date | (17) | 62 |
Asset returns – assets sold during the period | 54 | (5) |
Purchases, sales and settlements, net | (73) | (41) |
Balance at end of period | 281 | 333 |
Real Estate [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | 186 | 157 |
Foreign currency translation | (8) | (6) |
Asset returns – assets held at reporting date | 5 | 25 |
Asset returns – assets sold during the period | 10 | (4) |
Purchases, sales and settlements, net | (2) | 14 |
Balance at end of period | $ 191 | $ 186 |
Pension and Other Postretire109
Pension and Other Postretirement Benefits (Schedule of Pension Assets/(Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Non-current assets | $ 8 | $ 13 |
Current liabilities | 39 | 12 |
Non-current liabilities | $ 629 | $ 641 |
Pension and Other Postretire110
Pension and Other Postretirement Benefits (Schedule of Changes in Net Loss and Prior Service Cost/(Credit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan [Member] | |||
Net loss | |||
Balance at beginning of period | $ 2,423 | $ 2,466 | $ 2,619 |
Reclassification to net periodic benefit cost | (105) | (120) | (130) |
Current year loss/(gain) | 95 | 174 | (47) |
Amendments | 0 | 0 | 0 |
Foreign currency translation | (93) | (97) | 24 |
Balance at end of period | 2,320 | 2,423 | 2,466 |
Prior service | |||
Balance at beginning of period | (71) | (94) | (102) |
Reclassification to net periodic benefit cost | 13 | 16 | 13 |
Current year loss/(gain) | 0 | 0 | (1) |
Amendments | 0 | 3 | 0 |
Foreign currency translation | 4 | 4 | (4) |
Balance at end of period | (54) | (71) | (94) |
Other Postretirement Benefits [Member] | |||
Net loss | |||
Balance at beginning of period | 69 | 97 | 157 |
Reclassification to net periodic benefit cost | (4) | (6) | (10) |
Current year loss/(gain) | 18 | 24 | 49 |
Amendments | $ 0 | 0 | 0 |
Foreign currency translation | 2 | (1) | |
Balance at end of period | $ 47 | 69 | 97 |
Prior service | |||
Balance at beginning of period | (211) | (246) | (269) |
Reclassification to net periodic benefit cost | 37 | 34 | 39 |
Current year loss/(gain) | 0 | 0 | 0 |
Amendments | (51) | 0 | (18) |
Foreign currency translation | 0 | 1 | 2 |
Balance at end of period | $ (225) | $ (211) | $ (246) |
Pension and Other Postretire111
Pension and Other Postretirement Benefits (Schedule of Expected Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2015USD ($) |
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 138 |
2,017 | 105 |
2,018 | 102 |
2,019 | 114 |
2,020 | 104 |
2021 - 2025 | 490 |
Non-U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 179 |
2,017 | 178 |
2,018 | 182 |
2,019 | 185 |
2,020 | 188 |
2021 - 2025 | 961 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 14 |
2,017 | 13 |
2,018 | 13 |
2,019 | 12 |
2,020 | 12 |
2021 - 2025 | $ 53 |
Pension and Other Postretire112
Pension and Other Postretirement Benefits (Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Plans [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.40% | 4.00% | 4.80% |
Compensation increase | 4.60% | 4.60% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.00% | 4.80% | 4.00% |
Compensation increase | 4.60% | 3.00% | 3.00% |
Long-term rate of return | 8.00% | 8.00% | 8.00% |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.70% | 3.40% | 4.40% |
Compensation increase | 2.90% | 2.70% | 3.20% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.40% | 4.40% | 4.10% |
Compensation increase | 2.70% | 3.20% | 2.80% |
Long-term rate of return | 5.20% | 6.40% | 6.00% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.90% | 4.00% | 4.80% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.00% | 4.80% | 4.10% |
Pension and Other Postretire113
Pension and Other Postretirement Benefits (Schedule of Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Health care cost trend rate assumed for 2016 | 5.50% |
Rate that the cost trend rate gradually declines to | 4.40% |
Year that the rate reaches the rate it is assumed to remain | 2,027 |
Pension and Other Postretire114
Pension and Other Postretirement Benefits (Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect on total service and interest cost, Increase | $ 1 |
Effect on total service and interest cost, Decrease | 1 |
Effect on postretirement benefit obligation, Increase | 6 |
Effect on postretirement benefit obligation, Decrease | $ 5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Taxes paid | $ 137 | $ 109 | $ 114 |
Deferred tax assets, prepaid expenses and other current assets | 99 | ||
Valuation allowance | 241 | 245 | |
Income tax benefit | (178) | (41) | (148) |
Deferred taxes on earnings of foreign subsidiaries | 838 | ||
Unrecognized tax benefits, interest and penalties excluded from reserves | 1 | ||
Interest and penalties expenses | 3 | 1 | 1 |
Unrecognized tax benefits that if recognized would affect ETR | $ 28 | ||
Brazil [Member] | |||
Income Taxes [Line Items] | |||
Tax incentives, beginning of expiration date | 2,018 | ||
Increase in net income attributable to the Company resulting from incentives | $ 8 | 12 | $ 11 |
State [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards | 151 | ||
Valuation allowance | 185 | ||
U.S. [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforward | 116 | ||
Windfall tax benefits | 59 | ||
France [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards | 75 | ||
Income tax benefit | $ 86 | ||
Canada [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 33 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Income Taxes and Equity Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ 18 | $ 78 | $ 116 |
Foreign | 621 | 438 | 460 |
Income before income taxes | $ 639 | $ 516 | $ 576 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax: | |||
U.S. federal | $ 6 | $ 11 | $ 11 |
State and foreign | 147 | 113 | 87 |
Current tax, total | 153 | 124 | 98 |
Deferred tax: | |||
U.S. federal | 12 | 28 | 41 |
State and foreign | 13 | (111) | 9 |
Deferred tax, total | 25 | (83) | 50 |
Total | $ 178 | $ 41 | $ 148 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. statutory rate at 35% | $ 224 | $ 181 | $ 203 |
Tax on foreign income | (74) | (67) | (53) |
Valuation allowance | 21 | (70) | 1 |
Non-deductible impairment charges | 0 | 18 | 0 |
Tax law changes | 4 | (17) | 11 |
Other items, net | 3 | (4) | (14) |
Total | $ 178 | $ 41 | $ 148 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Tax loss and credit carryforwards | $ 535 | $ 589 |
Postretirement and postemployment benefits | 65 | 97 |
Pensions | 223 | 229 |
Property, plant and equipment | 19 | 14 |
Intangible assets | 0 | 0 |
Asbestos | 102 | 103 |
Accruals and other | 131 | 123 |
Valuation allowances | (241) | (245) |
Total | 834 | 910 |
Liabilities | ||
Tax loss and credit carryforwards | 0 | 0 |
Postretirement and postemployment benefits | 0 | 0 |
Pensions | 38 | 49 |
Property, plant and equipment | 167 | 132 |
Intangible assets | 158 | 58 |
Asbestos | 0 | 0 |
Accruals and other | 98 | 114 |
Total | $ 461 | $ 353 |
Income Taxes (Tax Loss and Cred
Income Taxes (Tax Loss and Credit Carryforwards Expirations) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Income Tax Disclosure [Abstract] | |
2,016 | $ 5 |
2,017 | 22 |
2,018 | 32 |
2,019 | 30 |
2,020 | 44 |
Thereafter | 294 |
Unlimited | $ 108 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 26 | $ 31 | $ 35 |
Additions for prior year tax positions | 13 | 0 | 0 |
Lapse of statute of limitations | 0 | (1) | (5) |
Settlements | (9) | 0 | 0 |
Foreign currency translation | (2) | (4) | 1 |
Balance at end of period | $ 28 | $ 26 | $ 31 |
Segment Information (Informatio
Segment Information (Information About Operating Segments) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)division | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of geographical divisions | division | 3 | ||
External sales | $ 8,762 | $ 9,097 | $ 8,656 |
Segment assets | 10,020 | 9,643 | 8,030 |
Depreciation and amortization | 237 | 190 | 134 |
Capital expenditures | 354 | 328 | 275 |
Segment income | 927 | 810 | 851 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 8,141 | 8,275 | 7,805 |
Revenues | 171 | 172 | 148 |
Segment assets | 8,821 | 8,276 | 6,427 |
Depreciation and amortization | 223 | 174 | 120 |
Capital expenditures | 333 | 312 | 243 |
Segment income | 1,132 | 1,089 | 980 |
Operating Segments [Member] | Americas Beverage [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 2,771 | 2,335 | 2,289 |
Revenues | 71 | 82 | 61 |
Segment assets | 2,977 | 1,752 | 1,588 |
Depreciation and amortization | 93 | 40 | 35 |
Capital expenditures | 119 | 114 | 76 |
Segment income | 427 | 334 | 327 |
Operating Segments [Member] | North America Food [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 680 | 809 | 845 |
Revenues | 4 | 7 | 10 |
Segment assets | 527 | 456 | 457 |
Depreciation and amortization | 10 | 9 | 10 |
Capital expenditures | 14 | 12 | 5 |
Segment income | 86 | 127 | 119 |
Operating Segments [Member] | European Beverage [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 1,504 | 1,708 | 1,731 |
Revenues | 1 | 2 | 1 |
Segment assets | 1,461 | 1,520 | 1,605 |
Depreciation and amortization | 27 | 27 | 26 |
Capital expenditures | 97 | 98 | 24 |
Segment income | 228 | 265 | 257 |
Operating Segments [Member] | European Food [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 1,984 | 2,197 | 1,751 |
Revenues | 93 | 81 | 76 |
Segment assets | 2,723 | 3,213 | 1,500 |
Depreciation and amortization | 53 | 59 | 16 |
Capital expenditures | 35 | 43 | 28 |
Segment income | 246 | 221 | 144 |
Operating Segments [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
External sales | 1,202 | 1,226 | 1,189 |
Revenues | 2 | 0 | 0 |
Segment assets | 1,133 | 1,335 | 1,277 |
Depreciation and amortization | 40 | 39 | 33 |
Capital expenditures | 68 | 45 | 110 |
Segment income | $ 145 | 142 | 133 |
Non-reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Description of Company's non-reportable segments | Non-reportable segments include the Company’s aerosol can businesses in North America and Europe, the Company’s specialty packaging business in Europe and the Company’s tooling and equipment operations in the U.S. and United Kingdom. | ||
External sales | $ 621 | 822 | 851 |
Revenues | 96 | 108 | 113 |
Segment assets | 457 | 533 | 633 |
Depreciation and amortization | 8 | 9 | 8 |
Capital expenditures | 15 | 13 | 21 |
Corporate and Unallocated Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 742 | 834 | 970 |
Depreciation and amortization | 6 | 7 | 6 |
Capital expenditures | 6 | 3 | 11 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 267 | $ 280 | $ 261 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||
Segment income of reportable segments | $ 1,132 | $ 1,089 | $ 980 |
Segment income of non-reportable segments | 83 | 92 | 102 |
Corporate and unallocated items | (196) | (197) | (165) |
Provision for asbestos | (26) | (45) | (32) |
Restructuring and other | (66) | (129) | (34) |
Loss from early extinguishments of debt | (9) | (34) | (41) |
Interest expense | (270) | (253) | (236) |
Interest income | 11 | 7 | 5 |
Foreign exchange | (20) | (14) | (3) |
Income before income taxes | 639 | 516 | 576 |
Intercompany profit related to non-reportable segments | $ 2 | $ 4 | $ 2 |
Segment Information (Summary of
Segment Information (Summary of Sales by Major Product) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 8,762 | $ 9,097 | $ 8,656 |
Metal Beverage Cans and Ends [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,957 | 4,863 | 4,824 |
Metal Food Cans and Ends [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,410 | 2,735 | 2,339 |
Other Metal Packaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 977 | 1,173 | 1,211 |
Other Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 418 | $ 326 | $ 282 |
Segment Information (Summary125
Segment Information (Summary of Sales and Long-Lived Assets for The Major Countries) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 8,762 | $ 9,097 | $ 8,656 |
Long-Lived Assets | 2,699 | 2,555 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,013 | 2,163 | 2,214 |
Long-Lived Assets | 391 | 329 | |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 712 | 783 | 759 |
Long-Lived Assets | 144 | 174 | |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 693 | 119 | 116 |
Long-Lived Assets | 284 | 17 | |
Spain [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 669 | 728 | 420 |
Long-Lived Assets | 224 | 272 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 4,675 | 5,304 | $ 5,147 |
Long-Lived Assets | $ 1,656 | $ 1,763 |
Condensed Combining Financia126
Condensed Combining Financial Information (Narrative) (Details) | Dec. 31, 2015USD ($) |
Crown Cork & Seal Company, Inc [Member] | U.S. Dollar 7.375% due 2026 [Member] | |
Senior notes, principal amount | $ 350,000,000 |
Debt instrument stated percentage | 7.375% |
Crown Cork & Seal Company, Inc [Member] | U.S. Dollar 7.50% due 2096 [Member] | |
Senior notes, principal amount | $ 45,000,000 |
Debt instrument stated percentage | 7.50% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | 6.25% Senior Notes Due 2021 [Member] | |
Senior notes, principal amount | $ 700,000,000 |
Debt instrument stated percentage | 6.25% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | U.S. Dollar 4.50% due 2023 [Member] | |
Senior notes, principal amount | $ 1,000,000,000 |
Debt instrument stated percentage | 4.50% |
Condensed Combining Financia127
Condensed Combining Financial Information (Condensed Combining Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 8,762 | $ 9,097 | $ 8,656 |
Cost of products sold, excluding depreciation and amortization | 7,116 | 7,525 | 7,180 |
Depreciation and amortization | 237 | 190 | 134 |
Selling and administrative expense | 390 | 398 | 425 |
Provision for asbestos | 26 | 45 | 32 |
Restructuring and other | 66 | 129 | 34 |
Income from operations | 927 | 810 | 851 |
Loss from early extinguishments of debt | 9 | 34 | 41 |
Foreign exchange | 20 | 14 | 3 |
Income before income taxes | 639 | 516 | 576 |
Provision for income taxes | 178 | 41 | 148 |
Net income | 461 | 475 | 428 |
Net income attributable to noncontrolling interests | (68) | (88) | (104) |
Net income attributable to Crown Holdings | 393 | 387 | 324 |
Total comprehensive income | 68 | 224 | 527 |
Comprehensive income attributable to Crown Holdings | 4 | 135 | 425 |
Crown Cork & Seal Company, Inc [Member] | |||
Net sales | 8,762 | 9,097 | 8,656 |
Cost of products sold, excluding depreciation and amortization | 7,116 | 7,525 | 7,180 |
Depreciation and amortization | 237 | 190 | 134 |
Selling and administrative expense | 390 | 398 | 425 |
Provision for asbestos | 26 | 45 | 32 |
Restructuring and other | 66 | 129 | 34 |
Income from operations | 927 | 810 | 851 |
Loss from early extinguishments of debt | 9 | 34 | 41 |
Net interest expense | 259 | 246 | 231 |
Foreign exchange | 20 | 14 | 3 |
Income before income taxes | 639 | 516 | 576 |
Provision for income taxes | 178 | 41 | 148 |
Equity earnings in affiliates | 0 | 0 | 0 |
Net income | 461 | 475 | 428 |
Net income attributable to noncontrolling interests | (68) | (88) | (104) |
Net income attributable to Crown Holdings | 393 | 387 | 324 |
Total comprehensive income | 68 | 224 | 527 |
Comprehensive income attributable to noncontrolling interests | (64) | (89) | (102) |
Comprehensive income attributable to Crown Holdings | $ 4 | $ 135 | $ 425 |
Crown Cork & Seal Company, Inc [Member] | Eliminations [Member] | |||
Restructuring and other | |||
Income from operations | |||
Loss from early extinguishments of debt | |||
Income before income taxes | |||
Equity earnings in affiliates | $ (778) | $ (887) | $ (741) |
Net income | (778) | (887) | (741) |
Net income attributable to Crown Holdings | (778) | (887) | (741) |
Total comprehensive income | (107) | (383) | (943) |
Comprehensive income attributable to Crown Holdings | $ (107) | $ (383) | $ (943) |
Crown Cork & Seal Company, Inc [Member] | Parent [Member] | |||
Restructuring and other | |||
Income from operations | |||
Loss from early extinguishments of debt | |||
Income before income taxes | |||
Equity earnings in affiliates | $ 393 | $ 387 | $ 324 |
Net income | 393 | 387 | 324 |
Net income attributable to Crown Holdings | 393 | 387 | 324 |
Total comprehensive income | 4 | 135 | 425 |
Comprehensive income attributable to Crown Holdings | 4 | 135 | 425 |
Crown Cork & Seal Company, Inc [Member] | Issuer [Member] | |||
Cost of products sold, excluding depreciation and amortization | (16) | ||
Selling and administrative expense | 10 | 10 | 6 |
Provision for asbestos | 26 | 45 | 32 |
Restructuring and other | (1) | 14 | (2) |
Income from operations | $ (35) | $ (69) | $ (20) |
Loss from early extinguishments of debt | |||
Net interest expense | $ 100 | $ 93 | $ 101 |
Foreign exchange | |||
Income before income taxes | $ (135) | $ (162) | $ (121) |
Provision for income taxes | (35) | (26) | (28) |
Equity earnings in affiliates | 385 | 500 | 417 |
Net income | $ 285 | $ 364 | $ 324 |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | $ 285 | $ 364 | $ 324 |
Total comprehensive income | $ 3 | $ 112 | $ 425 |
Comprehensive income attributable to noncontrolling interests | |||
Comprehensive income attributable to Crown Holdings | $ 3 | $ 112 | $ 425 |
Crown Cork & Seal Company, Inc [Member] | Non-Guarantors [Member] | |||
Net sales | 8,762 | 9,097 | 8,656 |
Cost of products sold, excluding depreciation and amortization | 7,116 | 7,525 | 7,196 |
Depreciation and amortization | 237 | 190 | 134 |
Selling and administrative expense | $ 380 | $ 388 | $ 419 |
Provision for asbestos | |||
Restructuring and other | $ 67 | $ 115 | $ 36 |
Income from operations | 962 | 879 | 871 |
Loss from early extinguishments of debt | 9 | 34 | 41 |
Net interest expense | 159 | 153 | 130 |
Foreign exchange | 20 | 14 | 3 |
Income before income taxes | 774 | 678 | 697 |
Provision for income taxes | $ 213 | $ 67 | $ 176 |
Equity earnings in affiliates | |||
Net income | $ 561 | $ 611 | $ 521 |
Net income attributable to noncontrolling interests | (68) | (88) | (104) |
Net income attributable to Crown Holdings | 493 | 523 | 417 |
Total comprehensive income | 168 | 360 | 620 |
Comprehensive income attributable to noncontrolling interests | (64) | (89) | (102) |
Comprehensive income attributable to Crown Holdings | 104 | 271 | 518 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | |||
Net sales | 8,762 | 9,097 | 8,656 |
Cost of products sold, excluding depreciation and amortization | 7,116 | 7,525 | 7,180 |
Depreciation and amortization | 237 | 190 | 134 |
Selling and administrative expense | 390 | 398 | 425 |
Provision for asbestos | 26 | 45 | 32 |
Restructuring and other | 66 | 129 | 34 |
Income from operations | 927 | 810 | 851 |
Loss from early extinguishments of debt | 9 | 34 | 41 |
Net interest expense | 259 | 246 | 231 |
Technology royalty | 0 | 0 | 0 |
Foreign exchange | 20 | 14 | 3 |
Income before income taxes | 639 | 516 | 576 |
Provision for income taxes | 178 | 41 | 148 |
Equity earnings in affiliates | 0 | ||
Net income | 461 | 475 | 428 |
Net income attributable to noncontrolling interests | (68) | (88) | (104) |
Net income attributable to Crown Holdings | 393 | 387 | 324 |
Total comprehensive income | 68 | 224 | 527 |
Comprehensive income attributable to noncontrolling interests | (64) | (89) | (102) |
Comprehensive income attributable to Crown Holdings | $ 4 | $ 135 | $ 425 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | |||
Selling and administrative expense | |||
Provision for asbestos | |||
Restructuring and other | |||
Income from operations | |||
Loss from early extinguishments of debt | |||
Net interest expense | |||
Technology royalty | |||
Foreign exchange | $ 8 | ||
Income before income taxes | (8) | ||
Provision for income taxes | (3) | ||
Equity earnings in affiliates | (807) | $ (936) | $ (787) |
Net income | (812) | $ (936) | (787) |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | (812) | $ (936) | (787) |
Total comprehensive income | (192) | (430) | (991) |
Comprehensive income attributable to Crown Holdings | $ (192) | $ (430) | $ (991) |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | |||
Selling and administrative expense | |||
Provision for asbestos | |||
Restructuring and other | |||
Income from operations | |||
Loss from early extinguishments of debt | |||
Net interest expense | |||
Technology royalty | |||
Foreign exchange | |||
Income before income taxes | |||
Provision for income taxes | |||
Equity earnings in affiliates | $ 393 | $ 387 | $ 324 |
Net income | 393 | 387 | 324 |
Net income attributable to Crown Holdings | 393 | 387 | 324 |
Total comprehensive income | 4 | 135 | 425 |
Comprehensive income attributable to Crown Holdings | 4 | 135 | 425 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | |||
Selling and administrative expense | 9 | 9 | $ 9 |
Provision for asbestos | |||
Restructuring and other | 5 | ||
Income from operations | (9) | (14) | $ (9) |
Loss from early extinguishments of debt | 9 | 39 | |
Net interest expense | $ 91 | 58 | 46 |
Technology royalty | |||
Foreign exchange | $ (8) | ||
Income before income taxes | (101) | (72) | (94) |
Provision for income taxes | (38) | (27) | (36) |
Equity earnings in affiliates | 183 | 222 | 247 |
Net income | $ 120 | $ 177 | 189 |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | $ 120 | $ 177 | 189 |
Total comprehensive income | $ 146 | $ 67 | 332 |
Comprehensive income attributable to noncontrolling interests | |||
Comprehensive income attributable to Crown Holdings | $ 146 | $ 67 | 332 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | |||
Net sales | 2,013 | 2,154 | 2,214 |
Cost of products sold, excluding depreciation and amortization | 1,611 | 1,725 | 1,746 |
Depreciation and amortization | 32 | 31 | 29 |
Selling and administrative expense | 153 | 144 | 154 |
Provision for asbestos | 26 | 45 | 32 |
Restructuring and other | 7 | 44 | 2 |
Income from operations | $ 184 | $ 165 | $ 251 |
Loss from early extinguishments of debt | |||
Net interest expense | $ 90 | $ 90 | $ 91 |
Technology royalty | (42) | $ (48) | $ (48) |
Foreign exchange | 3 | ||
Income before income taxes | 133 | $ 123 | $ 208 |
Provision for income taxes | 79 | 86 | 100 |
Equity earnings in affiliates | 231 | 327 | 216 |
Net income | $ 285 | $ 364 | $ 324 |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | $ 285 | $ 364 | $ 324 |
Total comprehensive income | $ 64 | $ 112 | $ 425 |
Comprehensive income attributable to noncontrolling interests | |||
Comprehensive income attributable to Crown Holdings | $ 64 | $ 112 | $ 425 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantors [Member] | |||
Net sales | 6,749 | 6,943 | 6,442 |
Cost of products sold, excluding depreciation and amortization | 5,505 | 5,800 | 5,434 |
Depreciation and amortization | 205 | 159 | 105 |
Selling and administrative expense | $ 228 | $ 245 | $ 262 |
Provision for asbestos | |||
Restructuring and other | $ 59 | $ 80 | $ 32 |
Income from operations | $ 752 | 659 | 609 |
Loss from early extinguishments of debt | 34 | 2 | |
Net interest expense | $ 78 | 98 | 94 |
Technology royalty | 42 | 48 | 48 |
Foreign exchange | 17 | 14 | 3 |
Income before income taxes | 615 | 465 | 462 |
Provision for income taxes | $ 140 | $ (18) | $ 84 |
Equity earnings in affiliates | |||
Net income | $ 475 | $ 483 | $ 378 |
Net income attributable to noncontrolling interests | (68) | (88) | (104) |
Net income attributable to Crown Holdings | 407 | 395 | 274 |
Total comprehensive income | 46 | 340 | 336 |
Comprehensive income attributable to noncontrolling interests | (64) | (89) | (102) |
Comprehensive income attributable to Crown Holdings | $ (18) | $ 251 | $ 234 |
Condensed Combining Financia128
Condensed Combining Financial Information (Condensed Combining Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets | ||||
Cash and cash equivalents | $ 717 | $ 965 | $ 689 | $ 350 |
Receivables, net | 912 | 1,031 | ||
Inventories | 1,213 | 1,324 | ||
Prepaid expenses and other current assets | 207 | 251 | ||
Assets held for sale | 0 | 48 | ||
Total current assets | 3,049 | 3,619 | ||
Goodwill and intangible assets | 3,580 | 2,926 | ||
Property, plant and equipment, net | 2,699 | 2,437 | ||
Other non-current assets | 692 | 661 | ||
Total | 10,020 | 9,643 | 8,030 | |
Current liabilities | ||||
Short-term debt | 54 | 75 | ||
Current maturities of long-term debt | 209 | 175 | ||
Accounts payable and accrued liabilities | 2,645 | 2,651 | ||
Liabilities related to assets held for sale | 0 | 23 | ||
Total current liabilities | 2,908 | 2,924 | ||
Long-term debt, excluding current maturities | 5,255 | 4,944 | ||
Postretirement and pension liabilities | 767 | 871 | ||
Other non-current liabilities | $ 655 | $ 517 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | $ 291 | $ 268 | ||
Crown Holdings shareholders’ equity | 144 | 119 | ||
Total equity | 435 | 387 | 289 | 129 |
Total | 10,020 | 9,643 | ||
Crown Cork & Seal Company, Inc [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 717 | 965 | $ 689 | $ 350 |
Receivables, net | 912 | 1,031 | ||
Inventories | 1,213 | 1,324 | ||
Prepaid expenses and other current assets | 207 | 251 | ||
Assets held for sale | 48 | |||
Total current assets | 3,049 | 3,619 | ||
Intercompany debt receivables | 0 | 0 | ||
Investments | 0 | 0 | ||
Goodwill and intangible assets | 3,580 | 2,926 | ||
Property, plant and equipment, net | 2,699 | 2,437 | ||
Other non-current assets | 692 | 661 | ||
Total | 10,020 | 9,643 | ||
Current liabilities | ||||
Short-term debt | 54 | 75 | ||
Current maturities of long-term debt | 209 | 175 | ||
Accounts payable and accrued liabilities | 2,645 | 2,651 | ||
Liabilities related to assets held for sale | 23 | |||
Total current liabilities | 2,908 | 2,924 | ||
Long-term debt, excluding current maturities | 5,255 | 4,944 | ||
Long-term intercompany debt | 0 | 0 | ||
Postretirement and pension liabilities | 767 | 871 | ||
Other non-current liabilities | 655 | $ 517 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 291 | $ 268 | ||
Crown Holdings shareholders’ equity | 144 | 119 | ||
Total equity | 435 | 387 | ||
Total | $ 10,020 | $ 9,643 | ||
Crown Cork & Seal Company, Inc [Member] | Eliminations [Member] | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Assets held for sale | ||||
Total current assets | ||||
Intercompany debt receivables | $ (3,654) | $ (2,885) | ||
Investments | (5,427) | (4,549) | ||
Total | $ (9,081) | $ (7,434) | ||
Current liabilities | ||||
Liabilities related to assets held for sale | ||||
Total current liabilities | ||||
Long-term intercompany debt | $ (3,654) | $ (2,885) | ||
Crown Holdings shareholders’ equity | (5,427) | (4,549) | ||
Total equity | (5,427) | (4,549) | ||
Total | (9,081) | $ (7,434) | ||
Crown Cork & Seal Company, Inc [Member] | Parent [Member] | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Prepaid expenses and other current assets | $ 1 | |||
Assets held for sale | ||||
Total current assets | $ 1 | |||
Investments | 2,937 | 2,199 | ||
Total | 2,937 | 2,200 | ||
Current liabilities | ||||
Accounts payable and accrued liabilities | 24 | $ 20 | ||
Liabilities related to assets held for sale | ||||
Total current liabilities | 24 | $ 20 | ||
Long-term intercompany debt | 2,769 | 2,061 | ||
Crown Holdings shareholders’ equity | 144 | 119 | ||
Total equity | 144 | 119 | ||
Total | 2,937 | $ 2,200 | ||
Crown Cork & Seal Company, Inc [Member] | Issuer [Member] | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Prepaid expenses and other current assets | 2 | $ 69 | ||
Assets held for sale | ||||
Total current assets | 2 | $ 69 | ||
Investments | 2,490 | 2,350 | ||
Other non-current assets | 430 | 394 | ||
Total | 2,922 | 2,813 | ||
Current liabilities | ||||
Accounts payable and accrued liabilities | 41 | $ 35 | ||
Liabilities related to assets held for sale | ||||
Total current liabilities | 41 | $ 35 | ||
Long-term debt, excluding current maturities | 391 | 409 | ||
Long-term intercompany debt | 885 | 824 | ||
Other non-current liabilities | 309 | 310 | ||
Crown Holdings shareholders’ equity | 1,296 | 1,235 | ||
Total equity | 1,296 | 1,235 | ||
Total | 2,922 | 2,813 | ||
Crown Cork & Seal Company, Inc [Member] | Non-Guarantors [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 717 | 965 | $ 689 | $ 350 |
Receivables, net | 912 | 1,031 | ||
Inventories | 1,213 | 1,324 | ||
Prepaid expenses and other current assets | 205 | 181 | ||
Assets held for sale | 48 | |||
Total current assets | 3,047 | 3,549 | ||
Intercompany debt receivables | 3,654 | 2,885 | ||
Goodwill and intangible assets | 3,580 | 2,926 | ||
Property, plant and equipment, net | 2,699 | 2,437 | ||
Other non-current assets | 262 | 267 | ||
Total | 13,242 | 12,064 | ||
Current liabilities | ||||
Short-term debt | 54 | 75 | ||
Current maturities of long-term debt | 209 | 175 | ||
Accounts payable and accrued liabilities | 2,580 | 2,596 | ||
Liabilities related to assets held for sale | 23 | |||
Total current liabilities | 2,843 | 2,869 | ||
Long-term debt, excluding current maturities | 4,864 | 4,535 | ||
Postretirement and pension liabilities | 767 | 871 | ||
Other non-current liabilities | 346 | 207 | ||
Noncontrolling interests | 291 | 268 | ||
Crown Holdings shareholders’ equity | 4,131 | 3,314 | ||
Total equity | 4,422 | 3,582 | ||
Total | 13,242 | 12,064 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 717 | 965 | $ 689 | $ 350 |
Receivables, net | 912 | 1,031 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 1,213 | 1,324 | ||
Prepaid expenses and other current assets | 207 | 251 | ||
Assets held for sale | 48 | |||
Total current assets | 3,049 | 3,619 | ||
Intercompany debt receivables | 0 | 0 | ||
Investments | 0 | 0 | ||
Goodwill and intangible assets | 3,580 | 2,926 | ||
Property, plant and equipment, net | 2,699 | 2,437 | ||
Other non-current assets | 692 | 661 | ||
Total | 10,020 | 9,643 | ||
Current liabilities | ||||
Short-term debt | 54 | 75 | ||
Current maturities of long-term debt | 209 | 175 | ||
Accounts payable and accrued liabilities | 2,645 | 2,651 | ||
Intercompany payables | 0 | 0 | ||
Liabilities related to assets held for sale | 23 | |||
Total current liabilities | 2,908 | 2,924 | ||
Long-term debt, excluding current maturities | 5,255 | 4,944 | ||
Long-term intercompany debt | 0 | 0 | ||
Postretirement and pension liabilities | 767 | 871 | ||
Other non-current liabilities | $ 655 | 517 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | $ 291 | 268 | ||
Crown Holdings shareholders’ equity | 144 | 119 | ||
Total equity | 435 | 387 | ||
Total | 10,020 | $ 9,643 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Intercompany receivables | (32) | $ (31) | ||
Assets held for sale | ||||
Total current assets | (32) | $ (31) | ||
Intercompany debt receivables | (7,263) | (5,082) | ||
Investments | (5,940) | (5,054) | ||
Total | (13,235) | (10,167) | ||
Current liabilities | ||||
Intercompany payables | (32) | $ (31) | ||
Liabilities related to assets held for sale | ||||
Total current liabilities | (32) | $ (31) | ||
Long-term intercompany debt | (7,263) | (5,082) | ||
Crown Holdings shareholders’ equity | (5,940) | (5,054) | ||
Total equity | (5,940) | (5,054) | ||
Total | (13,235) | $ (10,167) | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Prepaid expenses and other current assets | $ 1 | |||
Assets held for sale | ||||
Total current assets | $ 1 | |||
Investments | 2,937 | 2,199 | ||
Total | 2,937 | 2,200 | ||
Current liabilities | ||||
Accounts payable and accrued liabilities | 24 | $ 20 | ||
Liabilities related to assets held for sale | ||||
Total current liabilities | 24 | $ 20 | ||
Long-term intercompany debt | 2,769 | 2,061 | ||
Crown Holdings shareholders’ equity | 144 | 119 | ||
Total equity | 144 | 119 | ||
Total | 2,937 | 2,200 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 104 | 128 | $ 177 | $ 27 |
Prepaid expenses and other current assets | 2 | $ 4 | ||
Assets held for sale | ||||
Total current assets | 106 | $ 132 | ||
Intercompany debt receivables | 3,111 | 2,415 | ||
Investments | 2,199 | 2,005 | ||
Property, plant and equipment, net | 1 | 1 | ||
Other non-current assets | 6 | 8 | ||
Total | 5,423 | 4,561 | ||
Current liabilities | ||||
Current maturities of long-term debt | 90 | |||
Accounts payable and accrued liabilities | 47 | $ 49 | ||
Liabilities related to assets held for sale | ||||
Total current liabilities | 137 | $ 49 | ||
Long-term debt, excluding current maturities | 2,759 | 2,815 | ||
Long-term intercompany debt | 1,268 | 584 | ||
Crown Holdings shareholders’ equity | 1,259 | 1,113 | ||
Total equity | 1,259 | 1,113 | ||
Total | 5,423 | 4,561 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 2 | 1 | ||
Receivables, net | 23 | 18 | ||
Intercompany receivables | 30 | 20 | ||
Inventories | 291 | 291 | ||
Prepaid expenses and other current assets | 7 | $ 75 | ||
Assets held for sale | ||||
Total current assets | 351 | $ 404 | ||
Intercompany debt receivables | 3,471 | 2,640 | ||
Investments | 804 | 850 | ||
Goodwill and intangible assets | 471 | 473 | ||
Property, plant and equipment, net | 390 | 328 | ||
Other non-current assets | 457 | 411 | ||
Total | 5,944 | 5,106 | ||
Current liabilities | ||||
Current maturities of long-term debt | 43 | |||
Accounts payable and accrued liabilities | 526 | 480 | ||
Intercompany payables | 2 | $ 11 | ||
Liabilities related to assets held for sale | ||||
Total current liabilities | 528 | $ 534 | ||
Long-term debt, excluding current maturities | 391 | 367 | ||
Long-term intercompany debt | 3,041 | 2,199 | ||
Postretirement and pension liabilities | 377 | 464 | ||
Other non-current liabilities | 311 | 307 | ||
Crown Holdings shareholders’ equity | 1,296 | 1,235 | ||
Total equity | 1,296 | 1,235 | ||
Total | 5,944 | 5,106 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantors [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 613 | 837 | $ 510 | $ 322 |
Receivables, net | 889 | 1,013 | ||
Intercompany receivables | 2 | 11 | ||
Inventories | 922 | 1,033 | ||
Prepaid expenses and other current assets | 198 | 171 | ||
Assets held for sale | 48 | |||
Total current assets | 2,624 | 3,113 | ||
Intercompany debt receivables | 681 | 27 | ||
Goodwill and intangible assets | 3,109 | 2,453 | ||
Property, plant and equipment, net | 2,308 | 2,108 | ||
Other non-current assets | 229 | 242 | ||
Total | 8,951 | 7,943 | ||
Current liabilities | ||||
Short-term debt | 54 | 75 | ||
Current maturities of long-term debt | 119 | 132 | ||
Accounts payable and accrued liabilities | 2,048 | 2,102 | ||
Intercompany payables | 30 | 20 | ||
Liabilities related to assets held for sale | 23 | |||
Total current liabilities | 2,251 | 2,352 | ||
Long-term debt, excluding current maturities | 2,105 | 1,762 | ||
Long-term intercompany debt | 185 | 238 | ||
Postretirement and pension liabilities | 390 | 407 | ||
Other non-current liabilities | 344 | 210 | ||
Noncontrolling interests | 291 | 268 | ||
Crown Holdings shareholders’ equity | 3,385 | 2,706 | ||
Total equity | 3,676 | 2,974 | ||
Total | $ 8,951 | $ 7,943 |
Condensed Combining Financia129
Condensed Combining Financial Information (Condensed Combining Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net cash provided by/(used for) operating activities | $ 956 | $ 912 | $ 885 |
Cash flows from investing activities | |||
Capital expenditures | (354) | (328) | (275) |
Acquisition of businesses, net of cash acquired | (1,207) | (733) | (16) |
Proceeds from sale of businesses, net of cash sold | 33 | 22 | 10 |
Proceeds from sale of property, plant and equipment | 7 | 16 | 29 |
Net investment hedge settlements | (11) | 0 | 0 |
Other, net | (16) | 2 | 6 |
Net cash used for investing activities | (1,548) | (1,021) | (246) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,435 | 2,742 | 1,083 |
Payments of long-term debt | (900) | (1,752) | (1,022) |
Net change in revolving credit facility and short-term debt | (7) | (319) | 18 |
Debt issuance costs | (18) | (41) | (32) |
Common stock issued | 6 | 14 | 21 |
Common stock repurchased | (9) | (2) | (300) |
Purchase of noncontrolling interests | 0 | (93) | (16) |
Dividends paid to noncontrolling interests | (48) | (77) | (78) |
Contribution from noncontrolling interests | 5 | 0 | 0 |
Foreign exchange derivatives related to debt | (58) | (27) | 20 |
Net cash provided by/(used for) financing activities | 406 | 445 | (306) |
Effect of exchange rate changes on cash and cash equivalents | (62) | (60) | 6 |
Net change in cash and cash equivalents | (248) | 276 | 339 |
Cash and cash equivalents at beginning of period | 965 | 689 | 350 |
Cash and cash equivalents at end of period | 717 | 965 | 689 |
Crown Cork & Seal Company, Inc [Member] | |||
Net cash provided by/(used for) operating activities | 956 | 912 | 885 |
Cash flows from investing activities | |||
Capital expenditures | (354) | (328) | (275) |
Acquisition of businesses, net of cash acquired | (1,207) | (733) | (16) |
Proceeds from sale of businesses, net of cash sold | 33 | 22 | 10 |
Proceeds from sale of property, plant and equipment | 7 | 16 | 29 |
Intercompany investing activities | 0 | 0 | 0 |
Net investment hedge settlements | (11) | ||
Other, net | (16) | 2 | 6 |
Net cash used for investing activities | (1,548) | (1,021) | (246) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,435 | 2,742 | 1,083 |
Payments of long-term debt | (900) | (1,752) | (1,022) |
Net change in revolving credit facility and short-term debt | (7) | (319) | 18 |
Net change in long-term intercompany balances | 0 | 0 | 0 |
Debt issuance costs | (18) | (41) | (32) |
Common stock issued | 6 | 14 | 21 |
Common stock repurchased | (9) | (2) | (300) |
Dividends paid | 0 | 0 | 0 |
Purchase of noncontrolling interests | (93) | (16) | |
Dividends paid to noncontrolling interests | (48) | (77) | (78) |
Contribution from noncontrolling interests | 5 | ||
Foreign exchange derivatives related to debt | (58) | (27) | 20 |
Net cash provided by/(used for) financing activities | 406 | 445 | (306) |
Effect of exchange rate changes on cash and cash equivalents | (62) | (60) | 6 |
Net change in cash and cash equivalents | (248) | 276 | 339 |
Cash and cash equivalents at beginning of period | 965 | 689 | 350 |
Cash and cash equivalents at end of period | $ 717 | $ 965 | $ 689 |
Crown Cork & Seal Company, Inc [Member] | Eliminations [Member] | |||
Cash flows from investing activities | |||
Proceeds from sale of businesses, net of cash sold | |||
Proceeds from sale of property, plant and equipment | |||
Intercompany investing activities | $ (21) | $ (56) | $ (77) |
Net investment hedge settlements | |||
Net cash used for investing activities | $ (21) | (56) | (77) |
Cash flows from financing activities | |||
Dividends paid | $ 21 | $ 56 | $ 77 |
Foreign exchange derivatives related to debt | |||
Net cash provided by/(used for) financing activities | $ 21 | $ 56 | $ 77 |
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period | |||
Crown Cork & Seal Company, Inc [Member] | Parent [Member] | |||
Net cash provided by/(used for) operating activities | $ 33 | $ 25 | $ 16 |
Cash flows from investing activities | |||
Proceeds from sale of businesses, net of cash sold | |||
Proceeds from sale of property, plant and equipment | |||
Intercompany investing activities | $ (738) | $ (941) | |
Net investment hedge settlements | |||
Net cash used for investing activities | $ (738) | (941) | |
Cash flows from financing activities | |||
Net change in long-term intercompany balances | 708 | 904 | $ 263 |
Common stock issued | 6 | 14 | 21 |
Common stock repurchased | $ (9) | $ (2) | $ (300) |
Foreign exchange derivatives related to debt | |||
Net cash provided by/(used for) financing activities | $ 705 | $ 916 | $ (16) |
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period | |||
Crown Cork & Seal Company, Inc [Member] | Issuer [Member] | |||
Net cash provided by/(used for) operating activities | $ (65) | $ (130) | $ 37 |
Cash flows from investing activities | |||
Proceeds from sale of businesses, net of cash sold | 10 | ||
Proceeds from sale of property, plant and equipment | |||
Intercompany investing activities | $ 21 | $ 56 | 77 |
Net investment hedge settlements | |||
Net cash used for investing activities | $ 21 | 56 | 87 |
Cash flows from financing activities | |||
Payments of long-term debt | (17) | ||
Net change in long-term intercompany balances | $ 61 | $ 74 | $ (124) |
Foreign exchange derivatives related to debt | |||
Net cash provided by/(used for) financing activities | $ 44 | $ 74 | $ (124) |
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period | |||
Crown Cork & Seal Company, Inc [Member] | Non-Guarantors [Member] | |||
Net cash provided by/(used for) operating activities | $ 988 | $ 1,017 | $ 832 |
Cash flows from investing activities | |||
Capital expenditures | (354) | (328) | (275) |
Acquisition of businesses, net of cash acquired | (1,207) | (733) | $ (16) |
Proceeds from sale of businesses, net of cash sold | 33 | 22 | |
Proceeds from sale of property, plant and equipment | 7 | 16 | $ 29 |
Intercompany investing activities | 738 | 941 | |
Net investment hedge settlements | (11) | ||
Other, net | (16) | 2 | 6 |
Net cash used for investing activities | (810) | (80) | (256) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,435 | 2,742 | 1,083 |
Payments of long-term debt | (883) | (1,752) | (1,022) |
Net change in revolving credit facility and short-term debt | (7) | (319) | 18 |
Net change in long-term intercompany balances | (769) | (978) | (139) |
Debt issuance costs | (18) | (41) | (32) |
Dividends paid | (21) | (56) | (77) |
Purchase of noncontrolling interests | (93) | (16) | |
Dividends paid to noncontrolling interests | (48) | (77) | (78) |
Contribution from noncontrolling interests | 5 | ||
Foreign exchange derivatives related to debt | (58) | (27) | 20 |
Net cash provided by/(used for) financing activities | (364) | (601) | (243) |
Effect of exchange rate changes on cash and cash equivalents | (62) | (60) | 6 |
Net change in cash and cash equivalents | (248) | 276 | 339 |
Cash and cash equivalents at beginning of period | 965 | 689 | 350 |
Cash and cash equivalents at end of period | 717 | 965 | 689 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | |||
Net cash provided by/(used for) operating activities | 956 | 912 | 885 |
Cash flows from investing activities | |||
Capital expenditures | (354) | (328) | (275) |
Acquisition of businesses, net of cash acquired | (1,207) | (733) | (16) |
Proceeds from sale of businesses, net of cash sold | 33 | 22 | 10 |
Proceeds from sale of property, plant and equipment | 7 | 16 | 29 |
Intercompany investing activities | 0 | 0 | 0 |
Net investment hedge settlements | (11) | ||
Other, net | (16) | 2 | 6 |
Net cash used for investing activities | (1,548) | (1,021) | (246) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,435 | 2,742 | 1,083 |
Payments of long-term debt | (900) | (1,752) | (1,022) |
Net change in revolving credit facility and short-term debt | (7) | (319) | 18 |
Net change in long-term intercompany balances | 0 | 0 | 0 |
Debt issuance costs | (18) | (41) | (32) |
Common stock issued | 6 | 14 | 21 |
Common stock repurchased | (9) | (2) | (300) |
Dividends paid | 0 | 0 | 0 |
Purchase of noncontrolling interests | (93) | (16) | |
Dividends paid to noncontrolling interests | (48) | (77) | (78) |
Contribution from noncontrolling interests | 5 | ||
Foreign exchange derivatives related to debt | (58) | (27) | 20 |
Net cash provided by/(used for) financing activities | 406 | 445 | (306) |
Effect of exchange rate changes on cash and cash equivalents | (62) | (60) | 6 |
Net change in cash and cash equivalents | (248) | 276 | 339 |
Cash and cash equivalents at beginning of period | 965 | 689 | 350 |
Cash and cash equivalents at end of period | 717 | $ 965 | $ 689 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | |||
Cash flows from investing activities | |||
Acquisition of businesses, net of cash acquired | |||
Proceeds from sale of businesses, net of cash sold | |||
Intercompany investing activities | $ (86) | $ (81) | $ (123) |
Net investment hedge settlements | |||
Net cash used for investing activities | $ (86) | (81) | $ (123) |
Cash flows from financing activities | |||
Debt issuance costs | |||
Dividends paid | $ 86 | $ 81 | $ 123 |
Foreign exchange derivatives related to debt | |||
Net cash provided by/(used for) financing activities | $ 86 | $ 81 | $ 123 |
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period | |||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | |||
Net cash provided by/(used for) operating activities | $ 33 | $ 25 | $ 16 |
Cash flows from investing activities | |||
Proceeds from sale of businesses, net of cash sold | |||
Intercompany investing activities | $ (738) | (941) | |
Net investment hedge settlements | |||
Net cash used for investing activities | $ (738) | (941) | |
Cash flows from financing activities | |||
Net change in long-term intercompany balances | 708 | 904 | $ 263 |
Debt issuance costs | |||
Common stock issued | 6 | 14 | $ 21 |
Common stock repurchased | $ (9) | $ (2) | $ (300) |
Foreign exchange derivatives related to debt | |||
Net cash provided by/(used for) financing activities | $ 705 | $ 916 | $ (16) |
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period | |||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | |||
Net cash provided by/(used for) operating activities | $ (34) | $ (38) | $ (18) |
Cash flows from investing activities | |||
Proceeds from sale of businesses, net of cash sold | |||
Intercompany investing activities | 15 | 24 | $ 32 |
Net investment hedge settlements | (11) | ||
Net cash used for investing activities | 4 | 24 | 32 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 750 | 942 | 1,000 |
Payments of long-term debt | (722) | (4) | (730) |
Net change in long-term intercompany balances | (12) | (949) | (108) |
Debt issuance costs | $ (10) | $ (24) | $ (26) |
Foreign exchange derivatives related to debt | |||
Net cash provided by/(used for) financing activities | $ 6 | $ (35) | $ 136 |
Net change in cash and cash equivalents | (24) | (49) | 150 |
Cash and cash equivalents at beginning of period | 128 | 177 | 27 |
Cash and cash equivalents at end of period | 104 | 128 | 177 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | |||
Net cash provided by/(used for) operating activities | 6 | 52 | 352 |
Cash flows from investing activities | |||
Capital expenditures | (80) | (42) | (37) |
Proceeds from sale of businesses, net of cash sold | 10 | ||
Proceeds from sale of property, plant and equipment | 2 | 6 | 4 |
Intercompany investing activities | $ 71 | 44 | 91 |
Net investment hedge settlements | |||
Other, net | $ (10) | ||
Net cash used for investing activities | (17) | 8 | 68 |
Cash flows from financing activities | |||
Net change in long-term intercompany balances | $ 11 | 14 | $ (419) |
Debt issuance costs | |||
Purchase of noncontrolling interests | $ (76) | ||
Foreign exchange derivatives related to debt | |||
Net cash provided by/(used for) financing activities | $ 11 | $ (62) | $ (419) |
Net change in cash and cash equivalents | (2) | 1 | |
Cash and cash equivalents at beginning of period | 2 | 1 | |
Cash and cash equivalents at end of period | 2 | ||
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 | 951 | 873 | 535 |
Cash flows from investing activities | |||
Capital expenditures | (274) | (286) | (238) |
Acquisition of businesses, net of cash acquired | (1,207) | (733) | $ (16) |
Proceeds from sale of businesses, net of cash sold | 33 | 22 | |
Proceeds from sale of property, plant and equipment | 5 | 10 | $ 25 |
Intercompany investing activities | $ 738 | 954 | |
Net investment hedge settlements | |||
Other, net | $ (6) | 2 | 6 |
Net cash used for investing activities | (711) | (31) | (223) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 685 | 1,800 | 83 |
Payments of long-term debt | (178) | (1,748) | (292) |
Net change in revolving credit facility and short-term debt | (7) | (319) | 18 |
Net change in long-term intercompany balances | (707) | 31 | 264 |
Debt issuance costs | (8) | (17) | (6) |
Dividends paid | (86) | (81) | (123) |
Purchase of noncontrolling interests | (17) | (16) | |
Dividends paid to noncontrolling interests | (48) | (77) | (78) |
Contribution from noncontrolling interests | 5 | ||
Foreign exchange derivatives related to debt | (58) | (27) | 20 |
Net cash provided by/(used for) financing activities | (402) | (455) | (130) |
Effect of exchange rate changes on cash and cash equivalents | (62) | (60) | 6 |
Net change in cash and cash equivalents | (224) | 327 | 188 |
Cash and cash equivalents at beginning of period | 837 | 510 | 322 |
Cash and cash equivalents at end of period | $ 613 | $ 837 | $ 510 |
Schedule II - Valuation and 130
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trade Accounts Receivable [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 88 | $ 78 | $ 37 |
Charged to costs and expense | 4 | 0 | 41 |
Charged to other accounts | (9) | 10 | 2 |
Deductions – write-offs | 0 | 0 | (2) |
Balance at end of period | 83 | 88 | 78 |
Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 245 | 343 | 400 |
Charged to costs and expense | 21 | (70) | (1) |
Charged to other accounts | (9) | (11) | 1 |
Deductions – write-offs | (16) | (17) | (57) |
Balance at end of period | $ 241 | $ 245 | $ 343 |