Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 26, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CROWN HOLDINGS INC | |
Entity Central Index Key | 1,219,601 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 139,477,290 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 1,893 | $ 1,997 |
Cost of products sold, excluding depreciation and amortization | 1,521 | 1,660 |
Depreciation and amortization | 60 | 51 |
Selling and administrative expense | 91 | 98 |
Restructuring and other | 2 | 20 |
Income from operations | 219 | 168 |
Loss from early extinguishments of debt | 27 | 0 |
Interest expense | 64 | 65 |
Interest income | (3) | (2) |
Foreign exchange | (6) | 6 |
Income before income taxes | 137 | 99 |
Provision for income taxes | 38 | 37 |
Net income | 99 | 62 |
Net income attributable to noncontrolling interests | (20) | (18) |
Net income attributable to Crown Holdings | $ 79 | $ 44 |
Earnings per common share attributable to Crown Holdings: | ||
Basic (in usd per share) | $ 0.57 | $ 0.32 |
Diluted (in usd per share) | $ 0.57 | $ 0.32 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 99 | $ 62 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 9 | (211) |
Pension and other postretirement benefits | 13 | 11 |
Derivatives qualifying as hedges | 2 | (2) |
Total other comprehensive loss | 24 | (202) |
Total comprehensive income (loss) | 123 | (140) |
Net income attributable to noncontrolling interests | (20) | (18) |
Translation adjustments attributable to noncontrolling interests | 0 | 2 |
Derivatives qualifying as hedges attributable to noncontrolling interests | (1) | 0 |
Comprehensive income attributable to Crown Holdings | $ 102 | $ (156) |
Consolidated Balance Sheets (Co
Consolidated Balance Sheets (Condensed) (Unaudited) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 257 | $ 717 | $ 280 | $ 965 |
Receivables, net | 980 | 912 | ||
Inventories | 1,413 | 1,213 | ||
Prepaid expenses and other current assets | 254 | 207 | ||
Total current assets | 2,904 | 3,049 | ||
Goodwill and intangible assets, net | 3,627 | 3,580 | ||
Property, plant and equipment, net | 2,727 | 2,699 | ||
Other non-current assets | 682 | 692 | ||
Total | 9,940 | 10,020 | ||
Current liabilities | ||||
Short-term debt | 67 | 54 | ||
Current maturities of long-term debt | 239 | 209 | ||
Accounts payable and accrued liabilities | 2,412 | 2,645 | ||
Total current liabilities | 2,718 | 2,908 | ||
Long-term debt, excluding current maturities | 5,293 | 5,255 | ||
Postretirement and pension liabilities | 720 | 767 | ||
Other non-current liabilities | $ 656 | $ 655 | ||
Commitments and contingent liabilities (Note L) | ||||
Noncontrolling interests | $ 304 | $ 291 | ||
Crown Holdings shareholders’ equity | 249 | 144 | ||
Total equity | 553 | 435 | $ 248 | $ 387 |
Total | $ 9,940 | $ 10,020 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Condensed) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income | $ 99 | $ 62 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 60 | 51 |
Restructuring and other | 2 | 20 |
Pension expense | 7 | 11 |
Pension contributions | (25) | (17) |
Stock-based compensation | 6 | 11 |
Changes in assets and liabilities: | ||
Receivables | (93) | 25 |
Inventories | (180) | (144) |
Accounts payable and accrued liabilities | (265) | (262) |
Other, net | (19) | (44) |
Net cash used for operating activities | (408) | (287) |
Cash flows from investing activities | ||
Capital expenditures | (51) | (52) |
Purchase of business | 0 | (1,206) |
Proceeds from sale of business | 0 | 21 |
Other | 3 | (9) |
Net cash used for investing activities | (48) | (1,246) |
Cash flows from financing activities | ||
Proceeds from long-term debt | 303 | 750 |
Payments of long-term debt | (709) | (41) |
Net change in revolving credit facility and short-term debt | 383 | 234 |
Debt issue costs | (2) | (8) |
Common stock issued | 1 | 3 |
Common stock repurchased | (4) | (4) |
Dividends paid to noncontrolling interests | (8) | (9) |
Foreign exchange derivatives related to debt | 32 | (39) |
Net cash (used for)/provided by financing activities | (4) | 886 |
Effect of exchange rate changes on cash and cash equivalents | 0 | (38) |
Net change in cash and cash equivalents | (460) | (685) |
Cash and cash equivalents at beginning of period | 717 | 965 |
Cash and cash equivalents at end of period | $ 257 | $ 280 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - 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, 2014 | $ 387 | $ 929 | $ 407 | $ 1,782 | $ (2,765) | $ (234) | $ 119 | $ 268 |
Net income attributable to Crown Holdings | 44 | 44 | 44 | |||||
Net income attributable to noncontrolling interests | 18 | 18 | ||||||
Net income | 62 | |||||||
Other comprehensive income | (202) | (200) | (200) | (2) | ||||
Dividends paid to noncontrolling interests | (9) | 0 | (9) | |||||
Stock-based compensation | 11 | 11 | 11 | |||||
Common stock issued | 3 | 2 | $ 1 | 3 | ||||
Common stock repurchased | (4) | (4) | (4) | |||||
Balance at end of period at Mar. 31, 2015 | 248 | 929 | 416 | 1,826 | (2,965) | $ (233) | (27) | 275 |
Balance at beginning of period at Dec. 31, 2015 | 435 | 929 | 426 | 2,175 | (3,154) | (232) | 144 | 291 |
Net income attributable to Crown Holdings | 79 | 79 | 79 | |||||
Net income attributable to noncontrolling interests | 20 | 20 | ||||||
Net income | 99 | |||||||
Other comprehensive income | 24 | 23 | 23 | 1 | ||||
Dividends paid to noncontrolling interests | (8) | 0 | (8) | |||||
Stock-based compensation | 6 | 6 | 6 | |||||
Common stock issued | 1 | 1 | 1 | |||||
Common stock repurchased | (4) | (4) | (4) | |||||
Balance at end of period at Mar. 31, 2016 | $ 553 | $ 929 | $ 429 | $ 2,254 | $ (3,131) | $ (232) | $ 249 | $ 304 |
Statement of Information Furnis
Statement of Information Furnished | 3 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Statement of Information Furnished | Statement of Information Furnished The consolidated financial statements include the accounts of Crown Holdings, Inc. and its consolidated subsidiaries (the “Company”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Form 10-Q instructions. In the opinion of management, these consolidated financial statements contain all adjustments of a normal and recurring nature necessary for a fair statement of the financial position of the Company as of March 31, 2016 and the results of its operations for the three months ended March 31, 2016 and 2015 and of its cash flows for the three months ended March 31, 2016 and 2015 . The results reported in these consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. These results have been determined on the basis of accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . |
Accounting and Reporting Develo
Accounting and Reporting Developments | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting and Reporting Developments | Accounting and Reporting Developments 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 was measured at the lower of cost or market, where market was 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. In February 2016, the FASB issued new guidance on lease accounting. Under the new guidance lease classification criteria and income statement recognition is similar to current guidance; however, all leases with a lease term longer than one year will be recorded on the balance sheet through a right-of-use asset and a corresponding lease liability. The guidance will be effective for the Company on January 1, 2019 and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its financial position and results of operations. In March 2016, the FASB issued new guidance on share-based payments. The new guidance includes provisions to simplify various aspects of how share-based payments are accounted for and presented in the financial statements, including how tax benefits related to share-based payments are recorded. Under the current guidance upon settlement tax benefits in excess of compensation costs are recorded in equity ("windfalls") and tax deficiencies are recorded in equity to the extent of previous windfalls. Under the new guidance all of the tax effects related to share-based payments at settlement will be recorded through the income statement. The guidance will be effective for the Company on January 1, 2017 and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the Company's consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On February 18, 2015 , the Company completed its acquisition of Empaque, a leading manufacturer of beverage packaging in Mexico, from Heineken N.V., in a cash transaction valued at $1.2 billion . The addition of Empaque significantly increases the Company's presence in the growing Mexican market and substantially enhances the Company's strategic position in beverage cans, both regionally and globally. The Company finalized its purchase accounting for the Empaque acquisition in the first quarter of 2016. There were no adjustments to the preliminary valuation of identifiable assets acquired and liabilities assumed as compared to the amounts disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table provides information about the changes in each component of accumulated other comprehensive income. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at December 31, 2014 $ (1,781 ) $ (980 ) $ (4 ) $ (2,765 ) Other comprehensive loss before reclassifications — (209 ) (2 ) (211 ) Amounts reclassified from accumulated other comprehensive income 11 — — 11 Other comprehensive income (loss) 11 (209 ) (2 ) (200 ) Balance at March 31, 2015 $ (1,770 ) $ (1,189 ) $ (6 ) $ (2,965 ) Balance at December 31, 2015 $ (1,690 ) $ (1,446 ) $ (18 ) $ (3,154 ) Other comprehensive income (loss) before reclassifications — 9 (2 ) 7 Amounts reclassified from accumulated other comprehensive income 13 — 3 16 Other comprehensive income 13 9 1 23 Balance at March 31, 2016 $ (1,677 ) $ (1,437 ) $ (17 ) $ (3,131 ) The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended Details about accumulated other March 31 Affected line item in the comprehensive income components 2016 2015 statement of operations (Gains) losses on cash flow hedges Commodities $ 7 $ (1 ) Cost of products sold 7 (1 ) Income before taxes (2 ) — Provision for income taxes $ 5 $ (1 ) Net income Foreign exchange $ 2 $ — Net sales (4 ) 1 Cost of products sold (2 ) 1 Income before taxes — — Provision for income taxes $ (2 ) $ 1 Net income Total (gains) losses on cash flow hedges $ 3 $ — Amortization of defined benefit plan items Actuarial losses $ 29 $ 27 (a) Prior service credit (13 ) (12 ) (a) 16 15 Income before taxes (3 ) (4 ) Provision for income taxes $ 13 $ 11 Net income Total reclassifications for the period $ 16 $ 11 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement cost. See Note N for further details. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation A summary of restricted stock transactions during the three months ended March 31, 2016 follows: Number of shares Non-vested stock awards outstanding at January 1, 2016 1,778,275 Awarded: Time-vesting shares 70,396 Performance-based shares 133,676 Released: Time-vesting shares (131,462 ) Performance-based shares (90,003 ) Forfeitures: Time-vesting shares (4,800 ) Performance-based shares (153,248 ) Non-vested stock awards outstanding at March 31, 2016 1,602,834 In January 2016, the Company awarded shares of restricted stock to certain senior executives consisting of 70,396 time-vesting shares which vest ratably over three years and 133,676 performance-based shares which cliff vest at the end of three years . The number of performance-based shares that will ultimately vest is based on the level of market performance achieved, ranging between 0% and 200% of the shares originally awarded, and will be settled in stock. The market performance criteria is the Company's Total Shareholder Return ("TSR"), which includes share price appreciation and dividends paid, during the three-year term of the award measured against the TSR of a peer group of companies. The weighted average grant-date fair value of the 2016 time-vesting stock awards was $48.47 and the performance-based stock awards was $51.05 . The fair value of the performance-based shares awarded in 2016 was calculated using a Monte Carlo valuation model, including a weighted average stock price volatility of 19.8% , an expected term of three years, and a weighted average risk-free interest rate of 1.22% . At March 31, 2016 , unrecognized compensation cost related to outstanding non-vested stock awards was $44 . 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 on the vesting dates was $11 . |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Receivables | Receivables March 31, 2016 December 31, 2015 Accounts receivable $ 867 $ 827 Less: allowance for doubtful accounts (86 ) (83 ) Net trade receivables 781 744 Miscellaneous receivables 199 168 Receivables, net $ 980 $ 912 The Company uses receivable securitization facilities in the normal course of business as part of managing its cash flows. In connection with certain of the Company's receivable securitization facilities, the Company recognized a deferred purchase price of $138 which was included in prepaid expenses and other current assets in the Company’s Consolidated Balance Sheet at March 31, 2016. The net change in deferred purchase price receivable was reflected in the receivables line item in the Company's Consolidated Statement of Cash Flows. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory, Gross [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method. Non-U.S. inventories are principally determined under the FIFO or average cost method. March 31, 2016 December 31, 2015 Raw materials and supplies $ 640 $ 599 Work in process 152 129 Finished goods 621 485 $ 1,413 $ 1,213 |
Derivative and Other Financial
Derivative and Other Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative and Other Financial Instruments | Derivative and Other Financial Instruments Fair Value Measurements Under GAAP a framework exists for measuring fair value, providing a three-tier hierarchy of pricing inputs used to report assets and liabilities that are adjusted to fair value. Level 1 includes inputs such as quoted prices which are available in active markets for identical assets or liabilities as of the report date. Level 2 includes inputs other than those available 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 recurring 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 J 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 for ineffectiveness, are recorded in other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon reclassification from comprehensive income is the same as that of the underlying exposure. Contracts outstanding at March 31, 2016 mature between one and thirty-one months. When the Company discontinues hedge accounting because it is no longer probable that an anticipated transaction will occur in the originally specified period, changes to fair value accumulated in other comprehensive income are recognized immediately in earnings. The Company uses forward contracts to hedge anticipated purchases of various commodities, including aluminum, fuel oil and natural gas and these exposures are hedged by a central treasury unit. The Company also designates certain foreign exchange contracts as cash flow hedges of anticipated foreign currency denominated sales or purchases. The Company manages these risks at the operating unit level. Often, foreign currency risk is hedged together with the related commodity price risk. The following table sets forth financial information about the impact on accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments. Amount of gain/(loss) Amount of gain/(loss) recognized in AOCI reclassified from AOCI (effective portion) into earnings Three Months Ended Three Months Ended Three Months Ended Three Months Ended Derivatives in cash flow hedges March 31, March 31, 2015 March 31, March 31, 2015 Foreign exchange $ — $ — $ 2 $ (1 ) Commodities (2 ) (2 ) (5 ) 1 Total $ (2 ) $ (2 ) $ (3 ) $ — For the three months ended March 31, 2016 , the Company recognized less than $1 in earnings related to hedge ineffectiveness caused by volatility in the metal premium component of aluminum prices. For the three months ended March 31, 2015 , the Company recognized a gain of $2 ( $2 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices. During the twelve month period ending March 31, 2017, a net loss of $17 ( $14 , net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the three months ended March 31, 2016 and 2015 in connection with anticipated transactions that were no longer considered probable. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. Other than for firm commitments, amounts related to time value are excluded from the assessment and measurement of hedge effectiveness and are reported in earnings. Less than $1 was reported in earnings for the three months ended March 31, 2016 . Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated in hedge relationships; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes in re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in currencies other than the entity's functional currency. Changes in fair value of these derivative instruments are immediately recognized in earnings as foreign exchange adjustments. The impact on earnings from foreign exchange contracts designated as fair value hedges was a loss of $1 for the three months ended March 31, 2016 and loss of $2 for the three months ended March 31, 2015 . The impact on earnings from foreign exchange contracts not designated as hedges was a gain of $21 for the three months ended March 31, 2016 and a loss of $48 for the same period in 2015 . These adjustments were reported within foreign exchange in the Consolidated Statements of Operations and were offset by changes in the fair values of the related underlying hedged items. During the three months ended March 31, 2016, 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 three months ended March 31, 2016 , the Company recognized less than $ 1 in earnings related to these ineffective hedges. Net Investment Hedges During the three months ended March 31, 2016, the Company designated certain derivative and non-derivative financial instruments (debt) as hedges of its net investment in a euro-based subsidiary and recorded a loss of $45 ( $34 , net of tax) in accumulated other comprehensive income. Fair Values of Derivative Financial Instruments and Valuation Hierarchy The following table sets forth the fair value hierarchy for the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 , respectively. Balance Sheet classification Fair Value hierarchy March 31, December 31, Derivative assets Derivatives designated as hedges: Foreign exchange Other current assets 2 $ 46 $ 32 Commodities Other current assets 2 4 5 Commodities Other non-current assets 2 1 2 Derivatives not designated as hedges: Commodities Other current assets 2 2 3 Total $ 53 $ 42 Derivative liabilities Derivatives designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 $ 35 $ 14 Commodities Accounts payable and accrued liabilities 2 21 26 Commodities Other non-current liabilities 2 4 5 Derivatives not designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 3 2 Commodities Accounts payable and accrued liabilities 2 4 5 Total $ 67 $ 52 Offsetting of Derivative Assets and Liabilities Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the statement of financial position. In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at March 31, 2016 Derivative assets $53 $9 $44 Derivative liabilities 67 9 58 Balance at December 31, 2015 Derivative assets $42 $9 $33 Derivative liabilities 52 9 43 Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notational values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2016 and December 31, 2015 were: March 31, 2016 December 31, 2015 Derivatives in cash flow hedges: Foreign exchange $ 963 $ 922 Commodities 287 324 Derivatives in fair value hedges: Foreign exchange 97 125 Derivatives not designated as hedges: Foreign exchange 601 674 Commodities 56 57 |
Restructuring and Other
Restructuring and Other | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring Reserve [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other charges as follows: Three Months Ended March 31 2016 2015 Asset impairments and sales $ (2 ) $ 6 Transaction costs — 14 Other costs 4 — 2 20 The tables below summarize the outstanding accrual balances associated with current and prior restructuring actions. 2015 European Division Actions Through March 31, 2016, the Company incurred costs of $17 re lated to the closure of two facilities in its European Food segment upon completion of consultation processes with employee representatives. The closures are expected to reduce cost by eliminating excess capacity and consolidating manufacturing processes. The facility closures are expected to result in the reduction of approximately 280 employees when completed in 2016. The Company expects to incur $12 of future charges related to these actions. The table below summarizes the restructuring accrual balances and utilization by cost type for these actions. Termination benefits Other exit costs Total Balance at January 1, 2016 $ 17 $ — $ 17 Provision — — $ — Balance at March 31, 2016 $ 17 $ — $ 17 Other Actions At March 31, 2016, the Company also had a restructuring accrual of $12 primarily related to actions taken in 2011 and 2012 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 payment 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. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's outstanding debt was as follows: March 31, 2016 December 31, 2015 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 67 $ 67 $ 54 $ 54 Long-term debt Senior secured borrowings: Revolving credit facilities $ 369 $ 369 $ — $ — Term loan facilities U.S. dollar at LIBOR + 1.75% due 2018 1,131 1,120 831 821 €665 Euro at EURIBOR + 1.75% due 2018 757 749 723 714 Farm credit facility at LIBOR + 2.00% due 2019 355 350 355 350 Senior notes and debentures: U.S. dollar at 6.25% due 2021 — — 700 694 €650 at 4.0% due 2022 740 731 706 697 U. S. dollar at 4.50% due 2023 1,000 990 1,000 989 €600 at 3.375% due 2025 683 673 652 642 U.S. dollar at 7.375% due 2026 350 346 350 346 U.S. dollar at 7.50% due 2096 45 45 45 45 Other indebtedness in various currencies 159 159 166 166 Total long-term debt 5,589 5,532 5,528 5,464 Less current maturities (241 ) (239 ) (211 ) (209 ) Total long-term debt, less current maturities $ 5,348 $ 5,293 $ 5,317 $ 5,255 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 $5,711 at March 31, 2016 and $5,540 at December 31, 2015 . 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 the redemption of the 2021 notes, the Company recorded a loss from early extinguishment of debt of $27 . |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
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 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. 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, in a 6-2 decision, reversed a lower court decision, Barbara Robinson v. Crown Cork & Seal Company, Inc., No. 14-04-00658-CV, Fourteenth Court of Appeals, Texas, which had upheld the dismissal of an asbestos-related case against Crown Cork. The Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. In 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, West Virginia, 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, West Virginia and Wyoming, pending claims, caps asbestos-related liabilities at the fair market value of the predecessor's total gross assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total value of its predecessor's assets adjusted for inflation. Crown Cork has integrated the legislation into its claims defense strategy. The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. During the three months ended March 31, 2016 , the Company paid $3 to settle outstanding claims and had claims activity as follows: Beginning claims 54,500 New claims 1,000 Settlements or dismissals (500 ) Ending claims 55,000 In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2015 , the Company's outstanding claims were: Claimants alleging first exposure after 1964 16,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 Pennsylvania 2,000 Other states that have enacted asbestos legislation 6,000 Other states 17,500 Total claims outstanding 54,500 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 the Company's settlement experience with post-1964 claims, it does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows: 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 March 31, 2016 . As of March 31, 2016 , the Company’s accrual for pending and future asbestos-related claims and related legal costs was $ 266 , including $ 221 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. It is reasonably possible that the actual loss could be in excess of the Company’s accrual. The Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant (which was not specified for approximately 82% of the claims outstanding at the end of 2015 ), 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 governmental, labor, environmental, securities, vendor and other matters arising out of the Company’s normal course of business. While the impact on future financial results is not subject to reasonable estimation because considerable uncertainty exists, management believes that the ultimate liabilities resulting from such lawsuits and claims will not materially affect the Company’s consolidated earnings, financial position or cash flow. The Company has various commitments to purchase materials, supplies and utilities as part of the ordinary course of business. The Company’s basic raw materials for its products are steel and aluminum, both of which are purchased from multiple sources. The Company is subject to fluctuations in the cost of these raw materials and has periodically adjusted its selling prices to reflect these movements. There can be no assurance, however, that the Company will be able to fully recover any increases or fluctuations in raw material costs from its customers. The Company also has commitments for standby letters of credit and for purchases of capital assets. At March 31, 2016 , the Company was party to certain indemnification agreements covering environmental remediation, lease payments and other potential costs associated with properties sold or businesses divested. For agreements with defined liability limits the maximum potential amount of future liability was $7 . The Company accrues for costs related to these items when it is probable that a liability has been incurred and the amount can be reasonably estimated. At March 31, 2016 , the Company also had guarantees of $23 related to the residual values of leased assets. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes the computations of basic and diluted earnings per share attributable to the Company. Three Months Ended March 31 2016 2015 Net income attributable to Crown Holdings $ 79 $ 44 Weighted average shares outstanding: Basic 138.1 137.7 Dilutive stock options and restricted stock 0.9 1.3 Diluted 139.0 139.0 Basic earnings per share $ 0.57 $ 0.32 Diluted earnings per share $ 0.57 $ 0.32 For the three months ended March 31, 2016 and 2015, 0.4 million and 0.1 million contingently issuable common shares were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31 Pension benefits – U.S. plans 2016 2015 Service cost $ 4 $ 5 Interest cost 13 16 Expected return on plan assets (23 ) (25 ) Recognized net loss 12 12 Net periodic cost $ 6 $ 8 Three Months Ended March 31 Pension benefits – Non-U.S. plans 2016 2015 Service cost $ 6 $ 5 Interest cost 26 30 Expected return on plan assets (41 ) (42 ) Recognized prior service credit (3 ) (3 ) Recognized net loss 13 13 Net periodic cost $ 1 $ 3 Three Months Ended March 31 Other postretirement benefits 2016 2015 Service cost $ — $ — Interest cost 1 2 Recognized prior service credit (10 ) (8 ) Recognized net loss 1 1 Net periodic benefit $ (8 ) $ (5 ) For the three months ended March 31, 2016, the Company also recorded a pension settlement charge of $3 which is included in restructuring and other in the Consolidated Statement of Operations. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items: Three Months Ended March 31 2016 2015 U.S. statutory rate at 35% $ 48 $ 35 Tax on foreign income (14 ) (12 ) Tax contingencies — 7 Valuation allowance 2 3 Non-deductible impairment charge — 1 Other items, net 2 3 Income tax provision $ 38 $ 37 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company evaluates performance and allocates resources based on segment income. Segment income, which is not a defined term under GAAP, is defined by the Company as 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 the Company's operating segments. External Sales Three Months Ended March 31 2016 2015 Americas Beverage $ 643 $ 617 North America Food 146 160 European Beverage 315 324 European Food 398 431 Asia Pacific 277 310 Total reportable segments 1,779 1,842 Non-reportable segments 114 155 Total $ 1,893 $ 1,997 The primary sources of revenue included in non-reportable segments are the Company's aerosol can businesses in North America and Europe, the Company's specialty packaging business in Europe and the Company's tooling and equipment operations in the U.S. and United Kingdom. Intersegment Sales Three Months Ended March 31 2016 2015 Americas Beverage $ 15 $ 21 North America Food 6 1 European Beverage 1 — European Food 16 27 Asia Pacific — — Total reportable segments 38 49 Non-reportable segments 18 27 Total $ 56 $ 76 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Segment Income Three Months Ended March 31 2016 2015 Americas Beverage $ 104 $ 85 North America Food 12 24 European Beverage 46 38 European Food 49 42 Asia Pacific 35 35 Total reportable segments $ 246 $ 224 A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended March 31 2016 2015 Segment income of reportable segments $ 246 $ 224 Segment income of non-reportable segments 13 17 Corporate and unallocated items (38 ) (53 ) Restructuring and other (2 ) (20 ) Loss from early extinguishments of debt (27 ) — Interest expense (64 ) (65 ) Interest income 3 2 Foreign exchange 6 (6 ) Income before income taxes $ 137 $ 99 Corporate and unallocated items includes corporate and division administrative costs, technology costs, and unallocated items such as the U.S. and U.K. pension plan costs, fair value adjustments for the sale of inventory acquired in an acquisition and the timing impact of hedge ineffectiveness. |
Condensed Combining Financial I
Condensed Combining Financial Information | 3 Months Ended |
Mar. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Combining Financial Information | Condensed Combining Financial Information Crown Cork & Seal Company, Inc. (Issuer), a 100% 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 for the three months ended March 31, 2016 and 2015 , • balance sheets as of March 31, 2016 and December 31, 2015 , and • statements of cash flows for the three months ended March 31, 2016 and 2015 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 1,893 $ 1,893 Cost of products sold, excluding depreciation and amortization 1,521 1,521 Depreciation and amortization 60 60 Selling and administrative expense $ 2 89 91 Restructuring and other 2 2 Income from operations (2 ) 221 219 Loss on early extinguishments of debt 27 27 Net interest expense 27 34 61 Foreign exchange (6 ) (6 ) Income/(loss) before income taxes (29 ) 166 137 Provision for / (benefit from) income taxes (7 ) 45 38 Equity earnings / (loss) in affiliates $ 79 77 $ (156 ) — Net income 79 55 121 (156 ) 99 Net income attributable to noncontrolling interests (20 ) (20 ) Net income attributable to Crown Holdings $ 79 $ 55 $ 101 $ (156 ) $ 79 Comprehensive income $ 102 $ 145 $ 145 $ (269 ) $ 123 Comprehensive income attributable to noncontrolling interests (21 ) (21 ) Comprehensive income attributable to Crown Holdings $ 102 $ 145 $ 124 $ (269 ) $ 102 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 1,997 $ 1,997 Cost of products sold, excluding depreciation and amortization 1,660 1,660 Depreciation and amortization 51 51 Selling and administrative expense $ 2 96 98 Restructuring and other 20 20 Income from operations (2 ) 170 168 Net interest expense 26 37 63 Foreign exchange 6 6 Income/(loss) before income taxes (28 ) 127 99 Provision for / (benefit from) income taxes (1 ) 38 37 Equity earnings / (loss) in affiliates $ 44 57 $ (101 ) — Net income 44 30 89 (101 ) 62 Net income attributable to noncontrolling interests (18 ) (18 ) Net income attributable to Crown Holdings $ 44 $ 30 $ 71 $ (101 ) $ 44 Comprehensive income $ (156 ) $ (78 ) $ (113 ) $ 207 $ (140 ) Comprehensive income attributable to noncontrolling interests (16 ) (16 ) Comprehensive income attributable to Crown Holdings $ (156 ) $ (78 ) $ (129 ) $ 207 $ (156 ) CONDENSED COMBINING BALANCE SHEET As of March 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 257 $ 257 Receivables, net 980 980 Inventories 1,413 1,413 Prepaid expenses and other current assets $ 1 $ 2 251 254 Total current assets 1 2 2,901 2,904 Intercompany debt receivables 3,548 $ (3,548 ) — Investments 2,890 2,653 (5,543 ) — Goodwill and intangible assets 3,627 3,627 Property, plant and equipment, net 2,727 2,727 Other non-current assets 430 252 682 Total $ 2,891 $ 3,085 $ 13,055 $ (9,091 ) $ 9,940 Liabilities and equity Current liabilities Short-term debt $ 67 $ 67 Current maturities of long-term debt 239 239 Accounts payable and accrued liabilities $ 10 $ 41 2,361 2,412 Total current liabilities 10 41 2,667 2,718 Long-term debt, excluding current maturities 391 4,902 5,293 Long-term intercompany debt 2,632 916 $ (3,548 ) — Postretirement and pension liabilities 720 720 Other non-current liabilities 296 360 656 Commitments and contingent liabilities Noncontrolling interests 304 304 Crown Holdings shareholders’ equity/(deficit) 249 1,441 4,102 (5,543 ) 249 Total equity/(deficit) 249 1,441 4,406 (5,543 ) 553 Total $ 2,891 $ 3,085 $ 13,055 $ (9,091 ) $ 9,940 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/(deficit) 144 1,296 4,131 (5,427 ) 144 Total equity/(deficit) 144 1,296 4,422 (5,427 ) 435 Total $ 2,937 $ 2,922 $ 13,242 $ (9,081 ) $ 10,020 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (10 ) $ (31 ) $ (364 ) (3 ) $ (408 ) Cash flows from investing activities Capital expenditures (51 ) (51 ) Intercompany investing activities 150 $ (150 ) — Other 3 3 Net cash provided by/(used for) investing activities 150 — (48 ) (150 ) (48 ) Cash flows from financing activities Proceeds from long-term debt 303 303 Payments of long-term debt (709 ) (709 ) Net change in revolving credit facility and short-term debt 383 383 Net change in long-term intercompany balances (137 ) 31 106 — Debt issue costs (2 ) (2 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Dividends paid (153 ) 153 — Dividend paid to noncontrolling interests (8 ) (8 ) Foreign exchange derivatives related to debt 32 32 Net cash provided by/(used for) financing activities (140 ) 31 (48 ) 153 (4 ) Effect of exchange rate changes on cash and cash equivalents — Net change in cash and cash equivalents — — (460 ) — (460 ) Cash and cash equivalents at January 1 717 717 Cash and cash equivalents at March 31 $ — $ — $ 257 $ — $ 257 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (2 ) $ (35 ) $ (250 ) $ (287 ) Cash flows from investing activities Capital expenditures (52 ) (52 ) Purchase of business (1,206 ) (1,206 ) Proceeds from sale of business 21 21 Intercompany investing activities (1,006 ) 4 1,006 $ (4 ) — Other (9 ) (9 ) Net cash provided by/(used for) investing activities (1,006 ) 4 (240 ) (4 ) (1,246 ) Cash flows from financing activities Proceeds from long-term debt 750 750 Payments of long-term debt (41 ) (41 ) Net change in revolving credit facility and short-term debt 234 234 Net change in long-term intercompany balances 1,009 31 (1,040 ) — Common stock issued 3 3 Common stock repurchased (4 ) (4 ) Dividends paid (4 ) 4 — Purchase of noncontrolling interests — — Dividend paid to noncontrolling interests (9 ) (9 ) Foreign exchange derivatives related to debt (47 ) (47 ) Net cash provided by/(used for) financing activities 1,008 31 (157 ) 4 886 Effect of exchange rate changes on cash and cash equivalents (38 ) (38 ) Net change in cash and cash equivalents — — (685 ) — (685 ) Cash and cash equivalents at January 1 965 965 Cash and cash equivalents at March 31 $ — $ — $ 280 $ — $ 280 Crown Americas, LLC, Crown Americas Capital Corp. II and Crown Americas Capital Corp. III (collectively, the Issuer), 100% owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023 , which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all subsidiaries in the United States. The guarantors are wholly owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements: • statements of comprehensive income for the three months ended March 31, 2016 and 2015 , • balance sheets as of March 31, 2016 and December 31, 2015 , and • statements of cash flows for the three months ended March 31, 2016 and 2015 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 447 $ 1,446 $ 1,893 Cost of products sold, excluding depreciation and amortization 363 1,158 1,521 Depreciation and amortization 8 52 60 Selling and administrative expense $ 3 35 53 91 Restructuring and other 4 (2 ) 2 Income from operations (3 ) 37 185 219 Loss from early extinguishments of debt 27 27 Net interest expense 20 22 19 61 Technology royalty (9 ) 9 — Foreign exchange 32 (6 ) $ (32 ) (6 ) Income/(loss) before income taxes (82 ) 24 163 32 137 Provision for / (benefit from) income taxes (31 ) 14 44 11 38 Equity earnings / (loss) in affiliates $ 79 64 45 (188 ) — Net income 79 13 55 119 (167 ) 99 Net income attributable to noncontrolling interests (20 ) (20 ) Net income attributable to Crown Holdings $ 79 $ 13 $ 55 $ 99 $ (167 ) $ 79 Comprehensive income $ 102 $ 16 $ 145 $ 172 $ (312 ) $ 123 Comprehensive income attributable to noncontrolling interests (21 ) (21 ) Comprehensive income attributable to Crown Holdings $ 102 $ 16 $ 145 $ 151 $ (312 ) $ 102 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 486 $ 1,511 $ 1,997 Cost of products sold, excluding depreciation and amortization 387 1,273 1,660 Depreciation and amortization 8 43 51 Selling and administrative expense $ 2 42 54 98 Restructuring and other 20 20 Income from operations (2 ) 49 121 168 Net interest expense 20 23 20 63 Technology royalty (9 ) 9 — Foreign exchange 6 6 Income/(loss) before income taxes (22 ) 35 86 99 Provision for / (benefit from) income taxes (8 ) 23 22 37 Equity earnings / (loss) in affiliates $ 44 50 18 $ (112 ) — Net income 44 36 30 64 (112 ) 62 Net income attributable to noncontrolling interests (18 ) (18 ) Net income attributable to Crown Holdings $ 44 $ 36 $ 30 $ 46 $ (112 ) $ 44 Comprehensive income $ (156 ) $ 40 $ (78 ) $ (142 ) $ 196 $ (140 ) Comprehensive income attributable to noncontrolling interests (16 ) (16 ) Comprehensive income attributable to Crown Holdings $ (156 ) $ 40 $ (78 ) $ (158 ) $ 196 $ (156 ) CONDENSED COMBINING BALANCE SHEET As of March 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 46 $ 211 $ 257 Receivables, net $ 7 973 980 Intercompany receivables 33 10 $ (43 ) — Inventories 343 1,070 1,413 Prepaid expenses and other current assets $ 1 2 10 241 254 Total current assets 1 48 393 2,505 (43 ) 2,904 Intercompany debt receivables 2,847 3,374 719 (6,940 ) — Investments 2,890 2,261 794 (5,945 ) — Goodwill and intangible assets 470 3,157 3,627 Property, plant and equipment, net 1 391 2,335 2,727 Other non-current assets 5 463 214 682 Total $ 2,891 $ 5,162 $ 5,885 $ 8,930 $ (12,928 ) $ 9,940 Liabilities and equity Current liabilities Short-term debt $ 67 $ 67 Current maturities of long-term debt $ 122 117 239 Accounts payable and accrued liabilities $ 10 18 $ 566 1,818 2,412 Intercompany payables 10 33 $ (43 ) — Total current liabilities 10 140 576 2,035 (43 ) 2,718 Long-term debt, excluding current maturities 2,408 391 2,494 5,293 Long-term intercompany debt 2,632 1,339 2,817 152 (6,940 ) — Postretirement and pension liabilities 354 366 720 Other non-current liabilities 306 350 656 Commitments and contingent liabilities Noncontrolling interests 304 304 Crown Holdings shareholders’ equity/(deficit) 249 1,275 1,441 3,229 (5,945 ) 249 Total equity/(deficit) 249 1,275 1,441 3,533 (5,945 ) 553 Total $ 2,891 $ 5,162 $ 5,885 $ 8,930 $ (12,928 ) $ 9,940 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/(deficit) 144 1,259 1,296 3,385 (5,940 ) 144 Total equity/(deficit) 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 STATEMENT OF CASH FLOWS For the three months ended March 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (10 ) $ (66 ) $ (2 ) $ (323 ) (7 ) $ (408 ) Cash flows from investing activities Capital expenditures (21 ) (30 ) (51 ) Intercompany investing activities 150 150 $ (300 ) — Other 3 3 Net cash provided by/(used for) investing activities 150 — 129 (27 ) (300 ) (48 ) Cash flows from financing activities Proceeds from long-term debt 300 3 303 Payments of long-term debt (700 ) (9 ) (709 ) Net change in revolving credit facility and short-term debt 75 308 383 Net change in long-term intercompany balances (137 ) 335 (127 ) (71 ) — Debt issue costs (2 ) (2 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Dividends paid (307 ) 307 — Dividends paid to noncontrolling interests (8 ) (8 ) Foreign exchange derivatives related to debt 32 32 Net cash provided by/(used for) financing activities (140 ) 8 (127 ) (52 ) 307 (4 ) Effect of exchange rate changes on cash and cash equivalents — — Net change in cash and cash equivalents — (58 ) — (402 ) — (460 ) Cash and cash equivalents at January 1 104 613 717 Cash and cash equivalents at March 31 $ — $ 46 $ — $ 211 $ — $ 257 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (2 ) $ (42 ) $ 25 $ (268 ) $ (287 ) Cash flows from investing activities Capital expenditures (13 ) (39 ) (52 ) Purchase of business (1,206 ) (1,206 ) Proceeds from sale of business 21 21 Intercompany investing activities (1,006 ) 2 4 1,006 $ (6 ) — Other (9 ) (9 ) Net cash provided by/(used for) investing activities (1,006 ) 2 (9 ) (227 ) (6 ) (1,246 ) Cash flows from financing activities Proceeds from long-term debt 750 750 Payments of long-term debt (2 ) (39 ) (41 ) Net change in revolving credit facility and short-term debt 155 79 234 Net change in long-term intercompany balances 1,009 (953 ) (16 ) (40 ) — Common stock issued 3 3 Common stock repurchased (4 ) (4 ) Dividends paid (6 ) 6 — Dividends paid to noncontrolling interests (9 ) (9 ) Foreign exchange derivatives related to debt (8 ) (39 ) (47 ) Net cash provided by/(used for) financing activities 1,008 (58 ) (16 ) (54 ) 6 886 Effect of exchange rate changes on cash and cash equivalents (38 ) (38 ) Net change in cash and cash equivalents — (98 ) — (587 ) — (685 ) Cash and cash equivalents at January 1 128 837 965 Cash and cash equivalents at March 31 $ — $ 30 $ — $ 250 $ — $ 280 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table provides information about the changes in each component of accumulated other comprehensive income. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at December 31, 2014 $ (1,781 ) $ (980 ) $ (4 ) $ (2,765 ) Other comprehensive loss before reclassifications — (209 ) (2 ) (211 ) Amounts reclassified from accumulated other comprehensive income 11 — — 11 Other comprehensive income (loss) 11 (209 ) (2 ) (200 ) Balance at March 31, 2015 $ (1,770 ) $ (1,189 ) $ (6 ) $ (2,965 ) Balance at December 31, 2015 $ (1,690 ) $ (1,446 ) $ (18 ) $ (3,154 ) Other comprehensive income (loss) before reclassifications — 9 (2 ) 7 Amounts reclassified from accumulated other comprehensive income 13 — 3 16 Other comprehensive income 13 9 1 23 Balance at March 31, 2016 $ (1,677 ) $ (1,437 ) $ (17 ) $ (3,131 ) The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended Details about accumulated other March 31 Affected line item in the comprehensive income components 2016 2015 statement of operations (Gains) losses on cash flow hedges Commodities $ 7 $ (1 ) Cost of products sold 7 (1 ) Income before taxes (2 ) — Provision for income taxes $ 5 $ (1 ) Net income Foreign exchange $ 2 $ — Net sales (4 ) 1 Cost of products sold (2 ) 1 Income before taxes — — Provision for income taxes $ (2 ) $ 1 Net income Total (gains) losses on cash flow hedges $ 3 $ — Amortization of defined benefit plan items Actuarial losses $ 29 $ 27 (a) Prior service credit (13 ) (12 ) (a) 16 15 Income before taxes (3 ) (4 ) Provision for income taxes $ 13 $ 11 Net income Total reclassifications for the period $ 16 $ 11 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement cost. See Note N for further details. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Summary of Restricted Stock Transactions | A summary of restricted stock transactions during the three months ended March 31, 2016 follows: Number of shares Non-vested stock awards outstanding at January 1, 2016 1,778,275 Awarded: Time-vesting shares 70,396 Performance-based shares 133,676 Released: Time-vesting shares (131,462 ) Performance-based shares (90,003 ) Forfeitures: Time-vesting shares (4,800 ) Performance-based shares (153,248 ) Non-vested stock awards outstanding at March 31, 2016 1,602,834 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Receivables | March 31, 2016 December 31, 2015 Accounts receivable $ 867 $ 827 Less: allowance for doubtful accounts (86 ) (83 ) Net trade receivables 781 744 Miscellaneous receivables 199 168 Receivables, net $ 980 $ 912 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory, Gross [Abstract] | |
Components of Inventories | March 31, 2016 December 31, 2015 Raw materials and supplies $ 640 $ 599 Work in process 152 129 Finished goods 621 485 $ 1,413 $ 1,213 |
Derivative and Other Financia28
Derivative and Other Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Accumulated Other Comprehensive Income (AOCI) and Earnings From Changes In Fair Value Related To Derivative Instruments | The following table sets forth financial information about the impact on accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments. Amount of gain/(loss) Amount of gain/(loss) recognized in AOCI reclassified from AOCI (effective portion) into earnings Three Months Ended Three Months Ended Three Months Ended Three Months Ended Derivatives in cash flow hedges March 31, March 31, 2015 March 31, March 31, 2015 Foreign exchange $ — $ — $ 2 $ (1 ) Commodities (2 ) (2 ) (5 ) 1 Total $ (2 ) $ (2 ) $ (3 ) $ — |
Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The following table sets forth the fair value hierarchy for the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 , respectively. Balance Sheet classification Fair Value hierarchy March 31, December 31, Derivative assets Derivatives designated as hedges: Foreign exchange Other current assets 2 $ 46 $ 32 Commodities Other current assets 2 4 5 Commodities Other non-current assets 2 1 2 Derivatives not designated as hedges: Commodities Other current assets 2 2 3 Total $ 53 $ 42 Derivative liabilities Derivatives designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 $ 35 $ 14 Commodities Accounts payable and accrued liabilities 2 21 26 Commodities Other non-current liabilities 2 4 5 Derivatives not designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 3 2 Commodities Accounts payable and accrued liabilities 2 4 5 Total $ 67 $ 52 |
Schedule of Offsetting Derivative Assets and Liabilities | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at March 31, 2016 Derivative assets $53 $9 $44 Derivative liabilities 67 9 58 Balance at December 31, 2015 Derivative assets $42 $9 $33 Derivative liabilities 52 9 43 |
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet | The aggregate U.S. dollar-equivalent notational values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2016 and December 31, 2015 were: March 31, 2016 December 31, 2015 Derivatives in cash flow hedges: Foreign exchange $ 963 $ 922 Commodities 287 324 Derivatives in fair value hedges: Foreign exchange 97 125 Derivatives not designated as hedges: Foreign exchange 601 674 Commodities 56 57 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring Reserve [Abstract] | |
Restructuring and Other Charges | The Company recorded restructuring and other charges as follows: Three Months Ended March 31 2016 2015 Asset impairments and sales $ (2 ) $ 6 Transaction costs — 14 Other costs 4 — 2 20 |
Restructuring Accrual Balances and Utilization by Cost Type | The table below summarizes the restructuring accrual balances and utilization by cost type for these actions. Termination benefits Other exit costs Total Balance at January 1, 2016 $ 17 $ — $ 17 Provision — — $ — Balance at March 31, 2016 $ 17 $ — $ 17 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The Company's outstanding debt was as follows: March 31, 2016 December 31, 2015 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 67 $ 67 $ 54 $ 54 Long-term debt Senior secured borrowings: Revolving credit facilities $ 369 $ 369 $ — $ — Term loan facilities U.S. dollar at LIBOR + 1.75% due 2018 1,131 1,120 831 821 €665 Euro at EURIBOR + 1.75% due 2018 757 749 723 714 Farm credit facility at LIBOR + 2.00% due 2019 355 350 355 350 Senior notes and debentures: U.S. dollar at 6.25% due 2021 — — 700 694 €650 at 4.0% due 2022 740 731 706 697 U. S. dollar at 4.50% due 2023 1,000 990 1,000 989 €600 at 3.375% due 2025 683 673 652 642 U.S. dollar at 7.375% due 2026 350 346 350 346 U.S. dollar at 7.50% due 2096 45 45 45 45 Other indebtedness in various currencies 159 159 166 166 Total long-term debt 5,589 5,532 5,528 5,464 Less current maturities (241 ) (239 ) (211 ) (209 ) Total long-term debt, less current maturities $ 5,348 $ 5,293 $ 5,317 $ 5,255 |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Summary of Claims Activity | During the three months ended March 31, 2016 , the Company paid $3 to settle outstanding claims and had claims activity as follows: Beginning claims 54,500 New claims 1,000 Settlements or dismissals (500 ) Ending claims 55,000 |
Summary of Outstanding Asbestos Claims by Years of Exposure and State Filed | In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2015 , the Company's outstanding claims were: Claimants alleging first exposure after 1964 16,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 Pennsylvania 2,000 Other states that have enacted asbestos legislation 6,000 Other states 17,500 Total claims outstanding 54,500 |
Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases | As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows: 2015 2014 2013 Total claims 22 % 22 % 21 % Pre-1964 claims in states without asbestos legislation 41 % 41 % 39 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Earnings Per Share | The following table summarizes the computations of basic and diluted earnings per share attributable to the Company. Three Months Ended March 31 2016 2015 Net income attributable to Crown Holdings $ 79 $ 44 Weighted average shares outstanding: Basic 138.1 137.7 Dilutive stock options and restricted stock 0.9 1.3 Diluted 139.0 139.0 Basic earnings per share $ 0.57 $ 0.32 Diluted earnings per share $ 0.57 $ 0.32 |
Pension and Other Postretirem33
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Pension Benefits - U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31 Pension benefits – U.S. plans 2016 2015 Service cost $ 4 $ 5 Interest cost 13 16 Expected return on plan assets (23 ) (25 ) Recognized net loss 12 12 Net periodic cost $ 6 $ 8 |
Pension Benefits - Non-U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | Three Months Ended March 31 Pension benefits – Non-U.S. plans 2016 2015 Service cost $ 6 $ 5 Interest cost 26 30 Expected return on plan assets (41 ) (42 ) Recognized prior service credit (3 ) (3 ) Recognized net loss 13 13 Net periodic cost $ 1 $ 3 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | Three Months Ended March 31 Other postretirement benefits 2016 2015 Service cost $ — $ — Interest cost 1 2 Recognized prior service credit (10 ) (8 ) Recognized net loss 1 1 Net periodic benefit $ (8 ) $ (5 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of U.S. Statutory Federal Income Tax Rate to Pre-tax Income | The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items: Three Months Ended March 31 2016 2015 U.S. statutory rate at 35% $ 48 $ 35 Tax on foreign income (14 ) (12 ) Tax contingencies — 7 Valuation allowance 2 3 Non-deductible impairment charge — 1 Other items, net 2 3 Income tax provision $ 38 $ 37 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Information of Information about Operating Segments | The tables below present information about the Company's operating segments. External Sales Three Months Ended March 31 2016 2015 Americas Beverage $ 643 $ 617 North America Food 146 160 European Beverage 315 324 European Food 398 431 Asia Pacific 277 310 Total reportable segments 1,779 1,842 Non-reportable segments 114 155 Total $ 1,893 $ 1,997 The primary sources of revenue included in non-reportable segments are the Company's aerosol can businesses in North America and Europe, the Company's specialty packaging business in Europe and the Company's tooling and equipment operations in the U.S. and United Kingdom. Intersegment Sales Three Months Ended March 31 2016 2015 Americas Beverage $ 15 $ 21 North America Food 6 1 European Beverage 1 — European Food 16 27 Asia Pacific — — Total reportable segments 38 49 Non-reportable segments 18 27 Total $ 56 $ 76 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Segment Income Three Months Ended March 31 2016 2015 Americas Beverage $ 104 $ 85 North America Food 12 24 European Beverage 46 38 European Food 49 42 Asia Pacific 35 35 Total reportable segments $ 246 $ 224 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended March 31 2016 2015 Segment income of reportable segments $ 246 $ 224 Segment income of non-reportable segments 13 17 Corporate and unallocated items (38 ) (53 ) Restructuring and other (2 ) (20 ) Loss from early extinguishments of debt (27 ) — Interest expense (64 ) (65 ) Interest income 3 2 Foreign exchange 6 (6 ) Income before income taxes $ 137 $ 99 |
Condensed Combining Financial36
Condensed Combining Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Crown Cork & Seal Company Inc [Member] | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 1,893 $ 1,893 Cost of products sold, excluding depreciation and amortization 1,521 1,521 Depreciation and amortization 60 60 Selling and administrative expense $ 2 89 91 Restructuring and other 2 2 Income from operations (2 ) 221 219 Loss on early extinguishments of debt 27 27 Net interest expense 27 34 61 Foreign exchange (6 ) (6 ) Income/(loss) before income taxes (29 ) 166 137 Provision for / (benefit from) income taxes (7 ) 45 38 Equity earnings / (loss) in affiliates $ 79 77 $ (156 ) — Net income 79 55 121 (156 ) 99 Net income attributable to noncontrolling interests (20 ) (20 ) Net income attributable to Crown Holdings $ 79 $ 55 $ 101 $ (156 ) $ 79 Comprehensive income $ 102 $ 145 $ 145 $ (269 ) $ 123 Comprehensive income attributable to noncontrolling interests (21 ) (21 ) Comprehensive income attributable to Crown Holdings $ 102 $ 145 $ 124 $ (269 ) $ 102 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 1,997 $ 1,997 Cost of products sold, excluding depreciation and amortization 1,660 1,660 Depreciation and amortization 51 51 Selling and administrative expense $ 2 96 98 Restructuring and other 20 20 Income from operations (2 ) 170 168 Net interest expense 26 37 63 Foreign exchange 6 6 Income/(loss) before income taxes (28 ) 127 99 Provision for / (benefit from) income taxes (1 ) 38 37 Equity earnings / (loss) in affiliates $ 44 57 $ (101 ) — Net income 44 30 89 (101 ) 62 Net income attributable to noncontrolling interests (18 ) (18 ) Net income attributable to Crown Holdings $ 44 $ 30 $ 71 $ (101 ) $ 44 Comprehensive income $ (156 ) $ (78 ) $ (113 ) $ 207 $ (140 ) Comprehensive income attributable to noncontrolling interests (16 ) (16 ) Comprehensive income attributable to Crown Holdings $ (156 ) $ (78 ) $ (129 ) $ 207 $ (156 ) |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 257 $ 257 Receivables, net 980 980 Inventories 1,413 1,413 Prepaid expenses and other current assets $ 1 $ 2 251 254 Total current assets 1 2 2,901 2,904 Intercompany debt receivables 3,548 $ (3,548 ) — Investments 2,890 2,653 (5,543 ) — Goodwill and intangible assets 3,627 3,627 Property, plant and equipment, net 2,727 2,727 Other non-current assets 430 252 682 Total $ 2,891 $ 3,085 $ 13,055 $ (9,091 ) $ 9,940 Liabilities and equity Current liabilities Short-term debt $ 67 $ 67 Current maturities of long-term debt 239 239 Accounts payable and accrued liabilities $ 10 $ 41 2,361 2,412 Total current liabilities 10 41 2,667 2,718 Long-term debt, excluding current maturities 391 4,902 5,293 Long-term intercompany debt 2,632 916 $ (3,548 ) — Postretirement and pension liabilities 720 720 Other non-current liabilities 296 360 656 Commitments and contingent liabilities Noncontrolling interests 304 304 Crown Holdings shareholders’ equity/(deficit) 249 1,441 4,102 (5,543 ) 249 Total equity/(deficit) 249 1,441 4,406 (5,543 ) 553 Total $ 2,891 $ 3,085 $ 13,055 $ (9,091 ) $ 9,940 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/(deficit) 144 1,296 4,131 (5,427 ) 144 Total equity/(deficit) 144 1,296 4,422 (5,427 ) 435 Total $ 2,937 $ 2,922 $ 13,242 $ (9,081 ) $ 10,020 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (10 ) $ (31 ) $ (364 ) (3 ) $ (408 ) Cash flows from investing activities Capital expenditures (51 ) (51 ) Intercompany investing activities 150 $ (150 ) — Other 3 3 Net cash provided by/(used for) investing activities 150 — (48 ) (150 ) (48 ) Cash flows from financing activities Proceeds from long-term debt 303 303 Payments of long-term debt (709 ) (709 ) Net change in revolving credit facility and short-term debt 383 383 Net change in long-term intercompany balances (137 ) 31 106 — Debt issue costs (2 ) (2 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Dividends paid (153 ) 153 — Dividend paid to noncontrolling interests (8 ) (8 ) Foreign exchange derivatives related to debt 32 32 Net cash provided by/(used for) financing activities (140 ) 31 (48 ) 153 (4 ) Effect of exchange rate changes on cash and cash equivalents — Net change in cash and cash equivalents — — (460 ) — (460 ) Cash and cash equivalents at January 1 717 717 Cash and cash equivalents at March 31 $ — $ — $ 257 $ — $ 257 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (2 ) $ (35 ) $ (250 ) $ (287 ) Cash flows from investing activities Capital expenditures (52 ) (52 ) Purchase of business (1,206 ) (1,206 ) Proceeds from sale of business 21 21 Intercompany investing activities (1,006 ) 4 1,006 $ (4 ) — Other (9 ) (9 ) Net cash provided by/(used for) investing activities (1,006 ) 4 (240 ) (4 ) (1,246 ) Cash flows from financing activities Proceeds from long-term debt 750 750 Payments of long-term debt (41 ) (41 ) Net change in revolving credit facility and short-term debt 234 234 Net change in long-term intercompany balances 1,009 31 (1,040 ) — Common stock issued 3 3 Common stock repurchased (4 ) (4 ) Dividends paid (4 ) 4 — Purchase of noncontrolling interests — — Dividend paid to noncontrolling interests (9 ) (9 ) Foreign exchange derivatives related to debt (47 ) (47 ) Net cash provided by/(used for) financing activities 1,008 31 (157 ) 4 886 Effect of exchange rate changes on cash and cash equivalents (38 ) (38 ) Net change in cash and cash equivalents — — (685 ) — (685 ) Cash and cash equivalents at January 1 965 965 Cash and cash equivalents at March 31 $ — $ — $ 280 $ — $ 280 |
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 three months ended March 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 447 $ 1,446 $ 1,893 Cost of products sold, excluding depreciation and amortization 363 1,158 1,521 Depreciation and amortization 8 52 60 Selling and administrative expense $ 3 35 53 91 Restructuring and other 4 (2 ) 2 Income from operations (3 ) 37 185 219 Loss from early extinguishments of debt 27 27 Net interest expense 20 22 19 61 Technology royalty (9 ) 9 — Foreign exchange 32 (6 ) $ (32 ) (6 ) Income/(loss) before income taxes (82 ) 24 163 32 137 Provision for / (benefit from) income taxes (31 ) 14 44 11 38 Equity earnings / (loss) in affiliates $ 79 64 45 (188 ) — Net income 79 13 55 119 (167 ) 99 Net income attributable to noncontrolling interests (20 ) (20 ) Net income attributable to Crown Holdings $ 79 $ 13 $ 55 $ 99 $ (167 ) $ 79 Comprehensive income $ 102 $ 16 $ 145 $ 172 $ (312 ) $ 123 Comprehensive income attributable to noncontrolling interests (21 ) (21 ) Comprehensive income attributable to Crown Holdings $ 102 $ 16 $ 145 $ 151 $ (312 ) $ 102 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 486 $ 1,511 $ 1,997 Cost of products sold, excluding depreciation and amortization 387 1,273 1,660 Depreciation and amortization 8 43 51 Selling and administrative expense $ 2 42 54 98 Restructuring and other 20 20 Income from operations (2 ) 49 121 168 Net interest expense 20 23 20 63 Technology royalty (9 ) 9 — Foreign exchange 6 6 Income/(loss) before income taxes (22 ) 35 86 99 Provision for / (benefit from) income taxes (8 ) 23 22 37 Equity earnings / (loss) in affiliates $ 44 50 18 $ (112 ) — Net income 44 36 30 64 (112 ) 62 Net income attributable to noncontrolling interests (18 ) (18 ) Net income attributable to Crown Holdings $ 44 $ 36 $ 30 $ 46 $ (112 ) $ 44 Comprehensive income $ (156 ) $ 40 $ (78 ) $ (142 ) $ 196 $ (140 ) Comprehensive income attributable to noncontrolling interests (16 ) (16 ) Comprehensive income attributable to Crown Holdings $ (156 ) $ 40 $ (78 ) $ (158 ) $ 196 $ (156 ) |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 46 $ 211 $ 257 Receivables, net $ 7 973 980 Intercompany receivables 33 10 $ (43 ) — Inventories 343 1,070 1,413 Prepaid expenses and other current assets $ 1 2 10 241 254 Total current assets 1 48 393 2,505 (43 ) 2,904 Intercompany debt receivables 2,847 3,374 719 (6,940 ) — Investments 2,890 2,261 794 (5,945 ) — Goodwill and intangible assets 470 3,157 3,627 Property, plant and equipment, net 1 391 2,335 2,727 Other non-current assets 5 463 214 682 Total $ 2,891 $ 5,162 $ 5,885 $ 8,930 $ (12,928 ) $ 9,940 Liabilities and equity Current liabilities Short-term debt $ 67 $ 67 Current maturities of long-term debt $ 122 117 239 Accounts payable and accrued liabilities $ 10 18 $ 566 1,818 2,412 Intercompany payables 10 33 $ (43 ) — Total current liabilities 10 140 576 2,035 (43 ) 2,718 Long-term debt, excluding current maturities 2,408 391 2,494 5,293 Long-term intercompany debt 2,632 1,339 2,817 152 (6,940 ) — Postretirement and pension liabilities 354 366 720 Other non-current liabilities 306 350 656 Commitments and contingent liabilities Noncontrolling interests 304 304 Crown Holdings shareholders’ equity/(deficit) 249 1,275 1,441 3,229 (5,945 ) 249 Total equity/(deficit) 249 1,275 1,441 3,533 (5,945 ) 553 Total $ 2,891 $ 5,162 $ 5,885 $ 8,930 $ (12,928 ) $ 9,940 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/(deficit) 144 1,259 1,296 3,385 (5,940 ) 144 Total equity/(deficit) 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 Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (10 ) $ (66 ) $ (2 ) $ (323 ) (7 ) $ (408 ) Cash flows from investing activities Capital expenditures (21 ) (30 ) (51 ) Intercompany investing activities 150 150 $ (300 ) — Other 3 3 Net cash provided by/(used for) investing activities 150 — 129 (27 ) (300 ) (48 ) Cash flows from financing activities Proceeds from long-term debt 300 3 303 Payments of long-term debt (700 ) (9 ) (709 ) Net change in revolving credit facility and short-term debt 75 308 383 Net change in long-term intercompany balances (137 ) 335 (127 ) (71 ) — Debt issue costs (2 ) (2 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Dividends paid (307 ) 307 — Dividends paid to noncontrolling interests (8 ) (8 ) Foreign exchange derivatives related to debt 32 32 Net cash provided by/(used for) financing activities (140 ) 8 (127 ) (52 ) 307 (4 ) Effect of exchange rate changes on cash and cash equivalents — — Net change in cash and cash equivalents — (58 ) — (402 ) — (460 ) Cash and cash equivalents at January 1 104 613 717 Cash and cash equivalents at March 31 $ — $ 46 $ — $ 211 $ — $ 257 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (2 ) $ (42 ) $ 25 $ (268 ) $ (287 ) Cash flows from investing activities Capital expenditures (13 ) (39 ) (52 ) Purchase of business (1,206 ) (1,206 ) Proceeds from sale of business 21 21 Intercompany investing activities (1,006 ) 2 4 1,006 $ (6 ) — Other (9 ) (9 ) Net cash provided by/(used for) investing activities (1,006 ) 2 (9 ) (227 ) (6 ) (1,246 ) Cash flows from financing activities Proceeds from long-term debt 750 750 Payments of long-term debt (2 ) (39 ) (41 ) Net change in revolving credit facility and short-term debt 155 79 234 Net change in long-term intercompany balances 1,009 (953 ) (16 ) (40 ) — Common stock issued 3 3 Common stock repurchased (4 ) (4 ) Dividends paid (6 ) 6 — Dividends paid to noncontrolling interests (9 ) (9 ) Foreign exchange derivatives related to debt (8 ) (39 ) (47 ) Net cash provided by/(used for) financing activities 1,008 (58 ) (16 ) (54 ) 6 886 Effect of exchange rate changes on cash and cash equivalents (38 ) (38 ) Net change in cash and cash equivalents — (98 ) — (587 ) — (685 ) Cash and cash equivalents at January 1 128 837 965 Cash and cash equivalents at March 31 $ — $ 30 $ — $ 250 $ — $ 280 |
Acquisitions (Details)
Acquisitions (Details) - Empaque [Member] - USD ($) $ in Billions | Feb. 18, 2015 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Effective date of acquisition | Feb. 18, 2015 | |
Cash transaction value of acquisition | $ 1.2 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Components) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | $ (3,154) | $ (2,765) |
Other comprehensive income (loss) before reclassifications | 7 | (211) |
Amounts reclassified from accumulated other comprehensive income | 16 | 11 |
Other comprehensive income (loss) | 23 | (200) |
Balance at end of period | (3,131) | (2,965) |
Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | (1,690) | (1,781) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 13 | 11 |
Other comprehensive income (loss) | 13 | 11 |
Balance at end of period | (1,677) | (1,770) |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | (1,446) | (980) |
Other comprehensive income (loss) before reclassifications | 9 | (209) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income (loss) | 9 | (209) |
Balance at end of period | (1,437) | (1,189) |
Gains and Losses on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | (18) | (4) |
Other comprehensive income (loss) before reclassifications | (2) | (2) |
Amounts reclassified from accumulated other comprehensive income | 3 | 0 |
Other comprehensive income (loss) | 1 | (2) |
Balance at end of period | $ (17) | $ (6) |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Reclassification) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net sales | $ 1,893 | $ 1,997 | |
Cost of products sold | 1,521 | 1,660 | |
Income before income taxes | 137 | 99 | |
Provision for income taxes | (38) | (37) | |
Net income | 99 | 62 | |
Total (gains) losses on cash flow hedges | 16 | 11 | |
Gains and Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total (gains) losses on cash flow hedges | 3 | 0 | |
Amortization of Defined Benefit Plan Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total (gains) losses on cash flow hedges | 13 | 11 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net income | 16 | 11 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total (gains) losses on cash flow hedges | 3 | 0 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Commodities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of products sold | 7 | (1) | |
Income before income taxes | 7 | (1) | |
Provision for income taxes | (2) | 0 | |
Net income | 5 | (1) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Foreign Exchange [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net sales | 2 | 0 | |
Cost of products sold | (4) | 1 | |
Income before income taxes | (2) | 1 | |
Provision for income taxes | 0 | 0 | |
Net income | (2) | 1 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Defined Benefit Plan Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income before income taxes | 16 | 15 | |
Provision for income taxes | (3) | (4) | |
Net income | 13 | 11 | |
Actuarial losses | [1] | 29 | 27 |
Prior service credit | [1] | $ (13) | $ (12) |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement cost. See Note N for further details. |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) - shares | 1 Months Ended | 3 Months Ended |
Jan. 31, 2016 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested stock awards outstanding at beginning of period (in shares) | 1,778,275 | 1,778,275 |
Nonvested stock awards outstanding at end of period (in shares) | 1,602,834 | |
Time Vested Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Awarded (in shares) | 70,396 | |
Released (in shares) | (131,462) | |
Forfeitures (in shares) | (4,800) | |
Performance-Based Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Awarded (in shares) | 133,676 | 133,676 |
Released (in shares) | (90,003) | |
Forfeitures (in shares) | (153,248) |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2016 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 44 | |
Cost expected to be recognized, weighted average period (in years) | 2 years 4 months | |
Time Vested Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares awarded to certain senior executives | 70,396 | |
Award term | ratably over three years | |
Vesting period (in years) for shares awarded | 3 years | |
Performance-Based Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award term | cliff vest at the end of three years | |
Number of performance-based shares awarded to certain senior executives | 133,676 | 133,676 |
Vesting period (in years) for shares awarded | 3 years | |
Level of market performance achieved based on shares awarded, minimum (as a percent) | 0.00% | |
Level of market performance achieved based on shares awarded, maximum (as a percent) | 200.00% | |
Weighted average grant-date fair value | $ 51.05 | |
Method used for calculation of performance of share | Monte Carlo | |
Weighted average stock price volatility | 19.80% | |
Expected term (in years) | 3 years | |
Risk free interest rate | 1.22% | |
Time Vested Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of performance-based shares awarded to certain senior executives | 70,396 | |
Weighted average grant-date fair value | $ 48.47 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate market value of shares released and issued | $ 11 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Accounts receivable | $ 867 | $ 827 |
Less: allowance for doubtful accounts | (86) | (83) |
Net trade receivables | 781 | 744 |
Miscellaneous receivables | 199 | 168 |
Receivables, net | 980 | $ 912 |
North American Facility [Member] | ||
Deferred purchase price | $ 138 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory, Gross [Abstract] | ||
Raw materials and supplies | $ 640 | $ 599 |
Work in process | 152 | 129 |
Finished goods | 621 | 485 |
Total inventories | $ 1,413 | $ 1,213 |
Derivative and Other Financia44
Derivative and Other Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Objective 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 | 31 months | |
Loss expected to be reclassified to earnings | $ (17,000,000) | |
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 | |
Accumulated Other Comprehensive Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on net investment hedge settlements | (45,000,000) | |
Loss on net investment hedge settlements, net of tax | 34,000,000 | |
Commodities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain on cash flow hedge ineffectiveness | 1,000,000 | 2,000,000 |
Gain on cash flow hedge ineffectiveness, net of tax | 2,000,000 | |
Gain on commodity hedge ineffectiveness (less than) | 1,000,000 | |
Foreign Exchange [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on foreign exchange contracts designated as fair value hedges | (1,000,000) | (2,000,000) |
Gain (loss) on foreign exchange contracts not designated as fair value hedges | $ 21,000,000 | $ (48,000,000) |
Derivative and Other Financia45
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 | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | $ (2) | $ (2) |
Amount of gain/(loss) reclassified from AOCI into earnings | (3) | 0 |
Foreign Exchange [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | 0 | 0 |
Amount of gain/(loss) reclassified from AOCI into earnings | 2 | (1) |
Commodities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | (2) | (2) |
Amount of gain/(loss) reclassified from AOCI into earnings | $ (5) | $ 1 |
Derivative and Other Financia46
Derivative and Other Financial Instruments (Fair Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative assets | ||
Total | $ 53 | $ 42 |
Derivative liabilities | ||
Total | 67 | 52 |
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | Foreign Exchange [Member] | Designated as Hedging Instrument [Member] | ||
Derivative assets | ||
Derivatives designated as hedges, Foreign exchange | 46 | 32 |
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | Commodities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 4 | 5 |
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | Commodities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 2 | 3 |
Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Assets [Member] | Commodities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 1 | 2 |
Fair Value, Inputs, Level 2 [Member] | Accounts Payable and Accrued Liabilities [Member] | Foreign Exchange [Member] | ||
Derivative liabilities | ||
Derivatives not designated as hedges, Foreign exchange | 3 | 2 |
Fair Value, Inputs, Level 2 [Member] | Accounts Payable and Accrued Liabilities [Member] | Foreign Exchange [Member] | Designated as Hedging Instrument [Member] | ||
Derivative liabilities | ||
Derivatives designated as hedges, Foreign exchange | 35 | 14 |
Fair Value, Inputs, Level 2 [Member] | Accounts Payable and Accrued Liabilities [Member] | Commodities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative liabilities | ||
Derivatives designated as hedges, Commodities | 21 | 26 |
Fair Value, Inputs, Level 2 [Member] | Accounts Payable and Accrued Liabilities [Member] | Commodities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative liabilities | ||
Derivatives designated as hedges, Commodities | 4 | 5 |
Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Liabilities [Member] | Commodities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative liabilities | ||
Derivatives designated as hedges, Commodities | $ 4 | $ 5 |
Derivative and Other Financia47
Derivative and Other Financial Instruments (Offsetting of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized in the Balance Sheet, Derivative Assets | $ 53 | $ 42 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Assets | 9 | 9 |
Net Amount, Derivative Assets | 44 | 33 |
Gross Amounts Recognized in the Balance Sheet, Derivative Liabilities | 67 | 52 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Liabilities | 9 | 9 |
Net Amount, Derivative Liabilities | $ 58 | $ 43 |
Derivative and Other Financia48
Derivative and Other Financial Instruments (Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 601 | $ 674 |
Foreign Exchange [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 963 | 922 |
Foreign Exchange [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 97 | 125 |
Commodities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 56 | 57 |
Commodities [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 287 | $ 324 |
Restructuring and Other (Narrat
Restructuring and Other (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)employeefacility | Dec. 31, 2015USD ($) | |
2015 European Division Actions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of facilities closed | facility | 2 | |
Restructuring accrual | $ 17 | $ 17 |
2011 and 2012 Actions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring accrual | 12 | |
Termination Benefits [Member] | 2015 European Division Actions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 17 | |
Reduction in number of employees | employee | 280 | |
Restructuring and related cost, expected cost to incur | $ 12 | |
Restructuring accrual | $ 17 | $ 17 |
Restructuring and Other (Restru
Restructuring and Other (Restructuring Charges by Action/Type) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Reserve [Abstract] | ||
Asset impairments and sales | $ (2) | $ 6 |
Transaction costs | 0 | 14 |
Other costs | 4 | 0 |
Restructuring and other | $ 2 | $ 20 |
Restructuring and Other (Compon
Restructuring and Other (Components of Outstanding Restructuring Reserve and Movements) (Details) - 2015 European Division Actions [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | $ 17 |
Provision | 0 |
Balance at end of period | 17 |
Termination Benefits [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | 17 |
Provision | 0 |
Balance at end of period | 17 |
Other Exit Costs [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance at beginning of period | 0 |
Provision | 0 |
Balance at end of period | $ 0 |
Debt (Summary of Outstanding De
Debt (Summary of Outstanding Debt) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016EUR (€) | Mar. 31, 2016USD ($) | Feb. 29, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||
Short-term debt | $ 67 | $ 54 | ||
Principal outstanding | ||||
Total long-term debt | 5,589 | 5,528 | ||
Less: current maturities | (241) | (211) | ||
Total long-term debt, less current maturities | 5,348 | 5,317 | ||
Carrying amount | ||||
Total long-term debt | 5,532 | 5,464 | ||
Less: current maturities | (239) | (209) | ||
Total long-term debt, less current maturities | 5,293 | 5,255 | ||
Line of Credit [Member] | ||||
Principal outstanding | ||||
Total long-term debt | 369 | 0 | ||
Carrying amount | ||||
Total long-term debt | 369 | 0 | ||
Senior Secured Borrowings [Member] | U.S. Dollar at LIBOR plus 1.75% due 2018 [Member] | ||||
Principal outstanding | ||||
Total long-term debt | 1,131 | 831 | ||
Carrying amount | ||||
Total long-term debt | 1,120 | 821 | ||
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 | 757 | 723 | ||
Carrying amount | ||||
Total long-term debt | 749 | 714 | ||
Basis spread on variable rate (as a percent) | 1.75% | |||
Debt instrument, face amount | € | € 665,000,000 | |||
Senior Secured Borrowings [Member] | Farm Credit Facility at LIBOR Plus 2.00% due 2019 [Member] | ||||
Principal outstanding | ||||
Total long-term debt | 355 | 355 | ||
Carrying amount | ||||
Total long-term debt | 350 | 350 | ||
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 | 0 | $ 700 | 700 | |
Carrying amount | ||||
Total long-term debt | $ 0 | 694 | ||
Debt instrument stated percentage | 6.25% | 6.25% | 6.25% | |
Senior Notes and Debentures [Member] | Euro 4.0% due 2022 [Member] | ||||
Principal outstanding | ||||
Total long-term debt | $ 740 | 706 | ||
Carrying amount | ||||
Total long-term debt | $ 731 | 697 | ||
Debt instrument stated percentage | 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 | $ 990 | 989 | ||
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 | $ 683 | 652 | ||
Carrying amount | ||||
Total long-term debt | $ 673 | 642 | ||
Debt instrument stated percentage | 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 | 45 | ||
Carrying amount | ||||
Total long-term debt | $ 45 | 45 | ||
Debt instrument stated percentage | 7.50% | 7.50% | ||
Other Indebtedness, Fixed Rate [Member] | ||||
Principal outstanding | ||||
Total long-term debt | $ 159 | 166 | ||
Carrying amount | ||||
Total long-term debt | $ 159 | $ 166 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Proceeds from long-term debt | $ 303 | $ 750 | ||
Debt issued | 5,589 | $ 5,528 | ||
Loss from early extinguishments of debt | 27 | $ 0 | ||
Senior Secured Borrowings [Member] | U.S. Dollar at LIBOR plus 1.75% due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from long-term debt | $ 300 | |||
Debt issued | 1,131 | 831 | ||
Senior Notes and Debentures [Member] | U.S. Dollar 6.25% due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issued | $ 700 | $ 0 | 700 | |
Debt instrument stated percentage | 6.25% | 6.25% | ||
Loss from early extinguishments of debt | $ 27 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, fair value | $ 5,711 | $ 5,540 |
Asbestos-Related Liabilities (N
Asbestos-Related Liabilities (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015 | |
Liability for Asbestos and Environmental Claims [Abstract] | ||
Holding period for insulation operations (in days) | 90 days | |
Liability for asbestos and environmental claims net claims paid | $ 3 | |
Inactive claims (in claims) | 19,000 | |
Accrued asbestos claims and related legal costs | $ 266 | |
Unasserted claims | $ 221 | |
Percentage of claims that do not specify damages | 82.00% |
Asbestos-Related Liabilities (S
Asbestos-Related Liabilities (Summary of Claims Activity) (Details) | 3 Months Ended |
Mar. 31, 2016Claim | |
Loss Contingency Accrual [Roll Forward] | |
Beginning claims | 54,500 |
New claims | 1,000 |
Settlements or dismissals | (500) |
Ending claims | 55,000 |
Asbestos-Related Liabilities 56
Asbestos-Related Liabilities (Summary of Outstanding Claims by Year of Exposure and State Filed) (Details) - Claim | Mar. 31, 2016 | Dec. 31, 2015 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 55,000 | 54,500 |
Asbestos After 1964 [Member] | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 16,000 | |
Texas [Member] | Asbestos Before Or During 1964 [Member] | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 13,000 | |
Pennsylvania [Member] | Asbestos Before Or During 1964 [Member] | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 2,000 | |
Other States That Have Enacted Asbestos Legislation [Member] | Asbestos Before Or During 1964 [Member] | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 6,000 | |
Other States [Member] | Asbestos Before Or During 1964 [Member] | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 17,500 |
Asbestos-Related Liabilities 57
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 |
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 Li58
Commitments and Contingent Liabilities (Details) $ in Millions | Mar. 31, 2016USD ($) |
Indemnification Agreement [Member] | |
Commitments And Contingent Liabilities [Line Items] | |
Maximum potential amount of future liability | $ 7 |
Property Lease Guarantee [Member] | |
Commitments And Contingent Liabilities [Line Items] | |
Guarantees related to residual values of leased assets | 23 |
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 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Crown Holdings | $ 79 | $ 44 |
Weighted average shares outstanding: | ||
Basic (in shares) | 138.1 | 137.7 |
Add: dilutive stock options and restricted stock (in shares) | 0.9 | 1.3 |
Diluted (in shares) | 139 | 139 |
Basic earnings per share (in usd per share) | $ 0.57 | $ 0.32 |
Diluted earnings per share (in usd per share) | $ 0.57 | $ 0.32 |
Shares excluded from the computation of diluted earnings per share | 0.4 | 0.1 |
Pension and Other Postretirem60
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension settlement charge | $ (3) | |
Pension Benefits - U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | $ 5 |
Interest cost | 13 | 16 |
Expected return on plan assets | (23) | (25) |
Recognized net loss | 12 | 12 |
Net periodic cost | 6 | 8 |
Pension Benefits - Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 6 | 5 |
Interest cost | 26 | 30 |
Expected return on plan assets | (41) | (42) |
Recognized prior service credit | (3) | (3) |
Recognized net loss | 13 | 13 |
Net periodic cost | 1 | 3 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 1 | 2 |
Recognized prior service credit | (10) | (8) |
Recognized net loss | 1 | 1 |
Net periodic cost | $ (8) | $ (5) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Statutory income tax rate | 35.00% | 35.00% |
U.S. statutory rate at 35% | $ 48 | $ 35 |
Tax on foreign income | (14) | (12) |
Tax contingencies | 0 | 7 |
Valuation allowance | 2 | 3 |
Non-deductible impairment charge | 0 | 1 |
Other items, net | 2 | 3 |
Income tax provision | $ 38 | $ 37 |
Segment Information (Informatio
Segment Information (Information about Operating Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Total, external sales | $ 1,893 | $ 1,997 |
Segment Income of reportable segments | $ 219 | 168 |
Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment reporting, description of all other segments | The primary sources of revenue included in non-reportable segments are the Company's aerosol can businesses in North America and Europe, the Company's specialty packaging business in Europe and the Company's tooling and equipment operations in the U.S. and United Kingdom. | |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | $ 1,779 | 1,842 |
Segment Income of reportable segments | 246 | 224 |
Operating Segments [Member] | Americas Beverage [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 643 | 617 |
Segment Income of reportable segments | 104 | 85 |
Operating Segments [Member] | North America Food [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 146 | 160 |
Segment Income of reportable segments | 12 | 24 |
Operating Segments [Member] | European Beverage [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 315 | 324 |
Segment Income of reportable segments | 46 | 38 |
Operating Segments [Member] | European Food [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 398 | 431 |
Segment Income of reportable segments | 49 | 42 |
Operating Segments [Member] | Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 277 | 310 |
Segment Income of reportable segments | 35 | 35 |
Segment Reconciling Items [Member] | Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 114 | 155 |
Segment Income of reportable segments | 13 | 17 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 56 | 76 |
Intersegment Eliminations [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 38 | 49 |
Intersegment Eliminations [Member] | Americas Beverage [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 15 | 21 |
Intersegment Eliminations [Member] | North America Food [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 6 | 1 |
Intersegment Eliminations [Member] | European Beverage [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 1 | 0 |
Intersegment Eliminations [Member] | European Food [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 16 | 27 |
Intersegment Eliminations [Member] | Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 0 | 0 |
Intersegment Eliminations [Member] | Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | $ 18 | $ 27 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | $ 219 | $ 168 |
Restructuring and other | (2) | (20) |
Interest expense | (64) | (65) |
Interest income | 3 | 2 |
Foreign exchange | 6 | (6) |
Income before income taxes and equity earnings | 137 | 99 |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 246 | 224 |
Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Restructuring and other | (2) | (20) |
Loss from early extinguishments of debt | (27) | 0 |
Interest expense | (64) | (65) |
Interest income | 3 | 2 |
Foreign exchange | 6 | (6) |
Segment Reconciling Items [Member] | Other Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 13 | 17 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Corporate and unallocated items | $ (38) | $ (53) |
Condensed Combining Financial64
Condensed Combining Financial Information (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Crown Cork & Seal Company Inc [Member] | |
Ownership percentage | 100.00% |
Crown Cork & Seal Company Inc [Member] | U.S. Dollar 7.375% due 2026 [Member] | |
Principal amount | $ 350 |
Debt instrument stated percentage | 7.375% |
Crown Cork & Seal Company Inc [Member] | U.S. Dollar 7.50% due 2096 [Member] | |
Principal amount | $ 45 |
Debt instrument stated percentage | 7.50% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | |
Ownership percentage | 100.00% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | U.S. Dollar 4.50% due 2023 [Member] | |
Principal amount | $ 1,000 |
Debt instrument stated percentage | 4.50% |
Condensed Combining Financial65
Condensed Combining Financial Information (Condensed Combining Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net sales | $ 1,893 | $ 1,997 |
Cost of products sold, excluding depreciation and amortization | 1,521 | 1,660 |
Depreciation and amortization | 60 | 51 |
Selling and administrative expense | 91 | 98 |
Restructuring and other | 2 | 20 |
Income from operations | 219 | 168 |
Loss from early extinguishments of debt | 27 | 0 |
Foreign exchange | (6) | 6 |
Income before income taxes | 137 | 99 |
Provision for income taxes | 38 | 37 |
Net income | 99 | 62 |
Net income attributable to noncontrolling interests | (20) | (18) |
Net income attributable to Crown Holdings | 79 | 44 |
Comprehensive income | 123 | (140) |
Comprehensive income attributable to Crown Holdings | 102 | (156) |
Crown Cork & Seal Company Inc [Member] | ||
Net sales | 1,893 | 1,997 |
Cost of products sold, excluding depreciation and amortization | 1,521 | 1,660 |
Depreciation and amortization | 60 | 51 |
Selling and administrative expense | 91 | 98 |
Restructuring and other | 2 | 20 |
Income from operations | 219 | 168 |
Loss from early extinguishments of debt | 27 | |
Net interest expense | 61 | 63 |
Foreign exchange | (6) | 6 |
Income before income taxes | 137 | 99 |
Provision for income taxes | 38 | 37 |
Equity earnings / (loss) in affiliates | 0 | 0 |
Net income | 99 | 62 |
Net income attributable to noncontrolling interests | (20) | (18) |
Net income attributable to Crown Holdings | 79 | 44 |
Comprehensive income | 123 | (140) |
Comprehensive income attributable to noncontrolling interests | (21) | (16) |
Comprehensive income attributable to Crown Holdings | 102 | (156) |
Crown Cork & Seal Company Inc [Member] | Parent [Member] | ||
Equity earnings / (loss) in affiliates | 79 | 44 |
Net income | 79 | 44 |
Net income attributable to Crown Holdings | 79 | 44 |
Comprehensive income | 102 | (156) |
Comprehensive income attributable to Crown Holdings | 102 | (156) |
Crown Cork & Seal Company Inc [Member] | Issuer [Member] | ||
Selling and administrative expense | 2 | 2 |
Income from operations | $ (2) | (2) |
Loss from early extinguishments of debt | ||
Net interest expense | $ 27 | 26 |
Foreign exchange | ||
Income before income taxes | $ (29) | (28) |
Provision for income taxes | (7) | (1) |
Equity earnings / (loss) in affiliates | 77 | 57 |
Net income | 55 | 30 |
Net income attributable to Crown Holdings | 55 | 30 |
Comprehensive income | 145 | (78) |
Comprehensive income attributable to Crown Holdings | 145 | (78) |
Crown Cork & Seal Company Inc [Member] | Non-Guarantors [Member] | ||
Net sales | 1,893 | 1,997 |
Cost of products sold, excluding depreciation and amortization | 1,521 | 1,660 |
Depreciation and amortization | 60 | 51 |
Selling and administrative expense | 89 | 96 |
Restructuring and other | 2 | 20 |
Income from operations | 221 | 170 |
Loss from early extinguishments of debt | 27 | |
Net interest expense | 34 | 37 |
Foreign exchange | (6) | 6 |
Income before income taxes | 166 | 127 |
Provision for income taxes | 45 | 38 |
Net income | 121 | 89 |
Net income attributable to noncontrolling interests | (20) | (18) |
Net income attributable to Crown Holdings | 101 | 71 |
Comprehensive income | 145 | (113) |
Comprehensive income attributable to noncontrolling interests | (21) | (16) |
Comprehensive income attributable to Crown Holdings | 124 | (129) |
Crown Cork & Seal Company Inc [Member] | Eliminations [Member] | ||
Equity earnings / (loss) in affiliates | (156) | (101) |
Net income | (156) | (101) |
Net income attributable to Crown Holdings | (156) | (101) |
Comprehensive income | (269) | 207 |
Comprehensive income attributable to Crown Holdings | (269) | 207 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||
Net sales | 1,893 | 1,997 |
Cost of products sold, excluding depreciation and amortization | 1,521 | 1,660 |
Depreciation and amortization | 60 | 51 |
Selling and administrative expense | 91 | 98 |
Restructuring and other | 2 | 20 |
Income from operations | 219 | 168 |
Loss from early extinguishments of debt | 27 | |
Net interest expense | 61 | 63 |
Foreign exchange | (6) | 6 |
Income before income taxes | 137 | 99 |
Provision for income taxes | 38 | 37 |
Equity earnings / (loss) in affiliates | 0 | 0 |
Net income | 99 | 62 |
Net income attributable to noncontrolling interests | (20) | (18) |
Net income attributable to Crown Holdings | 79 | 44 |
Comprehensive income | 123 | (140) |
Comprehensive income attributable to noncontrolling interests | (21) | (16) |
Comprehensive income attributable to Crown Holdings | 102 | (156) |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ||
Equity earnings / (loss) in affiliates | 79 | 44 |
Net income | 79 | 44 |
Net income attributable to Crown Holdings | 79 | 44 |
Comprehensive income | 102 | (156) |
Comprehensive income attributable to Crown Holdings | 102 | (156) |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ||
Selling and administrative expense | 3 | 2 |
Income from operations | (3) | (2) |
Loss from early extinguishments of debt | 27 | |
Net interest expense | 20 | 20 |
Foreign exchange | 32 | |
Income before income taxes | (82) | (22) |
Provision for income taxes | (31) | (8) |
Equity earnings / (loss) in affiliates | 64 | 50 |
Net income | 13 | 36 |
Net income attributable to Crown Holdings | 13 | 36 |
Comprehensive income | 16 | 40 |
Comprehensive income attributable to Crown Holdings | 16 | 40 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ||
Net sales | 447 | 486 |
Cost of products sold, excluding depreciation and amortization | 363 | 387 |
Depreciation and amortization | 8 | 8 |
Selling and administrative expense | 35 | 42 |
Restructuring and other | 4 | |
Income from operations | 37 | 49 |
Net interest expense | 22 | 23 |
Technology royalty | (9) | (9) |
Income before income taxes | 24 | 35 |
Provision for income taxes | 14 | 23 |
Equity earnings / (loss) in affiliates | 45 | 18 |
Net income | 55 | 30 |
Net income attributable to Crown Holdings | 55 | 30 |
Comprehensive income | 145 | (78) |
Comprehensive income attributable to Crown Holdings | 145 | (78) |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantors [Member] | ||
Net sales | 1,446 | 1,511 |
Cost of products sold, excluding depreciation and amortization | 1,158 | 1,273 |
Depreciation and amortization | 52 | 43 |
Selling and administrative expense | 53 | 54 |
Restructuring and other | (2) | 20 |
Income from operations | 185 | 121 |
Net interest expense | 19 | 20 |
Technology royalty | 9 | 9 |
Foreign exchange | (6) | 6 |
Income before income taxes | 163 | 86 |
Provision for income taxes | 44 | 22 |
Net income | 119 | 64 |
Net income attributable to noncontrolling interests | (20) | (18) |
Net income attributable to Crown Holdings | 99 | 46 |
Comprehensive income | 172 | (142) |
Comprehensive income attributable to noncontrolling interests | (21) | (16) |
Comprehensive income attributable to Crown Holdings | 151 | (158) |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | ||
Foreign exchange | (32) | |
Income before income taxes | 32 | |
Provision for income taxes | 11 | |
Equity earnings / (loss) in affiliates | (188) | (112) |
Net income | (167) | (112) |
Net income attributable to Crown Holdings | (167) | (112) |
Comprehensive income | (312) | 196 |
Comprehensive income attributable to Crown Holdings | $ (312) | $ 196 |
Condensed Combining Financial66
Condensed Combining Financial Information (Condensed Combining Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | $ 257 | $ 717 | $ 280 | $ 965 |
Receivables, net | 980 | 912 | ||
Inventories | 1,413 | 1,213 | ||
Prepaid expenses and other current assets | 254 | 207 | ||
Total current assets | 2,904 | 3,049 | ||
Goodwill and intangible assets, net | 3,627 | 3,580 | ||
Property, plant and equipment, net | 2,727 | 2,699 | ||
Other non-current assets | 682 | 692 | ||
Total | 9,940 | 10,020 | ||
Short-term debt | 67 | 54 | ||
Current maturities of long-term debt | 239 | 209 | ||
Accounts payable and accrued liabilities | 2,412 | 2,645 | ||
Total current liabilities | 2,718 | 2,908 | ||
Long-term debt, excluding current maturities | 5,293 | 5,255 | ||
Postretirement and pension liabilities | 720 | 767 | ||
Other non-current liabilities | $ 656 | $ 655 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | $ 304 | $ 291 | ||
Crown Holdings shareholders’ equity/(deficit) | 249 | 144 | ||
Total equity/(deficit) | 553 | 435 | 248 | 387 |
Total | 9,940 | 10,020 | ||
Crown Cork & Seal Company Inc [Member] | ||||
Cash and cash equivalents | 257 | 717 | 280 | 965 |
Receivables, net | 980 | 912 | ||
Inventories | 1,413 | 1,213 | ||
Prepaid expenses and other current assets | 254 | 207 | ||
Total current assets | 2,904 | 3,049 | ||
Goodwill and intangible assets, net | 3,627 | 3,580 | ||
Property, plant and equipment, net | 2,727 | 2,699 | ||
Other non-current assets | 682 | 692 | ||
Total | 9,940 | 10,020 | ||
Short-term debt | 67 | 54 | ||
Current maturities of long-term debt | 239 | 209 | ||
Accounts payable and accrued liabilities | 2,412 | 2,645 | ||
Total current liabilities | 2,718 | 2,908 | ||
Long-term debt, excluding current maturities | 5,293 | 5,255 | ||
Long-term intercompany debt | 0 | |||
Postretirement and pension liabilities | 720 | 767 | ||
Other non-current liabilities | $ 656 | $ 655 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | $ 304 | $ 291 | ||
Crown Holdings shareholders’ equity/(deficit) | 249 | 144 | ||
Total equity/(deficit) | 553 | 435 | ||
Total | 9,940 | 10,020 | ||
Crown Cork & Seal Company Inc [Member] | Parent [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Prepaid expenses and other current assets | 1 | |||
Total current assets | 1 | |||
Investments | 2,890 | 2,937 | ||
Total | 2,891 | 2,937 | ||
Accounts payable and accrued liabilities | 10 | 24 | ||
Total current liabilities | 10 | 24 | ||
Long-term intercompany debt | 2,632 | 2,769 | ||
Crown Holdings shareholders’ equity/(deficit) | 249 | 144 | ||
Total equity/(deficit) | 249 | 144 | ||
Total | 2,891 | 2,937 | ||
Crown Cork & Seal Company Inc [Member] | Issuer [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Prepaid expenses and other current assets | 2 | 2 | ||
Total current assets | 2 | 2 | ||
Investments | 2,653 | 2,490 | ||
Other non-current assets | 430 | 430 | ||
Total | 3,085 | 2,922 | ||
Accounts payable and accrued liabilities | 41 | 41 | ||
Total current liabilities | 41 | 41 | ||
Long-term debt, excluding current maturities | 391 | 391 | ||
Long-term intercompany debt | 916 | 885 | ||
Other non-current liabilities | 296 | 309 | ||
Crown Holdings shareholders’ equity/(deficit) | 1,441 | 1,296 | ||
Total equity/(deficit) | 1,441 | 1,296 | ||
Total | 3,085 | 2,922 | ||
Crown Cork & Seal Company Inc [Member] | Non-Guarantors [Member] | ||||
Cash and cash equivalents | 257 | 717 | 280 | 965 |
Receivables, net | 980 | 912 | ||
Inventories | 1,413 | 1,213 | ||
Prepaid expenses and other current assets | 251 | 205 | ||
Total current assets | 2,901 | 3,047 | ||
Intercompany debt receivables | 3,548 | 3,654 | ||
Goodwill and intangible assets, net | 3,627 | 3,580 | ||
Property, plant and equipment, net | 2,727 | 2,699 | ||
Other non-current assets | 252 | 262 | ||
Total | 13,055 | 13,242 | ||
Short-term debt | 67 | 54 | ||
Current maturities of long-term debt | 239 | 209 | ||
Accounts payable and accrued liabilities | 2,361 | 2,580 | ||
Total current liabilities | 2,667 | 2,843 | ||
Long-term debt, excluding current maturities | 4,902 | 4,864 | ||
Postretirement and pension liabilities | 720 | 767 | ||
Other non-current liabilities | 360 | 346 | ||
Noncontrolling interests | 304 | 291 | ||
Crown Holdings shareholders’ equity/(deficit) | 4,102 | 4,131 | ||
Total equity/(deficit) | 4,406 | 4,422 | ||
Total | 13,055 | 13,242 | ||
Crown Cork & Seal Company Inc [Member] | Eliminations [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Intercompany debt receivables | (3,548) | (3,654) | ||
Investments | (5,543) | (5,427) | ||
Total | (9,091) | (9,081) | ||
Long-term intercompany debt | (3,548) | (3,654) | ||
Crown Holdings shareholders’ equity/(deficit) | (5,543) | (5,427) | ||
Total equity/(deficit) | (5,543) | (5,427) | ||
Total | (9,091) | (9,081) | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||||
Cash and cash equivalents | 257 | 717 | 280 | 965 |
Receivables, net | 980 | 912 | ||
Intercompany receivables | 0 | |||
Inventories | 1,413 | 1,213 | ||
Prepaid expenses and other current assets | 254 | 207 | ||
Total current assets | 2,904 | 3,049 | ||
Intercompany debt receivables | 0 | |||
Investments | 0 | |||
Goodwill and intangible assets, net | 3,627 | 3,580 | ||
Property, plant and equipment, net | 2,727 | 2,699 | ||
Other non-current assets | 682 | 692 | ||
Total | 9,940 | 10,020 | ||
Short-term debt | 67 | 54 | ||
Current maturities of long-term debt | 239 | 209 | ||
Accounts payable and accrued liabilities | 2,412 | 2,645 | ||
Total current liabilities | 2,718 | 2,908 | ||
Long-term debt, excluding current maturities | 5,293 | 5,255 | ||
Long-term intercompany debt | 0 | |||
Postretirement and pension liabilities | 720 | 767 | ||
Other non-current liabilities | $ 656 | $ 655 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | $ 304 | $ 291 | ||
Crown Holdings shareholders’ equity/(deficit) | 249 | 144 | ||
Total equity/(deficit) | 553 | 435 | ||
Total | 9,940 | $ 10,020 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Prepaid expenses and other current assets | 1 | |||
Total current assets | 1 | |||
Investments | 2,890 | $ 2,937 | ||
Total | 2,891 | 2,937 | ||
Accounts payable and accrued liabilities | 10 | 24 | ||
Total current liabilities | 10 | 24 | ||
Long-term intercompany debt | 2,632 | 2,769 | ||
Crown Holdings shareholders’ equity/(deficit) | 249 | 144 | ||
Total equity/(deficit) | 249 | 144 | ||
Total | 2,891 | 2,937 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ||||
Cash and cash equivalents | 46 | 104 | 30 | 128 |
Prepaid expenses and other current assets | 2 | 2 | ||
Total current assets | 48 | 106 | ||
Intercompany debt receivables | 2,847 | 3,111 | ||
Investments | 2,261 | 2,199 | ||
Property, plant and equipment, net | 1 | 1 | ||
Other non-current assets | 5 | 6 | ||
Total | 5,162 | 5,423 | ||
Current maturities of long-term debt | 122 | 90 | ||
Accounts payable and accrued liabilities | 18 | 47 | ||
Total current liabilities | 140 | 137 | ||
Long-term debt, excluding current maturities | 2,408 | 2,759 | ||
Long-term intercompany debt | 1,339 | 1,268 | ||
Crown Holdings shareholders’ equity/(deficit) | 1,275 | 1,259 | ||
Total equity/(deficit) | 1,275 | 1,259 | ||
Total | 5,162 | 5,423 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ||||
Cash and cash equivalents | 0 | |||
Receivables, net | 7 | 23 | ||
Intercompany receivables | 33 | 30 | ||
Inventories | 343 | 291 | ||
Prepaid expenses and other current assets | 10 | 7 | ||
Total current assets | 393 | 351 | ||
Intercompany debt receivables | 3,374 | 3,471 | ||
Investments | 794 | 804 | ||
Goodwill and intangible assets, net | 470 | 471 | ||
Property, plant and equipment, net | 391 | 390 | ||
Other non-current assets | 463 | 457 | ||
Total | 5,885 | 5,944 | ||
Accounts payable and accrued liabilities | 566 | 526 | ||
Intercompany payables | 10 | 2 | ||
Total current liabilities | 576 | 528 | ||
Long-term debt, excluding current maturities | 391 | 391 | ||
Long-term intercompany debt | 2,817 | 3,041 | ||
Postretirement and pension liabilities | 354 | 377 | ||
Other non-current liabilities | 306 | 311 | ||
Crown Holdings shareholders’ equity/(deficit) | 1,441 | 1,296 | ||
Total equity/(deficit) | 1,441 | 1,296 | ||
Total | 5,885 | 5,944 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantors [Member] | ||||
Cash and cash equivalents | 211 | 613 | 250 | $ 837 |
Receivables, net | 973 | 889 | ||
Intercompany receivables | 10 | 2 | ||
Inventories | 1,070 | 922 | ||
Prepaid expenses and other current assets | 241 | 198 | ||
Total current assets | 2,505 | 2,624 | ||
Intercompany debt receivables | 719 | 681 | ||
Goodwill and intangible assets, net | 3,157 | 3,109 | ||
Property, plant and equipment, net | 2,335 | 2,308 | ||
Other non-current assets | 214 | 229 | ||
Total | 8,930 | 8,951 | ||
Short-term debt | 67 | 54 | ||
Current maturities of long-term debt | 117 | 119 | ||
Accounts payable and accrued liabilities | 1,818 | 2,048 | ||
Intercompany payables | 33 | 30 | ||
Total current liabilities | 2,035 | 2,251 | ||
Long-term debt, excluding current maturities | 2,494 | 2,105 | ||
Long-term intercompany debt | 152 | 185 | ||
Postretirement and pension liabilities | 366 | 390 | ||
Other non-current liabilities | 350 | 344 | ||
Noncontrolling interests | 304 | 291 | ||
Crown Holdings shareholders’ equity/(deficit) | 3,229 | 3,385 | ||
Total equity/(deficit) | 3,533 | 3,676 | ||
Total | 8,930 | 8,951 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | ||||
Cash and cash equivalents | 0 | $ 0 | ||
Intercompany receivables | (43) | (32) | ||
Total current assets | (43) | (32) | ||
Intercompany debt receivables | (6,940) | (7,263) | ||
Investments | (5,945) | (5,940) | ||
Total | (12,928) | (13,235) | ||
Intercompany payables | (43) | (32) | ||
Total current liabilities | (43) | (32) | ||
Long-term intercompany debt | (6,940) | (7,263) | ||
Crown Holdings shareholders’ equity/(deficit) | (5,945) | (5,940) | ||
Total equity/(deficit) | (5,945) | (5,940) | ||
Total | $ (12,928) | $ (13,235) |
Condensed Combining Financial67
Condensed Combining Financial Information (Condensed Combining Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net cash provided by/(used for) operating activities | $ (408) | $ (287) |
Capital expenditures | (51) | (52) |
Purchase of business | 0 | (1,206) |
Proceeds from sale of business | 0 | 21 |
Other | 3 | (9) |
Net cash used for investing activities | (48) | (1,246) |
Proceeds from long-term debt | 303 | 750 |
Payments of long-term debt | (709) | (41) |
Net change in revolving credit facility and short-term debt | 383 | 234 |
Debt issue costs | (2) | (8) |
Common stock issued | 1 | 3 |
Common stock repurchased | (4) | (4) |
Dividends paid to noncontrolling interests | (8) | (9) |
Foreign exchange derivatives related to debt | 32 | (39) |
Net cash (used for)/provided by financing activities | (4) | 886 |
Effect of exchange rate changes on cash and cash equivalents | 0 | (38) |
Net change in cash and cash equivalents | (460) | (685) |
Cash and cash equivalents at beginning of period | 717 | 965 |
Cash and cash equivalents at end of period | 257 | 280 |
Crown Cork & Seal Company Inc [Member] | ||
Net cash provided by/(used for) operating activities | (408) | (287) |
Capital expenditures | (51) | (52) |
Purchase of business | (1,206) | |
Proceeds from sale of business | 21 | |
Intercompany investing activities | 0 | |
Other | 3 | (9) |
Net cash used for investing activities | (48) | (1,246) |
Proceeds from long-term debt | 303 | 750 |
Payments of long-term debt | (709) | (41) |
Net change in revolving credit facility and short-term debt | 383 | 234 |
Net change in long-term intercompany balances | 0 | |
Debt issue costs | (2) | |
Common stock issued | 1 | 3 |
Common stock repurchased | (4) | (4) |
Dividends paid | 0 | 0 |
Purchase of noncontrolling interests | 0 | |
Dividends paid to noncontrolling interests | (8) | (9) |
Foreign exchange derivatives related to debt | 32 | (47) |
Net cash (used for)/provided by financing activities | (4) | 886 |
Effect of exchange rate changes on cash and cash equivalents | (38) | |
Net change in cash and cash equivalents | (460) | (685) |
Cash and cash equivalents at beginning of period | 717 | 965 |
Cash and cash equivalents at end of period | 257 | 280 |
Crown Cork & Seal Company Inc [Member] | Parent [Member] | ||
Net cash provided by/(used for) operating activities | (10) | (2) |
Intercompany investing activities | 150 | (1,006) |
Net cash used for investing activities | 150 | (1,006) |
Net change in long-term intercompany balances | (137) | 1,009 |
Common stock issued | 1 | 3 |
Common stock repurchased | (4) | (4) |
Net cash (used for)/provided by financing activities | (140) | 1,008 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Crown Cork & Seal Company Inc [Member] | Issuer [Member] | ||
Net cash provided by/(used for) operating activities | $ (31) | (35) |
Intercompany investing activities | 4 | |
Net cash used for investing activities | 4 | |
Net change in long-term intercompany balances | $ 31 | 31 |
Net cash (used for)/provided by financing activities | 31 | 31 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Crown Cork & Seal Company Inc [Member] | Non-Guarantors [Member] | ||
Net cash provided by/(used for) operating activities | (364) | (250) |
Capital expenditures | $ (51) | (52) |
Purchase of business | (1,206) | |
Proceeds from sale of business | 21 | |
Intercompany investing activities | 1,006 | |
Other | $ 3 | (9) |
Net cash used for investing activities | (48) | (240) |
Proceeds from long-term debt | 303 | 750 |
Payments of long-term debt | (709) | (41) |
Net change in revolving credit facility and short-term debt | 383 | 234 |
Net change in long-term intercompany balances | 106 | (1,040) |
Debt issue costs | (2) | |
Dividends paid | (153) | (4) |
Purchase of noncontrolling interests | 0 | |
Dividends paid to noncontrolling interests | (8) | (9) |
Foreign exchange derivatives related to debt | 32 | (47) |
Net cash (used for)/provided by financing activities | $ (48) | (157) |
Effect of exchange rate changes on cash and cash equivalents | (38) | |
Net change in cash and cash equivalents | $ (460) | (685) |
Cash and cash equivalents at beginning of period | 717 | 965 |
Cash and cash equivalents at end of period | 257 | 280 |
Crown Cork & Seal Company Inc [Member] | Eliminations [Member] | ||
Net cash provided by/(used for) operating activities | (3) | |
Intercompany investing activities | (150) | (4) |
Net cash used for investing activities | (150) | (4) |
Dividends paid | 153 | 4 |
Net cash (used for)/provided by financing activities | 153 | 4 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||
Net cash provided by/(used for) operating activities | (408) | (287) |
Capital expenditures | (51) | (52) |
Purchase of business | (1,206) | |
Proceeds from sale of business | 21 | |
Intercompany investing activities | 0 | 0 |
Other | 3 | (9) |
Net cash used for investing activities | (48) | (1,246) |
Proceeds from long-term debt | 303 | 750 |
Payments of long-term debt | (709) | (41) |
Net change in revolving credit facility and short-term debt | 383 | 234 |
Net change in long-term intercompany balances | 0 | |
Debt issue costs | (2) | |
Common stock issued | 1 | 3 |
Common stock repurchased | (4) | (4) |
Dividends paid | 0 | 0 |
Dividends paid to noncontrolling interests | (8) | (9) |
Foreign exchange derivatives related to debt | 32 | (47) |
Net cash (used for)/provided by financing activities | (4) | 886 |
Effect of exchange rate changes on cash and cash equivalents | (38) | |
Net change in cash and cash equivalents | (460) | (685) |
Cash and cash equivalents at beginning of period | 717 | 965 |
Cash and cash equivalents at end of period | 257 | 280 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ||
Net cash provided by/(used for) operating activities | (10) | (2) |
Intercompany investing activities | 150 | (1,006) |
Net cash used for investing activities | 150 | (1,006) |
Net change in long-term intercompany balances | (137) | 1,009 |
Common stock issued | 1 | 3 |
Common stock repurchased | (4) | (4) |
Net cash (used for)/provided by financing activities | (140) | 1,008 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ||
Net cash provided by/(used for) operating activities | $ (66) | (42) |
Intercompany investing activities | 2 | |
Net cash used for investing activities | 2 | |
Proceeds from long-term debt | $ 300 | 750 |
Payments of long-term debt | (700) | (2) |
Net change in revolving credit facility and short-term debt | 75 | 155 |
Net change in long-term intercompany balances | 335 | (953) |
Debt issue costs | (2) | |
Foreign exchange derivatives related to debt | (8) | |
Net cash (used for)/provided by financing activities | 8 | (58) |
Net change in cash and cash equivalents | (58) | (98) |
Cash and cash equivalents at beginning of period | 104 | 128 |
Cash and cash equivalents at end of period | 46 | 30 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ||
Net cash provided by/(used for) operating activities | (2) | 25 |
Capital expenditures | (21) | (13) |
Intercompany investing activities | $ 150 | 4 |
Other | ||
Net cash used for investing activities | $ 129 | (9) |
Net change in long-term intercompany balances | (127) | (16) |
Net cash (used for)/provided by financing activities | (127) | (16) |
Net change in cash and cash equivalents | 0 | |
Cash and cash equivalents at end of period | 0 | |
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 | (323) | (268) |
Capital expenditures | $ (30) | (39) |
Purchase of business | (1,206) | |
Proceeds from sale of business | 21 | |
Intercompany investing activities | 1,006 | |
Other | $ 3 | (9) |
Net cash used for investing activities | (27) | (227) |
Proceeds from long-term debt | 3 | |
Payments of long-term debt | (9) | (39) |
Net change in revolving credit facility and short-term debt | 308 | 79 |
Net change in long-term intercompany balances | $ (71) | (40) |
Debt issue costs | ||
Dividends paid | $ (307) | (6) |
Dividends paid to noncontrolling interests | (8) | (9) |
Foreign exchange derivatives related to debt | 32 | (39) |
Net cash (used for)/provided by financing activities | (52) | (54) |
Effect of exchange rate changes on cash and cash equivalents | 0 | (38) |
Net change in cash and cash equivalents | (402) | (587) |
Cash and cash equivalents at beginning of period | 613 | 837 |
Cash and cash equivalents at end of period | 211 | 250 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Eliminations [Member] | ||
Net cash provided by/(used for) operating activities | (7) | |
Intercompany investing activities | (300) | (6) |
Net cash used for investing activities | (300) | (6) |
Dividends paid | 307 | 6 |
Net cash (used for)/provided by financing activities | 307 | 6 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |