Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 26, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 135,006,654 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,161 | $ 2,142 | $ 4,062 | $ 4,035 |
Cost of products sold, excluding depreciation and amortization | 1,719 | 1,691 | 3,238 | 3,212 |
Depreciation and amortization | 61 | 65 | 120 | 125 |
Selling and administrative expense | 92 | 94 | 182 | 185 |
Restructuring and other | 18 | (3) | 14 | (1) |
Income from operations | 271 | 295 | 508 | 514 |
Loss from early extinguishments of debt | 7 | 0 | 7 | 27 |
Interest expense | 61 | 58 | 123 | 122 |
Interest income | (3) | (2) | (6) | (5) |
Foreign exchange | 5 | (11) | 4 | (17) |
Income before income taxes | 201 | 250 | 380 | 387 |
Provision for income taxes | 53 | 65 | 99 | 103 |
Net income | 148 | 185 | 281 | 284 |
Net income attributable to noncontrolling interests | (20) | (16) | (46) | (36) |
Net income attributable to Crown Holdings | $ 128 | $ 169 | $ 235 | $ 248 |
Earnings per common share attributable to Crown Holdings: | ||||
Basic (in usd per share) | $ 0.95 | $ 1.22 | $ 1.72 | $ 1.79 |
Diluted (in usd per share) | $ 0.94 | $ 1.21 | $ 1.71 | $ 1.78 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 148 | $ 185 | $ 281 | $ 284 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustments | 99 | (134) | 209 | (125) |
Pension and other postretirement benefits | 8 | 10 | 17 | 23 |
Derivatives qualifying as hedges | (13) | 22 | 8 | 24 |
Total other comprehensive income / (loss) | 94 | (102) | 234 | (78) |
Total comprehensive income | 242 | 83 | 515 | 206 |
Net income attributable to noncontrolling interests | (20) | (16) | (46) | (36) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (2) | 0 | (2) | 0 |
Derivatives qualifying as hedges attributable to noncontrolling interests | 1 | (2) | 0 | (3) |
Comprehensive income attributable to Crown Holdings | $ 221 | $ 65 | $ 467 | $ 167 |
Consolidated Balance Sheets (Co
Consolidated Balance Sheets (Condensed) (Unaudited) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash and cash equivalents | $ 301 | $ 559 | $ 370 | $ 717 |
Receivables, net | 1,005 | 865 | ||
Inventories | 1,490 | 1,245 | ||
Prepaid expenses and other current assets | 224 | 172 | ||
Total current assets | 3,020 | 2,841 | ||
Goodwill and intangible assets, net | 3,512 | 3,263 | ||
Property, plant and equipment, net | 3,020 | 2,820 | ||
Other non-current assets | 714 | 675 | ||
Total | 10,266 | 9,599 | ||
Current liabilities | ||||
Short-term debt | 39 | 33 | ||
Current maturities of long-term debt | 58 | 161 | ||
Accounts payable and accrued liabilities | 2,697 | 2,702 | ||
Total current liabilities | 2,794 | 2,896 | ||
Long-term debt, excluding current maturities | 5,262 | 4,717 | ||
Postretirement and pension liabilities | 572 | 620 | ||
Other non-current liabilities | 703 | 698 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 313 | 302 | ||
Crown Holdings shareholders’ equity | 622 | 366 | ||
Total equity | 935 | 668 | $ 573 | $ 385 |
Total | $ 10,266 | $ 9,599 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Condensed) (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities | ||
Net income | $ 281 | $ 284 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 120 | 125 |
Restructuring and other | 14 | (1) |
Pension expense | 11 | 14 |
Pension contributions | (28) | (41) |
Stock-based compensation | 10 | 10 |
Changes in assets and liabilities: | ||
Receivables | (116) | (2) |
Inventories | (184) | (216) |
Accounts payable and accrued liabilities | (112) | (100) |
Other, net | 36 | (10) |
Net cash provided by operating activities | 32 | 63 |
Cash flows from investing activities | ||
Capital expenditures | (200) | (143) |
Proceeds from sale of property, plant and equipment | 5 | 5 |
Other | 5 | 13 |
Net cash used for investing activities | (190) | (125) |
Cash flows from financing activities | ||
Proceeds from long-term debt | 1,053 | 304 |
Payments of long-term debt | (1,103) | (725) |
Net change in revolving credit facility and short-term debt | 249 | 138 |
Debt issue costs | (15) | (2) |
Common stock issued | 8 | 5 |
Common stock repurchased | (277) | (8) |
Proceeds from Noncontrolling Interests | 0 | 1 |
Dividends paid to noncontrolling interests | (37) | (26) |
Foreign exchange derivatives related to debt | 11 | 32 |
Net cash used for financing activities | (111) | (281) |
Effect of exchange rate changes on cash and cash equivalents | 11 | (4) |
Net change in cash and cash equivalents | (258) | (347) |
Cash and cash equivalents at beginning of period | 559 | 717 |
Cash and cash equivalents at end of period | $ 301 | $ 370 |
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, 2015 | $ 385 | $ 929 | $ 426 | $ 2,125 | $ (3,154) | $ (232) | $ 94 | $ 291 |
Net income attributable to Crown Holdings | 248 | 248 | 248 | |||||
Net income attributable to noncontrolling interests | 36 | 36 | ||||||
Net income | 284 | |||||||
Other comprehensive income | (78) | (81) | (81) | 3 | ||||
Dividends paid to noncontrolling interests | (26) | 0 | (26) | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 1 | 1 | ||||||
Restricted stock awarded | 0 | (1) | 1 | 0 | ||||
Stock-based compensation | 10 | 10 | 10 | |||||
Common stock issued | 5 | 4 | 1 | 5 | ||||
Common stock repurchased | (8) | (7) | (1) | (8) | ||||
Balance at end of period at Jun. 30, 2016 | 573 | 929 | 432 | 2,373 | (3,235) | (231) | 268 | 305 |
Cumulative effect of change in accounting principle | 60 | 60 | 60 | |||||
Balance at beginning of period at Dec. 31, 2016 | 668 | 929 | 446 | 2,621 | (3,400) | (230) | 366 | 302 |
Net income attributable to Crown Holdings | 235 | 235 | 235 | |||||
Net income attributable to noncontrolling interests | 46 | 46 | ||||||
Net income | 281 | |||||||
Other comprehensive income | 234 | 232 | 232 | 2 | ||||
Dividends paid to noncontrolling interests | (37) | 0 | (37) | |||||
Restricted stock awarded | 0 | (1) | 1 | 0 | ||||
Stock-based compensation | 10 | 10 | 10 | |||||
Common stock issued | 8 | 6 | 2 | 8 | ||||
Common stock repurchased | (289) | (262) | (27) | (289) | ||||
Balance at end of period at Jun. 30, 2017 | $ 935 | $ 929 | $ 199 | $ 2,916 | $ (3,168) | $ (254) | $ 622 | $ 313 |
Statement of Information Furnis
Statement of Information Furnished | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and the results of its operations for the three and six months ended June 30, 2017 and 2016 and of its cash flows for the six months ended June 30, 2017 and 2016 . 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, 2016 . |
Accounting and Reporting Develo
Accounting and Reporting Developments | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Accounting and Reporting Developments | Accounting and Reporting Developments Recently Adopted Accounting Standards In July 2015, the FASB issued new guidance related to the subsequent measurement of inventory. 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 became effective for the Company on January 1, 2017 and did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued new guidance on how share-based payments are accounted for and presented in the financial statements. The standard eliminates the APIC pool concept and requires that excess tax benefits and deficiencies be recorded in the income statement when awards are settled. The pronouncement also addresses simplifications related to statement of cash flows classification, accounting for forfeitures, and minimum statutory tax withholding requirements. Upon adoption of the standard on January 1, 2017, the Company recorded $60 of deferred tax assets attributable to excess tax benefits that were not previously recognized, because they did not reduce taxes payable, as a cumulative-effect adjustment to retained earnings under the modified retrospective method. The Company also prospectively adopted the guidance requiring all excess tax benefits and deficiencies to be recognized as income tax expense or benefit as discrete items and the guidance requiring all excess tax benefits or deficiencies to be reported as operating activities in the statement of cash flows. Adoption of these provisions did not have a material impact on the the Company's results of operations or statement of cash flows. The treatment of forfeitures has not changed as the Company is electing to continue the current process of estimating forfeitures. In January 2017, the FASB issued guidance that clarifies the definition of a business by adding a framework to assist entities in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. In order to be considered a business under the new guidance, the assets in the transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The Company early adopted this guidance as of January 1, 2017. Adoption did not have an impact on the Company's consolidated financial statements. However, it could have a material impact on the Company’s consolidated financial statements if the Company enters into future business combinations. In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment by removing step two of the impairment test, which requires a hypothetical purchase price allocation. The Company early adopted this guidance on January 1, 2017. The amount of goodwill impaired will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In May 2017, the FASB issued guidance to clarify when to account for a change to terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions or the classification of an award change as a result of a change in terms or conditions. Previously, judgment was required to determine if certain changes to an award were substantive and may have impacted whether or not modification accounting was applied. The Company early adopted this guidance during the second quarter of 2017. Adopting this standard did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In May 2014, the FASB issued new guidance which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services which will either be at a point in time or over time. Certain products that the Company manufactures for customers have no alternative use and are expected to follow an over-time revenue recognition model. For example, beverage cans are generally printed for a specific customer and do not have an alternative use. Food cans may be printed depending upon customer preference which can vary by geographic market. Under current guidance, the Company generally recognizes revenue upon shipment or delivery. Under the new guidance, timing of revenue recognition for these products, may be accelerated such that a portion of revenue will be recognized prior to shipment or delivery dependent upon contract-specific terms. In addition, the new guidance requires enhanced disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company has completed its initial assessment and is in the process of designing and implementing changes to processes, systems and controls to be in a position to adopt the standard on a modified retrospective basis in the first quarter of 2018. In February 2016, the FASB issued new guidance on lease accounting. Under the new guidance, lease classification criteria and income statement recognition are similar to current guidance; however, all leases with a 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. The Company is currently evaluating the impact of adopting this guidance, which may have a material impact on its financial position. In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and payments on the statement of cash flows. Under the new guidance, cash payments resulting from debt prepayment or extinguishment will be classified as cash outflows from financing activities. In addition, beneficial interests obtained in a securitization of financial assets should be disclosed as a noncash activity and cash receipts from the beneficial interests should be classified as cash inflows from investing activities. Under existing guidance, the Company classifies cash receipts from beneficial interests in securitized receivables and cash payments resulting from debt prepayment or extinguishment as cash flows from operating activities. The guidance will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of adopting this guidance, which may have a material impact on its cash flows from operating and investing activities. In October 2016, the FASB issued new guidance related to intra-entity transfers of assets other than inventory. Under current guidance, income tax expense associated with intra-entity profits in an intercompany sale or transfer of assets is deferred until the assets leave the consolidated group. Similarly, the entity is prohibited from recognizing deferred tax assets for any increases in tax bases due to the intercompany sale or transfer. The new guidance allows for the recognition of income tax expense and deferred tax benefits on increases on tax bases when an intercompany sale or transfer of other assets occurs. Income tax effects of intercompany inventory transactions will continue to be deferred until the assets leave the consolidated group. The guidance will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In March 2017, the FASB issued new guidance on the presentation of pension and other postretirement benefit costs. Under the new guidance only the service cost component of pension and other postretirement benefit costs will be presented with other employee compensation costs within income from operations or capitalized in assets. The other components will be reported separately outside of income from operations and will not be eligible for capitalization. The guidance will be effective for the Company on January 1, 2018. The guidance is not expected to have a material impact on the Company's consolidated pension and other postretirement benefit costs or net income but is expected to have a material impact on its income from operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2017 | |
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 January 1, 2016 $ (1,690 ) $ (1,446 ) $ (18 ) $ (3,154 ) Other comprehensive (loss) income before reclassifications — (125 ) 15 (110 ) Amounts reclassified from accumulated other comprehensive income 23 — 6 29 Other comprehensive income 23 (125 ) 21 (81 ) Balance at June 30, 2016 $ (1,667 ) $ (1,571 ) $ 3 $ (3,235 ) Balance at January 1, 2017 $ (1,524 ) $ (1,879 ) $ 3 $ (3,400 ) Other comprehensive income before reclassifications — 207 18 225 Amounts reclassified from accumulated other comprehensive income 17 — (10 ) 7 Other comprehensive income 17 207 8 232 Balance at June 30, 2017 $ (1,507 ) $ (1,672 ) $ 11 $ (3,168 ) The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended Six Months Ended Details about accumulated other June 30 June 30 Affected line item in the comprehensive income components 2017 2016 2017 2016 statement of operations (Gains) losses on cash flow hedges Commodities $ (11 ) $ 3 $ (15 ) $ 10 Cost of products sold (11 ) 3 (15 ) 10 Income before taxes 4 (1 ) 5 (3 ) Provision for income taxes $ (7 ) $ 2 $ (10 ) $ 7 Net income Foreign exchange $ (6 ) $ 2 $ (3 ) $ 4 Net sales 4 (1 ) 3 (5 ) Cost of products sold (2 ) 1 — (1 ) Income before taxes — — — — Provision for income taxes $ (2 ) $ 1 $ — $ (1 ) Net income Total (gains) losses on cash flow hedges $ (9 ) $ 3 $ (10 ) $ 6 Amortization of defined benefit plan items Actuarial losses $ 25 $ 27 $ 49 $ 56 (a) Prior service credit (13 ) (13 ) (26 ) (26 ) (a) 12 14 23 30 Income before taxes (4 ) (3 ) (6 ) (7 ) Provision for income taxes $ 8 $ 11 $ 17 $ 23 Net income Total reclassifications for the period $ (1 ) $ 14 $ 7 $ 29 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement cost. See Note M for further details. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation A summary of restricted stock transactions during the six months ended June 30, 2017 follows: Number of shares Non-vested stock awards outstanding at January 1, 2017 1,321,292 Awarded: Time-vesting shares 144,141 Performance-based shares 149,843 Released: Time-vesting shares (351,403 ) Performance-based shares (115,732 ) Forfeitures: Time-vesting shares (21,375 ) Performance-based shares (58,749 ) Non-vested stock awards outstanding at June 30, 2017 1,068,017 The performance-based share awards are subject to either a market condition or a performance condition. For awards subject to a market condition, the performance metric is the Company's total shareholder return, which includes share price appreciation and dividends paid during the three-year term of the award, measured against a peer group of companies. These awards 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. For awards subject to a performance condition, the performance metric is the Company's average return on invested capital, over the three-year term. These awards cliff vest at the end of three years . The number of performance-based shares that will ultimately vest is based on the level of performance achieved ranging between 0% and 200% of the shares originally awarded, and will be settled in stock. The time-vesting restricted and deferred stock awards vest ratably over three to five years. The weighted average grant-date fair value of the 2017 time-vesting stock awards was $55.55 and the performance-based stock awards was $51.90 . The fair value of the performance-based shares subject to a market condition awarded in 2017 was calculated using a Monte Carlo valuation model, including a weighted average stock price volatility of 21.1% , an expected term of three years, and a weighted average risk-free interest rate of 1.43% . At June 30, 2017 , unrecognized compensation cost related to outstanding non-vested stock awards was $39 . The weighted average period over which the expense is expected to be recognized is 2.0 years. The aggregate market value of the shares released on the vesting dates was $26 for the six months ended June 30, 2017. |
Receivables
Receivables | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables June 30, 2017 December 31, 2016 Accounts receivable $ 881 $ 769 Less: allowance for doubtful accounts (79 ) (76 ) Net trade receivables 802 693 Miscellaneous receivables 203 172 Receivables, net $ 1,005 $ 865 The Company uses receivable securitization facilities in the normal course of business as part of managing its cash flows. In connection with certain receivable securitization facilities, the Company recognized deferred purchase price receivables of $119 and $83 at June 30, 2017 and December 31, 2016, which were included in prepaid expenses and other current assets in the Consolidated Balance Sheet. The net change in deferred purchase price receivable was reflected in the receivables line item in the Consolidated Statement of Cash Flows. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2017 | |
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. June 30, 2017 December 31, 2016 Raw materials and supplies 689 $ 658 Work in process 154 116 Finished goods 647 471 $ 1,490 $ 1,245 |
Derivative and Other Financial
Derivative and Other Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
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 I for fair value disclosures related to debt. Derivative Financial Instruments In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk and using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers. For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. 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 June 30, 2017 mature between one and forty 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 Six Months Ended Three Months Ended Six Months Ended Derivatives in cash flow hedges June 30, 2017 June 30, 2017 June 30, 2017 June 30, 2017 Foreign exchange $ 5 $ 3 $ 2 $ — Commodities (8 ) 15 7 10 Total $ (3 ) $ 18 $ 9 $ 10 Amount of gain/(loss) Amount of gain/(loss) recognized in AOCI reclassified from AOCI (effective portion) into earnings Three Months Ended Six Months Ended Three Months Ended Six Months Ended Derivatives in cash flow hedges June 30, 2016 June 30, 2016 June 30, 2016 June 30, 2016 Foreign exchange $ 3 $ 3 $ (1 ) $ 1 Commodities 14 12 (2 ) (7 ) Total $ 17 $ 15 $ (3 ) $ (6 ) For the three and six months ended June 30, 2017 , the Company recognized a gain of $1 ( $0 , net of tax) and a loss of $1 ( $1 , net of tax) in earnings related to hedge ineffectiveness caused by volatility in the metal premium component of aluminum prices. For the three and six months ended June 30, 2016 , the Company recognized a gain of $1 ( $1 , net of tax) in earnings related to hedge ineffectiveness caused by this volatility. For the twelve month period ending June 30, 2018, a net gain of $9 ( $8 , net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the six months ended June 30, 2017 and 2016 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. 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 less than $1 for the three and six months ended June 30, 2017 and a loss of $4 and a loss of $5 for the three and six months ended June 30, 2016 . The impact on earnings from foreign exchange contracts not designated as hedges was a gain of $20 for the three and six months ended June 30, 2017 and a gain of $5 and a gain of $26 for the same periods in 2016 . 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. For the six months ended June 30, 2017 and 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 and six months ended June 30, 2017 , the Company recognized a loss of $9 ( $6 , net of tax) and a loss of $2 ( $1 , net of tax). For the three and six months ended June 30, 2016 the Company recognized a gain of $3 ( $3 , net of tax) in earnings related to these ineffective hedges. Net Investment Hedges During the three and six months ended June 30, 2017 , the Company recorded a loss of $81 ( $65 , net of tax) and a loss of $96 ( $77 , net of tax) in accumulated other comprehensive income for certain debt instruments that are designated as hedges of its net investment in a euro-based subsidiary. For the three and six months ended June 30, 2016 the Company recorded a gain of $27 ( $22 , net of tax) and a loss of $18 ( $12 , net of tax) in accumulated other comprehensive income related to these net investment hedges. 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 June 30, 2017 and December 31, 2016 , respectively. Balance Sheet classification Fair Value hierarchy June 30, December 31, Derivative assets Derivatives designated as hedges: Foreign exchange Other current assets 2 $ 22 $ 24 Commodities Other current assets 2 18 13 Commodities Other non-current assets 2 2 3 Derivatives not designated as hedges: Commodities Other current assets 2 6 5 Total $ 48 $ 45 Derivative liabilities Derivatives designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 $ 16 $ 28 Commodities Accounts payable and accrued liabilities 2 7 3 Foreign exchange Other non-current liabilities 2 — 1 Commodities Other non-current liabilities 2 2 — Derivatives not designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 — 5 Commodities Accounts payable and accrued liabilities 2 1 — Total $ 26 $ 37 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 June 30, 2017 Derivative assets $48 $9 $39 Derivative liabilities 26 9 17 Balance at December 31, 2016 Derivative assets 45 6 39 Derivative liabilities 37 6 31 Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at June 30, 2017 and December 31, 2016 were: June 30, 2017 December 31, 2016 Derivatives in cash flow hedges: Foreign exchange $ 721 $ 644 Commodities 194 180 Derivatives in fair value hedges: Foreign exchange 70 73 Derivatives not designated as hedges: Foreign exchange 649 618 Commodities 78 72 |
Restructuring and Other
Restructuring and Other | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring Reserve [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other charges / (benefits) as follows: Three Months Ended Six Months Ended June 30 June 30 2017 2016 2017 2016 Asset impairments and sales $ — $ (5 ) $ (6 ) $ (7 ) Restructuring 2 2 4 3 Other costs 16 — 16 3 $ 18 $ (3 ) $ 14 $ (1 ) For the three and six months ended June 30, 2017, other costs include a charge of $16 due to the settlement of a litigation matter related to Mivisa that arose prior to acquisition by the Company in 2014. For the six months ended June 30, 2017, asset impairments and sales include a benefit of $5 due to the expiration of an environmental indemnification related to the sale of certain operations in the Company's European Specialty Packaging business during 2015. At June 30, 2017 , the Company had restructuring accruals of $12 primarily related to prior actions to reduce manufacturing capacity and headcount in its European businesses. The Company continues to review its supply and demand profile and long-term plans in its businesses, and it is possible that the Company may record additional restructuring charges in the future. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's outstanding debt was as follows: June 30, 2017 December 31, 2016 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 39 $ 39 $ 33 $ 33 Long-term debt Senior secured borrowings: Revolving credit facilities $ 274 $ 274 $ — $ — Term loan facilities U.S. dollar at LIBOR + 1.75% due 2022 745 738 654 649 Euro at EURIBOR + 1.75% due 2022 1 312 312 61 61 Farm credit facility at LIBOR + 2.00% due 2019 — — 351 347 Senior notes and debentures: €650 at 4.0% due 2022 742 735 684 676 U. S. dollar at 4.50% due 2023 1,000 991 1,000 991 €600 at 2.625% due 2024 685 678 631 623 €600 at 3.375% due 2025 685 676 631 622 U.S. dollar at 4.25% due 2026 400 393 400 393 U.S. dollar at 7.375% due 2026 350 347 350 347 U.S. dollar at 7.50% due 2096 45 45 45 45 Other indebtedness in various currencies 117 117 124 124 Capital lease obligations 14 14 — — Total long-term debt 5,369 5,320 4,931 4,878 Less current maturities (58 ) (58 ) (162 ) (161 ) Total long-term debt, less current maturities $ 5,311 $ 5,262 $ 4,769 $ 4,717 (1) €273 and €58 at June 30, 2017 and December 31, 2016 . 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 $5,561 at June 30, 2017 and $5,043 at December 31, 2016 . In April 2017, the Company amended its credit agreement to provide for a $1,400 revolving credit facility, a $750 Term A Facility and a €275 Term Euro Facility. Interest rates can be reduced up to one-half percent per annum if the Company's total leverage ratio decreases to agreed levels. In connection with the amendment, the Company recorded a loss from early extinguishment of debt of $7 during the second quarter of 2017. 2016 Activity 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 September 2016, the Company issued €600 principal amount of 2.625% senior unsecured notes due 2024 and used the proceeds to repay a portion of the Euro term loan facility. In September 2016, the Company also issued $400 principal amount of 4.25% senior unsecured notes due 2026 and used the proceeds to repay a portion of the U.S dollar term loan facility. In connection with the above transactions, the Company recorded a loss from early extinguishment of debt of $27 for the six months ended June 30, 2016 and $37 for the year ended December 31, 2016 for premiums paid and the write-off of deferred financing fees. |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
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, Iowa, 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 six months ended June 30, 2017 , the Company paid $7 to settle outstanding claims and had claims activity as follows: Beginning claims 55,500 New claims 1,250 Settlements or dismissals (750 ) Ending claims 56,000 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, 2016 , 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 18,500 Total claims outstanding 55,500 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: 2016 2015 2014 Total claims 22 % 22 % 22 % Pre-1964 claims in states without asbestos legislation 41 % 41 % 41 % 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 June 30, 2017 . As of June 30, 2017 , the Company’s accrual for pending and future asbestos-related claims and related legal costs was $ 331 , including $ 279 for unasserted claims. The Company determines its accrual without limitation to a specific time period. It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant (which was not specified for approximately 82% of the claims outstanding at the end of 2016 ), 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 $9 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. However, the Company is unable to predict the ultimate outcome of the FCO’s investigation and is unable to estimate the loss or possible range of 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. In March 2017, U.S. Customs and Border Protection (“CBP”) at the Port of Milwaukee issued a penalty notification alleging that certain of the Company’s subsidiaries intentionally misclassified the importation of certain goods into the U.S. during the period 2004-2009 and assessed a penalty of $18 . The Company has acknowledged to CBP that the goods were misclassified and has paid all related duties, which were approximately $1 . The Company has asserted that the misclassification was unintentional and disputes the penalty assessment. The Company cannot predict the ultimate outcome of this matter and has not accrued a liability with respect to the assessed penalty because the case at CBP is ongoing. At the present time, based on the information available, the Company does not believe that a loss for the alleged intentional misclassification is probable. There can be no assurance the Company will be successful in contesting the assessed penalty. 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 June 30, 2017 , the Company was party to certain indemnification agreements covering environmental remediation, lease payments and other potential costs associated with properties sold or businesses divested. 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 June 30, 2017 , the Company also had guarantees of $7 related to the residual values of leased assets. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30 June 30 2017 2016 2017 2016 Net income attributable to Crown Holdings $ 128 $ 169 $ 235 $ 248 Weighted average shares outstanding: Basic 135.3 138.5 136.9 138.3 Dilutive stock options and restricted stock 0.4 0.8 0.5 0.9 Diluted 135.7 139.3 137.4 139.2 Basic earnings per share $ 0.95 $ 1.22 $ 1.72 $ 1.79 Diluted earnings per share $ 0.94 $ 1.21 $ 1.71 $ 1.78 For the three and six months ended June 30, 2017 , less than .1 million contingently issuable common shares were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. For the three and six months ended June 30, 2016 , 0.1 million and 0.4 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 | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [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 and six months ended June 30, 2017 and 2016 were as follows: Three Months Ended Six Months Ended June 30 June 30 Pension benefits – U.S. plans 2017 2016 2017 2016 Service cost $ 3 $ 3 $ 7 $ 7 Interest cost 13 12 25 25 Expected return on plan assets (20 ) (22 ) (41 ) (45 ) Recognized net loss 13 13 26 25 Net periodic cost $ 9 $ 6 $ 17 $ 12 Three Months Ended Six Months Ended June 30 June 30 Pension benefits – Non-U.S. plans 2017 2016 2017 2016 Service cost $ 5 $ 5 $ 11 $ 11 Interest cost 19 27 38 53 Expected return on plan assets (35 ) (41 ) (70 ) (82 ) Recognized prior service credit (3 ) (3 ) (6 ) (6 ) Recognized net loss 11 13 21 26 Net periodic (benefit) cost $ (3 ) $ 1 $ (6 ) $ 2 Three Months Ended Six Months Ended June 30 June 30 Other postretirement benefits 2017 2016 2017 2016 Service cost $ — $ — $ — $ — Interest cost 1 1 2 2 Recognized prior service credit (10 ) (10 ) (20 ) (20 ) Recognized net loss 1 1 2 2 Net periodic benefit $ (8 ) $ (8 ) $ (16 ) $ (16 ) During the six months ended June 30, 2016, the Company also recorded pension settlement charges of $3 which were included in restructuring and other in the Consolidated Statement of Operations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30 June 30 2017 2016 2017 2016 U.S. statutory rate at 35% $ 70 $ 88 $ 133 $ 136 Tax on foreign income (21 ) (27 ) (42 ) (41 ) Tax contingencies 2 1 5 1 Valuation allowance — — 3 2 Other items, net 2 3 — 5 Income tax provision $ 53 $ 65 $ 99 $ 103 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
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 External Sales Three Months Ended Six Months Ended June 30 June 30 2017 2016 2017 2016 Americas Beverage $ 729 $ 706 $ 1,403 $ 1,349 North America Food 167 168 320 314 European Beverage 402 401 705 716 European Food 459 462 838 860 Asia Pacific 287 281 565 558 Total reportable segments 2,044 2,018 3,831 3,797 Non-reportable segments 117 124 231 238 Total $ 2,161 $ 2,142 $ 4,062 $ 4,035 The primary sources of revenue included in non-reportable segments are the Company's aerosol can businesses in North America and Europe, its specialty packaging business in Europe and its tooling and equipment operations in the U.S. and U.K. Intersegment Sales Intersegment Sales Three Months Ended Six Months Ended June 30 June 30 2017 2016 2017 2016 Americas Beverage $ 17 $ 18 $ 23 $ 33 North America Food 5 7 11 13 European Beverage — — 1 1 European Food 19 20 35 36 Asia Pacific — — — — Total reportable segments 41 45 70 83 Non-reportable segments 22 44 51 62 Total $ 63 $ 89 $ 121 $ 145 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 Segment Income Three Months Ended Six Months Ended June 30 June 30 2017 2016 2017 2016 Americas Beverage $ 109 $ 106 $ 214 $ 210 North America Food 22 20 38 32 European Beverage 72 75 123 121 European Food 67 67 114 116 Asia Pacific 45 39 84 74 Total reportable segments $ 315 $ 307 $ 573 $ 553 A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended Six Months Ended June 30 June 30 2017 2016 2017 2016 Segment income of reportable segments $ 315 $ 307 $ 573 $ 553 Segment income of non-reportable segments 17 20 32 33 Corporate and unallocated items (43 ) (35 ) (83 ) (73 ) Restructuring and other (18 ) 3 (14 ) 1 Loss from early extinguishments of debt (7 ) — (7 ) (27 ) Interest expense (62 ) (58 ) (124 ) (122 ) Interest income 4 2 7 5 Foreign exchange (5 ) 11 (4 ) 17 Income before income taxes $ 201 $ 250 $ 380 $ 387 For the three and six months ended June 30, 2017, intercompany profit of $1 and $4 and for the three and six months ended June 30, 2016, intercompany profit of $4 and $5 was eliminated within segment income of non-reportable segments. 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 of the Company, 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 and the guarantees are made on a joint and several basis. The following condensed combining financial statements: • statements of comprehensive income for the three and six months ended June 30, 2017 and 2016 , • balance sheets as of June 30, 2017 and December 31, 2016 , and • statements of cash flows for the six months ended June 30, 2017 and 2016 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 June 30, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 2,161 $ 2,161 Cost of products sold, excluding depreciation and amortization 1,719 1,719 Depreciation and amortization 61 61 Selling and administrative expense $ 2 90 92 Restructuring and other (1 ) 19 18 Income from operations (1 ) 272 271 Loss on early extinguishments of debt 7 7 Net interest expense 26 32 58 Foreign exchange 5 5 Income/(loss) before income taxes (27 ) 228 201 Provision for / (benefit from) income taxes (8 ) 61 53 Equity earnings / (loss) in affiliates $ 128 130 $ (258 ) — Net income 128 111 167 (258 ) 148 Net income attributable to noncontrolling interests (20 ) (20 ) Net income attributable to Crown Holdings $ 128 $ 111 $ 147 $ (258 ) $ 128 Comprehensive income $ 221 $ 115 $ 261 $ (355 ) $ 242 Comprehensive income attributable to noncontrolling interests (21 ) (21 ) Comprehensive income attributable to Crown Holdings $ 221 $ 115 $ 240 $ (355 ) $ 221 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 2,142 $ 2,142 Cost of products sold, excluding depreciation and amortization 1,691 1,691 Depreciation and amortization 65 65 Selling and administrative expense $ 3 91 94 Restructuring and other (3 ) (3 ) Income from operations (3 ) 298 295 Net interest expense 25 31 56 Foreign exchange (11 ) (11 ) Income/(loss) before income taxes (28 ) 278 250 Provision for / (benefit from) income taxes (14 ) 79 65 Equity earnings / (loss) in affiliates $ 169 145 $ (314 ) — Net income 169 131 199 (314 ) 185 Net income attributable to noncontrolling interests (16 ) (16 ) Net income attributable to Crown Holdings $ 169 $ 131 $ 183 $ (314 ) $ 169 Comprehensive income $ 65 $ 41 $ 118 $ (141 ) $ 83 Comprehensive income attributable to noncontrolling interests (18 ) (18 ) Comprehensive income attributable to Crown Holdings $ 65 $ 41 $ 100 $ (141 ) $ 65 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2017 (in millions) Parent Issuer Non- Eliminations Total Net sales $ 4,062 $ 4,062 Cost of products sold, excluding depreciation and amortization 3,238 3,238 Depreciation and amortization 120 120 Selling and administrative expense $ 4 178 182 Restructuring and other (1 ) 15 14 Income from operations (3 ) 511 508 Loss from early extinguishment of debt 7 7 Net interest expense 46 71 117 Foreign exchange 4 4 Income/(loss) before income taxes (49 ) 429 380 Provision for / (benefit from) income taxes (18 ) 117 99 Equity earnings / (loss) in affiliates $ 235 229 $ (464 ) — Net income 235 198 312 (464 ) 281 Net income attributable to noncontrolling interests (46 ) (46 ) Net income attributable to Crown Holdings $ 235 $ 198 $ 266 $ (464 ) $ 235 Comprehensive income $ 467 $ 245 $ 546 $ (743 ) $ 515 Comprehensive income attributable to noncontrolling interests (48 ) (48 ) Comprehensive income attributable to Crown Holdings $ 467 $ 245 $ 498 $ (743 ) $ 467 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2016 (in millions) Parent Issuer Non- Eliminations Total Net sales $ 4,035 $ 4,035 Cost of products sold, excluding depreciation and amortization 3,212 3,212 Depreciation and amortization 125 125 Selling and administrative expense $ 5 180 185 Restructuring and other (1 ) (1 ) Income from operations (5 ) 519 514 Loss from early extinguishment of debt 27 27 Net interest expense 52 65 117 Foreign exchange (17 ) (17 ) Income/(loss) before income taxes (57 ) 444 387 Provision for / (benefit from) income taxes (21 ) 124 103 Equity earnings / (loss) in affiliates $ 248 222 $ (470 ) — Net income 248 186 320 (470 ) 284 Net income attributable to noncontrolling interests (36 ) (36 ) Net income attributable to Crown Holdings $ 248 $ 186 $ 284 $ (470 ) $ 248 Comprehensive Income $ 167 $ 186 $ 263 $ (410 ) $ 206 Comprehensive income attributable to noncontrolling interests (39 ) (39 ) Comprehensive income attributable to Crown Holdings $ 167 $ 186 $ 224 $ (410 ) $ 167 CONDENSED COMBINING BALANCE SHEET As of June 30, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 301 $ 301 Receivables, net 1,005 1,005 Inventories 1,490 1,490 Prepaid expenses and other current assets $ 2 222 224 Total current assets 2 3,018 3,020 Intercompany debt receivables 3,534 $ (3,534 ) — Investments 3,103 $ 3,183 (6,286 ) — Goodwill and intangible assets, net 3,512 3,512 Property, plant and equipment, net 3,020 3,020 Other non-current assets 509 205 714 Total $ 3,105 $ 3,692 $ 13,289 $ (9,820 ) $ 10,266 Liabilities and equity Current liabilities Short-term debt $ 39 $ 39 Current maturities of long-term debt 58 58 Accounts payable and accrued liabilities $ 27 $ 34 2,636 2,697 Total current liabilities 27 34 2,733 2,794 Long-term debt, excluding current maturities 392 4,870 5,262 Long-term intercompany debt 2,456 1,078 $ (3,534 ) — Postretirement and pension liabilities 572 572 Other non-current liabilities 349 354 703 Commitments and contingent liabilities Noncontrolling interests 313 313 Crown Holdings shareholders’ equity/(deficit) 622 1,839 4,447 (6,286 ) 622 Total equity/(deficit) 622 1,839 4,760 (6,286 ) 935 Total $ 3,105 $ 3,692 $ 13,289 $ (9,820 ) $ 10,266 CONDENSED COMBINING BALANCE SHEET As of December 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 559 $ 559 Receivables, net 865 865 Inventories 1,245 1,245 Prepaid expenses and other current assets $ 1 171 172 Total current assets 1 — 2,840 2,841 Intercompany debt receivables 3,447 $ (3,447 ) — Investments 2,857 $ 2,915 (5,772 ) — Goodwill and intangible assets, net 3,263 3,263 Property, plant and equipment, net 2,820 2,820 Other non-current assets 447 228 675 Total $ 2,858 $ 3,362 $ 12,598 $ (9,219 ) $ 9,599 Liabilities and equity Current liabilities Short-term debt $ 33 $ 33 Current maturities of long-term debt 161 161 Accounts payable and accrued liabilities $ 23 $ 40 2,639 2,702 Total current liabilities 23 40 2,833 2,896 Long-term debt, excluding current maturities 392 4,325 4,717 Long-term intercompany debt 2,469 978 $ (3,447 ) — Postretirement and pension liabilities 620 620 Other non-current liabilities 358 340 698 Commitments and contingent liabilities Noncontrolling interests 302 302 Crown Holdings shareholders’ equity/(deficit) 366 1,594 4,178 (5,772 ) 366 Total equity/(deficit) 366 1,594 4,480 (5,772 ) 668 Total $ 2,858 $ 3,362 $ 12,598 $ (9,219 ) $ 9,599 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (13 ) $ (41 ) $ 94 $ (8 ) $ 32 Cash flows from investing activities Capital expenditures (200 ) (200 ) Proceeds from sale of property, plant and equipment 5 5 Intercompany investing activities 235 (235 ) — Other 5 5 Net cash provided by/(used for) investing activities 235 (190 ) (235 ) (190 ) Cash flows from financing activities Proceeds from long-term debt 1,053 1,053 Payments of long-term debt (1,103 ) (1,103 ) Net change in revolving credit facility and short-term debt 249 249 Net change in long-term intercompany balances 47 41 (88 ) — Debt issue costs (15 ) (15 ) Common stock issued 8 8 Common stock repurchased (277 ) (277 ) Dividends paid (243 ) 243 — Dividend paid to noncontrolling interests (37 ) (37 ) Foreign exchange derivatives related to debt 11 11 Net cash provided by/(used for) financing activities (222 ) 41 (173 ) 243 (111 ) Effect of exchange rate changes on cash and cash equivalents 11 11 Net change in cash and cash equivalents — — (258 ) — (258 ) Cash and cash equivalents at January 1 559 559 Cash and cash equivalents at June 30 $ — $ — $ 301 $ — $ 301 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (4 ) $ (52 ) $ 124 $ (5 ) $ 63 Cash flows from investing activities Capital expenditures (143 ) (143 ) Proceeds from sale of property, plant and equipment 5 5 Intercompany investing activities 150 (150 ) — Other 13 13 Net cash provided by/(used for) investing activities 150 (125 ) (150 ) (125 ) Cash flows from financing activities Proceeds from long-term debt 304 304 Payments of long-term debt (725 ) (725 ) Net change in revolving credit facility and short-term debt 138 138 Net change in long-term intercompany balances (143 ) 52 91 — Debt issue costs (2 ) (2 ) Common stock issued 5 5 Common stock repurchased (8 ) (8 ) Dividends paid (155 ) 155 — Contribution from noncontrolling interests 1 1 Dividend paid to noncontrolling interests (26 ) (26 ) Foreign exchange derivatives related to debt 32 32 Net cash provided by/(used for) financing activities (146 ) 52 (342 ) 155 (281 ) Effect of exchange rate changes on cash and cash equivalents (4 ) (4 ) Net change in cash and cash equivalents — — (347 ) — (347 ) Cash and cash equivalents at January 1 717 717 Cash and cash equivalents at June 30 $ — $ — $ 370 $ — $ 370 Crown Americas, LLC, Crown Americas Capital Corp. IV and Crown Americas Capital Corp. V (collectively, the Issuer), 100% owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023 and $400 principal amount of 4.25% senior notes due 2026, which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all of its subsidiaries in the United States. The guarantors are 100% 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 and six months ended June 30, 2017 and 2016 , • balance sheets as of June 30, 2017 and December 31, 2016 , and • statements of cash flows for the six months ended June 30, 2017 and 2016 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 June 30, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 505 $ 1,656 $ 2,161 Cost of products sold, excluding depreciation and amortization 413 1,306 1,719 Depreciation and amortization 10 51 61 Selling and administrative expense $ 3 35 54 92 Restructuring and other 1 17 18 Income from operations (3 ) 46 228 271 Loss from early extinguishments of debt 6 1 7 Net interest expense 16 23 19 58 Technology royalty (9 ) 9 — Foreign exchange 45 (1 ) 6 $ (45 ) 5 Income/(loss) before income taxes (70 ) 33 193 45 201 Provision for / (benefit from) income taxes (27 ) 12 53 15 53 Equity earnings / (loss) in affiliates $ 128 51 90 (269 ) — Net income 128 8 111 140 (239 ) 148 Net income attributable to noncontrolling interests (20 ) (20 ) Net income attributable to Crown Holdings $ 128 $ 8 $ 111 $ 120 $ (239 ) $ 128 Comprehensive income $ 221 $ 11 $ 115 $ 271 $ (376 ) $ 242 Comprehensive income attributable to noncontrolling interests (21 ) (21 ) Comprehensive income attributable to Crown Holdings $ 221 $ 11 $ 115 $ 250 $ (376 ) $ 221 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 508 $ 1,634 $ 2,142 Cost of products sold, excluding depreciation and amortization 407 1,284 1,691 Depreciation and amortization 8 57 65 Selling and administrative expense $ 2 33 59 94 Restructuring and other (5 ) 2 (3 ) Income from operations 3 60 232 295 Loss from early extinguishment of debt — Net interest expense 15 21 20 56 Technology royalty (10 ) 10 — Foreign exchange (17 ) (11 ) $ 17 (11 ) Income/(loss) before income taxes 5 49 213 (17 ) 250 Provision for / (benefit from) income taxes 2 15 54 (6 ) 65 Equity earnings / (loss) in affiliates $ 169 33 97 (299 ) — Net income 169 36 131 159 (310 ) 185 Net income attributable to noncontrolling interests (16 ) (16 ) Net income attributable to Crown Holdings $ 169 $ 36 $ 131 $ 143 $ (310 ) $ 169 Comprehensive income $ 65 $ 39 $ 41 $ 37 $ (99 ) $ 83 Comprehensive income attributable to noncontrolling interests (18 ) (18 ) Comprehensive income attributable to Crown Holdings $ 65 $ 39 $ 41 $ 19 $ (99 ) $ 65 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2017 (in millions) Parent Issuer Guarantors Non- Eliminations Total Net sales $ 950 $ 3,112 4,062 Cost of products sold, excluding depreciation and amortization 774 2,464 3,238 Depreciation and amortization 20 100 120 Selling and administrative expense $ 5 68 109 182 Restructuring and other 2 12 14 Income from operations (5 ) 86 427 508 Loss from early extinguishment of debt 6 1 7 Net interest expense 33 44 40 117 Technology royalty (18 ) 18 — Foreign exchange 55 (1 ) 5 $ (55 ) 4 Income/(loss) before income taxes (99 ) 61 363 55 380 Provision for / (benefit from) income taxes (38 ) 20 98 19 99 Equity earnings / (loss) in affiliates $ 235 100 157 (492 ) — Net income 235 39 198 265 (456 ) 281 Net income attributable to noncontrolling interests (46 ) (46 ) Net income attributable to Crown Holdings 235 39 198 219 (456 ) 235 Comprehensive Income $ 467 $ 46 $ 245 $ 542 $ (785 ) $ 515 Comprehensive income attributable to noncontrolling interests (48 ) (48 ) Comprehensive income attributable to Crown Holdings $ 467 $ 46 $ 245 $ 494 $ (785 ) $ 467 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2016 (in millions) Parent Issuer Guarantors Non- Eliminations Total Net sales $ 955 $ 3,080 $ 4,035 Cost of products sold, excluding depreciation and amortization 770 2,442 3,212 Depreciation and amortization 16 109 125 Selling and administrative expense $ 5 68 112 185 Restructuring and other (5 ) 4 (1 ) Income from operations — 97 417 514 Loss from early extinguishment of debt 27 27 Net interest expense 35 43 39 117 Technology royalty (19 ) 19 — Foreign exchange 15 (17 ) $ (15 ) (17 ) Income/(loss) before income taxes (77 ) 73 376 15 387 Provision for / (benefit from) income taxes (29 ) 29 98 5 103 Equity earnings / (loss) in affiliates $ 248 97 142 (487 ) — Net income 248 49 186 278 (477 ) 284 Net income attributable to noncontrolling interests (36 ) (36 ) Net income attributable to Crown Holdings $ 248 $ 49 $ 186 $ 242 $ (477 ) $ 248 Comprehensive income $ 167 $ 55 $ 186 $ 209 $ (411 ) $ 206 Comprehensive income attributable to noncontrolling interests (39 ) (39 ) Comprehensive income attirbutable to Crown Holdings $ 167 $ 55 $ 186 $ 170 $ (411 ) $ 167 CONDENSED COMBINING BALANCE SHEET As of June 30, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 38 $ 2 $ 261 $ 301 Receivables, net 22 983 1,005 Intercompany receivables 36 15 $ (51 ) — Inventories 354 1,136 1,490 Prepaid expenses and other current assets $ 2 1 15 206 224 Total current assets 2 39 429 2,601 (51 ) 3,020 Intercompany debt receivables 2,796 3,293 782 (6,871 ) — Investments 3,103 2,405 1,143 (6,651 ) — Goodwill and intangible assets, net 467 3,045 3,512 Property, plant and equipment, net 1 528 2,491 3,020 Other non-current assets 11 519 184 714 Total $ 3,105 $ 5,252 $ 6,379 $ 9,103 $ (13,573 ) $ 10,266 Liabilities and equity Current liabilities Short-term debt $ 3 $ 36 $ 39 Current maturities of long-term debt $ 18 40 58 Accounts payable and accrued liabilities $ 27 30 578 2,062 2,697 Intercompany payables 15 36 $ (51 ) — Total current liabilities 27 48 596 2,174 (51 ) 2,794 Long-term debt, excluding current maturities 2,337 414 2,511 5,262 Long-term intercompany debt 2,456 1,443 2,777 195 (6,871 ) — Postretirement and pension liabilities 394 178 572 Other non-current liabilities 359 344 703 Commitments and contingent liabilities Noncontrolling interests 313 313 Crown Holdings shareholders’ equity/(deficit) 622 1,424 1,839 3,388 (6,651 ) 622 Total equity/(deficit) 622 1,424 1,839 3,701 (6,651 ) 935 Total $ 3,105 $ 5,252 $ 6,379 $ 9,103 $ (13,573 ) $ 10,266 CONDENSED COMBINING BALANCE SHEET As of December 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 83 $ 476 $ 559 Receivables, net 3 $ 20 842 865 Intercompany receivables 33 6 $ (39 ) — Inventories 313 932 1,245 Prepaid expenses and other current assets $ 1 2 13 156 172 Total current assets 1 88 379 2,412 (39 ) 2,841 Intercompany debt receivables 2,703 3,234 690 (6,627 ) — Investments 2,857 2,319 954 (6,130 ) — Goodwill and intangible assets, net 469 2,794 3,263 Property, plant and equipment, net 1 496 2,323 2,820 Other non-current assets 3 464 208 675 Total $ 2,858 $ 5,114 $ 5,996 $ 8,427 $ (12,796 ) $ 9,599 Liabilities and equity Current liabilities Short-term debt $ 33 $ 33 Current maturities of long-term debt $ 118 43 161 Accounts payable and accrued liabilities $ 23 32 $ 577 2,070 2,702 Intercompany payables 6 33 $ (39 ) — Total current liabilities 23 150 583 2,179 (39 ) 2,896 Long-term debt, excluding current maturities 2,258 392 2,067 4,717 Long-term intercompany debt 2,469 1,328 2,624 206 (6,627 ) — Postretirement and pension liabilities 422 198 620 Other non-current liabilities 381 317 698 Commitments and contingent liabilities Noncontrolling interests 302 302 Crown Holdings shareholders’ equity/(deficit) 366 1,378 1,594 3,158 (6,130 ) 366 Total equity/(deficit) 366 1,378 1,594 3,460 (6,130 ) 668 Total $ 2,858 $ 5,114 $ 5,996 $ 8,427 $ (12,796 ) $ 9,599 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (13 ) $ (28 ) $ (23 ) $ 124 $ (28 ) $ 32 Cash flows from investing activities Capital expenditures (78 ) (122 ) (200 ) Proceeds from sale of property, plant and equipment 1 4 5 Intercompany investing activities 235 (235 ) — Other 5 5 Net cash provided by/(used for) investing activities 235 — (77 ) (113 ) (235 ) (190 ) Cash flows from financing activities Proceeds from long-term debt 750 8 295 1,053 Payments of long-term debt (1,010 ) (93 ) (1,103 ) Net change in revolving credit facility and short-term debt 235 14 249 Net change in long-term intercompany balances 47 22 94 (163 ) — Debt issue costs (14 ) (1 ) (15 ) Common stock issued 8 8 Common stock repurchased (277 ) (277 ) Dividends paid (263 ) 263 — Dividends paid to noncontrolling interests (37 ) (37 ) Foreign exchange derivatives related to debt 11 11 Net cash provided by/(used for) financing activities (222 ) (17 ) 102 (237 ) 263 (111 ) Effect of exchange rate changes on cash and cash equivalents 11 11 Net change in cash and cash equivalents — (45 ) 2 (215 ) — (258 ) Cash and cash equivalents at January 1 83 476 559 Cash and cash equivalents at June 30 $ — $ 38 $ 2 $ 261 $ — $ 301 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (4 ) $ (49 ) $ 92 $ 38 $ (14 ) $ 63 Cash flows from investing activities Capital expenditures (50 ) (93 ) (143 ) Proceeds from sale of property, plant and equipment 5 5 Intercompany investing activities 150 150 (300 ) — Other 10 3 13 Net cash provided by/(used for) investing activities 150 — 110 (85 ) (300 ) (125 ) Cash flows from financing activities Proceeds from long-term debt 300 4 304 Payments of long-term debt (700 ) (25 ) (725 ) Net change in revolving credit facility and short-term debt 75 63 138 Net change in long-term intercompany balances (143 ) 341 (202 ) 4 — Debt issue costs (2 ) (2 ) Common stock issued 5 5 Common stock repurchased (8 ) (8 ) Dividends paid (314 ) 314 — Dividends paid to noncontrolling interests (26 ) (26 ) Contributions from noncontrolling interests 1 1 Foreign exchange derivatives related to debt 32 32 Net cash provided by/(used for) financing activities (146 ) 14 (202 ) (261 ) 314 (281 ) Effect of exchange rate changes on cash and cash equivalents (4 ) (4 ) Net change in cash and cash equivalents — (35 ) — (312 ) — (347 ) Cash and cash equivalents at January 1 104 613 717 Cash and cash equivalents at June 30 $ — $ 69 $ — $ 301 $ — $ 370 |
Accounting and Reporting Deve23
Accounting and Reporting Developments (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards In July 2015, the FASB issued new guidance related to the subsequent measurement of inventory. 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 became effective for the Company on January 1, 2017 and did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued new guidance on how share-based payments are accounted for and presented in the financial statements. The standard eliminates the APIC pool concept and requires that excess tax benefits and deficiencies be recorded in the income statement when awards are settled. The pronouncement also addresses simplifications related to statement of cash flows classification, accounting for forfeitures, and minimum statutory tax withholding requirements. Upon adoption of the standard on January 1, 2017, the Company recorded $60 of deferred tax assets attributable to excess tax benefits that were not previously recognized, because they did not reduce taxes payable, as a cumulative-effect adjustment to retained earnings under the modified retrospective method. The Company also prospectively adopted the guidance requiring all excess tax benefits and deficiencies to be recognized as income tax expense or benefit as discrete items and the guidance requiring all excess tax benefits or deficiencies to be reported as operating activities in the statement of cash flows. Adoption of these provisions did not have a material impact on the the Company's results of operations or statement of cash flows. The treatment of forfeitures has not changed as the Company is electing to continue the current process of estimating forfeitures. In January 2017, the FASB issued guidance that clarifies the definition of a business by adding a framework to assist entities in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. In order to be considered a business under the new guidance, the assets in the transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The Company early adopted this guidance as of January 1, 2017. Adoption did not have an impact on the Company's consolidated financial statements. However, it could have a material impact on the Company’s consolidated financial statements if the Company enters into future business combinations. In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment by removing step two of the impairment test, which requires a hypothetical purchase price allocation. The Company early adopted this guidance on January 1, 2017. The amount of goodwill impaired will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In May 2017, the FASB issued guidance to clarify when to account for a change to terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions or the classification of an award change as a result of a change in terms or conditions. Previously, judgment was required to determine if certain changes to an award were substantive and may have impacted whether or not modification accounting was applied. The Company early adopted this guidance during the second quarter of 2017. Adopting this standard did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In May 2014, the FASB issued new guidance which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services which will either be at a point in time or over time. Certain products that the Company manufactures for customers have no alternative use and are expected to follow an over-time revenue recognition model. For example, beverage cans are generally printed for a specific customer and do not have an alternative use. Food cans may be printed depending upon customer preference which can vary by geographic market. Under current guidance, the Company generally recognizes revenue upon shipment or delivery. Under the new guidance, timing of revenue recognition for these products, may be accelerated such that a portion of revenue will be recognized prior to shipment or delivery dependent upon contract-specific terms. In addition, the new guidance requires enhanced disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company has completed its initial assessment and is in the process of designing and implementing changes to processes, systems and controls to be in a position to adopt the standard on a modified retrospective basis in the first quarter of 2018. In February 2016, the FASB issued new guidance on lease accounting. Under the new guidance, lease classification criteria and income statement recognition are similar to current guidance; however, all leases with a 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. The Company is currently evaluating the impact of adopting this guidance, which may have a material impact on its financial position. In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and payments on the statement of cash flows. Under the new guidance, cash payments resulting from debt prepayment or extinguishment will be classified as cash outflows from financing activities. In addition, beneficial interests obtained in a securitization of financial assets should be disclosed as a noncash activity and cash receipts from the beneficial interests should be classified as cash inflows from investing activities. Under existing guidance, the Company classifies cash receipts from beneficial interests in securitized receivables and cash payments resulting from debt prepayment or extinguishment as cash flows from operating activities. The guidance will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of adopting this guidance, which may have a material impact on its cash flows from operating and investing activities. In October 2016, the FASB issued new guidance related to intra-entity transfers of assets other than inventory. Under current guidance, income tax expense associated with intra-entity profits in an intercompany sale or transfer of assets is deferred until the assets leave the consolidated group. Similarly, the entity is prohibited from recognizing deferred tax assets for any increases in tax bases due to the intercompany sale or transfer. The new guidance allows for the recognition of income tax expense and deferred tax benefits on increases on tax bases when an intercompany sale or transfer of other assets occurs. Income tax effects of intercompany inventory transactions will continue to be deferred until the assets leave the consolidated group. The guidance will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In March 2017, the FASB issued new guidance on the presentation of pension and other postretirement benefit costs. Under the new guidance only the service cost component of pension and other postretirement benefit costs will be presented with other employee compensation costs within income from operations or capitalized in assets. The other components will be reported separately outside of income from operations and will not be eligible for capitalization. The guidance will be effective for the Company on January 1, 2018. The guidance is not expected to have a material impact on the Company's consolidated pension and other postretirement benefit costs or net income but is expected to have a material impact on its income from operations. |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 January 1, 2016 $ (1,690 ) $ (1,446 ) $ (18 ) $ (3,154 ) Other comprehensive (loss) income before reclassifications — (125 ) 15 (110 ) Amounts reclassified from accumulated other comprehensive income 23 — 6 29 Other comprehensive income 23 (125 ) 21 (81 ) Balance at June 30, 2016 $ (1,667 ) $ (1,571 ) $ 3 $ (3,235 ) Balance at January 1, 2017 $ (1,524 ) $ (1,879 ) $ 3 $ (3,400 ) Other comprehensive income before reclassifications — 207 18 225 Amounts reclassified from accumulated other comprehensive income 17 — (10 ) 7 Other comprehensive income 17 207 8 232 Balance at June 30, 2017 $ (1,507 ) $ (1,672 ) $ 11 $ (3,168 ) The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended Six Months Ended Details about accumulated other June 30 June 30 Affected line item in the comprehensive income components 2017 2016 2017 2016 statement of operations (Gains) losses on cash flow hedges Commodities $ (11 ) $ 3 $ (15 ) $ 10 Cost of products sold (11 ) 3 (15 ) 10 Income before taxes 4 (1 ) 5 (3 ) Provision for income taxes $ (7 ) $ 2 $ (10 ) $ 7 Net income Foreign exchange $ (6 ) $ 2 $ (3 ) $ 4 Net sales 4 (1 ) 3 (5 ) Cost of products sold (2 ) 1 — (1 ) Income before taxes — — — — Provision for income taxes $ (2 ) $ 1 $ — $ (1 ) Net income Total (gains) losses on cash flow hedges $ (9 ) $ 3 $ (10 ) $ 6 Amortization of defined benefit plan items Actuarial losses $ 25 $ 27 $ 49 $ 56 (a) Prior service credit (13 ) (13 ) (26 ) (26 ) (a) 12 14 23 30 Income before taxes (4 ) (3 ) (6 ) (7 ) Provision for income taxes $ 8 $ 11 $ 17 $ 23 Net income Total reclassifications for the period $ (1 ) $ 14 $ 7 $ 29 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement cost. See Note M for further details. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation [Abstract] | |
Summary of Restricted Stock Transactions | A summary of restricted stock transactions during the six months ended June 30, 2017 follows: Number of shares Non-vested stock awards outstanding at January 1, 2017 1,321,292 Awarded: Time-vesting shares 144,141 Performance-based shares 149,843 Released: Time-vesting shares (351,403 ) Performance-based shares (115,732 ) Forfeitures: Time-vesting shares (21,375 ) Performance-based shares (58,749 ) Non-vested stock awards outstanding at June 30, 2017 1,068,017 |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Receivables | June 30, 2017 December 31, 2016 Accounts receivable $ 881 $ 769 Less: allowance for doubtful accounts (79 ) (76 ) Net trade receivables 802 693 Miscellaneous receivables 203 172 Receivables, net $ 1,005 $ 865 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory, Gross [Abstract] | |
Components of Inventories | June 30, 2017 December 31, 2016 Raw materials and supplies 689 $ 658 Work in process 154 116 Finished goods 647 471 $ 1,490 $ 1,245 |
Derivative and Other Financia28
Derivative and Other Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended Three Months Ended Six Months Ended Derivatives in cash flow hedges June 30, 2017 June 30, 2017 June 30, 2017 June 30, 2017 Foreign exchange $ 5 $ 3 $ 2 $ — Commodities (8 ) 15 7 10 Total $ (3 ) $ 18 $ 9 $ 10 Amount of gain/(loss) Amount of gain/(loss) recognized in AOCI reclassified from AOCI (effective portion) into earnings Three Months Ended Six Months Ended Three Months Ended Six Months Ended Derivatives in cash flow hedges June 30, 2016 June 30, 2016 June 30, 2016 June 30, 2016 Foreign exchange $ 3 $ 3 $ (1 ) $ 1 Commodities 14 12 (2 ) (7 ) Total $ 17 $ 15 $ (3 ) $ (6 ) |
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 June 30, 2017 and December 31, 2016 , respectively. Balance Sheet classification Fair Value hierarchy June 30, December 31, Derivative assets Derivatives designated as hedges: Foreign exchange Other current assets 2 $ 22 $ 24 Commodities Other current assets 2 18 13 Commodities Other non-current assets 2 2 3 Derivatives not designated as hedges: Commodities Other current assets 2 6 5 Total $ 48 $ 45 Derivative liabilities Derivatives designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 $ 16 $ 28 Commodities Accounts payable and accrued liabilities 2 7 3 Foreign exchange Other non-current liabilities 2 — 1 Commodities Other non-current liabilities 2 2 — Derivatives not designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 — 5 Commodities Accounts payable and accrued liabilities 2 1 — Total $ 26 $ 37 |
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 June 30, 2017 Derivative assets $48 $9 $39 Derivative liabilities 26 9 17 Balance at December 31, 2016 Derivative assets 45 6 39 Derivative liabilities 37 6 31 |
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at June 30, 2017 and December 31, 2016 were: June 30, 2017 December 31, 2016 Derivatives in cash flow hedges: Foreign exchange $ 721 $ 644 Commodities 194 180 Derivatives in fair value hedges: Foreign exchange 70 73 Derivatives not designated as hedges: Foreign exchange 649 618 Commodities 78 72 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring Reserve [Abstract] | |
Restructuring and Other Charges | The Company recorded restructuring and other charges / (benefits) as follows: Three Months Ended Six Months Ended June 30 June 30 2017 2016 2017 2016 Asset impairments and sales $ — $ (5 ) $ (6 ) $ (7 ) Restructuring 2 2 4 3 Other costs 16 — 16 3 $ 18 $ (3 ) $ 14 $ (1 ) |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The Company's outstanding debt was as follows: June 30, 2017 December 31, 2016 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 39 $ 39 $ 33 $ 33 Long-term debt Senior secured borrowings: Revolving credit facilities $ 274 $ 274 $ — $ — Term loan facilities U.S. dollar at LIBOR + 1.75% due 2022 745 738 654 649 Euro at EURIBOR + 1.75% due 2022 1 312 312 61 61 Farm credit facility at LIBOR + 2.00% due 2019 — — 351 347 Senior notes and debentures: €650 at 4.0% due 2022 742 735 684 676 U. S. dollar at 4.50% due 2023 1,000 991 1,000 991 €600 at 2.625% due 2024 685 678 631 623 €600 at 3.375% due 2025 685 676 631 622 U.S. dollar at 4.25% due 2026 400 393 400 393 U.S. dollar at 7.375% due 2026 350 347 350 347 U.S. dollar at 7.50% due 2096 45 45 45 45 Other indebtedness in various currencies 117 117 124 124 Capital lease obligations 14 14 — — Total long-term debt 5,369 5,320 4,931 4,878 Less current maturities (58 ) (58 ) (162 ) (161 ) Total long-term debt, less current maturities $ 5,311 $ 5,262 $ 4,769 $ 4,717 (1) €273 and €58 at June 30, 2017 and December 31, 2016 . |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Summary of Claims Activity | During the six months ended June 30, 2017 , the Company paid $7 to settle outstanding claims and had claims activity as follows: Beginning claims 55,500 New claims 1,250 Settlements or dismissals (750 ) Ending claims 56,000 |
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, 2016 , 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 18,500 Total claims outstanding 55,500 |
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: 2016 2015 2014 Total claims 22 % 22 % 22 % Pre-1964 claims in states without asbestos legislation 41 % 41 % 41 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30 June 30 2017 2016 2017 2016 Net income attributable to Crown Holdings $ 128 $ 169 $ 235 $ 248 Weighted average shares outstanding: Basic 135.3 138.5 136.9 138.3 Dilutive stock options and restricted stock 0.4 0.8 0.5 0.9 Diluted 135.7 139.3 137.4 139.2 Basic earnings per share $ 0.95 $ 1.22 $ 1.72 $ 1.79 Diluted earnings per share $ 0.94 $ 1.21 $ 1.71 $ 1.78 |
Pension and Other Postretirem33
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | Three Months Ended Six Months Ended June 30 June 30 Other postretirement benefits 2017 2016 2017 2016 Service cost $ — $ — $ — $ — Interest cost 1 1 2 2 Recognized prior service credit (10 ) (10 ) (20 ) (20 ) Recognized net loss 1 1 2 2 Net periodic benefit $ (8 ) $ (8 ) $ (16 ) $ (16 ) |
Pension Benefits - U.S. Plans [Member] | Pension Plan [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 and six months ended June 30, 2017 and 2016 were as follows: Three Months Ended Six Months Ended June 30 June 30 Pension benefits – U.S. plans 2017 2016 2017 2016 Service cost $ 3 $ 3 $ 7 $ 7 Interest cost 13 12 25 25 Expected return on plan assets (20 ) (22 ) (41 ) (45 ) Recognized net loss 13 13 26 25 Net periodic cost $ 9 $ 6 $ 17 $ 12 |
Pension Benefits - Non-U.S. Plans [Member] | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | Three Months Ended Six Months Ended June 30 June 30 Pension benefits – Non-U.S. plans 2017 2016 2017 2016 Service cost $ 5 $ 5 $ 11 $ 11 Interest cost 19 27 38 53 Expected return on plan assets (35 ) (41 ) (70 ) (82 ) Recognized prior service credit (3 ) (3 ) (6 ) (6 ) Recognized net loss 11 13 21 26 Net periodic (benefit) cost $ (3 ) $ 1 $ (6 ) $ 2 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30 June 30 2017 2016 2017 2016 U.S. statutory rate at 35% $ 70 $ 88 $ 133 $ 136 Tax on foreign income (21 ) (27 ) (42 ) (41 ) Tax contingencies 2 1 5 1 Valuation allowance — — 3 2 Other items, net 2 3 — 5 Income tax provision $ 53 $ 65 $ 99 $ 103 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Information of Information about Operating Segments | The tables below present information about the Company's operating segments. External Sales External Sales Three Months Ended Six Months Ended June 30 June 30 2017 2016 2017 2016 Americas Beverage $ 729 $ 706 $ 1,403 $ 1,349 North America Food 167 168 320 314 European Beverage 402 401 705 716 European Food 459 462 838 860 Asia Pacific 287 281 565 558 Total reportable segments 2,044 2,018 3,831 3,797 Non-reportable segments 117 124 231 238 Total $ 2,161 $ 2,142 $ 4,062 $ 4,035 The primary sources of revenue included in non-reportable segments are the Company's aerosol can businesses in North America and Europe, its specialty packaging business in Europe and its tooling and equipment operations in the U.S. and U.K. Intersegment Sales Intersegment Sales Three Months Ended Six Months Ended June 30 June 30 2017 2016 2017 2016 Americas Beverage $ 17 $ 18 $ 23 $ 33 North America Food 5 7 11 13 European Beverage — — 1 1 European Food 19 20 35 36 Asia Pacific — — — — Total reportable segments 41 45 70 83 Non-reportable segments 22 44 51 62 Total $ 63 $ 89 $ 121 $ 145 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 Segment Income Three Months Ended Six Months Ended June 30 June 30 2017 2016 2017 2016 Americas Beverage $ 109 $ 106 $ 214 $ 210 North America Food 22 20 38 32 European Beverage 72 75 123 121 European Food 67 67 114 116 Asia Pacific 45 39 84 74 Total reportable segments $ 315 $ 307 $ 573 $ 553 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended Six Months Ended June 30 June 30 2017 2016 2017 2016 Segment income of reportable segments $ 315 $ 307 $ 573 $ 553 Segment income of non-reportable segments 17 20 32 33 Corporate and unallocated items (43 ) (35 ) (83 ) (73 ) Restructuring and other (18 ) 3 (14 ) 1 Loss from early extinguishments of debt (7 ) — (7 ) (27 ) Interest expense (62 ) (58 ) (124 ) (122 ) Interest income 4 2 7 5 Foreign exchange (5 ) 11 (4 ) 17 Income before income taxes $ 201 $ 250 $ 380 $ 387 |
Condensed Combining Financial36
Condensed Combining Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Crown Cork & Seal Company Inc [Member] | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 2,161 $ 2,161 Cost of products sold, excluding depreciation and amortization 1,719 1,719 Depreciation and amortization 61 61 Selling and administrative expense $ 2 90 92 Restructuring and other (1 ) 19 18 Income from operations (1 ) 272 271 Loss on early extinguishments of debt 7 7 Net interest expense 26 32 58 Foreign exchange 5 5 Income/(loss) before income taxes (27 ) 228 201 Provision for / (benefit from) income taxes (8 ) 61 53 Equity earnings / (loss) in affiliates $ 128 130 $ (258 ) — Net income 128 111 167 (258 ) 148 Net income attributable to noncontrolling interests (20 ) (20 ) Net income attributable to Crown Holdings $ 128 $ 111 $ 147 $ (258 ) $ 128 Comprehensive income $ 221 $ 115 $ 261 $ (355 ) $ 242 Comprehensive income attributable to noncontrolling interests (21 ) (21 ) Comprehensive income attributable to Crown Holdings $ 221 $ 115 $ 240 $ (355 ) $ 221 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 2,142 $ 2,142 Cost of products sold, excluding depreciation and amortization 1,691 1,691 Depreciation and amortization 65 65 Selling and administrative expense $ 3 91 94 Restructuring and other (3 ) (3 ) Income from operations (3 ) 298 295 Net interest expense 25 31 56 Foreign exchange (11 ) (11 ) Income/(loss) before income taxes (28 ) 278 250 Provision for / (benefit from) income taxes (14 ) 79 65 Equity earnings / (loss) in affiliates $ 169 145 $ (314 ) — Net income 169 131 199 (314 ) 185 Net income attributable to noncontrolling interests (16 ) (16 ) Net income attributable to Crown Holdings $ 169 $ 131 $ 183 $ (314 ) $ 169 Comprehensive income $ 65 $ 41 $ 118 $ (141 ) $ 83 Comprehensive income attributable to noncontrolling interests (18 ) (18 ) Comprehensive income attributable to Crown Holdings $ 65 $ 41 $ 100 $ (141 ) $ 65 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2017 (in millions) Parent Issuer Non- Eliminations Total Net sales $ 4,062 $ 4,062 Cost of products sold, excluding depreciation and amortization 3,238 3,238 Depreciation and amortization 120 120 Selling and administrative expense $ 4 178 182 Restructuring and other (1 ) 15 14 Income from operations (3 ) 511 508 Loss from early extinguishment of debt 7 7 Net interest expense 46 71 117 Foreign exchange 4 4 Income/(loss) before income taxes (49 ) 429 380 Provision for / (benefit from) income taxes (18 ) 117 99 Equity earnings / (loss) in affiliates $ 235 229 $ (464 ) — Net income 235 198 312 (464 ) 281 Net income attributable to noncontrolling interests (46 ) (46 ) Net income attributable to Crown Holdings $ 235 $ 198 $ 266 $ (464 ) $ 235 Comprehensive income $ 467 $ 245 $ 546 $ (743 ) $ 515 Comprehensive income attributable to noncontrolling interests (48 ) (48 ) Comprehensive income attributable to Crown Holdings $ 467 $ 245 $ 498 $ (743 ) $ 467 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2016 (in millions) Parent Issuer Non- Eliminations Total Net sales $ 4,035 $ 4,035 Cost of products sold, excluding depreciation and amortization 3,212 3,212 Depreciation and amortization 125 125 Selling and administrative expense $ 5 180 185 Restructuring and other (1 ) (1 ) Income from operations (5 ) 519 514 Loss from early extinguishment of debt 27 27 Net interest expense 52 65 117 Foreign exchange (17 ) (17 ) Income/(loss) before income taxes (57 ) 444 387 Provision for / (benefit from) income taxes (21 ) 124 103 Equity earnings / (loss) in affiliates $ 248 222 $ (470 ) — Net income 248 186 320 (470 ) 284 Net income attributable to noncontrolling interests (36 ) (36 ) Net income attributable to Crown Holdings $ 248 $ 186 $ 284 $ (470 ) $ 248 Comprehensive Income $ 167 $ 186 $ 263 $ (410 ) $ 206 Comprehensive income attributable to noncontrolling interests (39 ) (39 ) Comprehensive income attributable to Crown Holdings $ 167 $ 186 $ 224 $ (410 ) $ 167 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of June 30, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 301 $ 301 Receivables, net 1,005 1,005 Inventories 1,490 1,490 Prepaid expenses and other current assets $ 2 222 224 Total current assets 2 3,018 3,020 Intercompany debt receivables 3,534 $ (3,534 ) — Investments 3,103 $ 3,183 (6,286 ) — Goodwill and intangible assets, net 3,512 3,512 Property, plant and equipment, net 3,020 3,020 Other non-current assets 509 205 714 Total $ 3,105 $ 3,692 $ 13,289 $ (9,820 ) $ 10,266 Liabilities and equity Current liabilities Short-term debt $ 39 $ 39 Current maturities of long-term debt 58 58 Accounts payable and accrued liabilities $ 27 $ 34 2,636 2,697 Total current liabilities 27 34 2,733 2,794 Long-term debt, excluding current maturities 392 4,870 5,262 Long-term intercompany debt 2,456 1,078 $ (3,534 ) — Postretirement and pension liabilities 572 572 Other non-current liabilities 349 354 703 Commitments and contingent liabilities Noncontrolling interests 313 313 Crown Holdings shareholders’ equity/(deficit) 622 1,839 4,447 (6,286 ) 622 Total equity/(deficit) 622 1,839 4,760 (6,286 ) 935 Total $ 3,105 $ 3,692 $ 13,289 $ (9,820 ) $ 10,266 CONDENSED COMBINING BALANCE SHEET As of December 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 559 $ 559 Receivables, net 865 865 Inventories 1,245 1,245 Prepaid expenses and other current assets $ 1 171 172 Total current assets 1 — 2,840 2,841 Intercompany debt receivables 3,447 $ (3,447 ) — Investments 2,857 $ 2,915 (5,772 ) — Goodwill and intangible assets, net 3,263 3,263 Property, plant and equipment, net 2,820 2,820 Other non-current assets 447 228 675 Total $ 2,858 $ 3,362 $ 12,598 $ (9,219 ) $ 9,599 Liabilities and equity Current liabilities Short-term debt $ 33 $ 33 Current maturities of long-term debt 161 161 Accounts payable and accrued liabilities $ 23 $ 40 2,639 2,702 Total current liabilities 23 40 2,833 2,896 Long-term debt, excluding current maturities 392 4,325 4,717 Long-term intercompany debt 2,469 978 $ (3,447 ) — Postretirement and pension liabilities 620 620 Other non-current liabilities 358 340 698 Commitments and contingent liabilities Noncontrolling interests 302 302 Crown Holdings shareholders’ equity/(deficit) 366 1,594 4,178 (5,772 ) 366 Total equity/(deficit) 366 1,594 4,480 (5,772 ) 668 Total $ 2,858 $ 3,362 $ 12,598 $ (9,219 ) $ 9,599 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (13 ) $ (41 ) $ 94 $ (8 ) $ 32 Cash flows from investing activities Capital expenditures (200 ) (200 ) Proceeds from sale of property, plant and equipment 5 5 Intercompany investing activities 235 (235 ) — Other 5 5 Net cash provided by/(used for) investing activities 235 (190 ) (235 ) (190 ) Cash flows from financing activities Proceeds from long-term debt 1,053 1,053 Payments of long-term debt (1,103 ) (1,103 ) Net change in revolving credit facility and short-term debt 249 249 Net change in long-term intercompany balances 47 41 (88 ) — Debt issue costs (15 ) (15 ) Common stock issued 8 8 Common stock repurchased (277 ) (277 ) Dividends paid (243 ) 243 — Dividend paid to noncontrolling interests (37 ) (37 ) Foreign exchange derivatives related to debt 11 11 Net cash provided by/(used for) financing activities (222 ) 41 (173 ) 243 (111 ) Effect of exchange rate changes on cash and cash equivalents 11 11 Net change in cash and cash equivalents — — (258 ) — (258 ) Cash and cash equivalents at January 1 559 559 Cash and cash equivalents at June 30 $ — $ — $ 301 $ — $ 301 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (4 ) $ (52 ) $ 124 $ (5 ) $ 63 Cash flows from investing activities Capital expenditures (143 ) (143 ) Proceeds from sale of property, plant and equipment 5 5 Intercompany investing activities 150 (150 ) — Other 13 13 Net cash provided by/(used for) investing activities 150 (125 ) (150 ) (125 ) Cash flows from financing activities Proceeds from long-term debt 304 304 Payments of long-term debt (725 ) (725 ) Net change in revolving credit facility and short-term debt 138 138 Net change in long-term intercompany balances (143 ) 52 91 — Debt issue costs (2 ) (2 ) Common stock issued 5 5 Common stock repurchased (8 ) (8 ) Dividends paid (155 ) 155 — Contribution from noncontrolling interests 1 1 Dividend paid to noncontrolling interests (26 ) (26 ) Foreign exchange derivatives related to debt 32 32 Net cash provided by/(used for) financing activities (146 ) 52 (342 ) 155 (281 ) Effect of exchange rate changes on cash and cash equivalents (4 ) (4 ) Net change in cash and cash equivalents — — (347 ) — (347 ) Cash and cash equivalents at January 1 717 717 Cash and cash equivalents at June 30 $ — $ — $ 370 $ — $ 370 |
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 June 30, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 505 $ 1,656 $ 2,161 Cost of products sold, excluding depreciation and amortization 413 1,306 1,719 Depreciation and amortization 10 51 61 Selling and administrative expense $ 3 35 54 92 Restructuring and other 1 17 18 Income from operations (3 ) 46 228 271 Loss from early extinguishments of debt 6 1 7 Net interest expense 16 23 19 58 Technology royalty (9 ) 9 — Foreign exchange 45 (1 ) 6 $ (45 ) 5 Income/(loss) before income taxes (70 ) 33 193 45 201 Provision for / (benefit from) income taxes (27 ) 12 53 15 53 Equity earnings / (loss) in affiliates $ 128 51 90 (269 ) — Net income 128 8 111 140 (239 ) 148 Net income attributable to noncontrolling interests (20 ) (20 ) Net income attributable to Crown Holdings $ 128 $ 8 $ 111 $ 120 $ (239 ) $ 128 Comprehensive income $ 221 $ 11 $ 115 $ 271 $ (376 ) $ 242 Comprehensive income attributable to noncontrolling interests (21 ) (21 ) Comprehensive income attributable to Crown Holdings $ 221 $ 11 $ 115 $ 250 $ (376 ) $ 221 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 508 $ 1,634 $ 2,142 Cost of products sold, excluding depreciation and amortization 407 1,284 1,691 Depreciation and amortization 8 57 65 Selling and administrative expense $ 2 33 59 94 Restructuring and other (5 ) 2 (3 ) Income from operations 3 60 232 295 Loss from early extinguishment of debt — Net interest expense 15 21 20 56 Technology royalty (10 ) 10 — Foreign exchange (17 ) (11 ) $ 17 (11 ) Income/(loss) before income taxes 5 49 213 (17 ) 250 Provision for / (benefit from) income taxes 2 15 54 (6 ) 65 Equity earnings / (loss) in affiliates $ 169 33 97 (299 ) — Net income 169 36 131 159 (310 ) 185 Net income attributable to noncontrolling interests (16 ) (16 ) Net income attributable to Crown Holdings $ 169 $ 36 $ 131 $ 143 $ (310 ) $ 169 Comprehensive income $ 65 $ 39 $ 41 $ 37 $ (99 ) $ 83 Comprehensive income attributable to noncontrolling interests (18 ) (18 ) Comprehensive income attributable to Crown Holdings $ 65 $ 39 $ 41 $ 19 $ (99 ) $ 65 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2017 (in millions) Parent Issuer Guarantors Non- Eliminations Total Net sales $ 950 $ 3,112 4,062 Cost of products sold, excluding depreciation and amortization 774 2,464 3,238 Depreciation and amortization 20 100 120 Selling and administrative expense $ 5 68 109 182 Restructuring and other 2 12 14 Income from operations (5 ) 86 427 508 Loss from early extinguishment of debt 6 1 7 Net interest expense 33 44 40 117 Technology royalty (18 ) 18 — Foreign exchange 55 (1 ) 5 $ (55 ) 4 Income/(loss) before income taxes (99 ) 61 363 55 380 Provision for / (benefit from) income taxes (38 ) 20 98 19 99 Equity earnings / (loss) in affiliates $ 235 100 157 (492 ) — Net income 235 39 198 265 (456 ) 281 Net income attributable to noncontrolling interests (46 ) (46 ) Net income attributable to Crown Holdings 235 39 198 219 (456 ) 235 Comprehensive Income $ 467 $ 46 $ 245 $ 542 $ (785 ) $ 515 Comprehensive income attributable to noncontrolling interests (48 ) (48 ) Comprehensive income attributable to Crown Holdings $ 467 $ 46 $ 245 $ 494 $ (785 ) $ 467 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2016 (in millions) Parent Issuer Guarantors Non- Eliminations Total Net sales $ 955 $ 3,080 $ 4,035 Cost of products sold, excluding depreciation and amortization 770 2,442 3,212 Depreciation and amortization 16 109 125 Selling and administrative expense $ 5 68 112 185 Restructuring and other (5 ) 4 (1 ) Income from operations — 97 417 514 Loss from early extinguishment of debt 27 27 Net interest expense 35 43 39 117 Technology royalty (19 ) 19 — Foreign exchange 15 (17 ) $ (15 ) (17 ) Income/(loss) before income taxes (77 ) 73 376 15 387 Provision for / (benefit from) income taxes (29 ) 29 98 5 103 Equity earnings / (loss) in affiliates $ 248 97 142 (487 ) — Net income 248 49 186 278 (477 ) 284 Net income attributable to noncontrolling interests (36 ) (36 ) Net income attributable to Crown Holdings $ 248 $ 49 $ 186 $ 242 $ (477 ) $ 248 Comprehensive income $ 167 $ 55 $ 186 $ 209 $ (411 ) $ 206 Comprehensive income attributable to noncontrolling interests (39 ) (39 ) Comprehensive income attirbutable to Crown Holdings $ 167 $ 55 $ 186 $ 170 $ (411 ) $ 167 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of June 30, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 38 $ 2 $ 261 $ 301 Receivables, net 22 983 1,005 Intercompany receivables 36 15 $ (51 ) — Inventories 354 1,136 1,490 Prepaid expenses and other current assets $ 2 1 15 206 224 Total current assets 2 39 429 2,601 (51 ) 3,020 Intercompany debt receivables 2,796 3,293 782 (6,871 ) — Investments 3,103 2,405 1,143 (6,651 ) — Goodwill and intangible assets, net 467 3,045 3,512 Property, plant and equipment, net 1 528 2,491 3,020 Other non-current assets 11 519 184 714 Total $ 3,105 $ 5,252 $ 6,379 $ 9,103 $ (13,573 ) $ 10,266 Liabilities and equity Current liabilities Short-term debt $ 3 $ 36 $ 39 Current maturities of long-term debt $ 18 40 58 Accounts payable and accrued liabilities $ 27 30 578 2,062 2,697 Intercompany payables 15 36 $ (51 ) — Total current liabilities 27 48 596 2,174 (51 ) 2,794 Long-term debt, excluding current maturities 2,337 414 2,511 5,262 Long-term intercompany debt 2,456 1,443 2,777 195 (6,871 ) — Postretirement and pension liabilities 394 178 572 Other non-current liabilities 359 344 703 Commitments and contingent liabilities Noncontrolling interests 313 313 Crown Holdings shareholders’ equity/(deficit) 622 1,424 1,839 3,388 (6,651 ) 622 Total equity/(deficit) 622 1,424 1,839 3,701 (6,651 ) 935 Total $ 3,105 $ 5,252 $ 6,379 $ 9,103 $ (13,573 ) $ 10,266 CONDENSED COMBINING BALANCE SHEET As of December 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 83 $ 476 $ 559 Receivables, net 3 $ 20 842 865 Intercompany receivables 33 6 $ (39 ) — Inventories 313 932 1,245 Prepaid expenses and other current assets $ 1 2 13 156 172 Total current assets 1 88 379 2,412 (39 ) 2,841 Intercompany debt receivables 2,703 3,234 690 (6,627 ) — Investments 2,857 2,319 954 (6,130 ) — Goodwill and intangible assets, net 469 2,794 3,263 Property, plant and equipment, net 1 496 2,323 2,820 Other non-current assets 3 464 208 675 Total $ 2,858 $ 5,114 $ 5,996 $ 8,427 $ (12,796 ) $ 9,599 Liabilities and equity Current liabilities Short-term debt $ 33 $ 33 Current maturities of long-term debt $ 118 43 161 Accounts payable and accrued liabilities $ 23 32 $ 577 2,070 2,702 Intercompany payables 6 33 $ (39 ) — Total current liabilities 23 150 583 2,179 (39 ) 2,896 Long-term debt, excluding current maturities 2,258 392 2,067 4,717 Long-term intercompany debt 2,469 1,328 2,624 206 (6,627 ) — Postretirement and pension liabilities 422 198 620 Other non-current liabilities 381 317 698 Commitments and contingent liabilities Noncontrolling interests 302 302 Crown Holdings shareholders’ equity/(deficit) 366 1,378 1,594 3,158 (6,130 ) 366 Total equity/(deficit) 366 1,378 1,594 3,460 (6,130 ) 668 Total $ 2,858 $ 5,114 $ 5,996 $ 8,427 $ (12,796 ) $ 9,599 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (13 ) $ (28 ) $ (23 ) $ 124 $ (28 ) $ 32 Cash flows from investing activities Capital expenditures (78 ) (122 ) (200 ) Proceeds from sale of property, plant and equipment 1 4 5 Intercompany investing activities 235 (235 ) — Other 5 5 Net cash provided by/(used for) investing activities 235 — (77 ) (113 ) (235 ) (190 ) Cash flows from financing activities Proceeds from long-term debt 750 8 295 1,053 Payments of long-term debt (1,010 ) (93 ) (1,103 ) Net change in revolving credit facility and short-term debt 235 14 249 Net change in long-term intercompany balances 47 22 94 (163 ) — Debt issue costs (14 ) (1 ) (15 ) Common stock issued 8 8 Common stock repurchased (277 ) (277 ) Dividends paid (263 ) 263 — Dividends paid to noncontrolling interests (37 ) (37 ) Foreign exchange derivatives related to debt 11 11 Net cash provided by/(used for) financing activities (222 ) (17 ) 102 (237 ) 263 (111 ) Effect of exchange rate changes on cash and cash equivalents 11 11 Net change in cash and cash equivalents — (45 ) 2 (215 ) — (258 ) Cash and cash equivalents at January 1 83 476 559 Cash and cash equivalents at June 30 $ — $ 38 $ 2 $ 261 $ — $ 301 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (4 ) $ (49 ) $ 92 $ 38 $ (14 ) $ 63 Cash flows from investing activities Capital expenditures (50 ) (93 ) (143 ) Proceeds from sale of property, plant and equipment 5 5 Intercompany investing activities 150 150 (300 ) — Other 10 3 13 Net cash provided by/(used for) investing activities 150 — 110 (85 ) (300 ) (125 ) Cash flows from financing activities Proceeds from long-term debt 300 4 304 Payments of long-term debt (700 ) (25 ) (725 ) Net change in revolving credit facility and short-term debt 75 63 138 Net change in long-term intercompany balances (143 ) 341 (202 ) 4 — Debt issue costs (2 ) (2 ) Common stock issued 5 5 Common stock repurchased (8 ) (8 ) Dividends paid (314 ) 314 — Dividends paid to noncontrolling interests (26 ) (26 ) Contributions from noncontrolling interests 1 1 Foreign exchange derivatives related to debt 32 32 Net cash provided by/(used for) financing activities (146 ) 14 (202 ) (261 ) 314 (281 ) Effect of exchange rate changes on cash and cash equivalents (4 ) (4 ) Net change in cash and cash equivalents — (35 ) — (312 ) — (347 ) Cash and cash equivalents at January 1 104 613 717 Cash and cash equivalents at June 30 $ — $ 69 $ — $ 301 $ — $ 370 |
Accounting and Reporting Deve37
Accounting and Reporting Developments (Details) - Adjustments for new accounting pronouncement [Member] | Jan. 01, 2017USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred Tax Assets, Gross | $ 60 |
Retained Earnings [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative effect of recently adopted accounting standard | $ 60,000,000 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Components) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | $ (3,400) | $ (3,154) |
Other comprehensive income before reclassifications | 225 | (110) |
Amounts reclassified from accumulated other comprehensive income | 7 | 29 |
Other comprehensive income | 232 | (81) |
Balance at end of period | (3,168) | (3,235) |
Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | (1,524) | (1,690) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 17 | 23 |
Other comprehensive income | 17 | 23 |
Balance at end of period | (1,507) | (1,667) |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | (1,879) | (1,446) |
Other comprehensive income before reclassifications | 207 | (125) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income | 207 | (125) |
Balance at end of period | (1,672) | (1,571) |
Gains and Losses on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | 3 | (18) |
Other comprehensive income before reclassifications | 18 | 15 |
Amounts reclassified from accumulated other comprehensive income | (10) | 6 |
Other comprehensive income | 8 | 21 |
Balance at end of period | $ 11 | $ 3 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Reclassification) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net sales | $ 2,161 | $ 2,142 | $ 4,062 | $ 4,035 | |
Cost of products sold | 1,719 | 1,691 | 3,238 | 3,212 | |
Income before income taxes | 201 | 250 | 380 | 387 | |
Provision for income taxes | (53) | (65) | (99) | (103) | |
Net income | 148 | 185 | 281 | 284 | |
Total (gains) losses on cash flow hedges | 7 | 29 | |||
Gains and Losses on Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Total (gains) losses on cash flow hedges | (10) | 6 | |||
Amortization of Defined Benefit Plan Items [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Total (gains) losses on cash flow hedges | 17 | 23 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net income | (1) | 14 | 7 | 29 | |
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 | (9) | 3 | (10) | 6 | |
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 | (11) | 3 | (15) | 10 | |
Income before income taxes | (11) | 3 | (15) | 10 | |
Provision for income taxes | 4 | (1) | 5 | (3) | |
Net income | (7) | 2 | (10) | 7 | |
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 | (6) | 2 | (3) | 4 | |
Cost of products sold | 4 | (1) | 3 | (5) | |
Income before income taxes | (2) | 1 | 0 | (1) | |
Provision for income taxes | 0 | 0 | 0 | 0 | |
Net income | (2) | 1 | 0 | (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 | 12 | 14 | 23 | 30 | |
Provision for income taxes | (4) | (3) | (6) | (7) | |
Net income | 8 | 11 | 17 | 23 | |
Actuarial losses | [1] | 25 | 27 | 49 | 56 |
Prior service credit | [1] | $ (13) | $ (13) | $ (26) | $ (26) |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement cost. See Note M for further details. |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) | 6 Months Ended |
Jun. 30, 2017shares | |
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) | 1,321,292 |
Nonvested stock awards outstanding at end of period (in shares) | 1,068,017 |
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) | 144,141 |
Released (in shares) | (351,403) |
Forfeitures (in shares) | (21,375) |
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) | 149,843 |
Released (in shares) | (115,732) |
Forfeitures (in shares) | (58,749) |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ | $ 39 |
Cost expected to be recognized, weighted average period (in years) | 2 years |
Market Based Restricted Stock [Member] [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award term | cliff vest at the end of three years |
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% |
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 | shares | 149,843 |
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 (in dollars per share) | $ / shares | $ 51.90 |
Method used for calculation of performance of share | Monte Carlo |
Weighted average stock price volatility | 21.10% |
Expected term (in years) | 3 years |
Risk free interest rate | 1.43% |
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 | shares | 144,141 |
Weighted average grant-date fair value (in dollars per share) | $ / shares | $ 55.55 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate market value of shares released and issued | $ | $ 26 |
Minimum [Member] | Time Vested Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) for shares awarded | 3 years |
Maximum [Member] | Time Vested Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) for shares awarded | 5 years |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Accounts receivable | $ 881 | $ 769 |
Less: allowance for doubtful accounts | (79) | (76) |
Net trade receivables | 802 | 693 |
Miscellaneous receivables | 203 | 172 |
Receivables, net | 1,005 | 865 |
North American Facility [Member] | ||
Deferred purchase price | $ 119 | $ 83 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory, Gross [Abstract] | ||
Raw materials and supplies | $ 689 | $ 658 |
Work in process | 154 | 116 |
Finished goods | 647 | 471 |
Total inventories | $ 1,490 | $ 1,245 |
Derivative and Other Financia44
Derivative and Other Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
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. | |||
Gain expected to be reclassified to earnings | $ 9,000,000 | |||
Gain, net of tax, expected to be reclassified to earnings | 8,000,000 | |||
Reclassification of anticipated transactions that were no longer considered probable | 0 | $ 0 | ||
Accumulated Other Comprehensive Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss on net investment hedge settlements | $ (81,000,000) | $ 27,000,000 | (96,000,000) | (18,000,000) |
Loss on net investment hedge settlements, net of tax | (65,000,000) | 22,000,000 | (77,000,000) | (12,000,000) |
Commodities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on cash flow hedge ineffectiveness | (1,000,000) | (1,000,000) | (1,000,000) | |
Gain (loss) on cash flow hedge ineffectiveness, net of tax | 0 | (1,000,000) | 1,000,000 | (1,000,000) |
Loss on cash flow hedge ineffectiveness | 1,000,000 | |||
Foreign Exchange [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) gain on foreign exchange contracts designated as fair value hedges | (1,000,000) | (4,000,000) | (1,000,000) | (5,000,000) |
Gain (loss) on foreign exchange contracts not designated as fair value hedges | 20,000,000 | 5,000,000 | $ 20,000,000 | 26,000,000 |
Minimum [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity Range | 1 month | |||
Maximum [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity Range | 40 months | |||
Not Designated as Hedging Instrument [Member] | Commodities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on cash flow hedge ineffectiveness | (3,000,000) | (3,000,000) | ||
Gain (loss) on cash flow hedge ineffectiveness, net of tax | 6,000,000 | $ (3,000,000) | $ 1,000,000 | $ (3,000,000) |
Loss on cash flow hedge ineffectiveness | $ 9,000,000 | $ 2,000,000 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss) recognized in AOCI (effective portion) | $ (3) | $ 17 | $ 18 | $ 15 |
Amount of gain/(loss) reclassified from AOCI into earnings | 9 | (3) | 10 | (6) |
Foreign Exchange [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss) recognized in AOCI (effective portion) | 5 | 3 | 3 | 3 |
Amount of gain/(loss) reclassified from AOCI into earnings | 2 | (1) | 0 | 1 |
Commodities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain/(loss) recognized in AOCI (effective portion) | (8) | 14 | 15 | 12 |
Amount of gain/(loss) reclassified from AOCI into earnings | $ 7 | $ (2) | $ 10 | $ (7) |
Derivative and Other Financia46
Derivative and Other Financial Instruments (Fair Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative assets | ||
Total | $ 48 | $ 45 |
Derivative liabilities | ||
Total | 26 | 37 |
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 | 22 | 24 |
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | Commodities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 18 | 13 |
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 | 6 | 5 |
Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Assets [Member] | Commodities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 2 | 3 |
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 | 16 | 28 |
Fair Value, Inputs, Level 2 [Member] | Accounts Payable and Accrued Liabilities [Member] | Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative liabilities | ||
Derivatives not designated as hedges, Foreign exchange | 0 | 5 |
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 | 7 | 3 |
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 | 1 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Liabilities [Member] | Commodities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative liabilities | ||
Derivatives designated as hedges, Commodities | 0 | 1 |
Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Liabilities [Member] | Commodities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative liabilities | ||
Derivatives designated as hedges, Commodities | $ 2 | $ 0 |
Derivative and Other Financia47
Derivative and Other Financial Instruments (Offsetting of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized in the Balance Sheet, Derivative Assets | $ 48 | $ 45 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Assets | 9 | 6 |
Net Amount, Derivative Assets | 39 | 39 |
Gross Amounts Recognized in the Balance Sheet, Derivative Liabilities | 26 | 37 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Liabilities | 9 | 6 |
Net Amount, Derivative Liabilities | $ 17 | $ 31 |
Derivative and Other Financia48
Derivative and Other Financial Instruments (Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 649 | $ 618 |
Foreign Exchange [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 721 | 644 |
Foreign Exchange [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 70 | 73 |
Commodities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 78 | 72 |
Commodities [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 194 | $ 180 |
Restructuring and Other (Narrat
Restructuring and Other (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Litigation Settlement, Expense | $ 16 | |||
Asset impairments and sales | 0 | $ (5) | $ (6) | $ (7) |
European specialty packaging business [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset impairments and sales | (5) | |||
Other Actions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring accrual | $ 12 | $ 12 |
Restructuring and Other (Restru
Restructuring and Other (Restructuring Charges by Action/Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Reserve [Abstract] | ||||
Asset impairments and sales | $ 0 | $ (5) | $ (6) | $ (7) |
Restructuring | 2 | 2 | 4 | 3 |
Other costs | 16 | 0 | 16 | 3 |
Restructuring and other | $ 18 | $ (3) | $ 14 | $ (1) |
Debt (Summary of Outstanding De
Debt (Summary of Outstanding Debt) (Details) | 1 Months Ended | 6 Months Ended | ||||
Apr. 28, 2017USD ($) | Jun. 30, 2017EUR (€) | Jun. 30, 2017USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||
Short-term debt | $ 39,000,000 | $ 33,000,000 | ||||
Principal outstanding | ||||||
Total long-term debt | 5,369,000,000 | 4,931,000,000 | ||||
Less: current maturities | (58,000,000) | (162,000,000) | ||||
Total long-term debt, less current maturities | 5,311,000,000 | 4,769,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | 5,320,000,000 | 4,878,000,000 | ||||
Less: current maturities | (58,000,000) | (161,000,000) | ||||
Total long-term debt, less current maturities | 5,262,000,000 | 4,717,000,000 | ||||
Capital Lease Obligations, Noncurrent | 14,000,000 | |||||
Senior Secured Borrowings [Member] | U.S. Dollar at LIBOR plus 1.75% due 2018 [Member] | ||||||
Principal outstanding | ||||||
Total long-term debt | 745,000,000 | 654,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | 738,000,000 | 649,000,000 | ||||
Senior Secured Borrowings [Member] | Term A Facility Due April 2022, LIBOR plus 1.75% [Member] | ||||||
Carrying amount | ||||||
Debt, face amount | $ 750,000,000 | |||||
Senior Secured Borrowings [Member] | Euro at EURIBOR Plus One Point Seven Five Percentage Due Two Thousand and Twenty Two [Member] [Domain] | ||||||
Principal outstanding | ||||||
Total long-term debt | 312,000,000 | |||||
Carrying amount | ||||||
Total long-term debt | 312,000,000 | |||||
Debt, face amount | € | € 273,000,000 | |||||
Senior Secured Borrowings [Member] | Euro at EURIBOR plus 1.75% due 2018 [Member] | ||||||
Principal outstanding | ||||||
Total long-term debt | 61,000,000 | |||||
Carrying amount | ||||||
Total long-term debt | 61,000,000 | |||||
Debt, face amount | € | € 58,000,000 | |||||
Senior Secured Borrowings [Member] | Farm Credit Facility at LIBOR Plus 2.00% due 2019 [Member] | ||||||
Principal outstanding | ||||||
Total long-term debt | 0 | 351,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | 0 | 347,000,000 | ||||
Senior Notes and Debentures [Member] | Euro 4.0% due 2022 [Member] | ||||||
Principal outstanding | ||||||
Total long-term debt | 742,000,000 | 684,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 735,000,000 | 676,000,000 | ||||
Debt instrument stated percentage | 4.00% | 4.00% | ||||
Debt, face amount | € | € 650,000,000 | |||||
Senior Notes and Debentures [Member] | U S Dollar 4.50% Due 2023 [Member] | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 1,000,000,000 | 1,000,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 991,000,000 | 991,000,000 | ||||
Debt instrument stated percentage | 4.50% | 4.50% | ||||
Senior Notes and Debentures [Member] | Euro 2.625% due 2024 [Member] | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 685,000,000 | 631,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 678,000,000 | $ 623,000,000 | ||||
Debt instrument stated percentage | 2.625% | 2.625% | 2.625% | 2.625% | ||
Debt, face amount | € | € 600,000,000 | € 600,000,000 | ||||
Senior Notes and Debentures [Member] | Euro 3.375% due 2025 [Member] | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 685,000,000 | $ 631,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 676,000,000 | 622,000,000 | ||||
Debt instrument stated percentage | 3.375% | 3.375% | ||||
Debt, face amount | € | € 600,000,000 | |||||
Senior Notes and Debentures [Member] | U S Dollar 4.25% Due 2026 [Member] | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 400,000,000 | 400,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 393,000,000 | 393,000,000 | ||||
Debt instrument stated percentage | 4.25% | 4.25% | 4.25% | |||
Debt, face amount | $ 400,000,000 | |||||
Senior Notes and Debentures [Member] | U S Dollar 7.375% Due 2026 Member | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 350,000,000 | 350,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 347,000,000 | 347,000,000 | ||||
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 | $ 45,000,000 | 45,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 45,000,000 | 45,000,000 | ||||
Debt instrument stated percentage | 7.50% | 7.50% | ||||
Other Indebtedness, Fixed Rate [Member] | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 117,000,000 | 124,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | 117,000,000 | 124,000,000 | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||
Principal outstanding | ||||||
Total long-term debt | 274,000,000 | 0 | ||||
Carrying amount | ||||||
Total long-term debt | $ 274,000,000 | $ 0 | ||||
Debt, face amount | $ 1,400,000,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Secured Borrowings [Member] | Term A Facility Due April 2022, LIBOR plus 1.75% [Member] | ||||||
Carrying amount | ||||||
Basis spread on variable rate (as a percent) | 1.75% | 1.75% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Secured Borrowings [Member] | Farm Credit Facility at LIBOR Plus 2.00% due 2019 [Member] | ||||||
Carrying amount | ||||||
Basis spread on variable rate (as a percent) | 2.00% | |||||
EURIBOR [Member] | Senior Secured Borrowings [Member] | Euro at EURIBOR Plus One Point Seven Five Percentage Due Two Thousand and Twenty Two [Member] [Domain] | ||||||
Carrying amount | ||||||
Basis spread on variable rate (as a percent) | 1.75% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Apr. 28, 2017EUR (€) | Feb. 29, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2017EUR (€) | Jun. 30, 2017USD ($) | Apr. 28, 2017USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Loss from early extinguishments of debt | $ 7,000,000 | $ 0 | $ 7,000,000 | $ 27,000,000 | |||||||||
Proceeds from long-term debt | $ 1,053,000,000 | $ 304,000,000 | |||||||||||
Long-term debt | $ 5,369,000,000 | $ 4,931,000,000 | |||||||||||
Senior Secured Borrowings [Member] | Term A Facility Due April 2022, LIBOR plus 1.75% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, face amount | $ 750,000,000 | ||||||||||||
Senior Secured Borrowings [Member] | Term Euro Facility, Due April 2022, LIBOR plus 1.75% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, face amount | € | € 275,000,000 | ||||||||||||
Senior Secured Borrowings [Member] | U.S. Dollar at LIBOR plus 1.75% due 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Proceeds from long-term debt | $ 300,000,000 | ||||||||||||
Long-term debt | 745,000,000 | 654,000,000 | |||||||||||
Senior Secured Borrowings [Member] | Euro at EURIBOR plus 1.75% due 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, face amount | € | € 58,000,000 | ||||||||||||
Long-term debt | 61,000,000 | ||||||||||||
Senior Notes and Debentures [Member] | U.S. Dollar 6.25% due 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss from early extinguishments of debt | $ 27,000,000 | ||||||||||||
Long-term debt | $ 700,000,000 | ||||||||||||
Debt instrument stated percentage | 6.25% | ||||||||||||
Senior Notes and Debentures [Member] | Euro 2.625% due 2024 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, face amount | € | € 600,000,000 | € 600,000,000 | |||||||||||
Long-term debt | $ 685,000,000 | $ 631,000,000 | |||||||||||
Debt instrument stated percentage | 2.625% | 2.625% | 2.625% | 2.625% | |||||||||
Senior Notes and Debentures [Member] | U S Dollar 4.25% Due 2026 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, face amount | $ 400,000,000 | ||||||||||||
Long-term debt | $ 400,000,000 | $ 400,000,000 | |||||||||||
Debt instrument stated percentage | 4.25% | 4.25% | 4.25% | ||||||||||
Senior Notes and Debentures [Member] | Euro at EURIBOR plus 1.75% due 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss from early extinguishments of debt | $ 37,000,000 | ||||||||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, fair value | $ 5,561,000,000 | 5,043,000,000 | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Secured Borrowings [Member] | Term A Facility Due April 2022, LIBOR plus 1.75% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate (as a percent) | 1.75% | 1.75% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Secured Borrowings [Member] | Term Euro Facility, Due April 2022, LIBOR plus 1.75% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate (as a percent) | 1.75% | ||||||||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, face amount | $ 1,400,000,000 | ||||||||||||
Long-term debt | $ 274,000,000 | $ 0 |
Asbestos-Related Liabilities (N
Asbestos-Related Liabilities (Narrative) (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($)inactive_claim | Dec. 31, 2016 | |
Liability for Asbestos and Environmental Claims [Abstract] | ||
Holding period for insulation operations (in days) | 90 days | |
Liability for asbestos and environmental claims net claims paid | $ 7 | |
Inactive claims (in claims) | inactive_claim | 19,000 | |
Accrued asbestos claims and related legal costs | $ 331 | |
Unasserted claims | $ 279 | |
Percentage of claims that do not specify damages | 82.00% |
Asbestos-Related Liabilities (S
Asbestos-Related Liabilities (Summary of Claims Activity) (Details) | 6 Months Ended |
Jun. 30, 2017Claim | |
Loss Contingency Accrual [Roll Forward] | |
Beginning claims | 55,500 |
New claims | 1,250 |
Settlements or dismissals | (750) |
Ending claims | 56,000 |
Asbestos-Related Liabilities 55
Asbestos-Related Liabilities (Summary of Outstanding Claims by Year of Exposure and State Filed) (Details) - Claim | Jun. 30, 2017 | Dec. 31, 2016 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 56,000 | 55,500 |
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 | 18,500 |
Asbestos-Related Liabilities 56
Asbestos-Related Liabilities (Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases) (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims alleging serious diseases | 22.00% | 22.00% | 22.00% |
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% | 41.00% |
Commitments and Contingent Li57
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | 1 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2017 | |
Property Lease Guarantee [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Guarantees related to residual values of leased assets | $ 7 | |
PRP site [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Estimated future remediation costs | 9 | |
Non- PRP sites [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Estimated future remediation costs | 7 | |
Penalty Notification Alleging Misclassification of Importation of Certain Goods into U.S. During 2004-2009 [Member] | U.S. Customs and Border Protection (CBP) [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ||
Assessed penalty | $ 18 | |
Penalties paid | $ 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Crown Holdings | $ 128 | $ 169 | $ 235 | $ 248 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 135.3 | 138.5 | 136.9 | 138.3 |
Add: dilutive stock options and restricted stock (in shares) | 0.4 | 0.8 | 0.5 | 0.9 |
Diluted (in shares) | 135.7 | 139.3 | 137.4 | 139.2 |
Basic earnings per share (in usd per share) | $ 0.95 | $ 1.22 | $ 1.72 | $ 1.79 |
Diluted earnings per share (in usd per share) | $ 0.94 | $ 1.21 | $ 1.71 | $ 1.78 |
Shares excluded from the computation of diluted earnings per share | 0.1 | 0.1 | 0.1 | 0.4 |
Pension and Other Postretirem59
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement charge | $ 3 | |||
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | 0 |
Interest cost | 1 | 1 | 2 | 2 |
Recognized prior service credit | (10) | (10) | (20) | (20) |
Recognized net loss | 1 | 1 | 2 | 2 |
Net periodic cost | (8) | (8) | (16) | (16) |
Pension Benefits - U.S. Plans [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 3 | 7 | 7 |
Interest cost | 13 | 12 | 25 | 25 |
Expected return on plan assets | (20) | (22) | (41) | (45) |
Recognized net loss | 13 | 13 | 26 | 25 |
Net periodic cost | 9 | 6 | 17 | 12 |
Pension Benefits - Non-U.S. Plans [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 5 | 11 | 11 |
Interest cost | 19 | 27 | 38 | 53 |
Expected return on plan assets | (35) | (41) | (70) | (82) |
Recognized prior service credit | (3) | (3) | (6) | (6) |
Recognized net loss | 11 | 13 | 21 | 26 |
Net periodic cost | $ (3) | $ 1 | $ (6) | $ 2 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Provision for Income Taxes to U.S. Federal Income Tax Rate) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Statutory income tax rate | 35.00% | 35.00% | ||
U.S. statutory rate at 35% | $ 70 | $ 88 | $ 133 | $ 136 |
Tax on foreign income | (21) | (27) | (42) | (41) |
Tax contingencies | 2 | 1 | 5 | 1 |
Valuation allowance | 0 | 0 | 3 | 2 |
Other items, net | 2 | 3 | 0 | 5 |
Income tax provision | $ 53 | $ 65 | $ 99 | $ 103 |
Segment Information (Informatio
Segment Information (Information about Operating Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Total, external sales | $ 2,161 | $ 2,142 | $ 4,062 | $ 4,035 |
Segment Income of reportable segments | 271 | 295 | $ 508 | 514 |
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, its specialty packaging business in Europe and its tooling and equipment operations in the U.S. and U.K. | |||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 2,044 | 2,018 | $ 3,831 | 3,797 |
Segment Income of reportable segments | 315 | 307 | 573 | 553 |
Operating Segments [Member] | Americas Beverage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 729 | 706 | 1,403 | 1,349 |
Segment Income of reportable segments | 109 | 106 | 214 | 210 |
Operating Segments [Member] | North America Food [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 167 | 168 | 320 | 314 |
Segment Income of reportable segments | 22 | 20 | 38 | 32 |
Operating Segments [Member] | European Beverage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 402 | 401 | 705 | 716 |
Segment Income of reportable segments | 72 | 75 | 123 | 121 |
Operating Segments [Member] | European Food [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 459 | 462 | 838 | 860 |
Segment Income of reportable segments | 67 | 67 | 114 | 116 |
Operating Segments [Member] | Asia-Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 287 | 281 | 565 | 558 |
Segment Income of reportable segments | 45 | 39 | 84 | 74 |
Segment Reconciling Items [Member] | Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 117 | 124 | 231 | 238 |
Segment Income of reportable segments | 17 | 20 | 32 | 33 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 63 | 89 | 121 | 145 |
Intersegment Eliminations [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 41 | 45 | 70 | 83 |
Intersegment Eliminations [Member] | Americas Beverage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 17 | 18 | 23 | 33 |
Intersegment Eliminations [Member] | North America Food [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 5 | 7 | 11 | 13 |
Intersegment Eliminations [Member] | European Beverage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 0 | 0 | 1 | 1 |
Intersegment Eliminations [Member] | European Food [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 19 | 20 | 35 | 36 |
Intersegment Eliminations [Member] | Asia-Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from reportable segments | $ 22 | $ 44 | $ 51 | $ 62 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment income | $ 271 | $ 295 | $ 508 | $ 514 |
Restructuring and other | (18) | 3 | (14) | 1 |
Interest expense | (61) | (58) | (123) | (122) |
Interest income | 3 | 2 | 6 | 5 |
Foreign exchange | (5) | 11 | (4) | 17 |
Income before income taxes and equity earnings | 201 | 250 | 380 | 387 |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment income | 315 | 307 | 573 | 553 |
Segment Reconciling Items [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Restructuring and other | (18) | 3 | (14) | 1 |
Loss from early extinguishments of debt | (7) | 0 | (7) | (27) |
Interest expense | (62) | (58) | (124) | (122) |
Interest income | 4 | 2 | 7 | 5 |
Foreign exchange | (5) | 11 | (4) | 17 |
Segment Reconciling Items [Member] | Other Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment income | 17 | 20 | 32 | 33 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Corporate and unallocated items | $ (43) | $ (35) | $ (83) | $ (73) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting [Abstract] | ||||
Intercompany profit eliminated | $ 1 | $ 4 | $ 4 | $ 5 |
Condensed Combining Financial64
Condensed Combining Financial Information (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Long-term Debt, Gross | $ 5,369 | $ 4,931 |
Crown Cork & Seal Company Inc [Member] | U S Dollar 7.375% Due 2026 Member | ||
Senior Notes, Noncurrent | $ 350 | |
Debt instrument stated percentage | 7.375% | |
Crown Cork & Seal Company Inc [Member] | U S Dollar 7.50% Due 2096 Member | ||
Senior Notes, Noncurrent | $ 45 | |
Debt instrument stated percentage | 7.50% | |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | U S Dollar 4.50% Due 2023 [Member] | ||
Senior Notes, Noncurrent | $ 1,000 | |
Debt instrument stated percentage | 4.50% | |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | U S Dollar 4.25% Due 2026 [Member] | ||
Senior Notes, Noncurrent | $ 400 | |
Debt instrument stated percentage | 4.25% | |
Guarantor Subsidiaries [Member] | Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||
Ownership percentage | 100.00% | |
Issuer [Member] | Crown Cork & Seal Company Inc [Member] | ||
Ownership percentage | 100.00% | |
Issuer [Member] | Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||
Ownership percentage | 100.00% |
Condensed Combining Financial65
Condensed Combining Financial Information (Condensed Combining Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales | $ 2,161 | $ 2,142 | $ 4,062 | $ 4,035 |
Cost of products sold, excluding depreciation and amortization | 1,719 | 1,691 | 3,238 | 3,212 |
Depreciation and amortization | 61 | 65 | 120 | 125 |
Selling and administrative expense | 92 | 94 | 182 | 185 |
Restructuring and other | 18 | (3) | 14 | (1) |
Income from operations | 271 | 295 | 508 | 514 |
Loss from early extinguishments of debt | 7 | 0 | 7 | 27 |
Foreign exchange | 5 | (11) | 4 | (17) |
Income before income taxes | 201 | 250 | 380 | 387 |
Provision for income taxes | 53 | 65 | 99 | 103 |
Net income | 148 | 185 | 281 | 284 |
Net income attributable to noncontrolling interests | (20) | (16) | (46) | (36) |
Net income attributable to Crown Holdings | 128 | 169 | 235 | 248 |
Comprehensive income | 242 | 83 | 515 | 206 |
Comprehensive income attributable to Crown Holdings | 221 | 65 | 467 | 167 |
Restructuring | 2 | 2 | 4 | 3 |
Crown Cork & Seal Company Inc [Member] | ||||
Net sales | 2,161 | 2,142 | 4,062 | 4,035 |
Cost of products sold, excluding depreciation and amortization | 1,719 | 1,691 | 3,238 | 3,212 |
Depreciation and amortization | 61 | 65 | 120 | 125 |
Selling and administrative expense | 92 | 94 | 182 | 185 |
Restructuring and other | 18 | (3) | 14 | (1) |
Income from operations | 271 | 295 | 508 | 514 |
Loss from early extinguishments of debt | 7 | 7 | 27 | |
Net interest expense | 58 | 56 | 117 | 117 |
Foreign exchange | 5 | (11) | 4 | (17) |
Income before income taxes | 201 | 250 | 380 | 387 |
Provision for income taxes | 53 | 65 | 99 | 103 |
Equity earnings / (loss) in affiliates | 0 | 0 | 0 | 0 |
Net income | 148 | 185 | 281 | 284 |
Net income attributable to noncontrolling interests | (20) | (16) | (46) | (36) |
Net income attributable to Crown Holdings | 128 | 169 | 235 | 248 |
Comprehensive income | 242 | 83 | 515 | 206 |
Comprehensive income attributable to noncontrolling interests | (21) | (18) | (48) | (39) |
Comprehensive income attributable to Crown Holdings | 221 | 65 | 467 | 167 |
Crown Cork & Seal Company Inc [Member] | Parent [Member] | ||||
Selling and administrative expense | ||||
Restructuring and other | ||||
Loss from early extinguishments of debt | ||||
Equity earnings / (loss) in affiliates | 128 | 169 | 235 | 248 |
Net income | 128 | 169 | 235 | 248 |
Net income attributable to Crown Holdings | 128 | 169 | 235 | 248 |
Comprehensive income | 221 | 65 | 467 | 167 |
Comprehensive income attributable to Crown Holdings | 221 | 65 | 467 | 167 |
Crown Cork & Seal Company Inc [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Net sales | 2,161 | 2,142 | 4,062 | 4,035 |
Cost of products sold, excluding depreciation and amortization | 1,719 | 1,691 | 3,238 | 3,212 |
Depreciation and amortization | 61 | 65 | 120 | 125 |
Selling and administrative expense | 90 | 91 | 178 | 180 |
Restructuring and other | 19 | (3) | 15 | (1) |
Income from operations | 272 | 298 | 511 | 519 |
Loss from early extinguishments of debt | 7 | 7 | 27 | |
Net interest expense | 32 | 31 | 71 | 65 |
Foreign exchange | 5 | (11) | 4 | (17) |
Income before income taxes | 228 | 278 | 429 | 444 |
Provision for income taxes | 61 | 79 | 117 | 124 |
Equity earnings / (loss) in affiliates | ||||
Net income | 167 | 199 | 312 | 320 |
Net income attributable to noncontrolling interests | (20) | (16) | (46) | (36) |
Net income attributable to Crown Holdings | 147 | 183 | 266 | 284 |
Comprehensive income | 261 | 118 | 546 | 263 |
Comprehensive income attributable to noncontrolling interests | (21) | (18) | (48) | (39) |
Comprehensive income attributable to Crown Holdings | 240 | 100 | 498 | 224 |
Crown Cork & Seal Company Inc [Member] | Issuer [Member] | ||||
Cost of products sold, excluding depreciation and amortization | ||||
Selling and administrative expense | 2 | 3 | 4 | 5 |
Restructuring and other | (1) | (1) | ||
Income from operations | (1) | (3) | (3) | (5) |
Loss from early extinguishments of debt | ||||
Net interest expense | 26 | 25 | 46 | 52 |
Foreign exchange | ||||
Income before income taxes | (27) | (28) | (49) | (57) |
Provision for income taxes | (8) | (14) | (18) | (21) |
Equity earnings / (loss) in affiliates | 130 | 145 | 229 | 222 |
Net income | 111 | 131 | 198 | 186 |
Net income attributable to Crown Holdings | 111 | 131 | 198 | 186 |
Comprehensive income | 115 | 41 | 245 | 186 |
Comprehensive income attributable to Crown Holdings | 115 | 41 | 245 | 186 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||||
Net sales | 2,161 | 2,142 | 4,062 | 4,035 |
Cost of products sold, excluding depreciation and amortization | 1,719 | 1,691 | 3,238 | 3,212 |
Depreciation and amortization | 61 | 65 | 120 | 125 |
Selling and administrative expense | 92 | 94 | 182 | 185 |
Restructuring and other | 18 | (3) | 14 | (1) |
Income from operations | 271 | 295 | 508 | 514 |
Loss from early extinguishments of debt | 7 | 7 | 27 | |
Net interest expense | 58 | 56 | 117 | 117 |
Technology royalty | 0 | 0 | ||
Foreign exchange | 5 | (11) | 4 | (17) |
Income before income taxes | 201 | 250 | 380 | 387 |
Provision for income taxes | 53 | 65 | 99 | 103 |
Equity earnings / (loss) in affiliates | 0 | 0 | 0 | 0 |
Net income | 148 | 185 | 281 | 284 |
Net income attributable to noncontrolling interests | (20) | (16) | (46) | (36) |
Net income attributable to Crown Holdings | 128 | 169 | 235 | 248 |
Comprehensive income | 242 | 83 | 515 | 206 |
Comprehensive income attributable to noncontrolling interests | (21) | (18) | (48) | (39) |
Comprehensive income attributable to Crown Holdings | 221 | 65 | 467 | 167 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ||||
Provision for income taxes | ||||
Equity earnings / (loss) in affiliates | 128 | 169 | 235 | 248 |
Net income | 128 | 169 | 235 | 248 |
Net income attributable to Crown Holdings | 128 | 169 | 235 | 248 |
Comprehensive income | 221 | 65 | 467 | 167 |
Comprehensive income attributable to noncontrolling interests | ||||
Comprehensive income attributable to Crown Holdings | 221 | 65 | 467 | 167 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ||||
Net sales | 505 | 508 | 950 | 955 |
Cost of products sold, excluding depreciation and amortization | 413 | 407 | 774 | 770 |
Depreciation and amortization | 10 | 8 | 20 | 16 |
Selling and administrative expense | 35 | 33 | 68 | 68 |
Restructuring and other | 1 | 2 | 4 | |
Income from operations | 46 | 60 | 86 | 97 |
Loss from early extinguishments of debt | ||||
Net interest expense | 23 | 21 | 44 | 43 |
Technology royalty | (9) | (10) | (18) | (19) |
Foreign exchange | (1) | (1) | ||
Income before income taxes | 33 | 49 | 61 | 73 |
Provision for income taxes | 12 | 15 | 20 | 29 |
Equity earnings / (loss) in affiliates | 90 | 97 | 157 | 142 |
Net income | 111 | 131 | 198 | 186 |
Net income attributable to noncontrolling interests | ||||
Net income attributable to Crown Holdings | 111 | 131 | 198 | 186 |
Comprehensive income | 115 | 41 | 245 | 186 |
Comprehensive income attributable to noncontrolling interests | ||||
Comprehensive income attributable to Crown Holdings | 115 | 41 | 245 | 186 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Net sales | 1,656 | 1,634 | 3,112 | 3,080 |
Cost of products sold, excluding depreciation and amortization | 1,306 | 1,284 | 2,464 | 2,442 |
Depreciation and amortization | 51 | 57 | 100 | 109 |
Selling and administrative expense | 54 | 59 | 109 | 112 |
Restructuring and other | 17 | 2 | 12 | |
Income from operations | 228 | 232 | 427 | 417 |
Loss from early extinguishments of debt | 1 | 1 | ||
Net interest expense | 19 | 20 | 40 | 39 |
Technology royalty | 9 | 10 | 18 | 19 |
Foreign exchange | 6 | (11) | 5 | (17) |
Income before income taxes | 193 | 213 | 363 | 376 |
Provision for income taxes | 53 | 54 | 98 | 98 |
Equity earnings / (loss) in affiliates | ||||
Net income | 140 | 159 | 265 | 278 |
Net income attributable to noncontrolling interests | (20) | (16) | (46) | (36) |
Net income attributable to Crown Holdings | 120 | 143 | 219 | 242 |
Comprehensive income | 271 | 37 | 542 | 209 |
Comprehensive income attributable to noncontrolling interests | (21) | (18) | (48) | (39) |
Comprehensive income attributable to Crown Holdings | 250 | 19 | 494 | 170 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ||||
Cost of products sold, excluding depreciation and amortization | ||||
Selling and administrative expense | 3 | 2 | 5 | 5 |
Restructuring and other | (5) | (5) | ||
Income from operations | (3) | 3 | (5) | 0 |
Loss from early extinguishments of debt | 6 | 6 | 27 | |
Net interest expense | 16 | 15 | 33 | 35 |
Technology royalty | ||||
Foreign exchange | 45 | (17) | 55 | 15 |
Income before income taxes | (70) | 5 | (99) | (77) |
Provision for income taxes | (27) | 2 | (38) | (29) |
Equity earnings / (loss) in affiliates | 51 | 33 | 100 | 97 |
Net income | 8 | 36 | 39 | 49 |
Net income attributable to Crown Holdings | 8 | 36 | 39 | 49 |
Comprehensive income | 11 | 39 | 46 | 55 |
Comprehensive income attributable to noncontrolling interests | ||||
Comprehensive income attributable to Crown Holdings | 11 | 39 | 46 | 55 |
Eliminations [Member] | Crown Cork & Seal Company Inc [Member] | ||||
Restructuring and other | ||||
Loss from early extinguishments of debt | ||||
Equity earnings / (loss) in affiliates | (258) | (314) | (464) | (470) |
Net income | (258) | (314) | (464) | (470) |
Net income attributable to Crown Holdings | (258) | (314) | (464) | (470) |
Comprehensive income | (355) | (141) | (743) | (410) |
Comprehensive income attributable to Crown Holdings | (355) | (141) | (743) | (410) |
Eliminations [Member] | Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||||
Technology royalty | ||||
Foreign exchange | (45) | 17 | (55) | (15) |
Income before income taxes | 45 | (17) | 55 | 15 |
Provision for income taxes | 15 | (6) | 19 | 5 |
Equity earnings / (loss) in affiliates | (269) | (299) | (492) | (487) |
Net income | (239) | (310) | (456) | (477) |
Net income attributable to Crown Holdings | (239) | (310) | (456) | (477) |
Comprehensive income | (376) | (99) | (785) | (411) |
Comprehensive income attributable to noncontrolling interests | ||||
Comprehensive income attributable to Crown Holdings | $ (376) | $ (99) | $ (785) | $ (411) |
Condensed Combining Financial66
Condensed Combining Financial Information (Condensed Combining Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 301 | $ 559 | $ 370 | $ 717 |
Receivables, net | 1,005 | 865 | ||
Inventories | 1,490 | 1,245 | ||
Prepaid expenses and other current assets | 224 | 172 | ||
Total current assets | 3,020 | 2,841 | ||
Goodwill and intangible assets, net | 3,512 | 3,263 | ||
Property, plant and equipment, net | 3,020 | 2,820 | ||
Other non-current assets | 714 | 675 | ||
Total | 10,266 | 9,599 | ||
Short-term debt | 39 | 33 | ||
Current maturities of long-term debt | 58 | 161 | ||
Accounts payable and accrued liabilities | 2,697 | 2,702 | ||
Total current liabilities | 2,794 | 2,896 | ||
Long-term debt, excluding current maturities | 5,262 | 4,717 | ||
Postretirement and pension liabilities | 572 | 620 | ||
Other non-current liabilities | 703 | 698 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 313 | 302 | ||
Crown Holdings shareholders’ equity/(deficit) | 622 | 366 | ||
Total equity/(deficit) | 935 | 668 | 573 | 385 |
Total | 10,266 | 9,599 | ||
Crown Cork & Seal Company Inc [Member] | ||||
Cash and cash equivalents | 301 | 559 | 370 | 717 |
Receivables, net | 1,005 | 865 | ||
Inventories | 1,490 | 1,245 | ||
Prepaid expenses and other current assets | 224 | 172 | ||
Total current assets | 3,020 | 2,841 | ||
Goodwill and intangible assets, net | 3,512 | 3,263 | ||
Property, plant and equipment, net | 3,020 | 2,820 | ||
Other non-current assets | 714 | 675 | ||
Total | 10,266 | 9,599 | ||
Short-term debt | 39 | 33 | ||
Current maturities of long-term debt | 58 | 161 | ||
Accounts payable and accrued liabilities | 2,697 | 2,702 | ||
Total current liabilities | 2,794 | 2,896 | ||
Long-term debt, excluding current maturities | 5,262 | 4,717 | ||
Long-term intercompany debt | 0 | |||
Postretirement and pension liabilities | 572 | 620 | ||
Other non-current liabilities | 703 | 698 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 313 | 302 | ||
Crown Holdings shareholders’ equity/(deficit) | 622 | 366 | ||
Total equity/(deficit) | 935 | 668 | ||
Total | 10,266 | 9,599 | ||
Crown Cork & Seal Company Inc [Member] | Parent [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Prepaid expenses and other current assets | 2 | 1 | ||
Total current assets | 2 | 1 | ||
Investments | 3,103 | 2,857 | ||
Total | 3,105 | 2,858 | ||
Accounts payable and accrued liabilities | 27 | 23 | ||
Total current liabilities | 27 | 23 | ||
Long-term intercompany debt | 2,456 | 2,469 | ||
Postretirement and pension liabilities | ||||
Other non-current liabilities | ||||
Commitments and contingent liabilities | ||||
Crown Holdings shareholders’ equity/(deficit) | 622 | 366 | ||
Total equity/(deficit) | 622 | 366 | ||
Total | 3,105 | 2,858 | ||
Crown Cork & Seal Company Inc [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 301 | 559 | 370 | 717 |
Receivables, net | 1,005 | 865 | ||
Inventories | 1,490 | 1,245 | ||
Prepaid expenses and other current assets | 222 | 171 | ||
Total current assets | 3,018 | 2,840 | ||
Intercompany debt receivables | 3,534 | 3,447 | ||
Goodwill and intangible assets, net | 3,512 | 3,263 | ||
Property, plant and equipment, net | 3,020 | 2,820 | ||
Other non-current assets | 205 | 228 | ||
Total | 13,289 | 12,598 | ||
Short-term debt | 39 | 33 | ||
Current maturities of long-term debt | 58 | 161 | ||
Accounts payable and accrued liabilities | 2,636 | 2,639 | ||
Total current liabilities | 2,733 | 2,833 | ||
Long-term debt, excluding current maturities | 4,870 | 4,325 | ||
Postretirement and pension liabilities | 572 | 620 | ||
Other non-current liabilities | 354 | 340 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 313 | 302 | ||
Crown Holdings shareholders’ equity/(deficit) | 4,447 | 4,178 | ||
Total equity/(deficit) | 4,760 | 4,480 | ||
Total | 13,289 | 12,598 | ||
Crown Cork & Seal Company Inc [Member] | Issuer [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, net | ||||
Prepaid expenses and other current assets | ||||
Total current assets | ||||
Investments | 3,183 | 2,915 | ||
Other non-current assets | 509 | 447 | ||
Total | 3,692 | 3,362 | ||
Accounts payable and accrued liabilities | 34 | 40 | ||
Total current liabilities | 34 | 40 | ||
Long-term debt, excluding current maturities | 392 | 392 | ||
Long-term intercompany debt | 1,078 | 978 | ||
Other non-current liabilities | 349 | 358 | ||
Commitments and contingent liabilities | ||||
Crown Holdings shareholders’ equity/(deficit) | 1,839 | 1,594 | ||
Total equity/(deficit) | 1,839 | 1,594 | ||
Total | 3,692 | 3,362 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||||
Cash and cash equivalents | 301 | 559 | 370 | 717 |
Receivables, net | 1,005 | 865 | ||
Intercompany receivables | 0 | |||
Inventories | 1,490 | 1,245 | ||
Prepaid expenses and other current assets | 224 | 172 | ||
Total current assets | 3,020 | 2,841 | ||
Intercompany debt receivables | 0 | |||
Investments | 0 | |||
Goodwill and intangible assets, net | 3,512 | 3,263 | ||
Property, plant and equipment, net | 3,020 | 2,820 | ||
Other non-current assets | 714 | 675 | ||
Total | 10,266 | 9,599 | ||
Short-term debt | 39 | 33 | ||
Current maturities of long-term debt | 58 | 161 | ||
Accounts payable and accrued liabilities | 2,697 | 2,702 | ||
Total current liabilities | 2,794 | 2,896 | ||
Long-term debt, excluding current maturities | 5,262 | 4,717 | ||
Long-term intercompany debt | 0 | |||
Postretirement and pension liabilities | 572 | 620 | ||
Other non-current liabilities | 703 | 698 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 313 | 302 | ||
Crown Holdings shareholders’ equity/(deficit) | 622 | 366 | ||
Total equity/(deficit) | 935 | 668 | ||
Total | 10,266 | 9,599 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Prepaid expenses and other current assets | 2 | 1 | ||
Total current assets | 2 | 1 | ||
Investments | 3,103 | 2,857 | ||
Total | 3,105 | 2,858 | ||
Accounts payable and accrued liabilities | 27 | 23 | ||
Total current liabilities | 27 | 23 | ||
Long-term intercompany debt | 2,456 | 2,469 | ||
Commitments and contingent liabilities | ||||
Crown Holdings shareholders’ equity/(deficit) | 622 | 366 | ||
Total equity/(deficit) | 622 | 366 | ||
Total | 3,105 | 2,858 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ||||
Cash and cash equivalents | 2 | |||
Receivables, net | 22 | 20 | ||
Intercompany receivables | 36 | 33 | ||
Inventories | 354 | 313 | ||
Prepaid expenses and other current assets | 15 | 13 | ||
Total current assets | 429 | 379 | ||
Intercompany debt receivables | 3,293 | 3,234 | ||
Investments | 1,143 | 954 | ||
Goodwill and intangible assets, net | 467 | 469 | ||
Property, plant and equipment, net | 528 | 496 | ||
Other non-current assets | 519 | 464 | ||
Total | 6,379 | 5,996 | ||
Short-term debt | 3 | |||
Current maturities of long-term debt | ||||
Accounts payable and accrued liabilities | 578 | 577 | ||
Intercompany payables | 15 | 6 | ||
Total current liabilities | 596 | 583 | ||
Long-term debt, excluding current maturities | 414 | 392 | ||
Long-term intercompany debt | 2,777 | 2,624 | ||
Postretirement and pension liabilities | 394 | 422 | ||
Other non-current liabilities | 359 | 381 | ||
Commitments and contingent liabilities | ||||
Crown Holdings shareholders’ equity/(deficit) | 1,839 | 1,594 | ||
Total equity/(deficit) | 1,839 | 1,594 | ||
Total | 6,379 | 5,996 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash and cash equivalents | 261 | 476 | 301 | 613 |
Receivables, net | 983 | 842 | ||
Intercompany receivables | 15 | 6 | ||
Inventories | 1,136 | 932 | ||
Prepaid expenses and other current assets | 206 | 156 | ||
Total current assets | 2,601 | 2,412 | ||
Intercompany debt receivables | 782 | 690 | ||
Goodwill and intangible assets, net | 3,045 | 2,794 | ||
Property, plant and equipment, net | 2,491 | 2,323 | ||
Other non-current assets | 184 | 208 | ||
Total | 9,103 | 8,427 | ||
Short-term debt | 36 | 33 | ||
Current maturities of long-term debt | 40 | 43 | ||
Accounts payable and accrued liabilities | 2,062 | 2,070 | ||
Intercompany payables | 36 | 33 | ||
Total current liabilities | 2,174 | 2,179 | ||
Long-term debt, excluding current maturities | 2,511 | 2,067 | ||
Long-term intercompany debt | 195 | 206 | ||
Postretirement and pension liabilities | 178 | 198 | ||
Other non-current liabilities | 344 | 317 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 313 | 302 | ||
Crown Holdings shareholders’ equity/(deficit) | 3,388 | 3,158 | ||
Total equity/(deficit) | 3,701 | 3,460 | ||
Total | 9,103 | 8,427 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ||||
Cash and cash equivalents | 38 | 83 | 69 | 104 |
Receivables, net | 3 | |||
Prepaid expenses and other current assets | 1 | 2 | ||
Total current assets | 39 | 88 | ||
Intercompany debt receivables | 2,796 | 2,703 | ||
Investments | 2,405 | 2,319 | ||
Property, plant and equipment, net | 1 | 1 | ||
Other non-current assets | 11 | 3 | ||
Total | 5,252 | 5,114 | ||
Current maturities of long-term debt | 18 | 118 | ||
Accounts payable and accrued liabilities | 30 | 32 | ||
Total current liabilities | 48 | 150 | ||
Long-term debt, excluding current maturities | 2,337 | 2,258 | ||
Long-term intercompany debt | 1,443 | 1,328 | ||
Commitments and contingent liabilities | ||||
Crown Holdings shareholders’ equity/(deficit) | 1,424 | 1,378 | ||
Total equity/(deficit) | 1,424 | 1,378 | ||
Total | 5,252 | 5,114 | ||
Eliminations [Member] | Crown Cork & Seal Company Inc [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Intercompany debt receivables | (3,534) | (3,447) | ||
Investments | (6,286) | (5,772) | ||
Total | (9,820) | (9,219) | ||
Long-term intercompany debt | (3,534) | (3,447) | ||
Commitments and contingent liabilities | ||||
Crown Holdings shareholders’ equity/(deficit) | (6,286) | (5,772) | ||
Total equity/(deficit) | (6,286) | (5,772) | ||
Total | (9,820) | (9,219) | ||
Eliminations [Member] | Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||||
Cash and cash equivalents | 0 | $ 0 | ||
Intercompany receivables | (51) | (39) | ||
Total current assets | (51) | (39) | ||
Intercompany debt receivables | (6,871) | (6,627) | ||
Investments | (6,651) | (6,130) | ||
Total | (13,573) | (12,796) | ||
Intercompany payables | (51) | (39) | ||
Total current liabilities | (51) | (39) | ||
Long-term intercompany debt | (6,871) | (6,627) | ||
Commitments and contingent liabilities | ||||
Crown Holdings shareholders’ equity/(deficit) | (6,651) | (6,130) | ||
Total equity/(deficit) | (6,651) | (6,130) | ||
Total | $ (13,573) | $ (12,796) |
Condensed Combining Financial67
Condensed Combining Financial Information (Condensed Combining Statement of Cash Flows) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net cash provided by/(used for) operating activities | $ 32 | $ 63 |
Capital expenditures | (200) | (143) |
Proceeds from sale of property, plant and equipment | 5 | 5 |
Other | 5 | 13 |
Net cash used for investing activities | (190) | (125) |
Proceeds from long-term debt | 1,053 | 304 |
Payments of long-term debt | (1,103) | (725) |
Net change in revolving credit facility and short-term debt | 249 | 138 |
Debt issue costs | (15) | (2) |
Common stock issued | 8 | 5 |
Common stock repurchased | (277) | (8) |
Proceeds from Noncontrolling Interests | 0 | 1 |
Dividends paid to noncontrolling interests | (37) | (26) |
Foreign exchange derivatives related to debt | 11 | 32 |
Net cash used for financing activities | (111) | (281) |
Effect of exchange rate changes on cash and cash equivalents | 11 | (4) |
Net change in cash and cash equivalents | (258) | (347) |
Cash and cash equivalents at beginning of period | 559 | 717 |
Cash and cash equivalents at end of period | 301 | 370 |
Crown Cork & Seal Company Inc [Member] | ||
Net cash provided by/(used for) operating activities | 32 | 63 |
Capital expenditures | (200) | (143) |
Proceeds from sale of property, plant and equipment | 5 | 5 |
Intercompany investing activities | 0 | |
Other | 5 | 13 |
Net cash used for investing activities | (190) | (125) |
Proceeds from long-term debt | 1,053 | 304 |
Payments of long-term debt | (1,103) | (725) |
Net change in revolving credit facility and short-term debt | 249 | 138 |
Net change in long-term intercompany balances | 0 | |
Debt issue costs | (15) | (2) |
Common stock issued | 8 | 5 |
Common stock repurchased | (277) | (8) |
Dividends paid | 0 | 0 |
Proceeds from Noncontrolling Interests | 1 | |
Dividends paid to noncontrolling interests | (37) | (26) |
Foreign exchange derivatives related to debt | 11 | 32 |
Net cash used for financing activities | (111) | (281) |
Effect of exchange rate changes on cash and cash equivalents | 11 | (4) |
Net change in cash and cash equivalents | (258) | (347) |
Cash and cash equivalents at beginning of period | 559 | 717 |
Cash and cash equivalents at end of period | 301 | 370 |
Crown Cork & Seal Company Inc [Member] | Parent [Member] | ||
Net cash provided by/(used for) operating activities | (13) | (4) |
Intercompany investing activities | 235 | 150 |
Net cash used for investing activities | 235 | 150 |
Net change in long-term intercompany balances | 47 | (143) |
Debt issue costs | ||
Common stock issued | 8 | 5 |
Common stock repurchased | (277) | (8) |
Net cash used for financing activities | (222) | (146) |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | ||
Cash and cash equivalents at end of period | 0 | 0 |
Crown Cork & Seal Company Inc [Member] | Non-Guarantor Subsidiaries [Member] | ||
Net cash provided by/(used for) operating activities | 94 | 124 |
Capital expenditures | (200) | (143) |
Proceeds from sale of property, plant and equipment | 5 | 5 |
Intercompany investing activities | ||
Other | 5 | 13 |
Net cash used for investing activities | (190) | (125) |
Proceeds from long-term debt | 1,053 | 304 |
Payments of long-term debt | (1,103) | (725) |
Net change in revolving credit facility and short-term debt | 249 | 138 |
Net change in long-term intercompany balances | (88) | 91 |
Debt issue costs | (15) | (2) |
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | (243) | (155) |
Proceeds from Noncontrolling Interests | 1 | |
Dividends paid to noncontrolling interests | (37) | (26) |
Foreign exchange derivatives related to debt | 11 | 32 |
Net cash used for financing activities | (173) | (342) |
Effect of exchange rate changes on cash and cash equivalents | 11 | (4) |
Net change in cash and cash equivalents | (258) | (347) |
Cash and cash equivalents at beginning of period | 559 | 717 |
Cash and cash equivalents at end of period | 301 | 370 |
Crown Cork & Seal Company Inc [Member] | Issuer [Member] | ||
Net cash provided by/(used for) operating activities | (41) | (52) |
Intercompany investing activities | ||
Other | ||
Net cash used for investing activities | ||
Net change in long-term intercompany balances | 41 | 52 |
Debt issue costs | ||
Common stock issued | ||
Net cash used for financing activities | 41 | 52 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | ||
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 | 32 | 63 |
Capital expenditures | (200) | (143) |
Proceeds from sale of property, plant and equipment | 5 | 5 |
Intercompany investing activities | 0 | 0 |
Other | 5 | 13 |
Net cash used for investing activities | (190) | (125) |
Proceeds from long-term debt | 1,053 | 304 |
Payments of long-term debt | (1,103) | (725) |
Net change in revolving credit facility and short-term debt | 249 | 138 |
Debt issue costs | (15) | (2) |
Common stock issued | 8 | 5 |
Common stock repurchased | (277) | (8) |
Dividends paid | 0 | 0 |
Proceeds from Noncontrolling Interests | 1 | |
Dividends paid to noncontrolling interests | (37) | (26) |
Foreign exchange derivatives related to debt | 11 | 32 |
Net cash used for financing activities | (111) | (281) |
Effect of exchange rate changes on cash and cash equivalents | 11 | (4) |
Net change in cash and cash equivalents | (258) | (347) |
Cash and cash equivalents at beginning of period | 559 | 717 |
Cash and cash equivalents at end of period | 301 | 370 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Parent [Member] | ||
Net cash provided by/(used for) operating activities | (13) | (4) |
Intercompany investing activities | 235 | 150 |
Net cash used for investing activities | 235 | 150 |
Net change in long-term intercompany balances | 47 | (143) |
Common stock issued | 8 | 5 |
Common stock repurchased | (277) | (8) |
Foreign exchange derivatives related to debt | ||
Net cash used for financing activities | (222) | (146) |
Effect of exchange rate changes on cash and cash equivalents | ||
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | ||
Cash and cash equivalents at end of period | 0 | 0 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Guarantors [Member] | ||
Net cash provided by/(used for) operating activities | (23) | 92 |
Capital expenditures | (78) | (50) |
Proceeds from sale of property, plant and equipment | 1 | |
Intercompany investing activities | 150 | |
Other | 10 | |
Net cash used for investing activities | (77) | 110 |
Proceeds from long-term debt | 8 | |
Net change in long-term intercompany balances | 94 | (202) |
Foreign exchange derivatives related to debt | ||
Net cash used for financing activities | 102 | (202) |
Effect of exchange rate changes on cash and cash equivalents | ||
Net change in cash and cash equivalents | 2 | 0 |
Cash and cash equivalents at beginning of period | ||
Cash and cash equivalents at end of period | 2 | |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Non-Guarantor Subsidiaries [Member] | ||
Net cash provided by/(used for) operating activities | 124 | 38 |
Capital expenditures | (122) | (93) |
Proceeds from sale of property, plant and equipment | 4 | 5 |
Intercompany investing activities | ||
Other | 5 | 3 |
Net cash used for investing activities | (113) | (85) |
Proceeds from long-term debt | 295 | 4 |
Payments of long-term debt | (93) | (25) |
Net change in revolving credit facility and short-term debt | 14 | 63 |
Net change in long-term intercompany balances | (163) | 4 |
Debt issue costs | (1) | |
Dividends paid | (263) | (314) |
Proceeds from Noncontrolling Interests | 1 | |
Dividends paid to noncontrolling interests | (37) | (26) |
Foreign exchange derivatives related to debt | 11 | 32 |
Net cash used for financing activities | (237) | (261) |
Effect of exchange rate changes on cash and cash equivalents | 11 | (4) |
Net change in cash and cash equivalents | (215) | (312) |
Cash and cash equivalents at beginning of period | 476 | 613 |
Cash and cash equivalents at end of period | 261 | 301 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | Issuer [Member] | ||
Net cash provided by/(used for) operating activities | (28) | (49) |
Proceeds from sale of property, plant and equipment | ||
Intercompany investing activities | ||
Proceeds from long-term debt | 750 | 300 |
Payments of long-term debt | (1,010) | (700) |
Net change in revolving credit facility and short-term debt | 235 | 75 |
Net change in long-term intercompany balances | 22 | 341 |
Debt issue costs | (14) | (2) |
Foreign exchange derivatives related to debt | ||
Net cash used for financing activities | (17) | 14 |
Effect of exchange rate changes on cash and cash equivalents | ||
Net change in cash and cash equivalents | (45) | (35) |
Cash and cash equivalents at beginning of period | 83 | 104 |
Cash and cash equivalents at end of period | 38 | 69 |
Eliminations [Member] | Crown Cork & Seal Company Inc [Member] | ||
Net cash provided by/(used for) operating activities | (8) | (5) |
Intercompany investing activities | (235) | (150) |
Net cash used for investing activities | (235) | (150) |
Dividends paid | 243 | 155 |
Net cash used for financing activities | 243 | 155 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | ||
Cash and cash equivalents at end of period | 0 | 0 |
Eliminations [Member] | Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | ||
Net cash provided by/(used for) operating activities | (28) | (14) |
Intercompany investing activities | (235) | (300) |
Net cash used for investing activities | (235) | (300) |
Dividends paid | 263 | 314 |
Foreign exchange derivatives related to debt | ||
Net cash used for financing activities | 263 | 314 |
Effect of exchange rate changes on cash and cash equivalents | ||
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | ||
Cash and cash equivalents at end of period | $ 0 | $ 0 |
Uncategorized Items - cck-20170
Label | Element | Value |
Retained Earnings [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ 128,000,000 |