Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CROWN HOLDINGS INC | |
Entity Central Index Key | 1,219,601 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 134,307,645 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 2,197 | $ 1,901 |
Cost of products sold, excluding depreciation and amortization | 1,808 | 1,531 |
Depreciation and amortization | 65 | 59 |
Selling and administrative expense | 90 | 90 |
Restructuring and other | 13 | (4) |
Income from operations | 221 | 225 |
Other pension and postretirement | (17) | (12) |
Interest expense | 74 | 62 |
Interest income | (6) | (3) |
Foreign exchange | 18 | (1) |
Income before income taxes | 152 | 179 |
Provision for income taxes | 39 | 46 |
Net income | 113 | 133 |
Net income attributable to noncontrolling interests | (23) | (26) |
Net income attributable to Crown Holdings | $ 90 | $ 107 |
Earnings per common share attributable to Crown Holdings: | ||
Basic (in usd per share) | $ 0.67 | $ 0.77 |
Diluted (in usd per share) | $ 0.67 | $ 0.77 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 113 | $ 133 |
Other comprehensive income, net of tax: | ||
Foreign currency translation adjustments | 82 | 110 |
Pension and other postretirement benefits | 11 | 9 |
Derivatives qualifying as hedges | (32) | 21 |
Total other comprehensive income | 61 | 140 |
Total comprehensive income | 174 | 273 |
Net income attributable to noncontrolling interests | (23) | (26) |
Translation adjustments attributable to noncontrolling interests | (1) | 0 |
Derivatives qualifying as hedges attributable to noncontrolling interests | 0 | (1) |
Comprehensive income attributable to Crown Holdings | $ 150 | $ 246 |
Consolidated Balance Sheets (Co
Consolidated Balance Sheets (Condensed) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | |||||
Cash and cash equivalents | $ 2,201 | $ 424 | $ 338 | $ 559 | |
Receivables, net | 1,386 | $ 1,195 | 1,041 | ||
Inventories | 1,431 | 1,241 | 1,385 | ||
Prepaid expenses and other current assets | 243 | 250 | 224 | ||
Total current assets | 5,261 | 3,110 | 3,074 | ||
Goodwill | 3,134 | 3,046 | |||
Intangible assets, net | 487 | 472 | |||
Property, plant and equipment, net | 3,322 | 3,239 | |||
Other non-current assets | 875 | 833 | 832 | ||
Total | 13,079 | 10,700 | 10,663 | ||
Current liabilities | |||||
Short-term debt | 32 | 62 | |||
Current maturities of long-term debt | 61 | 64 | |||
Accounts payable | 2,009 | 2,367 | |||
Accrued liabilities | 759 | 774 | |||
Total current liabilities | 2,861 | 3,267 | 3,250 | ||
Long-term debt, excluding current maturities | 7,778 | 5,217 | |||
Postretirement and pension liabilities | 584 | 588 | |||
Other non-current liabilities | 744 | 695 | 685 | ||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 347 | 323 | 322 | ||
Crown Holdings shareholders’ equity | 765 | 610 | 601 | ||
Total equity | 1,112 | 933 | 923 | $ 859 | $ 668 |
Total | $ 13,079 | $ 10,700 | $ 10,663 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Condensed) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income | $ 113 | $ 133 |
Adjustments to reconcile net income to net cash used for operating activities: | ||
Depreciation and amortization | 65 | 59 |
Restructuring and other | 13 | (4) |
Foreign exchange | 18 | (1) |
Pension expense | 1 | 5 |
Pension contributions | (5) | (13) |
Stock-based compensation | 6 | 4 |
Changes in assets and liabilities: | ||
Receivables | (364) | (293) |
Inventories | (169) | (151) |
Accounts payable and accrued liabilities | (445) | (324) |
Other, net | 16 | 8 |
Net cash used for operating activities | (751) | (577) |
Cash flows from investing activities | ||
Capital expenditures | (92) | (107) |
Beneficial interests in transferred receivables | 175 | 257 |
Proceeds from sale of property, plant and equipment | 0 | 3 |
Foreign exchange derivatives related to an acquisition | (25) | 0 |
Net cash provided by investing activities | 58 | 153 |
Cash flows from financing activities | ||
Proceeds from long-term debt | 1,912 | 4 |
Payments of long-term debt | (13) | (12) |
Net change in revolving credit facility and short-term debt | 576 | 351 |
Debt issue costs | (29) | 0 |
Common stock issued | 0 | 7 |
Common stock repurchased | (1) | (133) |
Dividends paid to noncontrolling interests | 0 | (13) |
Foreign exchange derivatives related to debt | 10 | (5) |
Net cash provided by financing activities | 2,455 | 199 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 14 | 4 |
Net change in cash, cash equivalents and restricted cash | 1,776 | (221) |
Cash, cash equivalents and restricted cash beginning balance | 435 | 576 |
Cash, cash equivalents and restricted cash ending balance | $ 2,211 | $ 355 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Paid-in Capital | Accumulated Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Crown Equity | Noncontrolling Interests |
Cumulative effect of change in accounting principles | $ 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 | 107 | 107 | 107 | |||||
Net income attributable to noncontrolling interests | 26 | 26 | ||||||
Net income | 133 | |||||||
Other comprehensive income | 140 | 139 | 139 | 1 | ||||
Dividends paid to noncontrolling interests | (13) | (13) | ||||||
Restricted stock awarded | 0 | (1) | 1 | |||||
Stock-based compensation | 4 | 4 | 4 | |||||
Common stock issued | 7 | 6 | 1 | 7 | ||||
Common stock repurchased | (140) | (127) | (13) | (140) | ||||
Balance at end of period at Mar. 31, 2017 | 859 | 929 | 328 | 2,788 | (3,261) | (241) | 543 | 316 |
Cumulative effect of change in accounting principles | 10 | 6 | 3 | 9 | 1 | |||
Balance at beginning of period at Dec. 31, 2017 | 923 | 929 | 167 | 3,004 | (3,241) | (258) | 601 | 322 |
Net income attributable to Crown Holdings | 90 | 90 | 90 | |||||
Net income attributable to noncontrolling interests | 23 | 23 | ||||||
Net income | 113 | |||||||
Other comprehensive income | 61 | 60 | 60 | 1 | ||||
Stock-based compensation | 6 | 6 | 6 | |||||
Common stock repurchased | (1) | (1) | (1) | |||||
Balance at end of period at Mar. 31, 2018 | $ 1,112 | $ 929 | $ 172 | $ 3,100 | $ (3,178) | $ (258) | $ 765 | $ 347 |
Statement of Information Furnis
Statement of Information Furnished | 3 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Statement of Information Furnished | Statement of Information Furnished The consolidated financial statements include the accounts of Crown Holdings, Inc. and its consolidated subsidiaries (the “Company”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Form 10-Q instructions. In the opinion of management, these consolidated financial statements contain all adjustments of a normal and recurring nature necessary for a fair statement of the financial position of the Company as of March 31, 2018 and the results of its operations for the three months ended March 31, 2018 and 2017 and of its cash flows for the three months ended March 31, 2018 and 2017 . 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, 2017 . |
Accounting and Reporting Develo
Accounting and Reporting Developments | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Accounting and Reporting Developments | Accounting and Reporting Developments Recently Adopted Accounting Standards Statement of Cash Flows 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 are classified as cash outflows from financing activities. In addition, beneficial interests obtained in a securitization of financial assets are disclosed as a noncash activity and cash receipts from the beneficial interests are classified as cash inflows from investing activities. Under previous guidance, the Company classified cash receipts from beneficial interests in securitized receivables and cash payments resulting from debt prepayment or extinguishment as cash flows from operating activities. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to conform to the current year presentation. For the period ended March 31, 2017, the Company reclassified $257 from net cash used for operating activities to net cash provided by investing activities. Additionally, for the three months ended March 31, 2018 and 2017, beneficial interests obtained in securitized receivables included in noncash investing activities were $199 and $265 . In November 2016, new accounting guidance was issued that requires the statement of cash flows to explain the change in the total of cash, cash equivalents and restricted cash. In addition, restricted cash is included in a cash reconciliation of beginning-of-period and end-of-period total amounts shown on the statements of cash flows. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to confirm to current year presentation. Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows: March 31, 2018 December 31, 2017 Cash and cash equivalents $ 2,201 $ 424 Restricted cash, included in prepaid expenses and other current assets 1 2 Restricted cash, included in other non-current assets 9 9 Total cash, cash equivalents and restricted cash $ 2,211 $ 435 March 31, 2017 December 31, 2016 Cash and cash equivalents $ 338 $ 559 Restricted cash, included in prepaid expenses and other current assets 8 8 Restricted cash, included in other non-current assets 9 9 Total cash, cash equivalents and restricted cash $ 355 $ 576 Amounts included in restricted cash primarily represent those required to be set aside by the Company's receivables securitization agreement in Europe. Pension and other postretirement benefit costs 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 is presented with other employee compensation costs within income from operations or capitalized in assets. The other components are reported separately outside of income from operations and are not eligible for capitalization. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to conform to current year presentation. A net benefit of $12 was reclassified from cost of products sold, excluding depreciation and amortization, to other pension and postretirement on the Company's Consolidated Statement of Operations for the period ended March 31, 2017. Revenue recognition In May 2014, the FASB issued new guidance which outlined a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under previous guidance, the Company generally recognized revenue upon shipment or delivery. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services which is either at a point in time or over time. In addition to accelerating the timing of revenue recognition, an unbilled receivable is recognized with an offsetting decrease to inventory. The new guidance is not expected to have a material impact on the Company's annual income from operations but could impact income from operations in certain quarters as the Company may recognize revenue from certain products as it builds inventory in anticipation of seasonal demands. On January 1, 2018, the Company adopted the new revenue standard using the modified retrospective method applied to those contracts which were outstanding as of January 1, 2018. The Company recognized the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. Results from reporting periods beginning after January 1, 2018 are presented under the new revenue standard, while prior period amounts are not adjusted and continue to be reported in accordance with accounting standards in effect for those periods. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2018 for the adoption of the new revenue standard was as follows: As reported As revised December 31, January 1, 2017 Adjustment 2018 Receivables, net $ 1,041 $ 154 $ 1,195 Inventories 1,385 (144 ) 1,241 Prepaid and other current assets 224 26 250 Total current assets 3,074 36 3,110 Other non-current assets 832 1 833 Total assets 10,663 37 10,700 Accrued liabilities 757 17 774 Total current liabilities 3,250 17 3,267 Other non-current liabilities 685 10 695 Noncontrolling interests 322 1 323 Accumulated earnings 3,004 9 3,013 Crown Holdings shareholders' equity 601 9 610 Total equity 923 10 933 Total liabilities and equity 10,663 37 10,700 In accordance with the new revenue standard, the impact of adoption on the Company’s Consolidated Balance Sheet and Statement of Operations was as follows: As reported Balances March 31, Effects of without adoption Consolidated Balance Sheet 2018 Change of new standard Receivables, net $ 1,386 $ (245 ) $ 1,141 Inventories 1,431 210 1,641 Prepaid and other current assets 243 (20 ) 223 Total current assets 5,261 (55 ) 5,206 Other non-current assets 875 2 877 Total assets 13,079 (53 ) 13,026 Accrued liabilities 759 (22 ) 737 Total current liabilities 2,861 (22 ) 2,839 Other non-current liabilities 744 (10 ) 734 Noncontrolling interests 347 (1 ) 346 Accumulated earnings 3,100 (20 ) 3,080 Crown Holdings shareholders' equity 765 (20 ) 745 Total equity 1,112 (21 ) 1,091 Total liabilities and equity 13,079 (53 ) 13,026 As reported Balances March 31, Effects of without adoption Statement of Operations 2018 Change of new standard Net Sales $ 2,197 $ (82 ) $ 2,115 Cost of products sold, excluding depreciation and amortization 1,808 (69 ) 1,739 Income from operations 221 (13 ) 208 Income before taxes 152 (13 ) 139 Provision for income taxes 39 (3 ) 36 Net income 113 (10 ) 103 Net income attributable to Crown Holdings 90 (10 ) 80 Earnings per common share attributable to Crown Holdings: Basic $ 0.67 $ (0.07 ) $ 0.60 Diluted $ 0.67 $ (0.07 ) $ 0.60 Hedge Accounting In August 2017, the FASB issued new guidance on hedge accounting. The new guidance allows contractually-specified price components of a commodity purchase or sale to be eligible for hedge accounting. Additionally, the new standard permits qualitative effectiveness assessments for certain hedges after the initial hedge qualification analysis. The Company adopted this guidance on January 1, 2018 using the modified retrospective approach for hedges of contractually-specified price components of commodity purchases and sales that existed on the adoption date. Upon adoption, the Company reclassified a net charge of $3 for the cumulative ineffectiveness of these contracts from retained earnings to accumulated other comprehensive income as a cumulative-effect adjustment. Intercompany transfers In October 2016, the FASB issued new guidance related to intercompany transfers of assets other than inventory. Under previous guidance, income tax expense associated with intercompany profits in an intercompany sale or transfer of assets was deferred until the assets left the consolidated group. Similarly, deferred tax assets were not recognized for any increase 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 in tax bases when an intercompany sale or transfer occurs. Income tax effects of intercompany inventory transactions continue to be deferred until the assets leave the consolidated group. The guidance became effective for the Company on January 1, 2018 and did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards 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. |
Acquisition of Signode
Acquisition of Signode | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Signode | Acquisition of Signode On April 3, 2018, the Company completed its acquisition of Signode Industrial Group Holdings (Bermuda) Ltd. (“Signode”), a leading global provider of transit packaging systems and solutions. The Company paid a purchase price of $3.9 billion, including debt and certain other liabilities assumed, subject to customary closing adjustments. The acquisition was undertaken by a subsidiary of Crown European Holdings S.A. The consideration paid by the Company was financed using available cash on hand, the proceeds of the January 2018 issuances of €335 2.250% senior unsecured notes due 2023, €500 2.875% senior unsecured notes due 2026 and $875 4.750% senior unsecured notes due 2026 and borrowings of $100 additional Dollar Term A Loans, $1,150 Dollar Term B Loans and €750 Euro Term B Loans under its credit agreement. See Note K for further details about the acquisition financing. Additionally, the Company entered into forward contracts to partially mitigate its currency exchange rate risk associated with the euro denominated cash portion of the purchase price. On March 29, 2018, the Company settled these contracts with notional amounts that totaled approximately €1,585 ( $1,956 at January 19, 2018) for a loss of $25 . |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The majority of the Company’s revenues from metal packaging products are derived from multi-year requirement contracts with leading manufacturers and marketers of packaged consumer products for can sets, comprising a can and an end. As requirement contracts do not typically include fixed volumes, customers often purchase products pursuant to purchase orders or other communications which are short-term in nature. The can and the end are considered separate performance obligations because they are distinct and separately identifiable. Revenues are recognized when control of the promised products is transferred to customers. The Company manufactures certain products that have no alternative use to the Company once they are printed or manufactured to customer specifications. If the Company has an enforceable right to payment for custom products at all times in the manufacturing process, revenue is recognized over time. In each of the Company’s geographic markets, revenue from beverage cans is primarily recognized over time using the units produced output method as beverage cans are generally printed for a specific customer in a continuous production process. The timing of revenue recognition for the Company’s other products, including beverage ends and three-piece products, which includes food cans and ends and aerosol cans and ends, may vary as these products may be printed or customized depending upon customer preferences which can vary by geographic market. Revenue that is recognized over time for the Company’s three-piece products and equipment business is generally recognized using the cost-to-cost input method as these products involve an intermediary step that results in customized work-in-progress inventory. For products that follow a point in time model, revenue is generally recognized when title and risk of loss transfer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Standalone selling prices for each performance obligation are generally stated in the contract. When the Company offers variable consideration in the form of volume rebates to customers, it estimates the most likely amount of revenue to which it is expected to be entitled and includes the estimate in the transaction price, limited to the amount which is probable will not result in reversal of cumulative revenue recognized when the variable consideration is resolved. When the Company offers customers options to purchase additional product at discounted prices, judgment is required to determine if the discounted prices represent material rights. If so, the transaction price allocated to the discount is based on its relative standalone price and is recognized upon purchase of the additional product. Customer payment terms are typically less than one year and as such, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold and are accrued when the Company recognizes revenue over time before the shipping and handling activities occur. Costs to obtain a contract are generally immaterial but the Company has elected the practical expedient to expense these costs as incurred if the duration of the contract is one year or less. For the three months ended March 31, 2018, the Company recognized revenue of $1,428 over time and $769 point in time. See Note Q for further disaggregation of the Company's revenue for the three months ended March 31, 2018. We have applied the practical expedient to exclude disclosure of remaining performance obligations as our contracts typically have a term of one year or less. Unbilled Receivables Unbilled receivables are recorded for revenue recognized over time when the Company has determined that control has passed to the customer but the customer has not yet been invoiced because the Company does not have present right to payment. The Company generally has a present right to payment when title of product transfers. Unbilled receivables are reflected in receivables in the Consolidated Balance Sheet. When the Company records an unbilled receivable there is an offsetting decrease to inventory. Contract Assets and Contract Liabilities Contract assets are recorded for revenue recognized over time when the Company has determined that control for a performance obligation has passed to the customer, but the right to invoice the customer is contingent upon the completion of the performance obligations included in the contract. Contract assets are classified as current as they are expected to be invoiced within one year and may not exceed their net realizable value. Contract liabilities are established if the Company must defer the recognition of a portion of consideration received because it has to satisfy a future obligation. Contract liabilities are classified as current or noncurrent based on when the Company expects to recognize revenue. Contract assets are typically recognized for work in process related to the Company's three-piece printed products. The Company's equipment business may record contract assets or contract liabilities for contracts depending on the timing of satisfaction of performance obligations and receipt of consideration from the customer. These equipment contracts, including payment terms, are typically less than one year in duration. Contract assets and liabilities are reported in a net position on a contract-by-contract basis. Net contract assets were as follows: March 31, 2018 January 1, 2017 Contract assets, included in prepaid and other current assets $ 20 $ 26 Contract liabilities, included in accrued liabilities (1 ) (1 ) Contract liabilities, included in other non-current liabilities (7 ) (7 ) Net contract asset $ 12 $ 18 For the three months ended March 31, 2018, the Company recognized revenue of less than $1 related to contract liabilities at January 1, 2018 for performance obligations satisfied during the period. |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Receivables | Receivables March 31, 2018 December 31, 2017 Accounts receivable $ 969 $ 894 Less: allowance for doubtful accounts (72 ) (71 ) Net trade receivables 897 823 Unbilled receivables 245 — Miscellaneous receivables 244 218 Receivables, net $ 1,386 $ 1,041 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory, Gross [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method. Non-U.S. inventories are principally determined under the FIFO or average cost method. March 31, 2018 December 31, 2017 Raw materials and supplies 760 $ 737 Work in process 157 139 Finished goods 514 509 $ 1,431 $ 1,385 |
Restructuring and Other
Restructuring and Other | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring Reserve [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other charges / (benefits) as follows: Three Months Ended March 31 2018 2017 Asset impairments and sales $ 7 $ (6 ) Restructuring 3 2 Transaction costs 3 — $ 13 $ (4 ) At March 31, 2018 , the Company had restructuring accruals of $19 primarily related to the closure of a promotional packaging facility in Europe which was announced in 2017 and prior actions to reduce manufacturing capacity and headcount in its European businesses. The Company expects to pay the majority of this liability over the next twelve months. 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. |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
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 U.S. 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 three months ended March 31, 2018 , the Company paid $1 to settle outstanding claims and had claims activity as follows: Beginning claims 55,500 New claims 500 Settlements or dismissals (500 ) Ending claims 55,500 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, 2017 , the Company's outstanding claims were: Claimants alleging first exposure after 1964 16,500 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 Pennsylvania 1,500 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: 2017 2016 2015 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 March 31, 2018 . As of March 31, 2018 , the Company’s accrual for pending and future asbestos-related claims and related legal costs was $ 313 , including $ 266 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 81% of the claims outstanding at the end of 2017 ), the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company, along with others in most cases, has been identified by the EPA or a comparable state environmental agency as a Potentially Responsible Party (“PRP”) at a number of sites and has recorded aggregate accruals of $7 for its share of estimated future remediation costs at these sites. The Company has been identified as having either directly or indirectly disposed of commercial or industrial waste at the sites subject to the accrual, and where appropriate and supported by available information, generally has agreed to be responsible for a percentage of future remediation costs based on an estimated volume of materials disposed in proportion to the total materials disposed at each site. The Company has not had monetary sanctions imposed nor has the Company been notified of any potential monetary sanctions at any of the sites. The Company has also recorded aggregate accruals of $9 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 Company conducted an internal investigation into the matter and discovered instances of inappropriate conduct by certain employees of German subsidiaries of the Company. The Company cooperated with the FCO and submitted a leniency application with the FCO which disclosed the findings of its internal investigation to date. In April 2018, the FCO announced that it referred its cartel investigation concerning metal packaging to the European Commission (the “Commission”) due to its believe that there is evidence of competition law violations in several EU member states and that the FCO was no longer continuing its national investigation. Also in April 2018, Commission officials conducted unannounced inspections of the premises of several metal packaging manufacturers, including Company subsidiaries in Germany, France and the United Kingdom. The Commission's decision authorizing the inspections cited indications of anti-competitive agreements and practices in the market for the supply of metal packaging products over several years. The Commission's investigation is ongoing and, to date, the Commission has not officially charged the Company or any of its subsidiaries with violations of competition law. The Company is cooperating with the Commission and submitted a leniency application which disclosed the findings of the internal investigation referenced above. This application may lead to the reduction of possible future penalties. If the Commission finds that the Company or any of its subsidiaries violated competition law, it has the power 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 Commission’s investigation and is unable to estimate the loss or possible range of any additional losses that could be incurred, and has therefore not recorded a charge in connection with the actions by the Commission. If the Commission finds that the Company or any of its subsidiaries violated competition law, fines levied by the Commission 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 $8 . 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. 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 (including in connection with tariffs recently imposed in the U.S., which may increase costs) and has periodically adjusted its selling prices to reflect these movements. There can be no assurance, however, that the Company will be able to fully recover any increases or fluctuations in raw material costs from its customers. The Company also has commitments for standby letters of credit and for purchases of capital assets. At March 31, 2018 , 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. |
Derivative and Other Financial
Derivative and Other Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
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 K 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 are recorded in other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon reclassification from comprehensive income is the same as that of the underlying exposure. Contracts outstanding at March 31, 2018 mature between one and thirty-one months. When the Company discontinues hedge accounting because it is no longer probable that an anticipated transaction will occur in the originally specified period, changes to fair value accumulated in other comprehensive income are recognized immediately in earnings. The Company uses forward contracts to hedge anticipated purchases of various commodities, including aluminum, fuel oil and natural gas and these exposures are hedged by a central treasury unit. The Company also designates certain foreign exchange contracts as cash flow hedges of anticipated foreign currency denominated sales or purchases. The Company manages these risks at the operating unit level. Often, foreign currency risk is hedged together with the related commodity price risk. The following tables set forth financial information about impact on other comprehensive income ("OCI"), accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments. Amount of gain/(loss) recognized in OCI Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Derivatives in cash flow hedges Foreign exchange $ (3 ) $ (2 ) Commodities (23 ) 23 $ (26 ) $ 21 Pre-tax amount of gain/(loss) reclassified from AOCI into income Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Affected line item in the Derivatives in cash flow hedges statement of operations Foreign exchange $ — $ (3 ) Net sales Commodities (2 ) — Net sales Foreign exchange — 1 Cost of products sold Commodities 10 4 Cost of products sold $ 8 $ 2 For the three months ended March 31, 2017, only the effective portion of cash flow hedges was recognized in other comprehensive income. For the three months ended March 31, 2017, the Company recognized a gain of $2 ( $1 , net of tax) in earnings related to hedge ineffectiveness caused by volatility in the metal premium component of aluminum prices. There is no ineffectiveness in the current year as the Company has hedged variability in cash flows for contractually specified components of its aluminum purchases. For the twelve month period ending March 31, 2018, a net loss of $7 ( $5 , net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the three months ended March 31, 2018 and 2017 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 arising from re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in currencies other than the entity's functional currency. For the three months ended March 31, 2018 and 2017, the Company recorded losses of less than $1 from foreign exchange contracts designated as fair value hedges. These adjustments were reported within foreign exchange in the Consolidated Statement of Operations. The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain/(loss) recognized in income on derivative Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Affected line item in the Derivatives not designated as hedges statement of operations Foreign exchange $ — $ 1 Net sales Foreign exchange 1 (1 ) Cost of products sold Foreign exchange 5 — Foreign exchange Commodities — (7 ) Cost of products sold $ 6 $ (7 ) For the three months ended March 31, 2017, 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. Net Investment Hedges The Company designates certain debt and derivative instruments as net investment hedges to manage foreign currency risk relating to net investments in subsidiaries denominated in foreign currencies and reduce the variability in the functional currency equivalent cash flows. During the three months ended March 31, 2018 and 2017, the Company recorded loss es of $35 ( $31 , net of tax) and $15 ( $12 , net of tax) in other comprehensive income for certain debt instruments that are designated as hedges of its net investment in a euro-based subsidiary. As of March 31, 2018 and December 31, 2017, cumulative losses of $141 and $106 ( $118 and $88 , net of tax) were recognized in accumulated other comprehensive income related to these net investment hedges. As of March 31, 2018 and December 31, 2017, the carrying amount of the hedged net investment was approximately €907 and €1,150 ( $1,117 and $1,417 at March 31, 2018 and December 31, 2017). In January 2018, the Company entered into a series of cross-currency swaps with an aggregate notional of $875 ( €718 ). The swaps are designated as a hedge of net investment for financial reporting purposes. Under the cross-currency interest rate contracts, the Company will receive semi-annual fixed U.S. dollar payments at a rate of 4.75% of the U.S. notional value and pay 2.50% on the euro notional value. Gains or losses on net investment hedges remain in accumulated other comprehensive income until disposal of the underlying assets. The following tables set forth financial information about the impact on OCI from changes in the fair value of derivative instruments. Amount of gain/(loss) recognized in OCI Three Months Ended Three Months Ended Derivatives designated as net investment hedges March 31, 2018 March 31, 2017 Foreign exchange $ (28 ) $ — Gains and losses representing components excluded from the assessment of effectiveness on derivatives designated as net investment hedges are recognized in accumulated other comprehensive income. Fair Values of Derivative Financial Instruments and Valuation Hierarchy The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy. Balance Sheet classification March 31, December 31, Derivative assets Cash flow derivatives designated as hedges: Foreign exchange Other current assets $ 7 $ 5 Commodities Other current assets 17 25 Commodities Other non-current assets 1 4 Cash flow derivatives not designated as hedges: Foreign exchange Other current assets 1 1 Commodities Other current assets — 22 Fair value derivatives designated as hedges: Foreign exchange Other current assets 1 1 Fair value derivatives not designated as hedges: Foreign exchange Other current assets 1 5 Total $ 28 $ 63 Derivative liabilities Cash flow derivatives designated as hedges: Foreign exchange Accrued liabilities $ 11 $ 6 Commodities Accrued liabilities 21 — Foreign exchange Other non-current liabilities 1 — Commodities Other non-current liabilities 4 — Cash flow derivatives not designated as hedges: Foreign exchange Accrued liabilities 1 1 Commodities Accrued liabilities — 15 Fair value derivatives designated as hedges: Foreign exchange Accrued liabilities 1 1 Fair value derivatives not designated as hedges: Foreign exchange Accrued liabilities 2 — Net investment derivatives designated as hedges: Foreign exchange Other non-current liabilities 37 — Total $ 78 $ 23 Fair Value Hedge Carrying Amounts Cumulative amount of fair value hedging adjustment included in the Carrying amount of the hedged carrying amount of the hedged Line item in the statement of assets/(liabilities) assets/(liabilities) financial position in which the March 31, December 31, March 31, December 31, hedge item is included Cash and cash equivalents $ 6 $ 1 $ — $ — Receivables, net 14 15 — — Accrued liabilities (22 ) (12 ) — — Offsetting of Derivative Assets and Liabilities Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the statement of financial position. In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at March 31, 2018 Derivative assets $28 $17 $11 Derivative liabilities 78 17 61 Balance at December 31, 2017 Derivative assets 63 17 46 Derivative liabilities 23 17 6 Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2018 and December 31, 2017 were: March 31, 2018 December 31, 2017 Derivatives in cash flow hedges: Foreign exchange $ 839 $ 864 Commodities 335 276 Derivatives in fair value hedges: Foreign exchange 70 60 Derivatives not designated as hedges: Foreign exchange 586 575 Commodities — 40 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's outstanding debt was as follows: March 31, 2018 December 31, 2017 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 32 $ 32 $ 62 $ 62 Long-term debt Senior secured borrowings: Revolving credit facilities $ 749 $ 749 $ 122 $ 122 Term loan facilities U.S. dollar at LIBOR + 1.50% due 2022 736 730 741 735 Euro at EURIBOR + 1.50% due 2022 1 330 330 324 324 Senior notes and debentures: €650 at 4.0% due 2022 801 795 781 774 U. S. dollar at 4.50% due 2023 1,000 992 1,000 992 €335 at 2.250% due 2023 413 407 — — €600 at 2.625% due 2024 739 732 720 713 €600 at 3.375% due 2025 739 730 720 711 U.S. dollar at 4.25% due 2026 400 393 400 393 U.S. dollar at 4.75% due 2026 875 863 — — U.S. dollar at 7.375% due 2026 350 347 350 347 €500 at 2.875% due 2026 616 608 — — U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies 94 94 101 101 Capital lease obligations 29 29 29 29 Total long-term debt 7,911 7,839 5,328 5,281 Less current maturities (61 ) (61 ) (64 ) (64 ) Total long-term debt, less current maturities $ 7,850 $ 7,778 $ 5,264 $ 5,217 (1) €268 and €270 at March 31, 2018 and December 31, 2017 . 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 $7,993 at March 31, 2018 and $5,562 at December 31, 2017 . In January 2018, the Company amended its revolving credit agreements, effective as of April 2018, to provide capacity of $1,650 under the revolving credit facility upon completion of the Signode acquisition and extend the timetable for compliance with total leverage ratios. In January 2018, the Company issued $875 principal amount of 4.750% senior unsecured notes due 2026. The notes were issued at par by Crown Americas LLC, a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. In January 2018, the Company also issued €500 ( $616 at March 31, 2018) principal amount of 2.875% senior unsecured notes due 2026 and €335 ( $413 at March 31, 2018) principal amount of 2.250% senior unsecured notes due 2023. The notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company and are unconditionally guaranteed by the Company and certain of its subsidiaries. In April 2018, the Company borrowed $100 Term A loans and $1,150 Term B loans under its U.S. dollar term loan facility and €750 ( $924 at March 31, 2018) additional Term B loans under its European term loan facility. The Term B loans mature on April 3, 2025 and interest rates are based on LIBOR or EURIBOR plus a margin of 1.00% up to 2.375% . |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2018 | |
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 months ended March 31, 2018 and 2017 were as follows: Three Months Ended March 31 Pension benefits – U.S. plans 2018 2017 Service cost $ 4 $ 3 Interest cost 12 12 Expected return on plan assets (21 ) (20 ) Recognized net loss 12 13 Net periodic cost $ 7 $ 8 Three Months Ended March 31 Pension benefits – Non-U.S. plans 2018 2017 Service cost $ 7 $ 6 Interest cost 19 19 Expected return on plan assets (40 ) (35 ) Recognized prior service credit (3 ) (3 ) Recognized net loss 11 10 Net periodic benefit $ (6 ) $ (3 ) Three Months Ended March 31 Other postretirement benefits 2018 2017 Service cost $ — $ — Interest cost 1 1 Recognized prior service credit (9 ) (10 ) Recognized net loss 1 1 Net periodic benefit $ (7 ) $ (8 ) The components of net periodic cost / (benefit) other than the service cost component are included in other pension and postretirement in the Consolidated Statement of Operations. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's accounting for the Tax Cuts and Jobs Act (H.R. 1), (the "Tax Act") is provisional. As of December 31, 2017, the Company recorded a gross provisional obligation of $113 for the one-time tax imposed on the unremitted earnings of non-U.S. subsidiaries. The Company expects to be able to use foreign tax credit carryforwards to satisfy this obligation. The Company has not made any additional measurement-period adjustments related to these items during the first quarter of 2018. The Company continues to review the technical interpretations of the Tax Act and other applicable laws, monitor legislative changes, review U.S. state guidance as issued and obtain the information necessary to complete the calculations and expects to complete its analysis during the fourth quarter of 2018. As of March 31, 2018, the Company had a valuation allowance of $207 related to the portion of U.S. state tax loss carryforwards that the Company does not believe are more likely than not to be utilized prior to their expiration. The Company has not yet been able to make a reasonable estimate of the impact of the Tax Act on state taxable income and any related impact on this valuation allowance. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2018 | |
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, 2017 $ (1,524 ) $ (1,879 ) $ 3 $ (3,400 ) Other comprehensive income before reclassifications 110 21 131 Amounts reclassified from accumulated other comprehensive income 9 (1 ) 8 Other comprehensive income 9 110 20 139 Balance at March 31, 2017 $ (1,515 ) $ (1,769 ) $ 23 $ (3,261 ) Balance at January 1, 2018 $ (1,583 ) $ (1,681 ) $ 23 $ (3,241 ) Cumulative effect of change in accounting principle 3 3 Other comprehensive income before reclassifications 81 (26 ) 55 Amounts reclassified from accumulated other comprehensive income 11 (6 ) 5 Other comprehensive income (loss) 11 81 (29 ) 63 Balance at March 31, 2018 $ (1,572 ) $ (1,600 ) $ (6 ) $ (3,178 ) The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended Details about accumulated other March 31 Affected line item in the comprehensive income components 2018 2017 statement of operations (Gains) losses on cash flow hedges Commodities $ 2 $ — Net sales (10 ) (4 ) Cost of products sold (8 ) (4 ) Income before taxes 2 1 Provision for income taxes $ (6 ) $ (3 ) Net income Foreign exchange $ — $ 3 Net sales — (1 ) Cost of products sold — 2 Income before taxes — — Provision for income taxes $ — $ 2 Net income Total gains on cash flow hedges $ (6 ) $ (1 ) Amortization of defined benefit plan items Actuarial losses (a) $ 24 $ 24 Other pension and postretirement Prior service credit (a) (12 ) (13 ) Other pension and postretirement 12 11 Income before taxes (1 ) (2 ) Provision for income taxes $ 11 $ 9 Net income Total reclassifications for the period $ 5 $ 8 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement costs. See Note L for further details. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation A summary of restricted stock transactions during the three months ended March 31, 2018 follows: Number of shares Non-vested stock awards outstanding at January 1, 2018 1,053,842 Awarded: Time-vesting shares 73,173 Performance-based shares 142,154 Released: Time-vesting shares (59,035 ) Forfeitures: Time-vesting shares (4,575 ) Performance-based shares (159,738 ) Non-vested stock awards outstanding at March 31, 2018 1,045,821 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 are 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 are settled in stock. The time-vesting restricted and deferred stock awards vest ratably over three to five years. The weighted average grant-date fair values of awards issued during the three months ended March 31, 2018 were $57.09 for the time-vesting stock awards and $58.77 for the performance-based stock awards. The fair value of the performance-based shares subject to a market condition awarded in 2018 was calculated using a Monte Carlo valuation model, including a weighted average stock price volatility of 19.9% , an expected term of three years, and a weighted average risk-free interest rate of 2.01% . As of March 31, 2018 , unrecognized compensation cost related to outstanding non-vested stock awards was $32 . The weighted average period over which the expense is expected to be recognized is 1.7 years. The aggregate market value of the shares released on the vesting dates was $3 for the three months ended March 31, 2018. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes the computations of basic and diluted earnings per share attributable to the Company. Three Months Ended March 31 2018 2017 Net income attributable to Crown Holdings $ 90 $ 107 Weighted average shares outstanding: Basic 133.5 138.5 Dilutive stock options and restricted stock 0.3 0.5 Diluted 133.8 139.0 Basic earnings per share $ 0.67 $ 0.77 Diluted earnings per share $ 0.67 $ 0.77 For the three months ended March 31, 2018 , there were 0.2 million contingently issuable common shares excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company evaluates performance and allocates resources based on segment income, which is not a defined term under GAAP. Previously, the Company defined segment income as income from operations adjusted to exclude 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. During the first quarter of 2018, the Company updated its definition of segment income to also exclude intangibles amortization charges. Prior period segment income amounts below have been recast to conform to current year presentation of intangible amortization charges and the new guidance related to presentation of pension and other postretirement benefit costs discussed in Note B . Segment income should not be considered in isolation or as a substitute for net income data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. The tables below present information about the Company's operating segments. External Sales Three Months Ended March 31 2018 2017 Americas Beverage $ 758 $ 674 European Beverage 371 303 European Food 428 379 Asia Pacific 337 278 Total reportable segments 1,894 1,634 Non-reportable segments 303 267 Total $ 2,197 $ 1,901 The primary sources of revenue included in non-reportable segments are the Company's aerosol can businesses in North America and Europe, its food can business in North America, its promotional packaging business in Europe and its tooling and equipment operations in the U.S. and U.K. Intersegment Sales Three Months Ended March 31 2018 2017 Americas Beverage $ 10 $ 6 European Beverage — 1 European Food 22 16 Asia Pacific — — Total reportable segments 32 23 Non-reportable segments 27 35 Total $ 59 $ 58 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Segment Income Three Months Ended March 31 2018 2017 Americas Beverage $ 98 $ 104 European Beverage 55 50 European Food 56 51 Asia Pacific 44 39 Total reportable segments $ 253 $ 244 A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended March 31 2018 2017 Segment income of reportable segments $ 253 $ 244 Segment income of non-reportable segments 31 28 Corporate and unallocated items (39 ) (41 ) Restructuring and other (13 ) 4 Amortization of intangibles (11 ) (10 ) Other pension and postretirement 17 12 Interest expense (74 ) (62 ) Interest income 6 3 Foreign exchange (18 ) 1 Income before income taxes $ 152 $ 179 For the three months ended March 31, 2018 and 2017, intercompany profit of $1 and $3 was eliminated within segment income of non-reportable segments. Corporate and unallocated items includes corporate and division administrative costs, technology costs and fair value adjustments for the sale of inventory acquired in an acquisition and the timing impact of hedge ineffectiveness. |
Condensed Combining Financial I
Condensed Combining Financial Information | 3 Months Ended |
Mar. 31, 2018 | |
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 $40 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 months ended March 31, 2018 and 2017 , • balance sheets as of March 31, 2018 and December 31, 2017 , and • statements of cash flows for the three months ended March 31, 2018 and 2017 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 2,197 $ 2,197 Cost of products sold, excluding depreciation and amortization 1,808 1,808 Depreciation and amortization 65 65 Selling and administrative expense $ 2 88 90 Restructuring and other 13 13 Income from operations (2 ) 223 221 Other pension and postretirement (17 ) (17 ) Net interest expense 19 49 68 Foreign exchange 18 18 Income/(loss) before income taxes (21 ) 173 152 Provision for / (benefit from) income taxes (4 ) 43 39 Equity earnings / (loss) in affiliates $ 90 95 $ (185 ) — Net income 90 78 130 (185 ) 113 Net income attributable to noncontrolling interests (23 ) (23 ) Net income attributable to Crown Holdings $ 90 $ 78 $ 107 $ (185 ) $ 90 Total comprehensive income $ 150 $ 47 $ 191 $ (214 ) $ 174 Comprehensive income attributable to noncontrolling interests (24 ) (24 ) Comprehensive income attributable to Crown Holdings $ 150 $ 47 $ 167 $ (214 ) $ 150 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 1,901 $ 1,901 Cost of products sold, excluding depreciation and amortization 1,531 1,531 Depreciation and amortization 59 59 Selling and administrative expense $ 2 88 90 Restructuring and other (4 ) (4 ) Income from operations (2 ) 227 225 Other pension and postretirement (12 ) (12 ) Net interest expense 20 39 59 Foreign exchange (1 ) (1 ) Income/(loss) before income taxes (22 ) 201 179 Provision for / (benefit from) income taxes (10 ) 56 46 Equity earnings / (loss) in affiliates $ 107 99 $ (206 ) — Net income 107 87 145 (206 ) 133 Net income attributable to noncontrolling interests (26 ) (26 ) Net income attributable to Crown Holdings $ 107 $ 87 $ 119 $ (206 ) $ 107 Total comprehensive income $ 246 $ 130 $ 285 $ (388 ) $ 273 Comprehensive income attributable to noncontrolling interests (27 ) (27 ) Comprehensive income attributable to Crown Holdings $ 246 $ 130 $ 258 $ (388 ) $ 246 CONDENSED COMBINING BALANCE SHEET As of March 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 2,201 $ 2,201 Receivables, net $ 9 1,377 1,386 Inventories 1,431 1,431 Prepaid expenses and other current assets $ 2 241 243 Total current assets 2 9 5,250 5,261 Intercompany debt receivables 3,648 $ (3,648 ) — Investments 3,296 3,519 (6,815 ) — Goodwill 3,134 3,134 Intangible assets, net 487 487 Property, plant and equipment, net 3,322 3,322 Other non-current assets 285 590 875 Total $ 3,298 $ 3,813 $ 16,431 $ (10,463 ) $ 13,079 Liabilities and equity Current liabilities Short-term debt $ 32 $ 32 Current maturities of long-term debt 61 61 Accounts payable 2,009 2,009 Accrued liabilities $ 13 $ 40 706 759 Total current liabilities 13 40 2,808 2,861 Long-term debt, excluding current maturities 387 7,391 7,778 Long-term intercompany debt 2,520 1,128 $ (3,648 ) — Postretirement and pension liabilities 584 584 Other non-current liabilities 335 409 744 Commitments and contingent liabilities Noncontrolling interests 347 347 Crown Holdings shareholders’ equity/(deficit) 765 1,923 4,892 (6,815 ) 765 Total equity/(deficit) 765 1,923 5,239 (6,815 ) 1,112 Total $ 3,298 $ 3,813 $ 16,431 $ (10,463 ) $ 13,079 CONDENSED COMBINING BALANCE SHEET As of December 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 424 $ 424 Receivables, net $ 9 1,032 1,041 Inventories 1,385 1,385 Prepaid expenses and other current assets 224 224 Total current assets — 9 3,065 3,074 Intercompany debt receivables 3,604 $ (3,604 ) — Investments $ 3,120 $ 3,448 (6,568 ) — Goodwill 3,046 3,046 Intangible assets, net 472 472 Property, plant and equipment, net 3,239 3,239 Other non-current assets 283 549 832 Total $ 3,120 $ 3,740 $ 13,975 $ (10,172 ) $ 10,663 Liabilities and equity Current liabilities Short-term debt $ 62 $ 62 Current maturities of long-term debt 64 64 Accounts payable 2,367 2,367 Accrued liabilities $ 22 $ 41 694 757 Total current liabilities 22 41 3,187 3,250 Long-term debt, excluding current maturities 387 4,830 5,217 Long-term intercompany debt 2,497 1,107 $ (3,604 ) — Postretirement and pension liabilities 588 588 Other non-current liabilities 336 349 685 Commitments and contingent liabilities Noncontrolling interests 322 322 Crown Holdings shareholders’ equity/(deficit) 601 1,869 4,699 (6,568 ) 601 Total equity/(deficit) 601 1,869 5,021 (6,568 ) 923 Total $ 3,120 $ 3,740 $ 13,975 $ (10,172 ) $ 10,663 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (22 ) $ (21 ) $ (708 ) $ — $ (751 ) Cash flows from investing activities Capital expenditures (92 ) (92 ) Beneficial interests in transferred receivables 175 175 Other (25 ) (25 ) Net cash provided by/(used for) investing activities — 58 — 58 Cash flows from financing activities Proceeds from long-term debt 1,912 1,912 Payments of long-term debt (13 ) (13 ) Net change in revolving credit facility and short-term debt 576 576 Net change in long-term intercompany balances 23 21 (44 ) — Debt issue costs (29 ) (29 ) Common stock repurchased (1 ) (1 ) Foreign exchange derivatives related to debt 10 10 Net cash provided by/(used for) financing activities 22 21 2,412 — 2,455 Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — — 1,776 — 1,776 Cash, cash equivalents and restricted cash at January 1 435 435 Cash, cash equivalents and restricted cash at March 31 $ — $ — $ 2,211 $ — $ 2,211 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (9 ) $ (14 ) $ (550 ) $ (4 ) $ (577 ) Cash flows from investing activities Capital expenditures (107 ) (107 ) Beneficial interests in transferred receivables 257 257 Proceeds from sale of property, plant and equipment 3 3 Net cash provided by/(used for) investing activities — 153 — 153 Cash flows from financing activities Proceeds from long-term debt 4 4 Payments of long-term debt (12 ) (12 ) Net change in revolving credit facility and short-term debt 351 351 Net change in long-term intercompany balances 135 14 (149 ) — Common stock issued 7 7 Common stock repurchased (133 ) (133 ) Dividends paid (4 ) 4 — Dividend paid to noncontrolling interests (13 ) (13 ) Foreign exchange derivatives related to debt (5 ) (5 ) Net cash provided by/(used for) financing activities 9 14 172 4 199 Effect of exchange rate changes on cash, cash equivalents and restricted cash 4 4 Net change in cash, cash equivalents and restricted cash — — (221 ) — (221 ) Cash, cash equivalents and restricted cash at January 1 576 576 Cash, cash equivalents and restricted cash at March 31 $ — $ — $ 355 $ — $ 355 Crown Americas, LLC, Crown Americas Capital Corp. IV, Crown Americas Capital Corp. V and Crown Americas Capital Corp. VI (collectively, the Issuer), 100% owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023, $400 principal amount of 4.25% senior notes due 2026, and $875 principal amount of 4.75% 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 months ended March 31, 2018 and 2017 , • balance sheets as of March 31, 2018 and December 31, 2017 , and • statements of cash flows for the three months ended March 31, 2018 and 2017 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 514 $ 1,683 $ 2,197 Cost of products sold, excluding depreciation and amortization 432 1,376 1,808 Depreciation and amortization 11 54 65 Selling and administrative expense $ 2 33 55 90 Restructuring and other 3 2 8 13 Income from operations (5 ) 36 190 221 Other pension and postretirement (5 ) (12 ) (17 ) Net interest expense 23 21 24 68 Technology royalty (11 ) 11 — Foreign exchange 56 (1 ) 19 $ (56 ) 18 Income/(loss) before income taxes (84 ) 32 148 56 152 Provision for / (benefit from) income taxes (20 ) 9 37 13 39 Equity earnings / (loss) in affiliates $ 90 56 55 (201 ) — Net income 90 (8 ) 78 111 (158 ) 113 Net income attributable to noncontrolling interests (23 ) (23 ) Net income attributable to Crown Holdings $ 90 $ (8 ) $ 78 $ 88 $ (158 ) $ 90 Total comprehensive income $ 150 $ (7 ) $ 47 $ 214 $ (230 ) $ 174 Comprehensive income attributable to noncontrolling interests (24 ) (24 ) Comprehensive income attributable to Crown Holdings $ 150 $ (7 ) $ 47 $ 190 $ (230 ) $ 150 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 445 $ 1,456 $ 1,901 Cost of products sold, excluding depreciation and amortization 371 1,160 1,531 Depreciation and amortization 10 49 59 Selling and administrative expense $ 2 33 55 90 Restructuring and other 1 (5 ) (4 ) Income from operations (2 ) 30 197 225 Other pension and postretirement (10 ) (2 ) (12 ) Net interest expense 17 21 21 59 Technology royalty (9 ) 9 — Foreign exchange 10 (1 ) $ (10 ) (1 ) Income/(loss) before income taxes (29 ) 28 170 10 179 Provision for / (benefit from) income taxes (11 ) 8 45 4 46 Equity earnings / (loss) in affiliates $ 107 49 67 (223 ) — Net income 107 31 87 125 (217 ) 133 Net income attributable to noncontrolling interests (26 ) (26 ) Net income attributable to Crown Holdings $ 107 $ 31 $ 87 $ 99 $ (217 ) $ 107 Total comprehensive income $ 246 $ 35 $ 130 $ 271 $ (409 ) $ 273 Comprehensive income attributable to noncontrolling interests (27 ) (27 ) Comprehensive income attributable to Crown Holdings $ 246 $ 35 $ 130 $ 244 $ (409 ) $ 246 CONDENSED COMBINING BALANCE SHEET As of March 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 676 $ 2 $ 1,523 $ 2,201 Receivables, net 3 78 1,305 1,386 Intercompany receivables 28 10 $ (38 ) — Inventories 350 1,081 1,431 Prepaid expenses and other current assets $ 2 2 15 224 243 Total current assets 2 681 473 4,143 (38 ) 5,261 Intercompany debt receivables 2,931 3,708 778 (7,417 ) — Investments 3,296 2,537 1,041 (6,874 ) — Goodwill 453 2,681 3,134 Intangible assets, net 13 474 487 Property, plant and equipment, net 1 524 2,797 3,322 Other non-current assets 11 331 533 875 Total $ 3,298 $ 6,161 $ 6,543 $ 11,406 $ (14,329 ) $ 13,079 Liabilities and equity Current liabilities Short-term debt $ 32 $ 32 Current maturities of long-term debt $ 23 $ 3 35 61 Accounts payable 502 1,507 2,009 Accrued liabilities $ 13 32 85 629 759 Intercompany payables 10 28 $ (38 ) — Total current liabilities 13 55 600 2,231 (38 ) 2,861 Long-term debt, excluding current maturities 3,113 407 4,258 7,778 Long-term intercompany debt 2,520 1,470 2,912 515 (7,417 ) — Postretirement and pension liabilities 368 216 584 Other non-current liabilities 37 333 374 744 Commitments and contingent liabilities Noncontrolling interests 347 347 Crown Holdings shareholders’ equity/(deficit) 765 1,486 1,923 3,465 (6,874 ) 765 Total equity/(deficit) 765 1,486 1,923 3,812 (6,874 ) 1,112 Total $ 3,298 $ 6,161 $ 6,543 $ 11,406 $ (14,329 ) $ 13,079 CONDENSED COMBINING BALANCE SHEET As of December 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 36 $ 3 $ 385 $ 424 Receivables, net 29 1,012 1,041 Intercompany receivables 32 13 $ (45 ) — Inventories 347 1,038 1,385 Prepaid expenses and other current assets 2 17 205 224 Total current assets — 38 428 2,653 (45 ) 3,074 Intercompany debt receivables 2,523 3,325 732 (6,580 ) — Investments $ 3,120 2,479 1,032 (6,631 ) — Goodwill 453 2,593 3,046 Intangible assets, net 13 459 472 Property, plant and equipment, net 1 515 2,723 3,239 Other non-current assets 11 311 510 832 Total $ 3,120 $ 5,052 $ 6,077 $ 9,670 $ (13,256 ) $ 10,663 Liabilities and equity Current liabilities Short-term debt $ 62 $ 62 Current maturities of long-term debt $ 23 $ 3 38 64 Accounts payable 547 1,820 2,367 Accrued liabilities $ 22 31 72 632 757 Intercompany payables 13 32 $ (45 ) — Total current liabilities 22 54 635 2,584 (45 ) 3,250 Long-term debt, excluding current maturities 2,094 408 2,715 5,217 Long-term intercompany debt 2,497 1,411 2,454 218 (6,580 ) — Postretirement and pension liabilities 373 215 588 Other non-current liabilities 338 347 685 Commitments and contingent liabilities Noncontrolling interests 322 322 Crown Holdings shareholders’ equity/(deficit) 601 1,493 1,869 3,269 (6,631 ) 601 Total equity/(deficit) 601 1,493 1,869 3,591 (6,631 ) 923 Total $ 3,120 $ 5,052 $ 6,077 $ 9,670 $ (13,256 ) $ 10,663 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (22 ) $ (29 ) $ (55 ) $ (645 ) $ (751 ) Cash flows from investing activities Capital expenditures (20 ) (72 ) (92 ) Beneficial interests in transferred receivables 175 175 Other (25 ) (25 ) Net cash provided by/(used for) investing activities — — (20 ) 78 — 58 Cash flows from financing activities Proceeds from long-term debt 875 1,037 1,912 Payments of long-term debt (4 ) (1 ) (8 ) (13 ) Net change in revolving credit facility and short-term debt 160 416 576 Net change in long-term intercompany balances 23 (349 ) 75 251 — Debt issue costs (13 ) (16 ) (29 ) Common stock repurchased (1 ) (1 ) Foreign exchange derivatives related to debt 10 10 Net cash provided by/(used for) financing activities 22 669 74 1,690 — 2,455 Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — 640 (1 ) 1,137 — 1,776 Cash, cash equivalents and restricted cash at January 1 36 3 396 435 Cash, cash equivalents and restricted cash at March 31 $ — $ 676 $ 2 $ 1,533 $ — $ 2,211 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (9 ) $ (24 ) $ (69 ) $ (465 ) $ (10 ) $ (577 ) Cash flows from investing activities Capital expenditures (50 ) (57 ) (107 ) Beneficial interests in transferred receivables 257 257 Proceeds from sale of property, plant and equipment 3 3 Net cash provided by/(used for) investing activities — — (50 ) 203 — 153 Cash flows from financing activities Proceeds from long-term debt 4 4 Payments of long-term debt (12 ) (12 ) Net change in revolving credit facility and short-term debt 205 146 351 Net change in long-term intercompany balances 135 (185 ) 119 (69 ) — Common stock issued 7 7 Common stock repurchased (133 ) (133 ) Dividends paid (10 ) 10 — Dividends paid to noncontrolling interests (13 ) (13 ) Foreign exchange derivatives related to debt (5 ) (5 ) Net cash provided by/(used for) financing activities 9 20 119 41 10 199 Effect of exchange rate changes on cash, cash equivalents and restricted cash 4 4 Net change in cash, cash equivalents and restricted cash — (4 ) — (217 ) — (221 ) Cash, cash equivalents and restricted cash at January 1 83 493 576 Cash, cash equivalents and restricted cash at March 31 $ — $ 79 $ — $ 276 $ — $ 355 |
Accounting and Reporting Deve25
Accounting and Reporting Developments (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Statement of Cash Flows 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 are classified as cash outflows from financing activities. In addition, beneficial interests obtained in a securitization of financial assets are disclosed as a noncash activity and cash receipts from the beneficial interests are classified as cash inflows from investing activities. Under previous guidance, the Company classified cash receipts from beneficial interests in securitized receivables and cash payments resulting from debt prepayment or extinguishment as cash flows from operating activities. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to conform to the current year presentation. For the period ended March 31, 2017, the Company reclassified $257 from net cash used for operating activities to net cash provided by investing activities. Additionally, for the three months ended March 31, 2018 and 2017, beneficial interests obtained in securitized receivables included in noncash investing activities were $199 and $265 . In November 2016, new accounting guidance was issued that requires the statement of cash flows to explain the change in the total of cash, cash equivalents and restricted cash. In addition, restricted cash is included in a cash reconciliation of beginning-of-period and end-of-period total amounts shown on the statements of cash flows. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to confirm to current year presentation. Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows: March 31, 2018 December 31, 2017 Cash and cash equivalents $ 2,201 $ 424 Restricted cash, included in prepaid expenses and other current assets 1 2 Restricted cash, included in other non-current assets 9 9 Total cash, cash equivalents and restricted cash $ 2,211 $ 435 March 31, 2017 December 31, 2016 Cash and cash equivalents $ 338 $ 559 Restricted cash, included in prepaid expenses and other current assets 8 8 Restricted cash, included in other non-current assets 9 9 Total cash, cash equivalents and restricted cash $ 355 $ 576 Amounts included in restricted cash primarily represent those required to be set aside by the Company's receivables securitization agreement in Europe. Pension and other postretirement benefit costs 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 is presented with other employee compensation costs within income from operations or capitalized in assets. The other components are reported separately outside of income from operations and are not eligible for capitalization. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to conform to current year presentation. A net benefit of $12 was reclassified from cost of products sold, excluding depreciation and amortization, to other pension and postretirement on the Company's Consolidated Statement of Operations for the period ended March 31, 2017. Revenue recognition In May 2014, the FASB issued new guidance which outlined a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under previous guidance, the Company generally recognized revenue upon shipment or delivery. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services which is either at a point in time or over time. In addition to accelerating the timing of revenue recognition, an unbilled receivable is recognized with an offsetting decrease to inventory. The new guidance is not expected to have a material impact on the Company's annual income from operations but could impact income from operations in certain quarters as the Company may recognize revenue from certain products as it builds inventory in anticipation of seasonal demands. On January 1, 2018, the Company adopted the new revenue standard using the modified retrospective method applied to those contracts which were outstanding as of January 1, 2018. The Company recognized the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. Results from reporting periods beginning after January 1, 2018 are presented under the new revenue standard, while prior period amounts are not adjusted and continue to be reported in accordance with accounting standards in effect for those periods. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2018 for the adoption of the new revenue standard was as follows: As reported As revised December 31, January 1, 2017 Adjustment 2018 Receivables, net $ 1,041 $ 154 $ 1,195 Inventories 1,385 (144 ) 1,241 Prepaid and other current assets 224 26 250 Total current assets 3,074 36 3,110 Other non-current assets 832 1 833 Total assets 10,663 37 10,700 Accrued liabilities 757 17 774 Total current liabilities 3,250 17 3,267 Other non-current liabilities 685 10 695 Noncontrolling interests 322 1 323 Accumulated earnings 3,004 9 3,013 Crown Holdings shareholders' equity 601 9 610 Total equity 923 10 933 Total liabilities and equity 10,663 37 10,700 In accordance with the new revenue standard, the impact of adoption on the Company’s Consolidated Balance Sheet and Statement of Operations was as follows: As reported Balances March 31, Effects of without adoption Consolidated Balance Sheet 2018 Change of new standard Receivables, net $ 1,386 $ (245 ) $ 1,141 Inventories 1,431 210 1,641 Prepaid and other current assets 243 (20 ) 223 Total current assets 5,261 (55 ) 5,206 Other non-current assets 875 2 877 Total assets 13,079 (53 ) 13,026 Accrued liabilities 759 (22 ) 737 Total current liabilities 2,861 (22 ) 2,839 Other non-current liabilities 744 (10 ) 734 Noncontrolling interests 347 (1 ) 346 Accumulated earnings 3,100 (20 ) 3,080 Crown Holdings shareholders' equity 765 (20 ) 745 Total equity 1,112 (21 ) 1,091 Total liabilities and equity 13,079 (53 ) 13,026 As reported Balances March 31, Effects of without adoption Statement of Operations 2018 Change of new standard Net Sales $ 2,197 $ (82 ) $ 2,115 Cost of products sold, excluding depreciation and amortization 1,808 (69 ) 1,739 Income from operations 221 (13 ) 208 Income before taxes 152 (13 ) 139 Provision for income taxes 39 (3 ) 36 Net income 113 (10 ) 103 Net income attributable to Crown Holdings 90 (10 ) 80 Earnings per common share attributable to Crown Holdings: Basic $ 0.67 $ (0.07 ) $ 0.60 Diluted $ 0.67 $ (0.07 ) $ 0.60 Hedge Accounting In August 2017, the FASB issued new guidance on hedge accounting. The new guidance allows contractually-specified price components of a commodity purchase or sale to be eligible for hedge accounting. Additionally, the new standard permits qualitative effectiveness assessments for certain hedges after the initial hedge qualification analysis. The Company adopted this guidance on January 1, 2018 using the modified retrospective approach for hedges of contractually-specified price components of commodity purchases and sales that existed on the adoption date. Upon adoption, the Company reclassified a net charge of $3 for the cumulative ineffectiveness of these contracts from retained earnings to accumulated other comprehensive income as a cumulative-effect adjustment. Intercompany transfers In October 2016, the FASB issued new guidance related to intercompany transfers of assets other than inventory. Under previous guidance, income tax expense associated with intercompany profits in an intercompany sale or transfer of assets was deferred until the assets left the consolidated group. Similarly, deferred tax assets were not recognized for any increase 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 in tax bases when an intercompany sale or transfer occurs. Income tax effects of intercompany inventory transactions continue to be deferred until the assets leave the consolidated group. The guidance became effective for the Company on January 1, 2018 and did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards 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. |
Accounting and Reporting Deve26
Accounting and Reporting Developments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2018 for the adoption of the new revenue standard was as follows: As reported As revised December 31, January 1, 2017 Adjustment 2018 Receivables, net $ 1,041 $ 154 $ 1,195 Inventories 1,385 (144 ) 1,241 Prepaid and other current assets 224 26 250 Total current assets 3,074 36 3,110 Other non-current assets 832 1 833 Total assets 10,663 37 10,700 Accrued liabilities 757 17 774 Total current liabilities 3,250 17 3,267 Other non-current liabilities 685 10 695 Noncontrolling interests 322 1 323 Accumulated earnings 3,004 9 3,013 Crown Holdings shareholders' equity 601 9 610 Total equity 923 10 933 Total liabilities and equity 10,663 37 10,700 In accordance with the new revenue standard, the impact of adoption on the Company’s Consolidated Balance Sheet and Statement of Operations was as follows: As reported Balances March 31, Effects of without adoption Consolidated Balance Sheet 2018 Change of new standard Receivables, net $ 1,386 $ (245 ) $ 1,141 Inventories 1,431 210 1,641 Prepaid and other current assets 243 (20 ) 223 Total current assets 5,261 (55 ) 5,206 Other non-current assets 875 2 877 Total assets 13,079 (53 ) 13,026 Accrued liabilities 759 (22 ) 737 Total current liabilities 2,861 (22 ) 2,839 Other non-current liabilities 744 (10 ) 734 Noncontrolling interests 347 (1 ) 346 Accumulated earnings 3,100 (20 ) 3,080 Crown Holdings shareholders' equity 765 (20 ) 745 Total equity 1,112 (21 ) 1,091 Total liabilities and equity 13,079 (53 ) 13,026 As reported Balances March 31, Effects of without adoption Statement of Operations 2018 Change of new standard Net Sales $ 2,197 $ (82 ) $ 2,115 Cost of products sold, excluding depreciation and amortization 1,808 (69 ) 1,739 Income from operations 221 (13 ) 208 Income before taxes 152 (13 ) 139 Provision for income taxes 39 (3 ) 36 Net income 113 (10 ) 103 Net income attributable to Crown Holdings 90 (10 ) 80 Earnings per common share attributable to Crown Holdings: Basic $ 0.67 $ (0.07 ) $ 0.60 Diluted $ 0.67 $ (0.07 ) $ 0.60 |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows: March 31, 2018 December 31, 2017 Cash and cash equivalents $ 2,201 $ 424 Restricted cash, included in prepaid expenses and other current assets 1 2 Restricted cash, included in other non-current assets 9 9 Total cash, cash equivalents and restricted cash $ 2,211 $ 435 March 31, 2017 December 31, 2016 Cash and cash equivalents $ 338 $ 559 Restricted cash, included in prepaid expenses and other current assets 8 8 Restricted cash, included in other non-current assets 9 9 Total cash, cash equivalents and restricted cash $ 355 $ 576 |
Schedule of Restricted Cash | Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows: March 31, 2018 December 31, 2017 Cash and cash equivalents $ 2,201 $ 424 Restricted cash, included in prepaid expenses and other current assets 1 2 Restricted cash, included in other non-current assets 9 9 Total cash, cash equivalents and restricted cash $ 2,211 $ 435 March 31, 2017 December 31, 2016 Cash and cash equivalents $ 338 $ 559 Restricted cash, included in prepaid expenses and other current assets 8 8 Restricted cash, included in other non-current assets 9 9 Total cash, cash equivalents and restricted cash $ 355 $ 576 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Net Contract Assets and Liabilities | Net contract assets were as follows: March 31, 2018 January 1, 2017 Contract assets, included in prepaid and other current assets $ 20 $ 26 Contract liabilities, included in accrued liabilities (1 ) (1 ) Contract liabilities, included in other non-current liabilities (7 ) (7 ) Net contract asset $ 12 $ 18 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Receivables | March 31, 2018 December 31, 2017 Accounts receivable $ 969 $ 894 Less: allowance for doubtful accounts (72 ) (71 ) Net trade receivables 897 823 Unbilled receivables 245 — Miscellaneous receivables 244 218 Receivables, net $ 1,386 $ 1,041 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory, Gross [Abstract] | |
Components of Inventories | March 31, 2018 December 31, 2017 Raw materials and supplies 760 $ 737 Work in process 157 139 Finished goods 514 509 $ 1,431 $ 1,385 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring Reserve [Abstract] | |
Restructuring and Other Charges (Benefits) | The Company recorded restructuring and other charges / (benefits) as follows: Three Months Ended March 31 2018 2017 Asset impairments and sales $ 7 $ (6 ) Restructuring 3 2 Transaction costs 3 — $ 13 $ (4 ) |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Summary of Claims Activity | During the three months ended March 31, 2018 , the Company paid $1 to settle outstanding claims and had claims activity as follows: Beginning claims 55,500 New claims 500 Settlements or dismissals (500 ) Ending claims 55,500 |
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, 2017 , the Company's outstanding claims were: Claimants alleging first exposure after 1964 16,500 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 Pennsylvania 1,500 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: 2017 2016 2015 Total claims 22 % 22 % 22 % Pre-1964 claims in states without asbestos legislation 41 % 41 % 41 % |
Derivative and Other Financia32
Derivative and Other Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Derivative Instruments Included in Earnings | The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain/(loss) recognized in income on derivative Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Affected line item in the Derivatives not designated as hedges statement of operations Foreign exchange $ — $ 1 Net sales Foreign exchange 1 (1 ) Cost of products sold Foreign exchange 5 — Foreign exchange Commodities — (7 ) Cost of products sold $ 6 $ (7 ) |
Accumulated Other Comprehensive Income (AOCI) and Earnings From Changes In Fair Value Related To Derivative Instruments | The following tables set forth financial information about the impact on OCI from changes in the fair value of derivative instruments. Amount of gain/(loss) recognized in OCI Three Months Ended Three Months Ended Derivatives designated as net investment hedges March 31, 2018 March 31, 2017 Foreign exchange $ (28 ) $ — The following tables set forth financial information about impact on other comprehensive income ("OCI"), accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments. Amount of gain/(loss) recognized in OCI Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Derivatives in cash flow hedges Foreign exchange $ (3 ) $ (2 ) Commodities (23 ) 23 $ (26 ) $ 21 Pre-tax amount of gain/(loss) reclassified from AOCI into income Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Affected line item in the Derivatives in cash flow hedges statement of operations Foreign exchange $ — $ (3 ) Net sales Commodities (2 ) — Net sales Foreign exchange — 1 Cost of products sold Commodities 10 4 Cost of products sold $ 8 $ 2 |
Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets | Fair Value Hedge Carrying Amounts Cumulative amount of fair value hedging adjustment included in the Carrying amount of the hedged carrying amount of the hedged Line item in the statement of assets/(liabilities) assets/(liabilities) financial position in which the March 31, December 31, March 31, December 31, hedge item is included Cash and cash equivalents $ 6 $ 1 $ — $ — Receivables, net 14 15 — — Accrued liabilities (22 ) (12 ) — — The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy. Balance Sheet classification March 31, December 31, Derivative assets Cash flow derivatives designated as hedges: Foreign exchange Other current assets $ 7 $ 5 Commodities Other current assets 17 25 Commodities Other non-current assets 1 4 Cash flow derivatives not designated as hedges: Foreign exchange Other current assets 1 1 Commodities Other current assets — 22 Fair value derivatives designated as hedges: Foreign exchange Other current assets 1 1 Fair value derivatives not designated as hedges: Foreign exchange Other current assets 1 5 Total $ 28 $ 63 Derivative liabilities Cash flow derivatives designated as hedges: Foreign exchange Accrued liabilities $ 11 $ 6 Commodities Accrued liabilities 21 — Foreign exchange Other non-current liabilities 1 — Commodities Other non-current liabilities 4 — Cash flow derivatives not designated as hedges: Foreign exchange Accrued liabilities 1 1 Commodities Accrued liabilities — 15 Fair value derivatives designated as hedges: Foreign exchange Accrued liabilities 1 1 Fair value derivatives not designated as hedges: Foreign exchange Accrued liabilities 2 — Net investment derivatives designated as hedges: Foreign exchange Other non-current liabilities 37 — Total $ 78 $ 23 |
Schedule of Offsetting Derivative Assets and Liabilities | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at March 31, 2018 Derivative assets $28 $17 $11 Derivative liabilities 78 17 61 Balance at December 31, 2017 Derivative assets 63 17 46 Derivative liabilities 23 17 6 |
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2018 and December 31, 2017 were: March 31, 2018 December 31, 2017 Derivatives in cash flow hedges: Foreign exchange $ 839 $ 864 Commodities 335 276 Derivatives in fair value hedges: Foreign exchange 70 60 Derivatives not designated as hedges: Foreign exchange 586 575 Commodities — 40 |
(Tables)
(Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The Company's outstanding debt was as follows: March 31, 2018 December 31, 2017 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 32 $ 32 $ 62 $ 62 Long-term debt Senior secured borrowings: Revolving credit facilities $ 749 $ 749 $ 122 $ 122 Term loan facilities U.S. dollar at LIBOR + 1.50% due 2022 736 730 741 735 Euro at EURIBOR + 1.50% due 2022 1 330 330 324 324 Senior notes and debentures: €650 at 4.0% due 2022 801 795 781 774 U. S. dollar at 4.50% due 2023 1,000 992 1,000 992 €335 at 2.250% due 2023 413 407 — — €600 at 2.625% due 2024 739 732 720 713 €600 at 3.375% due 2025 739 730 720 711 U.S. dollar at 4.25% due 2026 400 393 400 393 U.S. dollar at 4.75% due 2026 875 863 — — U.S. dollar at 7.375% due 2026 350 347 350 347 €500 at 2.875% due 2026 616 608 — — U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies 94 94 101 101 Capital lease obligations 29 29 29 29 Total long-term debt 7,911 7,839 5,328 5,281 Less current maturities (61 ) (61 ) (64 ) (64 ) Total long-term debt, less current maturities $ 7,850 $ 7,778 $ 5,264 $ 5,217 (1) €268 and €270 at March 31, 2018 and December 31, 2017 . |
Pension and Other Postretirem34
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | Three Months Ended March 31 Other postretirement benefits 2018 2017 Service cost $ — $ — Interest cost 1 1 Recognized prior service credit (9 ) (10 ) Recognized net loss 1 1 Net periodic benefit $ (7 ) $ (8 ) |
Pension Benefits - U.S. Plans | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2018 and 2017 were as follows: Three Months Ended March 31 Pension benefits – U.S. plans 2018 2017 Service cost $ 4 $ 3 Interest cost 12 12 Expected return on plan assets (21 ) (20 ) Recognized net loss 12 13 Net periodic cost $ 7 $ 8 |
Pension Benefits - Non-U.S. Plans | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | Three Months Ended March 31 Pension benefits – Non-U.S. plans 2018 2017 Service cost $ 7 $ 6 Interest cost 19 19 Expected return on plan assets (40 ) (35 ) Recognized prior service credit (3 ) (3 ) Recognized net loss 11 10 Net periodic benefit $ (6 ) $ (3 ) |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2017 $ (1,524 ) $ (1,879 ) $ 3 $ (3,400 ) Other comprehensive income before reclassifications 110 21 131 Amounts reclassified from accumulated other comprehensive income 9 (1 ) 8 Other comprehensive income 9 110 20 139 Balance at March 31, 2017 $ (1,515 ) $ (1,769 ) $ 23 $ (3,261 ) Balance at January 1, 2018 $ (1,583 ) $ (1,681 ) $ 23 $ (3,241 ) Cumulative effect of change in accounting principle 3 3 Other comprehensive income before reclassifications 81 (26 ) 55 Amounts reclassified from accumulated other comprehensive income 11 (6 ) 5 Other comprehensive income (loss) 11 81 (29 ) 63 Balance at March 31, 2018 $ (1,572 ) $ (1,600 ) $ (6 ) $ (3,178 ) The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended Details about accumulated other March 31 Affected line item in the comprehensive income components 2018 2017 statement of operations (Gains) losses on cash flow hedges Commodities $ 2 $ — Net sales (10 ) (4 ) Cost of products sold (8 ) (4 ) Income before taxes 2 1 Provision for income taxes $ (6 ) $ (3 ) Net income Foreign exchange $ — $ 3 Net sales — (1 ) Cost of products sold — 2 Income before taxes — — Provision for income taxes $ — $ 2 Net income Total gains on cash flow hedges $ (6 ) $ (1 ) Amortization of defined benefit plan items Actuarial losses (a) $ 24 $ 24 Other pension and postretirement Prior service credit (a) (12 ) (13 ) Other pension and postretirement 12 11 Income before taxes (1 ) (2 ) Provision for income taxes $ 11 $ 9 Net income Total reclassifications for the period $ 5 $ 8 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement costs. See Note L for further details. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Share-based Compensation [Abstract] | |
Summary of Restricted Stock Transactions | A summary of restricted stock transactions during the three months ended March 31, 2018 follows: Number of shares Non-vested stock awards outstanding at January 1, 2018 1,053,842 Awarded: Time-vesting shares 73,173 Performance-based shares 142,154 Released: Time-vesting shares (59,035 ) Forfeitures: Time-vesting shares (4,575 ) Performance-based shares (159,738 ) Non-vested stock awards outstanding at March 31, 2018 1,045,821 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | The following table summarizes the computations of basic and diluted earnings per share attributable to the Company. Three Months Ended March 31 2018 2017 Net income attributable to Crown Holdings $ 90 $ 107 Weighted average shares outstanding: Basic 133.5 138.5 Dilutive stock options and restricted stock 0.3 0.5 Diluted 133.8 139.0 Basic earnings per share $ 0.67 $ 0.77 Diluted earnings per share $ 0.67 $ 0.77 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Information of Information about Operating Segments | The tables below present information about the Company's operating segments. External Sales Three Months Ended March 31 2018 2017 Americas Beverage $ 758 $ 674 European Beverage 371 303 European Food 428 379 Asia Pacific 337 278 Total reportable segments 1,894 1,634 Non-reportable segments 303 267 Total $ 2,197 $ 1,901 The primary sources of revenue included in non-reportable segments are the Company's aerosol can businesses in North America and Europe, its food can business in North America, its promotional packaging business in Europe and its tooling and equipment operations in the U.S. and U.K. Intersegment Sales Three Months Ended March 31 2018 2017 Americas Beverage $ 10 $ 6 European Beverage — 1 European Food 22 16 Asia Pacific — — Total reportable segments 32 23 Non-reportable segments 27 35 Total $ 59 $ 58 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Segment Income Three Months Ended March 31 2018 2017 Americas Beverage $ 98 $ 104 European Beverage 55 50 European Food 56 51 Asia Pacific 44 39 Total reportable segments $ 253 $ 244 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended March 31 2018 2017 Segment income of reportable segments $ 253 $ 244 Segment income of non-reportable segments 31 28 Corporate and unallocated items (39 ) (41 ) Restructuring and other (13 ) 4 Amortization of intangibles (11 ) (10 ) Other pension and postretirement 17 12 Interest expense (74 ) (62 ) Interest income 6 3 Foreign exchange (18 ) 1 Income before income taxes $ 152 $ 179 |
Condensed Combining Financial39
Condensed Combining Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Crown Cork & Seal Company Inc | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 2,197 $ 2,197 Cost of products sold, excluding depreciation and amortization 1,808 1,808 Depreciation and amortization 65 65 Selling and administrative expense $ 2 88 90 Restructuring and other 13 13 Income from operations (2 ) 223 221 Other pension and postretirement (17 ) (17 ) Net interest expense 19 49 68 Foreign exchange 18 18 Income/(loss) before income taxes (21 ) 173 152 Provision for / (benefit from) income taxes (4 ) 43 39 Equity earnings / (loss) in affiliates $ 90 95 $ (185 ) — Net income 90 78 130 (185 ) 113 Net income attributable to noncontrolling interests (23 ) (23 ) Net income attributable to Crown Holdings $ 90 $ 78 $ 107 $ (185 ) $ 90 Total comprehensive income $ 150 $ 47 $ 191 $ (214 ) $ 174 Comprehensive income attributable to noncontrolling interests (24 ) (24 ) Comprehensive income attributable to Crown Holdings $ 150 $ 47 $ 167 $ (214 ) $ 150 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 1,901 $ 1,901 Cost of products sold, excluding depreciation and amortization 1,531 1,531 Depreciation and amortization 59 59 Selling and administrative expense $ 2 88 90 Restructuring and other (4 ) (4 ) Income from operations (2 ) 227 225 Other pension and postretirement (12 ) (12 ) Net interest expense 20 39 59 Foreign exchange (1 ) (1 ) Income/(loss) before income taxes (22 ) 201 179 Provision for / (benefit from) income taxes (10 ) 56 46 Equity earnings / (loss) in affiliates $ 107 99 $ (206 ) — Net income 107 87 145 (206 ) 133 Net income attributable to noncontrolling interests (26 ) (26 ) Net income attributable to Crown Holdings $ 107 $ 87 $ 119 $ (206 ) $ 107 Total comprehensive income $ 246 $ 130 $ 285 $ (388 ) $ 273 Comprehensive income attributable to noncontrolling interests (27 ) (27 ) Comprehensive income attributable to Crown Holdings $ 246 $ 130 $ 258 $ (388 ) $ 246 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 2,201 $ 2,201 Receivables, net $ 9 1,377 1,386 Inventories 1,431 1,431 Prepaid expenses and other current assets $ 2 241 243 Total current assets 2 9 5,250 5,261 Intercompany debt receivables 3,648 $ (3,648 ) — Investments 3,296 3,519 (6,815 ) — Goodwill 3,134 3,134 Intangible assets, net 487 487 Property, plant and equipment, net 3,322 3,322 Other non-current assets 285 590 875 Total $ 3,298 $ 3,813 $ 16,431 $ (10,463 ) $ 13,079 Liabilities and equity Current liabilities Short-term debt $ 32 $ 32 Current maturities of long-term debt 61 61 Accounts payable 2,009 2,009 Accrued liabilities $ 13 $ 40 706 759 Total current liabilities 13 40 2,808 2,861 Long-term debt, excluding current maturities 387 7,391 7,778 Long-term intercompany debt 2,520 1,128 $ (3,648 ) — Postretirement and pension liabilities 584 584 Other non-current liabilities 335 409 744 Commitments and contingent liabilities Noncontrolling interests 347 347 Crown Holdings shareholders’ equity/(deficit) 765 1,923 4,892 (6,815 ) 765 Total equity/(deficit) 765 1,923 5,239 (6,815 ) 1,112 Total $ 3,298 $ 3,813 $ 16,431 $ (10,463 ) $ 13,079 CONDENSED COMBINING BALANCE SHEET As of December 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 424 $ 424 Receivables, net $ 9 1,032 1,041 Inventories 1,385 1,385 Prepaid expenses and other current assets 224 224 Total current assets — 9 3,065 3,074 Intercompany debt receivables 3,604 $ (3,604 ) — Investments $ 3,120 $ 3,448 (6,568 ) — Goodwill 3,046 3,046 Intangible assets, net 472 472 Property, plant and equipment, net 3,239 3,239 Other non-current assets 283 549 832 Total $ 3,120 $ 3,740 $ 13,975 $ (10,172 ) $ 10,663 Liabilities and equity Current liabilities Short-term debt $ 62 $ 62 Current maturities of long-term debt 64 64 Accounts payable 2,367 2,367 Accrued liabilities $ 22 $ 41 694 757 Total current liabilities 22 41 3,187 3,250 Long-term debt, excluding current maturities 387 4,830 5,217 Long-term intercompany debt 2,497 1,107 $ (3,604 ) — Postretirement and pension liabilities 588 588 Other non-current liabilities 336 349 685 Commitments and contingent liabilities Noncontrolling interests 322 322 Crown Holdings shareholders’ equity/(deficit) 601 1,869 4,699 (6,568 ) 601 Total equity/(deficit) 601 1,869 5,021 (6,568 ) 923 Total $ 3,120 $ 3,740 $ 13,975 $ (10,172 ) $ 10,663 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (22 ) $ (21 ) $ (708 ) $ — $ (751 ) Cash flows from investing activities Capital expenditures (92 ) (92 ) Beneficial interests in transferred receivables 175 175 Other (25 ) (25 ) Net cash provided by/(used for) investing activities — 58 — 58 Cash flows from financing activities Proceeds from long-term debt 1,912 1,912 Payments of long-term debt (13 ) (13 ) Net change in revolving credit facility and short-term debt 576 576 Net change in long-term intercompany balances 23 21 (44 ) — Debt issue costs (29 ) (29 ) Common stock repurchased (1 ) (1 ) Foreign exchange derivatives related to debt 10 10 Net cash provided by/(used for) financing activities 22 21 2,412 — 2,455 Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — — 1,776 — 1,776 Cash, cash equivalents and restricted cash at January 1 435 435 Cash, cash equivalents and restricted cash at March 31 $ — $ — $ 2,211 $ — $ 2,211 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (9 ) $ (14 ) $ (550 ) $ (4 ) $ (577 ) Cash flows from investing activities Capital expenditures (107 ) (107 ) Beneficial interests in transferred receivables 257 257 Proceeds from sale of property, plant and equipment 3 3 Net cash provided by/(used for) investing activities — 153 — 153 Cash flows from financing activities Proceeds from long-term debt 4 4 Payments of long-term debt (12 ) (12 ) Net change in revolving credit facility and short-term debt 351 351 Net change in long-term intercompany balances 135 14 (149 ) — Common stock issued 7 7 Common stock repurchased (133 ) (133 ) Dividends paid (4 ) 4 — Dividend paid to noncontrolling interests (13 ) (13 ) Foreign exchange derivatives related to debt (5 ) (5 ) Net cash provided by/(used for) financing activities 9 14 172 4 199 Effect of exchange rate changes on cash, cash equivalents and restricted cash 4 4 Net change in cash, cash equivalents and restricted cash — — (221 ) — (221 ) Cash, cash equivalents and restricted cash at January 1 576 576 Cash, cash equivalents and restricted cash at March 31 $ — $ — $ 355 $ — $ 355 |
Crown Americas, LLC | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 514 $ 1,683 $ 2,197 Cost of products sold, excluding depreciation and amortization 432 1,376 1,808 Depreciation and amortization 11 54 65 Selling and administrative expense $ 2 33 55 90 Restructuring and other 3 2 8 13 Income from operations (5 ) 36 190 221 Other pension and postretirement (5 ) (12 ) (17 ) Net interest expense 23 21 24 68 Technology royalty (11 ) 11 — Foreign exchange 56 (1 ) 19 $ (56 ) 18 Income/(loss) before income taxes (84 ) 32 148 56 152 Provision for / (benefit from) income taxes (20 ) 9 37 13 39 Equity earnings / (loss) in affiliates $ 90 56 55 (201 ) — Net income 90 (8 ) 78 111 (158 ) 113 Net income attributable to noncontrolling interests (23 ) (23 ) Net income attributable to Crown Holdings $ 90 $ (8 ) $ 78 $ 88 $ (158 ) $ 90 Total comprehensive income $ 150 $ (7 ) $ 47 $ 214 $ (230 ) $ 174 Comprehensive income attributable to noncontrolling interests (24 ) (24 ) Comprehensive income attributable to Crown Holdings $ 150 $ (7 ) $ 47 $ 190 $ (230 ) $ 150 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 445 $ 1,456 $ 1,901 Cost of products sold, excluding depreciation and amortization 371 1,160 1,531 Depreciation and amortization 10 49 59 Selling and administrative expense $ 2 33 55 90 Restructuring and other 1 (5 ) (4 ) Income from operations (2 ) 30 197 225 Other pension and postretirement (10 ) (2 ) (12 ) Net interest expense 17 21 21 59 Technology royalty (9 ) 9 — Foreign exchange 10 (1 ) $ (10 ) (1 ) Income/(loss) before income taxes (29 ) 28 170 10 179 Provision for / (benefit from) income taxes (11 ) 8 45 4 46 Equity earnings / (loss) in affiliates $ 107 49 67 (223 ) — Net income 107 31 87 125 (217 ) 133 Net income attributable to noncontrolling interests (26 ) (26 ) Net income attributable to Crown Holdings $ 107 $ 31 $ 87 $ 99 $ (217 ) $ 107 Total comprehensive income $ 246 $ 35 $ 130 $ 271 $ (409 ) $ 273 Comprehensive income attributable to noncontrolling interests (27 ) (27 ) Comprehensive income attributable to Crown Holdings $ 246 $ 35 $ 130 $ 244 $ (409 ) $ 246 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 676 $ 2 $ 1,523 $ 2,201 Receivables, net 3 78 1,305 1,386 Intercompany receivables 28 10 $ (38 ) — Inventories 350 1,081 1,431 Prepaid expenses and other current assets $ 2 2 15 224 243 Total current assets 2 681 473 4,143 (38 ) 5,261 Intercompany debt receivables 2,931 3,708 778 (7,417 ) — Investments 3,296 2,537 1,041 (6,874 ) — Goodwill 453 2,681 3,134 Intangible assets, net 13 474 487 Property, plant and equipment, net 1 524 2,797 3,322 Other non-current assets 11 331 533 875 Total $ 3,298 $ 6,161 $ 6,543 $ 11,406 $ (14,329 ) $ 13,079 Liabilities and equity Current liabilities Short-term debt $ 32 $ 32 Current maturities of long-term debt $ 23 $ 3 35 61 Accounts payable 502 1,507 2,009 Accrued liabilities $ 13 32 85 629 759 Intercompany payables 10 28 $ (38 ) — Total current liabilities 13 55 600 2,231 (38 ) 2,861 Long-term debt, excluding current maturities 3,113 407 4,258 7,778 Long-term intercompany debt 2,520 1,470 2,912 515 (7,417 ) — Postretirement and pension liabilities 368 216 584 Other non-current liabilities 37 333 374 744 Commitments and contingent liabilities Noncontrolling interests 347 347 Crown Holdings shareholders’ equity/(deficit) 765 1,486 1,923 3,465 (6,874 ) 765 Total equity/(deficit) 765 1,486 1,923 3,812 (6,874 ) 1,112 Total $ 3,298 $ 6,161 $ 6,543 $ 11,406 $ (14,329 ) $ 13,079 CONDENSED COMBINING BALANCE SHEET As of December 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 36 $ 3 $ 385 $ 424 Receivables, net 29 1,012 1,041 Intercompany receivables 32 13 $ (45 ) — Inventories 347 1,038 1,385 Prepaid expenses and other current assets 2 17 205 224 Total current assets — 38 428 2,653 (45 ) 3,074 Intercompany debt receivables 2,523 3,325 732 (6,580 ) — Investments $ 3,120 2,479 1,032 (6,631 ) — Goodwill 453 2,593 3,046 Intangible assets, net 13 459 472 Property, plant and equipment, net 1 515 2,723 3,239 Other non-current assets 11 311 510 832 Total $ 3,120 $ 5,052 $ 6,077 $ 9,670 $ (13,256 ) $ 10,663 Liabilities and equity Current liabilities Short-term debt $ 62 $ 62 Current maturities of long-term debt $ 23 $ 3 38 64 Accounts payable 547 1,820 2,367 Accrued liabilities $ 22 31 72 632 757 Intercompany payables 13 32 $ (45 ) — Total current liabilities 22 54 635 2,584 (45 ) 3,250 Long-term debt, excluding current maturities 2,094 408 2,715 5,217 Long-term intercompany debt 2,497 1,411 2,454 218 (6,580 ) — Postretirement and pension liabilities 373 215 588 Other non-current liabilities 338 347 685 Commitments and contingent liabilities Noncontrolling interests 322 322 Crown Holdings shareholders’ equity/(deficit) 601 1,493 1,869 3,269 (6,631 ) 601 Total equity/(deficit) 601 1,493 1,869 3,591 (6,631 ) 923 Total $ 3,120 $ 5,052 $ 6,077 $ 9,670 $ (13,256 ) $ 10,663 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (22 ) $ (29 ) $ (55 ) $ (645 ) $ (751 ) Cash flows from investing activities Capital expenditures (20 ) (72 ) (92 ) Beneficial interests in transferred receivables 175 175 Other (25 ) (25 ) Net cash provided by/(used for) investing activities — — (20 ) 78 — 58 Cash flows from financing activities Proceeds from long-term debt 875 1,037 1,912 Payments of long-term debt (4 ) (1 ) (8 ) (13 ) Net change in revolving credit facility and short-term debt 160 416 576 Net change in long-term intercompany balances 23 (349 ) 75 251 — Debt issue costs (13 ) (16 ) (29 ) Common stock repurchased (1 ) (1 ) Foreign exchange derivatives related to debt 10 10 Net cash provided by/(used for) financing activities 22 669 74 1,690 — 2,455 Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — 640 (1 ) 1,137 — 1,776 Cash, cash equivalents and restricted cash at January 1 36 3 396 435 Cash, cash equivalents and restricted cash at March 31 $ — $ 676 $ 2 $ 1,533 $ — $ 2,211 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (9 ) $ (24 ) $ (69 ) $ (465 ) $ (10 ) $ (577 ) Cash flows from investing activities Capital expenditures (50 ) (57 ) (107 ) Beneficial interests in transferred receivables 257 257 Proceeds from sale of property, plant and equipment 3 3 Net cash provided by/(used for) investing activities — — (50 ) 203 — 153 Cash flows from financing activities Proceeds from long-term debt 4 4 Payments of long-term debt (12 ) (12 ) Net change in revolving credit facility and short-term debt 205 146 351 Net change in long-term intercompany balances 135 (185 ) 119 (69 ) — Common stock issued 7 7 Common stock repurchased (133 ) (133 ) Dividends paid (10 ) 10 — Dividends paid to noncontrolling interests (13 ) (13 ) Foreign exchange derivatives related to debt (5 ) (5 ) Net cash provided by/(used for) financing activities 9 20 119 41 10 199 Effect of exchange rate changes on cash, cash equivalents and restricted cash 4 4 Net change in cash, cash equivalents and restricted cash — (4 ) — (217 ) — (221 ) Cash, cash equivalents and restricted cash at January 1 83 493 576 Cash, cash equivalents and restricted cash at March 31 $ — $ 79 $ — $ 276 $ — $ 355 |
Accounting and Reporting Deve40
Accounting and Reporting Developments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash used by operating activities | $ (751) | $ (577) | ||
Net cash provided by investing activities | 58 | 153 | ||
Beneficial interests obtained in securitized receivables | 199 | 265 | ||
Cost of products sold | 1,808 | 1,531 | ||
Reclassification of net benefit to pension and other postretirement | $ 17 | 12 | ||
Cumulative effect of change in accounting principle | $ 3 | |||
Accounting Standards Update 2016-15 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash used by operating activities | 257 | |||
Net cash provided by investing activities | 257 | |||
Accounting Standards Update 2017-07 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of products sold | (12) | |||
Reclassification of net benefit to pension and other postretirement | $ 12 | |||
Retained Earnings | Accounting Standards Update 2017-12 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of change in accounting principle | $ (3) | |||
Accumulated Other Comprehensive Income | Accounting Standards Update 2017-12 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of change in accounting principle | $ 3 |
Accounting and Reporting Deve41
Accounting and Reporting Developments - Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 2,201 | $ 424 | $ 338 | $ 559 |
Restricted cash, included in prepaid expenses and other current assets | 1 | 2 | 8 | 8 |
Restricted cash, included in other non-current assets | 9 | 9 | 9 | 9 |
Total cash, cash equivalents and restricted cash | $ 2,211 | $ 435 | $ 355 | $ 576 |
Accounting and Reporting Deve42
Accounting and Reporting Developments - Revenue Recognition (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance Sheet | |||||
Receivables, net | $ 1,386 | $ 1,195 | $ 1,041 | ||
Inventories | 1,431 | 1,241 | 1,385 | ||
Prepaid expenses and other current assets | 243 | 250 | 224 | ||
Total current assets | 5,261 | 3,110 | 3,074 | ||
Other non-current assets | 875 | 833 | 832 | ||
Total assets | 13,079 | 10,700 | 10,663 | ||
Accrued liabilities | 759 | 774 | |||
Total current liabilities | 2,861 | 3,267 | 3,250 | ||
Other non-current liabilities | 744 | 695 | 685 | ||
Noncontrolling interests | 347 | 323 | 322 | ||
Accumulated earnings | 3,100 | 3,013 | |||
Crown Holdings shareholders’ equity | 765 | 610 | 601 | ||
Total equity | 1,112 | $ 859 | 933 | 923 | $ 668 |
Total liabilities and equity | 13,079 | 10,700 | 10,663 | ||
Statement of Operations | |||||
Net sales | 2,197 | 1,901 | |||
Cost of products sold, excluding depreciation and amortization | 1,808 | 1,531 | |||
Income from operations | 221 | 225 | |||
Income before taxes | 152 | 179 | |||
Provision for income taxes | 39 | 46 | |||
Net income | 113 | 133 | |||
Net income attributable to Crown Holdings | $ 90 | $ 107 | |||
Earnings per common share attributable to Crown Holdings: | |||||
Basic (in usd per share) | $ 0.67 | $ 0.77 | |||
Diluted (in usd per share) | $ 0.67 | $ 0.77 | |||
Calculated under Revenue Guidance in Effect before Topic 606 | |||||
Balance Sheet | |||||
Receivables, net | $ 1,141 | 1,041 | |||
Inventories | 1,641 | 1,385 | |||
Prepaid expenses and other current assets | 223 | 224 | |||
Total current assets | 5,206 | 3,074 | |||
Other non-current assets | 877 | 832 | |||
Total assets | 13,026 | 10,663 | |||
Accrued liabilities | 737 | 757 | |||
Total current liabilities | 2,839 | 3,250 | |||
Other non-current liabilities | 734 | 685 | |||
Noncontrolling interests | 346 | 322 | |||
Accumulated earnings | 3,080 | 3,004 | |||
Crown Holdings shareholders’ equity | 745 | 601 | |||
Total equity | 1,091 | 923 | |||
Total liabilities and equity | 13,026 | $ 10,663 | |||
Statement of Operations | |||||
Net sales | 2,115 | ||||
Cost of products sold, excluding depreciation and amortization | 1,739 | ||||
Income from operations | 208 | ||||
Income before taxes | 139 | ||||
Provision for income taxes | 36 | ||||
Net income | 103 | ||||
Net income attributable to Crown Holdings | $ 80 | ||||
Earnings per common share attributable to Crown Holdings: | |||||
Basic (in usd per share) | $ 0.60 | ||||
Diluted (in usd per share) | $ 0.60 | ||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||
Balance Sheet | |||||
Receivables, net | $ (245) | 154 | |||
Inventories | 210 | (144) | |||
Prepaid expenses and other current assets | (20) | 26 | |||
Total current assets | (55) | 36 | |||
Other non-current assets | 2 | 1 | |||
Total assets | (53) | 37 | |||
Accrued liabilities | (22) | 17 | |||
Total current liabilities | (22) | 17 | |||
Other non-current liabilities | (10) | 10 | |||
Noncontrolling interests | (1) | 1 | |||
Accumulated earnings | (20) | 9 | |||
Crown Holdings shareholders’ equity | (20) | 9 | |||
Total equity | (21) | 10 | |||
Total liabilities and equity | (53) | $ 37 | |||
Statement of Operations | |||||
Net sales | (82) | ||||
Cost of products sold, excluding depreciation and amortization | (69) | ||||
Income from operations | (13) | ||||
Income before taxes | (13) | ||||
Provision for income taxes | (3) | ||||
Net income | (10) | ||||
Net income attributable to Crown Holdings | $ (10) | ||||
Earnings per common share attributable to Crown Holdings: | |||||
Basic (in usd per share) | $ (0.07) | ||||
Diluted (in usd per share) | $ (0.07) |
Acquisition of Signode (Details
Acquisition of Signode (Details) | Apr. 03, 2018USD ($) | Jan. 19, 2018USD ($) | Apr. 30, 2018EUR (€) | Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | Jan. 31, 2018USD ($) | Jan. 19, 2018EUR (€) | Jan. 19, 2018USD ($) | Dec. 31, 2017EUR (€) |
Subsequent Event | Signode | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash transaction value of acquisition | $ 3,900,000,000 | |||||||||
€335 at 2.250% due 2023 | Senior Notes | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | € 335,000,000 | $ 413,000,000 | € 335,000,000 | |||||||
Debt instrument stated percentage | 2.25% | 2.25% | 2.25% | 2.25% | ||||||
€335 at 2.250% due 2023 | Senior Notes | Signode | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | € | € 335,000,000 | |||||||||
Debt instrument stated percentage | 2.25% | 2.25% | ||||||||
€500 at 2.875% due 2026 | Senior Notes | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | € 500,000,000 | $ 616,000,000 | € 500,000,000 | |||||||
Debt instrument stated percentage | 2.875% | 2.875% | 2.875% | 2.875% | ||||||
€500 at 2.875% due 2026 | Senior Notes | Signode | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | € | € 500,000,000 | |||||||||
Debt instrument stated percentage | 2.875% | 2.875% | ||||||||
U.S. dollar at 4.75% due 2026 | Senior Notes | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | $ 875,000,000 | |||||||||
Debt instrument stated percentage | 4.75% | 4.75% | 4.75% | 4.75% | ||||||
U.S. dollar at 4.75% due 2026 | Senior Notes | Signode | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | $ 875,000,000 | |||||||||
Debt instrument stated percentage | 4.75% | 4.75% | ||||||||
Additional Term A Loans | Senior Secured Borrowings | Signode | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | $ 100,000,000 | |||||||||
U.S. dollar at LIBOR 1.50% due 2022 | Senior Secured Borrowings | Signode | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | 1,150,000,000 | |||||||||
Euro at EURIBOR 1.50% due 2022 | Senior Secured Borrowings | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | € 268,000,000 | $ 924,000,000 | € 270,000,000 | |||||||
Euro at EURIBOR 1.50% due 2022 | Senior Secured Borrowings | Signode | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | € | € 750,000,000 | |||||||||
Euro at EURIBOR 1.50% due 2022 | Senior Secured Borrowings | Subsequent Event | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt, face amount | € | € 750,000,000 | |||||||||
Forward Contract | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Notional amount of derivative | € 1,585,000,000 | $ 1,956,000,000 | ||||||||
Loss on derivative | $ 25,000,000 |
Revenue (Details)
Revenue (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Point in time | |
Disaggregation of Revenue [Line Items] | |
Revenue from contract with customer | $ 769 |
Over time | |
Disaggregation of Revenue [Line Items] | |
Revenue from contract with customer | $ 1,428 |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2016 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets, included in prepaid and other current assets | $ 20 | $ 26 |
Contract liabilities, included in accrued liabilities | (1) | (1) |
Contract liabilities, included in other non-current liabilities | (7) | (7) |
Net contract asset | 12 | $ 18 |
Revenue recognized on contract liabilities | $ 1 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | |||
Accounts receivable | $ 969 | $ 894 | |
Less: allowance for doubtful accounts | (72) | (71) | |
Net trade receivables | 897 | 823 | |
Unbilled receivables | 245 | 0 | |
Miscellaneous receivables | 244 | 218 | |
Receivables, net | $ 1,386 | $ 1,195 | $ 1,041 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory, Gross [Abstract] | |||
Raw materials and supplies | $ 760 | $ 737 | |
Work in process | 157 | 139 | |
Finished goods | 514 | 509 | |
Total inventories | $ 1,431 | $ 1,241 | $ 1,385 |
Restructuring and Other - Restr
Restructuring and Other - Restructuring Charges by Action/Type (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Reserve [Abstract] | ||
Asset impairments and sales | $ 7 | $ (6) |
Restructuring | 3 | 2 |
Transaction costs | 3 | 0 |
Restructuring and other | $ 13 | $ (4) |
Restructuring and Other - Narra
Restructuring and Other - Narrative (Details) $ in Millions | Mar. 31, 2018USD ($) |
Other Actions | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring accrual | $ 19 |
Asbestos-Related Liabilities -
Asbestos-Related Liabilities - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($)inactive_claim | Dec. 31, 2017 | |
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 | $ 1 | |
Inactive claims (in claims) | inactive_claim | 19,000 | |
Accrued asbestos claims and related legal costs | $ 313 | |
Unasserted claims | $ 266 | |
Percentage of claims that do not specify damages | 81.00% |
Asbestos-Related Liabilities 51
Asbestos-Related Liabilities - Summary of Claims Activity (Details) | 3 Months Ended |
Mar. 31, 2018Claim | |
Loss Contingency Accrual [Roll Forward] | |
Beginning claims | 55,500 |
New claims | 500 |
Settlements or dismissals | (500) |
Ending claims | 55,500 |
Asbestos-Related Liabilities 52
Asbestos-Related Liabilities - Summary of Outstanding Claims by Year of Exposure and State Filed (Details) - Claim | Mar. 31, 2018 | Dec. 31, 2017 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 55,500 | 55,500 |
Asbestos After 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 16,500 | |
Texas | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 13,000 | |
Pennsylvania | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 1,500 | |
Other states that have enacted asbestos legislation | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 6,000 | |
Other states | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 18,500 |
Asbestos-Related Liabilities 53
Asbestos-Related Liabilities - Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases (Details) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
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 | |||
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 Li54
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | 1 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2018 | |
PRP site | ||
Commitments And Contingent Liabilities [Line Items] | ||
Estimated future remediation costs | $ 7 | |
Non- PRP sites | ||
Commitments And Contingent Liabilities [Line Items] | ||
Estimated future remediation costs | $ 9 | |
Penalty Notification Alleging Misclassification of Importation of Certain Goods into U.S. During 2004-2009 | U.S. Customs and Border Protection (CBP) | ||
Commitments And Contingent Liabilities [Line Items] | ||
Assessed penalty | $ 8 | |
Penalties paid | $ 1 |
Derivative and Other Financia55
Derivative and Other Financial Instruments - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | Jan. 31, 2018USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | |
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. | ||||||||
Loss expected to be reclassified to earnings | $ 7,000,000 | ||||||||
Loss, net of tax, expected to be reclassified to earnings | 5,000,000 | ||||||||
Reclassification of anticipated transactions that were no longer considered probable | $ 0 | $ 0 | |||||||
Commodities | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gain on cash flow hedge ineffectiveness | 2,000,000 | ||||||||
Gain (loss) on cash flow hedge ineffectiveness, net of tax | 1,000,000 | ||||||||
Minimum | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, remaining maturity range | 1 month | ||||||||
Maximum | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, remaining maturity range | 31 months | ||||||||
Derivatives not designated as hedges | Commodities | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional amount of derivative | $ 0 | $ 40,000,000 | |||||||
Derivatives not designated as hedges | Foreign exchange | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional amount of derivative | 586,000,000 | 575,000,000 | |||||||
Derivatives in fair value hedges | Foreign exchange | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional amount of derivative | 70,000,000 | 60,000,000 | |||||||
Derivatives in fair value hedges | Designated as Hedging Instrument | Foreign exchange | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Losses from foreign exchange contracts designated as fair value hedges (less than) | $ 1,000,000 | 1,000,000 | |||||||
Derivatives designated as net investment hedges | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Carrying amount of hedged net investment | € 907,000,000 | $ 1,117,000,000 | € 1,150,000,000 | $ 1,417,000,000 | |||||
Derivatives designated as net investment hedges | Accumulated Other Comprehensive Income | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Loss on net investment hedge settlements | 141,000,000 | $ 106,000,000 | |||||||
Loss on net investment hedge settlements, net of tax | 118,000,000 | $ 88,000,000 | |||||||
Derivatives designated as net investment hedges | Cross Currency Interest Rate Contract | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional amount of derivative | € 718,000,000 | $ 875,000,000 | |||||||
Derivatives designated as net investment hedges | Cross Currency Interest Rate Contract on U.S. Notional Amount | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Interest rate | 4.75% | 4.75% | |||||||
Derivatives designated as net investment hedges | Cross Currency Interest Rate Contract on Euro Notional Amount | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Interest rate | 2.50% | 2.50% | |||||||
Derivatives designated as net investment hedges | Other Comprehensive Income | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Loss on net investment hedge settlements | 35,000,000 | 15,000,000 | |||||||
Loss on net investment hedge settlements, net of tax | $ 31,000,000 | $ 12,000,000 |
Derivative and Other Financia56
Derivative and Other Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net sales | $ 2,197 | $ 1,901 |
Cost of products sold | 1,808 | 1,531 |
Designated as Hedging Instrument | Derivatives in cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | (26) | 21 |
Designated as Hedging Instrument | Derivatives in cash flow hedges | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | (3) | (2) |
Designated as Hedging Instrument | Derivatives in cash flow hedges | Commodities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | (23) | 23 |
Reclassification out of Accumulated Other Comprehensive Income | Designated as Hedging Instrument | Derivatives in cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) reclassified from AOCI into earnings, before tax | 8 | 2 |
Reclassification out of Accumulated Other Comprehensive Income | Designated as Hedging Instrument | Derivatives in cash flow hedges | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net sales | 0 | (3) |
Cost of products sold | 0 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Designated as Hedging Instrument | Derivatives in cash flow hedges | Commodities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net sales | (2) | 0 |
Cost of products sold | $ 10 | $ 4 |
Derivative and Other Financia57
Derivative and Other Financial Instruments - Fair Value Hedges and Contracts Not Designated as Hedges (Details) - Derivatives not designated as hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | $ 6 | $ (7) |
Net sales | Foreign exchange | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | 0 | 1 |
Cost of products sold | Foreign exchange | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | 1 | (1) |
Cost of products sold | Commodities | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | 0 | (7) |
Foreign exchange | Foreign exchange | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | $ (5) | $ 0 |
Derivative and Other Financia58
Derivative and Other Financial Instruments - Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivatives designated as net investment hedges | Designated as Hedging Instrument | Foreign exchange | ||
Derivative [Line Items] | ||
Amount of gain/(loss) recognized in AOCI | $ (28) | $ 0 |
Derivative and Other Financia59
Derivative and Other Financial Instruments - Fair Values of Derivative Instruments and Valuation Hierarchy (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative assets | ||
Total | $ 28 | $ 63 |
Derivative liabilities | ||
Total | 78 | 23 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other current assets | Foreign exchange | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges, Foreign exchange | 7 | 5 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other current assets | Foreign exchange | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 1 | 1 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other current assets | Commodities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 17 | 25 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other current assets | Commodities | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 0 | 22 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Accrued liabilities | Foreign exchange | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedges, Foreign exchange | 11 | 6 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Accrued liabilities | Foreign exchange | Derivatives not designated as hedges | ||
Derivative liabilities | ||
Derivatives not designated as hedges, Foreign exchange | 1 | 1 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Accrued liabilities | Commodities | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedges, Commodities | 21 | 0 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Accrued liabilities | Commodities | Derivatives not designated as hedges | ||
Derivative liabilities | ||
Derivatives designated as hedges, Commodities | 0 | 15 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other non-current assets | Commodities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 1 | 4 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other non-current liabilities | Foreign exchange | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedges, Foreign exchange | 1 | 0 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other non-current liabilities | Commodities | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedges, Commodities | 4 | 0 |
Derivatives in fair value hedges | Accrued liabilities | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedges, Foreign exchange | 22 | 12 |
Derivatives in fair value hedges | Fair Value, Inputs, Level 2 | Other current assets | Foreign exchange | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges, Foreign exchange | 1 | 1 |
Derivatives in fair value hedges | Fair Value, Inputs, Level 2 | Other current assets | Foreign exchange | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivatives designated as hedges, Foreign exchange | 1 | 5 |
Derivatives in fair value hedges | Fair Value, Inputs, Level 2 | Accrued liabilities | Foreign exchange | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedges, Foreign exchange | 1 | 1 |
Derivatives in fair value hedges | Fair Value, Inputs, Level 2 | Accrued liabilities | Foreign exchange | Derivatives not designated as hedges | ||
Derivative liabilities | ||
Derivatives not designated as hedges, Foreign exchange | 2 | 0 |
Derivatives designated as net investment hedges | Fair Value, Inputs, Level 2 | Other non-current liabilities | Foreign exchange | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedges, Commodities | $ 37 | $ 0 |
Derivative and Other Financia60
Derivative and Other Financial Instruments - Fair Value Hedge Carrying Amounts (Details) - Derivatives in fair value hedges - Designated as Hedging Instrument - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | $ 6 | $ 1 |
Cumulative amount of fair value hedging adjustment included in the carrying about of the hedged assets | 0 | 0 |
Receivables, net | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 14 | 15 |
Cumulative amount of fair value hedging adjustment included in the carrying about of the hedged assets | 0 | 0 |
Accrued liabilities | ||
Derivative [Line Items] | ||
Carrying amount of hedged liabilities | (22) | (12) |
Cumulative amount of fair value hedging adjustment included in the carrying about of the hedged liabilities | $ 0 | $ 0 |
Derivative and Other Financia61
Derivative and Other Financial Instruments - Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized in the Balance Sheet, Derivative Assets | $ 28 | $ 63 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Assets | 17 | 17 |
Net Amount, Derivative Assets | 11 | 46 |
Gross Amounts Recognized in the Balance Sheet, Derivative Liabilities | 78 | 23 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Liabilities | 17 | 17 |
Net Amount, Derivative Liabilities | $ 61 | $ 6 |
Derivative and Other Financia62
Derivative and Other Financial Instruments - Notional Values of Outstanding Derivative Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Foreign exchange | Derivatives not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivative | $ 586 | $ 575 |
Foreign exchange | Derivatives in cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivative | 839 | 864 |
Foreign exchange | Derivatives in fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivative | 70 | 60 |
Commodities | Derivatives not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivative | 0 | 40 |
Commodities | Derivatives in cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivative | $ 335 | $ 276 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) | 3 Months Ended | |||||
Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | Jan. 31, 2018USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||
Short-term debt | $ 32,000,000 | $ 62,000,000 | ||||
Principal outstanding | ||||||
Total long-term debt | 7,911,000,000 | 5,328,000,000 | ||||
Less: current maturities | (61,000,000) | (64,000,000) | ||||
Total long-term debt, less current maturities | 7,850,000,000 | 5,264,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | 7,839,000,000 | 5,281,000,000 | ||||
Less: current maturities | (61,000,000) | (64,000,000) | ||||
Total long-term debt, less current maturities | 7,778,000,000 | 5,217,000,000 | ||||
Capital lease obligations | 29,000,000 | 29,000,000 | ||||
Senior Secured Borrowings | U.S. dollar at LIBOR 1.50% due 2022 | ||||||
Principal outstanding | ||||||
Total long-term debt | 736,000,000 | 741,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | 730,000,000 | 735,000,000 | ||||
Senior Secured Borrowings | Euro at EURIBOR 1.50% due 2022 | ||||||
Principal outstanding | ||||||
Total long-term debt | 330,000,000 | 324,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | 330,000,000 | 324,000,000 | ||||
Debt, face amount | € 268,000,000 | 924,000,000 | € 270,000,000 | |||
Senior Notes and Debentures | €650 at 4.0% due 2022 | ||||||
Principal outstanding | ||||||
Total long-term debt | 801,000,000 | 781,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 795,000,000 | 774,000,000 | ||||
Debt instrument stated percentage | 4.00% | 4.00% | ||||
Debt, face amount | € | € 650,000,000 | |||||
Senior Notes and Debentures | U. S. dollar at 4.50% due 2023 | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 1,000,000,000 | 1,000,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 992,000,000 | 992,000,000 | ||||
Debt instrument stated percentage | 4.50% | 4.50% | ||||
Senior Notes and Debentures | €335 at 2.250% due 2023 | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 413,000,000 | 0 | ||||
Carrying amount | ||||||
Total long-term debt | $ 407,000,000 | 0 | ||||
Debt instrument stated percentage | 2.25% | 2.25% | 2.25% | 2.25% | ||
Debt, face amount | € 335,000,000 | $ 413,000,000 | € 335,000,000 | |||
Senior Notes and Debentures | €600 at 2.625% due 2024 | ||||||
Principal outstanding | ||||||
Total long-term debt | 739,000,000 | 720,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 732,000,000 | 713,000,000 | ||||
Debt instrument stated percentage | 2.625% | 2.625% | ||||
Debt, face amount | € | € 600,000,000 | |||||
Senior Notes and Debentures | €600 at 3.375% due 2025 | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 739,000,000 | 720,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 730,000,000 | 711,000,000 | ||||
Debt instrument stated percentage | 3.375% | 3.375% | ||||
Debt, face amount | € | € 600,000,000 | |||||
Senior Notes and Debentures | U.S. dollar at 4.25% due 2026 | ||||||
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% | ||||
Senior Notes and Debentures | U.S. dollar at 4.75% due 2026 | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 875,000,000 | 0 | ||||
Carrying amount | ||||||
Total long-term debt | $ 863,000,000 | 0 | ||||
Debt instrument stated percentage | 4.75% | 4.75% | 4.75% | 4.75% | ||
Debt, face amount | $ 875,000,000 | |||||
Senior Notes and Debentures | U.S. dollar at 7.375% due 2026 | ||||||
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 | €500 at 2.875% due 2026 | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 616,000,000 | 0 | ||||
Carrying amount | ||||||
Total long-term debt | $ 608,000,000 | 0 | ||||
Debt instrument stated percentage | 2.875% | 2.875% | 2.875% | 2.875% | ||
Debt, face amount | € 500,000,000 | $ 616,000,000 | € 500,000,000 | |||
Senior Notes and Debentures | U.S. dollar at 7.50% due 2096 | ||||||
Principal outstanding | ||||||
Total long-term debt | 40,000,000 | 40,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 40,000,000 | 40,000,000 | ||||
Debt instrument stated percentage | 7.50% | 7.50% | ||||
Other Indebtedness, Fixed Rate | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 94,000,000 | 101,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | 94,000,000 | 101,000,000 | ||||
Revolving Credit Facility | Line of Credit | ||||||
Principal outstanding | ||||||
Total long-term debt | 749,000,000 | 122,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 749,000,000 | $ 122,000,000 | ||||
London Interbank Offered Rate (LIBOR) | Senior Secured Borrowings | U.S. dollar at LIBOR 1.50% due 2022 | ||||||
Carrying amount | ||||||
Basis spread on variable rate (as a percent) | 1.50% | |||||
EURIBOR | Senior Secured Borrowings | Euro at EURIBOR 1.50% due 2022 | ||||||
Carrying amount | ||||||
Basis spread on variable rate (as a percent) | 1.50% |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | |||||||
Apr. 30, 2018EUR (€) | Apr. 30, 2018USD ($) | Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | Jan. 31, 2018USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | |
Senior Secured Borrowings | Euro at EURIBOR 1.50% due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, face amount | € 268,000,000 | $ 924,000,000 | € 270,000,000 | |||||
Senior Notes and Debentures | U.S. dollar at 4.75% due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, face amount | $ 875,000,000 | |||||||
Debt instrument stated percentage | 4.75% | 4.75% | 4.75% | 4.75% | ||||
Senior Notes and Debentures | €500 at 2.875% due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, face amount | € 500,000,000 | $ 616,000,000 | € 500,000,000 | |||||
Debt instrument stated percentage | 2.875% | 2.875% | 2.875% | 2.875% | ||||
Senior Notes and Debentures | €335 at 2.250% due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, face amount | € 335,000,000 | $ 413,000,000 | € 335,000,000 | |||||
Debt instrument stated percentage | 2.25% | 2.25% | 2.25% | 2.25% | ||||
Fair Value, Inputs, Level 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, fair value | $ 7,993,000,000 | $ 5,562,000,000 | ||||||
Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,650,000,000 | |||||||
Subsequent Event | Senior Secured Borrowings | Euro at EURIBOR 1.50% due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, face amount | € | € 750,000,000 | |||||||
Subsequent Event | Senior Secured Borrowings | U.S. dollar at LIBOR 1.75% due 2022 - Term A Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, face amount | $ 100,000,000 | |||||||
Subsequent Event | Senior Secured Borrowings | U.S. dollar at LIBOR 1.75% due 2022 - Term B Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, face amount | $ 1,150,000,000 | |||||||
Minimum | Subsequent Event | London Interbank Offered Rate (LIBOR) | Term Loan [Member] | Euro And Dollar Term B Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 1.00% | |||||||
Maximum | Subsequent Event | London Interbank Offered Rate (LIBOR) | Term Loan [Member] | Euro And Dollar Term B Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 2.375% |
Pension and Other Postretirem65
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 1 | 1 |
Recognized prior service credit | (9) | (10) |
Recognized net loss | 1 | 1 |
Net periodic cost (benefit) | (7) | (8) |
Pension Benefits - U.S. Plans | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | 3 |
Interest cost | 12 | 12 |
Expected return on plan assets | (21) | (20) |
Recognized net loss | 12 | 13 |
Net periodic cost (benefit) | 7 | 8 |
Pension Benefits - Non-U.S. Plans | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 7 | 6 |
Interest cost | 19 | 19 |
Expected return on plan assets | (40) | (35) |
Recognized prior service credit | (3) | (3) |
Recognized net loss | 11 | 10 |
Net periodic cost (benefit) | $ (6) | $ (3) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Line Items] | ||
Provisional obligation related to transition tax for accumulated foreign earnings | $ 113 | |
State and Local Jurisdiction | ||
Income Taxes [Line Items] | ||
Valuation allowance | $ 207 |
Accumulated Other Comprehensi67
Accumulated Other Comprehensive Income - Components (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | $ (3,241) | $ (3,400) | |
Cumulative effect of change in accounting principle | $ 3 | ||
Other comprehensive income before reclassifications | 55 | 131 | |
Amounts reclassified from accumulated other comprehensive income | 5 | 8 | |
Other comprehensive income | 63 | 139 | |
Balance at end of period | (3,178) | (3,261) | |
Defined benefit plans | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | (1,583) | (1,524) | |
Cumulative effect of change in accounting principle | |||
Other comprehensive income before reclassifications | |||
Amounts reclassified from accumulated other comprehensive income | 11 | 9 | |
Other comprehensive income | 11 | 9 | |
Balance at end of period | (1,572) | (1,515) | |
Foreign currency translation | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | (1,681) | (1,879) | |
Cumulative effect of change in accounting principle | |||
Other comprehensive income before reclassifications | 81 | 110 | |
Amounts reclassified from accumulated other comprehensive income | |||
Other comprehensive income | 81 | 110 | |
Balance at end of period | (1,600) | (1,769) | |
Gains and losses on cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | 23 | 3 | |
Cumulative effect of change in accounting principle | $ 3 | ||
Other comprehensive income before reclassifications | (26) | 21 | |
Amounts reclassified from accumulated other comprehensive income | (6) | (1) | |
Other comprehensive income | (29) | 20 | |
Balance at end of period | $ (6) | $ 23 |
Accumulated Other Comprehensi68
Accumulated Other Comprehensive Income - Reclassification (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net sales | $ 2,197 | $ 1,901 | |
Cost of products sold | (1,808) | (1,531) | |
Income before income taxes | 152 | 179 | |
Provision for income taxes | 39 | 46 | |
Net income | 113 | 133 | |
Total gains on cash flow hedges | 5 | 8 | |
(Gains) losses on cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total gains on cash flow hedges | (6) | (1) | |
Amortization of defined benefit plan items | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total gains on cash flow hedges | 11 | 9 | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net income | 5 | 8 | |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total gains on cash flow hedges | (6) | (1) | |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Commodities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net sales | 2 | 0 | |
Cost of products sold | (10) | (4) | |
Income before income taxes | (8) | (4) | |
Provision for income taxes | 2 | 1 | |
Net income | (6) | (3) | |
Reclassification out of Accumulated Other Comprehensive Income | (Gains) losses on cash flow hedges | Foreign exchange | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net sales | 0 | 3 | |
Cost of products sold | 0 | (1) | |
Income before income taxes | 0 | 2 | |
Provision for income taxes | 0 | 0 | |
Net income | 0 | 2 | |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of defined benefit plan items | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income before income taxes | 12 | 11 | |
Provision for income taxes | (1) | (2) | |
Net income | 11 | 9 | |
Actuarial losses (a) | [1] | 24 | 24 |
Prior service credit (a) | [1] | $ (12) | $ (13) |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement costs. See Note L for further details. |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) | 3 Months Ended |
Mar. 31, 2018shares | |
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) | 1,053,842 |
Nonvested stock awards outstanding at end of period (in shares) | 1,045,821 |
Time-vesting shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awarded (in shares) | 73,173 |
Released (in shares) | (59,035) |
Forfeitures (in shares) | (4,575) |
Performance-based shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awarded (in shares) | 142,154 |
Forfeitures (in shares) | (159,738) |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ | $ 32 |
Cost expected to be recognized, weighted average period (in years) | 1 year 8 months |
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 |
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% |
Vesting period for shares awarded (in years) | 3 years |
Performance-Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award term | cliff vest at the end of three 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% |
Vesting period for shares awarded (in years) | 3 years |
Weighted average grant-date fair value (in dollars per share) | $ / shares | $ 58.77 |
Method used for calculation of performance of share | Monte Carlo |
Weighted average stock price volatility | 19.90% |
Expected term (in years) | 3 years |
Risk free interest rate | 2.01% |
Time Vested Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average grant-date fair value (in dollars per share) | $ / shares | $ 57.09 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate market value of shares released and issued | $ | $ 3 |
Minimum | Time Vested Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period for shares awarded (in years) | 3 years |
Maximum | Time Vested Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period for shares awarded (in years) | 5 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Crown Holdings | $ 90 | $ 107 |
Weighted average shares outstanding: | ||
Basic (in shares) | 133.5 | 138.5 |
Add: dilutive stock options and restricted stock (in shares) | 0.3 | 0.5 |
Diluted (in shares) | 133.8 | 139 |
Basic earnings per share (in usd per share) | $ 0.67 | $ 0.77 |
Diluted earnings per share (in usd per share) | $ 0.67 | $ 0.77 |
Value of shares excluded from the computation of diluted earnings per share | 0.2 |
Segment Information - Informati
Segment Information - Information about Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | $ 2,197 | $ 1,901 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 1,894 | 1,634 |
Operating Segments | Americas Beverage | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 758 | 674 |
Operating Segments | European Beverage | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 371 | 303 |
Operating Segments | European Food | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 428 | 379 |
Operating Segments | Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 337 | 278 |
Segment Reconciling Items | Non-reportable segments | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 303 | 267 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 59 | 58 |
Intersegment Eliminations | Americas Beverage | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 10 | 6 |
Intersegment Eliminations | European Beverage | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 0 | 1 |
Intersegment Eliminations | European Food | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 22 | 16 |
Intersegment Eliminations | Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 0 | 0 |
Intersegment Eliminations | Non-reportable segments | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | 27 | 35 |
Intersegment Eliminations | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue from reportable segments | $ 32 | $ 23 |
Segment Information - Narrative
Segment Information - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Intercompany profit eliminated | $ 1 | $ 3 |
Non-reportable segments | ||
Segment Reporting Information [Line Items] | ||
Segment description | The primary sources of revenue included in non-reportable segments are the Company's aerosol can businesses in North America and Europe, its food can business in North America, its promotional packaging business in Europe and its tooling and equipment operations in the U.S. and U.K. |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | $ 221 | $ 225 |
Restructuring and other | (13) | 4 |
Other pension and postretirement | 17 | 12 |
Interest expense | (74) | (62) |
Interest income | 6 | 3 |
Foreign exchange | (18) | 1 |
Income before income taxes | 152 | 179 |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 253 | 244 |
Operating Segments | Americas Beverage | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 98 | 104 |
Operating Segments | European Beverage | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 55 | 50 |
Operating Segments | European Food | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 56 | 51 |
Operating Segments | Asia Pacific | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 44 | 39 |
Segment Reconciling Items | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Restructuring and other | (13) | 4 |
Amortization of intangibles | (11) | (10) |
Other pension and postretirement | 17 | 12 |
Interest expense | (74) | (62) |
Interest income | 6 | 3 |
Foreign exchange | (18) | 1 |
Segment Reconciling Items | Non-reportable segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 31 | 28 |
Corporate, Non-Segment | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Corporate and unallocated items | $ (39) | $ (41) |
Condensed Combining Financial75
Condensed Combining Financial Information - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Crown Cork & Seal Company Inc | U.S. dollar at 7.375% due 2026 | |
Outstanding senior notes | $ 350 |
Debt instrument stated percentage | 7.375% |
Crown Cork & Seal Company Inc | U.S. dollar at 7.50% due 2096 | |
Outstanding senior notes | $ 40 |
Debt instrument stated percentage | 7.50% |
Crown Americas, LLC | U. S. dollar at 4.50% due 2023 | |
Outstanding senior notes | $ 1,000 |
Debt instrument stated percentage | 4.50% |
Crown Americas, LLC | U.S. dollar at 4.25% due 2026 | |
Outstanding senior notes | $ 400 |
Debt instrument stated percentage | 4.25% |
Crown Americas, LLC | U.S. dollar at 4.75% due 2026 | |
Outstanding senior notes | $ 875 |
Debt instrument stated percentage | 4.75% |
Guarantors | Crown Americas, LLC | |
Ownership percentage | 100.00% |
Issuer | Crown Cork & Seal Company Inc | |
Ownership percentage | 100.00% |
Issuer | Crown Americas, LLC | |
Ownership percentage | 100.00% |
Condensed Combining Financial76
Condensed Combining Financial Information - Condensed Combining Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 2,197 | $ 1,901 |
Cost of products sold, excluding depreciation and amortization | 1,808 | 1,531 |
Depreciation and amortization | 65 | 59 |
Selling and administrative expense | 90 | 90 |
Restructuring and other | 13 | (4) |
Income from operations | 221 | 225 |
Other pension and postretirement | (17) | (12) |
Foreign exchange | 18 | (1) |
Income before income taxes | 152 | 179 |
Provision for / (benefit from) income taxes | 39 | 46 |
Net income | 113 | 133 |
Net income attributable to noncontrolling interests | (23) | (26) |
Net income attributable to Crown Holdings | 90 | 107 |
Total comprehensive income | 174 | 273 |
Comprehensive income attributable to Crown Holdings | 150 | 246 |
Crown Americas, LLC | ||
Net sales | 2,197 | 1,901 |
Cost of products sold, excluding depreciation and amortization | 1,808 | 1,531 |
Depreciation and amortization | 65 | 59 |
Selling and administrative expense | 90 | 90 |
Restructuring and other | 13 | (4) |
Income from operations | 221 | 225 |
Other pension and postretirement | (17) | (12) |
Net interest expense | 68 | 59 |
Foreign exchange | 18 | (1) |
Income before income taxes | 152 | 179 |
Provision for / (benefit from) income taxes | 39 | 46 |
Equity earnings / (loss) in affiliates | 0 | 0 |
Net income | 113 | 133 |
Net income attributable to noncontrolling interests | (23) | (26) |
Net income attributable to Crown Holdings | 90 | 107 |
Total comprehensive income | 174 | 273 |
Comprehensive income attributable to noncontrolling interests | (24) | (27) |
Comprehensive income attributable to Crown Holdings | 150 | 246 |
Crown Americas, LLC | Parent | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | ||
Restructuring and other | ||
Income from operations | ||
Other pension and postretirement | ||
Net interest expense | ||
Technology royalty | ||
Foreign exchange | ||
Provision for / (benefit from) income taxes | ||
Equity earnings / (loss) in affiliates | 90 | 107 |
Net income | 90 | 107 |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | 90 | 107 |
Total comprehensive income | 150 | 246 |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | 150 | 246 |
Crown Americas, LLC | Issuer | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | 2 | 2 |
Restructuring and other | 3 | |
Income from operations | (5) | (2) |
Other pension and postretirement | ||
Net interest expense | 23 | 17 |
Technology royalty | ||
Foreign exchange | 56 | 10 |
Income before income taxes | (84) | (29) |
Provision for / (benefit from) income taxes | (20) | (11) |
Equity earnings / (loss) in affiliates | 56 | 49 |
Net income | (8) | 31 |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | (8) | 31 |
Total comprehensive income | (7) | 35 |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | (7) | 35 |
Crown Americas, LLC | Guarantors | ||
Net sales | 514 | 445 |
Cost of products sold, excluding depreciation and amortization | 432 | 371 |
Depreciation and amortization | 11 | 10 |
Selling and administrative expense | 33 | 33 |
Restructuring and other | 2 | 1 |
Income from operations | 36 | 30 |
Other pension and postretirement | (5) | (10) |
Net interest expense | 21 | 21 |
Technology royalty | (11) | (9) |
Foreign exchange | (1) | |
Income before income taxes | 32 | 28 |
Provision for / (benefit from) income taxes | 9 | 8 |
Equity earnings / (loss) in affiliates | 55 | 67 |
Net income | 78 | 87 |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | 78 | 87 |
Total comprehensive income | 47 | 130 |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | 47 | 130 |
Crown Americas, LLC | Non- Guarantors | ||
Net sales | 1,683 | 1,456 |
Cost of products sold, excluding depreciation and amortization | 1,376 | 1,160 |
Depreciation and amortization | 54 | 49 |
Selling and administrative expense | 55 | 55 |
Restructuring and other | 8 | (5) |
Income from operations | 190 | 197 |
Other pension and postretirement | (12) | (2) |
Net interest expense | 24 | 21 |
Technology royalty | 11 | 9 |
Foreign exchange | 19 | (1) |
Income before income taxes | 148 | 170 |
Provision for / (benefit from) income taxes | 37 | 45 |
Equity earnings / (loss) in affiliates | ||
Net income | 111 | 125 |
Net income attributable to noncontrolling interests | (23) | (26) |
Net income attributable to Crown Holdings | 88 | 99 |
Total comprehensive income | 214 | 271 |
Comprehensive income attributable to noncontrolling interests | (24) | (27) |
Comprehensive income attributable to Crown Holdings | 190 | 244 |
Crown Cork & Seal Company Inc. | ||
Net sales | 2,197 | 1,901 |
Cost of products sold, excluding depreciation and amortization | 1,808 | 1,531 |
Depreciation and amortization | 65 | 59 |
Selling and administrative expense | 90 | 90 |
Restructuring and other | 13 | (4) |
Income from operations | 221 | 225 |
Other pension and postretirement | (17) | (12) |
Net interest expense | 68 | 59 |
Foreign exchange | 18 | (1) |
Income before income taxes | 152 | 179 |
Provision for / (benefit from) income taxes | 39 | 46 |
Equity earnings / (loss) in affiliates | 0 | 0 |
Net income | 113 | 133 |
Net income attributable to noncontrolling interests | (23) | (26) |
Net income attributable to Crown Holdings | 90 | 107 |
Total comprehensive income | 174 | 273 |
Comprehensive income attributable to noncontrolling interests | (24) | (27) |
Comprehensive income attributable to Crown Holdings | 150 | 246 |
Crown Cork & Seal Company Inc. | Parent | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | ||
Restructuring and other | ||
Other pension and postretirement | ||
Net interest expense | ||
Foreign exchange | ||
Provision for / (benefit from) income taxes | ||
Equity earnings / (loss) in affiliates | 90 | 107 |
Net income | 90 | 107 |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | 90 | 107 |
Total comprehensive income | 150 | 246 |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | 150 | 246 |
Crown Cork & Seal Company Inc. | Issuer | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | 2 | 2 |
Restructuring and other | ||
Income from operations | (2) | (2) |
Other pension and postretirement | ||
Net interest expense | 19 | 20 |
Foreign exchange | ||
Income before income taxes | (21) | (22) |
Provision for / (benefit from) income taxes | (4) | (10) |
Equity earnings / (loss) in affiliates | 95 | 99 |
Net income | 78 | 87 |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | 78 | 87 |
Total comprehensive income | 47 | 130 |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | 47 | 130 |
Crown Cork & Seal Company Inc. | Non- Guarantors | ||
Net sales | 2,197 | 1,901 |
Cost of products sold, excluding depreciation and amortization | 1,808 | 1,531 |
Depreciation and amortization | 65 | 59 |
Selling and administrative expense | 88 | 88 |
Restructuring and other | 13 | (4) |
Income from operations | 223 | 227 |
Other pension and postretirement | (17) | (12) |
Net interest expense | 49 | 39 |
Foreign exchange | 18 | (1) |
Income before income taxes | 173 | 201 |
Provision for / (benefit from) income taxes | 43 | 56 |
Equity earnings / (loss) in affiliates | ||
Net income | 130 | 145 |
Net income attributable to noncontrolling interests | (23) | (26) |
Net income attributable to Crown Holdings | 107 | 119 |
Total comprehensive income | 191 | 285 |
Comprehensive income attributable to noncontrolling interests | (24) | (27) |
Comprehensive income attributable to Crown Holdings | 167 | 258 |
Eliminations | Crown Americas, LLC | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | ||
Restructuring and other | ||
Other pension and postretirement | ||
Net interest expense | ||
Technology royalty | ||
Foreign exchange | (56) | (10) |
Income before income taxes | 56 | 10 |
Provision for / (benefit from) income taxes | 13 | 4 |
Equity earnings / (loss) in affiliates | (201) | (223) |
Net income | (158) | (217) |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | (158) | (217) |
Total comprehensive income | (230) | (409) |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | (230) | (409) |
Eliminations | Crown Cork & Seal Company Inc. | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | ||
Restructuring and other | ||
Other pension and postretirement | ||
Net interest expense | ||
Foreign exchange | ||
Income before income taxes | ||
Provision for / (benefit from) income taxes | ||
Equity earnings / (loss) in affiliates | (185) | (206) |
Net income | (185) | (206) |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | (185) | (206) |
Total comprehensive income | (214) | (388) |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | $ (214) | $ (388) |
Condensed Combining Financial77
Condensed Combining Financial Information - Condensed Combining Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 2,201 | $ 424 | $ 338 | $ 559 | |
Receivables, net | 1,386 | $ 1,195 | 1,041 | ||
Inventories | 1,431 | 1,241 | 1,385 | ||
Prepaid expenses and other current assets | 243 | 250 | 224 | ||
Total current assets | 5,261 | 3,110 | 3,074 | ||
Goodwill | 3,134 | 3,046 | |||
Intangible assets, net | 487 | 472 | |||
Property, plant and equipment, net | 3,322 | 3,239 | |||
Other non-current assets | 875 | 833 | 832 | ||
Total | 13,079 | 10,700 | 10,663 | ||
Short-term debt | 32 | 62 | |||
Current maturities of long-term debt | 61 | 64 | |||
Accounts payable | 2,009 | 2,367 | |||
Accrued liabilities | 759 | 774 | |||
Total current liabilities | 2,861 | 3,267 | 3,250 | ||
Long-term debt, excluding current maturities | 7,778 | 5,217 | |||
Postretirement and pension liabilities | 584 | 588 | |||
Other non-current liabilities | 744 | 695 | 685 | ||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 347 | 323 | 322 | ||
Crown Holdings shareholders’ equity/(deficit) | 765 | 610 | 601 | ||
Total equity/(deficit) | 1,112 | 933 | 923 | $ 859 | $ 668 |
Total | 13,079 | $ 10,700 | 10,663 | ||
Crown Americas, LLC | |||||
Cash and cash equivalents | 2,201 | 424 | |||
Receivables, net | 1,386 | 1,041 | |||
Intercompany receivables | 0 | ||||
Inventories | 1,431 | 1,385 | |||
Prepaid expenses and other current assets | 243 | 224 | |||
Total current assets | 5,261 | 3,074 | |||
Intercompany debt receivables | 0 | ||||
Investments | 0 | ||||
Goodwill | 3,134 | 3,046 | |||
Intangible assets, net | 487 | 472 | |||
Property, plant and equipment, net | 3,322 | 3,239 | |||
Other non-current assets | 875 | 832 | |||
Total | 13,079 | 10,663 | |||
Short-term debt | 32 | 62 | |||
Current maturities of long-term debt | 61 | 64 | |||
Accounts payable | 2,009 | 2,367 | |||
Accrued liabilities | 759 | 757 | |||
Total current liabilities | 2,861 | 3,250 | |||
Long-term debt, excluding current maturities | 7,778 | 5,217 | |||
Long-term intercompany debt | 0 | ||||
Postretirement and pension liabilities | 584 | 588 | |||
Other non-current liabilities | 744 | 685 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 347 | 322 | |||
Crown Holdings shareholders’ equity/(deficit) | 765 | 601 | |||
Total equity/(deficit) | 1,112 | 923 | |||
Total | 13,079 | 10,663 | |||
Crown Americas, LLC | Parent | |||||
Cash and cash equivalents | |||||
Receivables, net | |||||
Intercompany receivables | |||||
Inventories | |||||
Prepaid expenses and other current assets | 2 | ||||
Total current assets | 2 | ||||
Intercompany debt receivables | |||||
Investments | 3,296 | 3,120 | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | |||||
Other non-current assets | |||||
Total | 3,298 | 3,120 | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Accounts payable | |||||
Accrued liabilities | 13 | 22 | |||
Intercompany payables | |||||
Total current liabilities | 13 | 22 | |||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | 2,520 | 2,497 | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | 765 | 601 | |||
Total equity/(deficit) | 765 | 601 | |||
Total | 3,298 | 3,120 | |||
Crown Americas, LLC | Issuer | |||||
Cash and cash equivalents | 676 | 36 | |||
Receivables, net | 3 | ||||
Intercompany receivables | |||||
Inventories | |||||
Prepaid expenses and other current assets | 2 | 2 | |||
Total current assets | 681 | 38 | |||
Intercompany debt receivables | 2,931 | 2,523 | |||
Investments | 2,537 | 2,479 | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | 1 | 1 | |||
Other non-current assets | 11 | 11 | |||
Total | 6,161 | 5,052 | |||
Short-term debt | |||||
Current maturities of long-term debt | 23 | 23 | |||
Accounts payable | |||||
Accrued liabilities | 32 | 31 | |||
Intercompany payables | |||||
Total current liabilities | 55 | 54 | |||
Long-term debt, excluding current maturities | 3,113 | 2,094 | |||
Long-term intercompany debt | 1,470 | 1,411 | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | 37 | ||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | 1,486 | 1,493 | |||
Total equity/(deficit) | 1,486 | 1,493 | |||
Total | 6,161 | 5,052 | |||
Crown Americas, LLC | Guarantors | |||||
Cash and cash equivalents | 2 | 3 | |||
Receivables, net | 78 | 29 | |||
Intercompany receivables | 28 | 32 | |||
Inventories | 350 | 347 | |||
Prepaid expenses and other current assets | 15 | 17 | |||
Total current assets | 473 | 428 | |||
Intercompany debt receivables | 3,708 | 3,325 | |||
Investments | 1,041 | 1,032 | |||
Goodwill | 453 | 453 | |||
Intangible assets, net | 13 | 13 | |||
Property, plant and equipment, net | 524 | 515 | |||
Other non-current assets | 331 | 311 | |||
Total | 6,543 | 6,077 | |||
Short-term debt | |||||
Current maturities of long-term debt | 3 | 3 | |||
Accounts payable | 502 | 547 | |||
Accrued liabilities | 85 | 72 | |||
Intercompany payables | 10 | 13 | |||
Total current liabilities | 600 | 635 | |||
Long-term debt, excluding current maturities | 407 | 408 | |||
Long-term intercompany debt | 2,912 | 2,454 | |||
Postretirement and pension liabilities | 368 | 373 | |||
Other non-current liabilities | 333 | 338 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | 1,923 | 1,869 | |||
Total equity/(deficit) | 1,923 | 1,869 | |||
Total | 6,543 | 6,077 | |||
Crown Americas, LLC | Non- Guarantors | |||||
Cash and cash equivalents | 1,523 | 385 | |||
Receivables, net | 1,305 | 1,012 | |||
Intercompany receivables | 10 | 13 | |||
Inventories | 1,081 | 1,038 | |||
Prepaid expenses and other current assets | 224 | 205 | |||
Total current assets | 4,143 | 2,653 | |||
Intercompany debt receivables | 778 | 732 | |||
Investments | |||||
Goodwill | 2,681 | 2,593 | |||
Intangible assets, net | 474 | 459 | |||
Property, plant and equipment, net | 2,797 | 2,723 | |||
Other non-current assets | 533 | 510 | |||
Total | 11,406 | 9,670 | |||
Short-term debt | 32 | 62 | |||
Current maturities of long-term debt | 35 | 38 | |||
Accounts payable | 1,507 | 1,820 | |||
Accrued liabilities | 629 | 632 | |||
Intercompany payables | 28 | 32 | |||
Total current liabilities | 2,231 | 2,584 | |||
Long-term debt, excluding current maturities | 4,258 | 2,715 | |||
Long-term intercompany debt | 515 | 218 | |||
Postretirement and pension liabilities | 216 | 215 | |||
Other non-current liabilities | 374 | 347 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 347 | 322 | |||
Crown Holdings shareholders’ equity/(deficit) | 3,465 | 3,269 | |||
Total equity/(deficit) | 3,812 | 3,591 | |||
Total | 11,406 | 9,670 | |||
Crown Cork & Seal Company Inc. | |||||
Cash and cash equivalents | 2,201 | 424 | |||
Receivables, net | 1,386 | 1,041 | |||
Inventories | 1,431 | 1,385 | |||
Prepaid expenses and other current assets | 243 | 224 | |||
Total current assets | 5,261 | 3,074 | |||
Goodwill | 3,134 | 3,046 | |||
Intangible assets, net | 487 | 472 | |||
Property, plant and equipment, net | 3,322 | 3,239 | |||
Other non-current assets | 875 | 832 | |||
Total | 13,079 | 10,663 | |||
Short-term debt | 32 | 62 | |||
Current maturities of long-term debt | 61 | 64 | |||
Accounts payable | 2,009 | 2,367 | |||
Accrued liabilities | 759 | 757 | |||
Total current liabilities | 2,861 | 3,250 | |||
Long-term debt, excluding current maturities | 7,778 | 5,217 | |||
Long-term intercompany debt | 0 | ||||
Postretirement and pension liabilities | 584 | 588 | |||
Other non-current liabilities | 744 | 685 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 347 | 322 | |||
Crown Holdings shareholders’ equity/(deficit) | 765 | 601 | |||
Total equity/(deficit) | 1,112 | 923 | |||
Total | 13,079 | 10,663 | |||
Crown Cork & Seal Company Inc. | Parent | |||||
Cash and cash equivalents | |||||
Receivables, net | |||||
Inventories | |||||
Prepaid expenses and other current assets | 2 | ||||
Total current assets | 2 | ||||
Intercompany debt receivables | |||||
Investments | 3,296 | 3,120 | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | |||||
Other non-current assets | |||||
Total | 3,298 | 3,120 | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Accounts payable | |||||
Accrued liabilities | 13 | 22 | |||
Total current liabilities | 13 | 22 | |||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | 2,520 | 2,497 | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | 765 | 601 | |||
Total equity/(deficit) | 765 | 601 | |||
Total | 3,298 | 3,120 | |||
Crown Cork & Seal Company Inc. | Issuer | |||||
Cash and cash equivalents | |||||
Receivables, net | 9 | 9 | |||
Inventories | |||||
Prepaid expenses and other current assets | |||||
Total current assets | 9 | 9 | |||
Intercompany debt receivables | |||||
Investments | 3,519 | 3,448 | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | |||||
Other non-current assets | 285 | 283 | |||
Total | 3,813 | 3,740 | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Accounts payable | |||||
Accrued liabilities | 40 | 41 | |||
Total current liabilities | 40 | 41 | |||
Long-term debt, excluding current maturities | 387 | 387 | |||
Long-term intercompany debt | 1,128 | 1,107 | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | 335 | 336 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | 1,923 | 1,869 | |||
Total equity/(deficit) | 1,923 | 1,869 | |||
Total | 3,813 | 3,740 | |||
Crown Cork & Seal Company Inc. | Non- Guarantors | |||||
Cash and cash equivalents | 2,201 | 424 | |||
Receivables, net | 1,377 | 1,032 | |||
Inventories | 1,431 | 1,385 | |||
Prepaid expenses and other current assets | 241 | 224 | |||
Total current assets | 5,250 | 3,065 | |||
Intercompany debt receivables | 3,648 | 3,604 | |||
Investments | |||||
Goodwill | 3,134 | 3,046 | |||
Intangible assets, net | 487 | 472 | |||
Property, plant and equipment, net | 3,322 | 3,239 | |||
Other non-current assets | 590 | 549 | |||
Total | 16,431 | 13,975 | |||
Short-term debt | 32 | 62 | |||
Current maturities of long-term debt | 61 | 64 | |||
Accounts payable | 2,009 | 2,367 | |||
Accrued liabilities | 706 | 694 | |||
Total current liabilities | 2,808 | 3,187 | |||
Long-term debt, excluding current maturities | 7,391 | 4,830 | |||
Long-term intercompany debt | |||||
Postretirement and pension liabilities | 584 | 588 | |||
Other non-current liabilities | 409 | 349 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 347 | 322 | |||
Crown Holdings shareholders’ equity/(deficit) | 4,892 | 4,699 | |||
Total equity/(deficit) | 5,239 | 5,021 | |||
Total | 16,431 | 13,975 | |||
Eliminations | Crown Americas, LLC | |||||
Cash and cash equivalents | |||||
Receivables, net | |||||
Intercompany receivables | (38) | (45) | |||
Inventories | |||||
Prepaid expenses and other current assets | |||||
Total current assets | (38) | (45) | |||
Intercompany debt receivables | (7,417) | (6,580) | |||
Investments | (6,874) | (6,631) | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | |||||
Other non-current assets | |||||
Total | (14,329) | (13,256) | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Accounts payable | |||||
Accrued liabilities | |||||
Intercompany payables | (38) | (45) | |||
Total current liabilities | (38) | (45) | |||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | (7,417) | (6,580) | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | (6,874) | (6,631) | |||
Total equity/(deficit) | (6,874) | (6,631) | |||
Total | (14,329) | (13,256) | |||
Eliminations | Crown Cork & Seal Company Inc. | |||||
Cash and cash equivalents | |||||
Receivables, net | |||||
Inventories | |||||
Prepaid expenses and other current assets | |||||
Intercompany debt receivables | (3,648) | (3,604) | |||
Investments | (6,815) | (6,568) | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | |||||
Other non-current assets | |||||
Total | (10,463) | (10,172) | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Accounts payable | |||||
Accrued liabilities | |||||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | (3,648) | (3,604) | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | (6,815) | (6,568) | |||
Total equity/(deficit) | (6,815) | (6,568) | |||
Total | $ (10,463) | $ (10,172) |
Condensed Combining Financial78
Condensed Combining Financial Information - Condensed Combining Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net cash provided by/(used for) operating activities | $ (751) | $ (577) |
Capital expenditures | (92) | (107) |
Beneficial interests in transferred receivables | 175 | 257 |
Proceeds from sale of property, plant and equipment | 0 | 3 |
Net cash provided by investing activities | 58 | 153 |
Proceeds from long-term debt | 1,912 | 4 |
Payments of long-term debt | (13) | (12) |
Net change in revolving credit facility and short-term debt | 576 | 351 |
Debt issue costs | (29) | 0 |
Common stock issued | 0 | 7 |
Common stock repurchased | (1) | (133) |
Dividend paid to noncontrolling interests | 0 | (13) |
Foreign exchange derivatives related to debt | 10 | (5) |
Net cash provided by financing activities | 2,455 | 199 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 14 | 4 |
Net change in cash, cash equivalents and restricted cash | 1,776 | (221) |
Cash, cash equivalents and restricted cash beginning balance | 435 | 576 |
Cash, cash equivalents and restricted cash ending balance | 2,211 | 355 |
Crown Americas, LLC | ||
Net cash provided by/(used for) operating activities | (751) | (577) |
Capital expenditures | (92) | (107) |
Beneficial interests in transferred receivables | 175 | 257 |
Proceeds from sale of property, plant and equipment | 3 | |
Foreign exchange derivatives related to an acquisition | (25) | |
Net cash provided by investing activities | 58 | 153 |
Proceeds from long-term debt | 1,912 | 4 |
Payments of long-term debt | (13) | (12) |
Net change in revolving credit facility and short-term debt | 576 | 351 |
Debt issue costs | (29) | |
Common stock issued | 7 | |
Common stock repurchased | (1) | (133) |
Dividends paid | 0 | |
Dividend paid to noncontrolling interests | (13) | |
Foreign exchange derivatives related to debt | 10 | (5) |
Net cash provided by financing activities | 2,455 | 199 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 14 | 4 |
Net change in cash, cash equivalents and restricted cash | 1,776 | (221) |
Cash, cash equivalents and restricted cash beginning balance | 435 | 576 |
Cash, cash equivalents and restricted cash ending balance | 2,211 | 355 |
Crown Americas, LLC | Parent | ||
Net cash provided by/(used for) operating activities | (22) | (9) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Foreign exchange derivatives related to an acquisition | ||
Proceeds from long-term debt | ||
Payments of long-term debt | ||
Net change in revolving credit facility and short-term debt | ||
Net change in long-term intercompany balances | 23 | 135 |
Debt issue costs | ||
Common stock issued | 7 | |
Common stock repurchased | (1) | (133) |
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 22 | 9 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance | ||
Crown Americas, LLC | Issuer | ||
Net cash provided by/(used for) operating activities | (29) | (24) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Foreign exchange derivatives related to an acquisition | ||
Proceeds from long-term debt | 875 | |
Payments of long-term debt | (4) | |
Net change in revolving credit facility and short-term debt | 160 | 205 |
Net change in long-term intercompany balances | (349) | (185) |
Debt issue costs | (13) | |
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 669 | 20 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Net change in cash, cash equivalents and restricted cash | 640 | (4) |
Cash, cash equivalents and restricted cash beginning balance | 36 | 83 |
Cash, cash equivalents and restricted cash ending balance | 676 | 79 |
Crown Americas, LLC | Guarantors | ||
Net cash provided by/(used for) operating activities | (55) | (69) |
Capital expenditures | (20) | (50) |
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Foreign exchange derivatives related to an acquisition | ||
Net cash provided by investing activities | (20) | (50) |
Proceeds from long-term debt | ||
Payments of long-term debt | (1) | |
Net change in revolving credit facility and short-term debt | ||
Net change in long-term intercompany balances | 75 | 119 |
Debt issue costs | ||
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 74 | 119 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Net change in cash, cash equivalents and restricted cash | (1) | |
Cash, cash equivalents and restricted cash beginning balance | 3 | |
Cash, cash equivalents and restricted cash ending balance | 2 | |
Crown Americas, LLC | Non- Guarantors | ||
Net cash provided by/(used for) operating activities | (645) | (465) |
Capital expenditures | (72) | (57) |
Beneficial interests in transferred receivables | 175 | 257 |
Proceeds from sale of property, plant and equipment | 3 | |
Foreign exchange derivatives related to an acquisition | (25) | |
Net cash provided by investing activities | 78 | 203 |
Proceeds from long-term debt | 1,037 | 4 |
Payments of long-term debt | (8) | (12) |
Net change in revolving credit facility and short-term debt | 416 | 146 |
Net change in long-term intercompany balances | 251 | (69) |
Debt issue costs | (16) | |
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | (10) | |
Dividend paid to noncontrolling interests | (13) | |
Foreign exchange derivatives related to debt | 10 | (5) |
Net cash provided by financing activities | 1,690 | 41 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 14 | 4 |
Net change in cash, cash equivalents and restricted cash | 1,137 | (217) |
Cash, cash equivalents and restricted cash beginning balance | 396 | 493 |
Cash, cash equivalents and restricted cash ending balance | 1,533 | 276 |
Crown Cork & Seal Company Inc. | ||
Net cash provided by/(used for) operating activities | (751) | (577) |
Capital expenditures | (92) | (107) |
Beneficial interests in transferred receivables | 175 | 257 |
Proceeds from sale of property, plant and equipment | 3 | |
Foreign exchange derivatives related to an acquisition | (25) | |
Net cash provided by investing activities | 58 | 153 |
Proceeds from long-term debt | 1,912 | 4 |
Payments of long-term debt | (13) | (12) |
Net change in revolving credit facility and short-term debt | 576 | 351 |
Net change in long-term intercompany balances | 0 | |
Debt issue costs | (29) | |
Common stock issued | 7 | |
Common stock repurchased | (1) | (133) |
Dividends paid | 0 | |
Dividend paid to noncontrolling interests | (13) | |
Foreign exchange derivatives related to debt | 10 | (5) |
Net cash provided by financing activities | 2,455 | 199 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 14 | 4 |
Net change in cash, cash equivalents and restricted cash | 1,776 | (221) |
Cash, cash equivalents and restricted cash beginning balance | 435 | 576 |
Cash, cash equivalents and restricted cash ending balance | 2,211 | 355 |
Crown Cork & Seal Company Inc. | Parent | ||
Net cash provided by/(used for) operating activities | (22) | (9) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Foreign exchange derivatives related to an acquisition | ||
Net cash provided by investing activities | 0 | |
Proceeds from long-term debt | ||
Payments of long-term debt | ||
Net change in revolving credit facility and short-term debt | ||
Net change in long-term intercompany balances | 23 | 135 |
Debt issue costs | ||
Common stock issued | 7 | |
Common stock repurchased | (1) | (133) |
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 22 | 9 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance | ||
Crown Cork & Seal Company Inc. | Issuer | ||
Net cash provided by/(used for) operating activities | (21) | (14) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Foreign exchange derivatives related to an acquisition | ||
Net cash provided by investing activities | ||
Proceeds from long-term debt | ||
Payments of long-term debt | ||
Net change in revolving credit facility and short-term debt | ||
Net change in long-term intercompany balances | 21 | 14 |
Debt issue costs | ||
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 21 | 14 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance | ||
Crown Cork & Seal Company Inc. | Non- Guarantors | ||
Net cash provided by/(used for) operating activities | (708) | (550) |
Capital expenditures | (92) | (107) |
Beneficial interests in transferred receivables | 175 | 257 |
Proceeds from sale of property, plant and equipment | 3 | |
Foreign exchange derivatives related to an acquisition | (25) | |
Net cash provided by investing activities | 58 | 153 |
Proceeds from long-term debt | 1,912 | 4 |
Payments of long-term debt | (13) | (12) |
Net change in revolving credit facility and short-term debt | 576 | 351 |
Net change in long-term intercompany balances | (44) | (149) |
Debt issue costs | (29) | |
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | (4) | |
Dividend paid to noncontrolling interests | (13) | |
Foreign exchange derivatives related to debt | 10 | (5) |
Net cash provided by financing activities | 2,412 | 172 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 14 | 4 |
Net change in cash, cash equivalents and restricted cash | 1,776 | (221) |
Cash, cash equivalents and restricted cash beginning balance | 435 | 576 |
Cash, cash equivalents and restricted cash ending balance | 2,211 | 355 |
Eliminations | Crown Americas, LLC | ||
Net cash provided by/(used for) operating activities | (10) | |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Foreign exchange derivatives related to an acquisition | ||
Proceeds from long-term debt | ||
Payments of long-term debt | ||
Net change in revolving credit facility and short-term debt | ||
Net change in long-term intercompany balances | ||
Debt issue costs | ||
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | 10 | |
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 10 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance | ||
Eliminations | Crown Cork & Seal Company Inc. | ||
Net cash provided by/(used for) operating activities | 0 | (4) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Foreign exchange derivatives related to an acquisition | ||
Proceeds from long-term debt | ||
Payments of long-term debt | ||
Net change in revolving credit facility and short-term debt | ||
Net change in long-term intercompany balances | ||
Debt issue costs | ||
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | 4 | |
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 4 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance |