Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 22, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 8-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Registrant Name | CROWN HOLDINGS INC | ||
Entity Central Index Key | 1,219,601 | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 134,309,260 | ||
Entity Public Float | $ 8,073,323,168 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 8,698 | $ 8,284 | $ 8,762 |
Cost of products sold, excluding depreciation and amortization | 7,006 | 6,623 | 7,140 |
Depreciation and amortization | 247 | 247 | 237 |
Selling and administrative expense | 367 | 366 | 382 |
Provision for asbestos | 3 | 21 | 26 |
Restructuring and other | 51 | 30 | 64 |
Income from operations | 1,024 | 997 | 913 |
Loss from early extinguishments of debt | 7 | 37 | 9 |
Other pension and postretirement | (53) | (24) | (14) |
Interest expense | 252 | 243 | 270 |
Interest income | (15) | (12) | (11) |
Foreign exchange | 4 | (16) | 20 |
Income before income taxes | 829 | 769 | 639 |
Provision for income taxes | 401 | 186 | 178 |
Net income | 428 | 583 | 461 |
Net income attributable to noncontrolling interests | (105) | (87) | (68) |
Net income attributable to Crown Holdings | $ 323 | $ 496 | $ 393 |
Earnings per common share attributable to Crown Holdings: | |||
Basic (in usd per share) | $ 2.39 | $ 3.58 | $ 2.85 |
Diluted (in usd per share) | $ 2.38 | $ 3.56 | $ 2.82 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 428 | $ 583 | $ 461 |
Other comprehensive income / (loss), net of tax | |||
Foreign currency translation adjustments | 201 | (435) | (469) |
Pension and other postretirement benefits | (59) | 166 | 91 |
Derivatives qualifying as hedges | 20 | 23 | (15) |
Total other comprehensive income / (loss) | 162 | (246) | (393) |
Total comprehensive income | 590 | 337 | 68 |
Net income attributable to noncontrolling interests | (105) | (87) | (68) |
Translation adjustments attributable to noncontrolling interests | (3) | 2 | 3 |
Derivatives qualifying as hedges attributable to noncontrolling interests | 0 | (2) | 1 |
Comprehensive income attributable to Crown Holdings | $ 482 | $ 250 | $ 4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 424 | $ 559 |
Receivables, net | 1,041 | 865 |
Inventories | 1,385 | 1,245 |
Prepaid expenses and other current assets | 224 | 172 |
Total current assets | 3,074 | 2,841 |
Goodwill and intangible assets | 3,518 | 3,263 |
Property, plant and equipment, net | 3,239 | 2,820 |
Other non-current assets | 832 | 675 |
Total | 10,663 | 9,599 |
Current liabilities | ||
Short-term debt | 62 | 33 |
Current maturities of long-term debt | 64 | 161 |
Accounts payable and accrued liabilities | 3,124 | 2,702 |
Total current liabilities | 3,250 | 2,896 |
Long-term debt, excluding current maturities | 5,217 | 4,717 |
Postretirement and pension liabilities | 588 | 620 |
Other non-current liabilities | 685 | 698 |
Commitments and contingent liabilities (Note M) | ||
Equity | ||
Noncontrolling interests | 322 | 302 |
Preferred stock, authorized: 30,000,000; none issued (Note O) | ||
Common stock, par value: $5.00; authorized: 500,000,000 shares; issued: 185,744,072 shares | 929 | 929 |
Additional paid-in capital | 167 | 446 |
Accumulated earnings | 3,004 | 2,621 |
Accumulated other comprehensive loss | (3,241) | (3,400) |
Treasury stock at par value (2017 - 51,468,463 shares; 2016 - 45,903,844 shares) | (258) | (230) |
Crown Holdings shareholders’ equity | 601 | 366 |
Total equity | 923 | 668 |
Total | $ 10,663 | $ 9,599 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 185,744,072 | 185,744,072 |
Treasury stock (in shares) | 51,468,463 | 45,903,844 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net income | $ 428 | $ 583 | $ 461 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 247 | 247 | 237 |
Restructuring and other | 51 | 30 | 64 |
Pension expense | 13 | 42 | 50 |
Pension contributions | (294) | (103) | (79) |
Stock-based compensation | 23 | 20 | 27 |
Deferred income taxes | 247 | 16 | 25 |
Changes in assets and liabilities: | |||
Receivables | (1,143) | (1,057) | (831) |
Inventories | (65) | (85) | 60 |
Accounts payable and accrued liabilities | 253 | 163 | 59 |
Other, net | (11) | 10 | 18 |
Net cash (used for) provided by operating activities | (251) | (134) | 91 |
Cash flows from investing activities | |||
Capital expenditures | (498) | (473) | (354) |
Beneficial interest in transferred receivables | 1,010 | 1,086 | 865 |
Acquisition of businesses, net of cash acquired | 0 | 0 | (1,207) |
Proceeds from sale of businesses, net of cash sold | 0 | 0 | 33 |
Proceeds from sale of property, plant and equipment | 8 | 10 | 7 |
Net investment hedge settlements | 0 | 0 | (11) |
Other | (24) | 10 | (10) |
Net cash provided by investing activities | 496 | 633 | (677) |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,054 | 1,380 | 1,435 |
Payments of long-term debt | (1,137) | (1,914) | (900) |
Net change in revolving credit facility and short-term debt | 95 | (32) | (7) |
Premiums paid to retire debt | 0 | (22) | 0 |
Debt issuance costs | (16) | (18) | (18) |
Common stock issued | 9 | 10 | 6 |
Common stock repurchased | (339) | (8) | (9) |
Dividends paid to noncontrolling interests | (93) | (80) | (48) |
Contribution from noncontrolling interests | 0 | 4 | 5 |
Foreign exchange derivatives related to debt | 27 | 42 | (58) |
Net cash (used for) provided by financing activities | (400) | (638) | 406 |
Effect of exchange rate changes on cash and cash equivalents | 14 | (30) | (62) |
Net change in cash, cash equivalents and restricted cash | (141) | (169) | (242) |
Cash, cash equivalents and restricted cash at January 1 | 435 | 576 | 745 |
Cash, cash equivalents and restricted at December 31 | $ 424 | $ 559 | $ 717 |
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 |
Balance at beginning of period at Dec. 31, 2014 | $ 337 | $ 929 | $ 407 | $ 1,732 | $ (2,765) | $ (234) | $ 69 | $ 268 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 461 | 393 | 393 | 68 | ||||
Other comprehensive income / (loss) | (393) | (389) | (389) | (4) | ||||
Dividends paid to noncontrolling interests | (48) | (48) | ||||||
Contribution from noncontrolling interests | 4 | 4 | ||||||
Restricted stock awarded | 0 | (2) | 2 | |||||
Stock-based compensation | 27 | 27 | 27 | |||||
Common stock issued | 6 | 5 | 1 | 6 | ||||
Common stock repurchased | (9) | (8) | (1) | (9) | ||||
Purchase of noncontrolling interests | 0 | (3) | (3) | 3 | ||||
Balance at end of period at Dec. 31, 2015 | 385 | 929 | 426 | 2,125 | (3,154) | (232) | 94 | 291 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 583 | 496 | 496 | 87 | ||||
Other comprehensive income / (loss) | (246) | (246) | (246) | |||||
Dividends paid to noncontrolling interests | (80) | (80) | ||||||
Contribution from noncontrolling interests | 4 | 4 | ||||||
Restricted stock awarded | 0 | (1) | 1 | |||||
Stock-based compensation | 20 | 20 | 20 | |||||
Common stock issued | 10 | 8 | 2 | 10 | ||||
Common stock repurchased | (8) | (7) | (1) | (8) | ||||
Balance at end of period at Dec. 31, 2016 | 668 | 929 | 446 | 2,621 | (3,400) | (230) | 366 | 302 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of change in accounting principle | 60 | 60 | 60 | |||||
Net income | 428 | 323 | 323 | 105 | ||||
Other comprehensive income / (loss) | 162 | 159 | 159 | 3 | ||||
Dividends paid to noncontrolling interests | (93) | (93) | ||||||
Contribution from noncontrolling interests | 5 | 5 | ||||||
Restricted stock awarded | 0 | (1) | 1 | |||||
Stock-based compensation | 23 | 23 | 23 | |||||
Common stock issued | 9 | 7 | 2 | 9 | ||||
Common stock repurchased | (339) | (308) | (31) | (339) | ||||
Balance at end of period at Dec. 31, 2017 | $ 923 | $ 929 | $ 167 | $ 3,004 | $ (3,241) | $ (258) | $ 601 | $ 322 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business and Principles of Consolidation . The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). The Company manufactures and sells metal and glass packaging containers, metal closures, and canmaking equipment. These products are manufactured in the Company’s plants both within and outside the U.S. and are sold through the Company’s sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary and therefore, should consolidate the VIE. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. Other investments are carried at cost. Foreign Currency Translation . For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. Revenue Recognition . Revenue is recognized from product sales when the goods are shipped and the title and risk of loss pass to the customer. Provisions for discounts and rebates to customers, returns, and other adjustments are estimated and provided for in the period that the related sales are recorded. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold. Stock-Based Compensation . For awards with a service or market condition, compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. For awards with a performance condition, the Company reassess the probability of vesting at each reporting period and adjust compensation cost based on its probability assessment. The Company’s plans provide for stock awards which may include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals, or over the period from the grant date to the date that retirement eligibility is achieved if less than the stated vesting period. Cash and Cash Equivalents . Cash equivalents represent investments with maturities of three months or less from the time of purchase and are carried at cost, which approximates fair value because of the short maturity of those instruments. Outstanding checks in excess of funds on deposit are included in accounts payable. Accounts Receivable and Allowance for Doubtful Accounts . Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on a review of individual accounts for collectability, generally focusing on those accounts that are past due or experiencing financial difficulties. The current year expense to adjust the allowance for doubtful accounts is recorded within selling and administrative expense in the consolidated statements of operations. Inventory Valuation . Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method and for non-U.S. inventories under the FIFO or average cost method. Property, Plant and Equipment . Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and Building Improvements 25 – 40 Machinery and Equipment 3 – 18 Goodwill and Intangible Assets. Goodwill is carried at cost and reviewed for impairment annually in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired. Goodwill was allocated to the reporting units at the time of each acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that an impairment is more likely than not, it will perform the two-step quantitative impairment test using a combination of market values for comparable businesses and discounted cash flow projections compared to the reporting unit's carrying value including goodwill. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit to its implied fair value. Definite-lived intangible assets are carried at cost less accumulated amortization. Definite-lived intangibles are amortized on a straight-line basis over their estimated useful lives. Definite-lived intangible assets are tested for impairment when facts and circumstances indicate the carrying value may not be recoverable from their undiscounted cash flows. If impaired, the assets are written down to fair value based on either discounted cash flows or appraised values. Impairment or Disposal of Long-Lived Assets . In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. Taxes on Income . The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. The Tax Act creates a new requirement that certain intangible income of foreign subsidiaries must be included currently in the gross income of the U.S. shareholder. The Company has made an accounting policy election to treat taxes due on future U.S. inclusions in taxable income related to this intangible income as a current period expense when incurred. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. Income tax-related interest and penalties are reported as income tax expense. Derivatives and Hedging . All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the anticipated transactions are no longer probable. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Any amounts excluded from the assessment of hedge effectiveness, and any ineffective portion of designated hedges, are reported currently in earnings. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. Treasury Stock . Treasury stock is reported at par value. The excess of fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. Research and Development . Research, development and engineering costs of $39 in both 2017 and 2015 and $41 in 2016 were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. Reclassifications. Certain reclassifications of prior years’ data have been made to conform to the current year presentation. Recent Accounting and Reporting Pronouncements. Recently Adopted Accounting Standards In July 2015, the FASB issued new guidance related to the subsequent measurement of inventory. The new guidance requires an entity to subsequently measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The guidance became effective for the Company on January 1, 2017 and did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued new guidance on share-based payments. The standard eliminates the APIC pool concept and requires that excess tax benefits and deficiencies be recorded in the income statement when awards are settled. The pronouncement simplifies statement of cash flows classification, accounting for forfeitures, and minimum statutory tax withholding requirements. Upon adoption of the standard on January 1, 2017, the Company recorded $60 of deferred tax assets attributable to excess tax benefits that were not previously recognized, because they did not reduce taxes payable, as a cumulative-effect adjustment to retained earnings under the modified retrospective method. The Company also prospectively adopted the guidance requiring all excess tax benefits and deficiencies to be recognized as income tax expense or benefit as discrete items and the guidance requiring all excess tax benefits or deficiencies to be reported as operating activities in the statement of cash flows. The Company elected to continue its current process of estimating forfeitures. Adoption of these provisions did not have a material impact on the Company's results of operations or statement of cash flows. In January 2017, the FASB issued guidance that clarifies the definition of a business by adding a framework to assist entities in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. In order to be considered a business under the new guidance, the assets in the transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The Company early adopted this guidance as of January 1, 2017. Adoption did not have an impact on the Company's consolidated financial statements. However, it could have a material impact on the Company’s consolidated financial statements if the Company enters into future business combinations. In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment by removing step two of the impairment test, which requires a hypothetical purchase price allocation. The Company early adopted this guidance as of January 1, 2017. The amount of goodwill impaired will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In May 2017, the FASB issued guidance to clarify when to account for a change to terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions or the classification of an award change as a result of a change in terms or conditions. Previously, judgment was required to determine if certain changes to an award were substantive and may have impacted whether or not modification accounting was applied. The Company early adopted this guidance during the second quarter of 2017. Adopting this standard did not have a material impact on the Company's consolidated financial statements. 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 the current year presentation. The Company reclassified the following net (benefits) charges on the Statement of Operations to conform to current year presentation: 2017 2016 2015 Cost of products sold, excluding depreciation and amortization $ 54 $ 40 $ 24 Selling and administrative expense (4 ) (2 ) (8 ) Restructuring and other 3 (14 ) (2 ) Other pension and postretirement (53 ) (24 ) (14 ) In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and payments on the statement of cash flows. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to conform to the current year presentation. Under the new guidance, premiums paid for debt extinguishments are classified as cash outflows from financing activities. For the year ended December 31, 2016, the Company reclassified $22 of premiums paid from net cash used for operating activities to net cash used for 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 premiums paid for debt extinguishments as cash flows from operating activities. For the years ended December 31, 2017, 2016, and 2015, the Company reclassified $1,010 , $1,086 , and $865 from net cash (used for) provided by operating activities to net cash provided by investing activities. Additionally, for the years ended December 31, 2017, 2016 and 2015, beneficial interests obtained in securitized receivables were $1,047 , $1,032 , and $834 . 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 conform to the current year presentation. Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows: 2017 2016 2015 2014 Cash and cash equivalents $ 424 $ 559 $ 717 $ 965 Restricted cash included in prepaid expenses and other current assets 2 8 14 13 Restricted cash included in other non-current assets 9 9 14 9 Total cash, cash equivalents and restricted cash $ 435 $ 576 $ 745 $ 987 Amounts included in restricted cash primarily represent amounts required to be set aside by certain of the Company's receivables securitization agreements. Recently Issued Accounting Standards In May 2014, the FASB issued new guidance which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services which will either be at a point in time or over time. Certain products that the Company manufactures for customers have no alternative use and are expected to follow an over-time revenue recognition model. For example, beverage cans are generally printed for a specific customer and do not have an alternative use. Food cans may be printed depending upon customer preference which can vary by geographic market. Under current guidance, the Company generally recognizes revenue upon shipment or delivery. Under the new guidance, revenue for products that follow an over-time revenue recognition model will be recognized prior to shipment or delivery dependent upon contract-specific terms. The Company does not expect the new standard to have a material impact on its annual income from operations, however, the guidance could have an impact to income from operations in each quarter as the Company may now recognize revenue for certain products as it builds inventory levels in anticipation of seasonal demands. In addition to accelerating the timing of revenue recognition, an unbilled receivable will be recognized with an offsetting decrease to inventory. The new guidance also requires enhanced disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company has completed its impact assessment and is in the process of implementing changes to processes, systems and controls to adopt the standard on a modified retrospective basis in the first quarter of 2018. In February 2016, the FASB issued new guidance on lease accounting. Under the new guidance, lease classification criteria and income statement recognition are similar to current guidance; however, all leases with a term longer than one year will be recorded on the balance sheet through a right-of-use asset and a corresponding lease liability. The guidance will be effective for the Company on January 1, 2019. The Company is currently evaluating the impact of adopting this guidance, which may have a material impact on its financial position. In October 2016, the FASB issued new guidance related to intra-entity transfers of assets other than inventory. Under current guidance, income tax expense associated with intra-entity profits in an intercompany sale or transfer of assets is deferred until the assets leave the consolidated group. Similarly, the entity is prohibited from recognizing deferred tax assets for any increases in tax bases due to the intercompany sale or transfer. The new guidance requires the recognition of income tax expense and deferred tax benefits on increases on tax bases when an intercompany sale or transfer of other assets occurs. Income tax effects of intercompany inventory transactions will continue to be deferred until the assets leave the consolidated group. The guidance will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements, which is not expected to have a material impact on the Company's consolidated financial statements. In August 2017, the FASB issued new guidance on hedge accounting. The new guidance will allow 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. Finally, the standard amends various presentation and disclosure requirements. The guidance is effective as of January 1, 2019, however, early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. |
Acquisition of Signode
Acquisition of Signode | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition of Signode | Acquisition of Signode On December 19, 2017, the Company entered into an agreement to acquire Signode Industrial Group Holdings (Bermuda) Ltd. (“Signode”), a leading global provider of transit packaging systems and solutions, from The Carlyle Group and certain other sellers for $3.91 billion in cash, subject to adjustment. The acquisition will be undertaken by a subsidiary of Crown European Holdings S.A. The closing is subject to customary closing conditions including the receipt of regulatory approval from antitrust regulators in certain jurisdictions. On December 28, 2017, the Company amended its revolving credit agreements to provide additional capacity under the revolving credit facility, amend restrictive covenants regarding indebtedness and liens to permit incurrence of debt that may be used to fund the acquisition of Signode and extend the timetable for compliance with total leverage ratios. On January 26, 2018, the Company completed offerings of €335 of 2.250% senior unsecured notes due 2023, €500 of 2.875% senior unsecured notes due 2026 and $875 of 4.750% senior unsecured notes due 2026 (collectively, the “Notes”). The Euro denominated notes were issued by Crown European Holdings S.A, and the U.S. dollar notes were issued by Crown Americas LLC and Crown Americas Capital Corp. VI, each subsidiaries of the Company. The Notes are subject to a special mandatory redemption in the event that the Signode acquisition does not close by August 15, 2018. In addition, on January 29, 2018, the Company amended its revolving credit agreements to, among other changes, provide for the commitment to fund additional Term A loans and Term B loans to be used, among other things, in connection with the Signode acquisition. The maturity date for the Term B loans will be the seventh anniversary of the closing date of the acquisition. The interest rates on the Term B loans are based on LIBOR or EURIBOR plus a margin of 1.00% up to 2.375% . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | Accumulated Other Comprehensive Loss Attributable to Crown Holdings The following table provides information about the changes in each component of accumulated other comprehensive income for the years ended December 31, 2017 and 2016. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2016 $ (1,690 ) $ (1,446 ) $ (18 ) $ (3,154 ) Other comprehensive income / (loss) before reclassifications 118 (433 ) 18 (297 ) Amounts reclassified from accumulated other comprehensive income 48 — 3 51 Other comprehensive income / (loss) 166 (433 ) 21 (246 ) Balance at December 31, 2016 (1,524 ) (1,879 ) 3 (3,400 ) Other comprehensive income / (loss) before reclassifications (92 ) 198 41 147 Amounts reclassified from accumulated other comprehensive income 33 — (21 ) 12 Other comprehensive income / (loss) (59 ) 198 20 159 Balance at December 31, 2017 $ (1,583 ) $ (1,681 ) $ 23 $ (3,241 ) The following table provides information about the amounts reclassified from accumulated other comprehensive income in 2017 and 2016. Details about Accumulated Other Comprehensive Income Components Amount reclassified from Accumulated Other Comprehensive Income Affected line item in the Statement of Operations 2017 2016 (Gains) / losses on cash flow hedges Commodities $ (31 ) $ 8 Cost of products sold (31 ) 8 Total before tax 8 (2 ) Provision for income taxes (23 ) 6 Net of tax Foreign exchange 8 10 Net sales (6 ) (14 ) Cost of products sold 2 (4 ) Total before tax — 1 Provision for income taxes 2 (3 ) Net of tax Total (gains) / losses on cash flow hedges $ (21 ) $ 3 Amortization of defined benefit plan items Actuarial losses $ 99 $ 119 (a) Prior service credit (54 ) (52 ) (a) 45 67 Total before tax (12 ) (19 ) Provision for income taxes Total amortization of defined benefit plan items $ 33 $ 48 Net of tax Total reclassifications $ 12 $ 51 Net of tax (a) These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note T for further details. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables 2017 2016 Accounts receivable $ 894 $ 769 Less: allowance for doubtful accounts (71 ) (76 ) Net trade receivables 823 693 Miscellaneous receivables 218 172 $ 1,041 $ 865 The Company uses receivables securitization and factoring facilities in the normal course of business as part of managing its cash flows. The Company accounts for transfers under its securitization facilities as sales because the Company sells full title and ownership in the underlying receivables and has met the criteria for control of the receivables to be considered transferred. The Company accounts for its factoring arrangements as either sales or secured borrowing based on whether it has transferred control over the factored receivables. The Company’s continuing involvement in factored receivables accounted for as sales is limited to servicing the receivables. The Company receives adequate compensation for servicing the receivables and no servicing asset or liability is recorded. At December 31, amounts securitized or factored were as follows: 2017 2016 Accounted for as secured borrowings $ 12 $ 9 Accounted for as sales 964 816 Certain of the Company’s securitization facilities include a deferred purchase price component. As consideration for the sale of its receivables, the Company receives a cash payment and a new asset, the deferred purchase price receivable from the purchaser, which will be paid to the Company as payments on the receivables are collected from the account debtors. As the criteria for sale accounting have been met, the Company derecognizes the entire amount of receivables sold from its balance sheet and recognizes an asset at fair value for the deferred purchase price receivable as well as the cash received. As the deferred purchase price is not a trade receivable, it is reported in prepaid expenses and other current assets in the Company’s balance sheet. As receipt of the deferred purchase price coincides with collections of the underlying receivables, the collection period is short in duration. As of December 31, 2017 and 2016, the amount of deferred purchase price included in prepaid expenses and other current assets was $106 and $83 . The Company recorded expenses related to securitization and factoring facilities of $15 in 2017, $13 in 2016, and $12 in 2015 as interest expense. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories 2017 2016 Raw materials and supplies $ 737 $ 658 Work in process 139 116 Finished goods 509 471 $ 1,385 $ 1,245 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016 were as follows: Americas Beverage European Beverage European Food Non-reportable segments Total Balance at January 1, 2016 $ 944 $ 572 $ 1,241 $ 246 $ 3,003 Foreign currency translation (88 ) (61 ) (56 ) (12 ) (217 ) Transfers and other adjustments (36 ) — 5 36 5 Balance at December 31, 2016 820 511 1,190 270 2,791 Foreign currency translation 24 53 165 13 255 Balance at December 31, 2017 $ 844 $ 564 $ 1,355 $ 283 $ 3,046 The carrying amount of goodwill at December 31, 2017 and 2016 was net of the following accumulated impairments: Americas Beverage European Beverage European Food Non-reportable segments Total Accumulated impairments $ 29 $ 73 $ 724 $ 150 $ 976 Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class at December 31 were as follows: 2017 2016 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 461 $ (108 ) $ 353 $ 422 $ (71 ) $ 351 Long term supply contacts 143 (27 ) 116 137 (18 ) 119 $ 604 $ (135 ) $ 469 $ 559 $ (89 ) $ 470 The table above excludes other intangible assets with net balances of $ 3 and $2 at December 31, 2017 and 2016. Amortization expense for the years ended December 31, 2017, 2016, and 2015 was $39 , $41 and $40 . Annual amortization expense for each of the five years subsequent to 2017 is estimated to be $41 . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment 2017 2016 Buildings and improvements $ 1,214 $ 1,001 Machinery and equipment 5,131 4,628 Land and improvements 204 168 Construction in progress 369 406 6,918 6,203 Less: accumulated depreciation and amortization (3,679 ) (3,383 ) $ 3,239 $ 2,820 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Other Non-Current Assets | Other Non-Current Assets 2017 2016 Deferred taxes $ 399 $ 593 Pension assets 313 14 Debt issuance costs 13 6 Investments 9 4 Other 98 58 $ 832 $ 675 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities 2017 2016 Trade accounts payable $ 2,367 $ 1,951 Salaries, wages and other employee benefits, including pension and postretirement 162 162 Accrued taxes, other than on income 120 107 Accrued interest 54 54 Fair value of derivatives 23 36 Income taxes payable 23 34 Asbestos liabilities 30 30 Restructuring 17 19 Other 328 309 $ 3,124 $ 2,702 |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | Other Non-Current Liabilities 2017 2016 Asbestos liabilities $ 285 $ 312 Deferred taxes 202 203 Postemployment benefits 24 29 Income taxes payable 22 20 Environmental 12 12 Other 140 122 $ 685 $ 698 Income taxes payable includes unrecognized tax benefits as discussed in Note U . |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments The Company leases manufacturing, warehouse and office facilities and certain equipment. Certain of the leases contain renewal or purchase options, but the leases do not contain significant contingent rental payments, escalation clauses, rent holidays, rent concessions or leasehold improvement incentives. Under long-term operating leases, minimum annual rentals are $44 in 2018, $32 in 2019, $24 in 2020, $17 in 2021, $12 in 2022 and $67 thereafter. Such rental commitments have been reduced by minimum sublease rentals of $1 due under non-cancelable subleases. Rental expense (net of sublease rental income) was $50 in 2017 and $53 in both 2016 and 2015. |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Asbestos-Related Liabilities | Asbestos-Related Liabilities Crown Cork & Seal Company, Inc. (“Crown Cork”) is one of many defendants in a substantial number of lawsuits filed throughout the United States by persons alleging bodily injury as a result of exposure to asbestos. These claims arose from the insulation operations of a U.S. company, the majority of whose stock Crown Cork purchased in 1963. Approximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. Prior to 1998, amounts paid to asbestos claimants were covered by a fund made available to Crown Cork under a 1985 settlement with carriers insuring Crown Cork through 1976, when Crown Cork became self-insured. The fund was depleted in 1998 and the Company has no remaining coverage for asbestos-related costs. 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 at the time of enactment, caps asbestos-related liabilities at the fair market value of the predecessor's total gross assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total value of its predecessor's assets adjusted for inflation. Crown Cork has integrated the legislation into its claims defense strategy. The Company cautions, however, that the legislation may be challenged and there can be no assurance regarding the ultimate effect of the legislation on Crown Cork. In June 2003, the State of Texas enacted legislation that limits the asbestos-related liabilities in Texas courts of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The Texas legislation, which applies to future claims and pending claims, caps asbestos-related liabilities at the total gross value of the predecessor’s assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total adjusted value of its predecessor’s assets. In October 2010, the Texas Supreme Court reversed a lower court decision, Barbara Robinson v. Crown Cork & Seal Company, Inc., No. 14-04-00658-CV, Fourteenth Court of Appeals, Texas, which had upheld the dismissal of an asbestos-related case against Crown Cork. The Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June of 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld. The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. The Company's approximate claims activity for the years ended 2017, 2016 and 2015 were as follows: 2017 2016 2015 Beginning claims 55,500 54,500 54,000 New claims 2,500 2,500 2,500 Settlements or dismissals (2,500 ) (1,500 ) (2,000 ) Ending claims 55,500 55,500 54,500 The Company's cash payments during the years ended 2017 , 2016 , and 2015 were as follows: 2017 2016 2015 Asbestos-related payments $ 30 $ 30 $ 30 Settled claims payments (included in asbestos-related payments above) 24 23 22 In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes by year of exposure and state filed. As of December 31, 2017 and December 31, 2016 , the Company's outstanding claims were: 2017 2016 Claimants alleging first exposure after 1964 16,500 16,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 13,000 Pennsylvania 1,500 2,000 Other states that have enacted asbestos legislation 6,000 6,000 Other states 18,500 18,500 Total claims outstanding 55,500 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 its settlement experience with post-1964 claims, the Company does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) 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 December 31, 2017 . Approximately 81% of the claims outstanding at the end of 2017 were filed by plaintiffs who do not claim a specific amount of damages or claim a minimum amount as established by court rules relating to jurisdiction; approximately 15% were filed by plaintiffs who claim damages of less than $5 ; approximately 3% were filed by plaintiffs who claim damages from $5 to less than $100 ( 35% of whom claim damages less than $25 ) and 6 were filed by plaintiffs who claim damages in excess of $100 . As of December 31, 2017 , the Company’s accrual for pending and future asbestos-related claims and related legal costs was $ 315 , including $ 272 for unasserted claims. The Company determines its accrual without limitation to a specified 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, the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company, along with others in most cases, has been identified by the EPA or a comparable state environmental agency as a Potentially Responsible Party (“PRP”) at a number of sites and has recorded aggregate accruals of $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 FCO’s investigation is ongoing. To date, the FCO has not officially charged the Company or any of its subsidiaries with any violations of competition law. The Company conducted an internal investigation into the matter and has discovered instances of inappropriate conduct by certain employees of German subsidiaries of the Company. The Company is cooperating with the FCO and submitted a leniency application which disclosed the findings of its internal investigation to date and which may lead to the reduction of penalties that the FCO may impose. If the FCO finds that the Company or any of its subsidiaries violated competition law, the FCO has wide discretion to levy fines. At this stage of the investigation the Company believes that a loss is probable. However, the Company is unable to predict the ultimate outcome of the FCO’s investigation and is unable to estimate the loss or possible range of any additional losses that could be incurred, which could be material to the Company’s operating results and cash flows for the periods in which they are resolved or become reasonably estimable. The Company and its subsidiaries are also subject to various other lawsuits and claims with respect to labor, environmental, securities, vendor and other matters arising out of the Company’s normal course of business. While the impact on future financial results is not subject to reasonable estimation because considerable uncertainty exists, management believes that the ultimate liabilities resulting from such lawsuits and claims will not materially affect the Company’s consolidated earnings, financial position or cash flow. The Company has various commitments to purchase materials, supplies and utilities as part of the ordinary conduct of business. The Company’s basic raw materials for its products are steel and aluminum, both of which are purchased from multiple sources. The Company is subject to fluctuations in the cost of these raw materials and has periodically adjusted its selling prices to reflect these movements. There can be no assurance, however, that the Company will be able to fully recover any increases or fluctuations in raw material costs from its customers. The Company also has commitments for standby letters of credit and for purchases of capital assets. At December 31, 2017 , the Company was party to certain indemnification agreements covering environmental remediation, lease payments and other potential costs associated with properties sold or businesses divested. The Company accrues for costs related to these items when it is probable that a liability has been incurred and the amount can be reasonably estimated. |
Restructuring and Other
Restructuring and Other | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other charges as follows: 2017 2016 2015 Asset impairments and sales $ 12 $ 14 $ 22 Restructuring 18 12 23 Other costs 19 4 4 Transaction costs 2 — 15 $ 51 $ 30 $ 64 In 2017, asset impairments and sales included a charges of $19 for the write down of carrying value of fixed assets related to the closure of beverage can plants in China and the U.S., a promotional packaging facility in Europe and a food can facility in Peru. Asset impairments and sales also includes a benefit of $5 due to the expiration of an environmental indemnification related to the sale of certain operations in the Company's European Promotional Packaging business during 2015. Additionally, the Company recorded restructuring charges of $18 for termination benefits related to the plant closures listed above. In 2017, the Company also recorded a charge of $19 due to the settlement of a litigation matter related to Mivisa that arose prior to its acquisition by the Company in 2014. Transaction costs in 2017 relate to the acquisition of Signode as described in Note B . In 2016, the Company recorded an impairment charge of $9 to write down the carrying value of fixed assets and $3 for termination benefits related to the announced closure of a beverage can plant in the Company's Asia Pacific segment. The Company announced plans to close the plant in an effort to reduce cost by consolidating manufacturing processes in China. In 2015, asset impairments and sales and restructuring primarily related to the closure of two North America food can plants in the Company's Non-reportable segment and two plants in its European Food segment. Transaction costs related to the acquisition of Empaque. Restructuring charges by segment were as follows: 2017 2016 2015 Americas Beverage $ 3 $ 1 $ — European Food 4 4 19 Asia Pacific 3 3 — Non-reportable segments 8 4 2 Corporate — — 2 $ 18 $ 12 $ 23 Restructuring charges by type were as follows: 2017 2016 2015 Termination benefits $ 15 $ 9 $ 20 Other exit costs 3 3 3 $ 18 $ 12 $ 23 At December 31, 2017, the Company had a restructuring accrual of $17 , primarily related to the closure of the beverage can plant in the U.S. and the promotional packaging facility in Europe discussed above, and prior actions to reduce manufacturing capacity and headcount in its European businesses. The Company expects to pay 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. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2017 | |
Capital Stock [Abstract] | |
Capital Stock | Capital Stock A summary of common share activity for the years ended December 31 follows (in shares): 2017 2016 2015 Common shares outstanding at January 1 139,840,228 139,441,298 139,000,471 Shares repurchased (6,157,010 ) (162,563 ) (165,138 ) Shares issued upon exercise of employee stock options 299,050 348,640 207,890 Restricted stock issued to employees, net of forfeitures 269,025 187,209 375,575 Shares issued to non-employee directors 24,316 25,644 22,500 Common shares outstanding at December 31 134,275,609 139,840,228 139,441,298 In December 2016, the Company's Board of Directors authorized the repurchase of an aggregate amount of $1 billion of Company common stock through the end of 2019. Share repurchases under the Company's program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. As of December 31, 2017, $669 million of the Company’s outstanding common stock may be repurchased under the program. The Company is not obligated to acquire any shares of its common stock and the share repurchase program may be suspended or terminated at any time at the Company's discretion. Share repurchases are subject to the terms of the Company's debt agreements, market conditions and other factors. The repurchased shares, if any, are expected to be used for the Company's stock-based benefit plans, as required, and to offset dilution resulting from the issuance of shares thereunder. The Board of Directors has the authority to issue, at any time or from time to time, up to 30 million shares of preferred stock and has authority to fix the designations, number and voting rights, preferences, privileges, limitations, restrictions, conversion rights and other special or relative rights, if any, of any class or series of any class of preferred stock that may be desired, provided the shares of any such class or series of preferred stock shall not be entitled to more than one vote per share when voting as a class with holders of the Company's common stock. The Company’s ability to pay dividends and repurchase its common stock is limited by certain restrictions in its debt agreements. These restrictions are subject to a number of exceptions, however, allowing the Company to make otherwise restricted payments. The amount of restricted payments permitted to be made, including dividends and repurchases of the Company’s common stock, may be limited to the cumulative excess of $200 plus 50% of adjusted net income plus proceeds from the exercise of employee stock options over the aggregate of restricted payments made since July 2004. Adjustments to net income may include, but are not limited to, items such as asset impairments, gains and losses from asset sales and early extinguishments of debt. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s shareholder-approved stock-based incentive compensation plans provide for the granting of awards in the form of stock options, deferred stock, restricted stock or stock appreciation rights (“SARs”). The awards may be subject to the achievement of certain performance goals as determined by the Compensation Committee designated by the Company’s Board of Directors. There have been no awards of SARs. At December 31, 2017 , there were 4.4 million authorized shares available for future awards. Stock Options At December 31, 2017 and 2016 there were 70,000 and 369,050 options outstanding with weighted average exercise prices of $38.00 and $26.74 . There were no stock options granted in 2017 , 2016 or 2015 . The aggregate intrinsic values of options exercised during the years ended December 31, 2017 , 2016 and 2015 were $7 , $8 and $5 . As of December 31, 2017, all outstanding options have vested and all expense has been recognized. Restricted and Deferred Stock Annually, the Company awards shares of restricted stock to certain senior executives in the form of time-vested restricted stock and performance-based shares. The time-vested restricted stock vests ratably over three years . For awards subject to a market condition, the metric is the Company’s Total Shareholder Return (“TSR”), which includes share price appreciation and dividends paid, during the three -year term of the award measured against the TSR of a peer group of companies. For awards subject to a performance condition, the metric is the Company's average return on invested capital, over the three-year term. The performance-based shares cliff vest at the end of three years . The number of performance-based shares that will ultimately vest is based on the level of performance achieved, ranging between 0% and 200% of the shares originally awarded and will be settled in shares of common stock. Participants who terminate employment because of retirement, disability or death receive accelerated vesting of their time-vested awards to the date of termination. However, restrictions will lapse on performance-based awards, if at all, on the original vesting date. The Company also issues shares of time-vesting restricted stock to U.S. employees and deferred stock to non-U.S. employees which vest ratably over three to five years. A summary of restricted and deferred stock activity follows: Number of shares Non-vested shares outstanding at January 1, 2017 1,321,292 Awarded: Time-vesting 144,141 Performance-based 149,843 Released: Time-vesting (351,403 ) Performance-based (115,732 ) Forfeitures: Time-vesting (35,550 ) Performance-based (58,749 ) Non-vested shares outstanding at December 31, 2017 1,053,842 The average grant-date fair value of restricted stock awarded in 2017 , 2016 and 2015 follows: 2017 2016 2015 Time-vested $ 55.55 $ 51.04 $ 53.65 Performance-based 51.90 51.18 49.50 The fair values of the performance-based awards that include a market condition were calculated using a Monte Carlo valuation model and the following weighted average assumptions: 2017 2016 2015 Risk-free interest rate 1.4 % 1.2 % 1.1 % Expected term (years) 3 3 3 Expected stock price volatility 21.1 % 19.8 % 17.4 % At December 31, 2017 , unrecognized compensation cost related to outstanding restricted and deferred stock was $27 . The weighted average period over which the expense is expected to be recognized is 1.5 years . The aggregate market value of the shares released on the vesting dates was $26 in 2017. The Company maintains a Stock-Based Compensation Plan for Non-Employee Directors. Under the plan a portion of the non-employee directors' quarterly compensation is provided in the form of restricted stock. During 2017 , $1 of stock-based compensation was recognized under this plan. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2017 2016 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt 62 62 33 33 Long-term debt Senior secured borrowings: Revolving credit facilities 122 122 — — Term loan facilities U.S. dollar at LIBOR plus 1.50% due 2022 741 735 654 649 Euro at EURIBOR plus 1.50% due 2022 1 324 324 61 61 Farm credit facility at LIBOR plus 2.00% due 2019 — — 351 347 Senior notes and debentures: €650 at 4.0% due 2022 781 774 684 676 U. S. dollar at 4.50% due 2023 1,000 992 1,000 991 €600 at 2.625% due 2024 720 713 631 623 €600 at 3.375% due 2025 720 711 631 622 U.S. dollar at 4.25% due 2026 400 393 400 393 U.S. dollar at 7.375% due 2026 350 347 350 347 U.S. dollar at 7.50% due 2096 40 40 45 45 Other indebtedness in various currencies Fixed rate with rates in 2017 from 3.94% to 7.5% due through 2036 96 96 122 122 Variable rate with average rates in 2017 of 2.81% due through 2019 5 5 2 2 Capital lease obligations 29 29 — — Total long-term debt 5,328 5,281 4,931 4,878 Less: current maturities (64 ) (64 ) (162 ) (161 ) Total long-term debt, less current maturities $ 5,264 $ 5,217 $ 4,769 $ 4,717 (1) €270 and €58 at December 31, 2017 and 2016. The estimated fair value of the Company’s long-term borrowings, using a market approach incorporating level 2 inputs such as quoted market prices for the same or similar issues, was $5,562 at December 31, 2017 and $5,043 at December 31, 2016. The revolving credit facilities include provisions for letters of credit up to $210 that reduce the amount of borrowing capacity otherwise available. At December 31, 2017, the Company’s available borrowing capacity under the credit facilities was $1,236 , equal to the facilities’ aggregate capacity of $1,400 less $122 of borrowings outstanding and $42 of outstanding letters of credit. The interest rate on the facilities can vary from LIBOR or EURIBOR plus a margin of 1.25% up to 1.75% based on the Company's total net leverage ratio. The revolving credit facilities and term loans contain a total net leverage ratio financial covenant. The weighted average interest rates were as follows: 2017 2016 2015 Short-term debt 1.4 % 2.7 % 3.0 % Revolving credit facilities 3.3 % 3.8 % 4.4 % Aggregate maturities of long-term debt including capital lease obligations and excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2017 are $64 , $71 , $77 , $63 and $1,789 . Cash payments for interest during 2017, 2016 and 2015 were $225 , $217 and $249 . 2017 Activity In April 2017, the Company amended its credit agreement to provide for a $1,400 revolving credit facility, a $750 Term A Facility and a €275 Term Euro Facility, which matures in 2022. In connection with the amendment, the Company recorded a loss from early extinguishment of debt of $7 for the write-off of deferred financing fees. 2016 Activity In February 2016, the Company amended its credit agreement to provide for an additional $300 of term loan borrowings, the proceeds of which, along with borrowings under the revolving credit facilities and cash on hand were used to redeem the Company's $700 principal amount of 6.25% senior notes due 2021. In connection with the redemption, the Company recorded a loss from early extinguishment of debt of $27 for premiums paid and the write-off of deferred financing fees. In September 2016, the Company issued €600 ( $720 at December 31, 2017) principal amount of 2.625% senior unsecured notes due 2024. The notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used the proceeds to repay a portion of the Euro term loan facility. In connection with the repayment, the Company recorded a loss from early extinguishment of debt of $7 for the write-off of deferred financing fees. In September 2016, the Company also issued $400 principal amount of 4.25% 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. The Company used the proceeds to repay a portion of the U.S dollar term loan facility. In connection with the repayment, the Company recorded a loss from early extinguishment of debt of $3 for the write-off of deferred financing fees. |
Derivative and Other Financial
Derivative and Other Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Other Financial Instruments | Derivative and Other Financial Instruments Fair Value Measurements Under U.S. GAAP a framework exists for measuring fair value, providing a three-tier hierarchy of pricing inputs used to report assets and liabilities that are adjusted to fair value. Level 1 includes inputs such as quoted prices which are available in active markets for identical assets or liabilities as of the report date. Level 2 includes inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 includes unobservable pricing inputs that are not corroborated by market data or other objective sources. The Company has no items valued using Level 3 inputs other than certain pension plan assets. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities measured at fair value and their placement within the fair value hierarchy. The Company applies a market approach to value its commodity price hedge contracts. Prices from observable markets are used to develop the fair value of these financial instruments and they are reported under Level 2. The Company uses an income approach to value its foreign exchange forward contracts. These contracts are valued using a discounted cash flow model that calculates the present value of future cash flows under the terms of the contracts using market information as of the reporting date, such as foreign exchange spot and forward rates, and are reported under Level 2 of the fair value hierarchy. Fair value disclosures for financial assets and liabilities that were accounted for at fair value on a recurring basis are provided later in this note. In addition, see Note Q for fair value disclosures related to debt. Derivative Financial Instruments In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk and using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers. For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. When a hedge no longer qualifies for hedge accounting, the change in fair value from the date of the last effectiveness test is recognized in earnings. Any gain or loss which has accumulated in other comprehensive income at the date of the last effectiveness test is reclassified into earnings at the same time of the underlying exposure. Cash Flow Hedges The Company designates certain derivative financial instruments as cash flow hedges. No components of the hedging instruments are excluded from the assessment of hedge effectiveness. Changes in fair value of outstanding derivatives accounted for as cash flow hedges, except any ineffective portion, are recorded in other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon release from comprehensive income is the same as that of the underlying exposure. Contracts outstanding at December 31, 2017 mature between one and thirty-four months. When the Company discontinues hedge accounting because it is no longer probable that an anticipated transaction will occur in the originally specified period, changes to fair value accumulated in other comprehensive income are recognized immediately in earnings. The Company uses commodity forwards to hedge anticipated purchases of various commodities, including aluminum, fuel oil and natural gas and these exposures are hedged by a central treasury unit. The Company also designates certain foreign exchange contracts as cash flow hedges of anticipated foreign currency denominated sales or purchases. The Company manages these risks at the operating unit level. The following table sets forth financial information about the impact on Accumulated Other Comprehensive Income (“AOCI”) and earnings from changes in fair value related to derivative instruments. Amount of gain/(loss) Amount of gain/(loss) recognized in AOCI reclassified from AOCI (effective portion) into earnings Derivatives in cash flow hedges 2017 2016 2017 2016 Foreign exchange $ 2 $ (2 ) $ (2 ) $ 3 (1) Commodities 39 20 23 (6 ) (2) Total $ 41 $ 18 $ 21 $ (3 ) (1) In 2017, a loss of $8 ( $6 , net of tax) was recognized in net sales and a gain of $6 ( $4 , net of tax) was recognized in cost of products sold. In 2016, a loss of $10 ( $8 , net of tax) was recognized in net sale and a gain of $14 ( $11 , net of tax) was recognized in cost of products sold. (2) In 2017, a gain of $31 , including a loss of $2 ( $1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax charge of $8 was recognized in income tax expense. In 2016, a loss of $8 , including a gain of $1 ( $1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $2 was recognized in income tax expense. For the twelve-month period ending December 31, 2018, a net gain of $24 ( $20 , net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the twelve months ended December 31 , 2017 and 2016 in connection with anticipated transactions that were no longer considered probable. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated or did not qualify for hedge accounting; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes from re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. Changes in fair value of these derivative instruments are immediately recognized in earnings as foreign exchange adjustments. The impact on earnings from foreign exchange contracts designated as fair value hedges was a loss of less than $1 for the twelve months ended December 31 , 2017 and a loss of $8 for the twelve months ended December 31 , 2016 . The impact on earnings from foreign exchange contracts not designated as hedges was a gain of $41 for the twelve months ended December 31 , 2017 and a gain of $11 for the same period in 2016 . These adjustments were reported within translation and foreign exchange in the Consolidated Statements of Operations and were offset by changes in the fair values of the related hedged item. During the twelve months ended December 31 , 2017 and 2016, certain commodity hedges did not meet the criteria for hedge accounting and therefore the change in their fair value during the quarter was recognized in earnings. For the twelve months ended December 31 , 2017 and 2016, the Company recognized a gain of $2 ( $1 , net of tax) and a loss of $7 ( $5 , net of tax) related to these ineffective hedges. Net Investment Hedges During the twelve months ended December 31, 2017 and 2016, the Company recorded a loss of $153 ( $134 , net of tax) and a gain of $35 ( $23 , net of tax) in accumulated other comprehensive income for certain debt instruments that are designated as hedges of the Company's net investment in a euro-based subsidiary. Fair Values of Derivative Financial Instruments and Valuation Hierarchy The following table sets forth the fair value hierarchy for the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis. Derivative assets Balance Sheet classification Fair Value hierarchy December 31, 2017 December 31, 2016 Derivatives designated as hedges: Foreign exchange Other current assets 2 $ 12 $ 24 Commodities Other current assets 2 25 13 Commodities Other non-current assets 2 4 3 Derivatives not designated as hedges: Commodities Other current assets 2 22 5 Total $ 63 $ 45 Derivative liabilities Derivatives designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 $ 8 $ 28 Commodities Accounts payable and accrued liabilities 2 — 3 Foreign exchange Other non-current liabilities 2 — 1 Derivatives not designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 — 5 Commodities Accounts payable and accrued liabilities 2 15 — Total $ 23 $ 37 Offsetting of Derivative Assets and Liabilities Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the statement of financial position. In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at December 31, 2017 Derivative assets $ 63 $ 17 $ 46 Derivative liabilities 23 17 6 Balance at December 31, 2016 Derivative assets $ 45 $ 6 $ 39 Derivative liabilities 37 6 31 Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets were: December 31, 2017 December 31, 2016 Derivatives in cash flow hedges: Foreign exchange $ 864 $ 644 Commodities 276 180 Derivatives in fair value hedges: Foreign exchange 60 73 Derivatives not designated as hedges: Foreign exchange 575 618 Commodities 40 72 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes basic and diluted earnings per share (EPS). Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of stock options and restricted stock as calculated under the treasury stock method. 2017 2016 2015 Net income attributable to Crown Holdings $ 323 $ 496 $ 393 Weighted average shares outstanding (in millions): Basic 135.29 138.53 137.94 Add: dilutive stock options and restricted stock 0.32 0.78 1.20 Diluted 135.61 139.31 139.14 Basic EPS $ 2.39 $ 3.58 $ 2.85 Diluted EPS $ 2.38 $ 3.56 $ 2.82 Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive — 0.5 0.1 For purposes of calculating assumed proceeds under the treasury stock method when determining the diluted weighted average shares outstanding, in 2016 and 2015 the Company excluded the impact of windfall tax benefits unless the deduction reduced cash taxes payable. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits In 2016, the Company changed the method used to estimate the service and interest cost components of net periodic pension and postretirement benefits cost. The new method uses the spot yield curve approach to estimate the service and interest cost by applying the specific spot rates along the yield curve used to determine the benefit plan obligations to relevant projected cash outflows. Previously, the service and interest cost components were determined using a single weighted-average discount rate. The change does not affect the measurement of the total benefit plan obligation. The spot yield curve approach provides a more precise measure of service and interest cost by improving the correlation between the projected benefit cash flows and the discrete spot yield curve rates. The company accounted for this change as a change in estimate prospectively beginning in 2016. Pensions. The Company sponsors various pension plans covering certain U.S. and non-U.S. employees, and participates in certain multi-employer pension plans. The benefits under the Company plans are based primarily on years of service and either the employees’ remuneration near retirement or a fixed dollar multiple. A measurement date of December 31 was used for all plans presented below. The components of pension expense were as follows: U.S. Plans 2017 2016 2015 Service cost $ 14 $ 14 $ 14 Interest cost 50 50 63 Expected return on plan assets (83 ) (91 ) (100 ) Settlements — 14 2 Amortization of actuarial loss 52 50 50 Amortization of prior service cost 1 1 — Net periodic cost $ 34 $ 38 $ 29 Non-U.S. Plans 2017 2016 2015 Service cost $ 22 $ 21 $ 24 Interest cost 75 101 127 Expected return on plan assets (146 ) (157 ) (172 ) Curtailments (3 ) — — Amortization of actuarial loss 42 50 55 Amortization of prior service credit (11 ) (12 ) (13 ) Net periodic benefit / (cost) $ (21 ) $ 3 $ 21 Additional pension expense of $5 was recognized in each of 2017, 2016 and 2015 for multi-employer plans. The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans were as follows: U.S. Plans Non-U.S. Plans 2017 2016 2017 2016 Projected Benefit Obligations Benefit obligations at January 1 $ 1,482 $ 1,501 $ 3,283 $ 3,493 Service cost 14 14 22 21 Interest cost 50 50 75 101 Plan participants’ contributions — — 3 3 Amendments 4 3 — — Settlements — (39 ) (7 ) — Actuarial loss 51 54 39 382 Benefits paid (102 ) (101 ) (214 ) (172 ) Foreign currency translation — — 306 (545 ) Benefit obligations at December 31 $ 1,499 $ 1,482 $ 3,507 $ 3,283 Plan Assets Fair value of plan assets at January 1 $ 1,156 $ 1,190 $ 3,152 $ 3,169 Actual return on plan assets 162 65 134 611 Employer contributions 4 41 290 62 Plan participants’ contributions — — 3 3 Settlements — (39 ) (7 ) — Benefits paid (102 ) (101 ) (214 ) (172 ) Foreign currency translation — — 307 (521 ) Fair value of plan assets at December 31 $ 1,220 $ 1,156 $ 3,665 $ 3,152 Funded Status $ (279 ) $ (326 ) $ 158 $ (131 ) Accumulated benefit obligations at December 31 $ 1,445 $ 1,446 $ 3,418 $ 3,191 Information for pension plans with accumulated benefit obligations in excess of plan assets was as follows: U.S. Plans 2017 2016 Projected benefit obligations $ 1,499 $ 1,482 Accumulated benefit obligations 1,445 1,446 Fair value of plan assets 1,220 1,156 Non-U.S. Plans 2017 2016 Projected benefit obligations $ 247 $ 224 Accumulated benefit obligations 223 200 Fair value of plan assets 94 85 The Company’s investment strategy in its U.S. plan is designed to generate returns that are consistent with providing benefits to plan participants within the risk tolerance of the plan. Asset allocation is the primary determinant of return levels and investment risk exposure. The assets of the plan are broadly diversified in terms of securities and security types in order to limit the potential of large losses from any one security. The strategic ranges for asset allocation in the U.S. plan are as follows: U.S. equities 38 % to 48 % International equities 12 % to 18 % Fixed income 15 % to 25 % Balanced funds 12 % to 18 % Real estate 5 % to 10 % The Company’s investment strategy in its U.K. plan, the largest non-U.S. plan, is designed to achieve a funding level of 100% within the next 9 years by targeting an expected return of 2.0% annually in excess of the expected growth in the liabilities. The Company seeks to achieve this return with a risk level commensurate with a 5% chance of the funding level falling between 4% and 7% in any one year. The strategic ranges for asset allocation in the U.K. plan are as follows: Investment grade credit 30 % to 90 % Equities 0 % to 30 % Hedge funds 0 % to 10 % Real estate 0 % to 5 % Private equity 0 % to 15 % Alternative credit 0 % to 20 % Other 0 % to 15 % Pension assets are classified into three levels. Level 1 asset values are derived from quoted prices which are available in active markets as of the report date. Level 2 asset values are derived from other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the report date. Level 3 asset values are derived from unobservable pricing inputs that are not corroborated by market data or other objective sources. Level 1 Investments Equity securities are valued at the latest quoted prices taken from the primary exchange on which the security trades. Mutual funds are valued at the net asset value (NAV) of shares held at year-end. Level 2 Investments Fixed income securities, including government issued debt, corporate debt, asset-backed and structured debt securities are valued using the latest bid prices or valuations based on a matrix system (which considers such factors as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and other reference data including market research publications. Derivatives, which consist mainly of interest rate swaps, are valued using a discounted cash flow pricing model based on observable market data. Level 3 Investments Hedge funds and private equity funds are valued at the NAV at year-end. The values assigned to private equity funds are based upon assessments of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, and performance multiples among other factors. Real estate investments are based on third party appraisals. Investments Measured Using NAV per Share Practical Expedient The investment funds’ portfolio invested in the following: Global Equity, that invests in equity securities of various market sectors including industrial materials, consumer discretionary goods and services, financial infrastructure, technology, and health care; Emerging Markets that invest in equity markets within financial services, consumer goods and services, energy, and technology; and Fixed Income. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair value. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurements at the reporting date. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and their placement within the fair value hierarchy. The levels assigned to the defined benefit plan assets as of December 31, 2017 and 2016 are summarized in the tables below: 2017 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 13 $ 304 $ 317 Global large cap equity — 34 34 U.S. large cap equity 82 32 114 Global mid/small cap equity — 10 10 U.S. mid/small cap equity 247 32 279 Mutual funds – global equity 175 — 175 Mutual funds – U.S. equity 225 — 225 Mutual funds – fixed income 93 — 93 835 412 1,247 Level 2 Government issued debt securities 50 556 606 Corporate debt securities 76 4 80 Asset backed securities 9 — 9 Structured debt — 904 904 Insurance contracts — 18 18 Derivatives — 136 136 Investment funds – fixed income 3 482 485 Investment funds – global equity — 132 132 138 2,232 2,370 Level 3 Investment funds – real estate 94 64 158 Hedge funds — 189 189 Private equity 15 132 147 Real estate – direct 18 6 24 127 391 518 Total assets in fair value hierarchy 1,100 3,035 4,135 Investments measured at NAV Practical Expedient (a) Investment funds – fixed income 76 123 199 Investment funds – global equity 19 183 202 Investment funds – emerging markets 24 — 24 Hedge funds — 251 251 Investment funds – real estate — 68 68 119 625 744 Total investments at fair value $ 1,219 $ 3,660 $ 4,879 2016 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 15 $ 83 $ 98 Global large cap equity — 14 14 U.S. large cap equity 60 6 66 Global mid/small cap equity — 5 5 U.S. mid/small cap equity 238 24 262 Mutual funds – global equity 149 2 151 Mutual funds – U.S. equity 214 — 214 Mutual funds – fixed income 92 — 92 768 134 902 Level 2 Government issued debt securities 49 514 563 Corporate debt securities 75 61 136 Asset backed securities 11 2 13 Structured debt — 695 695 Insurance contracts — 16 16 Derivatives — 98 98 Investment funds – fixed income 2 496 498 Investment funds – global equity — 82 82 137 1,964 2,101 Level 3 Investment funds – real estate 85 47 132 Hedge funds — 207 207 Private equity 22 193 215 Real estate – direct 17 5 22 124 452 576 Total assets in fair value hierarchy 1,029 2,550 3,579 Investments measured at NAV Practical Expedient (a) Investment funds – fixed income 77 110 187 Investment funds – global equity 26 243 269 Investment funds – emerging markets 23 — 23 Hedge funds — 186 186 Investment funds – real estate — 57 57 126 596 722 Total investments at fair value $ 1,155 $ 3,146 $ 4,301 (a) In accordance with ASU No. 2015-07, certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Accrued income excluded from the tables above was as follows: 2017 2016 U.S. plan assets $ 1 $ 1 Non-U.S. plan assets 5 6 Plan assets include $189 and $177 of the Company’s common stock at December 31, 2017 and 2016. The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3). Hedge funds Private equity Real estate Total Balance at January 1, 2016 $ 225 $ 281 $ 136 $ 642 Foreign currency translation (37 ) (42 ) (4 ) (83 ) Asset returns – assets held at reporting date 24 2 10 36 Asset returns – assets sold during the period 1 36 — 37 Purchases, sales and settlements, net (6 ) (62 ) 12 (56 ) Balance at December 31, 2016 207 215 154 576 Foreign currency translation 20 19 5 44 Asset returns – assets held at reporting date (38 ) (57 ) 7 (88 ) Asset returns – assets sold during the period 32 53 — 85 Purchases, sales and settlements, net (32 ) (83 ) 16 (99 ) Balance at December 31, 2017 $ 189 $ 147 $ 182 $ 518 The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient: Fair Value Redemption Frequency Redemption Notice Period Balance at December 31, 2017 Investment funds – fixed income $ 199 Daily 1 day Investment funds – global equity 202 Monthly 1 - 30 days Investment funds – emerging markets 24 Daily 30 days Hedge funds 251 Monthly 3 - 45 days Investment funds – real estate 68 Weekly 2 days Balance at December 31, 2016 Investment funds – fixed income $ 187 Daily 1 - 15 days Investment funds – global equity 269 Monthly 1 - 30 days Investment funds – emerging markets 23 Daily 30 days Hedge funds 186 Monthly 5 - 45 days Investment funds – real estate 57 Weekly 2 days The pension plan assets valued using net asset value as a practical expedient do not have any unfunded commitments. Pension assets and liabilities included in the Consolidated Balance Sheets were: 2017 2016 Non-current assets $ 313 $ 14 Current liabilities 6 8 Non-current liabilities 434 469 The Company’s current liability at December 31, 2017, represents the expected required payments to be made for unfunded plans over the next twelve months. Total estimated 2017 employer contributions are $18 for the Company’s pension plans. Changes in the net loss and prior service credit for the Company’s pension plans were: 2017 2016 2015 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 2,032 $ (32 ) $ 2,320 $ (54 ) $ 2,423 $ (71 ) Reclassification to net periodic benefit cost (95 ) 14 (114 ) 11 (105 ) 13 Current year loss/(gain) 21 — 13 — 95 — Amendments — 4 — 3 — — Foreign currency translation 99 (2 ) (187 ) 8 (93 ) 4 Balance at December 31 $ 2,057 $ (16 ) $ 2,032 $ (32 ) $ 2,320 $ (54 ) The estimated portions of the net losses and net prior service that are expected to be recognized as components of net periodic benefit cost / (credit) in 2018 are $93 and $(10) . Expected future benefit payments as of December 31, 2017 are: U.S. plans Non-U.S. plans 2018 $ 102 $ 161 2019 107 164 2020 107 167 2021 98 166 2022 100 168 2023 - 2027 491 846 The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: U.S. Plans 2017 2016 2015 Discount rate 3.7 % 4.2 % 4.4 % Compensation increase 4.7 % 4.6 % 4.6 % Non-U.S. Plans 2017 2016 2015 Discount rate 2.5 % 2.7 % 3.7 % Compensation increase 3.2 % 3.3 % 2.9 % The weighted average actuarial assumptions used to calculate pension expense for each year were: U.S. Plans 2017 2016 2015 Discount rate - service cost 4.7 % 4.9 % 4.0 % Discount rate - interest cost 3.4 % 3.5 % 4.0 % Compensation increase 4.6 % 4.6 % 4.6 % Long-term rate of return 7.5 % 8.0 % 8.0 % Non-U.S. Plans 2017 2016 2015 Discount rate - service cost 2.8 % 3.9 % 3.4 % Discount rate - interest cost 2.3 % 3.2 % 3.4 % Compensation increase 3.3 % 2.9 % 2.7 % Long-term rate of return 4.5 % 5.4 % 5.2 % The expected long-term rates of return are determined at each measurement date based on a review of the actual plan assets, the target allocation, and the historical returns of the capital markets. The U.S. plan’s 2017 assumed asset rate of return was based on a calculation using underlying assumed rates of return of 9.2% for equity securities and alternative investments, 4.2% for debt securities and 5.0% for real estate. The rate of return used for equity securities and alternative investments was based on the total return of the S&P 500 for the 25 year period ended December 31, 2016. The Company believes that the equity securities included in the S&P 500 are representative of the equity securities and alternative investments held by its U.S. plan, and that this period provides a sufficient time horizon as a basis for estimating future returns. The rate of return used for debt securities is consistent with the U.S. plan discount rate and the return on AA corporate bonds with duration equal to the plan’s liabilities. The underlying debt securities in the plan are primarily invested in various corporate and government agency securities and are benchmarked against returns on AA corporate bonds. The U.K. plan’s 2017 assumed asset rate of return was based on a calculation using underlying assumed rates of return of 8.5% for equity securities and alternative investments, 2.5% for debt securities and 5.0% for real estate. The assumed rate of return for equity securities and alternative investments represents the weighted average 25 year return of equity securities in the related markets. The Company believes that the equity securities included in the related market indexes are representative of the equity securities and alternative investments held by its U.K. plan, and that this period provides a sufficient time horizon as a basis for estimating future returns. Other Postretirement Benefit Plans. The Company sponsors unfunded plans to provide health care and life insurance benefits to certain pensioners and survivors. Generally, the medical plans pay a stated percentage of medical expenses reduced by deductibles and other coverages. Life insurance benefits are generally provided by insurance contracts. The Company reserves the right, subject to existing agreements, to change, modify or discontinue the plans. A measurement date of December 31 was used for the plans presented below. The components of net postretirement benefits cost were as follows: Other Postretirement Benefits 2017 2016 2015 Service cost $ — $ — $ 1 Interest cost 6 6 7 Amortization of prior service credit (40 ) (41 ) (37 ) Amortization of actuarial loss 4 5 4 Net periodic benefit credit $ (30 ) $ (30 ) $ (25 ) Changes in the benefit obligations were: 2017 2016 Benefit obligations at January 1 $ 167 $ 171 Service cost — — Interest cost 6 6 Actuarial loss 4 7 Benefits paid (13 ) (15 ) Foreign currency translation 4 (2 ) Benefit obligations at December 31 $ 168 $ 167 Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: 2017 2016 2015 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 49 $ (182 ) $ 47 $ (225 ) $ 69 $ (211 ) Reclassification to net periodic benefit cost (4 ) 40 (5 ) 41 (4 ) 37 Current year loss 4 — 7 — (18 ) — Amendments — — — — — (51 ) Foreign currency translation — — — 2 — — Balance at December 31 $ 49 $ (142 ) $ 49 $ (182 ) $ 47 $ (225 ) The estimated portions of the net losses and prior service credits that are expected to be recognized as components of net periodic benefit cost/(credit) in 2017 are $4 and $(37) . Expected future benefit payments are as follows: Benefit Payments 2018 $ 14 2019 14 2020 14 2021 13 2022 13 2023 - 2027 56 The assumed health care cost trend rates at December 31, 2017 were as follows: Health care cost trend rate assumed for 2018 4.6 % Rate that the cost trend rate gradually declines to 3.8 % Year that the rate reaches the rate it is assumed to remain 2035 A one-percentage-point change in assumed health care cost trend rates would have the following effects: One percentage point Increase Decrease Effect on total service and interest cost $ 1 $ 1 Effect on postretirement benefit obligation $ 7 $ 6 Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below. 2017 2016 2015 Benefit obligations 3.8 % 4.0 % 3.9 % Service cost 5.0 % 4.9 % 4.0 % Interest cost 3.5 % 3.6 % 4.0 % Employee Savings Plan. The Company sponsors a Savings Investment Plan which covers substantially all U.S. salaried employees who are at least 21 years of age. The Company matches up to 50% of 3% of a participant’s compensation and the total Company contributions were $2 in each of the last three years. Employee Stock Purchase Plan. The Company sponsors an Employee Stock Purchase Plan which covers all U.S. employees with one or more years of service who are non-officers and non-highly compensated as defined by the Internal Revenue Code. Eligible participants contribute 85% of the quarter-ending market price towards the purchase of each common share. The Company’s contribution is equivalent to 15% of the quarter-ending market price. Total shares purchased under the plan in 2017 and 2016 were 25,511 and 26,299 and the Company’s contributions were less than $1 in both years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes were as follows: 2017 2016 2015 U.S. $ 10 $ (3 ) $ 18 Foreign 819 772 621 $ 829 $ 769 $ 639 The provision for income taxes consisted of the following: 2017 2016 2015 Current tax: U.S. federal $ — $ (1 ) $ 6 State and foreign 154 171 147 $ 154 $ 170 $ 153 Deferred tax: U.S. federal $ 217 $ 19 $ 12 State and foreign 30 (3 ) 13 247 16 25 Total $ 401 $ 186 $ 178 The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items: 2017 2016 2015 U.S. statutory rate at 35% $ 290 $ 269 $ 224 Tax on foreign income (81 ) (88 ) (74 ) Valuation allowance 9 (14 ) 21 Tax contingencies 6 11 13 Tax law changes 174 3 4 Other items, net 3 5 (10 ) Income tax provision $ 401 $ 186 $ 178 The Company benefits from certain incentives in Brazil which allow it to pay reduced income taxes. The incentives expire at various dates beginning in 2019 . These incentives increased net income attributable to the Company by $14 , $13 and $8 in 2017, 2016 and 2015. The Company paid taxes of $154 , $158 and $137 in 2017, 2016 and 2015. The Tax Act resulted in significant changes from previous tax law, including reduction of the U.S. corporate tax rate from 35% to 21% and a one-time tax imposed on the unremitted earnings of other non-U.S. subsidiaries (the "transition tax"). The adjustments to deferred tax assets and liabilities, and the charge for the transition tax are provisional amounts based on reasonable estimates from the information available as of December 31, 2017. The amounts are subject to change as the Company obtains information necessary to complete the calculations. The Company will continue to review the technical interpretations of the Tax Act and other applicable laws, monitor legislative changes, and review U.S. state guidance as it is issued. The Company expects to complete the analysis of the provisional items during the fourth quarter of 2018. As a result of the tax rate reduction, the Company has provisionally reflected a reduction in net deferred tax assets of $103 and a corresponding deferred income tax charge of $106 recorded in the consolidated statement of operations and an income tax benefit of $3 recorded in other comprehensive income. Federal income tax expense for periods beginning in 2018 will be based on the new rate. Additionally, the Company has recorded a provisional obligation of $82 for the transition tax and expects to be able to use foreign tax credit carryforwards to satisfy this obligation. Accordingly, the Company provisionally reversed $11 of deferred tax liabilities related to cumulative undistributed foreign earnings and recorded a charge of $25 for the usage of related foreign tax credits. As of December 31, 2017 the Company has not provided deferred taxes on approximately $1,300 of earnings in certain non-U.S. subsidiaries because such earnings are indefinitely reinvested in its international operations. Upon distribution of such earnings in the form of dividends or otherwise, the Company may be subject to incremental foreign tax. It is not practicable to estimate the amount of foreign tax that might be payable. The Company continues to believe that these earnings are indefinitely reinvested; however, as the Company continues to evaluate the impacts of the Tax Act, the Company may change this assertion in a future period. The components of deferred taxes at December 31 are: 2017 2016 Assets Liabilities Assets Liabilities Tax loss and credit carryforwards $ 503 $ — $ 480 $ — Postretirement and postemployment benefits 43 — 63 — Pensions 185 105 220 62 Property, plant and equipment 18 151 17 150 Intangible assets — 128 — 128 Deemed repatriation tax — 57 — — Asbestos 74 — 128 — Accruals and other 87 44 125 78 Valuation allowances (228 ) — (225 ) — Total $ 682 $ 485 $ 808 $ 418 Tax loss and credit carryforwards expire as follows: Year Amount 2018 $ 15 2019 17 2020 30 2021 37 2022 166 Thereafter 151 Unlimited 87 Tax loss and credit carryforwards expiring in 2022 includes $152 of U.S. federal foreign tax credits and tax loss and credit carryforwards expiring after 2022 includes $128 of U.S. state tax loss carryforwards. The unlimited category includes $56 of French tax loss carryforwards. Realization of any portion of the Company’s deferred tax assets is dependent upon the availability of taxable income in the relevant jurisdictions. The Company considers all sources of taxable income, including (i) taxable income in any available carry back period, (ii) the reversal of taxable temporary differences, (iii) tax-planning strategies, and (iv) taxable income expected to be generated in the future other than from reversing temporary differences. The Company also considers whether there have been cumulative losses in recent years. The Company records a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company’s valuation allowances at December 31, 2017 include $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’s ability to utilize state tax loss carryforwards is impacted by several factors including taxable income, expiration dates, limitations imposed by certain states on the amount of loss carryforwards that can be used in a given year to offset taxable income and whether the state permits the Company to file a combined return. The Company has not yet been able to make a reasonable estimate of the impact of the Tax Act's transition tax on state taxable income and any related impact on this valuation allowance. In 2016, the Company recorded a net benefit of $31 to release the valuation allowance against its net deferred tax assets in Canada. The Company's operations in Canada recently returned to profitability in part due to benefits from recent restructuring actions and improved cost performance. Based on current projections, the Company believes it is more likely than not that it will realize the deferred tax assets. The Company's loss carryforwards in Canada expire at various dates beginning in 2026. If future changes impact the Company's profitability in Canada, it is possible that the Company may record an additional valuation allowance in the future. Management’s estimates of the appropriate valuation allowance in any jurisdictions involve a number of assumptions and judgments, including the amount and timing of future taxable income. Should future results differ from management’s estimates, it is possible there could be future adjustments to the valuation allowances that would result in an increase or decrease in tax expense in the period such changes in estimates are made. A reconciliation of unrecognized tax benefits follows: 2017 2016 2015 Balance at January 1 $ 27 $ 28 $ 26 Additions for prior year tax positions 6 13 13 Reductions to prior period tax positions (2 ) — — Lapse of statute of limitations — (2 ) — Settlements (4 ) (12 ) (9 ) Foreign currency translation 2 — (2 ) Balance at December 31 $ 29 $ 27 $ 28 The Company’s unrecognized tax benefits include potential liabilities related to transfer pricing, foreign withholding taxes, and non-deductibility of expenses and exclude $1 of interest and penalties as of December 31, 2017. In 2016, the Spanish tax authorities concluded audits of Mivisa's Spanish tax operations for the years 2009 to 2014. In connection with the audits, the Company recognized a charge of $8 to settle certain tax contingencies. In 2015, the increase for prior year positions related to an unfavorable tax court ruling in Spain. The total interest and penalties recorded in income tax expense was less than $1 in 2017 and 2016 and $3 in 2015. As of December 31, 2017, unrecognized tax benefits of $29 , if recognized, would affect the Company's effective tax rate. The Company’s unrecognized tax benefits are not expected to increase over the next twelve months and are expected to decrease as open tax years lapse or claims are settled. The Company is unable to estimate a range of reasonably possible changes in its unrecognized tax benefits in the next twelve months as it is unable to predict when, or if, the tax authorities will commence their audits, the time needed for the audits, and the audit findings that will require settlement with the applicable tax authorities, if any. The tax years that remained subject to examination by major tax jurisdictions as of December 31, 2017 were, 2006 and subsequent years for the U.K.; 2009 and subsequent years for Spain; 2010 and subsequent years for Germany; 2012 and subsequent years for Mexico; 2013 and subsequent years for Italy and Brazil; 2014 and subsequent years for Canada; and 2015 and subsequent years for France and the U.S.. In addition, tax authorities in certain jurisdictions, including France and the U.S., may examine earlier years when tax carryforwards that were generated in those years are subsequently utilized. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s business is organized geographically within three divisions, Americas, Europe and Asia Pacific. Within the Americas and European divisions, the Company has determined that it has the following reportable segments organized along a combination of product lines and geographic areas: Americas Beverage within the Americas, and European Beverage and European Food within Europe. The Company's Asia Pacific division is a reportable segment. Non-reportable segments include the Company’s aerosol can businesses in North America and Europe, the Company's food can business in North America, the Company’s promotional packaging business in Europe and the Company’s tooling and equipment operations in the U.S. and United Kingdom. The Company evaluates performance and allocates resources based on segment income. Segment income, which is not a defined term under GAAP, is defined by the Company as income from operations adjusted to add back provisions for asbestos and restructuring and other, the impact of fair value adjustments related to the sale of inventory acquired in an acquisition and the timing impact of hedge ineffectiveness. Segment income should not be considered in isolation or as a substitute for net income data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. Effective January 1, 2018, the Company made changes to our segment reporting to reflect refinements to its internal reporting. The North America Food Segment was classified as a non-reportable segments. Additionally, the Company revised its definition of segment income to also exclude intangibles amortization charges. Prior period segment income amounts have been recast to conform to current year presentation of intangible amortization charges and the new guidance related to the presentation of pension and other postretirement benefit costs discussed in Note A . The tables below present information about operating segments for the three years ended December 31, 2017, 2016 and 2015 : 2017 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,928 $ 34 $ 3,253 $ 95 $ 167 $ 470 European Beverage 1,457 2 1,631 35 109 235 European Food 1,935 70 2,964 52 45 264 Asia Pacific 1,177 — 1,355 42 123 168 Total reportable segments 7,497 106 9,203 224 444 $ 1,137 Non-reportable segments 1,201 116 1,039 19 27 Corporate and unallocated items — — 421 4 27 Total $ 8,698 $ 222 $ 10,663 $ 247 $ 498 2016 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,757 $ 50 $ 2,886 $ 92 $ 220 $ 456 European Beverage 1,420 3 1,381 32 94 240 European Food 1,855 59 2,557 53 42 260 Asia Pacific 1,116 — 1,161 40 80 152 Total reportable segments 7,148 112 7,985 217 436 $ 1,108 Non-reportable segments 1,136 153 1,034 18 23 Corporate and unallocated items — — 580 12 14 Total $ 8,284 $ 265 $ 9,599 $ 247 $ 473 2015 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,771 $ 71 $ 2,977 $ 93 $ 119 $ 431 European Beverage 1,504 1 1,461 27 97 223 European Food 1,984 93 2,723 53 35 263 Asia Pacific 1,202 2 1,133 40 68 145 Total reportable segments 7,461 167 8,294 213 319 $ 1,062 Non-reportable segments 1,301 100 984 18 29 Corporate and unallocated items — — 772 6 6 Total $ 8,762 $ 267 $ 10,050 $ 237 $ 354 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Corporate and unallocated items include corporate and division administrative costs, technology costs, and the timing impact of hedge ineffectiveness. A reconciliation of segment income of reportable segments to income before income taxes for the three years ended December 31, 2017, 2016 and 2015 follows: 2017 2016 2015 Segment income of reportable segments $ 1,137 $ 1,108 $ 1,062 Segment income of non-reportable segments 123 123 153 Corporate and unallocated items (143 ) (142 ) (172 ) Provision for asbestos (3 ) (21 ) (26 ) Restructuring and other (51 ) (30 ) (64 ) Amortization of intangibles (39 ) (41 ) (40 ) Loss from early extinguishments of debt (7 ) (37 ) (9 ) Other pension and postretirement 53 24 14 Interest expense (252 ) (243 ) (270 ) Interest income 15 12 11 Foreign exchange (4 ) 16 (20 ) Income before income taxes $ 829 $ 769 $ 639 For the three years ended December 31, 2017, 2016 and 2015 , intercompany profit of $8 , $13 and $2 was eliminated within segment income of non-reportable segments. For the three years ended December 31, 2017, 2016 and 2015 , no one customer accounted for more than 10% of the Company's consolidated net sales. Sales by major product were: 2017 2016 2015 Metal beverage cans and ends $ 5,085 $ 4,834 $ 4,957 Metal food cans and ends 2,331 2,213 2,410 Other metal packaging 887 877 977 Other products 395 360 418 Consolidated net sales $ 8,698 $ 8,284 $ 8,762 The following table provides sales and long-lived asset information for the major countries in which the Company operates. Long-lived assets includes property, plant and equipment attributed to the specific countries listed below. Net Sales Long-Lived Assets 2017 2016 2015 2017 2016 United States $ 1,931 $ 1,918 $ 2,013 $ 516 $ 497 Mexico 699 688 693 388 304 Spain 649 645 669 323 203 United Kingdom 600 559 712 150 136 Brazil 652 523 482 335 358 Other 4,167 3,951 4,193 1,527 1,322 Consolidated total $ 8,698 $ 8,284 $ 8,762 $ 3,239 $ 2,820 |
Condensed Combining Financial I
Condensed Combining Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Combining Financial Information | Condensed Combining Financial Information Crown Cork & Seal Company, Inc. (Issuer), a wholly owned subsidiary, 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. The following condensed combining financial statements: • statements of comprehensive income and cash flows for the years ended December 31, 2017, 2016 , 2015, and • balance sheets as of December 31, 2017 and December 31, 2016 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales 8,698 $ 8,698 Cost of products sold, excluding depreciation and amortization 7,006 7,006 Depreciation and amortization 247 247 Selling and administrative expense 2 365 367 Provision for asbestos 3 3 Restructuring and other (1 ) 52 51 Income from operations — (4 ) 1,028 — 1,024 Loss from early extinguishments of debt 7 7 Other pension and postretirement 7 (60 ) (53 ) Net interest expense 91 146 237 Foreign exchange 4 4 Income/(loss) before income taxes — (102 ) 931 — 829 Provision for / (benefit from) income taxes 194 207 401 Equity earnings in affiliates 323 531 (854 ) — Net income 323 235 724 (854 ) 428 Net income attributable to noncontrolling interests (105 ) (105 ) Net income attributable to Crown Holdings $ 323 $ 235 $ 619 $ (854 ) $ 323 Total comprehensive income 482 275 886 (1,053 ) 590 Comprehensive income attributable to noncontrolling interests (108 ) (108 ) Comprehensive income attributable to Crown Holdings $ 482 $ 275 $ 778 $ (1,053 ) $ 482 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales 8,284 $ 8,284 Cost of products sold, excluding depreciation and amortization 6,623 6,623 Depreciation and amortization 247 247 Selling and administrative expense 1 365 366 Provision for asbestos 21 21 Restructuring and other (1 ) 31 30 Income from operations — (21 ) 1,018 — 997 Loss from early extinguishments of debt 37 37 Other pension and postretirement 20 (44 ) (24 ) Net interest expense 106 125 231 Foreign exchange (16 ) (16 ) Income/(loss) before income taxes — (147 ) 916 — 769 Provision for / (benefit from) income taxes (12 ) 198 186 Equity earnings in affiliates 496 529 (1,025 ) — Net income 496 394 718 (1,025 ) 583 Net income attributable to noncontrolling interests (87 ) (87 ) Net income attributable to Crown Holdings $ 496 $ 394 $ 631 $ (1,025 ) $ 496 Total comprehensive income 250 348 472 (733 ) 337 Comprehensive income attributable to noncontrolling interests (87 ) (87 ) Comprehensive income attributable to Crown Holdings $ 250 $ 348 $ 385 $ (733 ) $ 250 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales 8,762 $ 8,762 Cost of products sold, excluding depreciation and amortization 7,140 7,140 Depreciation and amortization 237 237 Selling and administrative expense 2 380 382 Provision for asbestos 26 26 Restructuring and other (1 ) 65 64 Income from operations — (27 ) 940 — 913 Loss from early extinguishments of debt 9 9 Other pension and postretirement 8 (22 ) (14 ) Net interest expense 100 159 259 Foreign exchange 20 20 Income/(loss) before income taxes — (135 ) 774 — 639 Provision for / (benefit from) income taxes (35 ) 213 178 Equity earnings in affiliates 393 385 (778 ) — Net income 393 285 561 (778 ) 461 Net income attributable to noncontrolling interests (68 ) (68 ) Net income attributable to Crown Holdings $ 393 $ 285 $ 493 $ (778 ) $ 393 Total comprehensive income 4 3 168 (107 ) 68 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 4 $ 3 $ 104 $ (107 ) $ 4 CONDENSED COMBINING 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 and intangible assets 3,518 3,518 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 and accrued liabilities 22 41 3,061 3,124 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 601 1,869 4,699 (6,568 ) 601 Total equity 601 1,869 5,021 (6,568 ) 923 Total $ 3,120 $ 3,740 $ 13,975 $ (10,172 ) $ 10,663 CONDENSED COMBINING BALANCE SHEET As of December 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents 559 $ 559 Receivables, net 865 865 Inventories 1,245 1,245 Prepaid expenses and other current assets 1 171 172 Total current assets 1 — 2,840 — 2,841 Intercompany debt receivables 3,447 (3,447 ) — Investments 2,857 2,915 (5,772 ) — Goodwill and intangible assets 3,263 3,263 Property, plant and equipment, net 2,820 2,820 Other non-current assets 447 228 675 Total $ 2,858 $ 3,362 $ 12,598 $ (9,219 ) $ 9,599 Liabilities and equity Current liabilities Short-term debt 33 $ 33 Current maturities of long-term debt 161 161 Accounts payable and accrued liabilities 23 40 2,639 2,702 Total current liabilities 23 40 2,833 — 2,896 Long-term debt, excluding current maturities 392 4,325 4,717 Long-term intercompany debt 2,469 978 (3,447 ) — Postretirement and pension liabilities 620 620 Other non-current liabilities 358 340 698 Commitments and contingent liabilities Noncontrolling interests 302 302 Crown Holdings shareholders’ equity 366 1,594 4,178 (5,772 ) 366 Total equity 366 1,594 4,480 (5,772 ) 668 Total $ 2,858 $ 3,362 $ 12,598 $ (9,219 ) $ 9,599 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities 7 (58 ) (162 ) (38 ) $ (251 ) Cash flows from investing activities Capital expenditures (498 ) (498 ) Beneficial interest in transferred receivables 1,010 1,010 Proceeds from sale of property, plant and equipment 8 8 Intercompany investing activities 235 (235 ) — Other (24 ) (24 ) Net cash provided by/(used for) investing activities 235 — 496 (235 ) 496 Cash flows from financing activities Proceeds from long-term debt 1,054 1,054 Payments of long-term debt (5 ) (1,132 ) (1,137 ) Net change in revolving credit facility and short-term debt 95 95 Net change in long-term intercompany balances 88 63 (151 ) — Debt issuance costs (16 ) (16 ) Common stock issued 9 9 Common stock repurchased (339 ) (339 ) Dividends paid (273 ) 273 — Dividend paid to noncontrolling interests (93 ) (93 ) Foreign exchange derivatives related to debt 27 27 Net cash provided by/(used for) financing activities (242 ) 58 (489 ) 273 (400 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — — (141 ) — (141 ) Cash, cash equivalents and restricted cash at January 1 576 576 Cash, cash equivalents and restricted cash at December 31 $ — $ — $ 435 $ — $ 435 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities 63 (92 ) (3 ) (102 ) $ (134 ) Cash flows from investing activities Capital expenditures (473 ) (473 ) Beneficial interest in transferred receivables 1,086 1,086 Proceeds from sale of property, plant and equipment (1 ) 11 10 Intercompany investing activities 235 (235 ) — Other 10 10 Net cash provided by/(used for) investing activities 235 (1 ) 634 (235 ) 633 Cash flows from financing activities Proceeds from long-term debt 1,380 1,380 Payments of long-term debt (1,914 ) (1,914 ) Net change in revolving credit facility and short-term debt (32 ) (32 ) Net change in long-term intercompany balances (300 ) 93 207 — Premiums paid to retire debt (22 ) (22 ) Debt issuance costs (18 ) (18 ) Common stock issued 10 10 Common stock repurchased (8 ) (8 ) Dividends paid (337 ) 337 — Dividend paid to noncontrolling interests (80 ) (80 ) Contribution from noncontrolling interests 4 4 Foreign exchange derivatives related to debt 42 42 Net cash provided by/(used for) financing activities (298 ) 93 (770 ) 337 (638 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (30 ) (30 ) Net change in cash, cash equivalents and restricted cash — — (169 ) — (169 ) Cash, cash equivalents and restricted cash at January 1 745 745 Cash, cash equivalents and restricted cash at December 31 $ — $ — $ 576 $ — $ 576 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities 33 (65 ) 123 $ 91 Cash flows from investing activities Capital expenditures (354 ) (354 ) Beneficial interest in transferred receivables 865 865 Acquisition of businesses, net of cash acquired (1,207 ) (1,207 ) Proceeds from sale of business, net of cash sold 33 33 Proceeds from sale of property, plant and equipment 7 7 Intercompany investing activities (738 ) 21 738 (21 ) — Net investment hedge settlements (11 ) (11 ) Other (10 ) (10 ) Net cash provided by/(used for) investing activities (738 ) 21 61 (21 ) (677 ) Cash flows from financing activities Proceeds from long-term debt 1,435 1,435 Payments of long-term debt (17 ) (883 ) (900 ) Net change in revolving credit facility and short-term debt (7 ) (7 ) Net change in long-term intercompany balances 708 61 (769 ) — Debt issuance costs (18 ) (18 ) Common stock issued 6 6 Common stock repurchased (9 ) (9 ) Dividends paid (21 ) 21 — Dividend paid to noncontrolling interests (48 ) (48 ) Contribution from noncontrolling interests 5 5 Foreign exchange derivatives related to debt (58 ) (58 ) Net cash provided by/(used for) financing activities 705 44 (364 ) 21 406 Effect of exchange rate changes on cash, cash equivalents and restricted cash (62 ) (62 ) Net change in cash, cash equivalents and restricted cash — — (242 ) — (242 ) Cash, cash equivalents and restricted cash at January 1 987 987 Cash, cash equivalents and restricted cash at December 31 $ — $ — $ 745 $ — $ 745 Crown Americas, LLC, Crown Americas Capital Corp. II, Crown Americas Capital Corp. III and Crown Americas Capital Corp. V (collectively, the Issuers), wholly owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023 and $400 principal amount of 4.25% senior notes due 2026 which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all subsidiaries in the United States. The guarantors are wholly owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements: • statements of comprehensive income and cash flows for the years ended December 31, 2017, 2016 , 2015, and • balance sheets as of December 31, 2017 and December 31, 2016 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales 1,931 6,767 $ 8,698 Cost of products sold, excluding depreciation and amortization 1,605 5,401 7,006 Depreciation and amortization 40 207 247 Selling and administrative expense 10 134 223 367 Provision for asbestos 3 3 Restructuring and other 2 11 38 51 Income from operations (12 ) 138 898 1,024 Loss from early extinguishments of debt 6 1 7 Other pension and postretirement (13 ) (40 ) (53 ) Net interest expense 65 95 77 237 Technology royalty (42 ) 42 — Foreign exchange 90 (2 ) 6 (90 ) 4 Income/(loss) before income taxes (173 ) 100 812 90 829 Provision for / (benefit from) income taxes (66 ) 271 164 32 401 Equity earnings in affiliates 323 194 406 (923 ) — Net income 323 87 235 648 (865 ) 428 Net income attributable to noncontrolling interests (105 ) (105 ) Net income attributable to Crown Holdings $ 323 $ 87 $ 235 $ 543 $ (865 ) $ 323 Total comprehensive income 482 115 275 854 (1,136 ) $ 590 Comprehensive income attributable to noncontrolling interests (108 ) (108 ) Comprehensive income attributable to Crown Holdings $ 482 $ 115 $ 275 $ 746 $ (1,136 ) $ 482 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales 1,918 6,366 $ 8,284 Cost of products sold, excluding depreciation and amortization 1,571 5,052 6,623 Depreciation and amortization 33 214 247 Selling and administrative expense 10 135 221 366 Provision for asbestos 21 21 Restructuring and other (5 ) 11 24 30 Income from operations (5 ) 147 855 997 Loss from early extinguishments of debt 32 5 37 Other pension and postretirement (7 ) (17 ) (24 ) Net interest expense 66 86 79 231 Technology royalty (38 ) 38 — Foreign exchange (21 ) 1 (17 ) 21 (16 ) Income/(loss) before income taxes (82 ) 105 767 (21 ) 769 Provision for / (benefit from) income taxes (31 ) 81 143 (7 ) 186 Equity earnings in affiliates 496 207 370 (1,073 ) — Net income 496 156 394 624 (1,087 ) 583 Net income attributable to noncontrolling interests (87 ) (87 ) Net income attributable to Crown Holdings $ 496 $ 156 $ 394 $ 537 $ (1,087 ) $ 496 Total comprehensive income 250 119 348 394 (774 ) $ 337 Comprehensive income attributable to noncontrolling interests (87 ) (87 ) Comprehensive income attributable to Crown Holdings $ 250 $ 119 $ 348 $ 307 $ (774 ) $ 250 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales 2,013 6,749 $ 8,762 Cost of products sold, excluding depreciation and amortization 1,632 5,508 7,140 Depreciation and amortization 32 205 237 Selling and administrative expense 9 145 228 382 Provision for asbestos 26 26 Restructuring and other 7 57 64 Income from operations (9 ) 171 751 913 Loss from early extinguishments of debt 9 9 Other pension and postretirement (13 ) (1 ) (14 ) Net interest expense 91 90 78 259 Technology royalty (42 ) 42 — Foreign exchange (8 ) 3 17 8 20 Income/(loss) before income taxes (101 ) 133 615 (8 ) 639 Provision for / (benefit from) income taxes (38 ) 79 140 (3 ) 178 Equity earnings in affiliates 393 183 231 (807 ) — Net income 393 120 285 475 (812 ) 461 Net income attributable to noncontrolling interests (68 ) (68 ) Net income attributable to Crown Holdings $ 393 $ 120 $ 285 $ 407 $ (812 ) $ 393 Total comprehensive income 4 146 64 46 (192 ) $ 68 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 4 $ 146 $ 64 $ (18 ) $ (192 ) $ 4 CONDENSED COMBINING 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 and intangible assets 466 3,052 3,518 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 and accrued liabilities 22 31 619 2,452 3,124 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 601 1,493 1,869 3,269 (6,631 ) 601 Total equity 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 BALANCE SHEET As of December 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents 83 476 $ 559 Receivables, net 3 20 842 865 Intercompany receivables 33 6 (39 ) — Inventories 313 932 1,245 Prepaid expenses and other current assets 1 2 13 156 172 Total current assets 1 88 379 2,412 (39 ) 2,841 Intercompany debt receivables 2,703 3,234 690 (6,627 ) — Investments 2,857 2,319 954 (6,130 ) — Goodwill and intangible assets 469 2,794 3,263 Property, plant and equipment, net 1 496 2,323 2,820 Other non-current assets 3 464 208 675 Total $ 2,858 $ 5,114 $ 5,996 $ 8,427 $ (12,796 ) $ 9,599 Liabilities and equity Current liabilities Short-term debt 33 $ 33 Current maturities of long-term debt 118 43 161 Accounts payable and accrued liabilities 23 32 577 2,070 2,702 Intercompany payables 6 33 (39 ) — Total current liabilities 23 150 583 2,179 (39 ) 2,896 Long-term debt, excluding current maturities 2,258 392 2,067 4,717 Long-term intercompany debt 2,469 1,328 2,624 206 (6,627 ) — Postretirement and pension liabilities 422 198 620 Other non-current liabilities 381 317 698 Commitments and contingent liabilities Noncontrolling interests 302 302 Crown Holdings shareholders’ equity 366 1,378 1,594 3,158 (6,130 ) 366 Total equity 366 1,378 1,594 3,460 (6,130 ) 668 Total $ 2,858 $ 5,114 $ 5,996 $ 8,427 $ (12,796 ) $ 9,599 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities 7 (30 ) 83 (211 ) (100 ) $ (251 ) Cash flows from investing activities Capital expenditures (102 ) (396 ) (498 ) Beneficial interest in transferred receivables 1,010 1,010 Proceeds from sale of property, plant and equipment 1 7 8 Intercompany investing activities 235 300 (535 ) — Other (20 ) (4 ) (24 ) Net cash provided by/(used for) investing activities 235 — 179 617 (535 ) 496 Cash flows from financing activities Proceeds from long-term debt 750 9 295 1,054 Payments of long-term debt (1,015 ) (7 ) (115 ) (1,137 ) Net change in revolving credit facility and short-term debt 95 95 Net change in long-term intercompany balances 88 263 (261 ) (90 ) — Debt issuance costs (15 ) (1 ) (16 ) Common stock issued 9 9 Common stock repurchased (339 ) (339 ) Dividends paid (635 ) 635 — Dividends paid to noncontrolling interests (93 ) (93 ) Foreign exchange derivatives related to debt 27 27 Net cash provided by/(used for) financing activities (242 ) (17 ) (259 ) (517 ) 635 (400 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — (47 ) 3 (97 ) — (141 ) Cash, cash equivalents and restricted cash at January 1 83 493 576 Cash, cash equivalents and restricted cash at December 31 $ — $ 36 $ 3 $ 396 $ — $ 435 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities 63 23 143 (211 ) (152 ) $ (134 ) Cash flows from investing activities Capital expenditures (127 ) (346 ) (473 ) Beneficial interest in transferred receivables 1,086 1,086 Proceeds from sale of property, plant and equipment 4 6 10 Intercompany investing activities 235 150 (385 ) — Other 10 — 10 Net cash provided by/(used for) investing activities 235 — 37 746 (385 ) 633 Cash flows from financing activities Proceeds from long-term debt 700 680 1,380 Payments of long-term debt (1,181 ) (733 ) (1,914 ) Net change in revolving credit facility and short-term debt (32 ) (32 ) Net change in long-term intercompany balances (300 ) 468 (180 ) 12 — Premiums paid to retire debt (22 ) (22 ) Debt issuance costs (9 ) (9 ) (18 ) Common stock issued 10 10 Common stock repurchased (8 ) (8 ) Dividends paid (537 ) 537 — Dividends paid to noncontrolling interests (80 ) (80 ) Contribution from noncontrolling interests 4 4 Foreign exchange derivatives related to debt 42 42 Net cash provided by/(used for) financing activities (298 ) (44 ) (180 ) (653 ) 537 (638 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (30 ) (30 ) Net change in cash, cash equivalents and restricted cash — (21 ) — (148 ) — (169 ) Cash, cash equivalents and restricted cash at January 1 104 641 745 Cash, cash equivalents and restricted cash at December 31 $ — $ 83 $ — $ 493 $ — $ 576 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities 33 (34 ) 6 86 $ 91 Cash flows from investing activities Capital expenditures (80 ) (274 ) (354 ) Beneficial interest in transferred receivables 865 865 Acquisition of businesses, net of cash acquired (1,207 ) (1,207 ) Proceeds from sale of businesses, net of cash sold 33 33 Proceeds from sale of property, plant and equipment 2 5 7 Intercompany investing activities (738 ) 15 71 738 (86 ) — Net investment hedge settlements (11 ) (11 ) Other (10 ) — (10 ) Net cash provided by/(used for) investing activities (738 ) 4 (17 ) 160 (86 ) (677 ) Cash flows from financing activities Proceeds from long-term debt 750 685 1,435 Payments of long-term debt (722 ) (178 ) (900 ) Net change in revolving credit facility and short-term debt (7 ) (7 ) Net change in long-term intercompany balances 708 (12 ) 11 (707 ) — Debt issuance costs (10 ) (8 ) (18 ) Common stock issued 6 6 Common stock repurchased (9 ) (9 ) Dividends paid (86 ) 86 — Dividends paid to noncontrolling interests (48 ) (48 ) Contribution from noncontrolling interests 5 5 Foreign exchange derivatives related to debt (58 ) (58 ) Net cash provided by/(used for) financing activities 705 6 11 (402 ) 86 406 Effect of exchange rate changes on cash, cash equivalents and restricted cash (62 ) (62 ) Net change in cash, cash equivalents and restricted cash — (24 ) — (218 ) — (242 ) Cash, cash equivalents and restricted cash at January 1 128 859 987 Cash, cash equivalents and restricted cash at December 31 $ — $ 104 $ — $ 641 $ — $ 745 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (In millions) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E Additions Description Balance at beginning of period Charged to costs and expense Charged to other accounts Deductions – write-offs Balance at end of period For the year ended December 31, 2017 Allowances deducted from assets to which they apply: Trade accounts receivable $ 76 $ — $ 6 $ (11 ) $ 71 Deferred tax assets 225 9 — (6 ) 228 For the year ended December 31, 2016 Allowances deducted from assets to which they apply: Trade accounts receivable 83 9 (1 ) (15 ) 76 Deferred tax assets 241 (14 ) 2 (4 ) 225 For the year ended December 31, 2015 Allowances deducted from assets to which they apply: Trade accounts receivable 88 4 (9 ) — 83 Deferred tax assets 245 21 (9 ) (16 ) 241 Amounts charged to other accounts primarily relates to foreign currency translation. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Business and Principles of Consolidation | Business and Principles of Consolidation . The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). The Company manufactures and sells metal and glass packaging containers, metal closures, and canmaking equipment. These products are manufactured in the Company’s plants both within and outside the U.S. and are sold through the Company’s sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary and therefore, should consolidate the VIE. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. Other investments are carried at cost. |
Foreign Currency Translation | Foreign Currency Translation . For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. |
Revenue Recognition | Revenue Recognition . Revenue is recognized from product sales when the goods are shipped and the title and risk of loss pass to the customer. Provisions for discounts and rebates to customers, returns, and other adjustments are estimated and provided for in the period that the related sales are recorded. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold. |
Stock-Based Compensation | Stock-Based Compensation . For awards with a service or market condition, compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. For awards with a performance condition, the Company reassess the probability of vesting at each reporting period and adjust compensation cost based on its probability assessment. The Company’s plans provide for stock awards which may include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals, or over the period from the grant date to the date that retirement eligibility is achieved if less than the stated vesting period. |
Cash and Cash Equivalents | Cash and Cash Equivalents . Cash equivalents represent investments with maturities of three months or less from the time of purchase and are carried at cost, which approximates fair value because of the short maturity of those instruments. Outstanding checks in excess of funds on deposit are included in accounts payable. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts . Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on a review of individual accounts for collectability, generally focusing on those accounts that are past due or experiencing financial difficulties. The current year expense to adjust the allowance for doubtful accounts is recorded within selling and administrative expense in the consolidated statements of operations. |
Inventory Valuation | Inventory Valuation . Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method and for non-U.S. inventories under the FIFO or average cost method. |
Property, Plant And Equipment | Property, Plant and Equipment . Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets. Goodwill is carried at cost and reviewed for impairment annually in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired. Goodwill was allocated to the reporting units at the time of each acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that an impairment is more likely than not, it will perform the two-step quantitative impairment test using a combination of market values for comparable businesses and discounted cash flow projections compared to the reporting unit's carrying value including goodwill. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit to its implied fair value. Definite-lived intangible assets are carried at cost less accumulated amortization. Definite-lived intangibles are amortized on a straight-line basis over their estimated useful lives. Definite-lived intangible assets are tested for impairment when facts and circumstances indicate the carrying value may not be recoverable from their undiscounted cash flows. If impaired, the assets are written down to fair value based on either discounted cash flows or appraised values. |
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets . In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. |
Taxes on Income | Taxes on Income . The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. The Tax Act creates a new requirement that certain intangible income of foreign subsidiaries must be included currently in the gross income of the U.S. shareholder. The Company has made an accounting policy election to treat taxes due on future U.S. inclusions in taxable income related to this intangible income as a current period expense when incurred. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. Income tax-related interest and penalties are reported as income tax expense. |
Derivatives and Hedging | Derivatives and Hedging . All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the anticipated transactions are no longer probable. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Any amounts excluded from the assessment of hedge effectiveness, and any ineffective portion of designated hedges, are reported currently in earnings. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. |
Treasury Stock | Treasury Stock . Treasury stock is reported at par value. The excess of fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. |
Research and Development | Research and Development . Research, development and engineering costs of $39 in both 2017 and 2015 and $41 in 2016 were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. |
Reclassifications | Reclassifications. Certain reclassifications of prior years’ data have been made to conform to the current year presentation. |
Recent Accounting and Reporting Pronouncements | Recent Accounting and Reporting Pronouncements. Recently Adopted Accounting Standards In July 2015, the FASB issued new guidance related to the subsequent measurement of inventory. The new guidance requires an entity to subsequently measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The guidance became effective for the Company on January 1, 2017 and did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued new guidance on share-based payments. The standard eliminates the APIC pool concept and requires that excess tax benefits and deficiencies be recorded in the income statement when awards are settled. The pronouncement simplifies statement of cash flows classification, accounting for forfeitures, and minimum statutory tax withholding requirements. Upon adoption of the standard on January 1, 2017, the Company recorded $60 of deferred tax assets attributable to excess tax benefits that were not previously recognized, because they did not reduce taxes payable, as a cumulative-effect adjustment to retained earnings under the modified retrospective method. The Company also prospectively adopted the guidance requiring all excess tax benefits and deficiencies to be recognized as income tax expense or benefit as discrete items and the guidance requiring all excess tax benefits or deficiencies to be reported as operating activities in the statement of cash flows. The Company elected to continue its current process of estimating forfeitures. Adoption of these provisions did not have a material impact on the Company's results of operations or statement of cash flows. In January 2017, the FASB issued guidance that clarifies the definition of a business by adding a framework to assist entities in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. In order to be considered a business under the new guidance, the assets in the transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The Company early adopted this guidance as of January 1, 2017. Adoption did not have an impact on the Company's consolidated financial statements. However, it could have a material impact on the Company’s consolidated financial statements if the Company enters into future business combinations. In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment by removing step two of the impairment test, which requires a hypothetical purchase price allocation. The Company early adopted this guidance as of January 1, 2017. The amount of goodwill impaired will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In May 2017, the FASB issued guidance to clarify when to account for a change to terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions or the classification of an award change as a result of a change in terms or conditions. Previously, judgment was required to determine if certain changes to an award were substantive and may have impacted whether or not modification accounting was applied. The Company early adopted this guidance during the second quarter of 2017. Adopting this standard did not have a material impact on the Company's consolidated financial statements. 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 the current year presentation. The Company reclassified the following net (benefits) charges on the Statement of Operations to conform to current year presentation: 2017 2016 2015 Cost of products sold, excluding depreciation and amortization $ 54 $ 40 $ 24 Selling and administrative expense (4 ) (2 ) (8 ) Restructuring and other 3 (14 ) (2 ) Other pension and postretirement (53 ) (24 ) (14 ) In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and payments on the statement of cash flows. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to conform to the current year presentation. Under the new guidance, premiums paid for debt extinguishments are classified as cash outflows from financing activities. For the year ended December 31, 2016, the Company reclassified $22 of premiums paid from net cash used for operating activities to net cash used for 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 premiums paid for debt extinguishments as cash flows from operating activities. For the years ended December 31, 2017, 2016, and 2015, the Company reclassified $1,010 , $1,086 , and $865 from net cash (used for) provided by operating activities to net cash provided by investing activities. Additionally, for the years ended December 31, 2017, 2016 and 2015, beneficial interests obtained in securitized receivables were $1,047 , $1,032 , and $834 . 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 conform to the current year presentation. Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows: 2017 2016 2015 2014 Cash and cash equivalents $ 424 $ 559 $ 717 $ 965 Restricted cash included in prepaid expenses and other current assets 2 8 14 13 Restricted cash included in other non-current assets 9 9 14 9 Total cash, cash equivalents and restricted cash $ 435 $ 576 $ 745 $ 987 Amounts included in restricted cash primarily represent amounts required to be set aside by certain of the Company's receivables securitization agreements. Recently Issued Accounting Standards In May 2014, the FASB issued new guidance which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services which will either be at a point in time or over time. Certain products that the Company manufactures for customers have no alternative use and are expected to follow an over-time revenue recognition model. For example, beverage cans are generally printed for a specific customer and do not have an alternative use. Food cans may be printed depending upon customer preference which can vary by geographic market. Under current guidance, the Company generally recognizes revenue upon shipment or delivery. Under the new guidance, revenue for products that follow an over-time revenue recognition model will be recognized prior to shipment or delivery dependent upon contract-specific terms. The Company does not expect the new standard to have a material impact on its annual income from operations, however, the guidance could have an impact to income from operations in each quarter as the Company may now recognize revenue for certain products as it builds inventory levels in anticipation of seasonal demands. In addition to accelerating the timing of revenue recognition, an unbilled receivable will be recognized with an offsetting decrease to inventory. The new guidance also requires enhanced disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company has completed its impact assessment and is in the process of implementing changes to processes, systems and controls to adopt the standard on a modified retrospective basis in the first quarter of 2018. In February 2016, the FASB issued new guidance on lease accounting. Under the new guidance, lease classification criteria and income statement recognition are similar to current guidance; however, all leases with a term longer than one year will be recorded on the balance sheet through a right-of-use asset and a corresponding lease liability. The guidance will be effective for the Company on January 1, 2019. The Company is currently evaluating the impact of adopting this guidance, which may have a material impact on its financial position. In October 2016, the FASB issued new guidance related to intra-entity transfers of assets other than inventory. Under current guidance, income tax expense associated with intra-entity profits in an intercompany sale or transfer of assets is deferred until the assets leave the consolidated group. Similarly, the entity is prohibited from recognizing deferred tax assets for any increases in tax bases due to the intercompany sale or transfer. The new guidance requires the recognition of income tax expense and deferred tax benefits on increases on tax bases when an intercompany sale or transfer of other assets occurs. Income tax effects of intercompany inventory transactions will continue to be deferred until the assets leave the consolidated group. The guidance will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements, which is not expected to have a material impact on the Company's consolidated financial statements. In August 2017, the FASB issued new guidance on hedge accounting. The new guidance will allow 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. Finally, the standard amends various presentation and disclosure requirements. The guidance is effective as of January 1, 2019, however, early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of PP&E | Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and Building Improvements 25 – 40 Machinery and Equipment 3 – 18 2017 2016 Buildings and improvements $ 1,214 $ 1,001 Machinery and equipment 5,131 4,628 Land and improvements 204 168 Construction in progress 369 406 6,918 6,203 Less: accumulated depreciation and amortization (3,679 ) (3,383 ) $ 3,239 $ 2,820 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table provides information about the changes in each component of accumulated other comprehensive income for the years ended December 31, 2017 and 2016. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2016 $ (1,690 ) $ (1,446 ) $ (18 ) $ (3,154 ) Other comprehensive income / (loss) before reclassifications 118 (433 ) 18 (297 ) Amounts reclassified from accumulated other comprehensive income 48 — 3 51 Other comprehensive income / (loss) 166 (433 ) 21 (246 ) Balance at December 31, 2016 (1,524 ) (1,879 ) 3 (3,400 ) Other comprehensive income / (loss) before reclassifications (92 ) 198 41 147 Amounts reclassified from accumulated other comprehensive income 33 — (21 ) 12 Other comprehensive income / (loss) (59 ) 198 20 159 Balance at December 31, 2017 $ (1,583 ) $ (1,681 ) $ 23 $ (3,241 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table provides information about the amounts reclassified from accumulated other comprehensive income in 2017 and 2016. Details about Accumulated Other Comprehensive Income Components Amount reclassified from Accumulated Other Comprehensive Income Affected line item in the Statement of Operations 2017 2016 (Gains) / losses on cash flow hedges Commodities $ (31 ) $ 8 Cost of products sold (31 ) 8 Total before tax 8 (2 ) Provision for income taxes (23 ) 6 Net of tax Foreign exchange 8 10 Net sales (6 ) (14 ) Cost of products sold 2 (4 ) Total before tax — 1 Provision for income taxes 2 (3 ) Net of tax Total (gains) / losses on cash flow hedges $ (21 ) $ 3 Amortization of defined benefit plan items Actuarial losses $ 99 $ 119 (a) Prior service credit (54 ) (52 ) (a) 45 67 Total before tax (12 ) (19 ) Provision for income taxes Total amortization of defined benefit plan items $ 33 $ 48 Net of tax Total reclassifications $ 12 $ 51 Net of tax (a) These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note T for further details. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Receivables | 2017 2016 Accounts receivable $ 894 $ 769 Less: allowance for doubtful accounts (71 ) (76 ) Net trade receivables 823 693 Miscellaneous receivables 218 172 $ 1,041 $ 865 |
Schedule of Amounts Securitized or Factored | At December 31, amounts securitized or factored were as follows: 2017 2016 Accounted for as secured borrowings $ 12 $ 9 Accounted for as sales 964 816 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | 2017 2016 Raw materials and supplies $ 737 $ 658 Work in process 139 116 Finished goods 509 471 $ 1,385 $ 1,245 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill at December 31, 2017 and 2016 was net of the following accumulated impairments: Americas Beverage European Beverage European Food Non-reportable segments Total Accumulated impairments $ 29 $ 73 $ 724 $ 150 $ 976 Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016 were as follows: Americas Beverage European Beverage European Food Non-reportable segments Total Balance at January 1, 2016 $ 944 $ 572 $ 1,241 $ 246 $ 3,003 Foreign currency translation (88 ) (61 ) (56 ) (12 ) (217 ) Transfers and other adjustments (36 ) — 5 36 5 Balance at December 31, 2016 820 511 1,190 270 2,791 Foreign currency translation 24 53 165 13 255 Balance at December 31, 2017 $ 844 $ 564 $ 1,355 $ 283 $ 3,046 |
Schedule of Finite-Lived Intangible Assets | Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class at December 31 were as follows: 2017 2016 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 461 $ (108 ) $ 353 $ 422 $ (71 ) $ 351 Long term supply contacts 143 (27 ) 116 137 (18 ) 119 $ 604 $ (135 ) $ 469 $ 559 $ (89 ) $ 470 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and Building Improvements 25 – 40 Machinery and Equipment 3 – 18 2017 2016 Buildings and improvements $ 1,214 $ 1,001 Machinery and equipment 5,131 4,628 Land and improvements 204 168 Construction in progress 369 406 6,918 6,203 Less: accumulated depreciation and amortization (3,679 ) (3,383 ) $ 3,239 $ 2,820 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Components of Other Non-Current Assets | 2017 2016 Deferred taxes $ 399 $ 593 Pension assets 313 14 Debt issuance costs 13 6 Investments 9 4 Other 98 58 $ 832 $ 675 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Components of Accounts Payable and Accrued Liabilities | 2017 2016 Trade accounts payable $ 2,367 $ 1,951 Salaries, wages and other employee benefits, including pension and postretirement 162 162 Accrued taxes, other than on income 120 107 Accrued interest 54 54 Fair value of derivatives 23 36 Income taxes payable 23 34 Asbestos liabilities 30 30 Restructuring 17 19 Other 328 309 $ 3,124 $ 2,702 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Non-Current Liabilities | 2017 2016 Asbestos liabilities $ 285 $ 312 Deferred taxes 202 203 Postemployment benefits 24 29 Income taxes payable 22 20 Environmental 12 12 Other 140 122 $ 685 $ 698 |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Summary of Claims Activity | The Company's approximate claims activity for the years ended 2017, 2016 and 2015 were as follows: 2017 2016 2015 Beginning claims 55,500 54,500 54,000 New claims 2,500 2,500 2,500 Settlements or dismissals (2,500 ) (1,500 ) (2,000 ) Ending claims 55,500 55,500 54,500 |
Schedule of Asbestos Claims Cash Payments | The Company's cash payments during the years ended 2017 , 2016 , and 2015 were as follows: 2017 2016 2015 Asbestos-related payments $ 30 $ 30 $ 30 Settled claims payments (included in asbestos-related payments above) 24 23 22 |
Summary of Outstanding Asbestos Claims by Year of Exposure and State Filed | In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes by year of exposure and state filed. As of December 31, 2017 and December 31, 2016 , the Company's outstanding claims were: 2017 2016 Claimants alleging first exposure after 1964 16,500 16,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 13,000 Pennsylvania 1,500 2,000 Other states that have enacted asbestos legislation 6,000 6,000 Other states 18,500 18,500 Total claims outstanding 55,500 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 % |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | The Company recorded restructuring and other charges as follows: 2017 2016 2015 Asset impairments and sales $ 12 $ 14 $ 22 Restructuring 18 12 23 Other costs 19 4 4 Transaction costs 2 — 15 $ 51 $ 30 $ 64 |
Restructuring Charges by Segment | Restructuring charges by segment were as follows: 2017 2016 2015 Americas Beverage $ 3 $ 1 $ — European Food 4 4 19 Asia Pacific 3 3 — Non-reportable segments 8 4 2 Corporate — — 2 $ 18 $ 12 $ 23 |
Restructuring Charges by Type | Restructuring charges by type were as follows: 2017 2016 2015 Termination benefits $ 15 $ 9 $ 20 Other exit costs 3 3 3 $ 18 $ 12 $ 23 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Stock [Abstract] | |
Summary of Common Share Activity | A summary of common share activity for the years ended December 31 follows (in shares): 2017 2016 2015 Common shares outstanding at January 1 139,840,228 139,441,298 139,000,471 Shares repurchased (6,157,010 ) (162,563 ) (165,138 ) Shares issued upon exercise of employee stock options 299,050 348,640 207,890 Restricted stock issued to employees, net of forfeitures 269,025 187,209 375,575 Shares issued to non-employee directors 24,316 25,644 22,500 Common shares outstanding at December 31 134,275,609 139,840,228 139,441,298 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted and Deferred Stock Activity | A summary of restricted and deferred stock activity follows: Number of shares Non-vested shares outstanding at January 1, 2017 1,321,292 Awarded: Time-vesting 144,141 Performance-based 149,843 Released: Time-vesting (351,403 ) Performance-based (115,732 ) Forfeitures: Time-vesting (35,550 ) Performance-based (58,749 ) Non-vested shares outstanding at December 31, 2017 1,053,842 |
Summary of Average Grant-Date Fair Value of Restricted Stock | he average grant-date fair value of restricted stock awarded in 2017 , 2016 and 2015 follows: 2017 2016 2015 Time-vested $ 55.55 $ 51.04 $ 53.65 Performance-based 51.90 51.18 49.50 |
Schedule of Weighted Average Assumptions on Performance-Based Shares | The fair values of the performance-based awards that include a market condition were calculated using a Monte Carlo valuation model and the following weighted average assumptions: 2017 2016 2015 Risk-free interest rate 1.4 % 1.2 % 1.1 % Expected term (years) 3 3 3 Expected stock price volatility 21.1 % 19.8 % 17.4 % |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | 2017 2016 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt 62 62 33 33 Long-term debt Senior secured borrowings: Revolving credit facilities 122 122 — — Term loan facilities U.S. dollar at LIBOR plus 1.50% due 2022 741 735 654 649 Euro at EURIBOR plus 1.50% due 2022 1 324 324 61 61 Farm credit facility at LIBOR plus 2.00% due 2019 — — 351 347 Senior notes and debentures: €650 at 4.0% due 2022 781 774 684 676 U. S. dollar at 4.50% due 2023 1,000 992 1,000 991 €600 at 2.625% due 2024 720 713 631 623 €600 at 3.375% due 2025 720 711 631 622 U.S. dollar at 4.25% due 2026 400 393 400 393 U.S. dollar at 7.375% due 2026 350 347 350 347 U.S. dollar at 7.50% due 2096 40 40 45 45 Other indebtedness in various currencies Fixed rate with rates in 2017 from 3.94% to 7.5% due through 2036 96 96 122 122 Variable rate with average rates in 2017 of 2.81% due through 2019 5 5 2 2 Capital lease obligations 29 29 — — Total long-term debt 5,328 5,281 4,931 4,878 Less: current maturities (64 ) (64 ) (162 ) (161 ) Total long-term debt, less current maturities $ 5,264 $ 5,217 $ 4,769 $ 4,717 (1) €270 and €58 at December 31, 2017 and 2016. |
Schedule of Weighted Average Interest Rates | The weighted average interest rates were as follows: 2017 2016 2015 Short-term debt 1.4 % 2.7 % 3.0 % Revolving credit facilities 3.3 % 3.8 % 4.4 % |
Derivative and Other Financia_2
Derivative and Other Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accumulated Other Comprehensive Income (AOCI) and Earnings from Changes in Fair Value Related to Derivative Instruments | The following table sets forth financial information about the impact on Accumulated Other Comprehensive Income (“AOCI”) and earnings from changes in fair value related to derivative instruments. Amount of gain/(loss) Amount of gain/(loss) recognized in AOCI reclassified from AOCI (effective portion) into earnings Derivatives in cash flow hedges 2017 2016 2017 2016 Foreign exchange $ 2 $ (2 ) $ (2 ) $ 3 (1) Commodities 39 20 23 (6 ) (2) Total $ 41 $ 18 $ 21 $ (3 ) (1) In 2017, a loss of $8 ( $6 , net of tax) was recognized in net sales and a gain of $6 ( $4 , net of tax) was recognized in cost of products sold. In 2016, a loss of $10 ( $8 , net of tax) was recognized in net sale and a gain of $14 ( $11 , net of tax) was recognized in cost of products sold. (2) In 2017, a gain of $31 , including a loss of $2 ( $1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax charge of $8 was recognized in income tax expense. In 2016, a loss of $8 , including a gain of $1 ( $1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $2 was recognized in income tax expense. |
Fair Value of Financial Assets and Liabilities on Recurring Basis | The following table sets forth the fair value hierarchy for the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis. Derivative assets Balance Sheet classification Fair Value hierarchy December 31, 2017 December 31, 2016 Derivatives designated as hedges: Foreign exchange Other current assets 2 $ 12 $ 24 Commodities Other current assets 2 25 13 Commodities Other non-current assets 2 4 3 Derivatives not designated as hedges: Commodities Other current assets 2 22 5 Total $ 63 $ 45 Derivative liabilities Derivatives designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 $ 8 $ 28 Commodities Accounts payable and accrued liabilities 2 — 3 Foreign exchange Other non-current liabilities 2 — 1 Derivatives not designated as hedges: Foreign exchange Accounts payable and accrued liabilities 2 — 5 Commodities Accounts payable and accrued liabilities 2 15 — Total $ 23 $ 37 |
Offsetting Assets | 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 December 31, 2017 Derivative assets $ 63 $ 17 $ 46 Derivative liabilities 23 17 6 Balance at December 31, 2016 Derivative assets $ 45 $ 6 $ 39 Derivative liabilities 37 6 31 |
Offsetting 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 December 31, 2017 Derivative assets $ 63 $ 17 $ 46 Derivative liabilities 23 17 6 Balance at December 31, 2016 Derivative assets $ 45 $ 6 $ 39 Derivative liabilities 37 6 31 |
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets were: December 31, 2017 December 31, 2016 Derivatives in cash flow hedges: Foreign exchange $ 864 $ 644 Commodities 276 180 Derivatives in fair value hedges: Foreign exchange 60 73 Derivatives not designated as hedges: Foreign exchange 575 618 Commodities 40 72 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | The following table summarizes basic and diluted earnings per share (EPS). Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of stock options and restricted stock as calculated under the treasury stock method. 2017 2016 2015 Net income attributable to Crown Holdings $ 323 $ 496 $ 393 Weighted average shares outstanding (in millions): Basic 135.29 138.53 137.94 Add: dilutive stock options and restricted stock 0.32 0.78 1.20 Diluted 135.61 139.31 139.14 Basic EPS $ 2.39 $ 3.58 $ 2.85 Diluted EPS $ 2.38 $ 3.56 $ 2.82 Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive — 0.5 0.1 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Components of Pension Expense and Benefits Cost | The components of pension expense were as follows: U.S. Plans 2017 2016 2015 Service cost $ 14 $ 14 $ 14 Interest cost 50 50 63 Expected return on plan assets (83 ) (91 ) (100 ) Settlements — 14 2 Amortization of actuarial loss 52 50 50 Amortization of prior service cost 1 1 — Net periodic cost $ 34 $ 38 $ 29 Non-U.S. Plans 2017 2016 2015 Service cost $ 22 $ 21 $ 24 Interest cost 75 101 127 Expected return on plan assets (146 ) (157 ) (172 ) Curtailments (3 ) — — Amortization of actuarial loss 42 50 55 Amortization of prior service credit (11 ) (12 ) (13 ) Net periodic benefit / (cost) $ (21 ) $ 3 $ 21 The components of net postretirement benefits cost were as follows: Other Postretirement Benefits 2017 2016 2015 Service cost $ — $ — $ 1 Interest cost 6 6 7 Amortization of prior service credit (40 ) (41 ) (37 ) Amortization of actuarial loss 4 5 4 Net periodic benefit credit $ (30 ) $ (30 ) $ (25 ) |
Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations, Plan Assets and Funded Status | The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans were as follows: U.S. Plans Non-U.S. Plans 2017 2016 2017 2016 Projected Benefit Obligations Benefit obligations at January 1 $ 1,482 $ 1,501 $ 3,283 $ 3,493 Service cost 14 14 22 21 Interest cost 50 50 75 101 Plan participants’ contributions — — 3 3 Amendments 4 3 — — Settlements — (39 ) (7 ) — Actuarial loss 51 54 39 382 Benefits paid (102 ) (101 ) (214 ) (172 ) Foreign currency translation — — 306 (545 ) Benefit obligations at December 31 $ 1,499 $ 1,482 $ 3,507 $ 3,283 Plan Assets Fair value of plan assets at January 1 $ 1,156 $ 1,190 $ 3,152 $ 3,169 Actual return on plan assets 162 65 134 611 Employer contributions 4 41 290 62 Plan participants’ contributions — — 3 3 Settlements — (39 ) (7 ) — Benefits paid (102 ) (101 ) (214 ) (172 ) Foreign currency translation — — 307 (521 ) Fair value of plan assets at December 31 $ 1,220 $ 1,156 $ 3,665 $ 3,152 Funded Status $ (279 ) $ (326 ) $ 158 $ (131 ) Accumulated benefit obligations at December 31 $ 1,445 $ 1,446 $ 3,418 $ 3,191 |
Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Information for pension plans with accumulated benefit obligations in excess of plan assets was as follows: U.S. Plans 2017 2016 Projected benefit obligations $ 1,499 $ 1,482 Accumulated benefit obligations 1,445 1,446 Fair value of plan assets 1,220 1,156 Non-U.S. Plans 2017 2016 Projected benefit obligations $ 247 $ 224 Accumulated benefit obligations 223 200 Fair value of plan assets 94 85 |
Schedule of Ranges for Asset Allocation and Summary of Defined Benefit Plan Assets and Accrued Income | The strategic ranges for asset allocation in the U.S. plan are as follows: U.S. equities 38 % to 48 % International equities 12 % to 18 % Fixed income 15 % to 25 % Balanced funds 12 % to 18 % Real estate 5 % to 10 % The strategic ranges for asset allocation in the U.K. plan are as follows: Investment grade credit 30 % to 90 % Equities 0 % to 30 % Hedge funds 0 % to 10 % Real estate 0 % to 5 % Private equity 0 % to 15 % Alternative credit 0 % to 20 % Other 0 % to 15 % The levels assigned to the defined benefit plan assets as of December 31, 2017 and 2016 are summarized in the tables below: 2017 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 13 $ 304 $ 317 Global large cap equity — 34 34 U.S. large cap equity 82 32 114 Global mid/small cap equity — 10 10 U.S. mid/small cap equity 247 32 279 Mutual funds – global equity 175 — 175 Mutual funds – U.S. equity 225 — 225 Mutual funds – fixed income 93 — 93 835 412 1,247 Level 2 Government issued debt securities 50 556 606 Corporate debt securities 76 4 80 Asset backed securities 9 — 9 Structured debt — 904 904 Insurance contracts — 18 18 Derivatives — 136 136 Investment funds – fixed income 3 482 485 Investment funds – global equity — 132 132 138 2,232 2,370 Level 3 Investment funds – real estate 94 64 158 Hedge funds — 189 189 Private equity 15 132 147 Real estate – direct 18 6 24 127 391 518 Total assets in fair value hierarchy 1,100 3,035 4,135 Investments measured at NAV Practical Expedient (a) Investment funds – fixed income 76 123 199 Investment funds – global equity 19 183 202 Investment funds – emerging markets 24 — 24 Hedge funds — 251 251 Investment funds – real estate — 68 68 119 625 744 Total investments at fair value $ 1,219 $ 3,660 $ 4,879 2016 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 15 $ 83 $ 98 Global large cap equity — 14 14 U.S. large cap equity 60 6 66 Global mid/small cap equity — 5 5 U.S. mid/small cap equity 238 24 262 Mutual funds – global equity 149 2 151 Mutual funds – U.S. equity 214 — 214 Mutual funds – fixed income 92 — 92 768 134 902 Level 2 Government issued debt securities 49 514 563 Corporate debt securities 75 61 136 Asset backed securities 11 2 13 Structured debt — 695 695 Insurance contracts — 16 16 Derivatives — 98 98 Investment funds – fixed income 2 496 498 Investment funds – global equity — 82 82 137 1,964 2,101 Level 3 Investment funds – real estate 85 47 132 Hedge funds — 207 207 Private equity 22 193 215 Real estate – direct 17 5 22 124 452 576 Total assets in fair value hierarchy 1,029 2,550 3,579 Investments measured at NAV Practical Expedient (a) Investment funds – fixed income 77 110 187 Investment funds – global equity 26 243 269 Investment funds – emerging markets 23 — 23 Hedge funds — 186 186 Investment funds – real estate — 57 57 126 596 722 Total investments at fair value $ 1,155 $ 3,146 $ 4,301 (a) In accordance with ASU No. 2015-07, certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Accrued income excluded from the tables above was as follows: 2017 2016 U.S. plan assets $ 1 $ 1 Non-U.S. plan assets 5 6 |
Reconciliation of Plan Assets Using Level 3 | The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3). Hedge funds Private equity Real estate Total Balance at January 1, 2016 $ 225 $ 281 $ 136 $ 642 Foreign currency translation (37 ) (42 ) (4 ) (83 ) Asset returns – assets held at reporting date 24 2 10 36 Asset returns – assets sold during the period 1 36 — 37 Purchases, sales and settlements, net (6 ) (62 ) 12 (56 ) Balance at December 31, 2016 207 215 154 576 Foreign currency translation 20 19 5 44 Asset returns – assets held at reporting date (38 ) (57 ) 7 (88 ) Asset returns – assets sold during the period 32 53 — 85 Purchases, sales and settlements, net (32 ) (83 ) 16 (99 ) Balance at December 31, 2017 $ 189 $ 147 $ 182 $ 518 |
Additional Information About Pension Plan Assets Valued Using Net Asset Value | The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient: Fair Value Redemption Frequency Redemption Notice Period Balance at December 31, 2017 Investment funds – fixed income $ 199 Daily 1 day Investment funds – global equity 202 Monthly 1 - 30 days Investment funds – emerging markets 24 Daily 30 days Hedge funds 251 Monthly 3 - 45 days Investment funds – real estate 68 Weekly 2 days Balance at December 31, 2016 Investment funds – fixed income $ 187 Daily 1 - 15 days Investment funds – global equity 269 Monthly 1 - 30 days Investment funds – emerging markets 23 Daily 30 days Hedge funds 186 Monthly 5 - 45 days Investment funds – real estate 57 Weekly 2 days |
Schedule of Pension Assets and Liabilities | Pension assets and liabilities included in the Consolidated Balance Sheets were: 2017 2016 Non-current assets $ 313 $ 14 Current liabilities 6 8 Non-current liabilities 434 469 |
Schedule of Changes in Net Loss and Prior Service Cost/(Credit) | Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: 2017 2016 2015 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 49 $ (182 ) $ 47 $ (225 ) $ 69 $ (211 ) Reclassification to net periodic benefit cost (4 ) 40 (5 ) 41 (4 ) 37 Current year loss 4 — 7 — (18 ) — Amendments — — — — — (51 ) Foreign currency translation — — — 2 — — Balance at December 31 $ 49 $ (142 ) $ 49 $ (182 ) $ 47 $ (225 ) Changes in the net loss and prior service credit for the Company’s pension plans were: 2017 2016 2015 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 2,032 $ (32 ) $ 2,320 $ (54 ) $ 2,423 $ (71 ) Reclassification to net periodic benefit cost (95 ) 14 (114 ) 11 (105 ) 13 Current year loss/(gain) 21 — 13 — 95 — Amendments — 4 — 3 — — Foreign currency translation 99 (2 ) (187 ) 8 (93 ) 4 Balance at December 31 $ 2,057 $ (16 ) $ 2,032 $ (32 ) $ 2,320 $ (54 ) |
Schedule of Expected Future Benefit Payments | Expected future benefit payments are as follows: Benefit Payments 2018 $ 14 2019 14 2020 14 2021 13 2022 13 2023 - 2027 56 Expected future benefit payments as of December 31, 2017 are: U.S. plans Non-U.S. plans 2018 $ 102 $ 161 2019 107 164 2020 107 167 2021 98 166 2022 100 168 2023 - 2027 491 846 |
Schedule of Benefit Obligations Weighted Average Actuarial Assumptions | The weighted average actuarial assumptions used to calculate pension expense for each year were: U.S. Plans 2017 2016 2015 Discount rate - service cost 4.7 % 4.9 % 4.0 % Discount rate - interest cost 3.4 % 3.5 % 4.0 % Compensation increase 4.6 % 4.6 % 4.6 % Long-term rate of return 7.5 % 8.0 % 8.0 % Non-U.S. Plans 2017 2016 2015 Discount rate - service cost 2.8 % 3.9 % 3.4 % Discount rate - interest cost 2.3 % 3.2 % 3.4 % Compensation increase 3.3 % 2.9 % 2.7 % Long-term rate of return 4.5 % 5.4 % 5.2 % The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: U.S. Plans 2017 2016 2015 Discount rate 3.7 % 4.2 % 4.4 % Compensation increase 4.7 % 4.6 % 4.6 % Non-U.S. Plans 2017 2016 2015 Discount rate 2.5 % 2.7 % 3.7 % Compensation increase 3.2 % 3.3 % 2.9 % |
Schedule of Changes in Benefit Obligations | Changes in the benefit obligations were: 2017 2016 Benefit obligations at January 1 $ 167 $ 171 Service cost — — Interest cost 6 6 Actuarial loss 4 7 Benefits paid (13 ) (15 ) Foreign currency translation 4 (2 ) Benefit obligations at December 31 $ 168 $ 167 |
Schedule of Assumed Health Care Cost Trend Rates | The assumed health care cost trend rates at December 31, 2017 were as follows: Health care cost trend rate assumed for 2018 4.6 % Rate that the cost trend rate gradually declines to 3.8 % Year that the rate reaches the rate it is assumed to remain 2035 |
Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects: One percentage point Increase Decrease Effect on total service and interest cost $ 1 $ 1 Effect on postretirement benefit obligation $ 7 $ 6 |
Schedule of Weighted Average Discount Rates Used in Benefit Obligations Calculation | Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below. 2017 2016 2015 Benefit obligations 3.8 % 4.0 % 3.9 % Service cost 5.0 % 4.9 % 4.0 % Interest cost 3.5 % 3.6 % 4.0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | The components of income before income taxes were as follows: 2017 2016 2015 U.S. $ 10 $ (3 ) $ 18 Foreign 819 772 621 $ 829 $ 769 $ 639 |
Provision for Income Taxes | The provision for income taxes consisted of the following: 2017 2016 2015 Current tax: U.S. federal $ — $ (1 ) $ 6 State and foreign 154 171 147 $ 154 $ 170 $ 153 Deferred tax: U.S. federal $ 217 $ 19 $ 12 State and foreign 30 (3 ) 13 247 16 25 Total $ 401 $ 186 $ 178 |
Schedule of U.S. Statutory Federal Income Tax Rate to Pre-tax Income | The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items: 2017 2016 2015 U.S. statutory rate at 35% $ 290 $ 269 $ 224 Tax on foreign income (81 ) (88 ) (74 ) Valuation allowance 9 (14 ) 21 Tax contingencies 6 11 13 Tax law changes 174 3 4 Other items, net 3 5 (10 ) Income tax provision $ 401 $ 186 $ 178 |
Components of Deferred Taxes | The components of deferred taxes at December 31 are: 2017 2016 Assets Liabilities Assets Liabilities Tax loss and credit carryforwards $ 503 $ — $ 480 $ — Postretirement and postemployment benefits 43 — 63 — Pensions 185 105 220 62 Property, plant and equipment 18 151 17 150 Intangible assets — 128 — 128 Deemed repatriation tax — 57 — — Asbestos 74 — 128 — Accruals and other 87 44 125 78 Valuation allowances (228 ) — (225 ) — Total $ 682 $ 485 $ 808 $ 418 |
Schedule of Tax Loss and Credit Carryforwards Expiration | Tax loss and credit carryforwards expire as follows: Year Amount 2018 $ 15 2019 17 2020 30 2021 37 2022 166 Thereafter 151 Unlimited 87 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits follows: 2017 2016 2015 Balance at January 1 $ 27 $ 28 $ 26 Additions for prior year tax positions 6 13 13 Reductions to prior period tax positions (2 ) — — Lapse of statute of limitations — (2 ) — Settlements (4 ) (12 ) (9 ) Foreign currency translation 2 — (2 ) Balance at December 31 $ 29 $ 27 $ 28 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Information on Operating Segments | The tables below present information about operating segments for the three years ended December 31, 2017, 2016 and 2015 : 2017 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,928 $ 34 $ 3,253 $ 95 $ 167 $ 470 European Beverage 1,457 2 1,631 35 109 235 European Food 1,935 70 2,964 52 45 264 Asia Pacific 1,177 — 1,355 42 123 168 Total reportable segments 7,497 106 9,203 224 444 $ 1,137 Non-reportable segments 1,201 116 1,039 19 27 Corporate and unallocated items — — 421 4 27 Total $ 8,698 $ 222 $ 10,663 $ 247 $ 498 2016 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,757 $ 50 $ 2,886 $ 92 $ 220 $ 456 European Beverage 1,420 3 1,381 32 94 240 European Food 1,855 59 2,557 53 42 260 Asia Pacific 1,116 — 1,161 40 80 152 Total reportable segments 7,148 112 7,985 217 436 $ 1,108 Non-reportable segments 1,136 153 1,034 18 23 Corporate and unallocated items — — 580 12 14 Total $ 8,284 $ 265 $ 9,599 $ 247 $ 473 2015 Inter- Depreciation External segment Segment and Capital Segment sales sales assets amortization expenditures income Americas Beverage $ 2,771 $ 71 $ 2,977 $ 93 $ 119 $ 431 European Beverage 1,504 1 1,461 27 97 223 European Food 1,984 93 2,723 53 35 263 Asia Pacific 1,202 2 1,133 40 68 145 Total reportable segments 7,461 167 8,294 213 319 $ 1,062 Non-reportable segments 1,301 100 984 18 29 Corporate and unallocated items — — 772 6 6 Total $ 8,762 $ 267 $ 10,050 $ 237 $ 354 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes for the three years ended December 31, 2017, 2016 and 2015 follows: 2017 2016 2015 Segment income of reportable segments $ 1,137 $ 1,108 $ 1,062 Segment income of non-reportable segments 123 123 153 Corporate and unallocated items (143 ) (142 ) (172 ) Provision for asbestos (3 ) (21 ) (26 ) Restructuring and other (51 ) (30 ) (64 ) Amortization of intangibles (39 ) (41 ) (40 ) Loss from early extinguishments of debt (7 ) (37 ) (9 ) Other pension and postretirement 53 24 14 Interest expense (252 ) (243 ) (270 ) Interest income 15 12 11 Foreign exchange (4 ) 16 (20 ) Income before income taxes $ 829 $ 769 $ 639 |
Summary of Sales by Major Product | Sales by major product were: 2017 2016 2015 Metal beverage cans and ends $ 5,085 $ 4,834 $ 4,957 Metal food cans and ends 2,331 2,213 2,410 Other metal packaging 887 877 977 Other products 395 360 418 Consolidated net sales $ 8,698 $ 8,284 $ 8,762 |
Summary of Sales and Long-Lived Assets for the Major Countries | The following table provides sales and long-lived asset information for the major countries in which the Company operates. Long-lived assets includes property, plant and equipment attributed to the specific countries listed below. Net Sales Long-Lived Assets 2017 2016 2015 2017 2016 United States $ 1,931 $ 1,918 $ 2,013 $ 516 $ 497 Mexico 699 688 693 388 304 Spain 649 645 669 323 203 United Kingdom 600 559 712 150 136 Brazil 652 523 482 335 358 Other 4,167 3,951 4,193 1,527 1,322 Consolidated total $ 8,698 $ 8,284 $ 8,762 $ 3,239 $ 2,820 |
Condensed Combining Financial_2
Condensed Combining Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Crown Cork & Seal Company, Inc. | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales 8,698 $ 8,698 Cost of products sold, excluding depreciation and amortization 7,006 7,006 Depreciation and amortization 247 247 Selling and administrative expense 2 365 367 Provision for asbestos 3 3 Restructuring and other (1 ) 52 51 Income from operations — (4 ) 1,028 — 1,024 Loss from early extinguishments of debt 7 7 Other pension and postretirement 7 (60 ) (53 ) Net interest expense 91 146 237 Foreign exchange 4 4 Income/(loss) before income taxes — (102 ) 931 — 829 Provision for / (benefit from) income taxes 194 207 401 Equity earnings in affiliates 323 531 (854 ) — Net income 323 235 724 (854 ) 428 Net income attributable to noncontrolling interests (105 ) (105 ) Net income attributable to Crown Holdings $ 323 $ 235 $ 619 $ (854 ) $ 323 Total comprehensive income 482 275 886 (1,053 ) 590 Comprehensive income attributable to noncontrolling interests (108 ) (108 ) Comprehensive income attributable to Crown Holdings $ 482 $ 275 $ 778 $ (1,053 ) $ 482 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2016 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales 8,284 $ 8,284 Cost of products sold, excluding depreciation and amortization 6,623 6,623 Depreciation and amortization 247 247 Selling and administrative expense 1 365 366 Provision for asbestos 21 21 Restructuring and other (1 ) 31 30 Income from operations — (21 ) 1,018 — 997 Loss from early extinguishments of debt 37 37 Other pension and postretirement 20 (44 ) (24 ) Net interest expense 106 125 231 Foreign exchange (16 ) (16 ) Income/(loss) before income taxes — (147 ) 916 — 769 Provision for / (benefit from) income taxes (12 ) 198 186 Equity earnings in affiliates 496 529 (1,025 ) — Net income 496 394 718 (1,025 ) 583 Net income attributable to noncontrolling interests (87 ) (87 ) Net income attributable to Crown Holdings $ 496 $ 394 $ 631 $ (1,025 ) $ 496 Total comprehensive income 250 348 472 (733 ) 337 Comprehensive income attributable to noncontrolling interests (87 ) (87 ) Comprehensive income attributable to Crown Holdings $ 250 $ 348 $ 385 $ (733 ) $ 250 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales 8,762 $ 8,762 Cost of products sold, excluding depreciation and amortization 7,140 7,140 Depreciation and amortization 237 237 Selling and administrative expense 2 380 382 Provision for asbestos 26 26 Restructuring and other (1 ) 65 64 Income from operations — (27 ) 940 — 913 Loss from early extinguishments of debt 9 9 Other pension and postretirement 8 (22 ) (14 ) Net interest expense 100 159 259 Foreign exchange 20 20 Income/(loss) before income taxes — (135 ) 774 — 639 Provision for / (benefit from) income taxes (35 ) 213 178 Equity earnings in affiliates 393 385 (778 ) — Net income 393 285 561 (778 ) 461 Net income attributable to noncontrolling interests (68 ) (68 ) Net income attributable to Crown Holdings $ 393 $ 285 $ 493 $ (778 ) $ 393 Total comprehensive income 4 3 168 (107 ) 68 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 4 $ 3 $ 104 $ (107 ) $ 4 |
Condensed Combining Balance Sheet | 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 and intangible assets 3,518 3,518 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 and accrued liabilities 22 41 3,061 3,124 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 601 1,869 4,699 (6,568 ) 601 Total equity 601 1,869 5,021 (6,568 ) 923 Total $ 3,120 $ 3,740 $ 13,975 $ (10,172 ) $ 10,663 Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents 559 $ 559 Receivables, net 865 865 Inventories 1,245 1,245 Prepaid expenses and other current assets 1 171 172 Total current assets 1 — 2,840 — 2,841 Intercompany debt receivables 3,447 (3,447 ) — Investments 2,857 2,915 (5,772 ) — Goodwill and intangible assets 3,263 3,263 Property, plant and equipment, net 2,820 2,820 Other non-current assets 447 228 675 Total $ 2,858 $ 3,362 $ 12,598 $ (9,219 ) $ 9,599 Liabilities and equity Current liabilities Short-term debt 33 $ 33 Current maturities of long-term debt 161 161 Accounts payable and accrued liabilities 23 40 2,639 2,702 Total current liabilities 23 40 2,833 — 2,896 Long-term debt, excluding current maturities 392 4,325 4,717 Long-term intercompany debt 2,469 978 (3,447 ) — Postretirement and pension liabilities 620 620 Other non-current liabilities 358 340 698 Commitments and contingent liabilities Noncontrolling interests 302 302 Crown Holdings shareholders’ equity 366 1,594 4,178 (5,772 ) 366 Total equity 366 1,594 4,480 (5,772 ) 668 Total $ 2,858 $ 3,362 $ 12,598 $ (9,219 ) $ 9,599 |
Condensed Combining Statement of Cash Flows | Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities 7 (58 ) (162 ) (38 ) $ (251 ) Cash flows from investing activities Capital expenditures (498 ) (498 ) Beneficial interest in transferred receivables 1,010 1,010 Proceeds from sale of property, plant and equipment 8 8 Intercompany investing activities 235 (235 ) — Other (24 ) (24 ) Net cash provided by/(used for) investing activities 235 — 496 (235 ) 496 Cash flows from financing activities Proceeds from long-term debt 1,054 1,054 Payments of long-term debt (5 ) (1,132 ) (1,137 ) Net change in revolving credit facility and short-term debt 95 95 Net change in long-term intercompany balances 88 63 (151 ) — Debt issuance costs (16 ) (16 ) Common stock issued 9 9 Common stock repurchased (339 ) (339 ) Dividends paid (273 ) 273 — Dividend paid to noncontrolling interests (93 ) (93 ) Foreign exchange derivatives related to debt 27 27 Net cash provided by/(used for) financing activities (242 ) 58 (489 ) 273 (400 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — — (141 ) — (141 ) Cash, cash equivalents and restricted cash at January 1 576 576 Cash, cash equivalents and restricted cash at December 31 $ — $ — $ 435 $ — $ 435 Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities 63 (92 ) (3 ) (102 ) $ (134 ) Cash flows from investing activities Capital expenditures (473 ) (473 ) Beneficial interest in transferred receivables 1,086 1,086 Proceeds from sale of property, plant and equipment (1 ) 11 10 Intercompany investing activities 235 (235 ) — Other 10 10 Net cash provided by/(used for) investing activities 235 (1 ) 634 (235 ) 633 Cash flows from financing activities Proceeds from long-term debt 1,380 1,380 Payments of long-term debt (1,914 ) (1,914 ) Net change in revolving credit facility and short-term debt (32 ) (32 ) Net change in long-term intercompany balances (300 ) 93 207 — Premiums paid to retire debt (22 ) (22 ) Debt issuance costs (18 ) (18 ) Common stock issued 10 10 Common stock repurchased (8 ) (8 ) Dividends paid (337 ) 337 — Dividend paid to noncontrolling interests (80 ) (80 ) Contribution from noncontrolling interests 4 4 Foreign exchange derivatives related to debt 42 42 Net cash provided by/(used for) financing activities (298 ) 93 (770 ) 337 (638 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (30 ) (30 ) Net change in cash, cash equivalents and restricted cash — — (169 ) — (169 ) Cash, cash equivalents and restricted cash at January 1 745 745 Cash, cash equivalents and restricted cash at December 31 $ — $ — $ 576 $ — $ 576 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities 33 (65 ) 123 $ 91 Cash flows from investing activities Capital expenditures (354 ) (354 ) Beneficial interest in transferred receivables 865 865 Acquisition of businesses, net of cash acquired (1,207 ) (1,207 ) Proceeds from sale of business, net of cash sold 33 33 Proceeds from sale of property, plant and equipment 7 7 Intercompany investing activities (738 ) 21 738 (21 ) — Net investment hedge settlements (11 ) (11 ) Other (10 ) (10 ) Net cash provided by/(used for) investing activities (738 ) 21 61 (21 ) (677 ) Cash flows from financing activities Proceeds from long-term debt 1,435 1,435 Payments of long-term debt (17 ) (883 ) (900 ) Net change in revolving credit facility and short-term debt (7 ) (7 ) Net change in long-term intercompany balances 708 61 (769 ) — Debt issuance costs (18 ) (18 ) Common stock issued 6 6 Common stock repurchased (9 ) (9 ) Dividends paid (21 ) 21 — Dividend paid to noncontrolling interests (48 ) (48 ) Contribution from noncontrolling interests 5 5 Foreign exchange derivatives related to debt (58 ) (58 ) Net cash provided by/(used for) financing activities 705 44 (364 ) 21 406 Effect of exchange rate changes on cash, cash equivalents and restricted cash (62 ) (62 ) Net change in cash, cash equivalents and restricted cash — — (242 ) — (242 ) Cash, cash equivalents and restricted cash at January 1 987 987 Cash, cash equivalents and restricted cash at December 31 $ — $ — $ 745 $ — $ 745 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales 1,931 6,767 $ 8,698 Cost of products sold, excluding depreciation and amortization 1,605 5,401 7,006 Depreciation and amortization 40 207 247 Selling and administrative expense 10 134 223 367 Provision for asbestos 3 3 Restructuring and other 2 11 38 51 Income from operations (12 ) 138 898 1,024 Loss from early extinguishments of debt 6 1 7 Other pension and postretirement (13 ) (40 ) (53 ) Net interest expense 65 95 77 237 Technology royalty (42 ) 42 — Foreign exchange 90 (2 ) 6 (90 ) 4 Income/(loss) before income taxes (173 ) 100 812 90 829 Provision for / (benefit from) income taxes (66 ) 271 164 32 401 Equity earnings in affiliates 323 194 406 (923 ) — Net income 323 87 235 648 (865 ) 428 Net income attributable to noncontrolling interests (105 ) (105 ) Net income attributable to Crown Holdings $ 323 $ 87 $ 235 $ 543 $ (865 ) $ 323 Total comprehensive income 482 115 275 854 (1,136 ) $ 590 Comprehensive income attributable to noncontrolling interests (108 ) (108 ) Comprehensive income attributable to Crown Holdings $ 482 $ 115 $ 275 $ 746 $ (1,136 ) $ 482 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2016 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales 1,918 6,366 $ 8,284 Cost of products sold, excluding depreciation and amortization 1,571 5,052 6,623 Depreciation and amortization 33 214 247 Selling and administrative expense 10 135 221 366 Provision for asbestos 21 21 Restructuring and other (5 ) 11 24 30 Income from operations (5 ) 147 855 997 Loss from early extinguishments of debt 32 5 37 Other pension and postretirement (7 ) (17 ) (24 ) Net interest expense 66 86 79 231 Technology royalty (38 ) 38 — Foreign exchange (21 ) 1 (17 ) 21 (16 ) Income/(loss) before income taxes (82 ) 105 767 (21 ) 769 Provision for / (benefit from) income taxes (31 ) 81 143 (7 ) 186 Equity earnings in affiliates 496 207 370 (1,073 ) — Net income 496 156 394 624 (1,087 ) 583 Net income attributable to noncontrolling interests (87 ) (87 ) Net income attributable to Crown Holdings $ 496 $ 156 $ 394 $ 537 $ (1,087 ) $ 496 Total comprehensive income 250 119 348 394 (774 ) $ 337 Comprehensive income attributable to noncontrolling interests (87 ) (87 ) Comprehensive income attributable to Crown Holdings $ 250 $ 119 $ 348 $ 307 $ (774 ) $ 250 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales 2,013 6,749 $ 8,762 Cost of products sold, excluding depreciation and amortization 1,632 5,508 7,140 Depreciation and amortization 32 205 237 Selling and administrative expense 9 145 228 382 Provision for asbestos 26 26 Restructuring and other 7 57 64 Income from operations (9 ) 171 751 913 Loss from early extinguishments of debt 9 9 Other pension and postretirement (13 ) (1 ) (14 ) Net interest expense 91 90 78 259 Technology royalty (42 ) 42 — Foreign exchange (8 ) 3 17 8 20 Income/(loss) before income taxes (101 ) 133 615 (8 ) 639 Provision for / (benefit from) income taxes (38 ) 79 140 (3 ) 178 Equity earnings in affiliates 393 183 231 (807 ) — Net income 393 120 285 475 (812 ) 461 Net income attributable to noncontrolling interests (68 ) (68 ) Net income attributable to Crown Holdings $ 393 $ 120 $ 285 $ 407 $ (812 ) $ 393 Total comprehensive income 4 146 64 46 (192 ) $ 68 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 4 $ 146 $ 64 $ (18 ) $ (192 ) $ 4 |
Condensed Combining Balance Sheet | 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 and intangible assets 466 3,052 3,518 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 and accrued liabilities 22 31 619 2,452 3,124 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 601 1,493 1,869 3,269 (6,631 ) 601 Total equity 601 1,493 1,869 3,591 (6,631 ) 923 Total $ 3,120 $ 5,052 $ 6,077 $ 9,670 $ (13,256 ) $ 10,663 Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents 83 476 $ 559 Receivables, net 3 20 842 865 Intercompany receivables 33 6 (39 ) — Inventories 313 932 1,245 Prepaid expenses and other current assets 1 2 13 156 172 Total current assets 1 88 379 2,412 (39 ) 2,841 Intercompany debt receivables 2,703 3,234 690 (6,627 ) — Investments 2,857 2,319 954 (6,130 ) — Goodwill and intangible assets 469 2,794 3,263 Property, plant and equipment, net 1 496 2,323 2,820 Other non-current assets 3 464 208 675 Total $ 2,858 $ 5,114 $ 5,996 $ 8,427 $ (12,796 ) $ 9,599 Liabilities and equity Current liabilities Short-term debt 33 $ 33 Current maturities of long-term debt 118 43 161 Accounts payable and accrued liabilities 23 32 577 2,070 2,702 Intercompany payables 6 33 (39 ) — Total current liabilities 23 150 583 2,179 (39 ) 2,896 Long-term debt, excluding current maturities 2,258 392 2,067 4,717 Long-term intercompany debt 2,469 1,328 2,624 206 (6,627 ) — Postretirement and pension liabilities 422 198 620 Other non-current liabilities 381 317 698 Commitments and contingent liabilities Noncontrolling interests 302 302 Crown Holdings shareholders’ equity 366 1,378 1,594 3,158 (6,130 ) 366 Total equity 366 1,378 1,594 3,460 (6,130 ) 668 Total $ 2,858 $ 5,114 $ 5,996 $ 8,427 $ (12,796 ) $ 9,599 |
Condensed Combining Statement of Cash Flows | Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities 7 (30 ) 83 (211 ) (100 ) $ (251 ) Cash flows from investing activities Capital expenditures (102 ) (396 ) (498 ) Beneficial interest in transferred receivables 1,010 1,010 Proceeds from sale of property, plant and equipment 1 7 8 Intercompany investing activities 235 300 (535 ) — Other (20 ) (4 ) (24 ) Net cash provided by/(used for) investing activities 235 — 179 617 (535 ) 496 Cash flows from financing activities Proceeds from long-term debt 750 9 295 1,054 Payments of long-term debt (1,015 ) (7 ) (115 ) (1,137 ) Net change in revolving credit facility and short-term debt 95 95 Net change in long-term intercompany balances 88 263 (261 ) (90 ) — Debt issuance costs (15 ) (1 ) (16 ) Common stock issued 9 9 Common stock repurchased (339 ) (339 ) Dividends paid (635 ) 635 — Dividends paid to noncontrolling interests (93 ) (93 ) Foreign exchange derivatives related to debt 27 27 Net cash provided by/(used for) financing activities (242 ) (17 ) (259 ) (517 ) 635 (400 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — (47 ) 3 (97 ) — (141 ) Cash, cash equivalents and restricted cash at January 1 83 493 576 Cash, cash equivalents and restricted cash at December 31 $ — $ 36 $ 3 $ 396 $ — $ 435 Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities 63 23 143 (211 ) (152 ) $ (134 ) Cash flows from investing activities Capital expenditures (127 ) (346 ) (473 ) Beneficial interest in transferred receivables 1,086 1,086 Proceeds from sale of property, plant and equipment 4 6 10 Intercompany investing activities 235 150 (385 ) — Other 10 — 10 Net cash provided by/(used for) investing activities 235 — 37 746 (385 ) 633 Cash flows from financing activities Proceeds from long-term debt 700 680 1,380 Payments of long-term debt (1,181 ) (733 ) (1,914 ) Net change in revolving credit facility and short-term debt (32 ) (32 ) Net change in long-term intercompany balances (300 ) 468 (180 ) 12 — Premiums paid to retire debt (22 ) (22 ) Debt issuance costs (9 ) (9 ) (18 ) Common stock issued 10 10 Common stock repurchased (8 ) (8 ) Dividends paid (537 ) 537 — Dividends paid to noncontrolling interests (80 ) (80 ) Contribution from noncontrolling interests 4 4 Foreign exchange derivatives related to debt 42 42 Net cash provided by/(used for) financing activities (298 ) (44 ) (180 ) (653 ) 537 (638 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (30 ) (30 ) Net change in cash, cash equivalents and restricted cash — (21 ) — (148 ) — (169 ) Cash, cash equivalents and restricted cash at January 1 104 641 745 Cash, cash equivalents and restricted cash at December 31 $ — $ 83 $ — $ 493 $ — $ 576 Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities 33 (34 ) 6 86 $ 91 Cash flows from investing activities Capital expenditures (80 ) (274 ) (354 ) Beneficial interest in transferred receivables 865 865 Acquisition of businesses, net of cash acquired (1,207 ) (1,207 ) Proceeds from sale of businesses, net of cash sold 33 33 Proceeds from sale of property, plant and equipment 2 5 7 Intercompany investing activities (738 ) 15 71 738 (86 ) — Net investment hedge settlements (11 ) (11 ) Other (10 ) — (10 ) Net cash provided by/(used for) investing activities (738 ) 4 (17 ) 160 (86 ) (677 ) Cash flows from financing activities Proceeds from long-term debt 750 685 1,435 Payments of long-term debt (722 ) (178 ) (900 ) Net change in revolving credit facility and short-term debt (7 ) (7 ) Net change in long-term intercompany balances 708 (12 ) 11 (707 ) — Debt issuance costs (10 ) (8 ) (18 ) Common stock issued 6 6 Common stock repurchased (9 ) (9 ) Dividends paid (86 ) 86 — Dividends paid to noncontrolling interests (48 ) (48 ) Contribution from noncontrolling interests 5 5 Foreign exchange derivatives related to debt (58 ) (58 ) Net cash provided by/(used for) financing activities 705 6 11 (402 ) 86 406 Effect of exchange rate changes on cash, cash equivalents and restricted cash (62 ) (62 ) Net change in cash, cash equivalents and restricted cash — (24 ) — (218 ) — (242 ) Cash, cash equivalents and restricted cash at January 1 128 859 987 Cash, cash equivalents and restricted cash at December 31 $ — $ 104 $ — $ 641 $ — $ 745 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Land improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Buildings and Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Buildings and Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 3 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 18 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Research and Development) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Research, development and engineering costs | $ 39 | $ 41 | $ 39 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Recent Accounting and Reporting Pronouncements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2017 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cash and cash equivalents | $ 424 | $ 559 | $ 717 | $ 965 | |
Restricted cash included in prepaid expenses and other current assets | 2 | 8 | 14 | 13 | |
Restricted cash included in other non-current assets | 9 | 9 | 14 | 9 | |
Cost of products sold, excluding depreciation and amortization | 7,006 | 6,623 | 7,140 | ||
Cumulative effect of change in accounting principle | 60 | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | 22 | 0 | ||
Beneficial interest in transferred receivables | 1,010 | 1,086 | 865 | ||
Consideration Received for Beneficial Interest Obtained for Transferring Financial Asset | 1,047 | 1,032 | 834 | ||
Selling and administrative expense | 367 | 366 | 382 | ||
Restructuring and other | 51 | 30 | 64 | ||
Other pension and postretirement | (53) | (24) | (14) | ||
Cash, cash equivalents and restricted cash at January 1 | 435 | 576 | 745 | $ 987 | |
ASU 2016-09, Excess Tax Benefit Component | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred income tax assets, net | $ 60 | ||||
ASU 2017-07 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cost of products sold, excluding depreciation and amortization | 54 | 40 | 24 | ||
Selling and administrative expense | (4) | (2) | (8) | ||
Restructuring and other | 3 | (14) | (2) | ||
Other pension and postretirement | $ (53) | (24) | $ (14) | ||
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of change in accounting principle | $ 60 | ||||
Retained Earnings | ASU 2016-09, Excess Tax Benefit Component | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of change in accounting principle | $ 60 |
Acquisition of Signode (Narrati
Acquisition of Signode (Narrative) (Details) | Jan. 29, 2018 | Dec. 19, 2017USD ($) | Jan. 26, 2018EUR (€) | Jan. 26, 2018USD ($) |
Signode | ||||
Business Acquisition [Line Items] | ||||
Total consideration | $ | $ 3,910,000,000 | |||
Subsequent Event | Minimum | LIBOR | ||||
Business Acquisition [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.00% | |||
Subsequent Event | Minimum | EURIBOR | ||||
Business Acquisition [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.00% | |||
Subsequent Event | Maximum | LIBOR | ||||
Business Acquisition [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.375% | |||
Subsequent Event | Maximum | EURIBOR | ||||
Business Acquisition [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.375% | |||
Euro 2.250% due 2023 | Senior Notes | Subsequent Event | ||||
Business Acquisition [Line Items] | ||||
Debt instrument, face amount | € | € 335,000,000 | |||
Debt instrument stated percentage | 2.25% | 2.25% | ||
Euro 2.875% due 2026 | Senior Notes | Subsequent Event | ||||
Business Acquisition [Line Items] | ||||
Debt instrument, face amount | € | € 500,000,000 | |||
Debt instrument stated percentage | 2.875% | 2.875% | ||
U.S Dollar 4.750% due 2026 | Senior Notes | Subsequent Event | ||||
Business Acquisition [Line Items] | ||||
Debt instrument, face amount | $ | $ 875,000,000 | |||
Debt instrument stated percentage | 4.75% | 4.75% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Schedule of AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in AOCI [Roll Forward] | |||
Balance at beginning of period | $ 668 | $ 385 | $ 337 |
Total other comprehensive income / (loss) | 162 | (246) | (393) |
Balance at end of period | 923 | 668 | 385 |
Defined benefit plans | |||
Increase (Decrease) in AOCI [Roll Forward] | |||
Balance at beginning of period | (1,524) | (1,690) | |
Other comprehensive income / (loss) before reclassifications | (92) | 118 | |
Amounts reclassified from accumulated other comprehensive income | 33 | 48 | |
Total other comprehensive income / (loss) | (59) | 166 | |
Balance at end of period | (1,583) | (1,524) | (1,690) |
Foreign currency translation | |||
Increase (Decrease) in AOCI [Roll Forward] | |||
Balance at beginning of period | (1,879) | (1,446) | |
Other comprehensive income / (loss) before reclassifications | 198 | (433) | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Total other comprehensive income / (loss) | 198 | (433) | |
Balance at end of period | (1,681) | (1,879) | (1,446) |
Gains and losses on cash flow hedges | |||
Increase (Decrease) in AOCI [Roll Forward] | |||
Balance at beginning of period | 3 | (18) | |
Other comprehensive income / (loss) before reclassifications | 41 | 18 | |
Amounts reclassified from accumulated other comprehensive income | (21) | 3 | |
Total other comprehensive income / (loss) | 20 | 21 | |
Balance at end of period | 23 | 3 | (18) |
Accumulated Other Comprehensive Loss | |||
Increase (Decrease) in AOCI [Roll Forward] | |||
Balance at beginning of period | (3,400) | (3,154) | (2,765) |
Other comprehensive income / (loss) before reclassifications | 147 | (297) | |
Amounts reclassified from accumulated other comprehensive income | 12 | 51 | |
Total other comprehensive income / (loss) | 159 | (246) | (389) |
Balance at end of period | $ (3,241) | $ (3,400) | $ (3,154) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Reclassification out of AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net sales | $ 8,698 | $ 8,284 | $ 8,762 |
Cost of products sold | 7,006 | 6,623 | 7,140 |
Income before income taxes | 829 | 769 | 639 |
Provision for income taxes | (401) | (186) | (178) |
Net income | 428 | 583 | $ 461 |
(Gains) / losses on cash flow hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | (21) | 3 | |
Amortization of defined benefit plan items | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | 33 | 48 | |
Amount reclassified from Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | 12 | 51 | |
Amount reclassified from Accumulated Other Comprehensive Income | (Gains) / losses on cash flow hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | (21) | 3 | |
Amount reclassified from Accumulated Other Comprehensive Income | (Gains) / losses on cash flow hedges | Commodities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of products sold | (31) | 8 | |
Income before income taxes | (31) | 8 | |
Provision for income taxes | 8 | (2) | |
Net income | (23) | 6 | |
Amount reclassified from Accumulated Other Comprehensive Income | (Gains) / losses on cash flow hedges | Foreign exchange | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net sales | 8 | 10 | |
Cost of products sold | (6) | (14) | |
Income before income taxes | 2 | (4) | |
Provision for income taxes | 0 | 1 | |
Net income | 2 | (3) | |
Amount reclassified from Accumulated Other Comprehensive Income | Amortization of defined benefit plan actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit plan items | 99 | 119 | |
Amount reclassified from Accumulated Other Comprehensive Income | Amortization of defined benefit plan prior service credit | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit plan items | (54) | (52) | |
Amount reclassified from Accumulated Other Comprehensive Income | Amortization of defined benefit plan items | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit plan items | 45 | 67 | |
Provision for income taxes | (12) | (19) | |
Amounts reclassified from accumulated other comprehensive income | $ 33 | $ 48 |
Receivables (Schedule of Receiv
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Accounts receivable | $ 894 | $ 769 |
Less: allowance for doubtful accounts | (71) | (76) |
Net trade receivables | 823 | 693 |
Miscellaneous receivables | 218 | 172 |
Receivables, net | $ 1,041 | $ 865 |
Receivables (Schedule of Amount
Receivables (Schedule of Amounts Securitized or Factored) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Accounted for as secured borrowings | $ 12 | $ 9 |
Accounted for as sales | $ 964 | $ 816 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Deferred purchase price | $ 106 | $ 83 | |
Expenses related to securitization and factoring facilities | $ 15 | $ 13 | $ 12 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 737 | $ 658 |
Work in process | 139 | 116 |
Finished goods | 509 | 471 |
Total inventories | $ 1,385 | $ 1,245 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 2,791 | $ 3,003 |
Foreign currency translation | 255 | (217) |
Transfers and other adjustments | 5 | |
Balance at end of period | 3,046 | 2,791 |
Accumulated impairments | 976 | 976 |
Americas Beverage | Operating segments | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 820 | 944 |
Foreign currency translation | 24 | (88) |
Transfers and other adjustments | (36) | |
Balance at end of period | 844 | 820 |
Accumulated impairments | 29 | 29 |
North America Food | Operating segments | ||
Goodwill [Roll Forward] | ||
Accumulated impairments | 0 | |
European Beverage | Operating segments | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 511 | 572 |
Foreign currency translation | 53 | (61) |
Transfers and other adjustments | 0 | |
Balance at end of period | 564 | 511 |
Accumulated impairments | 73 | 73 |
European Food | Operating segments | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 1,190 | 1,241 |
Foreign currency translation | 165 | (56) |
Transfers and other adjustments | 5 | |
Balance at end of period | 1,355 | 1,190 |
Accumulated impairments | 724 | 724 |
Non-reportable segments | Non-reportable segments | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 270 | 246 |
Foreign currency translation | 13 | (12) |
Transfers and other adjustments | 36 | |
Balance at end of period | 283 | 270 |
Accumulated impairments | $ 150 | $ 150 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 604 | $ 559 | |
Accumulated amortization | (135) | (89) | |
Net | 469 | 470 | |
Amortization expense | 39 | 41 | $ 40 |
Amortization expense, 2018 | 41 | ||
Amortization expense, 2019 | 41 | ||
Amortization expense, 2020 | 41 | ||
Amortization expense, 2021 | 41 | ||
Amortization expense, 2022 | 41 | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 461 | 422 | |
Accumulated amortization | (108) | (71) | |
Net | 353 | 351 | |
Long-term supply contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 143 | 137 | |
Accumulated amortization | (27) | (18) | |
Net | 116 | 119 | |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net | $ 3 | $ 2 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Buildings and improvements | $ 1,214 | $ 1,001 |
Machinery and equipment | 5,131 | 4,628 |
Land and improvements | 204 | 168 |
Construction in progress | 369 | 406 |
Property, plant and equipment, gross | 6,918 | 6,203 |
Less: accumulated depreciation and amortization | (3,679) | (3,383) |
Property, plant and equipment, net | $ 3,239 | $ 2,820 |
Other Non-Current Assets (Sched
Other Non-Current Assets (Schedule of Other Non-Current Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Investments, All Other Investments [Abstract] | ||
Deferred taxes | $ 399 | $ 593 |
Pension assets | 313 | 14 |
Debt issuance costs | 13 | 6 |
Investments | 9 | 4 |
Other | 98 | 58 |
Other non-current assets | $ 832 | $ 675 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Trade accounts payable | $ 2,367 | $ 1,951 |
Salaries, wages and other employee benefits, including pension and postretirement | 162 | 162 |
Accrued taxes, other than on income | 120 | 107 |
Accrued interest | 54 | 54 |
Fair value of derivatives | 23 | 36 |
Income taxes payable | 23 | 34 |
Asbestos liabilities | 30 | 30 |
Restructuring | 17 | 19 |
Other | 328 | 309 |
Accounts payable and accrued liabilities | $ 3,124 | $ 2,702 |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Schedule of Other Non-Current Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Asbestos liabilities | $ 285 | $ 312 |
Deferred taxes | 202 | 203 |
Postemployment benefits | 24 | 29 |
Income taxes payable | 22 | 20 |
Environmental | 12 | 12 |
Other | 140 | 122 |
Other non-current liabilities | $ 685 | $ 698 |
Lease Commitments (Narrative) (
Lease Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Operating leases, minimum annual rentals in 2018 | $ 44 | ||
Operating leases, minimum annual rentals in 2019 | 32 | ||
Operating leases, minimum annual rentals in 2020 | 24 | ||
Operating leases, minimum annual rentals in 2021 | 17 | ||
Operating leases, minimum annual rentals in 2022 | 12 | ||
Operating leases, minimum annual rentals, thereafter | 67 | ||
Minimum sublease rentals | 1 | ||
Rental expense (net of sublease rental income) | $ 50 | $ 53 | $ 53 |
Asbestos-Related Liabilities (N
Asbestos-Related Liabilities (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)Pending_ClaimClaim | Dec. 31, 2016Claim | Dec. 31, 2015Claim | Dec. 31, 2014Claim | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Holding period for insulation operations (in days) | 90 days | |||
Number of inactive claims | Claim | 19,000 | 19,000 | ||
Percentage of claims that do not specify damages | 81.00% | |||
Claims outstanding | Claim | 55,500 | 55,500 | 54,500 | 54,000 |
Accrued asbestos claims and related legal costs | $ 315 | |||
Unasserted claims | $ 272 | |||
Damage claims less than $5 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage of claims damages specified | 15.00% | |||
Damage claims less than $5 | Maximum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 5 | |||
Damage claims from $5 to less than $100 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage of claims damages specified | 3.00% | |||
Damage claims from $5 to less than $100 | Maximum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 100 | |||
Damage claims from $5 to less than $100 | Minimum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 5 | |||
Damage claims less than $25 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage of claims damages specified | 35.00% | |||
Damage claims less than $25 | Maximum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 25 | |||
Damages claims in excess of $100 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 100 | |||
Claims outstanding | Pending_Claim | 6 |
Asbestos-Related Liabilities (S
Asbestos-Related Liabilities (Summary of Claims Activity) (Details) - Claim | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingency, Pending Claims [Roll Forward] | |||
Beginning claims | 55,500 | 54,500 | 54,000 |
New claims | 2,500 | 2,500 | 2,500 |
Settlements or dismissals | (2,500) | (1,500) | (2,000) |
Ending claims | 55,500 | 55,500 | 54,500 |
Asbestos-Related Liabilities _2
Asbestos-Related Liabilities (Summary of Asbestos Claims Cash Payments by Company) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Liability for Asbestos and Environmental Claims [Abstract] | |||
Asbestos-related payments | $ 30 | $ 30 | $ 30 |
Settled claims payments (included in asbestos-related payments above) | $ 24 | $ 23 | $ 22 |
Asbestos-Related Liabilities _3
Asbestos-Related Liabilities (Summary of Outstanding Claims by Year Of Exposure and State Filed) (Details) - Claim | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 55,500 | 55,500 | 54,500 | 54,000 |
Claimants alleging first exposure after 1964 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 16,500 | 16,000 | ||
Claimants alleging first exposure before or during 1964 | Texas | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 13,000 | 13,000 | ||
Claimants alleging first exposure before or during 1964 | Pennsylvania | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 1,500 | 2,000 | ||
Claimants alleging first exposure before or during 1964 | Other states that have enacted asbestos legislation | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 6,000 | 6,000 | ||
Claimants alleging first exposure before or during 1964 | Other states | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 18,500 | 18,500 |
Asbestos-Related Liabilities _4
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 |
Total claims | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims alleging serious diseases, percentage | 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, percentage | 41.00% | 41.00% | 41.00% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) $ in Millions | Dec. 31, 2017USD ($) |
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 |
Restructuring and Other (Schedu
Restructuring and Other (Schedule of Restructuring and Other Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |||
Asset impairments and sales | $ 12 | $ 14 | $ 22 |
Restructuring | 18 | 12 | 23 |
Other costs | 19 | 4 | 4 |
Transaction costs | 2 | 0 | 15 |
Restructuring and other | $ 51 | $ 30 | $ 64 |
Restructuring and Other (Narrat
Restructuring and Other (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015facility | |
Write-down of carrying value fixed assets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (benefits) | $ 19 | ||
Termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (benefits) | 18 | ||
Expiration of environmental indemnification | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (benefits) | (5) | ||
Asia Pacific | Write-down of carrying value fixed assets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (benefits) | $ 9 | ||
Asia Pacific | Termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (benefits) | $ 3 | ||
North America Food | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of facilities closed | facility | 2 | ||
European Food | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of facilities closed | facility | 2 | ||
European Aerosol and Specialty Packaging businesses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring accrual | 17 | ||
Settled Litigation | Mivisa | |||
Restructuring Cost and Reserve [Line Items] | |||
Litigation settlement expense | $ 19 |
Restructuring and Other (Charge
Restructuring and Other (Charges by Action/Type) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 18 | $ 12 | $ 23 |
Termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 15 | 9 | 20 |
Other exit costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 3 | 3 | 3 |
Operating segments | Americas Beverage | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 3 | 1 | 0 |
Operating segments | European Food | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 4 | 4 | 19 |
Operating segments | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 3 | 3 | 0 |
Non-reportable segments | Non-reportable segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 8 | 4 | 2 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 0 | $ 0 | $ 2 |
Capital Stock (Summary of Commo
Capital Stock (Summary of Common Stock Activity) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares outstanding at beginning of period (in shares) | 139,840,228 | 139,441,298 | 139,000,471 |
Shares repurchased (in shares) | (6,157,010) | (162,563) | (165,138) |
Shares issued upon exercise of employee stock options (in shares) | 299,050 | 348,640 | 207,890 |
Restricted stock issued to employees, net of forfeitures (in shares) | 269,025 | 187,209 | 375,575 |
Shares issued to non-employee directors (in shares) | 24,316 | 25,644 | 22,500 |
Common shares outstanding at end of period (in shares) | 134,275,609 | 139,840,228 | 139,441,298 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Capital Stock [Abstract] | ||
Authorized amount of shares repurchase | $ 669,000,000 | $ 1,000,000,000 |
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Debt restrictions on Company's ability to pay dividends and repurchase its common stock | The amount of restricted payments permitted to be made, including dividends and repurchases of the Company’s common stock, may be limited to the cumulative excess of $200 plus 50% of adjusted net income plus proceeds from the exercise of employee stock options over the aggregate of restricted payments made since July 2004. | |
Limited cumulative excess amount, maximum | $ 200,000,000 | |
Debt restrictions on payment of dividends and repurchase of common stock, percentage adjustment | 50.00% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 4,400,000 | ||
Non-employee directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 1 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding (in shares) | 70,000 | 369,050 | |
Options, weighted average exercise price (in usd per share) | $ 38 | $ 26.74 | |
Stock options granted (in shares) | 0 | 0 | 0 |
Aggregate intrinsic value of options exercised | $ 7 | $ 8 | $ 5 |
Time-vested restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) for shares awarded | 3 years | ||
Performance-based shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) for shares awarded | 3 years | ||
Award vesting period | 3 years | ||
Level of performance achieved based on shares awarded, minimum | 0.00% | ||
Level of performance achieved based on shares awarded, maximum | 200.00% | ||
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 27 | ||
Weighted average recognition period, in years | 1 year 6 months | ||
Aggregate market value of the shares released and issued on the vesting dates | $ 26 | ||
Minimum | Time-vested restricted stock and deferred stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Maximum | Time-vested restricted stock and deferred stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested shares outstanding at beginning of period (in shares) | 1,321,292 | ||
Awarded: (in shares) | 269,025 | 187,209 | 375,575 |
Non-vested shares outstanding at end of period (in shares) | 1,053,842 | 1,321,292 | |
Time-vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Awarded: (in shares) | 144,141 | ||
Released: (in shares) | (351,403) | ||
Forfeitures: (in shares) | (35,550) | ||
Performance-based | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Awarded: (in shares) | 149,843 | ||
Released: (in shares) | (115,732) | ||
Forfeitures: (in shares) | (58,749) |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Grant Date Fair Value of Restricted Stock) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Time-vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in usd per share) | $ 55.55 | $ 51.04 | $ 53.65 |
Performance-based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in usd per share) | $ 51.90 | $ 51.18 | $ 49.50 |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Assumptions) (Details) - Performance-based shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.40% | 1.20% | 1.10% |
Expected term (years) | 3 years | 3 years | 3 years |
Expected stock price volatility | 21.10% | 19.80% | 17.40% |
Debt (Summary of Outstanding De
Debt (Summary of Outstanding Debt) (Details) | 12 Months Ended | |||||
Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | |
Principal outstanding | ||||||
Short-term debt | $ 62,000,000 | $ 33,000,000 | ||||
Total long-term debt | 5,328,000,000 | 4,931,000,000 | ||||
Capital lease obligations | 29,000,000 | 0 | ||||
Less: current maturities | (64,000,000) | (162,000,000) | ||||
Total long-term debt, less current maturities | 5,264,000,000 | 4,769,000,000 | ||||
Carrying amount | ||||||
Short-term debt | 62,000,000 | 33,000,000 | ||||
Total long-term debt | 5,281,000,000 | 4,878,000,000 | ||||
Capital lease obligations | 29,000,000 | 0 | ||||
Less: current maturities | (64,000,000) | (161,000,000) | ||||
Total long-term debt, less current maturities | 5,217,000,000 | 4,717,000,000 | ||||
Revolving credit facilities | ||||||
Principal outstanding | ||||||
Total long-term debt | 122,000,000 | 0 | ||||
Carrying amount | ||||||
Total long-term debt | 122,000,000 | 0 | ||||
Term loan facilities | U.S. dollar at LIBOR plus 1.50% due 2022 | ||||||
Principal outstanding | ||||||
Total long-term debt | 741,000,000 | |||||
Carrying amount | ||||||
Total long-term debt | 735,000,000 | |||||
Basis spread on variable rate (as a percent) | 1.50% | |||||
Term loan facilities | Euro at EURIBOR plus 1.50% due 2022 | ||||||
Principal outstanding | ||||||
Total long-term debt | 324,000,000 | |||||
Carrying amount | ||||||
Total long-term debt | 324,000,000 | |||||
Basis spread on variable rate (as a percent) | 1.50% | |||||
Debt instrument, face amount | € | € 270,000,000 | |||||
Term loan facilities | US Dollar at LIBOR Plus 1.75% Percentage due 2018 | ||||||
Principal outstanding | ||||||
Total long-term debt | 654,000,000 | |||||
Carrying amount | ||||||
Total long-term debt | 649,000,000 | |||||
Basis spread on variable rate (as a percent) | 1.75% | |||||
Term loan facilities | Euro at EURIBOR Plus 1.75% due 2018 | ||||||
Principal outstanding | ||||||
Total long-term debt | 61,000,000 | |||||
Carrying amount | ||||||
Total long-term debt | 61,000,000 | |||||
Basis spread on variable rate (as a percent) | 1.75% | |||||
Debt instrument, face amount | € | € 58,000,000 | |||||
Term loan facilities | Farm credit facility at LIBOR plus 2.00% due 2019 | ||||||
Principal outstanding | ||||||
Total long-term debt | 0 | 351,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | 0 | 347,000,000 | ||||
Basis spread on variable rate (as a percent) | 2.00% | |||||
Senior notes and debentures: | €650 at 4.0% due 2022 | ||||||
Principal outstanding | ||||||
Total long-term debt | 781,000,000 | 684,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 774,000,000 | 676,000,000 | ||||
Debt instrument stated percentage | 4.00% | 4.00% | ||||
Debt instrument, 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 | 991,000,000 | ||||
Debt instrument stated percentage | 4.50% | 4.50% | ||||
Senior notes and debentures: | €600 at 2.625% due 2024 | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 720,000,000 | 631,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 713,000,000 | 623,000,000 | ||||
Debt instrument stated percentage | 2.625% | 2.625% | 2.625% | 2.625% | ||
Debt instrument, face amount | € | € 600,000,000 | € 600,000,000 | ||||
Senior notes and debentures: | €600 at 3.375% due 2025 | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 720,000,000 | 631,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 711,000,000 | 622,000,000 | ||||
Debt instrument stated percentage | 3.375% | 3.375% | ||||
Debt instrument, 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 | $ 400,000,000 | |||
Carrying amount | ||||||
Total long-term debt | $ 393,000,000 | 393,000,000 | ||||
Debt instrument stated percentage | 4.25% | 4.25% | 4.25% | 4.25% | ||
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: | U.S. dollar at 7.50% due 2096 | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 40,000,000 | 45,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 40,000,000 | 45,000,000 | ||||
Debt instrument stated percentage | 7.50% | 7.50% | ||||
Other indebtedness, fixed rate | ||||||
Principal outstanding | ||||||
Total long-term debt | $ 96,000,000 | 122,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | 96,000,000 | 122,000,000 | ||||
Other indebtedness, variable rate | ||||||
Principal outstanding | ||||||
Total long-term debt | 5,000,000 | 2,000,000 | ||||
Carrying amount | ||||||
Total long-term debt | $ 5,000,000 | $ 2,000,000 | ||||
Average variable rates | 2.81% | 2.81% | ||||
Minimum | Other indebtedness, fixed rate | ||||||
Carrying amount | ||||||
Debt instrument stated percentage | 3.94% | 3.94% | ||||
Maximum | Other indebtedness, fixed rate | ||||||
Carrying amount | ||||||
Debt instrument stated percentage | 7.50% | 7.50% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Feb. 29, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Apr. 30, 2017EUR (€) | Apr. 30, 2017USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Long-term debt, fair value | $ 5,043,000,000 | $ 5,562,000,000 | ||||||||
Borrowings outstanding | 4,878,000,000 | 5,281,000,000 | ||||||||
Aggregate maturities of long term debt excluding unamortized discounts, year one | 64,000,000 | |||||||||
Aggregate maturities of long term debt excluding unamortized discounts, year two | 71,000,000 | |||||||||
Aggregate maturities of long term debt excluding unamortized discounts, year three | 77,000,000 | |||||||||
Aggregate maturities of long term debt excluding unamortized discounts, year four | 63,000,000 | |||||||||
Aggregate maturities of long term debt excluding unamortized discounts, year five | 1,789,000,000 | |||||||||
Cash payments for interest | $ 225,000,000 | 217,000,000 | $ 249,000,000 | |||||||
Proceeds from long-term debt | 1,054,000,000 | 1,380,000,000 | 1,435,000,000 | |||||||
Debt issued | 4,931,000,000 | 5,328,000,000 | ||||||||
Loss from early extinguishments of debt | $ 7,000,000 | 37,000,000 | $ 9,000,000 | |||||||
€600 at 2.625% due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss from early extinguishments of debt | 7,000,000 | |||||||||
U.S. dollar at 4.25% due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss from early extinguishments of debt | 3,000,000 | |||||||||
Term loan facilities | Euro at EURIBOR plus 1.50% due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings outstanding | 324,000,000 | |||||||||
Basis spread on variable rate (as a percent) | 1.50% | |||||||||
Debt instrument, face amount | € | € 270,000,000 | |||||||||
Debt issued | 324,000,000 | |||||||||
Term loan facilities | U.S. dollar at LIBOR Plus 1.75% Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 750,000,000 | |||||||||
Term loan facilities | LIBOR plus 1.75% due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | € | € 275,000,000 | |||||||||
Term loan facilities | U.S. dollar at LIBOR plus 1.50% due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings outstanding | 735,000,000 | |||||||||
Basis spread on variable rate (as a percent) | 1.50% | |||||||||
Proceeds from long-term debt | $ 300,000,000 | |||||||||
Debt issued | 741,000,000 | |||||||||
Revolving credit facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings outstanding | 0 | 122,000,000 | ||||||||
Debt issued | 0 | 122,000,000 | ||||||||
Senior notes and debentures: | U.S. dollar 6.25% due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issued | $ 700,000,000 | |||||||||
Debt instrument stated percentage | 6.25% | |||||||||
Loss from early extinguishments of debt | 27,000,000 | |||||||||
Senior notes and debentures: | €600 at 2.625% due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings outstanding | 623,000,000 | 713,000,000 | ||||||||
Debt instrument, face amount | € | € 600,000,000 | € 600,000,000 | ||||||||
Debt issued | 631,000,000 | $ 720,000,000 | ||||||||
Debt instrument stated percentage | 2.625% | 2.625% | 2.625% | 2.625% | ||||||
Senior notes and debentures: | €600 at 3.375% due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings outstanding | 622,000,000 | $ 711,000,000 | ||||||||
Debt instrument, face amount | € | € 600,000,000 | |||||||||
Debt issued | 631,000,000 | $ 720,000,000 | ||||||||
Debt instrument stated percentage | 3.375% | 3.375% | ||||||||
Senior notes and debentures: | U.S. dollar at 4.25% due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings outstanding | 393,000,000 | $ 393,000,000 | ||||||||
Debt issued | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||||||
Debt instrument stated percentage | 4.25% | 4.25% | 4.25% | 4.25% | ||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility, available borrowing capacity | $ 1,236,000,000 | |||||||||
Line of credit facility, maximum borrowing capacity | 1,400,000,000 | |||||||||
Outstanding letters of credit | 42,000,000 | |||||||||
Basis spread on variable rate (as a percent) | 1.25% | |||||||||
Revolving Credit Facility | Revolving credit facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 1,400,000,000 | |||||||||
Revolving Credit Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Provisions for letters of credit | $ 210,000,000 | |||||||||
Basis spread on variable rate (as a percent) | 1.75% |
Debt (Schedule of Weighted Aver
Debt (Schedule of Weighted Average Interest Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Short-term debt | 1.40% | 2.70% | 3.00% |
Revolving credit facilities | 3.30% | 3.80% | 4.40% |
Derivative and Other Financia_3
Derivative and Other Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Objectives for using derivative instruments | The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. | |
Net gain to be reclassified to earnings | $ 24,000,000 | |
Gain, net of tax, expected to be reclassified to earnings | 20,000,000 | |
Reclassification of anticipated transactions that were no longer considered probable | 0 | $ 0 |
Gain (loss) on net investment hedge | (153,000,000) | 35,000,000 |
Gain (loss) on net investment hedge, net of tax | (134,000,000) | 23,000,000 |
Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on foreign exchange contracts designated as fair value hedges | 1,000,000 | 8,000,000 |
Gain on foreign exchange contracts not designated as fair value hedges | 41,000,000 | 11,000,000 |
Commodities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on commodity hedge ineffectiveness | 2,000,000 | (7,000,000) |
Gain (loss) on commodity hedge ineffectiveness, net of tax | $ 1,000,000 | $ (5,000,000) |
Minimum | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, higher remaining maturity range | 1 month | |
Maximum | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, higher remaining maturity range | 34 months |
Derivative and Other Financia_4
Derivative and Other Financial Instruments (Accumulated Other Comprehensive Income ("AOCI") and Earnings from Changes in Fair Value Related to Derivative Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain/(loss) recognized in AOCI (effective portion) | $ 41 | $ 18 | |
Amount of gain/(loss) reclassified from AOCI into earnings | 21 | (3) | |
Gain (loss) reclassified from AOCI into earnings, net of tax | 428 | 583 | $ 461 |
Amount reclassified from Accumulated Other Comprehensive Income | (Gains) / losses on cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI into earnings, net of tax | (21) | 3 | |
Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain/(loss) recognized in AOCI (effective portion) | 2 | (2) | |
Amount of gain/(loss) reclassified from AOCI into earnings | (2) | 3 | |
Foreign exchange | Amount reclassified from Accumulated Other Comprehensive Income | (Gains) / losses on cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI into earnings, net of tax | 2 | (3) | |
Commodities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain/(loss) recognized in AOCI (effective portion) | 39 | 20 | |
Amount of gain/(loss) reclassified from AOCI into earnings | 23 | (6) | |
Loss on hedge ineffectiveness | 2 | ||
Gain (loss) on hedge ineffectiveness, net of tax | (1) | 1 | |
Gain on cash flow hedge ineffectiveness | 1 | ||
Commodities | Amount reclassified from Accumulated Other Comprehensive Income | (Gains) / losses on cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI into earnings, net of tax | (23) | 6 | |
(Gain) loss recognized in cost of products sold | 31 | (8) | |
Tax benefit recognized in income tax expense | 8 | 2 | |
Net sales | Foreign exchange | Amount reclassified from Accumulated Other Comprehensive Income | (Gains) / losses on cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in net sales | (8) | (10) | |
Gain (loss) reclassified from AOCI into earnings, net of tax | (6) | (8) | |
Cost of products sold | Foreign exchange | Amount reclassified from Accumulated Other Comprehensive Income | (Gains) / losses on cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from AOCI into earnings, net of tax | 4 | 11 | |
(Gain) loss recognized in cost of products sold | $ 6 | $ 14 |
Derivative and Other Financia_5
Derivative and Other Financial Instruments (Fair Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative assets | ||
Total | $ 63 | $ 45 |
Derivative liabilities | ||
Total | 23 | 37 |
Level 2 | ||
Derivative assets | ||
Total | 63 | 45 |
Derivative liabilities | ||
Total | 23 | 37 |
Derivatives designated as hedges: | Other current assets | Foreign exchange | Level 2 | ||
Derivative assets | ||
Foreign exchange | 12 | 24 |
Derivatives designated as hedges: | Other current assets | Commodities | Level 2 | ||
Derivative assets | ||
Commodities | 25 | 13 |
Derivatives designated as hedges: | Other non-current assets | Commodities | Level 2 | ||
Derivative assets | ||
Commodities | 4 | 3 |
Derivatives designated as hedges: | Accounts payable and accrued liabilities | Foreign exchange | Level 2 | ||
Derivative liabilities | ||
Foreign exchange, designated as hedges | 8 | 28 |
Derivatives designated as hedges: | Accounts payable and accrued liabilities | Commodities | Level 2 | ||
Derivative liabilities | ||
Commodities | 0 | 3 |
Derivatives designated as hedges: | Other non-current liabilities | Foreign exchange | Level 2 | ||
Derivative liabilities | ||
Foreign exchange, designated as hedges | 0 | 1 |
Derivatives not designated as hedges: | Other current assets | Commodities | Level 2 | ||
Derivative assets | ||
Commodities | 22 | 5 |
Derivatives not designated as hedges: | Accounts payable and accrued liabilities | Foreign exchange | Level 2 | ||
Derivative liabilities | ||
Foreign exchange, not designated as hedges | 0 | 5 |
Derivatives not designated as hedges: | Accounts payable and accrued liabilities | Commodities | Level 2 | ||
Derivative liabilities | ||
Commodities | $ 15 | $ 0 |
Derivative and Other Financia_6
Derivative and Other Financial Instruments (Schedule of Offsetting Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative assets | ||
Gross amounts recognized in the Balance Sheet | $ 63 | $ 45 |
Gross amounts not offset in the Balance Sheet | 17 | 6 |
Net amount | 46 | 39 |
Derivative liabilities | ||
Gross amounts recognized in the Balance Sheet | 23 | 37 |
Gross amounts not offset in the Balance Sheet | 17 | 6 |
Net amount | $ 6 | $ 31 |
Derivative and Other Financia_7
Derivative and Other Financial Instruments (Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives designated as hedges | Derivatives in cash flow hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | $ 864 | $ 644 |
Derivatives designated as hedges | Derivatives in cash flow hedges | Commodities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 276 | 180 |
Derivatives designated as hedges | Derivatives in fair value hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 60 | 73 |
Derivatives not designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 575 | 618 |
Derivatives not designated as hedges | Commodities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | $ 40 | $ 72 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Net income attributable to Crown Holdings | $ 323 | $ 496 | $ 393 |
Weighted average shares outstanding (in millions): | |||
Weighted average shares outstanding, basic (in shares) | 135,290 | 138,530 | 137,940 |
Dilutive stock options and restricted stock (in shares) | 320 | 780 | 1,200 |
Weighted average shes outstanding, diluted (in shares) | 135,610 | 139,310 | 139,140 |
Basic EPS (in usd per share) | $ 2.39 | $ 3.58 | $ 2.85 |
Diluted EPS (in usd per share) | $ 2.38 | $ 3.56 | $ 2.82 |
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive (in shares) | 0 | 500 | 100 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, additional pension expense | $ 5 | $ 5 | $ 5 |
Amounts of common stock included in plan assets | 189 | 177 | |
Defined benefit plan, estimated employer contributions | $ 18 | ||
Employee Savings Investment Plan, minimum age requirement | 21 years | ||
Maximum contribution percent by employer | 50.00% | ||
Employer matching contribution, percent of employee's gross pay | 3.00% | ||
Total contributions | $ 2 | $ 2 | $ 2 |
Percentage of employee stock purchase plan, employee contribution | 85.00% | ||
Percentage of employee stock purchase plan, employer contribution | 15.00% | ||
Shares purchased under employee stock purchase plan (in shares) | 25,511 | 26,299 | |
Employee stock purchase plan, company contribution (less than) | $ 1 | $ 1 | |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Estimated net losses of pensions in following twelve months | 93 | ||
Estimated prior service credits of pensions in following twelve months | (10) | ||
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Estimated net losses of pensions in following twelve months | 4 | ||
Estimated prior service credits of pensions in following twelve months | $ (37) | ||
Non-U.S. Plans | Pension Plan | United Kingdom | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funding level | 100.00% | ||
Target funding level period | 9 years | ||
Expected return net of fees | 2.00% | ||
Percentage change of risk level commensurate | 5.00% | ||
Weighted average return of equity securities period (years) | 25 years | ||
Non-U.S. Plans | Pension Plan | United Kingdom | Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Yearly rate of funding level decline | 4.00% | ||
Non-U.S. Plans | Pension Plan | United Kingdom | Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Yearly rate of funding level decline | 7.00% | ||
Non-U.S. Plans | Pension Plan | United Kingdom | Debt securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 2.50% | ||
Non-U.S. Plans | Pension Plan | United Kingdom | Real estate | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 5.00% | ||
Non-U.S. Plans | Pension Plan | United Kingdom | Equity securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 8.50% | ||
U.S. Plans | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Weighted average return of equity securities period (years) | 25 years | ||
U.S. Plans | Pension Plan | Equity securities and alternative investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 9.20% | ||
U.S. Plans | Pension Plan | Debt securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 4.20% | ||
U.S. Plans | Pension Plan | Real estate | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assumed rate of return on assets, percentage | 5.00% |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Components of Net Periodic Pension and Other Postretirement Benefits Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Postretirement Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 0 | $ 0 | $ 1 |
Interest cost | 6 | 6 | 7 |
Amortization of actuarial loss | 4 | 5 | 4 |
Amortization of prior service cost (credit) | (40) | (41) | (37) |
Net periodic benefit cost (credit) | (30) | (30) | (25) |
U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 14 | 14 | 14 |
Interest cost | 50 | 50 | 63 |
Expected return on plan assets | (83) | (91) | (100) |
Settlements | 0 | 14 | 2 |
Amortization of actuarial loss | 52 | 50 | 50 |
Amortization of prior service cost (credit) | 1 | 1 | 0 |
Net periodic benefit cost (credit) | 34 | 38 | 29 |
Non-U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 22 | 21 | 24 |
Interest cost | 75 | 101 | 127 |
Expected return on plan assets | (146) | (157) | (172) |
Curtailments | (3) | 0 | 0 |
Amortization of actuarial loss | 42 | 50 | 55 |
Amortization of prior service cost (credit) | (11) | (12) | (13) |
Net periodic benefit cost (credit) | $ (21) | $ 3 | $ 21 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits (Schedule of Projected and Changes in Benefit Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Postretirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of period | $ 167 | $ 171 | |
Service cost | 0 | 0 | $ 1 |
Interest cost | 6 | 6 | 7 |
Actuarial loss | 4 | 7 | |
Benefits paid | (13) | (15) | |
Foreign currency translation | 4 | (2) | |
Benefit obligations at end of period | 168 | 167 | 171 |
U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of period | 1,482 | 1,501 | |
Service cost | 14 | 14 | 14 |
Interest cost | 50 | 50 | 63 |
Plan participants’ contributions | 0 | 0 | |
Amendments | 4 | 3 | |
Settlements | 0 | (39) | |
Actuarial loss | 51 | 54 | |
Benefits paid | (102) | (101) | |
Foreign currency translation | 0 | 0 | |
Benefit obligations at end of period | 1,499 | 1,482 | 1,501 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance at beginning of period | 1,156 | 1,190 | |
Actual return on plan assets | 162 | 65 | |
Employer contributions | 4 | 41 | |
Plan participants' contributions | 0 | 0 | |
Settlements | 0 | (39) | |
Benefits paid | (102) | (101) | |
Foreign currency translation | 0 | 0 | |
Balance at end of period | 1,220 | 1,156 | 1,190 |
Funded Status | (279) | (326) | |
Accumulated benefit obligations at end of period | 1,445 | 1,446 | |
Non-U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of period | 3,283 | 3,493 | |
Service cost | 22 | 21 | 24 |
Interest cost | 75 | 101 | 127 |
Plan participants’ contributions | 3 | 3 | |
Amendments | 0 | 0 | |
Settlements | (7) | 0 | |
Actuarial loss | 39 | 382 | |
Benefits paid | (214) | (172) | |
Foreign currency translation | 306 | (545) | |
Benefit obligations at end of period | 3,507 | 3,283 | 3,493 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance at beginning of period | 3,152 | 3,169 | |
Actual return on plan assets | 134 | 611 | |
Employer contributions | 290 | 62 | |
Plan participants' contributions | 3 | 3 | |
Settlements | (7) | 0 | |
Benefits paid | (214) | (172) | |
Foreign currency translation | 307 | (521) | |
Balance at end of period | 3,665 | 3,152 | $ 3,169 |
Funded Status | 158 | (131) | |
Accumulated benefit obligations at end of period | $ 3,418 | $ 3,191 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits (Schedule of Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | $ 1,499 | $ 1,482 |
Accumulated benefit obligations | 1,445 | 1,446 |
Fair value of plan assets | 1,220 | 1,156 |
Non-U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | 247 | 224 |
Accumulated benefit obligations | 223 | 200 |
Fair value of plan assets | $ 94 | $ 85 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits (Summary of Strategic Ranges for Assets Allocation Plan) (Details) - Pension Plan | Dec. 31, 2017 |
Minimum | U.S. Plans | Equities | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 38.00% |
Minimum | U.S. Plans | Equities | International | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 12.00% |
Minimum | U.S. Plans | Fixed income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 15.00% |
Minimum | U.S. Plans | Balanced funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 12.00% |
Minimum | U.S. Plans | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 5.00% |
Minimum | Non-U.S. Plans | Equities | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Minimum | Non-U.S. Plans | Real estate | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Minimum | Non-U.S. Plans | Private equity | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Minimum | Non-U.S. Plans | Investment grade credit | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 30.00% |
Minimum | Non-U.S. Plans | Hedge funds | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Minimum | Non-U.S. Plans | Alternative credit | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Minimum | Non-U.S. Plans | Other | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 0.00% |
Maximum | U.S. Plans | Equities | United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 48.00% |
Maximum | U.S. Plans | Equities | International | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 18.00% |
Maximum | U.S. Plans | Fixed income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 25.00% |
Maximum | U.S. Plans | Balanced funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 18.00% |
Maximum | U.S. Plans | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 10.00% |
Maximum | Non-U.S. Plans | Equities | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 30.00% |
Maximum | Non-U.S. Plans | Real estate | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 5.00% |
Maximum | Non-U.S. Plans | Private equity | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 15.00% |
Maximum | Non-U.S. Plans | Investment grade credit | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 90.00% |
Maximum | Non-U.S. Plans | Hedge funds | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 10.00% |
Maximum | Non-U.S. Plans | Alternative credit | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 20.00% |
Maximum | Non-U.S. Plans | Other | United Kingdom | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations, minimum | 15.00% |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits (Schedule of Defined Benefit Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | $ 199 | $ 187 | |
Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 202 | 269 | |
Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 68 | 57 | |
Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 251 | 186 | |
Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 24 | 23 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 518 | 576 | $ 642 |
Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 189 | 207 | 225 |
Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 147 | 215 | 281 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets in fair value hierarchy | 4,135 | 3,579 | |
Fair Value | 744 | 722 | |
Total investments at fair value | 4,879 | 4,301 | |
Pension Plan | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 199 | 187 | |
Pension Plan | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 202 | 269 | |
Pension Plan | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 68 | 57 | |
Pension Plan | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 251 | 186 | |
Pension Plan | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 24 | 23 | |
Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 1,247 | 902 | |
Pension Plan | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 317 | 98 | |
Pension Plan | Level 1 | Global large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 34 | 14 | |
Pension Plan | Level 1 | U.S. large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 114 | 66 | |
Pension Plan | Level 1 | Global mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 10 | 5 | |
Pension Plan | Level 1 | U.S. mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 279 | 262 | |
Pension Plan | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 175 | 151 | |
Pension Plan | Level 1 | Mutual funds – U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 225 | 214 | |
Pension Plan | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 93 | 92 | |
Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2,370 | 2,101 | |
Pension Plan | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 485 | 498 | |
Pension Plan | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 606 | 563 | |
Pension Plan | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 80 | 136 | |
Pension Plan | Level 2 | Asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 9 | 13 | |
Pension Plan | Level 2 | Structured debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 904 | 695 | |
Pension Plan | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 18 | 16 | |
Pension Plan | Level 2 | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 136 | 98 | |
Pension Plan | Level 2 | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 132 | 82 | |
Pension Plan | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 518 | 576 | |
Pension Plan | Level 3 | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 158 | 132 | |
Pension Plan | Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 189 | 207 | |
Pension Plan | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 147 | 215 | |
Pension Plan | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 24 | 22 | |
Pension Plan | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 1,220 | 1,156 | 1,190 |
Total assets in fair value hierarchy | 1,100 | 1,029 | |
Fair Value | 119 | 126 | |
Total investments at fair value | 1,219 | 1,155 | |
Accrued income | 1 | 1 | |
Pension Plan | U.S. Plans | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 76 | 77 | |
Pension Plan | U.S. Plans | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 19 | 26 | |
Pension Plan | U.S. Plans | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 0 | ||
Pension Plan | U.S. Plans | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 0 | ||
Pension Plan | U.S. Plans | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 24 | 23 | |
Pension Plan | U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 835 | 768 | |
Pension Plan | U.S. Plans | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 13 | 15 | |
Pension Plan | U.S. Plans | Level 1 | Global large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | ||
Pension Plan | U.S. Plans | Level 1 | U.S. large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 82 | 60 | |
Pension Plan | U.S. Plans | Level 1 | Global mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | ||
Pension Plan | U.S. Plans | Level 1 | U.S. mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 247 | 238 | |
Pension Plan | U.S. Plans | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 175 | 149 | |
Pension Plan | U.S. Plans | Level 1 | Mutual funds – U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 225 | 214 | |
Pension Plan | U.S. Plans | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 93 | 92 | |
Pension Plan | U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 138 | 137 | |
Pension Plan | U.S. Plans | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 3 | 2 | |
Pension Plan | U.S. Plans | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 50 | 49 | |
Pension Plan | U.S. Plans | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 76 | 75 | |
Pension Plan | U.S. Plans | Level 2 | Asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 9 | 11 | |
Pension Plan | U.S. Plans | Level 2 | Structured debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | ||
Pension Plan | U.S. Plans | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | ||
Pension Plan | U.S. Plans | Level 2 | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | ||
Pension Plan | U.S. Plans | Level 2 | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | ||
Pension Plan | U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 127 | 124 | |
Pension Plan | U.S. Plans | Level 3 | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 94 | 85 | |
Pension Plan | U.S. Plans | Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | ||
Pension Plan | U.S. Plans | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 15 | 22 | |
Pension Plan | U.S. Plans | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 18 | 17 | |
Pension Plan | Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 3,665 | 3,152 | $ 3,169 |
Total assets in fair value hierarchy | 3,035 | 2,550 | |
Fair Value | 625 | 596 | |
Total investments at fair value | 3,660 | 3,146 | |
Accrued income | 5 | 6 | |
Pension Plan | Non-U.S. Plans | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 123 | 110 | |
Pension Plan | Non-U.S. Plans | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 183 | 243 | |
Pension Plan | Non-U.S. Plans | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 68 | 57 | |
Pension Plan | Non-U.S. Plans | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 251 | 186 | |
Pension Plan | Non-U.S. Plans | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 0 | ||
Pension Plan | Non-U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 412 | 134 | |
Pension Plan | Non-U.S. Plans | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 304 | 83 | |
Pension Plan | Non-U.S. Plans | Level 1 | Global large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 34 | 14 | |
Pension Plan | Non-U.S. Plans | Level 1 | U.S. large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 32 | 6 | |
Pension Plan | Non-U.S. Plans | Level 1 | Global mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 10 | 5 | |
Pension Plan | Non-U.S. Plans | Level 1 | U.S. mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 32 | 24 | |
Pension Plan | Non-U.S. Plans | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 2 | |
Pension Plan | Non-U.S. Plans | Level 1 | Mutual funds – U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | ||
Pension Plan | Non-U.S. Plans | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | ||
Pension Plan | Non-U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2,232 | 1,964 | |
Pension Plan | Non-U.S. Plans | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 482 | 496 | |
Pension Plan | Non-U.S. Plans | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 556 | 514 | |
Pension Plan | Non-U.S. Plans | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 4 | 61 | |
Pension Plan | Non-U.S. Plans | Level 2 | Asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 2 | |
Pension Plan | Non-U.S. Plans | Level 2 | Structured debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 904 | 695 | |
Pension Plan | Non-U.S. Plans | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 18 | 16 | |
Pension Plan | Non-U.S. Plans | Level 2 | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 136 | 98 | |
Pension Plan | Non-U.S. Plans | Level 2 | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 132 | 82 | |
Pension Plan | Non-U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 391 | 452 | |
Pension Plan | Non-U.S. Plans | Level 3 | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 64 | 47 | |
Pension Plan | Non-U.S. Plans | Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 189 | 207 | |
Pension Plan | Non-U.S. Plans | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 132 | 193 | |
Pension Plan | Non-U.S. Plans | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | $ 6 | $ 5 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits (Schedule of Reconciliation of Plan Assets Measured by Significant Unobservable Inputs) (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | $ 576 | $ 642 |
Foreign currency translation | 44 | (83) |
Asset returns – assets held at reporting date | (88) | 36 |
Asset returns – assets sold during the period | 85 | 37 |
Purchases, sales and settlements, net | (99) | (56) |
Balance at end of period | 518 | 576 |
Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | 207 | 225 |
Foreign currency translation | 20 | (37) |
Asset returns – assets held at reporting date | (38) | 24 |
Asset returns – assets sold during the period | 32 | 1 |
Purchases, sales and settlements, net | (32) | (6) |
Balance at end of period | 189 | 207 |
Private equity | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | 215 | 281 |
Foreign currency translation | 19 | (42) |
Asset returns – assets held at reporting date | (57) | 2 |
Asset returns – assets sold during the period | 53 | 36 |
Purchases, sales and settlements, net | (83) | (62) |
Balance at end of period | 147 | 215 |
Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | 154 | 136 |
Foreign currency translation | 5 | (4) |
Asset returns – assets held at reporting date | 7 | 10 |
Purchases, sales and settlements, net | 16 | 12 |
Balance at end of period | $ 182 | $ 154 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits (Additional Information About Pension Plan Assets Valued Using Net Asset Value) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment funds – fixed income | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 199 | $ 187 |
Investment funds – global equity | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | 202 | 269 |
Investment funds – emerging markets | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 24 | $ 23 |
Redemption Notice Period | 30 days | 30 days |
Hedge funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 251 | $ 186 |
Investment funds – real estate | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 68 | $ 57 |
Redemption Notice Period | 2 days | 2 days |
Minimum | Investment funds – fixed income | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 1 day | 1 day |
Minimum | Investment funds – global equity | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 1 day | 1 day |
Minimum | Hedge funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 5 days | 5 days |
Maximum | Investment funds – fixed income | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 15 days | 15 days |
Maximum | Investment funds – global equity | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 30 days | 30 days |
Maximum | Hedge funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 45 days | 45 days |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits (Schedule of Pension Assets/(Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Retirement Benefits [Abstract] | ||
Non-current assets | $ 313 | $ 14 |
Current liabilities | 6 | 8 |
Non-current liabilities | $ 434 | $ 469 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits (Schedule of Changes in Net Loss and Prior Service Cost/(Credit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan | |||
Net loss | |||
Balance at beginning of period | $ 2,032 | $ 2,320 | $ 2,423 |
Reclassification to net periodic benefit cost | (95) | (114) | (105) |
Current year loss/(gain) | 21 | 13 | 95 |
Amendments | 0 | 0 | 0 |
Foreign currency translation | 99 | (187) | (93) |
Balance at end of period | 2,057 | 2,032 | 2,320 |
Prior service | |||
Balance at beginning of period | (32) | (54) | (71) |
Reclassification to net periodic benefit cost | 14 | 11 | 13 |
Current year loss/(gain) | 0 | 0 | 0 |
Amendments | 4 | 3 | 0 |
Foreign currency translation | (2) | 8 | 4 |
Balance at end of period | (16) | (32) | (54) |
Other Postretirement Benefits | |||
Net loss | |||
Balance at beginning of period | 49 | 47 | 69 |
Reclassification to net periodic benefit cost | (4) | (5) | (4) |
Current year loss/(gain) | 4 | 7 | (18) |
Amendments | 0 | 0 | 0 |
Foreign currency translation | 0 | 0 | 0 |
Balance at end of period | 49 | 49 | 47 |
Prior service | |||
Balance at beginning of period | (182) | (225) | (211) |
Reclassification to net periodic benefit cost | 40 | 41 | 37 |
Current year loss/(gain) | 0 | 0 | 0 |
Amendments | 0 | 0 | (51) |
Foreign currency translation | 0 | 2 | 0 |
Balance at end of period | $ (142) | $ (182) | $ (225) |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits (Schedule of Expected Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 14 |
2,019 | 14 |
2,020 | 14 |
2,021 | 13 |
2,022 | 13 |
2023 - 2027 | 56 |
U.S. Plans | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 102 |
2,019 | 107 |
2,020 | 107 |
2,021 | 98 |
2,022 | 100 |
2023 - 2027 | 491 |
Non-U.S. Plans | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 161 |
2,019 | 164 |
2,020 | 167 |
2,021 | 166 |
2,022 | 168 |
2023 - 2027 | $ 846 |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits (Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.80% | 4.00% | 3.90% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 5.00% | 4.90% | 4.00% |
Discount rate - interest cost | 3.50% | 3.60% | 4.00% |
Non-U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.50% | 2.70% | 3.70% |
Compensation increase | 3.20% | 3.30% | 2.90% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 2.80% | 3.90% | 3.40% |
Discount rate - interest cost | 2.30% | 3.20% | 3.40% |
Compensation increase | 3.30% | 2.90% | 2.70% |
Long-term rate of return | 4.50% | 5.40% | 5.20% |
U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.70% | 4.20% | 4.40% |
Compensation increase | 4.70% | 4.60% | 4.60% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 4.70% | 4.90% | 4.00% |
Discount rate - interest cost | 3.40% | 3.50% | 4.00% |
Compensation increase | 4.60% | 4.60% | 4.60% |
Long-term rate of return | 7.50% | 8.00% | 8.00% |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits (Schedule of Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Health care cost trend rate assumed for 2018 | 4.60% |
Rate that the cost trend rate gradually declines to | 3.80% |
Year that the rate reaches the rate it is assumed to remain | 2,035 |
Pension and Other Postretire_16
Pension and Other Postretirement Benefits (Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect on total service and interest cost, Increase | $ 1 |
Effect on total service and interest cost, Decrease | 1 |
Effect on postretirement benefit obligation, Increase | 7 |
Effect on postretirement benefit obligation, Decrease | $ 6 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Line Items] | ||||
Taxes paid | $ 154 | $ 158 | $ 137 | |
Statutory income tax rate (as a percent) | 35.00% | 35.00% | 35.00% | |
Reduction in deferred tax asset | $ 103 | |||
Income tax charge recorded in consolidated statement of operations | 106 | |||
Income tax benefit recorded in other comprehensive income | 3 | |||
Provisional obligation for transition tax | 82 | |||
Reversal of deferred tax liabilities related to undistributed foreign earnings | 11 | |||
Charge related to foreign tax credit | 25 | |||
Valuation allowance | 228 | $ 225 | ||
Income tax benefit | (401) | (186) | $ (178) | |
Deferred taxes on earnings of foreign subsidiaries | 1,300 | |||
Unrecognized tax benefits, interest and penalties excluded from reserves | 1 | |||
Unrecognized tax benefits, settlements for certain tax contingencies | 4 | 12 | 9 | |
Interest and penalties expenses | 1 | 0 | 3 | |
Unrecognized tax benefits that if recognized would affect ETR | $ 29 | |||
Brazil | ||||
Income Taxes [Line Items] | ||||
Tax incentives, beginning of expiration date | 2,019 | |||
Increase in net income attributable to the Company resulting from incentives | $ 14 | $ 13 | $ 8 | |
State | ||||
Income Taxes [Line Items] | ||||
Tax loss carryforwards | 128 | |||
Valuation allowance | 207 | |||
U.S. | ||||
Income Taxes [Line Items] | ||||
Tax loss carryforwards | 152 | |||
France | ||||
Income Taxes [Line Items] | ||||
Tax loss carryforwards | 56 | |||
Canada | ||||
Income Taxes [Line Items] | ||||
Income tax benefit | 31 | |||
Spain | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits, settlements for certain tax contingencies | $ 8 | |||
Subsequent Event | ||||
Income Taxes [Line Items] | ||||
Statutory income tax rate (as a percent) | 21.00% |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Income Taxes and Equity Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ 10 | $ (3) | $ 18 |
Foreign | 819 | 772 | 621 |
Income before income taxes | $ 829 | $ 769 | $ 639 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax: | |||
U.S. federal | $ 0 | $ (1) | $ 6 |
State and foreign | 154 | 171 | 147 |
Current tax, total | 154 | 170 | 153 |
Deferred tax: | |||
U.S. federal | 217 | 19 | 12 |
State and foreign | 30 | (3) | 13 |
Deferred tax, total | 247 | 16 | 25 |
Total | $ 401 | $ 186 | $ 178 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. statutory rate at 35% | $ 290 | $ 269 | $ 224 |
Tax on foreign income | (81) | (88) | (74) |
Valuation allowance | 9 | (14) | 21 |
Tax contingencies | 6 | 11 | 13 |
Tax law changes | 174 | 3 | 4 |
Other items, net | 3 | 5 | (10) |
Total | $ 401 | $ 186 | $ 178 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Tax loss and credit carryforwards | $ 503 | $ 480 |
Postretirement and postemployment benefits | 43 | 63 |
Pensions | 185 | 220 |
Property, plant and equipment | 18 | 17 |
Intangible assets | 0 | 0 |
Deemed repatriation tax | 0 | 0 |
Asbestos | 74 | 128 |
Accruals and other | 87 | 125 |
Valuation allowances | (228) | (225) |
Total | 682 | 808 |
Liabilities | ||
Tax loss and credit carryforwards | 0 | 0 |
Postretirement and postemployment benefits | 0 | 0 |
Pensions | 105 | 62 |
Property, plant and equipment | 151 | 150 |
Intangible assets | 128 | 128 |
Deemed repatriation tax | 57 | 0 |
Asbestos | 0 | 0 |
Accruals and other | 44 | 78 |
Total | $ 485 | $ 418 |
Income Taxes (Tax Loss and Cred
Income Taxes (Tax Loss and Credit Carryforwards Expirations) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Income Tax Disclosure [Abstract] | |
2,018 | $ 15 |
2,019 | 17 |
2,020 | 30 |
2,021 | 37 |
2,022 | 166 |
Thereafter | 151 |
Unlimited | $ 87 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 27 | $ 28 | $ 26 |
Additions for prior year tax positions | 6 | 13 | 13 |
Reductions to prior period tax positions | (2) | 0 | 0 |
Lapse of statute of limitations | 0 | (2) | 0 |
Settlements | (4) | (12) | (9) |
Foreign currency translation, increase | 2 | ||
Foreign currency translation, decrease | 0 | (2) | |
Balance at end of period | $ 29 | $ 27 | $ 28 |
Segment Information (Informatio
Segment Information (Information About Operating Segments) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)division | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of geographical divisions | division | 3 | ||
Net sales | $ 8,698 | $ 8,284 | $ 8,762 |
Segment assets | 10,663 | 9,599 | 10,050 |
Depreciation and amortization | 247 | 247 | 237 |
Capital expenditures | 498 | 473 | 354 |
Segment income | $ 1,024 | 997 | 913 |
Non-reportable segments | |||
Segment Reporting Information [Line Items] | |||
Description of Company's non-reportable segments | Non-reportable segments include the Company’s aerosol can businesses in North America and Europe, the Company's food can business in North America, the Company’s promotional packaging business in Europe and the Company’s tooling and equipment operations in the U.S. and United Kingdom. | ||
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 7,497 | 7,148 | 7,461 |
Segment assets | 9,203 | 7,985 | 8,294 |
Depreciation and amortization | 224 | 217 | 213 |
Capital expenditures | 444 | 436 | 319 |
Segment income | 1,137 | 1,108 | 1,062 |
Operating segments | Americas Beverage | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,928 | 2,757 | 2,771 |
Segment assets | 3,253 | 2,886 | 2,977 |
Depreciation and amortization | 95 | 92 | 93 |
Capital expenditures | 167 | 220 | 119 |
Segment income | 470 | 456 | 431 |
Operating segments | European Beverage | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,457 | 1,420 | 1,504 |
Segment assets | 1,631 | 1,381 | 1,461 |
Depreciation and amortization | 35 | 32 | 27 |
Capital expenditures | 109 | 94 | 97 |
Segment income | 235 | 240 | 223 |
Operating segments | European Food | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,935 | 1,855 | 1,984 |
Segment assets | 2,964 | 2,557 | 2,723 |
Depreciation and amortization | 52 | 53 | 53 |
Capital expenditures | 45 | 42 | 35 |
Segment income | 264 | 260 | 263 |
Operating segments | Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,177 | 1,116 | 1,202 |
Segment assets | 1,355 | 1,161 | 1,133 |
Depreciation and amortization | 42 | 40 | 40 |
Capital expenditures | 123 | 80 | 68 |
Segment income | 168 | 152 | 145 |
Intersegment sales | |||
Segment Reporting Information [Line Items] | |||
Net sales | 222 | 265 | 267 |
Intersegment sales | Reportable segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 106 | 112 | 167 |
Intersegment sales | Americas Beverage | |||
Segment Reporting Information [Line Items] | |||
Net sales | 34 | 50 | 71 |
Intersegment sales | European Beverage | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2 | 3 | 1 |
Intersegment sales | European Food | |||
Segment Reporting Information [Line Items] | |||
Net sales | 70 | 59 | 93 |
Intersegment sales | Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 2 |
Intersegment sales | Non-reportable segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 116 | 153 | 100 |
Non-reportable segments | Non-reportable segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,201 | 1,136 | 1,301 |
Segment assets | 1,039 | 1,034 | 984 |
Depreciation and amortization | 19 | 18 | 18 |
Capital expenditures | 27 | 23 | 29 |
Segment income | 123 | 123 | 153 |
Corporate and unallocated items | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 421 | 580 | 772 |
Depreciation and amortization | 4 | 12 | 6 |
Capital expenditures | $ 27 | $ 14 | $ 6 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment income | $ 1,024 | $ 997 | $ 913 |
Provision for asbestos | (3) | (21) | (26) |
Restructuring and other | (51) | (30) | (64) |
Loss from early extinguishments of debt | 7 | (37) | 9 |
Other pension and postretirement | 53 | 24 | 14 |
Interest expense | (252) | (243) | (270) |
Interest income | 15 | 12 | 11 |
Foreign exchange | (4) | 16 | (20) |
Income before income taxes | 829 | 769 | 639 |
Intercompany profit related to non-reportable segments | 8 | 13 | 2 |
Amortization of Intangible Assets | (39) | (41) | (40) |
Operating segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment income | 1,137 | 1,108 | 1,062 |
Non-reportable segments | Non-reportable segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment income | 123 | 123 | 153 |
Corporate and unallocated items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Corporate and unallocated items | $ 143 | $ (142) | $ 172 |
Segment Information (Summary of
Segment Information (Summary of Sales by Major Product) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 8,698 | $ 8,284 | $ 8,762 |
Metal beverage cans and ends | |||
Segment Reporting Information [Line Items] | |||
Net sales | 5,085 | 4,834 | 4,957 |
Metal food cans and ends | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,331 | 2,213 | 2,410 |
Other metal packaging | |||
Segment Reporting Information [Line Items] | |||
Net sales | 887 | 877 | 977 |
Other products | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 395 | $ 360 | $ 418 |
Segment Information (Summary _2
Segment Information (Summary of Sales and Long-Lived Assets for The Major Countries) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 8,698 | $ 8,284 | $ 8,762 |
Long-Lived Assets | 3,239 | 2,820 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 1,931 | 1,918 | 2,013 |
Long-Lived Assets | 516 | 497 | |
Mexico | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 699 | 688 | 693 |
Long-Lived Assets | 388 | 304 | |
Spain | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 649 | 645 | 669 |
Long-Lived Assets | 323 | 203 | |
United Kingdom | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 600 | 559 | 712 |
Long-Lived Assets | 150 | 136 | |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 652 | 523 | 482 |
Long-Lived Assets | 335 | 358 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 4,167 | 3,951 | $ 4,193 |
Long-Lived Assets | $ 1,527 | $ 1,322 |
Condensed Combining Financial_3
Condensed Combining Financial Information (Narrative) (Details) | Dec. 31, 2017USD ($) |
Crown Cork & Seal Company, Inc. | U.S. dollar at 7.375% due 2026 | |
Senior notes, principal amount | $ 350,000,000 |
Debt instrument stated percentage | 7.375% |
Crown Cork & Seal Company, Inc. | U.S. dollar at 7.50% due 2096 | |
Senior notes, principal amount | $ 40,000,000 |
Debt instrument stated percentage | 7.50% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | U. S. dollar at 4.50% due 2023 | |
Senior notes, principal amount | $ 1,000,000,000 |
Debt instrument stated percentage | 4.50% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | U.S. dollar at 4.25% due 2026 | |
Senior notes, principal amount | $ 400,000,000 |
Debt instrument stated percentage | 4.25% |
Condensed Combining Financial_4
Condensed Combining Financial Information (Condensed Combining Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 8,698 | $ 8,284 | $ 8,762 |
Cost of products sold, excluding depreciation and amortization | 7,006 | 6,623 | 7,140 |
Depreciation and amortization | 247 | 247 | 237 |
Selling and administrative expense | 367 | 366 | 382 |
Provision for asbestos | 3 | 21 | 26 |
Restructuring and other | 51 | 30 | 64 |
Income from operations | 1,024 | 997 | 913 |
Loss from early extinguishments of debt | 7 | 37 | 9 |
Other pension and postretirement | (53) | (24) | (14) |
Foreign exchange | 4 | (16) | 20 |
Income before income taxes | 829 | 769 | 639 |
Provision for income taxes | 401 | 186 | 178 |
Net income | 428 | 583 | 461 |
Net income attributable to noncontrolling interests | (105) | (87) | (68) |
Net income attributable to Crown Holdings | 323 | 496 | 393 |
Total comprehensive income | 590 | 337 | 68 |
Comprehensive income attributable to Crown Holdings | 482 | 250 | 4 |
Crown Cork & Seal Company, Inc. | |||
Net sales | 8,698 | 8,284 | 8,762 |
Cost of products sold, excluding depreciation and amortization | 7,006 | 6,623 | 7,140 |
Depreciation and amortization | 247 | 247 | 237 |
Selling and administrative expense | 367 | 366 | 382 |
Provision for asbestos | 3 | 21 | 26 |
Restructuring and other | 51 | 30 | 64 |
Income from operations | 1,024 | 997 | 913 |
Loss from early extinguishments of debt | 7 | 37 | 9 |
Other pension and postretirement | (53) | (24) | (14) |
Net interest expense | 237 | 231 | 259 |
Foreign exchange | 4 | (16) | 20 |
Income before income taxes | 829 | 769 | 639 |
Provision for income taxes | 401 | 186 | 178 |
Equity earnings in affiliates | 0 | 0 | 0 |
Net income | 428 | 583 | 461 |
Net income attributable to noncontrolling interests | (105) | (87) | (68) |
Net income attributable to Crown Holdings | 323 | 496 | 393 |
Total comprehensive income | 590 | 337 | 68 |
Comprehensive income attributable to noncontrolling interests | (108) | (87) | (64) |
Comprehensive income attributable to Crown Holdings | 482 | 250 | 4 |
Crown Cork & Seal Company, Inc. | Eliminations | |||
Net sales | |||
Cost of products sold, excluding depreciation and amortization | |||
Depreciation and amortization | |||
Selling and administrative expense | |||
Provision for asbestos | |||
Restructuring and other | |||
Income from operations | 0 | 0 | 0 |
Loss from early extinguishments of debt | |||
Other pension and postretirement | |||
Net interest expense | |||
Foreign exchange | |||
Income before income taxes | 0 | 0 | 0 |
Provision for income taxes | |||
Equity earnings in affiliates | (854) | (1,025) | (778) |
Net income | (854) | (1,025) | (778) |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | (854) | (1,025) | (778) |
Total comprehensive income | (1,053) | (733) | (107) |
Comprehensive income attributable to noncontrolling interests | |||
Comprehensive income attributable to Crown Holdings | (1,053) | (733) | (107) |
Crown Cork & Seal Company, Inc. | Parent | |||
Net sales | |||
Cost of products sold, excluding depreciation and amortization | |||
Depreciation and amortization | |||
Selling and administrative expense | |||
Provision for asbestos | |||
Restructuring and other | |||
Income from operations | 0 | 0 | 0 |
Loss from early extinguishments of debt | |||
Other pension and postretirement | |||
Net interest expense | |||
Foreign exchange | |||
Income before income taxes | 0 | 0 | 0 |
Provision for income taxes | |||
Equity earnings in affiliates | 323 | 496 | 393 |
Net income | 323 | 496 | 393 |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | 323 | 496 | 393 |
Total comprehensive income | 482 | 250 | 4 |
Comprehensive income attributable to noncontrolling interests | |||
Comprehensive income attributable to Crown Holdings | 482 | 250 | 4 |
Crown Cork & Seal Company, Inc. | Issuer | |||
Net sales | |||
Cost of products sold, excluding depreciation and amortization | |||
Depreciation and amortization | |||
Selling and administrative expense | 2 | 1 | 2 |
Provision for asbestos | 3 | 21 | 26 |
Restructuring and other | (1) | (1) | (1) |
Income from operations | (4) | (21) | (27) |
Loss from early extinguishments of debt | |||
Other pension and postretirement | 7 | 20 | 8 |
Net interest expense | 91 | 106 | 100 |
Foreign exchange | |||
Income before income taxes | (102) | (147) | (135) |
Provision for income taxes | 194 | (12) | (35) |
Equity earnings in affiliates | 531 | 529 | 385 |
Net income | 235 | 394 | 285 |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | 235 | 394 | 285 |
Total comprehensive income | 275 | 348 | 3 |
Comprehensive income attributable to noncontrolling interests | |||
Comprehensive income attributable to Crown Holdings | 275 | 348 | 3 |
Crown Cork & Seal Company, Inc. | Non- Guarantors | |||
Net sales | 8,698 | 8,284 | 8,762 |
Cost of products sold, excluding depreciation and amortization | 7,006 | 6,623 | 7,140 |
Depreciation and amortization | 247 | 247 | 237 |
Selling and administrative expense | 365 | 365 | 380 |
Provision for asbestos | |||
Restructuring and other | 52 | 31 | 65 |
Income from operations | 1,028 | 1,018 | 940 |
Loss from early extinguishments of debt | 7 | 37 | 9 |
Other pension and postretirement | (60) | (44) | (22) |
Net interest expense | 146 | 125 | 159 |
Foreign exchange | 4 | (16) | 20 |
Income before income taxes | 931 | 916 | 774 |
Provision for income taxes | 207 | 198 | 213 |
Equity earnings in affiliates | |||
Net income | 724 | 718 | 561 |
Net income attributable to noncontrolling interests | (105) | (87) | (68) |
Net income attributable to Crown Holdings | 619 | 631 | 493 |
Total comprehensive income | 886 | 472 | 168 |
Comprehensive income attributable to noncontrolling interests | (108) | (87) | (64) |
Comprehensive income attributable to Crown Holdings | 778 | 385 | 104 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | |||
Net sales | 8,698 | 8,284 | 8,762 |
Cost of products sold, excluding depreciation and amortization | 7,006 | 6,623 | 7,140 |
Depreciation and amortization | 247 | 247 | 237 |
Selling and administrative expense | 367 | 366 | 382 |
Provision for asbestos | 3 | 21 | 26 |
Restructuring and other | 51 | 30 | 64 |
Income from operations | 1,024 | 997 | 913 |
Loss from early extinguishments of debt | 7 | 37 | 9 |
Other pension and postretirement | (53) | (24) | (14) |
Net interest expense | 237 | 231 | 259 |
Technology royalty | 0 | 0 | 0 |
Foreign exchange | 4 | (16) | 20 |
Income before income taxes | 829 | 769 | 639 |
Provision for income taxes | 401 | 186 | 178 |
Equity earnings in affiliates | 0 | ||
Net income | 428 | 583 | 461 |
Net income attributable to noncontrolling interests | (105) | (87) | (68) |
Net income attributable to Crown Holdings | 323 | 496 | 393 |
Total comprehensive income | 590 | 337 | 68 |
Comprehensive income attributable to noncontrolling interests | (108) | (87) | (64) |
Comprehensive income attributable to Crown Holdings | 482 | 250 | 4 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Eliminations | |||
Net sales | |||
Cost of products sold, excluding depreciation and amortization | |||
Depreciation and amortization | |||
Selling and administrative expense | |||
Provision for asbestos | |||
Restructuring and other | |||
Income from operations | |||
Loss from early extinguishments of debt | |||
Other pension and postretirement | |||
Net interest expense | |||
Technology royalty | |||
Foreign exchange | (90) | 21 | 8 |
Income before income taxes | 90 | (21) | (8) |
Provision for income taxes | 32 | (7) | (3) |
Equity earnings in affiliates | (923) | (1,073) | (807) |
Net income | (865) | (1,087) | (812) |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | (865) | (1,087) | (812) |
Total comprehensive income | (1,136) | (774) | (192) |
Comprehensive income attributable to noncontrolling interests | |||
Comprehensive income attributable to Crown Holdings | (1,136) | (774) | (192) |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Parent | |||
Net sales | |||
Cost of products sold, excluding depreciation and amortization | |||
Depreciation and amortization | |||
Selling and administrative expense | |||
Provision for asbestos | |||
Restructuring and other | |||
Income from operations | |||
Loss from early extinguishments of debt | |||
Other pension and postretirement | |||
Net interest expense | |||
Technology royalty | |||
Foreign exchange | |||
Income before income taxes | |||
Provision for income taxes | |||
Equity earnings in affiliates | 323 | 496 | 393 |
Net income | 323 | 496 | 393 |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | 323 | 496 | 393 |
Total comprehensive income | 482 | 250 | 4 |
Comprehensive income attributable to noncontrolling interests | |||
Comprehensive income attributable to Crown Holdings | 482 | 250 | 4 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Issuer | |||
Net sales | |||
Cost of products sold, excluding depreciation and amortization | |||
Depreciation and amortization | |||
Selling and administrative expense | 10 | 10 | 9 |
Provision for asbestos | |||
Restructuring and other | 2 | (5) | |
Income from operations | (12) | (5) | (9) |
Loss from early extinguishments of debt | 6 | 32 | 9 |
Other pension and postretirement | |||
Net interest expense | 65 | 66 | 91 |
Technology royalty | |||
Foreign exchange | 90 | (21) | (8) |
Income before income taxes | (173) | (82) | (101) |
Provision for income taxes | (66) | (31) | (38) |
Equity earnings in affiliates | 194 | 207 | 183 |
Net income | 87 | 156 | 120 |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | 87 | 156 | 120 |
Total comprehensive income | 115 | 119 | 146 |
Comprehensive income attributable to noncontrolling interests | |||
Comprehensive income attributable to Crown Holdings | 115 | 119 | 146 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Guarantors | |||
Net sales | 1,931 | 1,918 | 2,013 |
Cost of products sold, excluding depreciation and amortization | 1,605 | 1,571 | 1,632 |
Depreciation and amortization | 40 | 33 | 32 |
Selling and administrative expense | 134 | 135 | 145 |
Provision for asbestos | 3 | 21 | 26 |
Restructuring and other | 11 | 11 | 7 |
Income from operations | 138 | 147 | 171 |
Loss from early extinguishments of debt | |||
Other pension and postretirement | (13) | (7) | (13) |
Net interest expense | 95 | 86 | 90 |
Technology royalty | (42) | (38) | (42) |
Foreign exchange | (2) | 1 | 3 |
Income before income taxes | 100 | 105 | 133 |
Provision for income taxes | 271 | 81 | 79 |
Equity earnings in affiliates | 406 | 370 | 231 |
Net income | 235 | 394 | 285 |
Net income attributable to noncontrolling interests | |||
Net income attributable to Crown Holdings | 235 | 394 | 285 |
Total comprehensive income | 275 | 348 | 64 |
Comprehensive income attributable to noncontrolling interests | |||
Comprehensive income attributable to Crown Holdings | 275 | 348 | 64 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Non- Guarantors | |||
Net sales | 6,767 | 6,366 | 6,749 |
Cost of products sold, excluding depreciation and amortization | 5,401 | 5,052 | 5,508 |
Depreciation and amortization | 207 | 214 | 205 |
Selling and administrative expense | 223 | 221 | 228 |
Provision for asbestos | |||
Restructuring and other | 38 | 24 | 57 |
Income from operations | 898 | 855 | 751 |
Loss from early extinguishments of debt | 1 | 5 | |
Other pension and postretirement | (40) | (17) | (1) |
Net interest expense | 77 | 79 | 78 |
Technology royalty | 42 | 38 | 42 |
Foreign exchange | 6 | (17) | 17 |
Income before income taxes | 812 | 767 | 615 |
Provision for income taxes | 164 | 143 | 140 |
Equity earnings in affiliates | |||
Net income | 648 | 624 | 475 |
Net income attributable to noncontrolling interests | (105) | (87) | (68) |
Net income attributable to Crown Holdings | 543 | 537 | 407 |
Total comprehensive income | 854 | 394 | 46 |
Comprehensive income attributable to noncontrolling interests | (108) | (87) | (64) |
Comprehensive income attributable to Crown Holdings | $ 746 | $ 307 | $ (18) |
Condensed Combining Financial_5
Condensed Combining Financial Information (Condensed Combining Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||||
Cash and cash equivalents | $ 424 | $ 559 | $ 717 | $ 965 |
Receivables, net | 1,041 | 865 | ||
Inventories | 1,385 | 1,245 | ||
Prepaid expenses and other current assets | 224 | 172 | ||
Total current assets | 3,074 | 2,841 | ||
Goodwill and intangible assets | 3,518 | 3,263 | ||
Property, plant and equipment, net | 3,239 | 2,820 | ||
Other non-current assets | 832 | 675 | ||
Total | 10,663 | 9,599 | 10,050 | |
Current liabilities | ||||
Short-term debt | 62 | 33 | ||
Current maturities of long-term debt | 64 | 161 | ||
Accounts payable and accrued liabilities | 3,124 | 2,702 | ||
Total current liabilities | 3,250 | 2,896 | ||
Long-term debt, excluding current maturities | 5,217 | 4,717 | ||
Postretirement and pension liabilities | 588 | 620 | ||
Other non-current liabilities | 685 | 698 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 322 | 302 | ||
Crown Holdings shareholders’ equity | 601 | 366 | ||
Total equity | 923 | 668 | $ 385 | $ 337 |
Total | 10,663 | 9,599 | ||
Crown Cork & Seal Company, Inc. | ||||
Current assets | ||||
Cash and cash equivalents | 424 | 559 | ||
Receivables, net | 1,041 | 865 | ||
Inventories | 1,385 | 1,245 | ||
Prepaid expenses and other current assets | 224 | 172 | ||
Total current assets | 3,074 | 2,841 | ||
Intercompany debt receivables | 0 | 0 | ||
Investments | 0 | 0 | ||
Goodwill and intangible assets | 3,518 | 3,263 | ||
Property, plant and equipment, net | 3,239 | 2,820 | ||
Other non-current assets | 832 | 675 | ||
Total | 10,663 | 9,599 | ||
Current liabilities | ||||
Short-term debt | 62 | 33 | ||
Current maturities of long-term debt | 64 | 161 | ||
Accounts payable and accrued liabilities | 3,124 | 2,702 | ||
Total current liabilities | 3,250 | 2,896 | ||
Long-term debt, excluding current maturities | 5,217 | 4,717 | ||
Long-term intercompany debt | 0 | 0 | ||
Postretirement and pension liabilities | 588 | 620 | ||
Other non-current liabilities | 685 | 698 | ||
Noncontrolling interests | 322 | 302 | ||
Crown Holdings shareholders’ equity | 601 | 366 | ||
Total equity | 923 | 668 | ||
Total | 10,663 | 9,599 | ||
Crown Cork & Seal Company, Inc. | Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Receivables, net | ||||
Inventories | ||||
Prepaid expenses and other current assets | ||||
Total current assets | 0 | 0 | ||
Intercompany debt receivables | (3,604) | (3,447) | ||
Investments | (6,568) | (5,772) | ||
Goodwill and intangible assets | ||||
Property, plant and equipment, net | ||||
Other non-current assets | ||||
Total | (10,172) | (9,219) | ||
Current liabilities | ||||
Short-term debt | ||||
Current maturities of long-term debt | ||||
Accounts payable and accrued liabilities | ||||
Total current liabilities | 0 | 0 | ||
Long-term debt, excluding current maturities | ||||
Long-term intercompany debt | (3,604) | (3,447) | ||
Postretirement and pension liabilities | ||||
Other non-current liabilities | ||||
Commitments and contingent liabilities | ||||
Noncontrolling interests | ||||
Crown Holdings shareholders’ equity | (6,568) | (5,772) | ||
Total equity | (6,568) | (5,772) | ||
Total | (10,172) | (9,219) | ||
Crown Cork & Seal Company, Inc. | Parent | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Receivables, net | ||||
Inventories | ||||
Prepaid expenses and other current assets | 1 | |||
Total current assets | 1 | |||
Intercompany debt receivables | ||||
Investments | 3,120 | 2,857 | ||
Goodwill and intangible assets | ||||
Property, plant and equipment, net | ||||
Other non-current assets | ||||
Total | 3,120 | 2,858 | ||
Current liabilities | ||||
Short-term debt | ||||
Current maturities of long-term debt | ||||
Accounts payable and accrued liabilities | 22 | 23 | ||
Total current liabilities | 22 | 23 | ||
Long-term debt, excluding current maturities | ||||
Long-term intercompany debt | 2,497 | 2,469 | ||
Postretirement and pension liabilities | ||||
Other non-current liabilities | ||||
Commitments and contingent liabilities | ||||
Noncontrolling interests | ||||
Crown Holdings shareholders’ equity | 601 | 366 | ||
Total equity | 601 | 366 | ||
Total | 3,120 | 2,858 | ||
Crown Cork & Seal Company, Inc. | Issuer | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Receivables, net | 9 | |||
Inventories | ||||
Prepaid expenses and other current assets | ||||
Total current assets | 9 | |||
Intercompany debt receivables | ||||
Investments | 3,448 | 2,915 | ||
Goodwill and intangible assets | ||||
Property, plant and equipment, net | ||||
Other non-current assets | 283 | 447 | ||
Total | 3,740 | 3,362 | ||
Current liabilities | ||||
Short-term debt | ||||
Current maturities of long-term debt | ||||
Accounts payable and accrued liabilities | 41 | 40 | ||
Total current liabilities | 41 | 40 | ||
Long-term debt, excluding current maturities | 387 | 392 | ||
Long-term intercompany debt | 1,107 | 978 | ||
Postretirement and pension liabilities | ||||
Other non-current liabilities | 336 | 358 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | ||||
Crown Holdings shareholders’ equity | 1,869 | 1,594 | ||
Total equity | 1,869 | 1,594 | ||
Total | 3,740 | 3,362 | ||
Crown Cork & Seal Company, Inc. | Non- Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 424 | 559 | ||
Receivables, net | 1,032 | 865 | ||
Inventories | 1,385 | 1,245 | ||
Prepaid expenses and other current assets | 224 | 171 | ||
Total current assets | 3,065 | 2,840 | ||
Intercompany debt receivables | 3,604 | 3,447 | ||
Investments | ||||
Goodwill and intangible assets | 3,518 | 3,263 | ||
Property, plant and equipment, net | 3,239 | 2,820 | ||
Other non-current assets | 549 | 228 | ||
Total | 13,975 | 12,598 | ||
Current liabilities | ||||
Short-term debt | 62 | 33 | ||
Current maturities of long-term debt | 64 | 161 | ||
Accounts payable and accrued liabilities | 3,061 | 2,639 | ||
Total current liabilities | 3,187 | 2,833 | ||
Long-term debt, excluding current maturities | 4,830 | 4,325 | ||
Long-term intercompany debt | ||||
Postretirement and pension liabilities | 588 | 620 | ||
Other non-current liabilities | 349 | 340 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 322 | 302 | ||
Crown Holdings shareholders’ equity | 4,699 | 4,178 | ||
Total equity | 5,021 | 4,480 | ||
Total | 13,975 | 12,598 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | ||||
Current assets | ||||
Cash and cash equivalents | 424 | 559 | ||
Receivables, net | 1,041 | 865 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 1,385 | 1,245 | ||
Prepaid expenses and other current assets | 224 | 172 | ||
Total current assets | 3,074 | 2,841 | ||
Intercompany debt receivables | 0 | 0 | ||
Investments | 0 | 0 | ||
Goodwill and intangible assets | 3,518 | 3,263 | ||
Property, plant and equipment, net | 3,239 | 2,820 | ||
Other non-current assets | 832 | 675 | ||
Total | 10,663 | 9,599 | ||
Current liabilities | ||||
Short-term debt | 62 | 33 | ||
Current maturities of long-term debt | 64 | 161 | ||
Accounts payable and accrued liabilities | 3,124 | 2,702 | ||
Intercompany payables | 0 | 0 | ||
Total current liabilities | 3,250 | 2,896 | ||
Long-term debt, excluding current maturities | 5,217 | 4,717 | ||
Long-term intercompany debt | 0 | 0 | ||
Postretirement and pension liabilities | 588 | 620 | ||
Other non-current liabilities | 685 | 698 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 322 | 302 | ||
Crown Holdings shareholders’ equity | 601 | 366 | ||
Total equity | 923 | 668 | ||
Total | 10,663 | 9,599 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Receivables, net | ||||
Intercompany receivables | (45) | (39) | ||
Inventories | ||||
Prepaid expenses and other current assets | ||||
Total current assets | (45) | (39) | ||
Intercompany debt receivables | (6,580) | (6,627) | ||
Investments | (6,631) | (6,130) | ||
Goodwill and intangible assets | ||||
Property, plant and equipment, net | ||||
Other non-current assets | ||||
Total | (13,256) | (12,796) | ||
Current liabilities | ||||
Short-term debt | ||||
Current maturities of long-term debt | ||||
Accounts payable and accrued liabilities | ||||
Intercompany payables | (45) | (39) | ||
Total current liabilities | (45) | (39) | ||
Long-term debt, excluding current maturities | ||||
Long-term intercompany debt | (6,580) | (6,627) | ||
Postretirement and pension liabilities | ||||
Other non-current liabilities | ||||
Commitments and contingent liabilities | ||||
Noncontrolling interests | ||||
Crown Holdings shareholders’ equity | (6,631) | (6,130) | ||
Total equity | (6,631) | (6,130) | ||
Total | (13,256) | (12,796) | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Parent | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Receivables, net | ||||
Intercompany receivables | ||||
Inventories | ||||
Prepaid expenses and other current assets | 1 | |||
Total current assets | 1 | |||
Intercompany debt receivables | ||||
Investments | 3,120 | 2,857 | ||
Goodwill and intangible assets | ||||
Property, plant and equipment, net | ||||
Other non-current assets | ||||
Total | 3,120 | 2,858 | ||
Current liabilities | ||||
Short-term debt | ||||
Current maturities of long-term debt | ||||
Accounts payable and accrued liabilities | 22 | 23 | ||
Intercompany payables | ||||
Total current liabilities | 22 | 23 | ||
Long-term debt, excluding current maturities | ||||
Long-term intercompany debt | 2,497 | 2,469 | ||
Postretirement and pension liabilities | ||||
Other non-current liabilities | ||||
Commitments and contingent liabilities | ||||
Noncontrolling interests | ||||
Crown Holdings shareholders’ equity | 601 | 366 | ||
Total equity | 601 | 366 | ||
Total | 3,120 | 2,858 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Issuer | ||||
Current assets | ||||
Cash and cash equivalents | 36 | 83 | ||
Receivables, net | 3 | |||
Intercompany receivables | ||||
Inventories | ||||
Prepaid expenses and other current assets | 2 | 2 | ||
Total current assets | 38 | 88 | ||
Intercompany debt receivables | 2,523 | 2,703 | ||
Investments | 2,479 | 2,319 | ||
Goodwill and intangible assets | ||||
Property, plant and equipment, net | 1 | 1 | ||
Other non-current assets | 11 | 3 | ||
Total | 5,052 | 5,114 | ||
Current liabilities | ||||
Short-term debt | ||||
Current maturities of long-term debt | 23 | 118 | ||
Accounts payable and accrued liabilities | 31 | 32 | ||
Intercompany payables | ||||
Total current liabilities | 54 | 150 | ||
Long-term debt, excluding current maturities | 2,094 | 2,258 | ||
Long-term intercompany debt | 1,411 | 1,328 | ||
Postretirement and pension liabilities | ||||
Other non-current liabilities | ||||
Commitments and contingent liabilities | ||||
Noncontrolling interests | ||||
Crown Holdings shareholders’ equity | 1,493 | 1,378 | ||
Total equity | 1,493 | 1,378 | ||
Total | 5,052 | 5,114 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 3 | |||
Receivables, net | 29 | 20 | ||
Intercompany receivables | 32 | 33 | ||
Inventories | 347 | 313 | ||
Prepaid expenses and other current assets | 17 | 13 | ||
Total current assets | 428 | 379 | ||
Intercompany debt receivables | 3,325 | 3,234 | ||
Investments | 1,032 | 954 | ||
Goodwill and intangible assets | 466 | 469 | ||
Property, plant and equipment, net | 515 | 496 | ||
Other non-current assets | 311 | 464 | ||
Total | 6,077 | 5,996 | ||
Current liabilities | ||||
Short-term debt | ||||
Current maturities of long-term debt | 3 | |||
Accounts payable and accrued liabilities | 619 | 577 | ||
Intercompany payables | 13 | 6 | ||
Total current liabilities | 635 | 583 | ||
Long-term debt, excluding current maturities | 408 | 392 | ||
Long-term intercompany debt | 2,454 | 2,624 | ||
Postretirement and pension liabilities | 373 | 422 | ||
Other non-current liabilities | 338 | 381 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | ||||
Crown Holdings shareholders’ equity | 1,869 | 1,594 | ||
Total equity | 1,869 | 1,594 | ||
Total | 6,077 | 5,996 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Non- Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 385 | 476 | ||
Receivables, net | 1,012 | 842 | ||
Intercompany receivables | 13 | 6 | ||
Inventories | 1,038 | 932 | ||
Prepaid expenses and other current assets | 205 | 156 | ||
Total current assets | 2,653 | 2,412 | ||
Intercompany debt receivables | 732 | 690 | ||
Investments | ||||
Goodwill and intangible assets | 3,052 | 2,794 | ||
Property, plant and equipment, net | 2,723 | 2,323 | ||
Other non-current assets | 510 | 208 | ||
Total | 9,670 | 8,427 | ||
Current liabilities | ||||
Short-term debt | 62 | 33 | ||
Current maturities of long-term debt | 38 | 43 | ||
Accounts payable and accrued liabilities | 2,452 | 2,070 | ||
Intercompany payables | 32 | 33 | ||
Total current liabilities | 2,584 | 2,179 | ||
Long-term debt, excluding current maturities | 2,715 | 2,067 | ||
Long-term intercompany debt | 218 | 206 | ||
Postretirement and pension liabilities | 215 | 198 | ||
Other non-current liabilities | 347 | 317 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 322 | 302 | ||
Crown Holdings shareholders’ equity | 3,269 | 3,158 | ||
Total equity | 3,591 | 3,460 | ||
Total | $ 9,670 | $ 8,427 |
Condensed Combining Financial_6
Condensed Combining Financial Information (Condensed Combining Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net cash provided by/(used for) operating activities | $ (251) | $ (134) | $ 91 | |
Cash flows from investing activities | ||||
Capital expenditures | (498) | (473) | (354) | |
Beneficial interest in transferred receivables | 1,010 | 1,086 | 865 | |
Acquisition of businesses, net of cash acquired | 0 | 0 | (1,207) | |
Proceeds from sale of businesses, net of cash sold | 0 | 0 | 33 | |
Proceeds from sale of property, plant and equipment | 8 | 10 | 7 | |
Net investment hedge settlements | 0 | 0 | (11) | |
Other, net | (24) | 10 | (10) | |
Net cash provided by investing activities | 496 | 633 | (677) | |
Cash flows from financing activities | ||||
Proceeds from long-term debt | 1,054 | 1,380 | 1,435 | |
Payments of long-term debt | (1,137) | (1,914) | (900) | |
Net change in revolving credit facility and short-term debt | 95 | (32) | (7) | |
Premiums paid to retire debt | 0 | (22) | 0 | |
Debt issuance costs | (16) | (18) | (18) | |
Common stock issued | 9 | 10 | 6 | |
Common stock repurchased | (339) | (8) | (9) | |
Dividends paid to noncontrolling interests | (93) | (80) | (48) | |
Contribution from noncontrolling interests | 0 | 4 | 5 | |
Foreign exchange derivatives related to debt | 27 | 42 | (58) | |
Net cash (used for) provided by financing activities | (400) | (638) | 406 | |
Effect of exchange rate changes on cash and cash equivalents | 14 | (30) | (62) | |
Net change in cash, cash equivalents and restricted cash | (141) | (169) | (242) | |
Cash, cash equivalents and restricted cash at January 1 | 435 | 576 | 745 | $ 987 |
Crown Cork & Seal Company, Inc. | ||||
Net cash provided by/(used for) operating activities | (251) | (134) | 91 | |
Cash flows from investing activities | ||||
Capital expenditures | (498) | (473) | (354) | |
Beneficial interest in transferred receivables | 1,010 | 1,086 | 865 | |
Acquisition of businesses, net of cash acquired | (1,207) | |||
Proceeds from sale of businesses, net of cash sold | 33 | |||
Proceeds from sale of property, plant and equipment | 8 | 10 | 7 | |
Intercompany investing activities | 0 | 0 | 0 | |
Net investment hedge settlements | (11) | |||
Other, net | (24) | 10 | (10) | |
Net cash provided by investing activities | 496 | 633 | (677) | |
Cash flows from financing activities | ||||
Proceeds from long-term debt | 1,054 | 1,380 | 1,435 | |
Payments of long-term debt | (1,137) | (1,914) | (900) | |
Net change in revolving credit facility and short-term debt | 95 | (32) | (7) | |
Net change in long-term intercompany balances | 0 | 0 | 0 | |
Premiums paid to retire debt | (22) | |||
Debt issuance costs | (16) | (18) | (18) | |
Common stock issued | 9 | 10 | 6 | |
Common stock repurchased | (339) | (8) | (9) | |
Dividends paid | 0 | 0 | 0 | |
Dividends paid to noncontrolling interests | (93) | (80) | (48) | |
Contribution from noncontrolling interests | 4 | 5 | ||
Foreign exchange derivatives related to debt | 27 | 42 | (58) | |
Net cash (used for) provided by financing activities | (400) | (638) | 406 | |
Effect of exchange rate changes on cash and cash equivalents | 14 | (30) | (62) | |
Net change in cash, cash equivalents and restricted cash | (141) | (169) | ||
Cash, cash equivalents and restricted cash at January 1 | 435 | 576 | 745 | 987 |
Crown Cork & Seal Company, Inc. | Eliminations | ||||
Net cash provided by/(used for) operating activities | (38) | (102) | ||
Cash flows from investing activities | ||||
Capital expenditures | ||||
Beneficial interest in transferred receivables | ||||
Acquisition of businesses, net of cash acquired | ||||
Proceeds from sale of businesses, net of cash sold | ||||
Proceeds from sale of property, plant and equipment | ||||
Intercompany investing activities | (235) | (235) | (21) | |
Net investment hedge settlements | ||||
Other, net | ||||
Net cash provided by investing activities | (235) | (235) | (21) | |
Cash flows from financing 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 | ||||
Premiums paid to retire debt | ||||
Debt issuance costs | ||||
Common stock issued | ||||
Common stock repurchased | ||||
Dividends paid | 273 | 337 | 21 | |
Dividends paid to noncontrolling interests | ||||
Contribution from noncontrolling interests | ||||
Foreign exchange derivatives related to debt | ||||
Net cash (used for) provided by financing activities | 273 | 337 | 21 | |
Effect of exchange rate changes on cash and cash equivalents | ||||
Cash, cash equivalents and restricted cash at January 1 | ||||
Crown Cork & Seal Company, Inc. | Parent | ||||
Net cash provided by/(used for) operating activities | 7 | 63 | 33 | |
Cash flows from investing activities | ||||
Capital expenditures | ||||
Beneficial interest in transferred receivables | ||||
Acquisition of businesses, net of cash acquired | ||||
Proceeds from sale of businesses, net of cash sold | ||||
Proceeds from sale of property, plant and equipment | ||||
Intercompany investing activities | 235 | 235 | (738) | |
Net investment hedge settlements | ||||
Other, net | ||||
Net cash provided by investing activities | 235 | 235 | (738) | |
Cash flows from financing 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 | 88 | (300) | 708 | |
Premiums paid to retire debt | ||||
Debt issuance costs | ||||
Common stock issued | 9 | 10 | 6 | |
Common stock repurchased | (339) | (8) | (9) | |
Dividends paid | ||||
Dividends paid to noncontrolling interests | ||||
Contribution from noncontrolling interests | ||||
Foreign exchange derivatives related to debt | ||||
Net cash (used for) provided by financing activities | (242) | (298) | 705 | |
Effect of exchange rate changes on cash and cash equivalents | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | (242) | |||
Cash, cash equivalents and restricted cash at January 1 | ||||
Crown Cork & Seal Company, Inc. | Issuer | ||||
Net cash provided by/(used for) operating activities | (58) | (92) | (65) | |
Cash flows from investing activities | ||||
Capital expenditures | ||||
Beneficial interest in transferred receivables | ||||
Acquisition of businesses, net of cash acquired | ||||
Proceeds from sale of businesses, net of cash sold | ||||
Proceeds from sale of property, plant and equipment | (1) | |||
Intercompany investing activities | 21 | |||
Net investment hedge settlements | ||||
Other, net | ||||
Net cash provided by investing activities | (1) | 21 | ||
Cash flows from financing activities | ||||
Proceeds from long-term debt | ||||
Payments of long-term debt | (5) | (17) | ||
Net change in revolving credit facility and short-term debt | ||||
Net change in long-term intercompany balances | 63 | 93 | 61 | |
Premiums paid to retire debt | ||||
Debt issuance costs | ||||
Common stock issued | ||||
Common stock repurchased | ||||
Dividends paid | ||||
Dividends paid to noncontrolling interests | ||||
Contribution from noncontrolling interests | ||||
Foreign exchange derivatives related to debt | ||||
Net cash (used for) provided by financing activities | 58 | 93 | 44 | |
Effect of exchange rate changes on cash and cash equivalents | ||||
Cash, cash equivalents and restricted cash at January 1 | ||||
Crown Cork & Seal Company, Inc. | Non- Guarantors | ||||
Net cash provided by/(used for) operating activities | (162) | (3) | 123 | |
Cash flows from investing activities | ||||
Capital expenditures | (498) | (473) | (354) | |
Beneficial interest in transferred receivables | 1,010 | 1,086 | 865 | |
Acquisition of businesses, net of cash acquired | (1,207) | |||
Proceeds from sale of businesses, net of cash sold | 33 | |||
Proceeds from sale of property, plant and equipment | 8 | 11 | 7 | |
Intercompany investing activities | 738 | |||
Net investment hedge settlements | (11) | |||
Other, net | (24) | 10 | (10) | |
Net cash provided by investing activities | 496 | 634 | 61 | |
Cash flows from financing activities | ||||
Proceeds from long-term debt | 1,054 | 1,380 | 1,435 | |
Payments of long-term debt | (1,132) | (1,914) | (883) | |
Net change in revolving credit facility and short-term debt | 95 | (32) | (7) | |
Net change in long-term intercompany balances | (151) | 207 | (769) | |
Premiums paid to retire debt | (22) | |||
Debt issuance costs | (16) | (18) | (18) | |
Common stock issued | ||||
Common stock repurchased | ||||
Dividends paid | (273) | (337) | (21) | |
Dividends paid to noncontrolling interests | (93) | (80) | (48) | |
Contribution from noncontrolling interests | 4 | 5 | ||
Foreign exchange derivatives related to debt | 27 | 42 | (58) | |
Net cash (used for) provided by financing activities | (489) | (770) | (364) | |
Effect of exchange rate changes on cash and cash equivalents | 14 | (30) | (62) | |
Net change in cash, cash equivalents and restricted cash | (141) | (169) | ||
Cash, cash equivalents and restricted cash at January 1 | 435 | 576 | 745 | 987 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | ||||
Net cash provided by/(used for) operating activities | (251) | (134) | 91 | |
Cash flows from investing activities | ||||
Capital expenditures | (498) | (473) | (354) | |
Beneficial interest in transferred receivables | 1,010 | 1,086 | 865 | |
Acquisition of businesses, net of cash acquired | (1,207) | |||
Proceeds from sale of businesses, net of cash sold | 33 | |||
Proceeds from sale of property, plant and equipment | 8 | 10 | 7 | |
Intercompany investing activities | 0 | 0 | 0 | |
Net investment hedge settlements | (11) | |||
Other, net | (24) | 10 | (10) | |
Net cash provided by investing activities | 496 | 633 | (677) | |
Cash flows from financing activities | ||||
Proceeds from long-term debt | 1,054 | 1,380 | 1,435 | |
Payments of long-term debt | (1,137) | (1,914) | (900) | |
Net change in revolving credit facility and short-term debt | 95 | (32) | (7) | |
Net change in long-term intercompany balances | 0 | 0 | 0 | |
Premiums paid to retire debt | (22) | |||
Debt issuance costs | (16) | (18) | (18) | |
Common stock issued | 9 | 10 | 6 | |
Common stock repurchased | (339) | (8) | (9) | |
Dividends paid | 0 | 0 | 0 | |
Dividends paid to noncontrolling interests | (93) | (80) | (48) | |
Contribution from noncontrolling interests | 4 | 5 | ||
Foreign exchange derivatives related to debt | 27 | 42 | (58) | |
Net cash (used for) provided by financing activities | (400) | (638) | 406 | |
Effect of exchange rate changes on cash and cash equivalents | 14 | (30) | (62) | |
Net change in cash, cash equivalents and restricted cash | (141) | (169) | (242) | |
Cash, cash equivalents and restricted cash at January 1 | 435 | 576 | 745 | 987 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Eliminations | ||||
Net cash provided by/(used for) operating activities | (100) | (152) | ||
Cash flows from investing activities | ||||
Capital expenditures | ||||
Beneficial interest in transferred receivables | ||||
Acquisition of businesses, net of cash acquired | ||||
Proceeds from sale of businesses, net of cash sold | ||||
Proceeds from sale of property, plant and equipment | ||||
Intercompany investing activities | (535) | (385) | (86) | |
Net investment hedge settlements | ||||
Other, net | ||||
Net cash provided by investing activities | (535) | (385) | (86) | |
Cash flows from financing 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 | ||||
Premiums paid to retire debt | ||||
Debt issuance costs | ||||
Common stock issued | ||||
Common stock repurchased | ||||
Dividends paid | 635 | 537 | 86 | |
Dividends paid to noncontrolling interests | ||||
Contribution from noncontrolling interests | ||||
Foreign exchange derivatives related to debt | ||||
Net cash (used for) provided by financing activities | 635 | 537 | 86 | |
Effect of exchange rate changes on cash and cash equivalents | ||||
Cash, cash equivalents and restricted cash at January 1 | ||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Parent | ||||
Net cash provided by/(used for) operating activities | 7 | 63 | 33 | |
Cash flows from investing activities | ||||
Capital expenditures | ||||
Beneficial interest in transferred receivables | ||||
Acquisition of businesses, net of cash acquired | ||||
Proceeds from sale of businesses, net of cash sold | ||||
Proceeds from sale of property, plant and equipment | ||||
Intercompany investing activities | 235 | 235 | (738) | |
Net investment hedge settlements | ||||
Other, net | ||||
Net cash provided by investing activities | 235 | 235 | (738) | |
Cash flows from financing 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 | 88 | (300) | 708 | |
Premiums paid to retire debt | ||||
Debt issuance costs | ||||
Common stock issued | 9 | 10 | 6 | |
Common stock repurchased | (339) | (8) | (9) | |
Dividends paid | ||||
Dividends paid to noncontrolling interests | ||||
Contribution from noncontrolling interests | ||||
Foreign exchange derivatives related to debt | ||||
Net cash (used for) provided by financing activities | (242) | (298) | 705 | |
Effect of exchange rate changes on cash and cash equivalents | ||||
Cash, cash equivalents and restricted cash at January 1 | ||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Issuer | ||||
Net cash provided by/(used for) operating activities | (30) | 23 | (34) | |
Cash flows from investing activities | ||||
Capital expenditures | ||||
Beneficial interest in transferred receivables | ||||
Acquisition of businesses, net of cash acquired | ||||
Proceeds from sale of businesses, net of cash sold | ||||
Proceeds from sale of property, plant and equipment | ||||
Intercompany investing activities | 15 | |||
Net investment hedge settlements | (11) | |||
Other, net | ||||
Net cash provided by investing activities | 4 | |||
Cash flows from financing activities | ||||
Proceeds from long-term debt | 750 | 700 | 750 | |
Payments of long-term debt | (1,015) | (1,181) | (722) | |
Net change in revolving credit facility and short-term debt | ||||
Net change in long-term intercompany balances | 263 | 468 | (12) | |
Premiums paid to retire debt | (22) | |||
Debt issuance costs | (15) | (9) | (10) | |
Common stock issued | ||||
Common stock repurchased | ||||
Dividends paid | ||||
Dividends paid to noncontrolling interests | ||||
Contribution from noncontrolling interests | ||||
Foreign exchange derivatives related to debt | ||||
Net cash (used for) provided by financing activities | (17) | (44) | 6 | |
Effect of exchange rate changes on cash and cash equivalents | ||||
Net change in cash, cash equivalents and restricted cash | (47) | (21) | (24) | |
Cash, cash equivalents and restricted cash at January 1 | 36 | 83 | 104 | 128 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Guarantors | ||||
Net cash provided by/(used for) operating activities | 83 | 143 | 6 | |
Cash flows from investing activities | ||||
Capital expenditures | (102) | (127) | (80) | |
Beneficial interest in transferred receivables | ||||
Acquisition of businesses, net of cash acquired | ||||
Proceeds from sale of businesses, net of cash sold | ||||
Proceeds from sale of property, plant and equipment | 1 | 4 | 2 | |
Intercompany investing activities | 300 | 150 | 71 | |
Net investment hedge settlements | ||||
Other, net | (20) | 10 | (10) | |
Net cash provided by investing activities | 179 | 37 | (17) | |
Cash flows from financing activities | ||||
Proceeds from long-term debt | 9 | |||
Payments of long-term debt | (7) | |||
Net change in revolving credit facility and short-term debt | ||||
Net change in long-term intercompany balances | (261) | (180) | 11 | |
Premiums paid to retire debt | ||||
Debt issuance costs | ||||
Common stock issued | ||||
Common stock repurchased | ||||
Dividends paid | ||||
Dividends paid to noncontrolling interests | ||||
Contribution from noncontrolling interests | ||||
Foreign exchange derivatives related to debt | ||||
Net cash (used for) provided by financing activities | (259) | (180) | 11 | |
Effect of exchange rate changes on cash and cash equivalents | ||||
Net change in cash, cash equivalents and restricted cash | 3 | |||
Cash, cash equivalents and restricted cash at January 1 | 3 | |||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Non- Guarantors | ||||
Net cash provided by/(used for) operating activities | (211) | (211) | 86 | |
Cash flows from investing activities | ||||
Capital expenditures | (396) | (346) | (274) | |
Beneficial interest in transferred receivables | 1,010 | 1,086 | 865 | |
Acquisition of businesses, net of cash acquired | (1,207) | |||
Proceeds from sale of businesses, net of cash sold | 33 | |||
Proceeds from sale of property, plant and equipment | 7 | 6 | 5 | |
Intercompany investing activities | 738 | |||
Net investment hedge settlements | ||||
Other, net | (4) | 0 | 0 | |
Net cash provided by investing activities | 617 | 746 | 160 | |
Cash flows from financing activities | ||||
Proceeds from long-term debt | 295 | 680 | 685 | |
Payments of long-term debt | (115) | (733) | (178) | |
Net change in revolving credit facility and short-term debt | 95 | (32) | (7) | |
Net change in long-term intercompany balances | (90) | 12 | (707) | |
Premiums paid to retire debt | ||||
Debt issuance costs | (1) | (9) | (8) | |
Common stock issued | ||||
Common stock repurchased | ||||
Dividends paid | (635) | (537) | (86) | |
Dividends paid to noncontrolling interests | (93) | (80) | (48) | |
Contribution from noncontrolling interests | 4 | 5 | ||
Foreign exchange derivatives related to debt | 27 | 42 | (58) | |
Net cash (used for) provided by financing activities | (517) | (653) | (402) | |
Effect of exchange rate changes on cash and cash equivalents | 14 | (30) | (62) | |
Net change in cash, cash equivalents and restricted cash | (97) | (148) | (218) | |
Cash, cash equivalents and restricted cash at January 1 | $ 396 | $ 493 | $ 641 | $ 859 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Trade accounts receivable [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 76 | $ 83 | $ 88 |
Charged to costs and expense | 0 | 9 | 4 |
Charged to other accounts | 6 | (1) | (9) |
Deductions – write-offs | (11) | (15) | 0 |
Balance at end of period | 71 | 76 | 83 |
Deferred tax assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 225 | 241 | 245 |
Charged to costs and expense | 9 | (14) | 21 |
Charged to other accounts | 0 | 2 | (9) |
Deductions – write-offs | (6) | (4) | (16) |
Balance at end of period | $ 228 | $ 225 | $ 241 |