Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Registrant Name | CROWN HOLDINGS INC | ||
Entity Central Index Key | 1,219,601 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 135,338,085 | ||
Entity Public Float | $ 6,050,432,508 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||||||||||
Net Sales | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 2,168 | $ 2,468 | $ 2,161 | $ 1,901 | $ 11,151 | $ 8,698 | $ 8,284 |
Cost of products sold, excluding depreciation and amortization | 9,028 | 7,006 | 6,623 | ||||||||
Depreciation and amortization | 425 | 247 | 247 | ||||||||
Selling and administrative expense | 558 | 367 | 366 | ||||||||
Provision for asbestos | 0 | 3 | 21 | ||||||||
Restructuring and other | 44 | 51 | 30 | ||||||||
Income from operations | 1,096 | 1,024 | 997 | ||||||||
Loss from early extinguishments of debt | 7 | 0 | 7 | 37 | |||||||
Other pension and postretirement | (25) | (53) | (24) | ||||||||
Interest expense | 384 | 252 | 243 | ||||||||
Interest income | (21) | (15) | (12) | ||||||||
Foreign exchange | 18 | 4 | (16) | ||||||||
Income before income taxes | 740 | 829 | 769 | ||||||||
Provision for income taxes | 216 | 401 | 186 | ||||||||
Equity in net earnings of affiliates | 4 | 0 | 0 | ||||||||
Net income | 528 | 428 | 583 | ||||||||
Net income attributable to noncontrolling interests | (89) | (105) | (87) | ||||||||
Net income attributable to Crown Holdings | $ 53 | $ 164 | $ 132 | $ 90 | $ (89) | $ 177 | $ 128 | $ 107 | $ 439 | $ 323 | $ 496 |
Earnings per common share attributable to Crown Holdings: | |||||||||||
Basic (in dollars per share) | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ (0.67) | $ 1.32 | $ 0.95 | $ 0.77 | $ 3.28 | $ 2.39 | $ 3.58 |
Diluted (in dollars per share) | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ (0.67) | $ 1.32 | $ 0.94 | $ 0.77 | $ 3.28 | $ 2.38 | $ 3.56 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 528 | $ 428 | $ 583 |
Other comprehensive income / (loss), net of tax | |||
Foreign currency translation adjustments | (137) | 201 | (435) |
Pension and other postretirement benefits | 50 | (59) | 166 |
Derivatives qualifying as hedges | (52) | 20 | 23 |
Total other comprehensive income / (loss) | (139) | 162 | (246) |
Total comprehensive income | 389 | 590 | 337 |
Net income attributable to noncontrolling interests | (89) | (105) | (87) |
Translation adjustments attributable to noncontrolling interests | 1 | (3) | 2 |
Derivatives qualifying as hedges attributable to noncontrolling interests | 2 | 0 | (2) |
Comprehensive income attributable to Crown Holdings | $ 303 | $ 482 | $ 250 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 607 | $ 424 |
Receivables, net | 1,602 | 1,041 |
Inventories | 1,690 | 1,385 |
Prepaid expenses and other current assets | 180 | 224 |
Total current assets | 4,079 | 3,074 |
Goodwill | 4,442 | 3,046 |
Intangible assets | 2,193 | 472 |
Property, plant and equipment, net | 3,745 | 3,239 |
Other non-current assets | 803 | 832 |
Total | 15,262 | 10,663 |
Current liabilities | ||
Short-term debt | 89 | 62 |
Current maturities of long-term debt | 86 | 64 |
Accounts payable | 2,732 | 2,367 |
Accrued liabilities | 1,006 | 757 |
Total current liabilities | 3,913 | 3,250 |
Long-term debt, excluding current maturities | 8,517 | 5,217 |
Postretirement and pension liabilities | 683 | 588 |
Other non-current liabilities | 863 | 685 |
Commitments and contingent liabilities (Note P) | ||
Equity | ||
Noncontrolling interests | 349 | 322 |
Preferred stock, authorized: 30,000,000; none issued (Note T) | 0 | 0 |
Common stock, par value: $5.00; authorized: 500,000,000 shares; issued: 185,744,072 shares | 929 | 929 |
Additional paid-in capital | 186 | 167 |
Accumulated earnings | 3,449 | 3,004 |
Accumulated other comprehensive loss | (3,374) | (3,241) |
Treasury stock at par value (2018 - 50,570,124 shares; 2017 - 51,468,463 shares) | (253) | (258) |
Crown Holdings shareholders’ equity | 937 | 601 |
Total equity | 1,286 | 923 |
Total | $ 15,262 | $ 10,663 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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) | 50,570,124 | 51,468,463 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Net income | $ 528 | $ 428 | $ 583 |
Adjustments to reconcile net income to net cash provided by / (used for) operating activities: | |||
Depreciation and amortization | 425 | 247 | 247 |
Restructuring and other | 44 | 51 | 30 |
Pension expense | 45 | 13 | 42 |
Pension contributions | (20) | (294) | (103) |
Stock-based compensation | 27 | 23 | 20 |
Deferred income taxes | 35 | 247 | 16 |
Changes in assets and liabilities: | |||
Receivables | (493) | (1,143) | (1,057) |
Inventories | (201) | (65) | (85) |
Accounts payable and accrued liabilities | 209 | 253 | 163 |
Other, net | (28) | (11) | 10 |
Net cash provided by / (used for) operating activities | 571 | (251) | (134) |
Cash flows from investing activities | |||
Capital expenditures | (462) | (498) | (473) |
Beneficial interest in transferred receivables | 490 | 1,010 | 1,086 |
Acquisition of businesses, net of cash acquired | (3,912) | 0 | 0 |
Foreign exchange derivatives related to acquisition | (25) | 0 | 0 |
Net investment hedges | 34 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 36 | 8 | 10 |
Other | (4) | (24) | 10 |
Net cash (used for) / provided by investing activities | (3,843) | 496 | 633 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 4,082 | 1,054 | 1,380 |
Payments of long-term debt | (333) | (1,137) | (1,914) |
Net change in revolving credit facility and short-term debt | (69) | 95 | (32) |
Premiums paid to retire debt | 0 | 0 | (22) |
Debt issuance costs | (70) | (16) | (18) |
Common stock issued | 1 | 9 | 10 |
Common stock repurchased | (4) | (339) | (8) |
Dividends paid to noncontrolling interests | (60) | (93) | (80) |
Contribution from noncontrolling interests | 0 | 0 | 4 |
Foreign exchange derivatives related to debt | (14) | 27 | 42 |
Net cash provided by / (used for) financing activities | 3,533 | (400) | (638) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (37) | 14 | (30) |
Net change in cash, cash equivalents and restricted cash | 224 | (141) | (169) |
Cash and cash equivalents at beginning of period | 435 | 576 | 745 |
Cash and cash equivalents at end of period | $ 659 | $ 435 | $ 576 |
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, 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 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] | ||||||||
Net income | 428 | 323 | 323 | 105 | ||||
Other comprehensive 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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 528 | 439 | 439 | 89 | ||||
Other comprehensive loss | (139) | (136) | (136) | (3) | ||||
Dividends paid to noncontrolling interests | (60) | (60) | ||||||
Restricted stock awarded | 0 | (5) | 5 | |||||
Stock-based compensation | 27 | 27 | 27 | |||||
Common stock issued | 1 | 1 | 1 | |||||
Common stock repurchased | (4) | (4) | (4) | |||||
Balance at end of period at Dec. 31, 2018 | $ 1,286 | $ 929 | $ 186 | $ 3,449 | $ (3,374) | $ (253) | $ 937 | $ 349 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 is a worldwide leader in the design, manufacture and sale of packaging products and equipment for consumer goods and industrial products. The Company’s packaging for consumer goods include steel and aluminum cans for food, beverage, household and other consumer products, glass bottles for beverage products and metal vacuum closures and steel crowns sold through the Company's sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The Company's packaging for industrial products includes steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment, which are sold into the metals, food and beverage, construction, agricultural, corrugated and general 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 . On January 1, 2018, the Company adopted new accounting guidance which outlined a single comprehensive model to use in accounting for revenue arising from contracts with customers and superseded most previous revenue recognition guidance. Under previous guidance, the Company generally recognized revenue from products sales when the goods were shipped and title and risk of loss passed to the customer. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services which is either at a point in time or over time. In addition to accelerating the timing of revenue recognition, an unbilled receivable is recognized with an offsetting decrease to inventory. See Note C for more information on the Company's accounting policies related to revenue under the new guidance. 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, Cash Equivalents and Restricted Cash . 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. The Company generally classifies any cash that is legally restricted as to withdrawal or usage as restricted cash. 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 principally determined under the first-in, first-out (“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 . Assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the dates of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. 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. Further quantitative assessment may then be required. 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 fair value, not to exceed the carrying amount of goodwill. 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 created 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. 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 $51 in 2018, $39 in 2017, 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 Pension and other postretirement benefit costs On January 1, 2018, the Company adopted new guidance related to 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 reclassified the following net (benefits) charges on the Statement of Operations to conform to current year presentation: 2017 2016 Cost of products sold, excluding depreciation and amortization $ 54 $ 40 Selling and administrative expense (4 ) (2 ) Restructuring and other 3 (14 ) Other pension and postretirement (53 ) (24 ) Statement of Cash Flows On January 1, 2018, the Company adopted new guidance related to the classification of certain cash receipts and payments on the Statement of Cash Flows. 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. The Company recast prior period amounts to conform to the current year presentation. For the years ended December 31, 2017 and 2016, the Company reclassified $1,010 and $1,086 from net cash used for operating activities to net cash provided by investing activities. Additionally, for the years ended December 31, 2018, 2017 and 2016, beneficial interests obtained in securitized receivables were $456 , $1,047 and $1,032 . On January 1, 2018, the Company adopted new accounting guidance 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 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: 2018 2017 Cash and cash equivalents $ 607 $ 424 Restricted cash included in prepaid expenses and other current assets 45 2 Restricted cash included in other non-current assets 7 9 Total cash, cash equivalents and restricted cash $ 659 $ 435 Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements. Revenue recognition The Company adopted the new revenue guidance discussed above using the modified retrospective method applied to those contracts which were outstanding as of January 1, 2018. The Company recognized the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue guidance, while prior period amounts are not adjusted and continue to be reported in accordance with accounting guidance in effect for those periods. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2018 for the adoption of the new revenue guidance was as follows: As reported As revised Consolidated Balance Sheet December 31, 2017 Adjustment January 1, 2018 Receivables, net $ 1,041 $ 154 $ 1,195 Inventories 1,385 (144 ) 1,241 Prepaid and other current assets 224 26 250 Total current assets 3,074 36 3,110 Other non-current assets 832 1 833 Total assets 10,663 37 10,700 Accrued liabilities 757 17 774 Total current liabilities 3,250 17 3,267 Other non-current liabilities 685 10 695 Noncontrolling interests 322 1 323 Accumulated earnings 3,004 9 3,013 Crown Holdings shareholders' equity 601 9 610 Total equity 923 10 933 Total liabilities and equity 10,663 37 10,700 The impact of adoption on the Company’s Consolidated Balance Sheet as of December 31, 2018 and Statement of Operations for the year ended December 31, 2018 was as follows: As reported December 31, 2018 Balances without adoption of new standard Consolidated Balance Sheet Effects of change Receivables, net $ 1,602 $ (181 ) $ 1,421 Inventories 1,690 155 1,845 Prepaid and other current assets 180 (16 ) 164 Total current assets 4,079 (42 ) 4,037 Total assets 15,262 (42 ) 15,220 Accrued liabilities 1,006 (21 ) 985 Total current liabilities 3,913 (21 ) 3,892 Other non-current liabilities 863 (9 ) 854 Noncontrolling interests 349 (1 ) 348 Accumulated earnings 3,449 (11 ) 3,438 Crown Holdings shareholders' equity 937 (11 ) 926 Total equity 1,286 (12 ) 1,274 Total liabilities and equity 15,262 (42 ) 15,220 As reported For the year ended Effects of change Amounts without adoption of new standard Statement of Operations December 31, 2018 Net sales $ 11,151 $ (27 ) $ 11,124 Cost of products sold, excluding depreciation and amortization 9,028 (21 ) 9,007 Income from operations 1,096 (6 ) 1,090 Foreign exchange 18 (3 ) 15 Income before taxes 740 (3 ) 737 Provision for income taxes 216 (1 ) 215 Net income 528 (2 ) 526 Net income attributable to Crown Holdings 439 (2 ) 437 Earnings per common share attributable to Crown Holdings: — Basic $ 3.28 $ (0.02 ) $ 3.26 Diluted $ 3.28 $ (0.01 ) $ 3.27 Hedge Accounting On January 1, 2018, the Company adopted new guidance on hedge accounting. The new guidance allows contractually-specified price components of a commodity purchase or sale to be eligible for hedge accounting. Additionally, the new standard permits qualitative effectiveness assessments for certain hedges after the initial hedge qualification analysis. The Company adopted this guidance using the modified retrospective approach. Upon adoption, the Company reclassified a net charge of $3 for the cumulative ineffectiveness of these contracts from retained earnings to accumulated other comprehensive income as a cumulative-effect adjustment. Intercompany transfers On January 1, 2018, the Company adopted new guidance related to intercompany transfers of assets other than inventory. Under previous guidance, income tax expense associated with intercompany profits in an intercompany sale or transfer of assets was deferred until the assets left the consolidated group. Similarly, deferred tax assets were not recognized for any increase in tax bases due to the intercompany sale or transfer. The new guidance allows for the recognition of income tax expense and deferred tax benefits on increases in tax bases when an intercompany sale or transfer occurs. Income tax effects of intercompany inventory transactions continue to be deferred until the assets leave the consolidated group. The guidance did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In February 2016, the FASB issued new guidance on lease accounting. Under the new guidance, lease classification criteria and income statement recognition are similar to current guidance; however, all leases with a term longer than one year will be recorded on the balance sheet through a right-of-use asset and a corresponding lease liability. The Company is in the process of implementing changes to processes, systems and controls to adopt the standard on a modified retrospective basis on January 1, 2019. The Company plans to elect the package of practical expedients that provides certain relief from reassessing prior lease accounting conclusions and will not apply the recognition requirements to short-term leases. Although the Company continues to evaluate the effect on the Company's Consolidated Balance Sheet, the Company currently anticipates that the impact of adoption will result in an insignificant cumulative effect of adoption and the recognition of material right of use assets and operating lease liabilities. The Company does not expect a material impact on its Consolidated Statement of Operations or Cash Flows. In June 2016, the FASB issued revised guidance for the accounting for credit losses on financial instruments. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures. This guidance is effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard. |
Acquisition of Signode
Acquisition of Signode | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Signode | Acquisition of Signode On April 3, 2018, the Company completed its acquisition of Signode Industrial Group Holdings (Bermuda) Ltd. (“Signode”), a leading global provider of transit packaging systems and solutions, thereby broadening and diversifying its customer base. The Company paid a purchase price of $3.9 billion . The acquisition was undertaken by a subsidiary of Crown European Holdings S.A. See Note M for further details about the acquisition financing. In connection with the acquisition, the Company entered into forward contracts to partially mitigate its currency exchange rate risk associated with the purchase price. In March 2018, the Company settled these contracts at a loss of $25 . The following table summarizes the consideration transferred to acquire Signode and the preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date. Fair value of consideration transferred Cash consideration $ 3,912 Recognized amounts of identifiable assets acquired and liabilities assumed Receivables, net 374 Inventories 303 Prepaid expenses and other current assets 45 Intangible assets, net 1,935 Property, plant and equipment, net 450 Other non-current assets 50 Short-term debt (4 ) Accounts payable (222 ) Accrued liabilities (166 ) Long-term debt (3 ) Postretirement and pension liabilities (58 ) Other non-current liabilities (344 ) Total identifiable net assets 2,360 Goodwill $ 1,552 Signode comprises the Company's Transit Packaging segment. The acquired goodwill was assigned to the segment and is not expected to be deductible for tax purposes. Acquired property, plant and equipment will be depreciated over its estimated remaining useful lives on a straight-line basis. The fair value for acquired customer relationship intangibles was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the follow-on revenue from customer relationships that existed on the acquisition date over their estimated lives, including the probability of expected future contract renewals and revenue, less a contributory assets charge, all of which is discounted to present value. The fair value of the trade name intangible assets were determined utilizing the relief from royalty method which is a form of the income approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenue supporting the trade names and discounted to present value using an appropriate discount rate . Acquired intangible assets will be amortized over the estimated useful lives, primarily on a straight-line basis. Intangible assets acquired and the weighted average remaining useful lives were as follows: Preliminary Fair Value Weighted Average Estimated Useful Life Customer relationships $ 1,201 12 Trade names 568 26 Technology 166 7 $ 1,935 The Company has not yet finalized the determination of the fair value of assets acquired and liabilities assumed, including income taxes and contingencies. The Company expects to finalize these amounts within one year of the acquisition date. Signode's results of operations have been included in the Company's financial statements for the period subsequent to the completion of the acquisition on April 3, 2018. Signode contributed sales of $1,800 and $1 of net income as its results included acquisition related amortization and interest as well as pre-tax charges of $40 for the fair value adjustment to inventory acquired and $5 for restructuring and other. The following unaudited supplemental pro forma data presents consolidated information as if the acquisition had been completed on January 1, 2017. These amounts were calculated after adjusting Signode's results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment and intangible assets had been applied from January 1, 2017 and related transaction costs. These adjustments also include an additional charge of $32 in the year ended December 31, 2017 for the fair value adjustment for inventory acquired. Signode's results include foreign exchange losses related to pre-acquisition intercompany debt arrangements of $15 and $47 for the years ended December 31, 2018 and 2017. Unaudited pro forma data for the year-ended December 31, 2018 2017 Pro forma net sales $ 11,739 $ 10,930 Pro forma net income attributable to Crown Holdings 442 234 The unaudited supplemental pro forma financial information is based on the Company's preliminary assignment of purchase price and therefore subject to adjustment upon finalizing the purchase price assignment. The pro forma data should not be considered indicative of the results that would have occurred if the acquisition and related financing had been consummated on the assumed completion dates, nor are they indicative of future results. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The majority of the Company’s revenues from metal packaging products are derived from multi-year requirement contracts with leading manufacturers and marketers of packaged consumer products for can sets, comprising a can and an end. As requirement contracts do not typically include fixed volumes, customers often purchase products pursuant to purchase orders or other communications which are short-term in nature. The can and the end are considered separate performance obligations because they are distinct and separately identifiable. Revenues from the Company's transit packaging segment are generally derived from individual purchase orders which may include multiple goods and services which are separate performance obligations because they are distinct and separately identifiable. Revenues are recognized when control of the promised products is transferred to customers. The Company manufactures certain products that have no alternative use to the Company once they are printed or manufactured to customer specifications. If the Company has an enforceable right to payment for custom products at all times in the manufacturing process, revenue is recognized over time. In each of the Company’s geographic markets, revenue from beverage cans is primarily recognized over time using the units produced output method as beverage cans are generally printed for a specific customer in a continuous production process and, therefore, the customer obtains value as each unit is produced. The timing of revenue recognition for the Company’s other products, including beverage ends and three-piece products, which includes food cans and ends and aerosol cans and ends, may vary as these products may be printed or customized depending upon customer preferences which can vary by geographic market. Revenue that is recognized over time for the Company’s three-piece products and equipment business is generally recognized using the cost-to-cost input method as these products involve an intermediary step that results in customized work-in-process inventory. For products that follow a point in time model, revenue is generally recognized when title and risk of loss transfer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Standalone selling prices for each performance obligation are generally stated in the contract. When the Company offers variable consideration in the form of volume rebates to customers, it estimates the most likely amount of revenue to which it is expected to be entitled and includes the estimate in the transaction price, limited to the amount which is probable will not result in reversal of cumulative revenue recognized when the variable consideration is resolved. When the Company offers customers options to purchase additional product at discounted prices, judgment is required to determine if the discounted prices represent material rights. If so, the transaction price allocated to the discount is based on its relative standalone price and is recognized upon purchase of the additional product. Customer payment terms are typically less than one year and as such, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold and are accrued when the Company recognizes revenue over time before the shipping and handling activities occur. Costs to obtain a contract are generally immaterial but the Company has elected the practical expedient to expense these costs as incurred if the duration of the contract is one year or less. For the year ended December 31, 2018, the Company recognized revenue of $5,765 over time and $5,386 at a point in time. See Note X for further disaggregation of the Company's revenue for the year ended December 31, 2018 The Company has applied the practical expedient to exclude disclosure of remaining performance obligations as its binding orders typically have a term of one year or less. Unbilled Receivables Unbilled receivables are recorded for revenue recognized over time when the Company has determined that control has passed to the customer but the customer has not yet been invoiced because the Company does not have present right to payment. The Company generally has a present right to payment when title of product transfers. Unbilled receivables are reflected in receivables in the Consolidated Balance Sheet with a corresponding decrease to inventory. Contract Assets and Contract Liabilities Contract assets are recorded for revenue recognized over time when the Company has determined that control for a performance obligation has passed to the customer, but the right to invoice the customer is contingent upon the completion of the performance obligations included in the contract. Contract assets are classified as current as they are expected to be invoiced within one year and may not exceed their net realizable value. Contract liabilities are established if the Company must defer the recognition of a portion of consideration received because it has to satisfy a future obligation. Contract liabilities are classified as current or noncurrent based on when the Company expects to recognize revenue. Contract assets are typically recognized for work in process related to the Company's three-piece printed products. The Company's equipment business may record contract assets or contract liabilities depending on the timing of satisfaction of performance obligations and receipt of consideration from the customer. These equipment contracts, including payment terms, are typically less than one year in duration. Contract assets and liabilities are reported in a net position on a contract-by-contract basis. Net contract assets were as follows: December 31, 2018 January 1, 2018 Contract assets included in prepaid and other current assets $ 16 $ 26 Contract liabilities included in accrued liabilities (3 ) (1 ) Contract liabilities included in other non-current liabilities (5 ) (7 ) Net contract asset $ 8 $ 18 For the year ended December 31, 2018, the Company satisfied performance obligations related to contract assets recorded by the Company's equipment business at January 1, 2018. Additionally, the Company recognized revenue of less than $1 related to contract liabilities at January 1, 2018 for performance obligations satisfied during the period. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Receivables | Receivables 2018 2017 Accounts receivable $ 1,303 $ 894 Less: allowance for doubtful accounts (65 ) (71 ) Net trade receivables 1,238 823 Unbilled receivables 181 — Miscellaneous receivables 183 218 $ 1,602 $ 1,041 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: 2018 2017 Accounted for as secured borrowings $ 9 $ 12 Accounted for as sales 1,097 964 In July 2018, the Company terminated its $200 North American securitization facility, which included a deferred purchase price component, and entered into a new securitization facility to sell, on a revolving basis, certain trade accounts receivable balances up to a maximum of $375 . The new facility, which matures in 2020, removed the deferred purchase price component but requires the Company to maintain a deposit in a restricted cash account. The Company received net proceeds of $106 from the termination of the securitization facility and resale of receivables under the new agreement. These proceeds are included in the beneficial interest in securitized receivables line in the Company's Consolidated Statement of Cash Flows. Prior to July 2018, certain of the Company’s securitization facilities included a deferred purchase price component. As consideration for the sale of its receivables, the Company received a cash payment and a new asset, the deferred purchase price receivable from the purchaser, which would be paid to the Company as payments on the receivables were collected from the account debtors. As the criteria for sale accounting had been met, the Company derecognized the entire amount of receivables sold and recognized an asset at fair value for the deferred purchase price receivable as well as the cash received. As the deferred purchase price was not a trade receivable, it was reported in prepaid expenses and other current assets in the Company’s Balance Sheet. As receipt of the deferred purchase price coincided with collections of the underlying receivables, the collection period was short in duration. As of December 31, 2017, the amount of deferred purchase price included in prepaid expenses and other current assets was $106 . The Company recorded expenses related to securitization and factoring facilities of $21 in 2018, $15 in 2017, and $13 in 2016 as interest expense. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories 2018 2017 Raw materials and supplies $ 937 $ 737 Work in process 144 139 Finished goods 609 509 $ 1,690 $ 1,385 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2018 and 2017 was as follows: Americas Beverage European Beverage European Food Transit Packaging Non-reportable segments Total Balance at January 1, 2017 $ 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 Goodwill acquired — — — 1,552 — 1,552 Foreign currency translation (2 ) (33 ) (64 ) (46 ) (11 ) (156 ) Balance at December 31, 2018 $ 842 $ 531 $ 1,291 $ 1,506 $ 272 $ 4,442 In 2018, goodwill acquired relates to the Signode acquisition, as discussed in Note B . The carrying amount of goodwill at December 31, 2018 and 2017 was net of the following accumulated impairments: Americas Beverage European Beverage European Food Transit Packaging Non-reportable Segments Total Accumulated impairments $ 29 $ 73 $ 724 $ — $ 150 $ 976 |
Intangible Assets Intangible As
Intangible Assets Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class at December 31 were as follows: December 31, 2018 December 31, 2017 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,615 $ (206 ) 1,409 $ 461 $ (108 ) $ 353 Trade names 547 (17 ) 530 — — — Technology 160 (18 ) 142 — — — Long term supply contracts 143 (37 ) 106 143 (27 ) 116 $ 2,465 $ (278 ) $ 2,187 $ 604 $ (135 ) $ 469 The table above excludes other intangible assets with net balances of $6 and $3 at December 31, 2018 and 2017. Amortization expense for the years ended December 31, 2018, 2017, and 2016 was $148 , $39 and $41 . Annual amortization expense for each of the five years subsequent to 2018 is estimated to be $182 . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment 2018 2017 Buildings and improvements $ 1,352 $ 1,214 Machinery and equipment 5,562 5,131 Land and improvements 280 204 Construction in progress 323 369 7,517 6,918 Less: accumulated depreciation and amortization (3,772 ) (3,679 ) $ 3,745 $ 3,239 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Other Non-Current Assets | Other Non-Current Assets 2018 2017 Deferred taxes $ 272 $ 399 Pension assets 360 313 Debt issuance costs 15 13 Investments 19 9 Fair value of derivatives 20 4 Other 117 94 $ 803 $ 832 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | crued Liabilities 2018 2017 Salaries, wages and other employee benefits, including pension and postretirement $ 210 $ 162 Accrued taxes, other than on income 124 120 Accrued interest 83 54 Fair value of derivatives 52 23 Income taxes 47 23 Asbestos liabilities 25 30 Restructuring 21 17 Other 444 328 $ 1,006 $ 757 |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2018 | |
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 $54 in 2019, $42 in 2020, $34 in 2021, $26 in 2022, $21 in 2023 and $117 thereafter. Rental expense (net of sublease rental income) was $50 in both 2018 and 2017 and $53 in 2016. |
Restructuring and Other
Restructuring and Other | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other charges as follows: 2018 2017 2016 Asset impairments and sales $ (5 ) $ 12 $ 14 Restructuring 25 18 12 Transaction costs 26 2 — Other costs (2 ) 19 4 $ 44 $ 51 $ 30 In 2018, the Company recorded asset impairment charges of $13 to write down the carrying value of fixed assets related to the announced closure of two beverage can plants in the Company's Asia Pacific segment. The Company announced plans to close the plants in response to current economic conditions in China. Asset impairment and sales also includes gains on asset sales related to prior restructuring actions. Restructuring costs in 2018 included $5 for termination benefits related to the closure of two beverage can plants in the Company's Asia Pacific segment discussed above, $12 of termination benefits related to other actions to reduce manufacturing capacity and headcount and other exit costs of $8 related to prior and current year restructuring actions. In 2017, asset impairments and sales included a charge of $19 to write down the 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. Transaction costs in 2018 and 2017 relate to the acquisition of Signode as described in Note B In 2017, other costs included 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. In 2018, the Company recorded a benefit of $6 due to the favorable settlement of this matter. 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 closure of a beverage can plant in the Company's Asia Pacific segment. Restructuring charges by segment were as follows: 2018 2017 2016 Americas Beverage $ 4 $ 3 $ 1 Europe Beverage 1 — — European Food 4 4 4 Asia Pacific 5 3 3 Transit Packaging 3 — — Non-reportable segments 5 8 4 Corporate 3 — — $ 25 $ 18 $ 12 Restructuring charges by type were as follows: 2018 2017 2016 Termination benefits $ 17 $ 15 $ 9 Other exit costs 8 3 3 $ 25 $ 18 $ 12 At December 31, 2018, the Company had a restructuring accrual of $21 , primarily related to the closure of the beverage can plants in China discussed above, and current and prior year actions to reduce manufacturing capacity and headcount in its European businesses. The Company expects to pay these amounts 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. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2018 2017 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 89 $ 89 $ 62 $ 62 Long-term debt Senior secured borrowings: Revolving credit facilities — — 122 122 Term loan facilities U.S. dollar at LIBOR plus 1.75% due 2022 815 810 741 735 U.S. dollar at LIBOR plus 2.00% due 2025 887 864 — — Euro at EURIBOR plus 1.75% due 2022 1 301 301 324 324 Euro at EURIBOR plus 2.375% due 2025 2 855 846 — — Senior notes and debentures: €650 at 4.0% due 2022 745 740 781 774 U. S. dollar at 4.50% due 2023 1,000 993 1,000 992 €335 at 2.25% due 2023 384 380 — — €600 at 2.625% due 2024 688 682 720 713 €600 at 3.375% due 2025 688 681 720 711 U.S. dollar at 4.25% due 2026 400 394 400 393 U.S. dollar at 4.75% due 2026 875 863 — — U.S. dollar at 7.375% due 2026 350 348 350 347 €500 at 2.875% due 2026 573 566 — — U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies: Fixed rate with rates in 2018 from 4.0% to 7.5% due through 2036 62 62 96 96 Variable rate with average rates in 2018 of 4.3% due through 2022 4 4 5 5 Capital lease obligations 29 29 29 29 Total long-term debt 8,696 8,603 5,328 5,281 Less: current maturities (86 ) (86 ) (64 ) (64 ) Total long-term debt, less current maturities $ 8,610 $ 8,517 $ 5,264 $ 5,217 (1) €263 and €270 at December 31, 2018 and 2017 (2) €746 at December 31, 2018 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 $8,735 at December 31, 2018 and $5,562 at December 31, 2017. The revolving credit facilities include provisions for letters of credit up to $300 that reduce the amount of borrowing capacity otherwise available. At December 31, 2018, the Company’s available borrowing capacity under the credit facilities was $1,582 , equal to the facilities’ aggregate capacity of $1,650 less $68 of outstanding letters of credit. The interest rate on the facilities can vary from LIBOR or EURIBOR, with a floor of zero , plus a margin of up to 2.375% , depending on the facility, based on the Company's leverage ratio. The revolving credit facilities and term loan facilities contain restrictions on the ability of the Company to, among other things, incur additional debt, pay dividends, repurchase capital stock and make certain restricted payments and requires the Company to maintain a leverage ratio of no greater than 6.5 times at December 31, 2018. The Company was in compliance with all covenants as of December 31, 2018. The weighted average interest rates were as follows: 2018 2017 2016 Short-term debt 1.4 % 1.4 % 2.7 % Revolving credit facilities 3.2 % 3.3 % 3.8 % Aggregate maturities of long-term debt including capital lease obligations and excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2018 are $86 , $88 , $76 , $1,711 and $1,400 . Cash payments for interest during 2018, 2017 and 2016 were $334 , $225 and $217 . 2018 Activity In January 2018, the Company amended its revolving credit agreements, effective as of April 2018, to, among other things, provide capacity of $1,650 under the revolving credit facilities upon completion of the Signode acquisition, increase total leverage ratios and extend the timetable for compliance with total leverage ratios. In January 2018, the Company issued $875 principal amount of 4.75% senior unsecured notes due 2026. The notes were issued at par by Crown Americas LLC, a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. In January 2018, the Company also issued €500 ( $573 at December 31, 2018) principal amount of 2.875% senior unsecured notes due 2026 and €335 ( $384 at December 31, 2018) principal amount of 2.25% senior unsecured notes due 2023. The notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. In April 2018, the Company borrowed $100 additional Term A loans and $1,150 Term B loans under its U.S. dollar term loan facility and €750 ( $859 at December 31, 2018) additional Term B loans under its European term loan facility. The Term B loans mature in April 2025. |
Derivative and Other Financial
Derivative and Other Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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 reporting 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 M 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 as the underlying exposure. Cash Flow Hedges The Company designates certain derivative financial instruments as cash flow hedges. No components of the hedging instruments are excluded from the assessment of hedge effectiveness. Changes in fair value of outstanding derivatives accounted for as cash flow hedges are recorded in accumulated 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 accumulated other comprehensive income is the same as that of the underlying exposure. Contracts outstanding at December 31, 2018 mature between one and thirty-nine 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. Often, foreign currency risk is hedged together with the related commodity price risk. The following tables set forth financial information about the impact on accumulated other comprehensive income ("AOCI") and earnings from changes in fair value related to derivative instruments designated as cash flow hedges. Amount of gain/(loss) recognized in AOCI Derivatives designated as cash flow hedges 2018 2017 Foreign exchange $ (3 ) $ 2 Commodities (32 ) 39 $ (35 ) $ 41 Amount of gain/ (loss) reclassified from AOCI into income Derivatives designated as cash flow hedges 2018 2017 Affected line item in the Statement of Operations Foreign exchange $ (11 ) $ (8 ) Net sales Commodities (5 ) — Net sales Foreign exchange 6 6 Cost of products sold Commodities 31 31 Cost of products sold 21 29 Income before taxes (6 ) (8 ) Provision for income taxes $ 15 $ 21 Net Income In 2017, the Company recognized a loss of $2 ( $1 , net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices. Following the adoption of new accounting guidance, there is no ineffectiveness in the current year as the Company's commodity contracts generally hedge the variability in cash flows for contractually specified components of its aluminum purchases. For the year ended December 31, 2019, a net loss of $27 ( $21 , net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the years ended December 31, 2018 and 2017 in connection with anticipated transactions that were no longer considered probable. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated 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 $2 for the year ended December 31, 2018 and a loss of less than $1 for the year ended December 31, 2017 . These adjustments were reported within foreign exchange in the Consolidated Statements of Operations and were offset by changes in the fair values of the related hedged items. The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain/(loss) recognized in earnings Derivatives not designated as hedges 2018 2017 Affected line item in the Statement of Operations Foreign exchange $ 4 $ 1 Net sales Foreign exchange (6 ) 1 Cost of products sold Foreign exchange (26 ) 39 Foreign exchange $ (28 ) $ 41 Net Investment Hedges The Company designates certain debt and derivative instruments as net investment hedges to manage foreign currency risk relating to net investments in subsidiaries denominated in foreign currencies and to reduce the variability in the functional currency equivalent cash flows. For the year ended December 31, 2018, the Company recorded a gain of $47 ( $43 , net of tax) in other comprehensive income for certain debt instruments that are designated as hedges of its net investment in a euro-based subsidiary. For the year ended December 31, 2017, the Company recorded a loss of $153 ( $134 , net of tax) in other comprehensive income for these net investment hedges. As of December 31, 2018, cumulative losses of $59 ( $36 , net of tax) were recognized in accumulated other comprehensive income related to these net investment hedges and the carrying amount of the hedged net investment was approximately €1,131 ( $1,296 at December 31, 2018). In January 2018, the Company entered into a series of cross-currency swaps with an aggregate notional value of $875 ( €718 ). The swaps were designated as hedges of the Company's net investment in a euro-based subsidiary. Under the cross-currency contracts, the Company received semi-annual fixed U.S. dollar payments at a rate of 4.75% of the U.S. notional value and paid 2.50% on the euro notional value. The Company settled these swaps in November 2018 for a gain of $19 . Additionally, the Company received net interest payments of $15 related to these swaps, which was reflected in investing activities in the Consolidated Statements of Cash Flows. In November 2018, the Company entered into a series of cross-currency swaps with an aggregate notional value of $875 ( €768 ). The swaps are designated as hedges of the Company's net investment in a euro-based subsidiary. Under the cross-currency contracts, the Company will receive semi-annual fixed U.S. dollar payments at a rate of 4.75% of the U.S. notional value and pay 1.84% on the euro notional value. Gains or losses on net investment hedges remain in accumulated other comprehensive income until disposal of the underlying assets. The following tables set forth financial information about the impact on other comprehensive income ("OCI") from changes in the fair value of derivative instruments designated as net investment hedges. Amount of gain/(loss) recognized in OCI Derivatives designated as net investment hedges 2018 2017 Foreign exchange $ 11 $ — Gains and losses representing components excluded from the assessment of effectiveness on derivatives designated as net investment hedges are recognized in accumulated other comprehensive income. Fair Values of Derivative Financial Instruments The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis. Balance Sheet classification December 31, December 31, 2017 Balance Sheet classification December 31, December 31, 2017 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Other current assets $ 6 $ 5 Accrued liabilities $ 5 $ 6 Other non-current assets — — Other non-current liabilities 1 — Foreign exchange contracts fair value Other current assets 1 1 Accrued liabilities 1 1 Other non-current assets 3 — Other non-current liabilities — — Commodities contracts cash flow Other current assets 16 25 Accrued liabilities 42 — Other non-current assets 2 4 Other non-current liabilities 6 — Net investment hedge Other non-current assets 15 — Other non-current liabilities — — $ 43 $ 35 $ 55 $ 7 Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets $ 4 $ 6 Accrued liabilities $ 4 $ 1 Commodities contracts Other current assets — 22 Accrued liabilities — 15 $ 4 $ 28 $ 4 $ 16 Total derivatives $ 47 $ 63 $ 59 $ 23 Fair Value Hedge Carrying Amounts Carrying amount of the hedged assets/(liabilities) Line item in the Balance Sheet in which the hedged item is included December 31, 2018 December 31, 2017 Cash and cash equivalents $ 1 $ 1 Receivables, net 15 15 Accrued liabilities (13 ) (12 ) Offsetting of Derivative Assets and Liabilities Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments. 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, 2018 Derivative assets $ 47 $ 19 $ 28 Derivative liabilities 59 19 40 Balance at December 31, 2017 Derivative assets $ 63 $ 17 $ 46 Derivative liabilities 23 17 6 Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets were: December 31, 2018 December 31, 2017 Derivatives in cash flow hedges: Foreign exchange $ 820 $ 864 Commodities 428 276 Derivatives in fair value hedges: Foreign exchange 74 60 Derivatives not designated as hedges: Foreign exchange 796 575 Commodities — 40 |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Asbestos-Related Liabilities | Asbestos-Related Liabilities Crown Cork & Seal Company, Inc. (“Crown Cork”) is one of many defendants in a substantial number of lawsuits filed throughout the 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 2018, 2017 and 2016 were as follows: 2018 2017 2016 Beginning claims 55,500 55,500 54,500 New claims 2,000 2,500 2,500 Settlements or dismissals (1,500 ) (2,500 ) (1,500 ) Ending claims 56,000 55,500 55,500 The Company's cash payments during the years ended 2018 , 2017 , and 2016 were as follows: 2018 2017 2016 Asbestos-related payments $ 21 $ 30 $ 30 Settled claims payments (included in asbestos-related payments above) 15 24 23 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, 2018 and December 31, 2017 , the Company's outstanding claims were: 2018 2017 Claimants alleging first exposure after 1964 16,500 16,500 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 13,000 Pennsylvania 1,500 1,500 Other states that have enacted asbestos legislation 6,000 6,000 Other states 19,000 18,500 Total claims outstanding 56,000 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: 2018 2017 2016 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, 2018 . Approximately 81% of the claims outstanding at the end of 2018 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 16% 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 13 claims were filed by plaintiffs who claim damages in excess of $100 . As of December 31, 2018 , the Company’s accrual for pending and future asbestos-related claims and related legal costs was $ 295 , including $ 251 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, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company, along with others in most cases, has been identified by the EPA or a comparable state environmental agency as a Potentially Responsible Party (“PRP”) at a number of sites and has recorded aggregate accruals of $7 for its share of estimated future remediation costs at these sites. The Company has been identified as having either directly or indirectly disposed of commercial or industrial waste at the sites subject to the accrual, and where appropriate and supported by available information, generally has agreed to be responsible for a percentage of future remediation costs based on an estimated volume of materials disposed in proportion to the total materials disposed at each site. The Company has not had monetary sanctions imposed nor has the Company been notified of any potential monetary sanctions at any of the sites. The Company has also recorded aggregate accruals of $8 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 German market for the supply of metal packaging products. The Company conducted an internal investigation into the matter and discovered instances of inappropriate conduct by certain employees of German subsidiaries of the Company. The Company cooperated with the FCO and submitted a leniency application with the FCO which disclosed the findings of its internal investigation to date. In April 2018, the FCO discontinued its national investigation and referred the matter to the European Commission (the “Commission”). Following the referral, Commission officials conducted unannounced inspections of the premises of several metal packaging manufacturers, including Company subsidiaries in Germany, France and the United Kingdom. The Commission's investigation is ongoing and, to date, the Commission has not officially charged the Company or any of its subsidiaries with violations of competition law. The Company is cooperating with the Commission and submitted a leniency application with the Commission with respect to the findings of the investigation in Germany referenced above. This application may lead to the reduction of possible future penalties. At this stage of the investigation the Company believes that a loss is probable but is unable to predict the ultimate outcome of the Commission’s investigation and is unable to estimate the loss or possible range of losses that could be incurred, and has therefore not recorded a charge in connection with the actions by the Commission. If the Commission finds that the Company or any of its subsidiaries violated competition law, fines levied by the Commission could be material to the Company's operating results and cash flows for the periods in which they are resolved or become reasonably estimable. In March 2017, U.S. Customs and Border Protection (“CBP”) at the Port of Milwaukee issued a penalty notification alleging that certain of the Company’s subsidiaries intentionally misclassified the importation of certain goods into the U.S. during the period 2004-2009. CBP initially assessed a penalty of $18 and subsequently mitigated to $6 . The Company has acknowledged to CBP that the goods were misclassified and has paid all related duties. The Company has asserted that the misclassification was unintentional and disputes the penalty assessment. At the present time, based on the information available, the Company does not believe that a loss for the alleged intentional misclassification is probable. There can be no assurance the Company will be successful in contesting the assessed penalty. The Company and its subsidiaries are also subject to various other lawsuits and claims with respect to 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, 2018 , the Company was party to certain indemnification agreements covering environmental remediation, lease payments and other potential costs associated with properties sold or businesses divested. The Company accrues for costs related to these items when it is probable that a liability has been incurred and the amount can be reasonably estimated. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | Other Non-Current Liabilities 2018 2017 Asbestos liabilities $ 270 $ 285 Deferred taxes 399 202 Postemployment benefits 22 24 Income taxes payable 26 22 Environmental 12 12 Fair value of derivatives 7 — Other 127 140 $ 863 $ 685 Income taxes payable includes unrecognized tax benefits as discussed in Note S . |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Pensions. The Company sponsors various pension plans covering certain U.S. and non-U.S. employees, and participates in certain multi-employer pension plans. The benefits under the Company plans are based primarily on years of service and either the employees’ remuneration near retirement or a fixed dollar multiple. A measurement date of December 31 was used for all plans presented below. The components of pension expense were as follows: U.S. Plans 2018 2017 2016 Service cost $ 17 $ 14 $ 14 Interest cost 47 50 50 Expected return on plan assets (85 ) (83 ) (91 ) Settlements — — 14 Amortization of actuarial loss 51 52 50 Amortization of prior service cost 1 1 1 Net periodic cost $ 31 $ 34 $ 38 Non-U.S. Plans 2018 2017 2016 Service cost $ 26 $ 22 $ 21 Interest cost 75 75 101 Expected return on plan assets (159 ) (146 ) (157 ) Settlements 38 — — Curtailments — (3 ) — Amortization of actuarial loss 45 42 50 Amortization of prior service credit (11 ) (11 ) (12 ) Net periodic cost / (benefit) $ 14 $ (21 ) $ 3 The settlement charge in 2018 arose from the payment of lump sum buy-outs to settle certain pension obligations using plan assets. Additional pension expense of $5 was recognized in each of 2018, 2017 and 2016 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 2018 2017 2018 2017 Projected Benefit Obligations Benefit obligations at January 1 $ 1,499 $ 1,482 $ 3,507 $ 3,283 Service cost 17 14 26 22 Interest cost 47 50 75 75 Plan participants’ contributions — — 4 3 Amendments — 4 — — Settlements — — (121 ) (7 ) Actuarial loss (83 ) 51 (199 ) 39 Acquisitions — — 148 — Benefits paid (109 ) (102 ) (150 ) (214 ) Foreign currency translation — — (188 ) 306 Benefit obligations at December 31 $ 1,371 $ 1,499 $ 3,102 $ 3,507 Plan Assets Fair value of plan assets at January 1 $ 1,220 $ 1,156 $ 3,665 $ 3,152 Actual return on plan assets (102 ) 162 (39 ) 134 Employer contributions 3 4 16 290 Plan participants’ contributions — — 4 3 Settlements — — (121 ) (7 ) Acquisitions — — 90 — Benefits paid (109 ) (102 ) (150 ) (214 ) Foreign currency translation — — (201 ) 307 Fair value of plan assets at December 31 $ 1,012 $ 1,220 $ 3,264 $ 3,665 Funded status $ (359 ) $ (279 ) $ 162 $ 158 Accumulated benefit obligations at December 31 $ 1,327 $ 1,445 $ 3,009 $ 3,418 Information for pension plans with accumulated benefit obligations in excess of plan assets was as follows: U.S. Plans 2018 2017 Projected benefit obligations $ 1,371 $ 1,499 Accumulated benefit obligations 1,327 1,445 Fair value of plan assets 1,012 1,220 Non-U.S. Plans 2018 2017 Projected benefit obligations $ 363 $ 247 Accumulated benefit obligations 329 223 Fair value of plan assets 167 94 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 8 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 % 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, 2018 and 2017 are summarized in the tables below: 2018 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 34 $ 225 $ 259 Global large cap equity — 27 27 U.S. large cap equity 66 3 69 U.S. mid/small cap equity 182 16 198 Mutual funds – global equity 133 — 133 Mutual funds – U.S. equity 188 — 188 Mutual funds – fixed income 104 — 104 707 271 978 Level 2 Government issued debt securities — 341 341 Corporate debt securities 49 212 261 Asset backed securities — 2 2 Structured debt — 699 699 Insurance contracts — 105 105 Derivatives — 103 103 Investment funds – fixed income — 411 411 Investment funds – global equity — 268 268 49 2,141 2,190 Level 3 Investment funds – real estate 94 196 290 Hedge funds — 113 113 Private equity 9 94 103 Real estate – direct 20 7 27 123 410 533 Total assets in fair value hierarchy 879 2,822 3,701 Investments measured at NAV Practical Expedient (a) Investment funds – fixed income 98 112 210 Investment funds – global equity 14 43 57 Investment funds – emerging markets 20 — 20 Hedge funds — 282 282 132 437 569 Total investments at fair value $ 1,011 $ 3,259 $ 4,270 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 (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: 2018 2017 U.S. plan assets $ 1 $ 1 Non-U.S. plan assets 5 5 Plan assets include $140 and $189 of the Company’s common stock at December 31, 2018 and 2017. 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, 2017 $ 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 Foreign currency translation (11 ) (8 ) (5 ) (24 ) Asset returns – assets held at reporting date (18 ) (11 ) (9 ) (38 ) Asset returns – assets sold during the period 20 28 15 63 Purchases, sales and settlements, net (67 ) (53 ) 70 (50 ) Asset transfers during the period — — 64 64 Balance at December 31, 2018 $ 113 $ 103 $ 317 $ 533 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, 2018 Investment funds – fixed income $ 210 Semi-monthly 1 day Investment funds – global equity 57 Monthly 1 - 15 days Investment funds – emerging markets 20 Daily 30 days Hedge funds 282 Monthly 1 - 45 days 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 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: 2018 2017 Non-current assets $ 360 $ 313 Current liabilities 14 6 Non-current liabilities 549 434 The Company’s current liability at December 31, 2018, represents the expected required payments to be made for unfunded plans over the next twelve months. Total estimated 2019 employer contributions are $17 for the Company’s pension plans. Changes in the net loss and prior service credit for the Company’s pension plans were: 2018 2017 2016 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 2,057 $ (16 ) $ 2,032 $ (32 ) $ 2,320 $ (54 ) Reclassification to net periodic benefit cost (134 ) 10 (95 ) 14 (114 ) 11 Current year loss 103 — 21 — 13 — Amendments — — — 4 — 3 Foreign currency translation (64 ) — 99 (2 ) (187 ) 8 Balance at December 31 $ 1,962 $ (6 ) $ 2,057 $ (16 ) $ 2,032 $ (32 ) 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 2019 are $96 and $(9) . Expected future benefit payments as of December 31, 2018 are: U.S. plans Non-U.S. plans 2019 $ 108 $ 159 2020 109 161 2021 99 161 2022 101 165 2023 95 164 2024 - 2028 482 820 The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: U.S. Plans 2018 2017 2016 Discount rate 4.3 % 3.7 % 4.2 % Compensation increase 4.5 % 4.7 % 4.6 % Non-U.S. Plans 2018 2017 2016 Discount rate 2.9 % 2.5 % 2.7 % Compensation increase 3.2 % 3.2 % 3.3 % The weighted average actuarial assumptions used to calculate pension expense for each year were: U.S. Plans 2018 2017 2016 Discount rate - service cost 3.9 % 4.7 % 4.9 % Discount rate - interest cost 3.2 % 3.4 % 3.5 % Compensation increase 4.7 % 4.6 % 4.6 % Long-term rate of return 7.25 % 7.5 % 8.0 % Non-U.S. Plans 2018 2017 2016 Discount rate - service cost 2.6 % 2.8 % 3.9 % Discount rate - interest cost 2.2 % 2.3 % 3.2 % Compensation increase 3.2 % 3.3 % 2.9 % Long-term rate of return 4.4 % 4.5 % 5.4 % The expected long-term rate of return on plan assets is determined by taking into consideration expected long-term returns associated with each major asset class based on long-term historical ranges, inflation assumptions and the expected net value from active management of the assets based on actual results. 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 2018 2017 2016 Service cost $ 4 $ — $ — Interest cost 6 6 6 Amortization of prior service credit (37 ) (40 ) (41 ) Amortization of actuarial loss 4 4 5 Net periodic benefit credit $ (23 ) $ (30 ) $ (30 ) Changes in the benefit obligations were: 2018 2017 Benefit obligations at January 1 $ 168 $ 167 Service cost 4 — Interest cost 6 6 Actuarial (gain) loss (15 ) 4 Benefits paid (13 ) (13 ) Foreign currency translation (3 ) 4 Benefit obligations at December 31 $ 147 $ 168 Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: 2018 2017 2016 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 49 $ (142 ) $ 49 $ (182 ) $ 47 $ (225 ) Reclassification to net periodic benefit cost (4 ) 37 (4 ) 40 (5 ) 41 Current year (loss) / gain (14 ) — 4 — 7 — Foreign currency translation — — — — — 2 Balance at December 31 $ 31 $ (105 ) $ 49 $ (142 ) $ 49 $ (182 ) 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 2019 are $3 and $(34) . Expected future benefit payments are as follows: Benefit Payments 2019 $ 14 2020 13 2021 13 2022 12 2023 12 2024 - 2028 52 The assumed health care cost trend rates at December 31, 2018 were as follows: Health care cost trend rate assumed for 2019 5.3 % 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 $ 8 $ 7 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. 2018 2017 2016 Benefit obligations 4.5 % 3.8 % 4.0 % Service cost 4.9 % 5.0 % 4.9 % Interest cost 4.1 % 3.5 % 3.6 % 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 2018 and 2017 were 32,394 and 25,511 and the Company’s contributions were less than $1 in both years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes were as follows: 2018 2017 2016 U.S. $ 21 $ 10 $ (3 ) Foreign 719 819 772 $ 740 $ 829 $ 769 The provision for income taxes consisted of the following: 2018 2017 2016 Current tax: U.S. federal $ (2 ) $ — $ (1 ) State and foreign 183 154 171 $ 181 $ 154 $ 170 Deferred tax: U.S. federal $ 31 $ 217 $ 19 State and foreign 4 30 (3 ) 35 247 16 Total $ 216 $ 401 $ 186 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: 2018 2017 2016 U.S. statutory rate at 21%, 35% and 35% $ 155 $ 290 $ 269 Tax on foreign income 30 (126 ) (119 ) U.S. taxes on foreign income, net of credits 24 45 31 Valuation allowance changes (1 ) 9 (14 ) Tax contingencies (2 ) 6 11 Tax law changes 4 174 3 Other items, net 6 3 5 Income tax provision $ 216 $ 401 $ 186 The Company benefits from certain incentives in Brazil which allow it to pay reduced income taxes. The incentives expire at various dates beginning in January 2020 . These incentives increased net income attributable to the Company by $14 , $14 , and $13 in 2018, 2017 and 2016. The Company paid taxes of $177 , $154 and $158 in 2018, 2017 and 2016. The Tax Act resulted in significant changes from previous tax law, including reduction of the U.S. corporate tax rate from 35% to 21% , a one-time tax imposed on the unremitted earnings of other non-U.S. subsidiaries (the "transition tax") and a limitation on the tax deduction for interest expense, net of interest income, to 30% of a U.S. corporations adjusted taxable income. As a result of the tax rate reduction, the Company recorded a provisional reduction in net deferred tax assets of $103 as of December 31, 2017 and a corresponding deferred income tax charge. Additionally, as of December 31, 2017, the Company recorded a provisional obligation of $82 for the transition tax, recorded a charge of $25 for the related usage of foreign tax credits and reversed $ 11 of deferred tax liabilities related to cumulative undistributed foreign earnings. The Company finalized the impact of the Tax Act in 2018 and recorded a net benefit of $2 to adjust its provisional amounts. In 2018, the Company recorded a charge of $24 related to local taxes on the distributions of foreign earnings, which were previously asserted to be indefinitely reinvested. As of December 31, 2018 the Company has not provided deferred taxes on approximately $1,200 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 components of deferred taxes at December 31 are: 2018 2017 Assets Liabilities Assets Liabilities Tax loss and credit carryforwards $ 531 $ — $ 503 $ — Postretirement and postemployment benefits 39 — 43 — Pensions 193 106 185 105 Property, plant and equipment 20 177 18 151 Intangible assets — 431 — 128 Deemed repatriation tax — — — 57 Asbestos 71 — 74 — Accruals and other 88 73 87 44 Valuation allowances (282 ) — (228 ) — Total $ 660 $ 787 $ 682 $ 485 Tax loss and credit carryforwards expire as follows: Year Amount 2019 $ 21 2020 27 2021 26 2022 116 2023 12 Thereafter 213 Unlimited 116 Tax loss and credit carryforwards expiring in 2022 includes $101 of U.S. federal foreign tax credits. Tax loss and credit carryforwards expiring after 2023 includes $121 of U.S. state tax loss carryforwards and $17 U.S. federal and state tax loss carryforwards and $61 foreign tax loss carryforwards acquired with Signode. The unlimited category includes $63 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, 2018 include $195 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. 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 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 of up to $12 . Management’s estimates of the appropriate valuation allowance in any jurisdiction involve a number of assumptions and judgments, including the amount and timing of future taxable income. Should future results differ from management’s estimates, it is possible there could be future adjustments to the valuation allowances that would result in an increase or decrease in tax expense in the period such changes in estimates are made. A reconciliation of unrecognized tax benefits follows: 2018 2017 2016 Balance at January 1 $ 29 $ 27 $ 28 Additions related to acquisitions 13 — — Additions for prior year tax positions 1 6 13 Reductions to prior period tax positions — (2 ) — Lapse of statute of limitations (3 ) — (2 ) Settlements (2 ) (4 ) (12 ) Foreign currency translation (1 ) 2 — Balance at December 31 $ 37 $ 29 $ 27 The Company’s unrecognized tax benefits include potential liabilities related to transfer pricing, foreign withholding taxes, and non-deductibility of expenses and exclude $3 of interest and penalties as of December 31, 2018. 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. The total interest and penalties recorded in income tax expense was less than $1 in 2018, 2017 and 2016. As of December 31, 2018, unrecognized tax benefits of $37 , 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, 2018 were, 2006 and subsequent years for the U.K.; 2009 and subsequent years for Spain; 2010 and subsequent years for Germany; 2013 and subsequent years for India and Mexico; 2014 and subsequent years for Brazil, Italy and the U.S.; 2015 and subsequent years for Canada; and 2016 and subsequent years for France. 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. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2018 | |
Capital Stock [Abstract] | |
Capital Stock | Capital Stock A summary of common share activity for the years ended December 31 follows (in shares): 2018 2017 2016 Common shares outstanding at January 1 134,275,609 139,840,228 139,441,298 Shares repurchased (92,167 ) (6,157,010 ) (162,563 ) Shares issued upon exercise of employee stock options — 299,050 348,640 Restricted stock issued to employees, net of forfeitures 958,672 269,025 187,209 Shares issued to non-employee directors 31,834 24,316 25,644 Common shares outstanding at December 31 135,173,948 134,275,609 139,840,228 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, 2018, $669 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2017 $ (1,524 ) $ (1,879 ) $ 3 $ (3,400 ) Other comprehensive income / (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 ) Cumulative effect of change in accounting principle 3 3 Other comprehensive loss before reclassifications (20 ) (136 ) (35 ) (191 ) Amounts reclassified from accumulated other comprehensive income 70 — (15 ) 55 Other comprehensive income / (loss) 50 (136 ) (47 ) (133 ) Balance at December 31, 2018 $ (1,533 ) $ (1,817 ) $ (24 ) $ (3,374 ) See Note N and Note R for further details of amounts reclassified from accumulated other comprehensive income related to cash flow hedges and defined benefit plans. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , there were 3.0 million authorized shares available for future awards. Restricted and Deferred Stock Annually, the Company awards shares of restricted stock to certain senior executives in the form of time-vested restricted stock and performance-based shares. The time-vested restricted stock vests ratably over three years . The performance-based share awards are subject to either a market condition or a performance condition. 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 is 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 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, 2018 1,053,842 Awarded: Time-vesting 1,515,700 Performance-based 150,069 Released: Time-vesting (353,555 ) Performance-based — Forfeitures: Time-vesting (63,575 ) Performance-based (159,738 ) Non-vested shares outstanding at December 31, 2018 2,142,743 The average grant-date fair value of restricted stock awarded in 2018 , 2017 and 2016 follows: 2018 2017 2016 Time-vested $ 44.48 $ 55.55 $ 51.04 Performance-based 57.24 51.90 51.18 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: 2018 2017 2016 Risk-free interest rate 2.0 % 1.4 % 1.2 % Expected term (years) 3 3 3 Expected stock price volatility 19.9 % 21.1 % 19.8 % At December 31, 2018 , unrecognized compensation cost related to outstanding restricted and deferred stock was $72 . The weighted average period over which the expense is expected to be recognized is 3.4 years . The aggregate market value of the shares released on the vesting dates was $16 in 2018. 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 2018 , $1 of stock-based compensation was recognized under this plan. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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. 2018 2017 2016 Net income attributable to Crown Holdings $ 439 $ 323 $ 496 Weighted average shares outstanding (in millions): Basic 133.64 135.29 138.53 Add: dilutive stock options and restricted stock 0.24 0.32 0.78 Diluted 133.88 135.61 139.31 Basic EPS $ 3.28 $ 2.39 $ 3.58 Diluted EPS $ 3.28 $ 2.38 $ 3.56 Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive 0.9 — 0.5 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s business is generally organized by product line and geography within four divisions: Americas, Europe, Asia Pacific and Transit Packaging. Within the Americas and European divisions, the Company has determined that it has the following reportable segments: Americas Beverage within the Americas, and European Beverage and European Food within Europe. The Company's Asia Pacific and Transit Packaging Divisions are 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. 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 exclude intangibles amortization charges, provisions for asbestos and restructuring and other, the impact of fair value adjustments related to 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 its segment reporting to reflect refinements to its internal reporting. The North America Food segment was classified as a non-reportable segment. 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 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, 2018, 2017 and 2016 : 2018 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 3,282 $ 53 $ 3,388 $ 84 $ 111 $ 454 European Beverage 1,489 1 1,705 38 121 193 European Food 1,982 69 2,792 39 17 257 Asia Pacific 1,316 — 1,558 48 130 186 Transit Packaging 1,800 5 4,415 43 24 $ 255 Total reportable segments 9,869 128 13,858 252 403 $ 1,345 Non-reportable segments 1,282 142 1,066 18 27 Corporate and unallocated items — — 338 7 32 Total $ 11,151 $ 270 $ 15,262 $ 277 $ 462 2017 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 2,928 $ 34 $ 3,253 $ 75 $ 167 $ 470 European Beverage 1,457 2 1,631 35 109 235 European Food 1,935 70 2,964 35 45 264 Asia Pacific 1,177 — 1,355 42 123 168 Total reportable segments 7,497 106 9,203 187 444 $ 1,137 Non-reportable segments 1,201 116 1,039 17 27 Corporate and unallocated items — — 421 4 27 Total $ 8,698 $ 222 $ 10,663 $ 208 $ 498 2016 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 2,757 $ 50 $ 2,886 $ 71 $ 220 $ 456 European Beverage 1,420 3 1,381 32 94 240 European Food 1,855 59 2,557 36 42 260 Asia Pacific 1,116 — 1,161 40 80 152 Total reportable segments 7,148 112 7,985 179 436 $ 1,108 Non-reportable segments 1,136 153 1,034 16 23 Corporate and unallocated items — — 580 11 14 Total $ 8,284 $ 265 $ 9,599 $ 206 $ 473 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Corporate and unallocated items include corporate and division administrative costs, technology costs, and unallocated items such as the U.S. and U.K. pension plan costs. A reconciliation of segment income of reportable segments to income before income taxes for the three years ended December 31, 2018, 2017 and 2016 follows: 2018 2017 2016 Segment income of reportable segments $ 1,345 $ 1,137 $ 1,108 Segment income of non-reportable segments 122 123 123 Corporate and unallocated items (139 ) (143 ) (142 ) Provision for asbestos — (3 ) (21 ) Restructuring and other (44 ) (51 ) (30 ) Amortization of intangibles (148 ) (39 ) (41 ) Loss from early extinguishments of debt — (7 ) (37 ) Fair value adjustment to inventory (40 ) — — Other pension and postretirement 25 53 24 Interest expense (384 ) (252 ) (243 ) Interest income 21 15 12 Foreign exchange (18 ) (4 ) 16 Income before income taxes $ 740 $ 829 $ 769 For the three years ended December 31, 2018, 2017 and 2016 , intercompany profit of $7 , $8 and $13 was eliminated within segment income of non-reportable segments. For the three years ended December 31, 2018, 2017 and 2016 , no one customer accounted for more than 10% of the Company's consolidated net sales. Sales by major product were: 2018 2017 2016 Metal beverage cans and ends $ 5,551 $ 5,085 $ 4,834 Metal food cans and ends 2,452 2,331 2,213 Transit packaging 1,800 — — Other metal packaging 884 887 877 Other products 464 395 360 Consolidated net sales $ 11,151 $ 8,698 $ 8,284 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 2018 2017 2016 2018 2017 United States $ 3,018 $ 1,931 $ 1,918 $ 694 $ 516 Mexico 763 699 688 434 388 Brazil 732 652 523 350 335 United Kingdom 685 600 559 139 150 Spain 666 649 645 346 323 Other 5,287 4,167 3,951 1,782 1,527 Consolidated total $ 11,151 $ 8,698 $ 8,284 $ 3,745 $ 3,239 |
Condensed Combining Financial I
Condensed Combining Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information 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, 2018, 2017 , 2016, and • Balance Sheets as of December 31, 2018 and December 31, 2017 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 11,151 $ 11,151 Cost of products sold, excluding depreciation and amortization 9,028 9,028 Depreciation and amortization 425 425 Selling and administrative expense $ 3 555 558 Restructuring and other $ 9 35 44 Income from operations (9 ) (3 ) 1,108 — 1,096 Other pension and postretirement 7 (32 ) (25 ) Net interest expense 74 289 363 Foreign exchange 18 18 Income/(loss) before income taxes (9 ) (84 ) 833 — 740 Provision for / (benefit from) income taxes (2 ) 7 211 216 Equity in net earnings of affiliates 446 456 4 $ (902 ) 4 Net income 439 365 626 (902 ) 528 Net income attributable to noncontrolling interests (89 ) (89 ) Net income attributable to Crown Holdings $ 439 $ 365 $ 537 $ (902 ) $ 439 Total comprehensive income $ 303 $ 259 $ 487 $ (660 ) $ 389 Comprehensive income attributable to noncontrolling interests (86 ) (86 ) Comprehensive income attributable to Crown Holdings $ 303 $ 259 $ 401 $ (660 ) $ 303 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 in net earnings of 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 in net earnings of 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 ONDENSED COMBINING BALANCE SHEET As of December 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 607 $ 607 Receivables, net 9 1,593 1,602 Inventories 1,690 1,690 Prepaid expenses and other current assets $ 1 $ 1 178 180 Total current assets 1 10 4,068 — 4,079 Intercompany debt receivables 3,561 $ (3,561 ) — Investments 3,458 3,764 (7,222 ) — Goodwill 4,442 4,442 Intangible assets 2,193 2,193 Property, plant and equipment, net 3,745 3,745 Other non-current assets 156 647 803 Total $ 3,459 $ 3,930 $ 18,656 $ (10,783 ) $ 15,262 Liabilities and equity Current liabilities Short-term debt $ 89 $ 89 Current maturities of long-term debt 86 86 Accounts payable 2,732 2,732 Accrued liabilities $ 14 $ 30 962 1,006 Total current liabilities 14 30 3,869 — 3,913 Long-term debt, excluding current maturities 388 8,129 8,517 Long-term intercompany debt 2,508 1,053 $ (3,561 ) — Postretirement and pension liabilities 683 683 Other non-current liabilities 325 538 863 Commitments and contingent liabilities Noncontrolling interests 349 349 Crown Holdings shareholders’ equity 937 2,134 5,088 (7,222 ) 937 Total equity 937 2,134 5,437 (7,222 ) 1,286 Total $ 3,459 $ 3,930 $ 18,656 $ (10,783 ) $ 15,262 CONDENSED COMBINING BALANCE SHEET As of December 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 424 $ 424 Receivables, net $ 9 1,032 1,041 Inventories 1,385 1,385 Prepaid expenses and other current assets 224 224 Total current assets — 9 3,065 — 3,074 Intercompany debt receivables 3,604 $ (3,604 ) — Investments $ 3,120 3,448 (6,568 ) — Goodwill 3,046 3,046 Intangible assets 472 472 Property, plant and equipment, net 3,239 3,239 Other non-current assets 283 549 832 Total $ 3,120 $ 3,740 $ 13,975 $ (10,172 ) $ 10,663 Liabilities and equity Current liabilities Short-term debt $ 62 $ 62 Current maturities of long-term debt 64 64 Accounts payable 2,367 2,367 Accrued liabilities $ 22 $ 41 694 757 Total current liabilities 22 41 3,187 — 3,250 Long-term debt, excluding current maturities 387 4,830 5,217 Long-term intercompany debt 2,497 1,107 $ (3,604 ) — Postretirement and pension liabilities 588 588 Other non-current liabilities 336 349 685 Commitments and contingent liabilities Noncontrolling interests 322 322 Crown Holdings shareholders’ equity 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 STATEMENT OF CASH FLOWS For the year ended December 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (8 ) $ (74 ) $ 692 $ (39 ) $ 571 Cash flows from investing activities Capital expenditures (462 ) (462 ) Beneficial interest in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Foreign exchange derivatives related to acquisitions (25 ) (25 ) Net investment hedges 34 34 Proceeds from sale of property, plant and equipment 36 36 Other (4 ) (4 ) Net cash provided by/(used for) investing activities — — (3,843 ) — (3,843 ) Cash flows from financing activities Proceeds from long-term debt 4,082 4,082 Payments of long-term debt (333 ) (333 ) Net change in revolving credit facility and short-term debt (69 ) (69 ) Net change in long-term intercompany balances 11 74 (85 ) — Debt issuance costs (70 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Dividends paid (39 ) 39 — Dividend paid to noncontrolling interests (60 ) (60 ) Foreign exchange derivatives related to debt (14 ) (14 ) Net cash provided by/(used for) financing activities 8 74 3,412 39 3,533 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (37 ) (37 ) Net change in cash, cash equivalents, and restricted cash — — 224 — 224 Cash, cash equivalents, and restricted cash at January 1 435 435 Cash, cash equivalents, and restricted cash at December 31 $ — $ — $ 659 $ — $ 659 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 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, 2018, 2017 , 2016, and • Balance Sheets as of December 31, 2018 and December 31, 2017 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 3,426 $ 8,212 $ (487 ) $ 11,151 Cost of products sold, excluding depreciation and amortization 2,932 6,583 (487 ) 9,028 Depreciation and amortization 117 308 425 Selling and administrative expense $ 11 216 331 558 Restructuring and other $ 9 11 24 44 Income from operations (9 ) (11 ) 150 966 1,096 Other pension and postretirement (14 ) (11 ) (25 ) Net interest expense 91 113 159 363 Technology royalty (45 ) 45 — Foreign exchange (16 ) 19 15 18 Income/(loss) before income taxes (9 ) (86 ) 96 754 (15 ) 740 Provision for / (benefit from) income taxes (2 ) (20 ) 53 188 (3 ) 216 Equity in net earnings of affiliates 446 191 311 1 (945 ) 4 Net income 439 125 354 567 (957 ) 528 Net income attributable to noncontrolling interests (89 ) (89 ) Net income attributable to Crown Holdings $ 439 $ 125 $ 354 $ 478 $ (957 ) $ 439 Total comprehensive income $ 303 $ 62 $ 248 $ 479 $ (703 ) $ 389 Comprehensive income attributable to noncontrolling interests (86 ) (86 ) Comprehensive income attributable to Crown Holdings $ 303 $ 62 $ 248 $ 393 $ (703 ) $ 303 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 $ 2,286 $ 6,797 $ (385 ) $ 8,698 Cost of products sold, excluding depreciation and amortization 1,960 5,431 (385 ) 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 in net earnings of 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 $ 2,270 $ 6,415 $ (401 ) $ 8,284 Cost of products sold, excluding depreciation and amortization 1,923 5,101 (401 ) 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 in net earnings of 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 BALANCE SHEET As of December 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 117 $ 19 $ 471 $ 607 Receivables, net 4 182 1,416 1,602 Intercompany receivables 33 13 $ (46 ) — Inventories 485 1,205 1,690 Prepaid expenses and other current assets $ 1 1 17 161 180 Total current assets 1 122 736 3,266 (46 ) 4,079 Intercompany debt receivables 2,577 3,449 12 (6,038 ) — Investments 3,458 2,657 1,248 (7,363 ) — Goodwill 1,178 3,264 4,442 Intangible assets 901 1,292 2,193 Property, plant and equipment, net 1 693 3,051 3,745 Other non-current assets 29 192 582 803 Total $ 3,459 $ 5,386 $ 8,397 $ 11,467 $ (13,447 ) $ 15,262 Liabilities and equity Current liabilities Short-term debt $ 89 $ 89 Current maturities of long-term debt $ 37 $ 3 46 86 Accounts payable 725 2,007 2,732 Accrued liabilities $ 14 49 141 802 1,006 Intercompany payables 13 33 $ (46 ) — Total current liabilities 14 86 882 2,977 (46 ) 3,913 Long-term debt, excluding current maturities 2,999 1,285 4,233 8,517 Long-term intercompany debt 2,508 746 2,700 84 (6,038 ) — Postretirement and pension liabilities 432 251 683 Other non-current liabilities 321 542 863 Commitments and contingent liabilities Noncontrolling interests 349 349 Crown Holdings shareholders’ equity 937 1,555 2,777 3,031 (7,363 ) 937 Total equity 937 1,555 2,777 3,380 (7,363 ) 1,286 Total $ 3,459 $ 5,386 $ 8,397 $ 11,467 $ (13,447 ) $ 15,262 CONDENSED COMBINING BALANCE SHEET As of December 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 36 $ 3 $ 385 $ 424 Receivables, net 29 1,012 1,041 Intercompany receivables 32 13 $ (45 ) — Inventories 347 1,038 1,385 Prepaid expenses and other current assets 2 17 205 224 Total current assets — 38 428 2,653 (45 ) 3,074 Intercompany debt receivables 2,523 3,325 732 (6,580 ) — Investments $ 3,120 2,479 1,032 (6,631 ) — Goodwill 453 2,593 3,046 Intangible assets 13 459 472 Property, plant and equipment, net 1 515 2,723 3,239 Other non-current assets 11 311 510 832 Total $ 3,120 $ 5,052 $ 6,077 $ 9,670 $ (13,256 ) $ 10,663 Liabilities and equity Current liabilities Short-term debt $ 62 $ 62 Current maturities of long-term debt $ 23 $ 3 38 64 Accounts payable 547 1,820 2,367 Accrued liabilities $ 22 31 72 632 757 Intercompany payables 13 32 $ (45 ) — Total current liabilities 22 54 635 2,584 (45 ) 3,250 Long-term debt, excluding current maturities 2,094 408 2,715 5,217 Long-term intercompany debt 2,497 1,411 2,454 218 (6,580 ) — Postretirement and pension liabilities 373 215 588 Other non-current liabilities 338 347 685 Commitments and contingent liabilities Noncontrolling interests 322 322 Crown Holdings shareholders’ equity 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 STATEMENT OF CASH FLOWS For the year ended December 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (8 ) $ (44 ) $ 180 $ 532 $ (89 ) $ 571 Cash flows from investing activities Capital expenditures (60 ) (402 ) (462 ) Beneficial interest in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Foreign exchange derivatives related to acquisition (25 ) (25 ) Net investment hedges 34 34 Proceeds from sale of property, plant and equipment 9 27 36 Intercompany investing activities (100 ) 100 — Other (4 ) (4 ) Net cash provided by/(used for) investing activities — (66 ) (51 ) (3,826 ) 100 (3,843 ) Cash flows from financing activities Proceeds from long-term debt 975 1,150 1,957 4,082 Payments of long-term debt (25 ) (265 ) (43 ) (333 ) Net change in revolving credit facility and short-term debt (69 ) (69 ) Net change in long-term intercompany balances 11 (719 ) (998 ) 1,706 — Debt issuance costs (40 ) (30 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Capital Contribution 100 (100 ) — Dividends paid (89 ) 89 — Dividends paid to noncontrolling interests (60 ) (60 ) Foreign exchange derivatives related to debt (14 ) (14 ) Net cash provided by/(used for) financing activities 8 191 (113 ) 3,458 (11 ) 3,533 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (37 ) (37 ) Net change in cash, cash equivalents, and restricted cash — 81 16 127 — 224 Cash, cash equivalents, and restricted cash at January 1 36 3 396 435 Cash, cash equivalents, and restricted cash at December 31 $ — $ 117 $ 19 $ 523 $ — $ 659 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 ) — Net investment hedge settlements — 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 |
Quarterly Data (unaudited)
Quarterly Data (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Quarterly Data (unaudited) | Quarterly Data (unaudited) (in millions) 2018 2017 First (1) Second (2) Third (3) Fourth (4) First (5) Second (6) Third (7) Fourth (8) Net sales $ 2,197 $ 3,046 $ 3,174 $ 2,734 $ 1,901 $ 2,161 $ 2,468 $ 2,168 Gross profit * 324 467 517 390 311 368 433 333 Net income (loss) attributable to Crown Holdings 90 132 164 53 107 128 177 (89 ) Earnings per average common share: Basic $ 0.67 $ 0.99 $ 1.23 $ 0.40 $ 0.77 $ 0.95 $ 1.32 $ (0.67 ) Diluted 0.67 0.99 1.23 0.40 0.77 0.94 1.32 (0.67 ) Average common shares outstanding: Basic 133.5 133.6 133.7 133.7 138.5 135.3 134.0 133.4 Diluted 133.8 133.8 133.8 134.1 139.0 135.7 134.4 133.8 * The Company defines gross profit as net sales less cost of products sold and depreciation and amortization. ** Source: New York Stock Exchange - Composite Transactions Notes: (1) Includes pre-tax charges of $13 for restructuring and other and $24 for acquisition costs. (2) Includes pre-tax charges of $40 for fair value adjustment to inventory and $16 for restructuring and other. (3) Includes a pre-tax benefit of $1 for restructuring and other. (4) Includes pre-tax charges of $16 for restructuring and other and $42 for pension and postretirement. (5) Includes pre-tax benefits of $4 for restructuring and other and $5 for hedge ineffectiveness. (6) Includes pre-tax charges of $18 for restructuring and other, $7 for loss from early extinguishment of debt and $8 for hedge ineffectiveness. (7) Includes a pre-tax charge of $16 for restructuring and other and pre-tax benefits of $4 for pension and postretirement of $1 for hedge ineffectiveness. (8) Includes pre-tax charges of $3 for asbestos claims and $21 for restructuring and other, a pre-tax benefit of $2 for hedge ineffectiveness, a $1 charge for pension and postretirement, and an income tax charge of $177 to recognize the provisional impact of US tax reform. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, 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 COLUMN F Additions Description Balance at beginning of period Charged to costs and expense Charged to other accounts Acquisitions Deductions – write-offs Balance at end of period For the year ended December 31, 2018 Allowances deducted from assets to which they apply: Trade accounts receivable $ 71 $ (6 ) $ (4 ) 7 $ (3 ) $ 65 Deferred tax assets 228 (1 ) (7 ) 76 (14 ) 282 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 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, 2018 | |
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 is a worldwide leader in the design, manufacture and sale of packaging products and equipment for consumer goods and industrial products. The Company’s packaging for consumer goods include steel and aluminum cans for food, beverage, household and other consumer products, glass bottles for beverage products and metal vacuum closures and steel crowns sold through the Company's sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The Company's packaging for industrial products includes steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment, which are sold into the metals, food and beverage, construction, agricultural, corrugated and general 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 . On January 1, 2018, the Company adopted new accounting guidance which outlined a single comprehensive model to use in accounting for revenue arising from contracts with customers and superseded most previous revenue recognition guidance. Under previous guidance, the Company generally recognized revenue from products sales when the goods were shipped and title and risk of loss passed to the customer. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services which is either at a point in time or over time. In addition to accelerating the timing of revenue recognition, an unbilled receivable is recognized with an offsetting decrease to inventory. See Note C for more information on the Company's accounting policies related to revenue under the new guidance. |
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, Cash Equivalents and Restricted Cash . 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 principally determined under the first-in, first-out (“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 . Assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the dates of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. 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. Further quantitative assessment may then be required. 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 fair value, not to exceed the carrying amount of goodwill. 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 created 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. 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 $51 in 2018, $39 in 2017, 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 Pension and other postretirement benefit costs On January 1, 2018, the Company adopted new guidance related to 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 reclassified the following net (benefits) charges on the Statement of Operations to conform to current year presentation: 2017 2016 Cost of products sold, excluding depreciation and amortization $ 54 $ 40 Selling and administrative expense (4 ) (2 ) Restructuring and other 3 (14 ) Other pension and postretirement (53 ) (24 ) Statement of Cash Flows On January 1, 2018, the Company adopted new guidance related to the classification of certain cash receipts and payments on the Statement of Cash Flows. 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. The Company recast prior period amounts to conform to the current year presentation. For the years ended December 31, 2017 and 2016, the Company reclassified $1,010 and $1,086 from net cash used for operating activities to net cash provided by investing activities. Additionally, for the years ended December 31, 2018, 2017 and 2016, beneficial interests obtained in securitized receivables were $456 , $1,047 and $1,032 . On January 1, 2018, the Company adopted new accounting guidance 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 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: 2018 2017 Cash and cash equivalents $ 607 $ 424 Restricted cash included in prepaid expenses and other current assets 45 2 Restricted cash included in other non-current assets 7 9 Total cash, cash equivalents and restricted cash $ 659 $ 435 Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements. Revenue recognition The Company adopted the new revenue guidance discussed above using the modified retrospective method applied to those contracts which were outstanding as of January 1, 2018. The Company recognized the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue guidance, while prior period amounts are not adjusted and continue to be reported in accordance with accounting guidance in effect for those periods. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2018 for the adoption of the new revenue guidance was as follows: As reported As revised Consolidated Balance Sheet December 31, 2017 Adjustment January 1, 2018 Receivables, net $ 1,041 $ 154 $ 1,195 Inventories 1,385 (144 ) 1,241 Prepaid and other current assets 224 26 250 Total current assets 3,074 36 3,110 Other non-current assets 832 1 833 Total assets 10,663 37 10,700 Accrued liabilities 757 17 774 Total current liabilities 3,250 17 3,267 Other non-current liabilities 685 10 695 Noncontrolling interests 322 1 323 Accumulated earnings 3,004 9 3,013 Crown Holdings shareholders' equity 601 9 610 Total equity 923 10 933 Total liabilities and equity 10,663 37 10,700 The impact of adoption on the Company’s Consolidated Balance Sheet as of December 31, 2018 and Statement of Operations for the year ended December 31, 2018 was as follows: As reported December 31, 2018 Balances without adoption of new standard Consolidated Balance Sheet Effects of change Receivables, net $ 1,602 $ (181 ) $ 1,421 Inventories 1,690 155 1,845 Prepaid and other current assets 180 (16 ) 164 Total current assets 4,079 (42 ) 4,037 Total assets 15,262 (42 ) 15,220 Accrued liabilities 1,006 (21 ) 985 Total current liabilities 3,913 (21 ) 3,892 Other non-current liabilities 863 (9 ) 854 Noncontrolling interests 349 (1 ) 348 Accumulated earnings 3,449 (11 ) 3,438 Crown Holdings shareholders' equity 937 (11 ) 926 Total equity 1,286 (12 ) 1,274 Total liabilities and equity 15,262 (42 ) 15,220 As reported For the year ended Effects of change Amounts without adoption of new standard Statement of Operations December 31, 2018 Net sales $ 11,151 $ (27 ) $ 11,124 Cost of products sold, excluding depreciation and amortization 9,028 (21 ) 9,007 Income from operations 1,096 (6 ) 1,090 Foreign exchange 18 (3 ) 15 Income before taxes 740 (3 ) 737 Provision for income taxes 216 (1 ) 215 Net income 528 (2 ) 526 Net income attributable to Crown Holdings 439 (2 ) 437 Earnings per common share attributable to Crown Holdings: — Basic $ 3.28 $ (0.02 ) $ 3.26 Diluted $ 3.28 $ (0.01 ) $ 3.27 Hedge Accounting On January 1, 2018, the Company adopted new guidance on hedge accounting. The new guidance allows contractually-specified price components of a commodity purchase or sale to be eligible for hedge accounting. Additionally, the new standard permits qualitative effectiveness assessments for certain hedges after the initial hedge qualification analysis. The Company adopted this guidance using the modified retrospective approach. Upon adoption, the Company reclassified a net charge of $3 for the cumulative ineffectiveness of these contracts from retained earnings to accumulated other comprehensive income as a cumulative-effect adjustment. Intercompany transfers On January 1, 2018, the Company adopted new guidance related to intercompany transfers of assets other than inventory. Under previous guidance, income tax expense associated with intercompany profits in an intercompany sale or transfer of assets was deferred until the assets left the consolidated group. Similarly, deferred tax assets were not recognized for any increase in tax bases due to the intercompany sale or transfer. The new guidance allows for the recognition of income tax expense and deferred tax benefits on increases in tax bases when an intercompany sale or transfer occurs. Income tax effects of intercompany inventory transactions continue to be deferred until the assets leave the consolidated group. The guidance did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In February 2016, the FASB issued new guidance on lease accounting. Under the new guidance, lease classification criteria and income statement recognition are similar to current guidance; however, all leases with a term longer than one year will be recorded on the balance sheet through a right-of-use asset and a corresponding lease liability. The Company is in the process of implementing changes to processes, systems and controls to adopt the standard on a modified retrospective basis on January 1, 2019. The Company plans to elect the package of practical expedients that provides certain relief from reassessing prior lease accounting conclusions and will not apply the recognition requirements to short-term leases. Although the Company continues to evaluate the effect on the Company's Consolidated Balance Sheet, the Company currently anticipates that the impact of adoption will result in an insignificant cumulative effect of adoption and the recognition of material right of use assets and operating lease liabilities. The Company does not expect a material impact on its Consolidated Statement of Operations or Cash Flows. In June 2016, the FASB issued revised guidance for the accounting for credit losses on financial instruments. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures. This guidance is effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 Buildings and improvements $ 1,352 $ 1,214 Machinery and equipment 5,562 5,131 Land and improvements 280 204 Construction in progress 323 369 7,517 6,918 Less: accumulated depreciation and amortization (3,772 ) (3,679 ) $ 3,745 $ 3,239 |
Schedule of Recently Adopted Accounting Standards | The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2018 for the adoption of the new revenue guidance was as follows: As reported As revised Consolidated Balance Sheet December 31, 2017 Adjustment January 1, 2018 Receivables, net $ 1,041 $ 154 $ 1,195 Inventories 1,385 (144 ) 1,241 Prepaid and other current assets 224 26 250 Total current assets 3,074 36 3,110 Other non-current assets 832 1 833 Total assets 10,663 37 10,700 Accrued liabilities 757 17 774 Total current liabilities 3,250 17 3,267 Other non-current liabilities 685 10 695 Noncontrolling interests 322 1 323 Accumulated earnings 3,004 9 3,013 Crown Holdings shareholders' equity 601 9 610 Total equity 923 10 933 Total liabilities and equity 10,663 37 10,700 The impact of adoption on the Company’s Consolidated Balance Sheet as of December 31, 2018 and Statement of Operations for the year ended December 31, 2018 was as follows: As reported December 31, 2018 Balances without adoption of new standard Consolidated Balance Sheet Effects of change Receivables, net $ 1,602 $ (181 ) $ 1,421 Inventories 1,690 155 1,845 Prepaid and other current assets 180 (16 ) 164 Total current assets 4,079 (42 ) 4,037 Total assets 15,262 (42 ) 15,220 Accrued liabilities 1,006 (21 ) 985 Total current liabilities 3,913 (21 ) 3,892 Other non-current liabilities 863 (9 ) 854 Noncontrolling interests 349 (1 ) 348 Accumulated earnings 3,449 (11 ) 3,438 Crown Holdings shareholders' equity 937 (11 ) 926 Total equity 1,286 (12 ) 1,274 Total liabilities and equity 15,262 (42 ) 15,220 As reported For the year ended Effects of change Amounts without adoption of new standard Statement of Operations December 31, 2018 Net sales $ 11,151 $ (27 ) $ 11,124 Cost of products sold, excluding depreciation and amortization 9,028 (21 ) 9,007 Income from operations 1,096 (6 ) 1,090 Foreign exchange 18 (3 ) 15 Income before taxes 740 (3 ) 737 Provision for income taxes 216 (1 ) 215 Net income 528 (2 ) 526 Net income attributable to Crown Holdings 439 (2 ) 437 Earnings per common share attributable to Crown Holdings: — Basic $ 3.28 $ (0.02 ) $ 3.26 Diluted $ 3.28 $ (0.01 ) $ 3.27 The Company reclassified the following net (benefits) charges on the Statement of Operations to conform to current year presentation: 2017 2016 Cost of products sold, excluding depreciation and amortization $ 54 $ 40 Selling and administrative expense (4 ) (2 ) Restructuring and other 3 (14 ) Other pension and postretirement (53 ) (24 ) |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows: 2018 2017 Cash and cash equivalents $ 607 $ 424 Restricted cash included in prepaid expenses and other current assets 45 2 Restricted cash included in other non-current assets 7 9 Total cash, cash equivalents and restricted cash $ 659 $ 435 |
Acquisition of Signode (Tables)
Acquisition of Signode (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Summary of Consideration Transferred to Acquire Signode and Preliminary Valuation of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire Signode and the preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date. Fair value of consideration transferred Cash consideration $ 3,912 Recognized amounts of identifiable assets acquired and liabilities assumed Receivables, net 374 Inventories 303 Prepaid expenses and other current assets 45 Intangible assets, net 1,935 Property, plant and equipment, net 450 Other non-current assets 50 Short-term debt (4 ) Accounts payable (222 ) Accrued liabilities (166 ) Long-term debt (3 ) Postretirement and pension liabilities (58 ) Other non-current liabilities (344 ) Total identifiable net assets 2,360 Goodwill $ 1,552 |
Schedule of Acquired Intangible Assets | Acquired intangible assets will be amortized over the estimated useful lives, primarily on a straight-line basis. Intangible assets acquired and the weighted average remaining useful lives were as follows: Preliminary Fair Value Weighted Average Estimated Useful Life Customer relationships $ 1,201 12 Trade names 568 26 Technology 166 7 $ 1,935 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Net Contract Assets and Liabilities | Net contract assets were as follows: December 31, 2018 January 1, 2018 Contract assets included in prepaid and other current assets $ 16 $ 26 Contract liabilities included in accrued liabilities (3 ) (1 ) Contract liabilities included in other non-current liabilities (5 ) (7 ) Net contract asset $ 8 $ 18 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Receivables | 2018 2017 Accounts receivable $ 1,303 $ 894 Less: allowance for doubtful accounts (65 ) (71 ) Net trade receivables 1,238 823 Unbilled receivables 181 — Miscellaneous receivables 183 218 $ 1,602 $ 1,041 |
Schedule of Amounts Securitized or Factored | t December 31, amounts securitized or factored were as follows: 2018 2017 Accounted for as secured borrowings $ 9 $ 12 Accounted for as sales 1,097 964 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | 2018 2017 Raw materials and supplies $ 937 $ 737 Work in process 144 139 Finished goods 609 509 $ 1,690 $ 1,385 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill at December 31, 2018 and 2017 was net of the following accumulated impairments: Americas Beverage European Beverage European Food Transit Packaging 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, 2018 and 2017 was as follows: Americas Beverage European Beverage European Food Transit Packaging Non-reportable segments Total Balance at January 1, 2017 $ 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 Goodwill acquired — — — 1,552 — 1,552 Foreign currency translation (2 ) (33 ) (64 ) (46 ) (11 ) (156 ) Balance at December 31, 2018 $ 842 $ 531 $ 1,291 $ 1,506 $ 272 $ 4,442 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Gross Carrying Amounts and Accumulated Amortization 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: December 31, 2018 December 31, 2017 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,615 $ (206 ) 1,409 $ 461 $ (108 ) $ 353 Trade names 547 (17 ) 530 — — — Technology 160 (18 ) 142 — — — Long term supply contracts 143 (37 ) 106 143 (27 ) 116 $ 2,465 $ (278 ) $ 2,187 $ 604 $ (135 ) $ 469 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 Buildings and improvements $ 1,352 $ 1,214 Machinery and equipment 5,562 5,131 Land and improvements 280 204 Construction in progress 323 369 7,517 6,918 Less: accumulated depreciation and amortization (3,772 ) (3,679 ) $ 3,745 $ 3,239 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Components of Other Non-Current Assets | 2018 2017 Deferred taxes $ 272 $ 399 Pension assets 360 313 Debt issuance costs 15 13 Investments 19 9 Fair value of derivatives 20 4 Other 117 94 $ 803 $ 832 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 2018 2017 Salaries, wages and other employee benefits, including pension and postretirement $ 210 $ 162 Accrued taxes, other than on income 124 120 Accrued interest 83 54 Fair value of derivatives 52 23 Income taxes 47 23 Asbestos liabilities 25 30 Restructuring 21 17 Other 444 328 $ 1,006 $ 757 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges by Segment and Type | Restructuring charges by type were as follows: 2018 2017 2016 Termination benefits $ 17 $ 15 $ 9 Other exit costs 8 3 3 $ 25 $ 18 $ 12 Restructuring charges by segment were as follows: 2018 2017 2016 Americas Beverage $ 4 $ 3 $ 1 Europe Beverage 1 — — European Food 4 4 4 Asia Pacific 5 3 3 Transit Packaging 3 — — Non-reportable segments 5 8 4 Corporate 3 — — $ 25 $ 18 $ 12 The Company recorded restructuring and other charges as follows: 2018 2017 2016 Asset impairments and sales $ (5 ) $ 12 $ 14 Restructuring 25 18 12 Transaction costs 26 2 — Other costs (2 ) 19 4 $ 44 $ 51 $ 30 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | 2018 2017 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 89 $ 89 $ 62 $ 62 Long-term debt Senior secured borrowings: Revolving credit facilities — — 122 122 Term loan facilities U.S. dollar at LIBOR plus 1.75% due 2022 815 810 741 735 U.S. dollar at LIBOR plus 2.00% due 2025 887 864 — — Euro at EURIBOR plus 1.75% due 2022 1 301 301 324 324 Euro at EURIBOR plus 2.375% due 2025 2 855 846 — — Senior notes and debentures: €650 at 4.0% due 2022 745 740 781 774 U. S. dollar at 4.50% due 2023 1,000 993 1,000 992 €335 at 2.25% due 2023 384 380 — — €600 at 2.625% due 2024 688 682 720 713 €600 at 3.375% due 2025 688 681 720 711 U.S. dollar at 4.25% due 2026 400 394 400 393 U.S. dollar at 4.75% due 2026 875 863 — — U.S. dollar at 7.375% due 2026 350 348 350 347 €500 at 2.875% due 2026 573 566 — — U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies: Fixed rate with rates in 2018 from 4.0% to 7.5% due through 2036 62 62 96 96 Variable rate with average rates in 2018 of 4.3% due through 2022 4 4 5 5 Capital lease obligations 29 29 29 29 Total long-term debt 8,696 8,603 5,328 5,281 Less: current maturities (86 ) (86 ) (64 ) (64 ) Total long-term debt, less current maturities $ 8,610 $ 8,517 $ 5,264 $ 5,217 (1) €263 and €270 at December 31, 2018 and 2017 (2) €746 at December 31, 2018 |
Schedule of Weighted Average Interest Rates | The weighted average interest rates were as follows: 2018 2017 2016 Short-term debt 1.4 % 1.4 % 2.7 % Revolving credit facilities 3.2 % 3.3 % 3.8 % |
Derivative and Other Financia_2
Derivative and Other Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 tables set forth financial information about the impact on other comprehensive income ("OCI") from changes in the fair value of derivative instruments designated as net investment hedges. Amount of gain/(loss) recognized in OCI Derivatives designated as net investment hedges 2018 2017 Foreign exchange $ 11 $ — The following tables set forth financial information about the impact on accumulated other comprehensive income ("AOCI") and earnings from changes in fair value related to derivative instruments designated as cash flow hedges. Amount of gain/(loss) recognized in AOCI Derivatives designated as cash flow hedges 2018 2017 Foreign exchange $ (3 ) $ 2 Commodities (32 ) 39 $ (35 ) $ 41 Amount of gain/ (loss) reclassified from AOCI into income Derivatives designated as cash flow hedges 2018 2017 Affected line item in the Statement of Operations Foreign exchange $ (11 ) $ (8 ) Net sales Commodities (5 ) — Net sales Foreign exchange 6 6 Cost of products sold Commodities 31 31 Cost of products sold 21 29 Income before taxes (6 ) (8 ) Provision for income taxes $ 15 $ 21 Net Income |
Schedule of Impact on Earnings from Derivatives Not Designated as Hedges | The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain/(loss) recognized in earnings Derivatives not designated as hedges 2018 2017 Affected line item in the Statement of Operations Foreign exchange $ 4 $ 1 Net sales Foreign exchange (6 ) 1 Cost of products sold Foreign exchange (26 ) 39 Foreign exchange $ (28 ) $ 41 |
Fair Value of Financial Assets and Liabilities on Recurring Basis | The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis. Balance Sheet classification December 31, December 31, 2017 Balance Sheet classification December 31, December 31, 2017 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Other current assets $ 6 $ 5 Accrued liabilities $ 5 $ 6 Other non-current assets — — Other non-current liabilities 1 — Foreign exchange contracts fair value Other current assets 1 1 Accrued liabilities 1 1 Other non-current assets 3 — Other non-current liabilities — — Commodities contracts cash flow Other current assets 16 25 Accrued liabilities 42 — Other non-current assets 2 4 Other non-current liabilities 6 — Net investment hedge Other non-current assets 15 — Other non-current liabilities — — $ 43 $ 35 $ 55 $ 7 Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets $ 4 $ 6 Accrued liabilities $ 4 $ 1 Commodities contracts Other current assets — 22 Accrued liabilities — 15 $ 4 $ 28 $ 4 $ 16 Total derivatives $ 47 $ 63 $ 59 $ 23 |
Schedule of Fair Value Hedge Carrying Amounts | Fair Value Hedge Carrying Amounts Carrying amount of the hedged assets/(liabilities) Line item in the Balance Sheet in which the hedged item is included December 31, 2018 December 31, 2017 Cash and cash equivalents $ 1 $ 1 Receivables, net 15 15 Accrued liabilities (13 ) (12 ) |
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, 2018 Derivative assets $ 47 $ 19 $ 28 Derivative liabilities 59 19 40 Balance at December 31, 2017 Derivative assets $ 63 $ 17 $ 46 Derivative liabilities 23 17 6 |
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, 2018 Derivative assets $ 47 $ 19 $ 28 Derivative liabilities 59 19 40 Balance at December 31, 2017 Derivative assets $ 63 $ 17 $ 46 Derivative liabilities 23 17 6 |
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets were: December 31, 2018 December 31, 2017 Derivatives in cash flow hedges: Foreign exchange $ 820 $ 864 Commodities 428 276 Derivatives in fair value hedges: Foreign exchange 74 60 Derivatives not designated as hedges: Foreign exchange 796 575 Commodities — 40 |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Summary of Claims Activity | The Company's approximate claims activity for the years ended 2018, 2017 and 2016 were as follows: 2018 2017 2016 Beginning claims 55,500 55,500 54,500 New claims 2,000 2,500 2,500 Settlements or dismissals (1,500 ) (2,500 ) (1,500 ) Ending claims 56,000 55,500 55,500 |
Schedule of Asbestos Claims Cash Payments | The Company's cash payments during the years ended 2018 , 2017 , and 2016 were as follows: 2018 2017 2016 Asbestos-related payments $ 21 $ 30 $ 30 Settled claims payments (included in asbestos-related payments above) 15 24 23 |
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, 2018 and December 31, 2017 , the Company's outstanding claims were: 2018 2017 Claimants alleging first exposure after 1964 16,500 16,500 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 13,000 Pennsylvania 1,500 1,500 Other states that have enacted asbestos legislation 6,000 6,000 Other states 19,000 18,500 Total claims outstanding 56,000 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: 2018 2017 2016 Total claims 22 % 22 % 22 % Pre-1964 claims in states without asbestos legislation 41 % 41 % 41 % |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Non-Current Liabilities | 2018 2017 Asbestos liabilities $ 270 $ 285 Deferred taxes 399 202 Postemployment benefits 22 24 Income taxes payable 26 22 Environmental 12 12 Fair value of derivatives 7 — Other 127 140 $ 863 $ 685 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Components of Pension Expense and Benefits Cost | The components of net postretirement benefits cost were as follows: Other Postretirement Benefits 2018 2017 2016 Service cost $ 4 $ — $ — Interest cost 6 6 6 Amortization of prior service credit (37 ) (40 ) (41 ) Amortization of actuarial loss 4 4 5 Net periodic benefit credit $ (23 ) $ (30 ) $ (30 ) The components of pension expense were as follows: U.S. Plans 2018 2017 2016 Service cost $ 17 $ 14 $ 14 Interest cost 47 50 50 Expected return on plan assets (85 ) (83 ) (91 ) Settlements — — 14 Amortization of actuarial loss 51 52 50 Amortization of prior service cost 1 1 1 Net periodic cost $ 31 $ 34 $ 38 Non-U.S. Plans 2018 2017 2016 Service cost $ 26 $ 22 $ 21 Interest cost 75 75 101 Expected return on plan assets (159 ) (146 ) (157 ) Settlements 38 — — Curtailments — (3 ) — Amortization of actuarial loss 45 42 50 Amortization of prior service credit (11 ) (11 ) (12 ) Net periodic cost / (benefit) $ 14 $ (21 ) $ 3 |
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 2018 2017 2018 2017 Projected Benefit Obligations Benefit obligations at January 1 $ 1,499 $ 1,482 $ 3,507 $ 3,283 Service cost 17 14 26 22 Interest cost 47 50 75 75 Plan participants’ contributions — — 4 3 Amendments — 4 — — Settlements — — (121 ) (7 ) Actuarial loss (83 ) 51 (199 ) 39 Acquisitions — — 148 — Benefits paid (109 ) (102 ) (150 ) (214 ) Foreign currency translation — — (188 ) 306 Benefit obligations at December 31 $ 1,371 $ 1,499 $ 3,102 $ 3,507 Plan Assets Fair value of plan assets at January 1 $ 1,220 $ 1,156 $ 3,665 $ 3,152 Actual return on plan assets (102 ) 162 (39 ) 134 Employer contributions 3 4 16 290 Plan participants’ contributions — — 4 3 Settlements — — (121 ) (7 ) Acquisitions — — 90 — Benefits paid (109 ) (102 ) (150 ) (214 ) Foreign currency translation — — (201 ) 307 Fair value of plan assets at December 31 $ 1,012 $ 1,220 $ 3,264 $ 3,665 Funded status $ (359 ) $ (279 ) $ 162 $ 158 Accumulated benefit obligations at December 31 $ 1,327 $ 1,445 $ 3,009 $ 3,418 |
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 2018 2017 Projected benefit obligations $ 1,371 $ 1,499 Accumulated benefit obligations 1,327 1,445 Fair value of plan assets 1,012 1,220 Non-U.S. Plans 2018 2017 Projected benefit obligations $ 363 $ 247 Accumulated benefit obligations 329 223 Fair value of plan assets 167 94 |
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 levels assigned to the defined benefit plan assets as of December 31, 2018 and 2017 are summarized in the tables below: 2018 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 34 $ 225 $ 259 Global large cap equity — 27 27 U.S. large cap equity 66 3 69 U.S. mid/small cap equity 182 16 198 Mutual funds – global equity 133 — 133 Mutual funds – U.S. equity 188 — 188 Mutual funds – fixed income 104 — 104 707 271 978 Level 2 Government issued debt securities — 341 341 Corporate debt securities 49 212 261 Asset backed securities — 2 2 Structured debt — 699 699 Insurance contracts — 105 105 Derivatives — 103 103 Investment funds – fixed income — 411 411 Investment funds – global equity — 268 268 49 2,141 2,190 Level 3 Investment funds – real estate 94 196 290 Hedge funds — 113 113 Private equity 9 94 103 Real estate – direct 20 7 27 123 410 533 Total assets in fair value hierarchy 879 2,822 3,701 Investments measured at NAV Practical Expedient (a) Investment funds – fixed income 98 112 210 Investment funds – global equity 14 43 57 Investment funds – emerging markets 20 — 20 Hedge funds — 282 282 132 437 569 Total investments at fair value $ 1,011 $ 3,259 $ 4,270 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 (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: 2018 2017 U.S. plan assets $ 1 $ 1 Non-U.S. plan assets 5 5 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 % Alternative credit 0 % to 20 % Other 0 % to 15 % |
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, 2017 $ 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 Foreign currency translation (11 ) (8 ) (5 ) (24 ) Asset returns – assets held at reporting date (18 ) (11 ) (9 ) (38 ) Asset returns – assets sold during the period 20 28 15 63 Purchases, sales and settlements, net (67 ) (53 ) 70 (50 ) Asset transfers during the period — — 64 64 Balance at December 31, 2018 $ 113 $ 103 $ 317 $ 533 |
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, 2018 Investment funds – fixed income $ 210 Semi-monthly 1 day Investment funds – global equity 57 Monthly 1 - 15 days Investment funds – emerging markets 20 Daily 30 days Hedge funds 282 Monthly 1 - 45 days 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 |
Schedule of Pension Assets and Liabilities | Pension assets and liabilities included in the Consolidated Balance Sheets were: 2018 2017 Non-current assets $ 360 $ 313 Current liabilities 14 6 Non-current liabilities 549 434 |
Schedule of Changes in Net Loss and Prior Service Cost/(Credit) | Changes in the net loss and prior service credit for the Company’s pension plans were: 2018 2017 2016 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 2,057 $ (16 ) $ 2,032 $ (32 ) $ 2,320 $ (54 ) Reclassification to net periodic benefit cost (134 ) 10 (95 ) 14 (114 ) 11 Current year loss 103 — 21 — 13 — Amendments — — — 4 — 3 Foreign currency translation (64 ) — 99 (2 ) (187 ) 8 Balance at December 31 $ 1,962 $ (6 ) $ 2,057 $ (16 ) $ 2,032 $ (32 ) Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: 2018 2017 2016 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 49 $ (142 ) $ 49 $ (182 ) $ 47 $ (225 ) Reclassification to net periodic benefit cost (4 ) 37 (4 ) 40 (5 ) 41 Current year (loss) / gain (14 ) — 4 — 7 — Foreign currency translation — — — — — 2 Balance at December 31 $ 31 $ (105 ) $ 49 $ (142 ) $ 49 $ (182 ) |
Schedule of Expected Future Benefit Payments | Expected future benefit payments are as follows: Benefit Payments 2019 $ 14 2020 13 2021 13 2022 12 2023 12 2024 - 2028 52 Expected future benefit payments as of December 31, 2018 are: U.S. plans Non-U.S. plans 2019 $ 108 $ 159 2020 109 161 2021 99 161 2022 101 165 2023 95 164 2024 - 2028 482 820 |
Schedule of Benefit Obligations Weighted Average Actuarial Assumptions | The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: U.S. Plans 2018 2017 2016 Discount rate 4.3 % 3.7 % 4.2 % Compensation increase 4.5 % 4.7 % 4.6 % Non-U.S. Plans 2018 2017 2016 Discount rate 2.9 % 2.5 % 2.7 % Compensation increase 3.2 % 3.2 % 3.3 % The weighted average actuarial assumptions used to calculate pension expense for each year were: U.S. Plans 2018 2017 2016 Discount rate - service cost 3.9 % 4.7 % 4.9 % Discount rate - interest cost 3.2 % 3.4 % 3.5 % Compensation increase 4.7 % 4.6 % 4.6 % Long-term rate of return 7.25 % 7.5 % 8.0 % Non-U.S. Plans 2018 2017 2016 Discount rate - service cost 2.6 % 2.8 % 3.9 % Discount rate - interest cost 2.2 % 2.3 % 3.2 % Compensation increase 3.2 % 3.3 % 2.9 % Long-term rate of return 4.4 % 4.5 % 5.4 % |
Schedule of Changes in Benefit Obligations | Changes in the benefit obligations were: 2018 2017 Benefit obligations at January 1 $ 168 $ 167 Service cost 4 — Interest cost 6 6 Actuarial (gain) loss (15 ) 4 Benefits paid (13 ) (13 ) Foreign currency translation (3 ) 4 Benefit obligations at December 31 $ 147 $ 168 |
Schedule of Assumed Health Care Cost Trend Rates | The assumed health care cost trend rates at December 31, 2018 were as follows: Health care cost trend rate assumed for 2019 5.3 % 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 $ 8 $ 7 |
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. 2018 2017 2016 Benefit obligations 4.5 % 3.8 % 4.0 % Service cost 4.9 % 5.0 % 4.9 % Interest cost 4.1 % 3.5 % 3.6 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | The components of income before income taxes were as follows: 2018 2017 2016 U.S. $ 21 $ 10 $ (3 ) Foreign 719 819 772 $ 740 $ 829 $ 769 |
Provision for Income Taxes | The provision for income taxes consisted of the following: 2018 2017 2016 Current tax: U.S. federal $ (2 ) $ — $ (1 ) State and foreign 183 154 171 $ 181 $ 154 $ 170 Deferred tax: U.S. federal $ 31 $ 217 $ 19 State and foreign 4 30 (3 ) 35 247 16 Total $ 216 $ 401 $ 186 |
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: 2018 2017 2016 U.S. statutory rate at 21%, 35% and 35% $ 155 $ 290 $ 269 Tax on foreign income 30 (126 ) (119 ) U.S. taxes on foreign income, net of credits 24 45 31 Valuation allowance changes (1 ) 9 (14 ) Tax contingencies (2 ) 6 11 Tax law changes 4 174 3 Other items, net 6 3 5 Income tax provision $ 216 $ 401 $ 186 |
Components of Deferred Taxes | The components of deferred taxes at December 31 are: 2018 2017 Assets Liabilities Assets Liabilities Tax loss and credit carryforwards $ 531 $ — $ 503 $ — Postretirement and postemployment benefits 39 — 43 — Pensions 193 106 185 105 Property, plant and equipment 20 177 18 151 Intangible assets — 431 — 128 Deemed repatriation tax — — — 57 Asbestos 71 — 74 — Accruals and other 88 73 87 44 Valuation allowances (282 ) — (228 ) — Total $ 660 $ 787 $ 682 $ 485 |
Schedule of Tax Loss and Credit Carryforwards Expiration | Tax loss and credit carryforwards expire as follows: Year Amount 2019 $ 21 2020 27 2021 26 2022 116 2023 12 Thereafter 213 Unlimited 116 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits follows: 2018 2017 2016 Balance at January 1 $ 29 $ 27 $ 28 Additions related to acquisitions 13 — — Additions for prior year tax positions 1 6 13 Reductions to prior period tax positions — (2 ) — Lapse of statute of limitations (3 ) — (2 ) Settlements (2 ) (4 ) (12 ) Foreign currency translation (1 ) 2 — Balance at December 31 $ 37 $ 29 $ 27 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Capital Stock [Abstract] | |
Summary of Common Share Activity | A summary of common share activity for the years ended December 31 follows (in shares): 2018 2017 2016 Common shares outstanding at January 1 134,275,609 139,840,228 139,441,298 Shares repurchased (92,167 ) (6,157,010 ) (162,563 ) Shares issued upon exercise of employee stock options — 299,050 348,640 Restricted stock issued to employees, net of forfeitures 958,672 269,025 187,209 Shares issued to non-employee directors 31,834 24,316 25,644 Common shares outstanding at December 31 135,173,948 134,275,609 139,840,228 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2017 $ (1,524 ) $ (1,879 ) $ 3 $ (3,400 ) Other comprehensive income / (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 ) Cumulative effect of change in accounting principle 3 3 Other comprehensive loss before reclassifications (20 ) (136 ) (35 ) (191 ) Amounts reclassified from accumulated other comprehensive income 70 — (15 ) 55 Other comprehensive income / (loss) 50 (136 ) (47 ) (133 ) Balance at December 31, 2018 $ (1,533 ) $ (1,817 ) $ (24 ) $ (3,374 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 1,053,842 Awarded: Time-vesting 1,515,700 Performance-based 150,069 Released: Time-vesting (353,555 ) Performance-based — Forfeitures: Time-vesting (63,575 ) Performance-based (159,738 ) Non-vested shares outstanding at December 31, 2018 2,142,743 |
Summary of Average Grant-Date Fair Value of Restricted Stock | The average grant-date fair value of restricted stock awarded in 2018 , 2017 and 2016 follows: 2018 2017 2016 Time-vested $ 44.48 $ 55.55 $ 51.04 Performance-based 57.24 51.90 51.18 |
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: 2018 2017 2016 Risk-free interest rate 2.0 % 1.4 % 1.2 % Expected term (years) 3 3 3 Expected stock price volatility 19.9 % 21.1 % 19.8 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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. 2018 2017 2016 Net income attributable to Crown Holdings $ 439 $ 323 $ 496 Weighted average shares outstanding (in millions): Basic 133.64 135.29 138.53 Add: dilutive stock options and restricted stock 0.24 0.32 0.78 Diluted 133.88 135.61 139.31 Basic EPS $ 3.28 $ 2.39 $ 3.58 Diluted EPS $ 3.28 $ 2.38 $ 3.56 Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive 0.9 — 0.5 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Information on Operating Segments | The tables below present information about operating segments for the three years ended December 31, 2018, 2017 and 2016 : 2018 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 3,282 $ 53 $ 3,388 $ 84 $ 111 $ 454 European Beverage 1,489 1 1,705 38 121 193 European Food 1,982 69 2,792 39 17 257 Asia Pacific 1,316 — 1,558 48 130 186 Transit Packaging 1,800 5 4,415 43 24 $ 255 Total reportable segments 9,869 128 13,858 252 403 $ 1,345 Non-reportable segments 1,282 142 1,066 18 27 Corporate and unallocated items — — 338 7 32 Total $ 11,151 $ 270 $ 15,262 $ 277 $ 462 2017 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 2,928 $ 34 $ 3,253 $ 75 $ 167 $ 470 European Beverage 1,457 2 1,631 35 109 235 European Food 1,935 70 2,964 35 45 264 Asia Pacific 1,177 — 1,355 42 123 168 Total reportable segments 7,497 106 9,203 187 444 $ 1,137 Non-reportable segments 1,201 116 1,039 17 27 Corporate and unallocated items — — 421 4 27 Total $ 8,698 $ 222 $ 10,663 $ 208 $ 498 2016 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 2,757 $ 50 $ 2,886 $ 71 $ 220 $ 456 European Beverage 1,420 3 1,381 32 94 240 European Food 1,855 59 2,557 36 42 260 Asia Pacific 1,116 — 1,161 40 80 152 Total reportable segments 7,148 112 7,985 179 436 $ 1,108 Non-reportable segments 1,136 153 1,034 16 23 Corporate and unallocated items — — 580 11 14 Total $ 8,284 $ 265 $ 9,599 $ 206 $ 473 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes for the three years ended December 31, 2018, 2017 and 2016 follows: 2018 2017 2016 Segment income of reportable segments $ 1,345 $ 1,137 $ 1,108 Segment income of non-reportable segments 122 123 123 Corporate and unallocated items (139 ) (143 ) (142 ) Provision for asbestos — (3 ) (21 ) Restructuring and other (44 ) (51 ) (30 ) Amortization of intangibles (148 ) (39 ) (41 ) Loss from early extinguishments of debt — (7 ) (37 ) Fair value adjustment to inventory (40 ) — — Other pension and postretirement 25 53 24 Interest expense (384 ) (252 ) (243 ) Interest income 21 15 12 Foreign exchange (18 ) (4 ) 16 Income before income taxes $ 740 $ 829 $ 769 |
Summary of Sales by Major Product | Sales by major product were: 2018 2017 2016 Metal beverage cans and ends $ 5,551 $ 5,085 $ 4,834 Metal food cans and ends 2,452 2,331 2,213 Transit packaging 1,800 — — Other metal packaging 884 887 877 Other products 464 395 360 Consolidated net sales $ 11,151 $ 8,698 $ 8,284 |
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 2018 2017 2016 2018 2017 United States $ 3,018 $ 1,931 $ 1,918 $ 694 $ 516 Mexico 763 699 688 434 388 Brazil 732 652 523 350 335 United Kingdom 685 600 559 139 150 Spain 666 649 645 346 323 Other 5,287 4,167 3,951 1,782 1,527 Consolidated total $ 11,151 $ 8,698 $ 8,284 $ 3,745 $ 3,239 |
Condensed Combining Financial_2
Condensed Combining Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Crown Cork & Seal Company, Inc. | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 11,151 $ 11,151 Cost of products sold, excluding depreciation and amortization 9,028 9,028 Depreciation and amortization 425 425 Selling and administrative expense $ 3 555 558 Restructuring and other $ 9 35 44 Income from operations (9 ) (3 ) 1,108 — 1,096 Other pension and postretirement 7 (32 ) (25 ) Net interest expense 74 289 363 Foreign exchange 18 18 Income/(loss) before income taxes (9 ) (84 ) 833 — 740 Provision for / (benefit from) income taxes (2 ) 7 211 216 Equity in net earnings of affiliates 446 456 4 $ (902 ) 4 Net income 439 365 626 (902 ) 528 Net income attributable to noncontrolling interests (89 ) (89 ) Net income attributable to Crown Holdings $ 439 $ 365 $ 537 $ (902 ) $ 439 Total comprehensive income $ 303 $ 259 $ 487 $ (660 ) $ 389 Comprehensive income attributable to noncontrolling interests (86 ) (86 ) Comprehensive income attributable to Crown Holdings $ 303 $ 259 $ 401 $ (660 ) $ 303 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 in net earnings of 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 in net earnings of 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 Balance Sheet | Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 607 $ 607 Receivables, net 9 1,593 1,602 Inventories 1,690 1,690 Prepaid expenses and other current assets $ 1 $ 1 178 180 Total current assets 1 10 4,068 — 4,079 Intercompany debt receivables 3,561 $ (3,561 ) — Investments 3,458 3,764 (7,222 ) — Goodwill 4,442 4,442 Intangible assets 2,193 2,193 Property, plant and equipment, net 3,745 3,745 Other non-current assets 156 647 803 Total $ 3,459 $ 3,930 $ 18,656 $ (10,783 ) $ 15,262 Liabilities and equity Current liabilities Short-term debt $ 89 $ 89 Current maturities of long-term debt 86 86 Accounts payable 2,732 2,732 Accrued liabilities $ 14 $ 30 962 1,006 Total current liabilities 14 30 3,869 — 3,913 Long-term debt, excluding current maturities 388 8,129 8,517 Long-term intercompany debt 2,508 1,053 $ (3,561 ) — Postretirement and pension liabilities 683 683 Other non-current liabilities 325 538 863 Commitments and contingent liabilities Noncontrolling interests 349 349 Crown Holdings shareholders’ equity 937 2,134 5,088 (7,222 ) 937 Total equity 937 2,134 5,437 (7,222 ) 1,286 Total $ 3,459 $ 3,930 $ 18,656 $ (10,783 ) $ 15,262 Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 424 $ 424 Receivables, net $ 9 1,032 1,041 Inventories 1,385 1,385 Prepaid expenses and other current assets 224 224 Total current assets — 9 3,065 — 3,074 Intercompany debt receivables 3,604 $ (3,604 ) — Investments $ 3,120 3,448 (6,568 ) — Goodwill 3,046 3,046 Intangible assets 472 472 Property, plant and equipment, net 3,239 3,239 Other non-current assets 283 549 832 Total $ 3,120 $ 3,740 $ 13,975 $ (10,172 ) $ 10,663 Liabilities and equity Current liabilities Short-term debt $ 62 $ 62 Current maturities of long-term debt 64 64 Accounts payable 2,367 2,367 Accrued liabilities $ 22 $ 41 694 757 Total current liabilities 22 41 3,187 — 3,250 Long-term debt, excluding current maturities 387 4,830 5,217 Long-term intercompany debt 2,497 1,107 $ (3,604 ) — Postretirement and pension liabilities 588 588 Other non-current liabilities 336 349 685 Commitments and contingent liabilities Noncontrolling interests 322 322 Crown Holdings shareholders’ equity 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 Statement of Cash Flows | Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (8 ) $ (74 ) $ 692 $ (39 ) $ 571 Cash flows from investing activities Capital expenditures (462 ) (462 ) Beneficial interest in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Foreign exchange derivatives related to acquisitions (25 ) (25 ) Net investment hedges 34 34 Proceeds from sale of property, plant and equipment 36 36 Other (4 ) (4 ) Net cash provided by/(used for) investing activities — — (3,843 ) — (3,843 ) Cash flows from financing activities Proceeds from long-term debt 4,082 4,082 Payments of long-term debt (333 ) (333 ) Net change in revolving credit facility and short-term debt (69 ) (69 ) Net change in long-term intercompany balances 11 74 (85 ) — Debt issuance costs (70 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Dividends paid (39 ) 39 — Dividend paid to noncontrolling interests (60 ) (60 ) Foreign exchange derivatives related to debt (14 ) (14 ) Net cash provided by/(used for) financing activities 8 74 3,412 39 3,533 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (37 ) (37 ) Net change in cash, cash equivalents, and restricted cash — — 224 — 224 Cash, cash equivalents, and restricted cash at January 1 435 435 Cash, cash equivalents, and restricted cash at December 31 $ — $ — $ 659 $ — $ 659 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 |
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, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 3,426 $ 8,212 $ (487 ) $ 11,151 Cost of products sold, excluding depreciation and amortization 2,932 6,583 (487 ) 9,028 Depreciation and amortization 117 308 425 Selling and administrative expense $ 11 216 331 558 Restructuring and other $ 9 11 24 44 Income from operations (9 ) (11 ) 150 966 1,096 Other pension and postretirement (14 ) (11 ) (25 ) Net interest expense 91 113 159 363 Technology royalty (45 ) 45 — Foreign exchange (16 ) 19 15 18 Income/(loss) before income taxes (9 ) (86 ) 96 754 (15 ) 740 Provision for / (benefit from) income taxes (2 ) (20 ) 53 188 (3 ) 216 Equity in net earnings of affiliates 446 191 311 1 (945 ) 4 Net income 439 125 354 567 (957 ) 528 Net income attributable to noncontrolling interests (89 ) (89 ) Net income attributable to Crown Holdings $ 439 $ 125 $ 354 $ 478 $ (957 ) $ 439 Total comprehensive income $ 303 $ 62 $ 248 $ 479 $ (703 ) $ 389 Comprehensive income attributable to noncontrolling interests (86 ) (86 ) Comprehensive income attributable to Crown Holdings $ 303 $ 62 $ 248 $ 393 $ (703 ) $ 303 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 $ 2,286 $ 6,797 $ (385 ) $ 8,698 Cost of products sold, excluding depreciation and amortization 1,960 5,431 (385 ) 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 in net earnings of 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 $ 2,270 $ 6,415 $ (401 ) $ 8,284 Cost of products sold, excluding depreciation and amortization 1,923 5,101 (401 ) 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 in net earnings of 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 Balance Sheet | Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 117 $ 19 $ 471 $ 607 Receivables, net 4 182 1,416 1,602 Intercompany receivables 33 13 $ (46 ) — Inventories 485 1,205 1,690 Prepaid expenses and other current assets $ 1 1 17 161 180 Total current assets 1 122 736 3,266 (46 ) 4,079 Intercompany debt receivables 2,577 3,449 12 (6,038 ) — Investments 3,458 2,657 1,248 (7,363 ) — Goodwill 1,178 3,264 4,442 Intangible assets 901 1,292 2,193 Property, plant and equipment, net 1 693 3,051 3,745 Other non-current assets 29 192 582 803 Total $ 3,459 $ 5,386 $ 8,397 $ 11,467 $ (13,447 ) $ 15,262 Liabilities and equity Current liabilities Short-term debt $ 89 $ 89 Current maturities of long-term debt $ 37 $ 3 46 86 Accounts payable 725 2,007 2,732 Accrued liabilities $ 14 49 141 802 1,006 Intercompany payables 13 33 $ (46 ) — Total current liabilities 14 86 882 2,977 (46 ) 3,913 Long-term debt, excluding current maturities 2,999 1,285 4,233 8,517 Long-term intercompany debt 2,508 746 2,700 84 (6,038 ) — Postretirement and pension liabilities 432 251 683 Other non-current liabilities 321 542 863 Commitments and contingent liabilities Noncontrolling interests 349 349 Crown Holdings shareholders’ equity 937 1,555 2,777 3,031 (7,363 ) 937 Total equity 937 1,555 2,777 3,380 (7,363 ) 1,286 Total $ 3,459 $ 5,386 $ 8,397 $ 11,467 $ (13,447 ) $ 15,262 Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 36 $ 3 $ 385 $ 424 Receivables, net 29 1,012 1,041 Intercompany receivables 32 13 $ (45 ) — Inventories 347 1,038 1,385 Prepaid expenses and other current assets 2 17 205 224 Total current assets — 38 428 2,653 (45 ) 3,074 Intercompany debt receivables 2,523 3,325 732 (6,580 ) — Investments $ 3,120 2,479 1,032 (6,631 ) — Goodwill 453 2,593 3,046 Intangible assets 13 459 472 Property, plant and equipment, net 1 515 2,723 3,239 Other non-current assets 11 311 510 832 Total $ 3,120 $ 5,052 $ 6,077 $ 9,670 $ (13,256 ) $ 10,663 Liabilities and equity Current liabilities Short-term debt $ 62 $ 62 Current maturities of long-term debt $ 23 $ 3 38 64 Accounts payable 547 1,820 2,367 Accrued liabilities $ 22 31 72 632 757 Intercompany payables 13 32 $ (45 ) — Total current liabilities 22 54 635 2,584 (45 ) 3,250 Long-term debt, excluding current maturities 2,094 408 2,715 5,217 Long-term intercompany debt 2,497 1,411 2,454 218 (6,580 ) — Postretirement and pension liabilities 373 215 588 Other non-current liabilities 338 347 685 Commitments and contingent liabilities Noncontrolling interests 322 322 Crown Holdings shareholders’ equity 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 Statement of Cash Flows | Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (8 ) $ (44 ) $ 180 $ 532 $ (89 ) $ 571 Cash flows from investing activities Capital expenditures (60 ) (402 ) (462 ) Beneficial interest in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Foreign exchange derivatives related to acquisition (25 ) (25 ) Net investment hedges 34 34 Proceeds from sale of property, plant and equipment 9 27 36 Intercompany investing activities (100 ) 100 — Other (4 ) (4 ) Net cash provided by/(used for) investing activities — (66 ) (51 ) (3,826 ) 100 (3,843 ) Cash flows from financing activities Proceeds from long-term debt 975 1,150 1,957 4,082 Payments of long-term debt (25 ) (265 ) (43 ) (333 ) Net change in revolving credit facility and short-term debt (69 ) (69 ) Net change in long-term intercompany balances 11 (719 ) (998 ) 1,706 — Debt issuance costs (40 ) (30 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Capital Contribution 100 (100 ) — Dividends paid (89 ) 89 — Dividends paid to noncontrolling interests (60 ) (60 ) Foreign exchange derivatives related to debt (14 ) (14 ) Net cash provided by/(used for) financing activities 8 191 (113 ) 3,458 (11 ) 3,533 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (37 ) (37 ) Net change in cash, cash equivalents, and restricted cash — 81 16 127 — 224 Cash, cash equivalents, and restricted cash at January 1 36 3 396 435 Cash, cash equivalents, and restricted cash at December 31 $ — $ 117 $ 19 $ 523 $ — $ 659 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 ) — Net investment hedge settlements — 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 |
Quarterly Data (unaudited) (Tab
Quarterly Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Quarterly Data (unaudited) | (in millions) 2018 2017 First (1) Second (2) Third (3) Fourth (4) First (5) Second (6) Third (7) Fourth (8) Net sales $ 2,197 $ 3,046 $ 3,174 $ 2,734 $ 1,901 $ 2,161 $ 2,468 $ 2,168 Gross profit * 324 467 517 390 311 368 433 333 Net income (loss) attributable to Crown Holdings 90 132 164 53 107 128 177 (89 ) Earnings per average common share: Basic $ 0.67 $ 0.99 $ 1.23 $ 0.40 $ 0.77 $ 0.95 $ 1.32 $ (0.67 ) Diluted 0.67 0.99 1.23 0.40 0.77 0.94 1.32 (0.67 ) Average common shares outstanding: Basic 133.5 133.6 133.7 133.7 138.5 135.3 134.0 133.4 Diluted 133.8 133.8 133.8 134.1 139.0 135.7 134.4 133.8 * The Company defines gross profit as net sales less cost of products sold and depreciation and amortization. ** Source: New York Stock Exchange - Composite Transactions Notes: (1) Includes pre-tax charges of $13 for restructuring and other and $24 for acquisition costs. (2) Includes pre-tax charges of $40 for fair value adjustment to inventory and $16 for restructuring and other. (3) Includes a pre-tax benefit of $1 for restructuring and other. (4) Includes pre-tax charges of $16 for restructuring and other and $42 for pension and postretirement. (5) Includes pre-tax benefits of $4 for restructuring and other and $5 for hedge ineffectiveness. (6) Includes pre-tax charges of $18 for restructuring and other, $7 for loss from early extinguishment of debt and $8 for hedge ineffectiveness. (7) Includes a pre-tax charge of $16 for restructuring and other and pre-tax benefits of $4 for pension and postretirement of $1 for hedge ineffectiveness. (8) Includes pre-tax charges of $3 for asbestos claims and $21 for restructuring and other, a pre-tax benefit of $2 for hedge ineffectiveness, a $1 charge for pension and postretirement, and an income tax charge of $177 to recognize the provisional impact of US tax reform. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Land improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Buildings and Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Buildings and Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 3 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 18 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Research and Development) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Research, development and engineering costs | $ 51 | $ 39 | $ 41 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Pension and Other Postretirement Benefit Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cost of products sold, excluding depreciation and amortization | $ 9,028 | $ 7,006 | $ 6,623 |
Selling and administrative expense | 558 | 367 | 366 |
Restructuring and other | 44 | 51 | 30 |
Other pension and postretirement | $ (25) | (53) | (24) |
ASU 2017-07 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cost of products sold, excluding depreciation and amortization | 54 | 40 | |
Selling and administrative expense | (4) | (2) | |
Restructuring and other | 3 | (14) | |
Other pension and postretirement | $ (53) | $ (24) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Recent Accounting and Reporting Pronouncements Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reclassified premiums paid from net cash used for operating activities | $ 0 | $ 0 | $ 22 | |||
Reclass from net cash used in operating activities | (571) | 251 | 134 | |||
Net cash used in financing activities | (3,533) | 400 | 638 | |||
Net cash provided by investing activities | (3,843) | 496 | 633 | |||
Beneficial interest obtained in securitized receivables | $ 456 | 1,047 | 1,032 | |||
Cumulative effect of change in accounting principle | $ 10 | $ 60 | ||||
ASU 2016-15 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reclassified premiums paid from net cash used for operating activities | (22) | |||||
Reclass from net cash used in operating activities | 1,010 | 1,086 | ||||
Net cash used in financing activities | (22) | |||||
Net cash provided by investing activities | $ 1,010 | $ 1,086 | ||||
Retained Earnings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect of change in accounting principle | 6 | $ 60 | ||||
Retained Earnings | ASU 2017-12 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect of change in accounting principle | $ (3) | |||||
Scenario, Forecast | ASU 2016-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating lease, liability | $ 225 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 607 | $ 424 | ||
Restricted Cash, Current | 45 | 2 | ||
Restricted Cash, Noncurrent | 7 | 9 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 659 | $ 435 | $ 576 | $ 745 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Cumulative Effect of Changes for Adoption of New Revenue Guidance) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |||||||||||||
Receivables, net | $ 1,602 | $ 1,041 | $ 1,602 | $ 1,041 | $ 1,195 | ||||||||
Inventories | 1,690 | 1,385 | 1,690 | 1,385 | 1,241 | ||||||||
Prepaid expenses and other current assets | 180 | 224 | 180 | 224 | 250 | ||||||||
Total current assets | 4,079 | 3,074 | 4,079 | 3,074 | 3,110 | ||||||||
Other non-current assets | 803 | 832 | 803 | 832 | 833 | ||||||||
Total assets | 15,262 | 10,663 | 15,262 | 10,663 | $ 9,599 | 10,700 | |||||||
Accrued liabilities | 1,006 | 757 | 1,006 | 757 | 774 | ||||||||
Total current liabilities | 3,913 | 3,250 | 3,913 | 3,250 | 3,267 | ||||||||
Other non-current liabilities | 863 | 685 | 863 | 685 | 695 | ||||||||
Noncontrolling interests | 349 | 322 | 349 | 322 | 323 | ||||||||
Accumulated earnings | 3,449 | 3,004 | 3,449 | 3,004 | 3,013 | ||||||||
Crown Holdings shareholders' equity | 937 | 601 | 937 | 601 | 610 | ||||||||
Total equity | 1,286 | 923 | 1,286 | 923 | 668 | 933 | $ 385 | ||||||
Total liabilities and equity | 15,262 | 10,663 | 15,262 | 10,663 | 10,700 | ||||||||
Income Statement Related Disclosures [Abstract] | |||||||||||||
Net Sales | 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | 2,168 | $ 2,468 | $ 2,161 | $ 1,901 | 11,151 | 8,698 | 8,284 | ||
Cost of products sold, excluding depreciation and amortization | 9,028 | 7,006 | 6,623 | ||||||||||
Income from operations | 1,096 | 1,024 | 997 | ||||||||||
Foreign exchange | (18) | (4) | 16 | ||||||||||
Income before taxes | 740 | 829 | 769 | ||||||||||
Provision for income taxes | 216 | 401 | 186 | ||||||||||
Net income | 528 | 428 | 583 | ||||||||||
Net income attributable to Crown Holdings | $ 53 | $ 164 | $ 132 | $ 90 | $ (89) | $ 177 | $ 128 | $ 107 | $ 439 | $ 323 | $ 496 | ||
Basic (in dollars per share) | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ (0.67) | $ 1.32 | $ 0.95 | $ 0.77 | $ 3.28 | $ 2.39 | $ 3.58 | ||
Diluted (in dollars per share) | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ (0.67) | $ 1.32 | $ 0.94 | $ 0.77 | $ 3.28 | $ 2.38 | $ 3.56 | ||
Calculated under Revenue Guidance in Effect before Topic 606 | |||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||
Receivables, net | $ 1,421 | $ 1,041 | $ 1,421 | $ 1,041 | |||||||||
Inventories | 1,845 | 1,385 | 1,845 | 1,385 | |||||||||
Prepaid expenses and other current assets | 164 | 224 | 164 | 224 | |||||||||
Total current assets | 4,037 | 3,074 | 4,037 | 3,074 | |||||||||
Other non-current assets | 832 | 832 | |||||||||||
Total assets | 15,220 | 10,663 | 15,220 | 10,663 | |||||||||
Accrued liabilities | 985 | 985 | |||||||||||
Total current liabilities | 3,892 | 3,250 | 3,892 | 3,250 | |||||||||
Other non-current liabilities | 854 | 685 | 854 | 685 | |||||||||
Noncontrolling interests | 348 | 322 | 348 | 322 | |||||||||
Accumulated earnings | 3,438 | 3,004 | 3,438 | 3,004 | |||||||||
Crown Holdings shareholders' equity | 926 | 601 | 926 | 601 | |||||||||
Total equity | 1,274 | 923 | 1,274 | 923 | |||||||||
Total liabilities and equity | 15,220 | 10,663 | 15,220 | 10,663 | |||||||||
Income Statement Related Disclosures [Abstract] | |||||||||||||
Net Sales | 11,124 | ||||||||||||
Cost of products sold, excluding depreciation and amortization | 9,007 | ||||||||||||
Income from operations | 1,090 | ||||||||||||
Foreign exchange | (15) | ||||||||||||
Income before taxes | 737 | ||||||||||||
Provision for income taxes | 215 | ||||||||||||
Net income | 526 | ||||||||||||
Net income attributable to Crown Holdings | $ 437 | ||||||||||||
Basic (in dollars per share) | $ 3.26 | ||||||||||||
Diluted (in dollars per share) | $ 3.27 | ||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | |||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||
Receivables, net | (181) | $ (181) | 154 | ||||||||||
Inventories | 155 | 155 | (144) | ||||||||||
Prepaid expenses and other current assets | (16) | (16) | 26 | ||||||||||
Total current assets | (42) | (42) | 36 | ||||||||||
Other non-current assets | 1 | ||||||||||||
Total assets | (42) | (42) | 37 | ||||||||||
Accrued liabilities | (21) | (21) | 17 | ||||||||||
Total current liabilities | (21) | (21) | 17 | ||||||||||
Other non-current liabilities | (9) | (9) | 10 | ||||||||||
Noncontrolling interests | (1) | (1) | 1 | ||||||||||
Accumulated earnings | (11) | (11) | 9 | ||||||||||
Crown Holdings shareholders' equity | (11) | (11) | 9 | ||||||||||
Total equity | (12) | (12) | 10 | ||||||||||
Total liabilities and equity | (42) | (42) | $ 37 | ||||||||||
Income Statement Related Disclosures [Abstract] | |||||||||||||
Net Sales | (27) | ||||||||||||
Cost of products sold, excluding depreciation and amortization | (21) | ||||||||||||
Income from operations | (6) | ||||||||||||
Foreign exchange | 3 | ||||||||||||
Income before taxes | (3) | ||||||||||||
Provision for income taxes | (1) | ||||||||||||
Net income | (2) | ||||||||||||
Net income attributable to Crown Holdings | $ (2) | ||||||||||||
Basic (in dollars per share) | $ (0.02) | ||||||||||||
Diluted (in dollars per share) | $ (0.01) | ||||||||||||
Retained Earnings | |||||||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||||||
Total equity | $ 3,449 | $ 3,004 | $ 3,449 | 3,004 | $ 2,621 | $ 2,125 | |||||||
Income Statement Related Disclosures [Abstract] | |||||||||||||
Net income | $ 439 | $ 323 | $ 496 |
Acquisition of Signode (Narrati
Acquisition of Signode (Narrative) (Details) - USD ($) $ in Millions | Apr. 03, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||||||||||
Net Sales | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 2,168 | $ 2,468 | $ 2,161 | $ 1,901 | $ 11,151 | $ 8,698 | $ 8,284 | |||
Net income | 528 | 428 | 583 | |||||||||||
Adjustment to inventory | (40) | 0 | $ 0 | |||||||||||
Forward Contracts | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Loss on forward contract | $ 25 | |||||||||||||
Signode | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total consideration | $ 3,900 | |||||||||||||
Net Sales | $ 1,800 | |||||||||||||
Net income | 1 | |||||||||||||
Adjustment to inventory | $ (40) | (40) | 32 | |||||||||||
Adjustments, restructuring and other | $ 5 | |||||||||||||
Signode | Foreign Currency Gain (Loss) | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Exchange losses related to pre-acquisition intercompany debt arrangements | $ 15 | $ 47 |
Acquisition of Signode (Summary
Acquisition of Signode (Summary of Consideration Transferred to Acquire Signode and Preliminary Allocation of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 4,442 | $ 3,046 | $ 2,791 | |
Signode | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | $ 3,912 | |||
Receivables, net | 374 | |||
Inventories | 303 | |||
Prepaid expenses and other current assets | 45 | |||
Intangible assets, net | 1,935 | |||
Property, plant and equipment, net | 450 | |||
Other non-current assets | 50 | |||
Short-term debt | (4) | |||
Accounts payable | (222) | |||
Accrued liabilities | (166) | |||
Long-term debt | (3) | |||
Postretirement and pension liabilities | (58) | |||
Other non-current liabilities | (344) | |||
Total identifiable net assets | 2,360 | |||
Goodwill | $ 1,552 |
Acquisition of Signode (Schedul
Acquisition of Signode (Schedule of Acquired Intangible Assets) (Details) - Signode $ in Millions | Apr. 03, 2018USD ($) |
Business Acquisition [Line Items] | |
Finite-lived intangible assets acquired, Preliminary Fair Value | $ 1,935 |
Customer relationships | |
Business Acquisition [Line Items] | |
Finite-lived intangible assets acquired, Preliminary Fair Value | $ 1,201 |
Weighted Average Estimated Useful Life | 12 years |
Trade names | |
Business Acquisition [Line Items] | |
Finite-lived intangible assets acquired, Preliminary Fair Value | $ 568 |
Weighted Average Estimated Useful Life | 26 years |
Technology | |
Business Acquisition [Line Items] | |
Finite-lived intangible assets acquired, Preliminary Fair Value | $ 166 |
Weighted Average Estimated Useful Life | 7 years |
Acquisition of Signode (Unaudit
Acquisition of Signode (Unaudited Supplemental Proforma Information) (Details) - Signode - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Pro forma net sales | $ 11,739 | $ 10,930 |
Pro forma net income attributable to Crown Holdings | $ 442 | $ 234 |
Revenue (Details)
Revenue (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue recognized related to contract liabilities | $ 1 |
Transferred over Time | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue recognized | 5,765 |
Transferred at Point in Time | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue recognized | $ 5,386 |
Revenue - Contracts with Custom
Revenue - Contracts with Customer Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2016 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets included in prepaid and other current assets | $ 16 | $ 26 |
Contract liabilities included in accrued liabilities | (3) | (1) |
Contract liabilities included in other non-current liabilities | (5) | (7) |
Net contract asset | $ 8 | $ 18 |
Receivables (Schedule of Receiv
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | |||
Accounts receivable | $ 1,303 | $ 894 | |
Less: allowance for doubtful accounts | (65) | (71) | |
Net trade receivables | 1,238 | 823 | |
Unbilled receivables | 181 | 0 | |
Miscellaneous receivables | 183 | 218 | |
Receivables, net | $ 1,602 | $ 1,195 | $ 1,041 |
Receivables (Schedule of Amount
Receivables (Schedule of Amounts Securitized or Factored) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Accounted for as secured borrowings | $ 9 | $ 12 |
Accounted for as sales | $ 1,097 | $ 964 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | ||||
Accounts receivable securitization facilities | $ 200 | |||
Deferred purchase price | $ 106 | |||
Expenses related to securitization and factoring facilities | $ 21 | $ 15 | $ 13 | |
Accounts receivable securitization facilities, maximum available | $ 375 | |||
Proceeds from accounts receivable securitization | $ 106 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | |||
Raw materials and supplies | $ 937 | $ 737 | |
Work in process | 144 | 139 | |
Finished goods | 609 | 509 | |
Total inventories | $ 1,690 | $ 1,241 | $ 1,385 |
Goodwill (Schedule of Goodwill)
Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 3,046 | $ 2,791 |
Goodwill acquired | 1,552 | |
Foreign currency translation | (156) | 255 |
Balance at end of period | 4,442 | 3,046 |
Accumulated impairments | 976 | |
Americas Beverage | Operating segments | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 844 | 820 |
Goodwill acquired | 0 | |
Foreign currency translation | (2) | 24 |
Balance at end of period | 842 | 844 |
Accumulated impairments | 29 | |
European Beverage | Operating segments | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 564 | 511 |
Goodwill acquired | 0 | |
Foreign currency translation | (33) | 53 |
Balance at end of period | 531 | 564 |
Accumulated impairments | 73 | |
European Food | Operating segments | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 1,355 | 1,190 |
Goodwill acquired | 0 | |
Foreign currency translation | (64) | 165 |
Balance at end of period | 1,291 | 1,355 |
Accumulated impairments | 724 | |
Transit Packaging | Operating segments | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 0 | |
Goodwill acquired | 1,552 | |
Foreign currency translation | (46) | 0 |
Balance at end of period | 1,506 | 0 |
Accumulated impairments | 0 | 0 |
Non-reportable segments | Operating segments | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 283 | 270 |
Goodwill acquired | 0 | |
Foreign currency translation | (11) | 13 |
Balance at end of period | $ 272 | 283 |
Accumulated impairments | $ 150 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 2,465 | $ 604 | |
Accumulated amortization | (278) | (135) | |
Net | 2,187 | 469 | |
Amortization of Intangible Assets | 148 | 39 | $ 41 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,019 | 182 | ||
2,020 | 182 | ||
2,021 | 182 | ||
2,022 | 182 | ||
2,023 | 182 | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 1,615 | 461 | |
Accumulated amortization | (206) | (108) | |
Net | 1,409 | 353 | |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 547 | 0 | |
Accumulated amortization | (17) | 0 | |
Net | 530 | 0 | |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 160 | 0 | |
Accumulated amortization | (18) | 0 | |
Net | 142 | 0 | |
Long term supply contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 143 | 143 | |
Accumulated amortization | (37) | (27) | |
Net | 106 | 116 | |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net | $ 6 | $ 3 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Buildings and improvements | $ 1,352 | $ 1,214 |
Machinery and equipment | 5,562 | 5,131 |
Land and improvements | 280 | 204 |
Construction in progress | 323 | 369 |
Property, plant and equipment, gross | 7,517 | 6,918 |
Less: accumulated depreciation and amortization | (3,772) | (3,679) |
Property, plant and equipment, net | $ 3,745 | $ 3,239 |
Other Non-Current Assets (Sched
Other Non-Current Assets (Schedule of Other Non-Current Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Investments, All Other Investments [Abstract] | |||
Deferred taxes | $ 272 | $ 399 | |
Pension assets | 360 | 313 | |
Debt issuance costs | 15 | 13 | |
Investments | 19 | 9 | |
Fair value of derivatives | 20 | 4 | |
Other | 117 | 94 | |
Other non-current assets | $ 803 | $ 833 | $ 832 |
Lease Commitments (Narrative) (
Lease Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Operating leases, minimum annual rentals in 2019 | $ 54 | ||
Operating leases, minimum annual rentals in 2020 | 42 | ||
Operating leases, minimum annual rentals in 2021 | 34 | ||
Operating leases, minimum annual rentals in 2022 | 26 | ||
Operating leases, minimum annual rentals in 2023 | 21 | ||
Operating leases, minimum annual rentals, thereafter | 117 | ||
Rental expense (net of sublease rental income) | $ 50 | $ 50 | $ 53 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Salaries, wages and other employee benefits, including pension and postretirement | $ 210 | $ 162 |
Accrued taxes, other than on income | 124 | 120 |
Accrued interest | 83 | 54 |
Fair value of derivatives | 52 | 23 |
Income taxes | 47 | 23 |
Asbestos liabilities | 25 | 30 |
Restructuring | 21 | 17 |
Other Accrued Liabilities | 444 | 328 |
Accrued liabilities | $ 1,006 | $ 757 |
Restructuring and Other (Schedu
Restructuring and Other (Schedule of Restructuring and Other Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |||
Asset impairments and sales | $ (5) | $ 12 | $ 14 |
Restructuring | 25 | 18 | 12 |
Transaction costs | 26 | 2 | 0 |
Other costs | (2) | 19 | 4 |
Restructuring and other | $ 44 | $ 51 | $ 30 |
Restructuring and Other (Narrat
Restructuring and Other (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges (benefit) | $ 16 | $ (1) | $ 16 | $ 13 | $ 21 | $ 16 | $ 18 | $ (4) | |||
Other costs | $ (2) | $ 19 | $ 4 | ||||||||
Number of facilities closed | facility | 2 | ||||||||||
Settled Litigation | Mivisa | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Litigation settlement expense | 19 | ||||||||||
Gain on settlement of litigation | $ 6 | ||||||||||
Asia Pacific | CHINA | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring accrual | $ 21 | 21 | |||||||||
Write-down of carrying value fixed assets | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges (benefit) | 13 | 19 | |||||||||
Write-down of carrying value fixed assets | Asia Pacific | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges (benefit) | 9 | ||||||||||
Termination benefits | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges (benefit) | 12 | 18 | |||||||||
Termination benefits | Asia Pacific | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges (benefit) | (5) | $ 3 | |||||||||
Restructuring Actions Related to Current And Prior Period | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Other costs | $ 8 | ||||||||||
Expiration of environmental indemnification | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges (benefit) | $ (5) |
Restructuring and Other (Charge
Restructuring and Other (Charges by Segment and Type) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 25 | $ 18 | $ 12 |
Termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 17 | 15 | 9 |
Other exit costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 8 | 3 | 3 |
Non-reportable segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 5 | 8 | 4 |
Operating segments | Americas Beverage | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 4 | 3 | 1 |
Operating segments | European Beverage | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 1 | 0 | 0 |
Operating segments | European Food | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 4 | 4 | 4 |
Operating segments | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 5 | 3 | 3 |
Operating segments | Transit Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 3 | 0 | 0 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 3 | $ 0 | $ 0 |
Debt (Summary of Outstanding De
Debt (Summary of Outstanding Debt) (Details) | 12 Months Ended | |||||||
Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Apr. 30, 2018USD ($) | Apr. 30, 2018EUR (€) | Jan. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | |
Principal outstanding | ||||||||
Short-term debt | $ 89,000,000 | $ 62,000,000 | ||||||
Total long-term debt | 8,696,000,000 | 5,328,000,000 | ||||||
Capital lease obligations | 29,000,000 | 29,000,000 | ||||||
Less: current maturities | (86,000,000) | (64,000,000) | ||||||
Total long-term debt, less current maturities | 8,610,000,000 | 5,264,000,000 | ||||||
Carrying amount | ||||||||
Short-term debt | 89,000,000 | 62,000,000 | ||||||
Total long-term debt | 8,603,000,000 | 5,281,000,000 | ||||||
Capital lease obligations | 29,000,000 | 29,000,000 | ||||||
Less: current maturities | (86,000,000) | (64,000,000) | ||||||
Total long-term debt, less current maturities | 8,517,000,000 | 5,217,000,000 | ||||||
Revolving credit facilities | ||||||||
Principal outstanding | ||||||||
Total long-term debt | 0 | 122,000,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | 0 | 122,000,000 | ||||||
Term loan facilities | U.S. dollar at LIBOR plus 1.75% due 2022 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | 815,000,000 | 741,000,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 810,000,000 | 735,000,000 | ||||||
Term loan facilities | U.S. dollar at LIBOR plus 1.75% due 2022 | LIBOR | ||||||||
Carrying amount | ||||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||||
Term loan facilities | U.S. dollar at LIBOR plus 2.00% due 2025 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 887,000,000 | 0 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 864,000,000 | 0 | ||||||
Debt instrument, face amount | $ 1,150,000,000 | |||||||
Term loan facilities | U.S. dollar at LIBOR plus 2.00% due 2025 | LIBOR | ||||||||
Carrying amount | ||||||||
Basis spread on variable rate (as a percent) | 2.00% | |||||||
Term loan facilities | Euro at EURIBOR plus 1.75% due 2022 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 301,000,000 | 324,000,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 301,000,000 | 324,000,000 | ||||||
Debt instrument, face amount | € | € 263,000,000 | € 270,000,000 | ||||||
Term loan facilities | Euro at EURIBOR plus 1.75% due 2022 | EURIBOR | ||||||||
Carrying amount | ||||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||||
Term loan facilities | Euro at EURIBOR plus 2.375% due 2025 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 855,000,000 | € 746,000,000 | 0 | |||||
Carrying amount | ||||||||
Total long-term debt | 846,000,000 | 0 | ||||||
Debt instrument, face amount | $ 859,000,000 | € 750,000,000 | ||||||
Term loan facilities | Euro at EURIBOR plus 2.375% due 2025 | EURIBOR | ||||||||
Carrying amount | ||||||||
Basis spread on variable rate (as a percent) | 2.375% | |||||||
Senior notes and debentures: | €650 at 4.0% due 2022 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 745,000,000 | 781,000,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 740,000,000 | 774,000,000 | ||||||
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 | $ 993,000,000 | 992,000,000 | ||||||
Debt instrument stated percentage | 4.50% | 4.50% | ||||||
Senior notes and debentures: | €335 at 2.25% due 2023 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 384,000,000 | 0 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 380,000,000 | 0 | ||||||
Debt instrument stated percentage | 2.25% | 2.25% | 2.25% | 2.25% | ||||
Debt instrument, face amount | $ 384,000,000 | € 335,000,000 | € 335,000,000 | |||||
Senior notes and debentures: | €600 at 2.625% due 2024 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | 688,000,000 | 720,000,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 682,000,000 | 713,000,000 | ||||||
Debt instrument stated percentage | 2.625% | 2.625% | ||||||
Debt instrument, face amount | € | € 600,000,000 | |||||||
Senior notes and debentures: | €600 at 3.375% due 2025 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 688,000,000 | 720,000,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 681,000,000 | 711,000,000 | ||||||
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 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 394,000,000 | 393,000,000 | ||||||
Debt instrument stated percentage | 4.25% | 4.25% | ||||||
Senior notes and debentures: | U.S. dollar at 4.75% due 2026 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 875,000,000 | 0 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 863,000,000 | 0 | ||||||
Debt instrument stated percentage | 4.75% | 4.75% | 4.75% | 4.75% | ||||
Debt instrument, face amount | $ 875,000,000 | |||||||
Senior notes and debentures: | U.S. dollar at 7.375% due 2026 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 350,000,000 | 350,000,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 348,000,000 | 347,000,000 | ||||||
Debt instrument stated percentage | 7.375% | 7.375% | ||||||
Senior notes and debentures: | €500 at 2.875% due 2026 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 573,000,000 | 0 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 566,000,000 | 0 | ||||||
Debt instrument stated percentage | 2.875% | 2.875% | 2.875% | 2.875% | ||||
Debt instrument, face amount | $ 573,000,000 | € 500,000,000 | € 500,000,000 | |||||
Senior notes and debentures: | U.S. dollar at 7.50% due 2096 | ||||||||
Principal outstanding | ||||||||
Total long-term debt | 40,000,000 | 40,000,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 40,000,000 | 40,000,000 | ||||||
Debt instrument stated percentage | 7.50% | 7.50% | ||||||
Other indebtedness, fixed rate | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 62,000,000 | 96,000,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 62,000,000 | 96,000,000 | ||||||
Other indebtedness, fixed rate | Minimum | ||||||||
Carrying amount | ||||||||
Debt instrument stated percentage | 4.00% | 4.00% | ||||||
Other indebtedness, fixed rate | Maximum | ||||||||
Carrying amount | ||||||||
Debt instrument stated percentage | 7.50% | 7.50% | ||||||
Other indebtedness, variable rate | ||||||||
Principal outstanding | ||||||||
Total long-term debt | $ 4,000,000 | 5,000,000 | ||||||
Carrying amount | ||||||||
Total long-term debt | $ 4,000,000 | $ 5,000,000 | ||||||
Average variable rates | 4.30% | 4.30% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 12 Months Ended | |||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018EUR (€) | Apr. 30, 2018USD ($) | Apr. 30, 2018EUR (€) | Jan. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | |
Debt Instrument [Line Items] | ||||||||
Long-term debt, fair value | $ 8,735,000,000 | $ 5,562,000,000 | ||||||
Borrowings outstanding | 8,603,000,000 | 5,281,000,000 | ||||||
Aggregate maturities of long term debt excluding unamortized discounts, year one | 86,000,000 | |||||||
Aggregate maturities of long term debt excluding unamortized discounts, year two | 88,000,000 | |||||||
Aggregate maturities of long term debt excluding unamortized discounts, year three | 76,000,000 | |||||||
Aggregate maturities of long term debt excluding unamortized discounts, year four | 1,711,000,000 | |||||||
Aggregate maturities of long term debt excluding unamortized discounts, year five | 1,400,000,000 | |||||||
Cash payments for interest | 334,000,000 | 225,000,000 | $ 217,000,000 | |||||
Term loan facilities | Term A Loan Under U.S. Dollar Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 100,000,000 | |||||||
Term loan facilities | U.S. dollar at LIBOR plus 2.00% due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | 864,000,000 | 0 | ||||||
Debt instrument, face amount | $ 1,150,000,000 | |||||||
Term loan facilities | Euro at EURIBOR plus 2.375% due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | 846,000,000 | 0 | ||||||
Debt instrument, face amount | 859,000,000 | € 750,000,000 | ||||||
Revolving credit facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | 0 | 122,000,000 | ||||||
Senior notes and debentures: | U.S. dollar at 4.75% due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | $ 863,000,000 | 0 | ||||||
Debt instrument, face amount | $ 875,000,000 | |||||||
Debt instrument stated percentage | 4.75% | 4.75% | 4.75% | 4.75% | ||||
Senior notes and debentures: | €500 at 2.875% due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | $ 566,000,000 | 0 | ||||||
Debt instrument, face amount | $ 573,000,000 | € 500,000,000 | € 500,000,000 | |||||
Debt instrument stated percentage | 2.875% | 2.875% | 2.875% | 2.875% | ||||
Senior notes and debentures: | €335 at 2.25% due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | $ 380,000,000 | $ 0 | ||||||
Debt instrument, face amount | $ 384,000,000 | € 335,000,000 | € 335,000,000 | |||||
Debt instrument stated percentage | 2.25% | 2.25% | 2.25% | 2.25% | ||||
LIBOR | Term loan facilities | U.S. dollar at LIBOR plus 2.00% due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 2.00% | |||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, available borrowing capacity | $ 1,582,000,000 | |||||||
Line of credit facility, maximum borrowing capacity | 1,650,000,000 | |||||||
Outstanding letters of credit | $ 68,000,000 | |||||||
Debt Instrument, Covenant Compliance | 6.5 | |||||||
Revolving Credit Facility | Revolving credit facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 1,650,000,000 | |||||||
Revolving Credit Facility | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Provisions for letters of credit | $ 300,000,000 | |||||||
Basis spread on variable rate (as a percent) | 2.375% | |||||||
Revolving Credit Facility | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 0.00% |
Debt (Schedule of Weighted Aver
Debt (Schedule of Weighted Average Interest Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |||
Short-term debt | 1.40% | 1.40% | 2.70% |
Revolving credit facilities | 3.20% | 3.30% | 3.80% |
Derivative and Other Financia_3
Derivative and Other Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
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. | |||
Loss related to hedge ineffectiveness | $ 8,000,000 | $ 5,000,000 | ||
Net gain to be reclassified to earnings | $ 27,000,000 | |||
Gain, net of tax, expected to be reclassified to earnings | 21,000,000 | |||
Reclassification of anticipated transactions that were no longer considered probable | 0 | $ 0 | ||
Foreign exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss on foreign exchange contracts designated as fair value hedges | 2,000,000 | 1,000,000 | ||
Commodities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss related to hedge ineffectiveness | $ 2,000,000 | |||
Loss on hedge Ineffectiveness, net | $ 1,000,000 | |||
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 | 39 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, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss), recognized in OCI | $ (35) | $ 41 |
Gain/(loss), reclassified from from AOCI, tax | (6) | (8) |
Gain/(loss), reclassification, after tax | 15 | 21 |
Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss), recognized in OCI | (3) | 2 |
Foreign exchange | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/ (loss), reclassified from AOCI into income | (11) | (8) |
Foreign exchange | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/ (loss), reclassified from AOCI into income | 6 | 6 |
Commodities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss), recognized in OCI | (32) | 39 |
Gain/ (loss), reclassified from AOCI into income | 21 | 29 |
Commodities | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/ (loss), reclassified from AOCI into income | (5) | 0 |
Commodities | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/ (loss), reclassified from AOCI into income | $ 31 | $ 31 |
Derivative and Other Financia_5
Derivative and Other Financial Instruments (Derivatives Not Designated as Hedges Income Statement) (Details) - Derivatives not designated as hedges - Net Investment Hedging - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss), recognized in income on derivative | $ (28) | $ 41 |
Foreign exchange | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss), recognized in income on derivative | 4 | 1 |
Foreign exchange | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss), recognized in income on derivative | (6) | 1 |
Foreign exchange | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss), recognized in income on derivative | $ (26) | $ 39 |
Derivative and Other Financia_6
Derivative and Other Financial Instruments (Net Investment Hedge Narrative) (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018EUR (€) | Nov. 30, 2018EUR (€) | Jan. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | |
Derivative [Line Items] | |||||||
Gain (loss), recognized in OCI | $ 47 | $ (153) | |||||
Gain (loss) on net investment hedge, net of tax | 43 | (134) | |||||
Carrying amount of hedged net investment | 1,296 | € 1,131 | |||||
Gain (loss) on net investment hedge | $ 19 | ||||||
Proceeds from settlement of derivative reflected in cash provided by investing activities | 15 | ||||||
Foreign exchange | |||||||
Derivative [Line Items] | |||||||
Gain (loss), recognized in OCI | $ 11 | 0 | |||||
Derivative fixed rate | 4.75% | 4.75% | |||||
Derivative,notional amount | $ 875 | € 768 | |||||
Accumulated Other Comprehensive Loss | |||||||
Derivative [Line Items] | |||||||
Gain (loss), recognized in OCI | (59) | ||||||
Gain (loss) on net investment hedge, net of tax | $ (36) | ||||||
Net Investment Hedging | Cross Currency Interest Rate Contract | |||||||
Derivative [Line Items] | |||||||
Derivative,notional amount | $ 875 | € 718 | |||||
Net Investment Hedging | Cross Currency Interest Rate Contract On U.S. Notional Amount | |||||||
Derivative [Line Items] | |||||||
Derivative fixed rate | 4.75% | 4.75% | |||||
Net Investment Hedging | Cross Currency Interest Rate Contract On Euro Notional Amount | |||||||
Derivative [Line Items] | |||||||
Derivative fixed rate | 1.84% | 1.84% | 2.50% | 2.50% |
Derivative and Other Financia_7
Derivative and Other Financial Instruments (Impact on OCI from Changes in Derivative Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Gain (loss), recognized in OCI | $ 47 | $ (153) |
Foreign exchange | ||
Derivative [Line Items] | ||
Gain (loss), recognized in OCI | $ 11 | $ 0 |
Derivative and Other Financia_8
Derivative and Other Financial Instruments (Fair Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative assets | ||
Total | $ 47 | $ 63 |
Derivative liabilities | ||
Total | 59 | 23 |
Level 2 | ||
Derivative assets | ||
Total | 47 | 63 |
Derivative liabilities | ||
Total | 59 | 23 |
Derivatives designated as hedges: | Foreign Exchange Contract Fair Value | ||
Derivative assets | ||
Derivative designated as hedging instrument | 0 | 0 |
Derivatives designated as hedges: | Other non-current liabilities | Commodities | ||
Derivative assets | ||
Derivative designated as hedging instrument | 6 | 0 |
Derivatives designated as hedges: | Other non-current liabilities | Net Investment Hedging | ||
Derivative assets | ||
Derivative designated as hedging instrument | 0 | 0 |
Derivatives designated as hedges: | Other assets | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 43 | 35 |
Derivatives designated as hedges: | Other liabilities | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 55 | 7 |
Derivatives not designated as hedges: | Other current assets | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 4 | 28 |
Derivatives not designated as hedges: | Other current assets | Foreign exchange | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 4 | 6 |
Derivatives not designated as hedges: | Other current assets | Commodities | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 0 | 22 |
Derivatives not designated as hedges: | Accrued liabilities | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 4 | 16 |
Derivatives not designated as hedges: | Accrued liabilities | Foreign exchange | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 4 | 1 |
Derivatives not designated as hedges: | Accrued liabilities | Commodities | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 0 | 15 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other current assets | Foreign exchange | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 6 | 5 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other current assets | Commodities | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 16 | 25 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other non-current assets | Foreign exchange | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 0 | 0 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other non-current assets | Commodities | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 2 | 4 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Accrued liabilities | Foreign exchange | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 5 | 6 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Accrued liabilities | Commodities | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 42 | 0 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other non-current liabilities | Foreign exchange | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 1 | 0 |
Derivatives in fair value hedges | Derivatives designated as hedges: | Other current assets | Foreign Exchange Contract Fair Value | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 1 | 1 |
Derivatives in fair value hedges | Derivatives designated as hedges: | Other non-current assets | Foreign Exchange Contract Fair Value | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 3 | 0 |
Derivatives in fair value hedges | Derivatives designated as hedges: | Accrued liabilities | Foreign Exchange Contract Fair Value | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | 1 | 1 |
Net Investment Hedging | Derivatives designated as hedges: | Other non-current assets | Level 2 | ||
Derivative assets | ||
Derivative designated as hedging instrument | $ 15 | $ 0 |
Derivative and Other Financia_9
Derivative and Other Financial Instruments (Carrying Amount of Hedged Assets and Liabilities) (Details) - Derivatives designated as hedges - Derivatives in fair value hedges - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | ||
Derivative [Line Items] | ||
Carrying amount of hedged asset, fair value | $ 1 | $ 1 |
Receivables, Net | ||
Derivative [Line Items] | ||
Carrying amount of hedged asset, fair value | 15 | 15 |
Accrued liabilities | ||
Derivative [Line Items] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ (13) | $ (12) |
Derivative and Other Financi_10
Derivative and Other Financial Instruments (Schedule of Offsetting Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative assets | ||
Gross amounts recognized in the Balance Sheet | $ 47 | $ 63 |
Gross amounts not offset in the Balance Sheet | 19 | 17 |
Net amount | 28 | 46 |
Derivative liabilities | ||
Gross amounts recognized in the Balance Sheet | 59 | 23 |
Gross amounts not offset in the Balance Sheet | 19 | 17 |
Net amount | $ 40 | $ 6 |
Derivative and Other Financi_11
Derivative and Other Financial Instruments (Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives designated as hedges | Derivatives in cash flow hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | $ 820 | $ 864 |
Derivatives designated as hedges | Derivatives in cash flow hedges | Commodities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 428 | 276 |
Derivatives designated as hedges | Derivatives in fair value hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 74 | 60 |
Derivatives not designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 796 | 575 |
Derivatives not designated as hedges | Commodities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | $ 0 | $ 40 |
Asbestos-Related Liabilities (N
Asbestos-Related Liabilities (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($)Pending_ClaimClaim | Dec. 31, 2017Claim | Dec. 31, 2016Claim | Dec. 31, 2015Claim | |
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 | 56,000 | 55,500 | 55,500 | 54,500 |
Accrued asbestos claims and related legal costs | $ 295 | |||
Unasserted claims | $ 251 | |||
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 | 16.00% | |||
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 | 13 |
Asbestos-Related Liabilities (S
Asbestos-Related Liabilities (Summary of Claims Activity) (Details) - Claim | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Contingency, Pending Claims [Roll Forward] | |||
Beginning claims | 55,500 | 55,500 | 54,500 |
New claims | 2,000 | 2,500 | 2,500 |
Settlements or dismissals | (1,500) | (2,500) | (1,500) |
Ending claims | 56,000 | 55,500 | 55,500 |
Asbestos-Related Liabilities _2
Asbestos-Related Liabilities (Summary of Asbestos Claims Cash Payments by Company) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Liability for Asbestos and Environmental Claims [Abstract] | ||||
Asbestos-related payments | $ 3 | $ 21 | $ 30 | $ 30 |
Settled claims payments (included in asbestos-related payments above) | $ 15 | $ 24 | $ 23 |
Asbestos-Related Liabilities _3
Asbestos-Related Liabilities (Summary of Outstanding Claims by Year Of Exposure and State Filed) (Details) - Claim | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 56,000 | 55,500 | 55,500 | 54,500 |
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 | 16,500 | ||
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 | 1,500 | ||
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 | 19,000 | 18,500 |
Asbestos-Related Liabilities _4
Asbestos-Related Liabilities (Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases) (Details) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
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) - USD ($) $ in Millions | Dec. 31, 2018 | Mar. 31, 2017 |
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 | 8 | |
Penalty Notification Alleging Misclassification of Importation of Certain Goods into U.S. During 2004-2009 | U.S. Customs and Border Protection | ||
Commitments And Contingent Liabilities [Line Items] | ||
Initial and subsequent penalty assessed | $ 6 | $ 18 |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Schedule of Other Non-Current Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | |||
Asbestos liabilities | $ 270 | $ 285 | |
Deferred taxes | 399 | 202 | |
Postemployment benefits | 22 | 24 | |
Income taxes payable | 26 | 22 | |
Environmental | 12 | 12 | |
Fair value of derivatives | 7 | 0 | |
Other | 127 | 140 | |
Other non-current liabilities | $ 863 | $ 695 | $ 685 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Components of Pension Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Amortization of actuarial loss | $ 1 | |||||
Other Postretirement Benefits | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | $ 4 | $ 0 | $ 0 | |||
Interest cost | 6 | 6 | 6 | |||
Amortization of actuarial loss | $ (4) | 4 | 4 | 5 | ||
Amortization of prior service cost (credit) | (37) | (40) | (41) | |||
Net periodic cost / (benefit) | (23) | (30) | (30) | |||
U.S. Plans | Pension Plan | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | 17 | 14 | 14 | |||
Interest cost | 47 | 50 | 50 | |||
Expected return on plan assets | (85) | (83) | (91) | |||
Settlements | 0 | 0 | 14 | |||
Amortization of actuarial loss | 51 | 52 | 50 | |||
Amortization of prior service cost (credit) | 1 | 1 | 1 | |||
Net periodic cost / (benefit) | 31 | 34 | 38 | |||
Non-U.S. Plans | Pension Plan | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | 26 | 22 | 21 | |||
Interest cost | 75 | 75 | 101 | |||
Expected return on plan assets | (159) | (146) | (157) | |||
Settlements | 38 | 0 | 0 | |||
Curtailments | 0 | (3) | 0 | |||
Amortization of actuarial loss | $ 42 | 45 | 42 | 50 | ||
Amortization of prior service cost (credit) | (11) | (11) | (12) | |||
Net periodic cost / (benefit) | $ 14 | $ (21) | $ 3 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | 140 | 189 | |
Defined benefit plan, estimated employer contributions | $ 17 | ||
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) | 32,394 | 25,511 | |
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 | 96 | ||
Estimated prior service credits of pensions in following twelve months | (9) | ||
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 | 3 | ||
Estimated prior service credits of pensions in following twelve months | (34) | ||
Non-U.S. Plans | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Settlement charge | $ 121 | 7 | |
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 | 8 years | ||
Expected return net of fees | 2.00% | ||
Percentage change of risk level commensurate | 5.00% | ||
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% | ||
U.S. Plans | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Settlement charge | $ 0 | $ 0 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance at beginning of period | $ 0 | ||
Balance at end of period | $ 0 | ||
Other Postretirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of period | 168 | 167 | |
Service cost | 4 | 0 | $ 0 |
Interest cost | 6 | 6 | 6 |
Actuarial loss | (15) | 4 | |
Benefits paid | (13) | (13) | |
Foreign currency translation | (3) | 4 | |
Benefit obligations at end of period | 147 | 168 | 167 |
U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of period | 1,499 | 1,482 | |
Service cost | 17 | 14 | 14 |
Interest cost | 47 | 50 | 50 |
Plan participants’ contributions | 0 | 0 | |
Amendments | 0 | 4 | |
Settlements | 0 | 0 | |
Actuarial loss | (83) | 51 | |
Acquisitions | 0 | 0 | |
Benefits paid | (109) | (102) | |
Foreign currency translation | 0 | 0 | |
Benefit obligations at end of period | 1,371 | 1,499 | 1,482 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance at beginning of period | 1,220 | 1,156 | |
Actual return on plan assets | (102) | 162 | |
Employer contributions | 3 | 4 | |
Employer contributions | 0 | 0 | |
Settlements | 0 | 0 | |
Acquisitions | 0 | 0 | |
Benefits paid | (109) | (102) | |
Foreign currency translation | 0 | 0 | |
Balance at end of period | 1,012 | 1,220 | 1,156 |
Funded status | (359) | (279) | |
Accumulated benefit obligations at end of period | 1,327 | 1,445 | |
Non-U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of period | 3,507 | 3,283 | |
Service cost | 26 | 22 | 21 |
Interest cost | 75 | 75 | 101 |
Plan participants’ contributions | 4 | 3 | |
Amendments | 0 | 0 | |
Settlements | (121) | (7) | |
Actuarial loss | (199) | 39 | |
Acquisitions | 148 | 0 | |
Benefits paid | (150) | (214) | |
Foreign currency translation | (188) | 306 | |
Benefit obligations at end of period | 3,102 | 3,507 | 3,283 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance at beginning of period | 3,665 | 3,152 | |
Actual return on plan assets | (39) | 134 | |
Employer contributions | 16 | 290 | |
Employer contributions | 4 | 3 | |
Settlements | (121) | (7) | |
Acquisitions | 90 | 0 | |
Benefits paid | (150) | (214) | |
Foreign currency translation | (201) | 307 | |
Balance at end of period | 3,264 | 3,665 | $ 3,152 |
Funded status | 162 | 158 | |
Accumulated benefit obligations at end of period | $ 3,009 | $ 3,418 |
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, 2018 | Dec. 31, 2017 |
U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | $ 1,371 | $ 1,499 |
Accumulated benefit obligations | 1,327 | 1,445 |
Fair value of plan assets | 1,012 | 1,220 |
Non-U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | 363 | 247 |
Accumulated benefit obligations | 329 | 223 |
Fair value of plan assets | $ 167 | $ 94 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits (Summary of Strategic Ranges for Assets Allocation Plan) (Details) - Pension Plan | Dec. 31, 2018 |
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 | 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 | 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | $ 0 | ||
Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | $ 210 | 199 | |
Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 57 | 202 | |
Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 68 | ||
Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 282 | 251 | |
Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 20 | 24 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 533 | 518 | $ 576 |
Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 113 | 189 | 207 |
Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 103 | 147 | 215 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets in fair value hierarchy | 3,701 | 4,135 | |
Fair Value | 569 | 744 | |
Total investments at fair value | 4,270 | 4,879 | |
Pension Plan | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 210 | 199 | |
Pension Plan | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 57 | 202 | |
Pension Plan | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 68 | ||
Pension Plan | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 282 | 251 | |
Pension Plan | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 20 | 24 | |
Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 978 | 1,247 | |
Pension Plan | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 259 | 317 | |
Pension Plan | Level 1 | Global large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 27 | 34 | |
Pension Plan | Level 1 | U.S. large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 69 | 114 | |
Pension Plan | Level 1 | Global mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 10 | ||
Pension Plan | Level 1 | U.S. mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 198 | 279 | |
Pension Plan | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 133 | 175 | |
Pension Plan | Level 1 | Mutual funds – U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 188 | 225 | |
Pension Plan | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 104 | 93 | |
Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2,190 | 2,370 | |
Pension Plan | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 411 | 485 | |
Pension Plan | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 341 | 606 | |
Pension Plan | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 261 | 80 | |
Pension Plan | Level 2 | Asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2 | 9 | |
Pension Plan | Level 2 | Structured debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 699 | 904 | |
Pension Plan | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 105 | 18 | |
Pension Plan | Level 2 | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 103 | 136 | |
Pension Plan | Level 2 | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 268 | 132 | |
Pension Plan | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 533 | 518 | |
Pension Plan | Level 3 | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 290 | 158 | |
Pension Plan | Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 113 | 189 | |
Pension Plan | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 103 | 147 | |
Pension Plan | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 27 | 24 | |
Pension Plan | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 1,012 | 1,220 | 1,156 |
Total assets in fair value hierarchy | 879 | 1,100 | |
Fair Value | 132 | 119 | |
Total investments at fair value | 1,011 | 1,219 | |
Accrued income | 1 | 1 | |
Pension Plan | U.S. Plans | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 98 | 76 | |
Pension Plan | U.S. Plans | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 14 | 19 | |
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 | 0 | |
Pension Plan | U.S. Plans | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 20 | 24 | |
Pension Plan | U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 707 | 835 | |
Pension Plan | U.S. Plans | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 34 | 13 | |
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 | 66 | 82 | |
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 | 182 | 247 | |
Pension Plan | U.S. Plans | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 133 | 175 | |
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 | 188 | 225 | |
Pension Plan | U.S. Plans | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 104 | 93 | |
Pension Plan | U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 49 | 138 | |
Pension Plan | U.S. Plans | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 3 | |
Pension Plan | U.S. Plans | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 50 | |
Pension Plan | U.S. Plans | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 49 | 76 | |
Pension Plan | U.S. Plans | Level 2 | Asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 9 | |
Pension Plan | U.S. Plans | Level 2 | Structured debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 2 | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 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 | 0 | |
Pension Plan | U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 123 | 127 | |
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 | 94 | |
Pension Plan | U.S. Plans | Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 9 | 15 | |
Pension Plan | U.S. Plans | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 20 | 18 | |
Pension Plan | Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 3,264 | 3,665 | $ 3,152 |
Total assets in fair value hierarchy | 2,822 | 3,035 | |
Fair Value | 437 | 625 | |
Total investments at fair value | 3,259 | 3,660 | |
Accrued income | 5 | 5 | |
Pension Plan | Non-U.S. Plans | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 112 | 123 | |
Pension Plan | Non-U.S. Plans | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 43 | 183 | |
Pension Plan | Non-U.S. Plans | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 68 | ||
Pension Plan | Non-U.S. Plans | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 282 | 251 | |
Pension Plan | Non-U.S. Plans | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | ||
Fair Value | 0 | ||
Pension Plan | Non-U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 271 | 412 | |
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 | 225 | 304 | |
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 | 27 | 34 | |
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 | 3 | 32 | |
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 | ||
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 | 16 | 32 | |
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 | 0 | |
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 | 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 | 0 | |
Pension Plan | Non-U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2,141 | 2,232 | |
Pension Plan | Non-U.S. Plans | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 411 | 482 | |
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 | 341 | 556 | |
Pension Plan | Non-U.S. Plans | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 212 | 4 | |
Pension Plan | Non-U.S. Plans | Level 2 | Asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2 | 0 | |
Pension Plan | Non-U.S. Plans | Level 2 | Structured debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 699 | 904 | |
Pension Plan | Non-U.S. Plans | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 105 | 18 | |
Pension Plan | Non-U.S. Plans | Level 2 | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 103 | 136 | |
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 | 268 | 132 | |
Pension Plan | Non-U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 410 | 391 | |
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 | 196 | 64 | |
Pension Plan | Non-U.S. Plans | Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 113 | 189 | |
Pension Plan | Non-U.S. Plans | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 94 | 132 | |
Pension Plan | Non-U.S. Plans | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | $ 7 | $ 6 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits (Schedule of Reconciliation of Plan Assets Measured by Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | $ 0 | |
Balance at end of period | $ 0 | |
Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | 518 | 576 |
Foreign currency translation | (24) | 44 |
Asset returns – assets held at reporting date | (38) | (88) |
Asset returns – assets sold during the period | 63 | 85 |
Purchases, sales and settlements, net | (50) | (99) |
Asset transfers during the period | 64 | |
Balance at end of period | 533 | 518 |
Level 3 | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | 189 | 207 |
Foreign currency translation | (11) | 20 |
Asset returns – assets held at reporting date | (18) | (38) |
Asset returns – assets sold during the period | 20 | 32 |
Purchases, sales and settlements, net | (67) | (32) |
Asset transfers during the period | 0 | |
Balance at end of period | 113 | 189 |
Level 3 | Private equity | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | 147 | 215 |
Foreign currency translation | (8) | 19 |
Asset returns – assets held at reporting date | (11) | (57) |
Asset returns – assets sold during the period | 28 | 53 |
Purchases, sales and settlements, net | (53) | (83) |
Asset transfers during the period | 0 | |
Balance at end of period | 103 | 147 |
Level 3 | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of period | 182 | 154 |
Foreign currency translation | (5) | 5 |
Asset returns – assets held at reporting date | (9) | 7 |
Asset returns – assets sold during the period | 15 | 0 |
Purchases, sales and settlements, net | 70 | 16 |
Asset transfers during the period | 64 | |
Balance at end of period | $ 317 | $ 182 |
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, 2018 | Dec. 31, 2017 | |
Investment funds – fixed income | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 210 | $ 199 |
Redemption Notice Period | 1 day | 1 day |
Investment funds – global equity | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 57 | $ 202 |
Investment funds – emerging markets | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 20 | $ 24 |
Redemption Notice Period | 30 days | 30 days |
Hedge funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 282 | $ 251 |
Investment funds – real estate | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 68 | |
Redemption Notice Period | 2 days | |
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 | 1 day | 3 days |
Maximum | Investment funds – global equity | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 15 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, 2018 | Dec. 31, 2017 |
Retirement Benefits [Abstract] | ||
Non-current assets | $ 360 | $ 313 |
Current liabilities | 14 | 6 |
Non-current liabilities | $ 549 | $ 434 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan | |||
Net loss | |||
Balance at beginning of period | $ 2,057 | $ 2,032 | $ 2,320 |
Reclassification to net periodic benefit cost | (134) | (95) | (114) |
Current year loss | 103 | 21 | 13 |
Amendments | 0 | 0 | 0 |
Foreign currency translation | (64) | 99 | (187) |
Balance at end of period | 1,962 | 2,057 | 2,032 |
Prior service | |||
Balance at beginning of period | (16) | (32) | (54) |
Reclassification to net periodic benefit cost | 10 | 14 | 11 |
Current year loss | 0 | 0 | 0 |
Amendments | 0 | 4 | 3 |
Foreign currency translation | 0 | (2) | 8 |
Balance at end of period | (6) | (16) | (32) |
Other Postretirement Benefits | |||
Net loss | |||
Balance at beginning of period | 49 | 49 | 47 |
Reclassification to net periodic benefit cost | (4) | (4) | (5) |
Current year loss | (14) | 4 | 7 |
Foreign currency translation | 0 | 0 | 0 |
Balance at end of period | 31 | 49 | 49 |
Prior service | |||
Balance at beginning of period | (142) | (182) | (225) |
Reclassification to net periodic benefit cost | 37 | 40 | 41 |
Current year loss | 0 | 0 | 0 |
Foreign currency translation | 0 | 0 | 2 |
Balance at end of period | $ (105) | $ (142) | $ (182) |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits (Schedule of Expected Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 14 |
2,020 | 13 |
2,021 | 13 |
2,022 | 12 |
2,023 | 12 |
2024 - 2028 | 52 |
U.S. Plans | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 108 |
2,020 | 109 |
2,021 | 99 |
2,022 | 101 |
2,023 | 95 |
2024 - 2028 | 482 |
Non-U.S. Plans | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 159 |
2,020 | 161 |
2,021 | 161 |
2,022 | 165 |
2,023 | 164 |
2024 - 2028 | $ 820 |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits (Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.50% | 3.80% | 4.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 4.90% | 5.00% | 4.90% |
Discount rate - interest cost | 4.10% | 3.50% | 3.60% |
Non-U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.90% | 2.50% | 2.70% |
Compensation increase | 3.20% | 3.20% | 3.30% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 2.60% | 2.80% | 3.90% |
Discount rate - interest cost | 2.20% | 2.30% | 3.20% |
Compensation increase | 3.20% | 3.30% | 2.90% |
Long-term rate of return | 4.40% | 4.50% | 5.40% |
U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.30% | 3.70% | 4.20% |
Compensation increase | 4.50% | 4.70% | 4.60% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 3.90% | 4.70% | 4.90% |
Discount rate - interest cost | 3.20% | 3.40% | 3.50% |
Compensation increase | 4.70% | 4.60% | 4.60% |
Long-term rate of return | 7.25% | 7.50% | 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, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Health care cost trend rate assumed for 2018 | 5.30% |
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, 2018USD ($) | |
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 | 8 |
Effect on postretirement benefit obligation, Decrease | $ 7 |
Pension and Other Postretire_17
Pension and Other Postretirement Benefits (Weighted Average Discount Rates used to Calculate the Benefit Obligations (Details) - Other Postretirement Benefits | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations, discount rate | 4.50% | 3.80% | 4.00% |
Service cost, discount rate | 4.90% | 5.00% | 4.90% |
Interest Cost, discount rate | 4.10% | 3.50% | 3.60% |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ 21 | $ 10 | $ (3) |
Foreign | 719 | 819 | 772 |
Income before income taxes | $ 740 | $ 829 | $ 769 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||||
Taxes paid | $ 177 | $ 154 | $ 158 | |
Statutory income tax rate (as a percent) | 21.00% | 35.00% | 35.00% | |
Effective Income Tax Rate Reconciliation, Deduction, Percent | 30.00% | |||
Reduction in deferred tax asset | $ 103 | |||
Provisional obligation for transition tax | $ 82 | 82 | ||
Charge related to foreign tax credit | 25 | |||
Reversal of deferred tax liabilities related to undistributed foreign earnings | 11 | |||
Finalized impact of Tax Act, income tax benefit | (177) | $ 2 | ||
Charge related to local taxes on distributions of foreign earnings previously asserted to be indefinitely reinvested | 24 | |||
Deferred taxes on earnings of foreign subsidiaries | 1,200 | |||
Valuation allowance | $ 228 | 282 | 228 | |
Income tax benefit | (216) | (401) | $ (186) | |
Unrecognized tax benefits, interest and penalties excluded from reserves | 3 | |||
Unrecognized tax benefits, settlements for certain tax contingencies | 2 | 4 | 12 | |
Interest and penalties expenses | 1 | 1 | ||
Unrecognized tax benefits that if recognized would affect ETR | 37 | |||
Signode | ||||
Income Taxes [Line Items] | ||||
Tax loss carryforwards | $ 61 | |||
Brazil | ||||
Income Taxes [Line Items] | ||||
Tax incentives, beginning of expiration date | 2,020 | |||
Increase in net income attributable to the Company resulting from incentives | $ 14 | $ 14 | 13 | |
U.S. | ||||
Income Taxes [Line Items] | ||||
Tax loss carryforwards | 101 | |||
State | ||||
Income Taxes [Line Items] | ||||
Tax loss carryforwards | 121 | |||
Valuation allowance | 195 | |||
Federal And State Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Tax loss carryforwards | 17 | |||
France | ||||
Income Taxes [Line Items] | ||||
Tax loss carryforwards | 63 | |||
Canada | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | 12 | |||
Income tax benefit | $ 31 | |||
Spain | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits, settlements for certain tax contingencies | $ 8 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current tax: | |||
U.S. federal | $ (2) | $ 0 | $ (1) |
State and foreign | 183 | 154 | 171 |
Current tax, total | 181 | 154 | 170 |
Deferred tax: | |||
U.S. federal | 31 | 217 | 19 |
State and foreign | 4 | 30 | (3) |
Deferred tax, total | 35 | 247 | 16 |
Total | $ 216 | $ 401 | $ 186 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate (as a percent) | 21.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. statutory rate at 21%, 35% and 35% | $ 155 | $ 290 | $ 269 |
Tax on foreign income | 30 | (126) | (119) |
U.S. taxes on foreign income, net of credits | 24 | 45 | 31 |
Valuation allowance changes | (1) | 9 | (14) |
Tax contingencies | (2) | 6 | 11 |
Tax law changes | 4 | 174 | 3 |
Other items, net | 6 | 3 | 5 |
Total | $ 216 | $ 401 | $ 186 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Tax loss and credit carryforwards | $ 531 | $ 503 |
Postretirement and postemployment benefits | 39 | 43 |
Pensions | 193 | 185 |
Property, plant and equipment | 20 | 18 |
Intangible assets | 0 | 0 |
Deemed repatriation tax | 0 | 0 |
Asbestos | 71 | 74 |
Accruals and other | 88 | 87 |
Valuation allowances | (282) | (228) |
Total | 660 | 682 |
Liabilities | ||
Tax loss and credit carryforwards | 0 | 0 |
Postretirement and postemployment benefits | 0 | 0 |
Pensions | 106 | 105 |
Property, plant and equipment | 177 | 151 |
Intangible assets | 431 | 128 |
Deemed repatriation tax | 0 | 57 |
Asbestos | 0 | 0 |
Accruals and other | 73 | 44 |
Total | $ 787 | $ 485 |
Income Taxes (Tax Loss and Cred
Income Taxes (Tax Loss and Credit Carryforwards Expirations) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Income Tax Disclosure [Abstract] | |
2,019 | $ 21 |
2,020 | 27 |
2,021 | 26 |
2,022 | 116 |
2,023 | 12 |
Thereafter | 213 |
Unlimited | $ 116 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 29 | $ 27 | $ 28 |
Additions related to acquisitions | 13 | 0 | 0 |
Additions for prior year tax positions | 1 | 6 | 13 |
Reductions to prior period tax positions | 0 | (2) | 0 |
Lapse of statute of limitations | (3) | 0 | (2) |
Settlements | (2) | (4) | (12) |
Foreign currency translation, increase | 2 | ||
Foreign currency translation, decrease | (1) | 0 | |
Balance at end of period | $ 37 | $ 29 | $ 27 |
Capital Stock (Summary of Commo
Capital Stock (Summary of Common Stock Activity) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares outstanding at beginning of period (in shares) | 134,275,609 | 139,840,228 | 139,441,298 |
Shares repurchased (in shares) | (92,167) | (6,157,010) | (162,563) |
Shares issued upon exercise of employee stock options (in shares) | 0 | 299,050 | 348,640 |
Restricted stock issued to employees, net of forfeitures (in shares) | 958,672 | 269,025 | 187,209 |
Shares issued to non-employee directors (in shares) | 31,834 | 24,316 | 25,644 |
Common shares outstanding at end of period (in shares) | 135,173,948 | 134,275,609 | 139,840,228 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
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 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Schedule of AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated other comprehensive loss | $ (3,374) | $ (3,241) | $ (3,400) | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 3 | |||
Increase (Decrease) in AOCI [Roll Forward] | ||||
Balance at beginning of period | 923 | 668 | ||
Other comprehensive loss before reclassifications | (191) | 147 | ||
Amounts reclassified from accumulated other comprehensive income | 55 | 12 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (133) | 159 | ||
Balance at end of period | 1,286 | 923 | ||
Defined benefit plans | ||||
Increase (Decrease) in AOCI [Roll Forward] | ||||
Balance at beginning of period | (1,583) | (1,524) | ||
Other comprehensive loss before reclassifications | (20) | (92) | ||
Amounts reclassified from accumulated other comprehensive income | 70 | 33 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 50 | (59) | ||
Balance at end of period | (1,533) | (1,583) | ||
Foreign currency translation | ||||
Increase (Decrease) in AOCI [Roll Forward] | ||||
Balance at beginning of period | (1,681) | (1,879) | ||
Other comprehensive loss before reclassifications | (136) | 198 | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (136) | 198 | ||
Balance at end of period | (1,817) | (1,681) | ||
Gains and losses on cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 3 | |||
Increase (Decrease) in AOCI [Roll Forward] | ||||
Balance at beginning of period | 23 | 3 | ||
Other comprehensive loss before reclassifications | (35) | 41 | ||
Amounts reclassified from accumulated other comprehensive income | (15) | (21) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (47) | 20 | ||
Balance at end of period | $ (24) | $ 23 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 3,000,000 | ||
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] | |||
Stock options granted (in shares) | 0 | 0 | |
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% | ||
Time-vested restricted stock and deferred stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Time-vested restricted stock and deferred stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 72 | ||
Weighted average recognition period, in years | 3 years 5 months | ||
Aggregate market value of the shares released and issued on the vesting dates | $ 16 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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) | 1,053,842 | ||
Awarded: (in shares) | 958,672 | 269,025 | 187,209 |
Non-vested shares outstanding at end of period (in shares) | 2,142,743 | 1,053,842 | |
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) | 1,515,700 | ||
Released: (in shares) | (353,555) | ||
Forfeitures: (in shares) | (63,575) | ||
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) | 150,069 | ||
Released: (in shares) | 0 | ||
Forfeitures: (in shares) | (159,738) |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Grant Date Fair Value of Restricted Stock) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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) | $ 44.48 | $ 55.55 | $ 51.04 |
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) | $ 57.24 | $ 51.90 | $ 51.18 |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Assumptions) (Details) - Performance-based shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.00% | 1.40% | 1.20% |
Expected term (years) | 3 years | 3 years | 3 years |
Expected stock price volatility | 19.90% | 21.10% | 19.80% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Crown Holdings | $ 53 | $ 164 | $ 132 | $ 90 | $ (89) | $ 177 | $ 128 | $ 107 | $ 439 | $ 323 | $ 496 |
Weighted average shares outstanding (in millions): | |||||||||||
Basic (in shares) | 133,700 | 133,700 | 133,600 | 133,500 | 133,400 | 134,000 | 135,300 | 138,500 | 133,640 | 135,290 | 138,530 |
Dilutive stock options and restricted stock (in shares) | 240 | 320 | 780 | ||||||||
Diluted (in shares) | 134,100 | 133,800 | 133,800 | 133,800 | 133,800 | 134,400 | 135,700 | 139,000 | 133,880 | 135,610 | 139,310 |
Basic EPS (in usd per share) | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ (0.67) | $ 1.32 | $ 0.95 | $ 0.77 | $ 3.28 | $ 2.39 | $ 3.58 |
Diluted (in dollars per share) | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ (0.67) | $ 1.32 | $ 0.94 | $ 0.77 | $ 3.28 | $ 2.38 | $ 3.56 |
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive (in shares) | 900 | 0 | 500 |
Segment Information (Informatio
Segment Information (Information About Operating Segments) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)division | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 2,168 | $ 2,468 | $ 2,161 | $ 1,901 | $ 11,151 | $ 8,698 | $ 8,284 | |
Number of geographical divisions | division | 4 | |||||||||||
Segment assets | 15,262 | 10,663 | $ 15,262 | 10,663 | 9,599 | $ 10,700 | ||||||
Cost, Depreciation | 277 | 208 | 206 | |||||||||
Capital expenditures | 462 | 498 | 473 | |||||||||
Segment income | 1,096 | 1,024 | 997 | |||||||||
Operating segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 9,869 | 7,497 | 7,148 | |||||||||
Segment assets | 13,858 | 9,203 | 13,858 | 9,203 | 7,985 | |||||||
Cost, Depreciation | 252 | 187 | 179 | |||||||||
Capital expenditures | 403 | 444 | 436 | |||||||||
Segment income | 1,345 | 1,137 | 1,108 | |||||||||
Operating segments | Americas Beverage | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 3,282 | 2,928 | 2,757 | |||||||||
Segment assets | 3,388 | 3,253 | 3,388 | 3,253 | 2,886 | |||||||
Cost, Depreciation | 84 | 75 | 71 | |||||||||
Capital expenditures | 111 | 167 | 220 | |||||||||
Segment income | 454 | 470 | 456 | |||||||||
Operating segments | European Beverage | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,489 | 1,457 | 1,420 | |||||||||
Segment assets | 1,705 | 1,631 | 1,705 | 1,631 | 1,381 | |||||||
Cost, Depreciation | 38 | 35 | 32 | |||||||||
Capital expenditures | 121 | 109 | 94 | |||||||||
Segment income | 193 | 235 | 240 | |||||||||
Operating segments | European Food | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,982 | 1,935 | 1,855 | |||||||||
Segment assets | 2,792 | 2,964 | 2,792 | 2,964 | 2,557 | |||||||
Cost, Depreciation | 39 | 35 | 36 | |||||||||
Capital expenditures | 17 | 45 | 42 | |||||||||
Segment income | 257 | 264 | 260 | |||||||||
Operating segments | Asia Pacific | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,316 | 1,177 | 1,116 | |||||||||
Segment assets | 1,558 | 1,355 | 1,558 | 1,355 | 1,161 | |||||||
Cost, Depreciation | 48 | 42 | 40 | |||||||||
Capital expenditures | 130 | 123 | 80 | |||||||||
Segment income | 186 | 168 | 152 | |||||||||
Operating segments | Transit Packaging | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,800 | |||||||||||
Segment assets | 4,415 | 4,415 | ||||||||||
Cost, Depreciation | 43 | |||||||||||
Capital expenditures | 24 | |||||||||||
Segment income | 255 | |||||||||||
Intersegment sales | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 270 | 222 | 265 | |||||||||
Intersegment sales | Reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 128 | 106 | 112 | |||||||||
Intersegment sales | Americas Beverage | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 53 | 34 | 50 | |||||||||
Intersegment sales | European Beverage | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1 | 2 | 3 | |||||||||
Intersegment sales | European Food | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 69 | 70 | 59 | |||||||||
Intersegment sales | Asia Pacific | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 0 | 0 | 0 | |||||||||
Intersegment sales | Transit Packaging | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 5 | |||||||||||
Intersegment sales | Non-reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 142 | 116 | 153 | |||||||||
Non-reportable segments | Non-reportable segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,282 | 1,201 | 1,136 | |||||||||
Segment assets | 1,066 | 1,039 | 1,066 | 1,039 | 1,034 | |||||||
Cost, Depreciation | 18 | 17 | 16 | |||||||||
Capital expenditures | 27 | 27 | 23 | |||||||||
Segment income | 122 | 123 | 123 | |||||||||
Corporate and unallocated items | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment assets | $ 338 | $ 421 | 338 | 421 | 580 | |||||||
Cost, Depreciation | 7 | 4 | 11 | |||||||||
Capital expenditures | $ 32 | $ 27 | $ 14 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment income | $ 1,096 | $ 1,024 | $ 997 |
Provision for asbestos | 0 | (3) | (21) |
Restructuring and other | (44) | (51) | (30) |
Amortization of intangibles | (148) | (39) | (41) |
Loss from early extinguishments of debt | 0 | (7) | (37) |
Fair value adjustment to inventory | (40) | 0 | 0 |
Other pension and postretirement | 25 | 53 | 24 |
Interest expense | (384) | (252) | (243) |
Interest income | 21 | 15 | 12 |
Foreign exchange | (18) | (4) | 16 |
Income before income taxes | 740 | 829 | 769 |
Intercompany profit related to non-reportable segments | $ 7 | $ 8 | $ 13 |
Percentage of consolidated sales | 10.00% | 10.00% | 10.00% |
Operating segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment income | $ 1,345 | $ 1,137 | $ 1,108 |
Non-reportable segments | Non-reportable segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment income | 122 | 123 | 123 |
Corporate and unallocated items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Corporate and unallocated items | $ (139) | $ (143) | $ (142) |
Segment Information (Summary of
Segment Information (Summary of Sales by Major Product) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 2,168 | $ 2,468 | $ 2,161 | $ 1,901 | $ 11,151 | $ 8,698 | $ 8,284 |
Metal beverage cans and ends | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 5,551 | 5,085 | 4,834 | ||||||||
Metal food cans and ends | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,452 | 2,331 | 2,213 | ||||||||
Transit Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,800 | 0 | 0 | ||||||||
Other metal packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 884 | 887 | 877 | ||||||||
Other products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 464 | $ 395 | $ 360 |
Segment Information (Summary _2
Segment Information (Summary of Sales and Long-Lived Assets for The Major Countries) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 2,168 | $ 2,468 | $ 2,161 | $ 1,901 | $ 11,151 | $ 8,698 | $ 8,284 |
Long-Lived Assets | 3,745 | 3,239 | 3,745 | 3,239 | |||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 3,018 | 1,931 | 1,918 | ||||||||
Long-Lived Assets | 694 | 516 | 694 | 516 | |||||||
Mexico | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 763 | 699 | 688 | ||||||||
Long-Lived Assets | 434 | 388 | 434 | 388 | |||||||
Brazil | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 732 | 652 | 523 | ||||||||
Long-Lived Assets | 350 | 335 | 350 | 335 | |||||||
United Kingdom | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 685 | 600 | 559 | ||||||||
Long-Lived Assets | 139 | 150 | 139 | 150 | |||||||
Spain | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 666 | 649 | 645 | ||||||||
Long-Lived Assets | 346 | 323 | 346 | 323 | |||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 5,287 | 4,167 | $ 3,951 | ||||||||
Long-Lived Assets | $ 1,782 | $ 1,527 | $ 1,782 | $ 1,527 |
Condensed Combining Financial_3
Condensed Combining Financial Information (Narrative) (Details) | Dec. 31, 2018USD ($) |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 2,168 | $ 2,468 | $ 2,161 | $ 1,901 | $ 11,151 | $ 8,698 | $ 8,284 |
Cost of products sold, excluding depreciation and amortization | 9,028 | 7,006 | 6,623 | ||||||||
Depreciation and amortization | 425 | 247 | 247 | ||||||||
Selling and administrative expense | 558 | 367 | 366 | ||||||||
Provision for asbestos | 0 | 3 | 21 | ||||||||
Restructuring and other | 44 | 51 | 30 | ||||||||
Income from operations | 1,096 | 1,024 | 997 | ||||||||
Loss from early extinguishments of debt | 7 | 0 | 7 | 37 | |||||||
Other pension and postretirement | (25) | (53) | (24) | ||||||||
Foreign exchange | 18 | 4 | (16) | ||||||||
Income before income taxes | 740 | 829 | 769 | ||||||||
Provision for income taxes | 216 | 401 | 186 | ||||||||
Equity in net earnings of affiliates | 4 | 0 | 0 | ||||||||
Net income | 528 | 428 | 583 | ||||||||
Net income attributable to noncontrolling interests | (89) | (105) | (87) | ||||||||
Net income attributable to Crown Holdings | $ 53 | $ 164 | $ 132 | $ 90 | $ (89) | $ 177 | $ 128 | $ 107 | 439 | 323 | 496 |
Total comprehensive income | 389 | 590 | 337 | ||||||||
Comprehensive income attributable to Crown Holdings | 303 | 482 | 250 | ||||||||
Crown Cork & Seal Company, Inc. | |||||||||||
Net sales | 11,151 | 8,698 | 8,284 | ||||||||
Cost of products sold, excluding depreciation and amortization | 9,028 | 7,006 | 6,623 | ||||||||
Depreciation and amortization | 425 | 247 | 247 | ||||||||
Selling and administrative expense | 558 | 367 | 366 | ||||||||
Provision for asbestos | 3 | 21 | |||||||||
Restructuring and other | 44 | 51 | 30 | ||||||||
Income from operations | 1,096 | 1,024 | 997 | ||||||||
Loss from early extinguishments of debt | 7 | 37 | |||||||||
Other pension and postretirement | (25) | (53) | (24) | ||||||||
Net interest expense | 363 | 237 | 231 | ||||||||
Foreign exchange | 18 | 4 | (16) | ||||||||
Income before income taxes | 740 | 829 | 769 | ||||||||
Provision for income taxes | 216 | 401 | 186 | ||||||||
Equity in net earnings of affiliates | 4 | 0 | 0 | ||||||||
Net income | 528 | 428 | 583 | ||||||||
Net income attributable to noncontrolling interests | (89) | (105) | (87) | ||||||||
Net income attributable to Crown Holdings | 439 | 323 | 496 | ||||||||
Total comprehensive income | 389 | 590 | 337 | ||||||||
Comprehensive income attributable to noncontrolling interests | (86) | (108) | (87) | ||||||||
Comprehensive income attributable to Crown Holdings | 303 | 482 | 250 | ||||||||
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 in net earnings of affiliates | (902) | (854) | (1,025) | ||||||||
Net income | (902) | (854) | (1,025) | ||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net income attributable to Crown Holdings | (902) | (854) | (1,025) | ||||||||
Total comprehensive income | (660) | (1,053) | (733) | ||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||
Comprehensive income attributable to Crown Holdings | (660) | (1,053) | (733) | ||||||||
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 | 9 | ||||||||||
Income from operations | (9) | 0 | 0 | ||||||||
Loss from early extinguishments of debt | |||||||||||
Other pension and postretirement | |||||||||||
Net interest expense | |||||||||||
Foreign exchange | |||||||||||
Income before income taxes | (9) | 0 | 0 | ||||||||
Provision for income taxes | (2) | ||||||||||
Equity in net earnings of affiliates | 446 | 323 | 496 | ||||||||
Net income | 439 | 323 | 496 | ||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net income attributable to Crown Holdings | 439 | 323 | 496 | ||||||||
Total comprehensive income | 303 | 482 | 250 | ||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||
Comprehensive income attributable to Crown Holdings | 303 | 482 | 250 | ||||||||
Crown Cork & Seal Company, Inc. | Issuer | |||||||||||
Net sales | |||||||||||
Cost of products sold, excluding depreciation and amortization | |||||||||||
Depreciation and amortization | |||||||||||
Selling and administrative expense | 3 | 2 | 1 | ||||||||
Provision for asbestos | 3 | 21 | |||||||||
Restructuring and other | (1) | (1) | |||||||||
Income from operations | (3) | (4) | (21) | ||||||||
Loss from early extinguishments of debt | |||||||||||
Other pension and postretirement | 7 | 7 | 20 | ||||||||
Net interest expense | 74 | 91 | 106 | ||||||||
Foreign exchange | |||||||||||
Income before income taxes | (84) | (102) | (147) | ||||||||
Provision for income taxes | 7 | 194 | (12) | ||||||||
Equity in net earnings of affiliates | 456 | 531 | 529 | ||||||||
Net income | 365 | 235 | 394 | ||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net income attributable to Crown Holdings | 365 | 235 | 394 | ||||||||
Total comprehensive income | 259 | 275 | 348 | ||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||
Comprehensive income attributable to Crown Holdings | 259 | 275 | 348 | ||||||||
Crown Cork & Seal Company, Inc. | Non- Guarantors | |||||||||||
Net sales | 11,151 | 8,698 | 8,284 | ||||||||
Cost of products sold, excluding depreciation and amortization | 9,028 | 7,006 | 6,623 | ||||||||
Depreciation and amortization | 425 | 247 | 247 | ||||||||
Selling and administrative expense | 555 | 365 | 365 | ||||||||
Provision for asbestos | |||||||||||
Restructuring and other | 35 | 52 | 31 | ||||||||
Income from operations | 1,108 | 1,028 | 1,018 | ||||||||
Loss from early extinguishments of debt | 7 | 37 | |||||||||
Other pension and postretirement | (32) | (60) | (44) | ||||||||
Net interest expense | 289 | 146 | 125 | ||||||||
Foreign exchange | 18 | 4 | (16) | ||||||||
Income before income taxes | 833 | 931 | 916 | ||||||||
Provision for income taxes | 211 | 207 | 198 | ||||||||
Equity in net earnings of affiliates | 4 | ||||||||||
Net income | 626 | 724 | 718 | ||||||||
Net income attributable to noncontrolling interests | (89) | (105) | (87) | ||||||||
Net income attributable to Crown Holdings | 537 | 619 | 631 | ||||||||
Total comprehensive income | 487 | 886 | 472 | ||||||||
Comprehensive income attributable to noncontrolling interests | (86) | (108) | (87) | ||||||||
Comprehensive income attributable to Crown Holdings | 401 | 778 | 385 | ||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | |||||||||||
Net sales | 11,151 | 8,698 | 8,284 | ||||||||
Cost of products sold, excluding depreciation and amortization | 9,028 | 7,006 | 6,623 | ||||||||
Depreciation and amortization | 425 | 247 | 247 | ||||||||
Selling and administrative expense | 558 | 367 | 366 | ||||||||
Provision for asbestos | 3 | 21 | |||||||||
Restructuring and other | 44 | 51 | 30 | ||||||||
Income from operations | 1,096 | 1,024 | 997 | ||||||||
Loss from early extinguishments of debt | 7 | 37 | |||||||||
Other pension and postretirement | (25) | (53) | (24) | ||||||||
Net interest expense | 363 | 237 | 231 | ||||||||
Technology royalty | 0 | 0 | 0 | ||||||||
Foreign exchange | 18 | 4 | (16) | ||||||||
Income before income taxes | 740 | 829 | 769 | ||||||||
Provision for income taxes | 216 | 401 | 186 | ||||||||
Equity in net earnings of affiliates | 4 | ||||||||||
Net income | 528 | 428 | 583 | ||||||||
Net income attributable to noncontrolling interests | (89) | (105) | (87) | ||||||||
Net income attributable to Crown Holdings | 439 | 323 | 496 | ||||||||
Total comprehensive income | 389 | 590 | 337 | ||||||||
Comprehensive income attributable to noncontrolling interests | (86) | (108) | (87) | ||||||||
Comprehensive income attributable to Crown Holdings | 303 | 482 | 250 | ||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Eliminations | |||||||||||
Net sales | (487) | (385) | (401) | ||||||||
Cost of products sold, excluding depreciation and amortization | (487) | (385) | (401) | ||||||||
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 | 15 | (90) | 21 | ||||||||
Income before income taxes | (15) | 90 | (21) | ||||||||
Provision for income taxes | (3) | 32 | (7) | ||||||||
Equity in net earnings of affiliates | (945) | (923) | (1,073) | ||||||||
Net income | (957) | (865) | (1,087) | ||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net income attributable to Crown Holdings | (957) | (865) | (1,087) | ||||||||
Total comprehensive income | (703) | (1,136) | (774) | ||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||
Comprehensive income attributable to Crown Holdings | (703) | (1,136) | (774) | ||||||||
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 | 9 | ||||||||||
Income from operations | (9) | ||||||||||
Loss from early extinguishments of debt | |||||||||||
Other pension and postretirement | |||||||||||
Net interest expense | |||||||||||
Technology royalty | |||||||||||
Foreign exchange | |||||||||||
Income before income taxes | (9) | ||||||||||
Provision for income taxes | (2) | ||||||||||
Equity in net earnings of affiliates | 446 | 323 | 496 | ||||||||
Net income | 439 | 323 | 496 | ||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net income attributable to Crown Holdings | 439 | 323 | 496 | ||||||||
Total comprehensive income | 303 | 482 | 250 | ||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||
Comprehensive income attributable to Crown Holdings | 303 | 482 | 250 | ||||||||
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 | 11 | 10 | 10 | ||||||||
Provision for asbestos | |||||||||||
Restructuring and other | 2 | (5) | |||||||||
Income from operations | (11) | (12) | (5) | ||||||||
Loss from early extinguishments of debt | 6 | 32 | |||||||||
Other pension and postretirement | |||||||||||
Net interest expense | 91 | 65 | 66 | ||||||||
Technology royalty | |||||||||||
Foreign exchange | (16) | 90 | (21) | ||||||||
Income before income taxes | (86) | (173) | (82) | ||||||||
Provision for income taxes | (20) | (66) | (31) | ||||||||
Equity in net earnings of affiliates | 191 | 194 | 207 | ||||||||
Net income | 125 | 87 | 156 | ||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net income attributable to Crown Holdings | 125 | 87 | 156 | ||||||||
Total comprehensive income | 62 | 115 | 119 | ||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||
Comprehensive income attributable to Crown Holdings | 62 | 115 | 119 | ||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Guarantors | |||||||||||
Net sales | 3,426 | 2,286 | 2,270 | ||||||||
Cost of products sold, excluding depreciation and amortization | 2,932 | 1,960 | 1,923 | ||||||||
Depreciation and amortization | 117 | 40 | 33 | ||||||||
Selling and administrative expense | 216 | 134 | 135 | ||||||||
Provision for asbestos | 3 | 21 | |||||||||
Restructuring and other | 11 | 11 | 11 | ||||||||
Income from operations | 150 | 138 | 147 | ||||||||
Loss from early extinguishments of debt | |||||||||||
Other pension and postretirement | (14) | (13) | (7) | ||||||||
Net interest expense | 113 | 95 | 86 | ||||||||
Technology royalty | (45) | (42) | (38) | ||||||||
Foreign exchange | (2) | 1 | |||||||||
Income before income taxes | 96 | 100 | 105 | ||||||||
Provision for income taxes | 53 | 271 | 81 | ||||||||
Equity in net earnings of affiliates | 311 | 406 | 370 | ||||||||
Net income | 354 | 235 | 394 | ||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net income attributable to Crown Holdings | 354 | 235 | 394 | ||||||||
Total comprehensive income | 248 | 275 | 348 | ||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||
Comprehensive income attributable to Crown Holdings | 248 | 275 | 348 | ||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Non- Guarantors | |||||||||||
Net sales | 8,212 | 6,797 | 6,415 | ||||||||
Cost of products sold, excluding depreciation and amortization | 6,583 | 5,431 | 5,101 | ||||||||
Depreciation and amortization | 308 | 207 | 214 | ||||||||
Selling and administrative expense | 331 | 223 | 221 | ||||||||
Provision for asbestos | |||||||||||
Restructuring and other | 24 | 38 | 24 | ||||||||
Income from operations | 966 | 898 | 855 | ||||||||
Loss from early extinguishments of debt | 1 | 5 | |||||||||
Other pension and postretirement | (11) | (40) | (17) | ||||||||
Net interest expense | 159 | 77 | 79 | ||||||||
Technology royalty | 45 | 42 | 38 | ||||||||
Foreign exchange | 19 | 6 | (17) | ||||||||
Income before income taxes | 754 | 812 | 767 | ||||||||
Provision for income taxes | 188 | 164 | 143 | ||||||||
Equity in net earnings of affiliates | 1 | ||||||||||
Net income | 567 | 648 | 624 | ||||||||
Net income attributable to noncontrolling interests | (89) | (105) | (87) | ||||||||
Net income attributable to Crown Holdings | 478 | 543 | 537 | ||||||||
Total comprehensive income | 479 | 854 | 394 | ||||||||
Comprehensive income attributable to noncontrolling interests | (86) | (108) | (87) | ||||||||
Comprehensive income attributable to Crown Holdings | $ 393 | $ 746 | $ 307 |
Condensed Combining Financial_5
Condensed Combining Financial Information (Condensed Combining Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | |||||
Cash and cash equivalents | $ 607 | $ 424 | |||
Receivables, net | 1,602 | $ 1,195 | 1,041 | ||
Inventories | 1,690 | 1,241 | 1,385 | ||
Prepaid expenses and other current assets | 180 | 250 | 224 | ||
Total current assets | 4,079 | 3,110 | 3,074 | ||
Goodwill | 4,442 | 3,046 | $ 2,791 | ||
Intangible assets | 2,193 | 472 | |||
Property, plant and equipment, net | 3,745 | 3,239 | |||
Other non-current assets | 803 | 833 | 832 | ||
Total | 15,262 | 10,700 | 10,663 | 9,599 | |
Current liabilities | |||||
Short-term debt | 89 | 62 | |||
Current maturities of long-term debt | 86 | 64 | |||
Accounts payable | 2,732 | 2,367 | |||
Accrued liabilities | 1,006 | 774 | 757 | ||
Total current liabilities | 3,913 | 3,267 | 3,250 | ||
Long-term debt, excluding current maturities | 8,517 | 5,217 | |||
Postretirement and pension liabilities | 683 | 588 | |||
Other non-current liabilities | 863 | 695 | 685 | ||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 349 | 323 | 322 | ||
Crown Holdings shareholders’ equity | 937 | 610 | 601 | ||
Total equity | 1,286 | 933 | 923 | $ 668 | $ 385 |
Total | 15,262 | $ 10,700 | 10,663 | ||
Crown Cork & Seal Company, Inc. | |||||
Current assets | |||||
Cash and cash equivalents | 607 | 424 | |||
Receivables, net | 1,602 | 1,041 | |||
Inventories | 1,690 | 1,385 | |||
Prepaid expenses and other current assets | 180 | 224 | |||
Total current assets | 4,079 | 3,074 | |||
Intercompany debt receivables | 0 | 0 | |||
Investments | 0 | 0 | |||
Goodwill | 4,442 | 3,046 | |||
Intangible assets | 2,193 | 472 | |||
Property, plant and equipment, net | 3,745 | 3,239 | |||
Other non-current assets | 803 | 832 | |||
Total | 15,262 | 10,663 | |||
Current liabilities | |||||
Short-term debt | 89 | 62 | |||
Current maturities of long-term debt | 86 | 64 | |||
Accounts Payable | 2,732 | ||||
Accounts payable | 2,367 | ||||
Accrued liabilities | 1,006 | 757 | |||
Total current liabilities | 3,913 | 3,250 | |||
Long-term debt, excluding current maturities | 8,517 | 5,217 | |||
Long-term intercompany debt | 0 | 0 | |||
Postretirement and pension liabilities | 683 | 588 | |||
Other non-current liabilities | 863 | 685 | |||
Noncontrolling interests | 349 | 322 | |||
Crown Holdings shareholders’ equity | 937 | 601 | |||
Total equity | 1,286 | 923 | |||
Total | 15,262 | 10,663 | |||
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 | (3,561) | (3,604) | |||
Investments | (7,222) | (6,568) | |||
Goodwill | |||||
Intangible assets | |||||
Property, plant and equipment, net | |||||
Other non-current assets | |||||
Total | (10,783) | (10,172) | |||
Current liabilities | |||||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Accounts Payable | |||||
Accounts payable | |||||
Accrued liabilities | |||||
Total current liabilities | 0 | 0 | |||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | (3,561) | (3,604) | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity | (7,222) | (6,568) | |||
Total equity | (7,222) | (6,568) | |||
Total | (10,783) | (10,172) | |||
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 | 3,458 | 3,120 | |||
Goodwill | |||||
Intangible assets | |||||
Property, plant and equipment, net | |||||
Other non-current assets | |||||
Total | 3,459 | 3,120 | |||
Current liabilities | |||||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Accounts Payable | |||||
Accounts payable | |||||
Accrued liabilities | 14 | 22 | |||
Total current liabilities | 14 | 22 | |||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | 2,508 | 2,497 | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity | 937 | 601 | |||
Total equity | 937 | 601 | |||
Total | 3,459 | 3,120 | |||
Crown Cork & Seal Company, Inc. | Issuer | |||||
Current assets | |||||
Cash and cash equivalents | |||||
Receivables, net | 9 | 9 | |||
Inventories | |||||
Prepaid expenses and other current assets | 1 | ||||
Total current assets | 10 | 9 | |||
Intercompany debt receivables | |||||
Investments | 3,764 | 3,448 | |||
Goodwill | |||||
Intangible assets | |||||
Property, plant and equipment, net | |||||
Other non-current assets | 156 | 283 | |||
Total | 3,930 | 3,740 | |||
Current liabilities | |||||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Accounts Payable | |||||
Accounts payable | |||||
Accrued liabilities | 30 | 41 | |||
Total current liabilities | 30 | 41 | |||
Long-term debt, excluding current maturities | 388 | 387 | |||
Long-term intercompany debt | 1,053 | 1,107 | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | 325 | 336 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity | 2,134 | 1,869 | |||
Total equity | 2,134 | 1,869 | |||
Total | 3,930 | 3,740 | |||
Crown Cork & Seal Company, Inc. | Non- Guarantors | |||||
Current assets | |||||
Cash and cash equivalents | 607 | 424 | |||
Receivables, net | 1,593 | 1,032 | |||
Inventories | 1,690 | 1,385 | |||
Prepaid expenses and other current assets | 178 | 224 | |||
Total current assets | 4,068 | 3,065 | |||
Intercompany debt receivables | 3,561 | 3,604 | |||
Investments | |||||
Goodwill | 4,442 | 3,046 | |||
Intangible assets | 2,193 | 472 | |||
Property, plant and equipment, net | 3,745 | 3,239 | |||
Other non-current assets | 647 | 549 | |||
Total | 18,656 | 13,975 | |||
Current liabilities | |||||
Short-term debt | 89 | 62 | |||
Current maturities of long-term debt | 86 | 64 | |||
Accounts Payable | 2,732 | ||||
Accounts payable | 2,367 | ||||
Accrued liabilities | 962 | 694 | |||
Total current liabilities | 3,869 | 3,187 | |||
Long-term debt, excluding current maturities | 8,129 | 4,830 | |||
Long-term intercompany debt | |||||
Postretirement and pension liabilities | 683 | 588 | |||
Other non-current liabilities | 538 | 349 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 349 | 322 | |||
Crown Holdings shareholders’ equity | 5,088 | 4,699 | |||
Total equity | 5,437 | 5,021 | |||
Total | 18,656 | 13,975 | |||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | |||||
Current assets | |||||
Cash and cash equivalents | 607 | 424 | |||
Receivables, net | 1,602 | 1,041 | |||
Intercompany receivables | 0 | 0 | |||
Inventories | 1,690 | 1,385 | |||
Prepaid expenses and other current assets | 180 | 224 | |||
Total current assets | 4,079 | 3,074 | |||
Intercompany debt receivables | 0 | 0 | |||
Investments | 0 | 0 | |||
Goodwill | 4,442 | 3,046 | |||
Intangible assets | 2,193 | 472 | |||
Property, plant and equipment, net | 3,745 | 3,239 | |||
Other non-current assets | 803 | 832 | |||
Total | 15,262 | 10,663 | |||
Current liabilities | |||||
Short-term debt | 89 | 62 | |||
Current maturities of long-term debt | 86 | 64 | |||
Accounts payable | 2,732 | 2,367 | |||
Accrued liabilities | 1,006 | 757 | |||
Intercompany payables | 0 | 0 | |||
Total current liabilities | 3,913 | 3,250 | |||
Long-term debt, excluding current maturities | 8,517 | 5,217 | |||
Long-term intercompany debt | 0 | 0 | |||
Postretirement and pension liabilities | 683 | 588 | |||
Other non-current liabilities | 863 | 685 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 349 | 322 | |||
Crown Holdings shareholders’ equity | 937 | 601 | |||
Total equity | 1,286 | 923 | |||
Total | 15,262 | 10,663 | |||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Eliminations | |||||
Current assets | |||||
Cash and cash equivalents | |||||
Receivables, net | |||||
Intercompany receivables | (46) | (45) | |||
Inventories | |||||
Prepaid expenses and other current assets | |||||
Total current assets | (46) | (45) | |||
Intercompany debt receivables | (6,038) | (6,580) | |||
Investments | (7,363) | (6,631) | |||
Goodwill | |||||
Intangible assets | |||||
Property, plant and equipment, net | |||||
Other non-current assets | |||||
Total | (13,447) | (13,256) | |||
Current liabilities | |||||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Accounts payable | |||||
Accrued liabilities | |||||
Intercompany payables | (46) | (45) | |||
Total current liabilities | (46) | (45) | |||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | (6,038) | (6,580) | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity | (7,363) | (6,631) | |||
Total equity | (7,363) | (6,631) | |||
Total | (13,447) | (13,256) | |||
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 | 3,458 | 3,120 | |||
Goodwill | |||||
Intangible assets | |||||
Property, plant and equipment, net | |||||
Other non-current assets | |||||
Total | 3,459 | 3,120 | |||
Current liabilities | |||||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Accounts payable | |||||
Accrued liabilities | 14 | 22 | |||
Intercompany payables | |||||
Total current liabilities | 14 | 22 | |||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | 2,508 | 2,497 | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity | 937 | 601 | |||
Total equity | 937 | 601 | |||
Total | 3,459 | 3,120 | |||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Issuer | |||||
Current assets | |||||
Cash and cash equivalents | 117 | 36 | |||
Receivables, net | 4 | ||||
Intercompany receivables | |||||
Inventories | |||||
Prepaid expenses and other current assets | 1 | 2 | |||
Total current assets | 122 | 38 | |||
Intercompany debt receivables | 2,577 | 2,523 | |||
Investments | 2,657 | 2,479 | |||
Goodwill | |||||
Intangible assets | |||||
Property, plant and equipment, net | 1 | 1 | |||
Other non-current assets | 29 | 11 | |||
Total | 5,386 | 5,052 | |||
Current liabilities | |||||
Short-term debt | |||||
Current maturities of long-term debt | 37 | 23 | |||
Accounts payable | |||||
Accrued liabilities | 49 | 31 | |||
Intercompany payables | |||||
Total current liabilities | 86 | 54 | |||
Long-term debt, excluding current maturities | 2,999 | 2,094 | |||
Long-term intercompany debt | 746 | 1,411 | |||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity | 1,555 | 1,493 | |||
Total equity | 1,555 | 1,493 | |||
Total | 5,386 | 5,052 | |||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Guarantors | |||||
Current assets | |||||
Cash and cash equivalents | 19 | 3 | |||
Receivables, net | 182 | 29 | |||
Intercompany receivables | 33 | 32 | |||
Inventories | 485 | 347 | |||
Prepaid expenses and other current assets | 17 | 17 | |||
Total current assets | 736 | 428 | |||
Intercompany debt receivables | 3,449 | 3,325 | |||
Investments | 1,248 | 1,032 | |||
Goodwill | 1,178 | 453 | |||
Intangible assets | 901 | 13 | |||
Property, plant and equipment, net | 693 | 515 | |||
Other non-current assets | 192 | 311 | |||
Total | 8,397 | 6,077 | |||
Current liabilities | |||||
Short-term debt | |||||
Current maturities of long-term debt | 3 | 3 | |||
Accounts payable | 725 | 547 | |||
Accrued liabilities | 141 | 72 | |||
Intercompany payables | 13 | 13 | |||
Total current liabilities | 882 | 635 | |||
Long-term debt, excluding current maturities | 1,285 | 408 | |||
Long-term intercompany debt | 2,700 | 2,454 | |||
Postretirement and pension liabilities | 432 | 373 | |||
Other non-current liabilities | 321 | 338 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity | 2,777 | 1,869 | |||
Total equity | 2,777 | 1,869 | |||
Total | 8,397 | 6,077 | |||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Non- Guarantors | |||||
Current assets | |||||
Cash and cash equivalents | 471 | 385 | |||
Receivables, net | 1,416 | 1,012 | |||
Intercompany receivables | 13 | 13 | |||
Inventories | 1,205 | 1,038 | |||
Prepaid expenses and other current assets | 161 | 205 | |||
Total current assets | 3,266 | 2,653 | |||
Intercompany debt receivables | 12 | 732 | |||
Investments | |||||
Goodwill | 3,264 | 2,593 | |||
Intangible assets | 1,292 | 459 | |||
Property, plant and equipment, net | 3,051 | 2,723 | |||
Other non-current assets | 582 | 510 | |||
Total | 11,467 | 9,670 | |||
Current liabilities | |||||
Short-term debt | 89 | 62 | |||
Current maturities of long-term debt | 46 | 38 | |||
Accounts payable | 2,007 | 1,820 | |||
Accrued liabilities | 802 | 632 | |||
Intercompany payables | 33 | 32 | |||
Total current liabilities | 2,977 | 2,584 | |||
Long-term debt, excluding current maturities | 4,233 | 2,715 | |||
Long-term intercompany debt | 84 | 218 | |||
Postretirement and pension liabilities | 251 | 215 | |||
Other non-current liabilities | 542 | 347 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 349 | 322 | |||
Crown Holdings shareholders’ equity | 3,031 | 3,269 | |||
Total equity | 3,380 | 3,591 | |||
Total | $ 11,467 | $ 9,670 |
Condensed Combining Financial_6
Condensed Combining Financial Information (Condensed Combining Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net cash provided by/(used for) operating activities | $ 571 | $ (251) | $ (134) |
Cash flows from investing activities | |||
Capital expenditures | (462) | (498) | (473) |
Beneficial interest in transferred receivables | 490 | 1,010 | 1,086 |
Acquisition of businesses, net of cash acquired | (3,912) | 0 | 0 |
Foreign exchange derivatives related to acquisition | (25) | 0 | 0 |
Net investment hedges | 34 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 36 | 8 | 10 |
Other, net | (4) | (24) | 10 |
Net cash (used for) / provided by investing activities | (3,843) | 496 | 633 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 4,082 | 1,054 | 1,380 |
Payments of long-term debt | (333) | (1,137) | (1,914) |
Net change in revolving credit facility and short-term debt | (69) | 95 | (32) |
Premiums paid to retire debt | 0 | 0 | (22) |
Debt issuance costs | (70) | (16) | (18) |
Common stock issued | 1 | 9 | 10 |
Common stock repurchased | (4) | (339) | (8) |
Dividends paid to noncontrolling interests | (60) | (93) | (80) |
Contribution from noncontrolling interests | 0 | 0 | 4 |
Foreign exchange derivatives related to debt | (14) | 27 | 42 |
Net cash provided by / (used for) financing activities | 3,533 | (400) | (638) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (37) | 14 | (30) |
Net change in cash, cash equivalents and restricted cash | 224 | (141) | (169) |
Cash and cash equivalents at beginning of period | 435 | 576 | 745 |
Cash and cash equivalents at end of period | 659 | 435 | 576 |
Crown Cork & Seal Company, Inc. | |||
Net cash provided by/(used for) operating activities | 571 | (251) | (134) |
Cash flows from investing activities | |||
Capital expenditures | (462) | (498) | (473) |
Beneficial interest in transferred receivables | 490 | 1,010 | 1,086 |
Acquisition of businesses, net of cash acquired | (3,912) | ||
Foreign exchange derivatives related to acquisition | (25) | ||
Net investment hedges | 34 | ||
Proceeds from sale of property, plant and equipment | 36 | 8 | 10 |
Intercompany investing activities | 0 | 0 | |
Other, net | (4) | (24) | 10 |
Net cash (used for) / provided by investing activities | (3,843) | 496 | 633 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 4,082 | 1,054 | 1,380 |
Payments of long-term debt | (333) | (1,137) | (1,914) |
Net change in revolving credit facility and short-term debt | (69) | 95 | (32) |
Net change in long-term intercompany balances | 0 | 0 | 0 |
Premiums paid to retire debt | (22) | ||
Debt issuance costs | (70) | (16) | (18) |
Common stock issued | 1 | 9 | 10 |
Common stock repurchased | (4) | (339) | (8) |
Dividends paid | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | (60) | (93) | (80) |
Contribution from noncontrolling interests | 4 | ||
Foreign exchange derivatives related to debt | (14) | 27 | 42 |
Net cash provided by / (used for) financing activities | 3,533 | (400) | (638) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (37) | 14 | (30) |
Net change in cash, cash equivalents and restricted cash | 224 | (141) | (169) |
Cash and cash equivalents at beginning of period | 435 | 576 | 745 |
Cash and cash equivalents at end of period | 659 | 435 | 576 |
Crown Cork & Seal Company, Inc. | Eliminations | |||
Net cash provided by/(used for) operating activities | (39) | (38) | (102) |
Cash flows from investing activities | |||
Capital expenditures | |||
Beneficial interest in transferred receivables | |||
Acquisition of businesses, net of cash acquired | |||
Foreign exchange derivatives related to acquisition | |||
Net investment hedges | |||
Proceeds from sale of property, plant and equipment | |||
Intercompany investing activities | (235) | (235) | |
Other, net | |||
Net cash (used for) / provided by investing activities | (235) | (235) | |
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 | 39 | 273 | 337 |
Dividends paid to noncontrolling interests | |||
Contribution from noncontrolling interests | |||
Foreign exchange derivatives related to debt | |||
Net cash provided by / (used for) financing activities | 39 | 273 | 337 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | |||
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period | |||
Crown Cork & Seal Company, Inc. | Parent | |||
Net cash provided by/(used for) operating activities | (8) | 7 | 63 |
Cash flows from investing activities | |||
Capital expenditures | |||
Beneficial interest in transferred receivables | |||
Acquisition of businesses, net of cash acquired | |||
Foreign exchange derivatives related to acquisition | |||
Net investment hedges | |||
Proceeds from sale of property, plant and equipment | |||
Intercompany investing activities | 235 | 235 | |
Other, net | |||
Net cash (used for) / provided by investing activities | 235 | 235 | |
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 | 11 | 88 | (300) |
Premiums paid to retire debt | |||
Debt issuance costs | |||
Common stock issued | 1 | 9 | 10 |
Common stock repurchased | (4) | (339) | (8) |
Dividends paid | |||
Dividends paid to noncontrolling interests | |||
Contribution from noncontrolling interests | |||
Foreign exchange derivatives related to debt | |||
Net cash provided by / (used for) financing activities | 8 | (242) | (298) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | |||
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period | |||
Crown Cork & Seal Company, Inc. | Issuer | |||
Net cash provided by/(used for) operating activities | (74) | (58) | (92) |
Cash flows from investing activities | |||
Capital expenditures | |||
Beneficial interest in transferred receivables | |||
Acquisition of businesses, net of cash acquired | |||
Foreign exchange derivatives related to acquisition | |||
Net investment hedges | |||
Proceeds from sale of property, plant and equipment | (1) | ||
Intercompany investing activities | |||
Other, net | |||
Net cash (used for) / provided by investing activities | (1) | ||
Cash flows from financing activities | |||
Proceeds from long-term debt | |||
Payments of long-term debt | (5) | ||
Net change in revolving credit facility and short-term debt | |||
Net change in long-term intercompany balances | 74 | 63 | 93 |
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 provided by / (used for) financing activities | 74 | 58 | 93 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | |||
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period | |||
Crown Cork & Seal Company, Inc. | Non- Guarantors | |||
Net cash provided by/(used for) operating activities | 692 | (162) | (3) |
Cash flows from investing activities | |||
Capital expenditures | (462) | (498) | (473) |
Beneficial interest in transferred receivables | 490 | 1,010 | 1,086 |
Acquisition of businesses, net of cash acquired | (3,912) | ||
Foreign exchange derivatives related to acquisition | (25) | ||
Net investment hedges | 34 | ||
Proceeds from sale of property, plant and equipment | 36 | 8 | 11 |
Intercompany investing activities | |||
Other, net | (4) | (24) | 10 |
Net cash (used for) / provided by investing activities | (3,843) | 496 | 634 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 4,082 | 1,054 | 1,380 |
Payments of long-term debt | (333) | (1,132) | (1,914) |
Net change in revolving credit facility and short-term debt | (69) | 95 | (32) |
Net change in long-term intercompany balances | (85) | (151) | 207 |
Premiums paid to retire debt | (22) | ||
Debt issuance costs | (70) | (16) | (18) |
Common stock issued | |||
Common stock repurchased | |||
Dividends paid | (39) | (273) | (337) |
Dividends paid to noncontrolling interests | (60) | (93) | (80) |
Contribution from noncontrolling interests | 4 | ||
Foreign exchange derivatives related to debt | (14) | 27 | 42 |
Net cash provided by / (used for) financing activities | 3,412 | (489) | (770) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (37) | 14 | (30) |
Net change in cash, cash equivalents and restricted cash | 224 | (141) | (169) |
Cash and cash equivalents at beginning of period | 435 | 576 | 745 |
Cash and cash equivalents at end of period | 659 | 435 | 576 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | |||
Net cash provided by/(used for) operating activities | 571 | (251) | (134) |
Cash flows from investing activities | |||
Capital expenditures | (462) | (498) | (473) |
Beneficial interest in transferred receivables | 490 | 1,010 | 1,086 |
Acquisition of businesses, net of cash acquired | (3,912) | ||
Foreign exchange derivatives related to acquisition | (25) | ||
Net investment hedges | 34 | 0 | |
Proceeds from sale of property, plant and equipment | 36 | 8 | 10 |
Intercompany investing activities | 0 | 0 | 0 |
Other, net | (4) | (24) | 10 |
Net cash (used for) / provided by investing activities | (3,843) | 496 | 633 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 4,082 | 1,054 | 1,380 |
Payments of long-term debt | (333) | (1,137) | (1,914) |
Net change in revolving credit facility and short-term debt | (69) | 95 | (32) |
Net change in long-term intercompany balances | 0 | 0 | 0 |
Premiums paid to retire debt | (22) | ||
Debt issuance costs | (70) | (16) | (18) |
Common stock issued | 1 | 9 | 10 |
Common stock repurchased | (4) | (339) | (8) |
Capital Contribution | 0 | ||
Dividends paid | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | (60) | (93) | (80) |
Contribution from noncontrolling interests | 4 | ||
Foreign exchange derivatives related to debt | (14) | 27 | 42 |
Net cash provided by / (used for) financing activities | 3,533 | (400) | (638) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (37) | 14 | (30) |
Net change in cash, cash equivalents and restricted cash | 224 | (141) | (169) |
Cash and cash equivalents at beginning of period | 435 | 576 | 745 |
Cash and cash equivalents at end of period | 659 | 435 | 576 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Eliminations | |||
Net cash provided by/(used for) operating activities | (89) | (100) | (152) |
Cash flows from investing activities | |||
Capital expenditures | |||
Beneficial interest in transferred receivables | |||
Acquisition of businesses, net of cash acquired | |||
Foreign exchange derivatives related to acquisition | |||
Net investment hedges | |||
Proceeds from sale of property, plant and equipment | |||
Intercompany investing activities | 100 | (535) | (385) |
Other, net | |||
Net cash (used for) / provided by investing activities | 100 | (535) | (385) |
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 | |||
Capital Contribution | (100) | ||
Dividends paid | 89 | 635 | 537 |
Dividends paid to noncontrolling interests | |||
Contribution from noncontrolling interests | |||
Foreign exchange derivatives related to debt | |||
Net cash provided by / (used for) financing activities | (11) | 635 | 537 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | |||
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period | |||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Parent | |||
Net cash provided by/(used for) operating activities | (8) | 7 | 63 |
Cash flows from investing activities | |||
Capital expenditures | |||
Beneficial interest in transferred receivables | |||
Acquisition of businesses, net of cash acquired | |||
Foreign exchange derivatives related to acquisition | |||
Net investment hedges | |||
Proceeds from sale of property, plant and equipment | |||
Intercompany investing activities | 235 | 235 | |
Other, net | |||
Net cash (used for) / provided by investing activities | 0 | 235 | 235 |
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 | 11 | 88 | (300) |
Premiums paid to retire debt | |||
Debt issuance costs | |||
Common stock issued | 1 | 9 | 10 |
Common stock repurchased | (4) | (339) | (8) |
Capital Contribution | |||
Dividends paid | |||
Dividends paid to noncontrolling interests | |||
Contribution from noncontrolling interests | |||
Foreign exchange derivatives related to debt | |||
Net cash provided by / (used for) financing activities | 8 | (242) | (298) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | |||
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period | |||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Issuer | |||
Net cash provided by/(used for) operating activities | (44) | (30) | 23 |
Cash flows from investing activities | |||
Capital expenditures | |||
Beneficial interest in transferred receivables | |||
Acquisition of businesses, net of cash acquired | |||
Foreign exchange derivatives related to acquisition | |||
Net investment hedges | 34 | ||
Proceeds from sale of property, plant and equipment | |||
Intercompany investing activities | (100) | ||
Other, net | |||
Net cash (used for) / provided by investing activities | (66) | ||
Cash flows from financing activities | |||
Proceeds from long-term debt | 975 | 750 | 700 |
Payments of long-term debt | (25) | (1,015) | (1,181) |
Net change in revolving credit facility and short-term debt | |||
Net change in long-term intercompany balances | (719) | 263 | 468 |
Premiums paid to retire debt | (22) | ||
Debt issuance costs | (40) | (15) | (9) |
Common stock issued | |||
Common stock repurchased | |||
Capital Contribution | |||
Dividends paid | |||
Dividends paid to noncontrolling interests | |||
Contribution from noncontrolling interests | |||
Foreign exchange derivatives related to debt | |||
Net cash provided by / (used for) financing activities | 191 | (17) | (44) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | |||
Net change in cash, cash equivalents and restricted cash | 81 | (47) | (21) |
Cash and cash equivalents at beginning of period | 36 | 83 | 104 |
Cash and cash equivalents at end of period | 117 | 36 | 83 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Guarantors | |||
Net cash provided by/(used for) operating activities | 180 | 83 | 143 |
Cash flows from investing activities | |||
Capital expenditures | (60) | (102) | (127) |
Beneficial interest in transferred receivables | |||
Acquisition of businesses, net of cash acquired | |||
Foreign exchange derivatives related to acquisition | |||
Net investment hedges | |||
Proceeds from sale of property, plant and equipment | 9 | 1 | 4 |
Intercompany investing activities | 300 | 150 | |
Other, net | (20) | 10 | |
Net cash (used for) / provided by investing activities | (51) | 179 | 37 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,150 | 9 | |
Payments of long-term debt | (265) | (7) | |
Net change in revolving credit facility and short-term debt | |||
Net change in long-term intercompany balances | (998) | (261) | (180) |
Premiums paid to retire debt | |||
Debt issuance costs | |||
Common stock issued | |||
Common stock repurchased | |||
Capital Contribution | |||
Dividends paid | |||
Dividends paid to noncontrolling interests | |||
Contribution from noncontrolling interests | |||
Foreign exchange derivatives related to debt | |||
Net cash provided by / (used for) financing activities | (113) | (259) | (180) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | |||
Net change in cash, cash equivalents and restricted cash | 16 | 3 | |
Cash and cash equivalents at beginning of period | 3 | ||
Cash and cash equivalents at end of period | 19 | 3 | |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Non- Guarantors | |||
Net cash provided by/(used for) operating activities | 532 | (211) | (211) |
Cash flows from investing activities | |||
Capital expenditures | (402) | (396) | (346) |
Beneficial interest in transferred receivables | 490 | 1,010 | 1,086 |
Acquisition of businesses, net of cash acquired | (3,912) | ||
Foreign exchange derivatives related to acquisition | (25) | ||
Net investment hedges | |||
Proceeds from sale of property, plant and equipment | 27 | 7 | 6 |
Intercompany investing activities | |||
Other, net | (4) | (4) | |
Net cash (used for) / provided by investing activities | (3,826) | 617 | 746 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,957 | 295 | 680 |
Payments of long-term debt | (43) | (115) | (733) |
Net change in revolving credit facility and short-term debt | (69) | 95 | (32) |
Net change in long-term intercompany balances | 1,706 | (90) | 12 |
Premiums paid to retire debt | |||
Debt issuance costs | (30) | (1) | (9) |
Common stock issued | |||
Common stock repurchased | |||
Capital Contribution | 100 | ||
Dividends paid | (89) | (635) | (537) |
Dividends paid to noncontrolling interests | (60) | (93) | (80) |
Contribution from noncontrolling interests | 4 | ||
Foreign exchange derivatives related to debt | (14) | 27 | 42 |
Net cash provided by / (used for) financing activities | 3,458 | (517) | (653) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (37) | 14 | (30) |
Net change in cash, cash equivalents and restricted cash | 127 | (97) | (148) |
Cash and cash equivalents at beginning of period | 396 | 493 | 641 |
Cash and cash equivalents at end of period | $ 523 | $ 396 | $ 493 |
Quarterly Data (unaudited) (Det
Quarterly Data (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Quarterly Financial Data [Line Items] | ||||||||||||
Net sales | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 2,168 | $ 2,468 | $ 2,161 | $ 1,901 | $ 11,151 | $ 8,698 | $ 8,284 | |
Gross profit | 390 | 517 | 467 | 324 | 333 | 433 | 368 | 311 | ||||
Net income (loss) attributable to Crown Holdings | $ 53 | $ 164 | $ 132 | $ 90 | $ (89) | $ 177 | $ 128 | $ 107 | $ 439 | $ 323 | $ 496 | |
Earnings per average common share: | ||||||||||||
Basic (in dollars per share) | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ (0.67) | $ 1.32 | $ 0.95 | $ 0.77 | $ 3.28 | $ 2.39 | $ 3.58 | |
Diluted (in dollars per share) | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ (0.67) | $ 1.32 | $ 0.94 | $ 0.77 | $ 3.28 | $ 2.38 | $ 3.56 | |
Average common shares outstanding: | ||||||||||||
Basic (in shares) | 133,700 | 133,700 | 133,600 | 133,500 | 133,400 | 134,000 | 135,300 | 138,500 | 133,640 | 135,290 | 138,530 | |
Diluted (in shares) | 134,100 | 133,800 | 133,800 | 133,800 | 133,800 | 134,400 | 135,700 | 139,000 | 133,880 | 135,610 | 139,310 | |
Restructuring charges (benefit) | $ 16 | $ (1) | $ 16 | $ 13 | $ 21 | $ 16 | $ 18 | $ (4) | ||||
Business acquisition costs | $ 24 | |||||||||||
Fair value adjustment to inventory | $ 40 | $ 0 | $ 0 | |||||||||
Pension and postretirement gain (loss) | (1) | |||||||||||
Loss related to hedge ineffectiveness | 8 | $ 5 | ||||||||||
Loss from early extinguishments of debt | $ 7 | 0 | 7 | 37 | ||||||||
Gain from hedge effectiveness | 2 | 1 | ||||||||||
Asbestos claims | 3 | 21 | 30 | 30 | ||||||||
Finalized impact of Tax Act, income tax expense | $ 177 | (2) | ||||||||||
Signode | ||||||||||||
Schedule Of Quarterly Financial Data [Line Items] | ||||||||||||
Net sales | $ 1,800 | |||||||||||
Average common shares outstanding: | ||||||||||||
Fair value adjustment to inventory | $ 40 | $ 40 | (32) | |||||||||
Pension Plan | Non-U.S. Plans | ||||||||||||
Average common shares outstanding: | ||||||||||||
Pension and postretirement gain (loss) | $ (42) | (45) | (42) | (50) | ||||||||
Other Postretirement Benefits | ||||||||||||
Average common shares outstanding: | ||||||||||||
Pension and postretirement gain (loss) | $ 4 | $ (4) | $ (4) | $ (5) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Trade accounts receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 71 | $ 76 | $ 83 |
Charged to costs and expense | (6) | 0 | 9 |
Charged to other accounts | (4) | 6 | (1) |
Acquisitions | 7 | 0 | 0 |
Deductions – write-offs | (3) | (11) | (15) |
Balance at end of period | 65 | 71 | 76 |
Deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 228 | 225 | 241 |
Charged to costs and expense | (1) | 9 | (14) |
Charged to other accounts | (7) | 0 | 2 |
Acquisitions | 76 | 0 | 0 |
Deductions – write-offs | (14) | (6) | (4) |
Balance at end of period | $ 282 | $ 228 | $ 225 |
Uncategorized Items - cck-20181
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 3,000,000 |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 60,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 9,000,000 |
Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 1,000,000 |