Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CROWN HOLDINGS INC | |
Entity Central Index Key | 0001219601 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 135,338,696 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 2,755 | $ 2,197 |
Cost of products sold, excluding depreciation and amortization | 2,210 | 1,808 |
Depreciation and amortization | 122 | 65 |
Selling and administrative expense | 157 | 90 |
Restructuring and other | 4 | 13 |
Income from operations | 262 | 221 |
Loss from early extinguishments of debt | (6) | 0 |
Other pension and postretirement | (18) | (17) |
Interest expense | 98 | 74 |
Interest income | (3) | (6) |
Foreign exchange | 1 | 18 |
Income before income taxes | 178 | 152 |
Provision for income taxes | 48 | 39 |
Equity earnings / (loss) in affiliates | 1 | 0 |
Net income | 131 | 113 |
Net income attributable to noncontrolling interests | (28) | (23) |
Net income attributable to Crown Holdings | $ 103 | $ 90 |
Earnings per common share attributable to Crown Holdings: | ||
Basic (in usd per share) | $ 0.77 | $ 0.67 |
Diluted (in usd per share) | $ 0.77 | $ 0.67 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 131 | $ 113 |
Other comprehensive income, net of tax: | ||
Foreign currency translation adjustments | 59 | 82 |
Pension and other postretirement benefits | 14 | 11 |
Derivatives qualifying as hedges | 12 | (32) |
Total other comprehensive income | 85 | 61 |
Total comprehensive income | 216 | 174 |
Net income attributable to noncontrolling interests | (28) | (23) |
Translation adjustments attributable to noncontrolling interests | 0 | (1) |
Comprehensive income attributable to Crown Holdings | $ 188 | $ 150 |
Consolidated Balance Sheets (Co
Consolidated Balance Sheets (Condensed) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | |||||
Cash and cash equivalents | $ 301 | $ 607 | |||
Receivables, net | 1,686 | 1,602 | |||
Inventories | 1,851 | 1,690 | |||
Prepaid expenses and other current assets | 186 | 180 | |||
Total current assets | 4,024 | 4,079 | |||
Goodwill | 4,418 | 4,442 | |||
Intangible assets, net | 2,136 | 2,193 | |||
Property, plant and equipment, net | 3,734 | 3,745 | |||
Operating lease right-of-use assets, net | 213 | $ 220 | |||
Other non-current assets | 832 | 803 | |||
Total | 15,357 | 15,262 | |||
Current liabilities | |||||
Short-term debt | 125 | 89 | |||
Current maturities of long-term debt | 83 | 81 | |||
Current portion of operating lease liabilities | 47 | ||||
Accounts payable | 2,223 | 2,732 | |||
Accrued liabilities | 864 | 1,011 | |||
Total current liabilities | 3,342 | 3,913 | |||
Long-term debt, excluding current maturities | 8,814 | 8,493 | |||
Current portion of operating lease liabilities | 167 | ||||
Postretirement and pension liabilities | 671 | 683 | |||
Other non-current liabilities | 861 | 887 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 368 | 349 | |||
Crown Holdings shareholders’ equity | 1,134 | 937 | |||
Total equity | 1,502 | 1,286 | $ 1,112 | $ 923 | |
Total | $ 15,357 | $ 15,262 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Condensed) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 131 | $ 113 |
Adjustments to reconcile net income to net cash used for operating activities: | ||
Depreciation and amortization | 122 | 65 |
Restructuring and other | 4 | 13 |
Foreign exchange | 1 | 18 |
Pension (benefit) / expense | (2) | 1 |
Pension contributions | (7) | (5) |
Stock-based compensation | 8 | 6 |
Changes in assets and liabilities: | ||
Receivables | (91) | (364) |
Inventories | (171) | (169) |
Accounts payable and accrued liabilities | (612) | (445) |
Other, net | (49) | 16 |
Net cash used for operating activities | (666) | (751) |
Cash flows from investing activities | ||
Capital expenditures | (75) | (92) |
Beneficial interests in transferred receivables | 0 | 175 |
Proceeds from sale of property, plant and equipment | 5 | 0 |
Foreign exchange derivatives related to acquisitions | 0 | (25) |
Net investment hedge | 6 | 0 |
Net cash (used for) provided by investing activities | (64) | 58 |
Cash flows from financing activities | ||
Proceeds from long-term debt | 0 | 1,912 |
Payments of long-term debt | (281) | (13) |
Net change in revolving credit facility and short-term debt | 731 | 576 |
Payments of finance leases | (14) | |
Debt issue costs | 0 | (29) |
Common stock issued | 2 | 0 |
Common stock repurchased | (1) | (1) |
Dividends paid to noncontrolling interests | (9) | 0 |
Foreign exchange derivatives related to debt | (11) | 10 |
Net cash provided by financing activities | 417 | 2,455 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2 | 14 |
Net change in cash, cash equivalents and restricted cash | (311) | 1,776 |
Cash, cash equivalents and restricted cash beginning balance | 659 | 435 |
Cash, cash equivalents and restricted cash ending balance | $ 348 | $ 2,211 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Paid-in Capital | Accumulated Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Crown Equity | Noncontrolling Interests |
Cumulative effect of change in accounting principles | $ 10 | $ 6 | $ 3 | $ 9 | $ 1 | |||
Balance at beginning of period at Dec. 31, 2017 | 923 | $ 929 | $ 167 | 3,004 | (3,241) | $ (258) | 601 | 322 |
Net income attributable to Crown Holdings | 90 | 90 | 90 | |||||
Net income attributable to noncontrolling interests | 23 | 23 | ||||||
Net income | 113 | |||||||
Other comprehensive income | 61 | 60 | 60 | 1 | ||||
Stock-based compensation | 6 | 6 | 6 | |||||
Common stock repurchased | (1) | (1) | (1) | |||||
Balance at end of period at Mar. 31, 2018 | 1,112 | 929 | 172 | 3,100 | (3,178) | (258) | 765 | 347 |
Balance at beginning of period at Dec. 31, 2018 | 1,286 | 929 | 186 | 3,449 | (3,374) | (253) | 937 | 349 |
Net income attributable to Crown Holdings | 103 | 103 | 103 | |||||
Net income attributable to noncontrolling interests | 28 | 28 | ||||||
Net income | 131 | |||||||
Other comprehensive income | 85 | 85 | 85 | |||||
Dividends paid to noncontrolling interests | (9) | (9) | ||||||
Restricted stock awarded | 0 | (1) | 1 | |||||
Stock-based compensation | 8 | 8 | 8 | |||||
Common stock issued | 2 | 2 | 2 | |||||
Common stock repurchased | (1) | (1) | (1) | |||||
Balance at end of period at Mar. 31, 2019 | $ 1,502 | $ 929 | $ 194 | $ 3,552 | $ (3,289) | $ (252) | $ 1,134 | $ 368 |
Statement of Information Furnis
Statement of Information Furnished | 3 Months Ended |
Mar. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Statement of Information Furnished | Statement of Information Furnished The consolidated financial statements include the accounts of Crown Holdings, Inc. and its consolidated subsidiaries (the “Company”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Form 10-Q instructions. In the opinion of management, these consolidated financial statements contain all adjustments of a normal and recurring nature necessary for a fair statement of the financial position of the Company as of March 31, 2019 and the results of its operations for the three months ended March 31, 2019 and 2018 and of its cash flows for the three months ended March 31, 2019 and 2018 . The results reported in these consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. These results have been determined on the basis of accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 . |
Accounting and Reporting Develo
Accounting and Reporting Developments | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Accounting and Reporting Developments | Accounting and Reporting Developments Recently Adopted 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 previous guidance; however, all leases with a term longer than one year are recorded on the balance sheet through a right-of-use asset and a corresponding lease liability. The Company adopted the standard on a modified retrospective basis on January 1, 2019. In addition, the Company elected the package of practical expedients, which allowed the Company to carryforward its historical assessments of whether contracts are or contain leases, lease classification and initial direct costs. Adoption of this standard resulted in the recording of operating right-of-use assets and corresponding operating lease liabilities of approximately $220 . Finance leases were already recorded on the balance sheet under the previous guidance in current and long-term maturities of long-term debt. Upon adoption of this standard $5 was reclassified to accrued liabilities and $24 was reclassified to other non-current liabilities. The Company reclassified prior period amounts to conform to the current year presentation. See Note C for further information on the Company's lease arrangements. In February 2018, the FASB issued new accounting guidance to permit the reclassification from accumulated other comprehensive earnings to retained earnings of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). The Company adopted the guidance on January 1, 2019 and elected not to reclassify stranded tax effects resulting from the Tax Act. Recently Issued Accounting Standards In June 2016, the FASB issued new guidance on 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. The Company is currently evaluating the impact of adopting this standard. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company has operating and finance leases for land and buildings related to certain manufacturing facilities, warehouses and corporate offices, vehicle fleets and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company's lease terms include options to extend the lease when it is reasonably certain that the Company will exercise the option. Variable lease payment amounts that cannot be determined at commencement of the lease, such as increases in index rates, are not included in the measurement of the lease liabilities and corresponding right-of-use assets and are recognized in the period those payments are incurred. The Company separates lease and non-lease components of lease arrangements and allocates contract consideration based on standalone selling prices. Variable consideration is allocated to the lease and non-lease components to which the variable payments specifically relate to. The discount rate implicit within the Company's leases is often not determinable and therefore the Company generally uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The incremental borrowing rate is determined based on lease term and currency in which lease payments are made. The Company's leases do not contain any material residual value guarantees or material restrictive covenants. At March 31, 2019, the Company does not have material lease commitments that have not commenced. The components of lease expense were as follows: Three months ended March 31, 2019 Operating lease costs: Operating lease cost $ 13 Short-term lease cost 2 Total operating lease costs $ 15 Finance lease cost: Amortization of right-of-use assets $ 1 Variable operating lease costs and interest on finance lease liabilities were less than $1 for the three months ended March 31, 2019. Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 14 Financing cash flows from finance leases 14 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5 Operating cash flows from finance leases were less than $1 for the three months ended March 31, 2019. Supplemental balance sheet information related to leases was as follows: March 31, 2019 Operating Leases: Operating lease right-of-use assets $ 213 Current portion of operating lease liabilities $ 47 Non-current portion of operating lease liabilities 167 Total operating lease liabilities $ 214 Finance leases: Property, plant and equipment $ 28 Accumulated depreciation (2 ) Property, plant and equipment, net $ 26 Accrued liabilities $ 2 Other non-current liabilities 13 Total finance lease liabilities $ 15 Weighted average remaining lease term: Operating leases 9.6 years Finance leases 7.6 years Weighted average discount rate: Operating leases 4.2 % Finance leases 3.7 % Maturities of lease liabilities as of March 31, 2019 were as follows: Operating Leases Finance Leases 2019 $ 43 $ 2 2020 42 3 2021 32 2 2022 24 2 2023 20 2 Thereafter 115 6 Total lease payments 276 17 Less imputed interest (62 ) (2 ) Total $ 214 $ 15 Maturities of lease liabilities as of December 31, 2018 were as follows: Operating Leases Finance Leases 2019 $ 54 $ 5 2020 42 5 2021 34 5 2022 26 4 2023 21 4 Thereafter 117 6 Total lease payments $ 294 $ 29 |
Leases | Leases The Company has operating and finance leases for land and buildings related to certain manufacturing facilities, warehouses and corporate offices, vehicle fleets and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company's lease terms include options to extend the lease when it is reasonably certain that the Company will exercise the option. Variable lease payment amounts that cannot be determined at commencement of the lease, such as increases in index rates, are not included in the measurement of the lease liabilities and corresponding right-of-use assets and are recognized in the period those payments are incurred. The Company separates lease and non-lease components of lease arrangements and allocates contract consideration based on standalone selling prices. Variable consideration is allocated to the lease and non-lease components to which the variable payments specifically relate to. The discount rate implicit within the Company's leases is often not determinable and therefore the Company generally uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The incremental borrowing rate is determined based on lease term and currency in which lease payments are made. The Company's leases do not contain any material residual value guarantees or material restrictive covenants. At March 31, 2019, the Company does not have material lease commitments that have not commenced. The components of lease expense were as follows: Three months ended March 31, 2019 Operating lease costs: Operating lease cost $ 13 Short-term lease cost 2 Total operating lease costs $ 15 Finance lease cost: Amortization of right-of-use assets $ 1 Variable operating lease costs and interest on finance lease liabilities were less than $1 for the three months ended March 31, 2019. Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 14 Financing cash flows from finance leases 14 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5 Operating cash flows from finance leases were less than $1 for the three months ended March 31, 2019. Supplemental balance sheet information related to leases was as follows: March 31, 2019 Operating Leases: Operating lease right-of-use assets $ 213 Current portion of operating lease liabilities $ 47 Non-current portion of operating lease liabilities 167 Total operating lease liabilities $ 214 Finance leases: Property, plant and equipment $ 28 Accumulated depreciation (2 ) Property, plant and equipment, net $ 26 Accrued liabilities $ 2 Other non-current liabilities 13 Total finance lease liabilities $ 15 Weighted average remaining lease term: Operating leases 9.6 years Finance leases 7.6 years Weighted average discount rate: Operating leases 4.2 % Finance leases 3.7 % Maturities of lease liabilities as of March 31, 2019 were as follows: Operating Leases Finance Leases 2019 $ 43 $ 2 2020 42 3 2021 32 2 2022 24 2 2023 20 2 Thereafter 115 6 Total lease payments 276 17 Less imputed interest (62 ) (2 ) Total $ 214 $ 15 Maturities of lease liabilities as of December 31, 2018 were as follows: Operating Leases Finance Leases 2019 $ 54 $ 5 2020 42 5 2021 34 5 2022 26 4 2023 21 4 Thereafter 117 6 Total lease payments $ 294 $ 29 |
Acquisition of Signode
Acquisition of Signode | 3 Months Ended |
Mar. 31, 2019 | |
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 and product offerings. The Company paid a purchase price of $3.9 billion. The company finalized its purchase accounting for the Signode acquisition in the first quarter of 2019. There were no material adjustments to the preliminary valuation of identifiable assets acquired and liabilities assumed as compared to the amounts disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue For the three months ended March 31, 2019 and 2018, the Company recognized revenue of $1,365 and $1,428 over time and $1,390 and $769 at a point in time. See Note S for further disaggregation of the Company's revenue. 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. 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 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 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. Contract assets and liabilities are reported in a net position on a contract-by-contract basis. Net contract assets were as follows: March 31, 2019 December 31, 2018 Contract assets included in prepaid and other current assets $ 20 $ 16 Contract liabilities included in accrued liabilities (3 ) (3 ) Contract liabilities included in other non-current liabilities (4 ) (5 ) Net contract asset $ 13 $ 8 During the three months ended March 31, 2018, the Company recognized revenue of $1 related to contract liabilities at December 31, 2018 for performance obligations satisfied during the period. |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Receivables | Receivables March 31, 2019 December 31, 2018 Accounts receivable $ 1,330 $ 1,303 Less: allowance for doubtful accounts (64 ) (65 ) Net trade receivables 1,266 1,238 Unbilled receivables 217 181 Miscellaneous receivables 203 183 Receivables, net $ 1,686 $ 1,602 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory, Gross [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method. Non-U.S. inventories are principally determined under the FIFO or average cost method. March 31, 2019 December 31, 2018 Raw materials and supplies $ 959 $ 937 Work in process 167 144 Finished goods 725 609 $ 1,851 $ 1,690 |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2019 | |
Restricted Cash [Abstract] | |
Restricted Cash | Restricted Cash Restricted cash included in the Company's Consolidated Balance Sheets was as follows: March 31, 2019 December 31, 2018 Restricted cash included in prepaid expenses and other current assets 40 45 Restricted cash included in other non-current assets 7 7 Total restricted cash $ 47 $ 52 Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: March 31, 2019 December 31, 2018 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,607 $ (236 ) $ 1,371 $ 1,615 $ (206 ) $ 1,409 Trade names 541 (23 ) 518 547 (17 ) 530 Technology 158 (23 ) 135 160 (18 ) 142 Long term supply contracts 146 (40 ) 106 143 (37 ) 106 Patents $ 14 $ (8 ) $ 6 $ 14 $ (8 ) $ 6 $ 2,466 $ (330 ) $ 2,136 $ 2,479 $ (286 ) $ 2,193 Total amortization expense of intangible assets was $47 and $11 for the three months ended March 31, 2019 and 2018. |
Restructuring and Other
Restructuring and Other | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring Reserve [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other charges / (benefits) as follows: Three Months Ended March 31, 2019 2018 Asset impairments and sales $ 4 $ 7 Restructuring 9 3 Transaction costs — 3 Other income (9 ) — $ 4 $ 13 For the three months ended March 31, 2019, asset impairments and sales included an impairment charge of $6 related to a fire at a production facility in Asia and restructuring included a charge of $8 related to headcount reductions across the Company's European Division. Other income related to a favorable court ruling in a lawsuit brought by one of the Company's Brazilian subsidiaries claiming it was overcharged by the local tax authorities for indirect taxes paid in prior years. Certain other Brazilian subsidiaries of the Company have similar suits pending in other jurisdictions. At March 31, 2019 , the Company had restructuring accruals of $25 , primarily related to 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. |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Asbestos-Related Liabilities | Asbestos-Related Liabilities Crown Cork & Seal Company, Inc. (“Crown Cork”) is one of many defendants in a substantial number of lawsuits filed throughout the U.S. by persons alleging bodily injury as a result of exposure to asbestos. These claims arose from the insulation operations of a U.S. company, the majority of whose stock Crown Cork purchased in 1963. Approximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. Prior to 1998, amounts paid to asbestos claimants were covered by a fund made available to Crown Cork under a 1985 settlement with carriers insuring Crown Cork through 1976, when Crown Cork became self-insured. The fund was depleted in 1998 and the Company has no remaining coverage for asbestos-related costs. In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld. In June 2003, the state of Texas enacted legislation that limits the asbestos-related liabilities in Texas courts of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The Texas legislation, which applies to future claims and pending claims, caps asbestos-related liabilities at the total gross value of the predecessor’s assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total adjusted value of its predecessor’s assets. In October 2010, the Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. In recent years, the states of Alabama, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Michigan, Mississippi, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, West Virginia, Wisconsin and Wyoming enacted legislation that limits asbestos-related liabilities under state law of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The legislation, which applies to future and, with the exception of Arkansas, Georgia, South Carolina, South Dakota, West Virginia and Wyoming, pending claims, caps asbestos-related liabilities at the fair market value of the predecessor's total gross assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total value of its predecessor's assets adjusted for inflation. Crown Cork has integrated the legislation into its claims defense strategy. The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. During the three months ended March 31, 2019 , the Company paid $1 to settle outstanding claims and had claims activity as follows: Beginning claims 56,000 New claims 500 Settlements or dismissals (500 ) Ending claims 56,000 In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2018 , the Company's outstanding claims were: Claimants alleging first exposure after 1964 16,500 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 Pennsylvania 1,500 Other states that have enacted asbestos legislation 6,000 Other states 19,000 Total claims outstanding 56,000 The outstanding claims in each period exclude approximately 19,000 inactive claims. Due to the passage of time, the Company considers it unlikely that the plaintiffs in these cases will pursue further action against the Company. The exclusion of these inactive claims had no effect on the calculation of the Company’s accrual as the claims were filed in states, as described above, where the Company’s liability is limited by statute. With respect to claimants alleging first exposure to asbestos before or during 1964, the Company does not include in its accrual any amounts for settlements in states where the Company’s liability is limited by statute except for certain pending claims in Texas as described earlier. With respect to post-1964 claims, regardless of the existence of asbestos legislation, the Company does not include in its accrual any amounts for settlement of these claims because of increased difficulty of establishing identification of relevant insulation products as the cause of injury. Given the Company's settlement experience with post-1964 claims, it does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows: 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 March 31, 2019 . As of March 31, 2019 , the Company’s accrual for pending and future asbestos-related claims and related legal costs was $ 292 , including $ 244 for unasserted claims. The Company determines its accrual without limitation to a specific time period. It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant (which was not specified for approximately 81% of the claims outstanding at the end of 2018 ), the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
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 governmental, labor, environmental, securities, vendor and other matters arising out of the Company’s normal course of business. While the impact on future financial results is not subject to reasonable estimation because considerable uncertainty exists, management believes that the ultimate liabilities resulting from such lawsuits and claims will not materially affect the Company’s consolidated earnings, financial position or cash flow. The Company has various commitments to purchase materials, supplies and utilities as part of the ordinary course of business. The Company’s basic raw materials for its products are steel and aluminum, both of which are purchased from multiple sources. The Company is subject to fluctuations in the cost of these raw materials (including in connection with tariffs recently imposed in the U.S., which may increase costs) and has periodically adjusted its selling prices to reflect these movements. There can be no assurance that the Company will be able to fully recover any increases or fluctuations in raw material costs from its customers. The Company also has commitments for standby letters of credit and for purchases of capital assets. At March 31, 2019 , the Company was party to certain indemnification agreements covering environmental remediation, lease payments and other potential costs associated with properties sold or businesses divested. The Company accrues for costs related to these items when it is probable that a liability has been incurred and the amount can be reasonably estimated. |
Derivative and Other Financial
Derivative and Other Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative and Other Financial Instruments | Derivative and Other Financial Instruments Fair Value Measurements Under GAAP a framework exists for measuring fair value, providing a three-tier hierarchy of pricing inputs used to report assets and liabilities that are adjusted to fair value. Level 1 includes inputs such as quoted prices which are available in active markets for identical assets or liabilities as of the report date. Level 2 includes inputs other than those available in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 includes unobservable pricing inputs that are not corroborated by market data or other objective sources. The Company has no recurring items valued using Level 3 inputs other than certain pension plan assets. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities measured at fair value and their placement within the fair value hierarchy. The Company applies a market approach to value its commodity price hedge contracts. Prices from observable markets are used to develop the fair value of these financial instruments and they are reported under Level 2. The Company uses an income approach to value its foreign exchange forward contracts. These contracts are valued using a discounted cash flow model that calculates the present value of future cash flows under the terms of the contracts using market information as of the reporting date, such as foreign exchange spot and forward rates, and are reported under Level 2 of the fair value hierarchy. Fair value disclosures for financial assets and liabilities that were accounted for at fair value on a recurring basis are provided later in this note. In addition, see Note N for fair value disclosures related to debt. Derivative Financial Instruments In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk and using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers. For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. When a hedge no longer qualifies for hedge accounting, the change in fair value from the date of the last effectiveness test is recognized in earnings. Any gain or loss which has accumulated in other comprehensive income at the date of the last effectiveness test is reclassified into earnings at the same time of the underlying exposure. Cash Flow Hedges The Company designates certain derivative financial instruments as cash flow hedges. No components of the hedging instruments are excluded from the assessment of hedge effectiveness. Changes in fair value of outstanding derivatives accounted for as cash flow hedges are recorded in other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon reclassification from comprehensive income is the same as that of the underlying exposure. Contracts outstanding at March 31, 2019 mature between one and thirty-six 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 the fair value accumulated in other comprehensive income are recognized immediately in earnings. The Company uses forward contracts to hedge anticipated purchases of various commodities, including aluminum, fuel oil and natural gas, and these exposures are hedged by a central treasury unit. The Company also designates certain foreign exchange contracts as cash flow hedges of anticipated foreign currency denominated sales or purchases. The Company manages these risks at the operating unit level. Often, foreign currency risk is hedged together with the related commodity price risk. The following tables set forth financial information about the impact on other comprehensive income ("OCI"), accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments. Amount of gain/(loss) recognized in OCI Three Months Ended March 31, Derivatives in cash flow hedges 2019 2018 Foreign exchange $ (4 ) $ (3 ) Commodities 10 (23 ) $ 6 $ (26 ) Amount of gain/ (loss) reclassified from AOCI into income Three Months Ended March 31, Affected line items in the Derivatives in cash flow hedges 2019 2018 Statement of Operations Foreign exchange $ (1 ) $ — Net sales Commodities 3 (2 ) Net sales Foreign exchange — — Cost of products sold Commodities (10 ) 10 Cost of products sold (8 ) 8 Income before taxes 2 (2 ) Provision for income taxes $ (6 ) $ 6 Net Income For the twelve-month period ending March 31, 2020, a net loss of $12 ( $10 , net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the three months ended March 31, 2019 and 2018 in connection with anticipated transactions that were no longer considered probable. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated in hedge relationships; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes arising from re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in currencies other than the entity's functional currency. For the three months ended March 31, 2019, the Company recorded a gain of less than $1 from foreign exchange contracts designated as fair value hedges. For the three months ended March 31, 2018, the Company recorded a loss of less than $1 from foreign exchange contracts designated as fair value hedges. These adjustments were reported within foreign exchange in the Consolidated Statements of Operations. The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain/ (loss) recognized in income on derivative Three Months Ended March 31, Affected line item in the Derivatives not designated as hedges 2019 2018 Statement of Operations Foreign exchange $ (1 ) $ — Net sales Foreign exchange 1 1 Cost of products sold Foreign exchange (15 ) 5 Foreign exchange $ (15 ) $ 6 Net Investment Hedges The Company designates certain debt and derivative instruments as net investment hedges to manage foreign currency risk relating to net investments in subsidiaries denominated in foreign currencies and reduce the variability in the functional currency equivalent cash flows. During the three months ended March 31, 2019 and 2018, the Company recorded a gain of $28 ( $28 , net of tax) and a loss of $35 ( $31 , net of tax) in other comprehensive income for certain debt instruments that are designated as hedges of its net investment in a euro-based subsidiary. As of March 31, 2019 and December 31, 2018, cumulative losses of $31 and $59 ( $8 and $36 , net of tax) were recognized in accumulated other comprehensive income related to these net investment hedges. As of March 31, 2019, the carrying amount of the hedged net investment was approximately €1,178 ( $1,322 at March 31, 2019). In January 2018, the Company entered into a series of cross-currency swaps with an aggregate notional of $875 ( €718 ). The swaps were designated as a hedge of net investment for financial reporting purposes. Under the cross-currency interest rate 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. 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 receives semi-annual fixed U.S. dollar payments at a rate of 4.75% of the U.S. notional value and pays 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 the impact on OCI from changes in the fair value of derivative instruments designated as net investment hedges. Amount of gain/(loss) recognized in OCI Three months ended March 31, Derivatives designated as net investment hedges 2019 2018 Foreign exchange $ 26 $ (28 ) Gains and losses representing components excluded from the assessment of effectiveness on derivatives designated as net investment hedges are recognized in accumulated other comprehensive income. Fair Values of Derivative Financial Instruments and Valuation Hierarchy The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 , respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy. Balance Sheet classification March 31, December 31, 2018 Balance Sheet classification March 31, December 31, 2018 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Other current assets $ 7 $ 6 Accrued liabilities $ 10 $ 5 Other non-current assets 1 3 Other non-current liabilities — 1 Foreign exchange contracts fair value Other current assets 1 1 Accrued liabilities — 1 Commodities contracts cash flow Other current assets 14 16 Accrued liabilities 23 42 Other non-current assets 2 2 Other non-current liabilities 2 6 Net investment hedge Other non-current assets 34 15 Other non-current liabilities — — $ 59 $ 43 $ 35 $ 55 Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets $ 5 $ 4 Accrued liabilities $ 9 $ 4 Other non-current assets 2 — Other non-current liabilities 1 — $ 7 $ 4 $ 10 $ 4 Total derivatives $ 66 $ 47 $ 45 $ 59 Fair Value Hedge Carrying Amounts Carrying amount of the hedged assets/(liabilities) March 31, December 31, Line item in the Balance Sheet in which the hedged item is included Cash and cash equivalents $ 6 $ 1 Receivables, net 13 15 Accounts payable (64 ) (13 ) As of March 31, 2019 , the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedge assets and liabilities were a gain of $1 . As of December 31, 2018 , the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedge assets and liabilities were less than $1 . Offsetting of Derivative Assets and Liabilities Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the statement of financial position. In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at March 31, 2019 Derivative assets $66 $17 $49 Derivative liabilities 45 17 28 Balance at December 31, 2018 Derivative assets 47 19 28 Derivative liabilities 59 19 40 Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2019 and December 31, 2018 were: March 31, 2019 December 31, 2018 Derivatives in cash flow hedges: Foreign exchange $ 686 $ 820 Commodities 416 428 Derivatives in fair value hedges: Foreign exchange 115 74 Derivatives not designated as hedges: Foreign exchange 745 796 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's outstanding debt was as follows: March 31, 2019 December 31, 2018 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 125 $ 125 $ 89 $ 89 Long-term debt Senior secured borrowings: Revolving credit facilities 687 687 — — Term loan facilities U.S. dollar at LIBOR + 1.75% due 2022 810 806 815 810 U.S. dollar at LIBOR + 2.00% due 2025 617 607 887 864 Euro at EURIBOR + 1.75% due 2022 1 293 293 301 301 Euro at EURIBOR + 2.375% due 2025 2 835 823 855 846 Senior notes and debentures: €650 at 4.0% due 2022 729 724 745 740 U. S. dollar at 4.50% due 2023 1,000 994 1,000 993 €335 at 2.25% due 2023 376 371 384 380 €600 at 2.625% due 2024 673 667 688 682 €600 at 3.375% due 2025 673 667 688 681 U.S. dollar at 4.25% due 2026 400 394 400 394 U.S. dollar at 4.75% due 2026 875 863 875 863 U.S. dollar at 7.375% due 2026 350 348 350 348 €500 at 2.875% due 2026 561 553 573 566 U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies 60 60 66 66 Total long-term debt 8,979 8,897 8,667 8,574 Less current maturities (83 ) (83 ) (81 ) (81 ) Total long-term debt, less current maturities $ 8,896 $ 8,814 $ 8,586 $ 8,493 (1) €261 and €263 at March 31, 2019 and December 31, 2018 (2) €744 and €746 at March 31, 2019 and 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 $9,299 at March 31, 2019 and $8,735 at December 31, 2018 . |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, Pension benefits – U.S. plans 2019 2018 Service cost $ 5 $ 4 Interest cost 13 12 Expected return on plan assets (18 ) (21 ) Recognized net loss 14 12 Net periodic cost $ 14 $ 7 Three Months Ended March 31, Pension benefits – Non-U.S. plans 2019 2018 Service cost $ 4 $ 7 Interest cost 19 19 Expected return on plan assets (35 ) (40 ) Curtailment gain (14 ) — Recognized prior service credit — (3 ) Recognized net loss 10 11 Net periodic benefit $ (16 ) $ (6 ) Three Months Ended March 31, Other postretirement benefits 2019 2018 Service cost $ — $ — Interest cost 1 1 Recognized prior service credit (9 ) (9 ) Recognized net loss 1 1 Net periodic benefit $ (7 ) $ (7 ) In the three months ended March 31, 2019, the Company recorded a curtailment gain to recognize prior service credits that were previously recorded in accumulated other comprehensive income in connection with the closure of a non-U.S. defined benefit pension plan. Additionally, the Company may incur future settlement charges in 2019 related to the payment of lump sum buy-outs to settle certain pension obligations using plan assets. The components of net periodic cost / (benefit) other than the service cost component are included in other pension and postretirement in the Consolidated Statement of Operations. The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended Details about accumulated other March 31, Affected line item in the comprehensive income components 2019 2018 statement of operations Actuarial losses $ 25 $ 24 Other pension and postretirement Prior service credit (23 ) (12 ) Other pension and postretirement 2 12 Income before taxes (1 ) (1 ) Provision for income taxes Total reclassified $ 1 $ 11 Net income |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table provides information about the changes in each component of accumulated other comprehensive income. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2018 $ (1,583 ) $ (1,681 ) $ 23 $ (3,241 ) Cumulative effect of change in accounting principle — — 3 3 Other comprehensive income before reclassifications — 81 (26 ) 55 Amounts reclassified from accumulated other comprehensive income 11 — (6 ) 5 Other comprehensive income (loss) 11 81 (29 ) 63 Balance at March 31, 2018 $ (1,572 ) $ (1,600 ) $ (6 ) $ (3,178 ) Balance at January 1, 2019 $ (1,533 ) $ (1,817 ) $ (24 ) $ (3,374 ) Other comprehensive income before reclassifications 13 59 6 78 Amounts reclassified from accumulated other comprehensive income 1 — 6 7 Other comprehensive income 14 59 12 85 Balance at March 31, 2019 $ (1,519 ) $ (1,758 ) $ (12 ) $ (3,289 ) See Note M and Note O 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 | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation A summary of restricted and deferred stock transactions during the three months ended March 31, 2019 is as follows: Number of shares Non-vested stock awards outstanding at January 1, 2019 2,142,743 Awarded: Time-vesting shares 108,525 Performance-based shares 202,876 Released: Time-vesting shares (68,923 ) Forfeitures: Time-vesting shares (12,000 ) Performance-based shares (129,207 ) Non-vested stock awards outstanding at March 31, 2019 2,244,014 The performance-based share awards are subject to either a market condition or a performance condition. For awards subject to a market condition, the performance metric is the Company's total shareholder return, which includes share price appreciation and dividends paid during the three-year term of the award, measured against a peer group of companies. These awards cliff vest at the end of three years . The number of performance-based shares that will ultimately vest is based on the level of market performance achieved, ranging between 0% and 200% of the shares originally awarded, and are settled in stock. For awards subject to a performance condition, the performance metric is the Company's average return on invested capital over the three-year term. These awards cliff vest at the end of three years . The number of performance-based shares that will ultimately vest is based on the level of performance achieved, ranging between 0% and 200% of the shares originally awarded, and are settled in stock. The time-vesting restricted and deferred stock awards vest ratably over three to five years. The weighted average grant-date fair values of awards issued during the three months ended March 31, 2019 were $43.07 for the time-vesting stock awards and $46.08 for the performance-based stock awards. The fair value of the performance-based shares subject to a market condition awarded in 2019 was calculated using a Monte Carlo valuation model, including a weighted average stock price volatility of 21.4% , an expected term of three years, and a weighted average risk-free interest rate of 2.45% . As of March 31, 2019 , unrecognized compensation cost related to outstanding non-vested stock awards was $76 . The weighted average period over which the expense is expected to be recognized is 3.3 years. The aggregate market value of the shares released on the vesting dates was $3 for the three months ended March 31, 2019. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes the computations of basic and diluted earnings per share attributable to the Company. Three Months Ended March 31, 2019 2018 Net income attributable to Crown Holdings $ 103 $ 90 Weighted average shares outstanding: Basic 133.8 133.5 Dilutive stock options and restricted stock 0.6 0.3 Diluted 134.4 133.8 Basic earnings per share $ 0.77 $ 0.67 Diluted earnings per share $ 0.77 $ 0.67 For the three months ended March 31, 2019 , and 2018, there were 0.2 million contingently issuable common shares excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company evaluates performance and allocates resources based on segment income, which is not a defined term under GAAP. The Company defines segment income as income from operations adjusted to exclude intangibles amortization charges, provisions for asbestos and restructuring and other and the impact of fair value adjustments related to the sale of inventory acquired in an acquisition. Segment income should not be considered in isolation or as a substitute for net income prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. The tables below present information about the Company's operating segments. External Sales Three Months Ended March 31, 2019 2018 Americas Beverage $ 788 $ 758 European Beverage 339 371 European Food 423 428 Asia Pacific 321 337 Transit Packaging 569 — Total reportable segments 2,440 1,894 Non-reportable segments 315 303 Total $ 2,755 $ 2,197 The primary sources of revenue included in non-reportable segments are the Company's food can and closures business in North America, aerosol can businesses in North America and Europe, its promotional packaging business in Europe and its tooling and equipment operations in the U.S. and U.K. Intersegment Sales Three Months Ended March 31, 2019 2018 Americas Beverage $ 4 $ 10 European Beverage 1 — European Food 18 22 Transit Packaging 3 — Total reportable segments 26 32 Non-reportable segments 26 27 Total $ 52 $ 59 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Segment Income Three Months Ended March 31, 2019 2018 Americas Beverage $ 113 $ 98 European Beverage 39 55 European Food 48 56 Asia Pacific 45 44 Transit Packaging 73 — Total reportable segments $ 318 $ 253 A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended March 31, 2019 2018 Segment income of reportable segments $ 318 $ 253 Segment income of non-reportable segments 36 31 Corporate and unallocated items (39 ) (39 ) Restructuring and other (4 ) (13 ) Amortization of intangibles (47 ) (11 ) Accelerated depreciation (2 ) — Other pension and postretirement 18 17 Loss from early extinguishments of debt (6 ) — Interest expense (98 ) (74 ) Interest income 3 6 Foreign exchange (1 ) (18 ) Income before income taxes $ 178 $ 152 For the three months ended March 31, 2019, and 2018, intercompany profits of $1 were eliminated within segment income of non-reportable segments. Corporate and unallocated items includes corporate and division administrative costs, technology costs and fair value adjustments for the sale of inventory acquired in an acquisition. |
Condensed Combining Financial I
Condensed Combining Financial Information | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Combining Financial Information | Condensed Combining Financial Information Crown Cork & Seal Company, Inc. (Issuer), a 100% owned subsidiary of the Company, has $350 principal amount of 7.375% senior notes due 2026 and $40 principal amount of 7.5% senior notes due 2096 outstanding that are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt and the guarantees are made on a joint and several basis. The following condensed combining financial statements: • statements of comprehensive income for the three months ended March 31, 2019 and 2018 , • balance sheets as of March 31, 2019 and December 31, 2018 , and • statements of cash flows for the three months ended March 31, 2019 and 2018 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 2,755 $ 2,755 Cost of products sold, excluding depreciation and amortization 2,210 2,210 Depreciation and amortization 122 122 Selling and administrative expense $ 1 156 157 Restructuring and other 4 4 Income from operations — (1 ) 263 262 Loss from early extinguishments of debt 6 6 Other pension and postretirement 2 (20 ) (18 ) Net interest expense 18 77 95 Foreign exchange 1 1 Income/(loss) before income taxes — (21 ) 199 178 Provision for / (benefit from) income taxes (4 ) 52 48 Equity earnings / (loss) in affiliates $ 103 104 1 $ (207 ) 1 Net income 103 87 148 (207 ) 131 Net income attributable to noncontrolling interests (28 ) (28 ) Net income attributable to Crown Holdings $ 103 $ 87 $ 120 $ (207 ) $ 103 Total comprehensive income $ 188 $ 170 $ 233 $ (375 ) $ 216 Comprehensive income attributable to noncontrolling interests (28 ) (28 ) Comprehensive income attributable to Crown Holdings $ 188 $ 170 $ 205 $ (375 ) $ 188 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 2,197 $ 2,197 Cost of products sold, excluding depreciation and amortization 1,808 1,808 Depreciation and amortization 65 65 Selling and administrative expense $ 2 88 90 Restructuring and other 13 13 Income from operations (2 ) 223 221 Other pension and postretirement (17 ) (17 ) Net interest expense 19 49 68 Foreign exchange 18 18 Income/(loss) before income taxes (21 ) 173 152 Provision for / (benefit from) income taxes (4 ) 43 39 Equity earnings / (loss) in affiliates $ 90 95 $ (185 ) — Net income 90 78 130 (185 ) 113 Net income attributable to noncontrolling interests (23 ) (23 ) Net income attributable to Crown Holdings $ 90 $ 78 $ 107 $ (185 ) $ 90 Total comprehensive income $ 150 $ 47 $ 191 $ (214 ) $ 174 Comprehensive income attributable to noncontrolling interests (24 ) (24 ) Comprehensive income attributable to Crown Holdings $ 150 $ 47 $ 167 $ (214 ) $ 150 CONDENSED COMBINING BALANCE SHEET As of March 31, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 301 $ 301 Receivables, net $ 9 1,677 1,686 Inventories 1,851 1,851 Prepaid expenses and other current assets $ 2 1 183 186 Total current assets 2 10 4,012 4,024 Intercompany debt receivables 3,562 $ (3,562 ) — Investments 3,647 3,950 (7,597 ) — Goodwill 4,418 4,418 Intangible assets, net 2,136 2,136 Property, plant and equipment, net 3,734 3,734 Operating lease right-of-use assets, net 213 213 Other non-current assets 147 685 832 Total $ 3,649 $ 4,107 $ 18,760 $ (11,159 ) $ 15,357 Liabilities and equity Current liabilities Short-term debt $ 125 $ 125 Current maturities of long-term debt 83 83 Current portion of operating lease liabilities 47 47 Accounts payable 2,223 2,223 Accrued liabilities $ 8 $ 34 822 864 Total current liabilities 8 34 3,300 3,342 Long-term debt, excluding current maturities 388 8,426 8,814 Long-term intercompany debt 2,507 1,055 $ (3,562 ) — Non-current portion of operating lease liabilities 167 167 Postretirement and pension liabilities 671 671 Other non-current liabilities 325 536 861 Commitments and contingent liabilities Noncontrolling interests 368 368 Crown Holdings shareholders’ equity/(deficit) 1,134 2,305 5,292 (7,597 ) 1,134 Total equity/(deficit) 1,134 2,305 5,660 (7,597 ) 1,502 Total $ 3,649 $ 4,107 $ 18,760 $ (11,159 ) $ 15,357 CONDENSED 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, net 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 81 81 Accounts payable 2,732 2,732 Accrued liabilities $ 14 $ 30 967 1,011 Total current liabilities 14 30 3,869 3,913 Long-term debt, excluding current maturities 388 8,105 8,493 Long-term intercompany debt 2,508 1,053 $ (3,561 ) — Postretirement and pension liabilities 683 683 Other non-current liabilities 325 562 887 Commitments and contingent liabilities Noncontrolling interests 349 349 Crown Holdings shareholders’ equity/(deficit) 937 2,134 5,088 (7,222 ) 937 Total equity/(deficit) 937 2,134 5,437 (7,222 ) 1,286 Total $ 3,459 $ 3,930 $ 18,656 $ (10,783 ) $ 15,262 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ — $ (2 ) $ (662 ) $ (2 ) $ (666 ) Cash flows from investing activities Capital expenditures (75 ) (75 ) Proceeds from sale of property, plant and equipment 5 5 Net investment hedge 6 6 Net cash provided by/(used for) investing activities — (64 ) — (64 ) Cash flows from financing activities Payments of long-term debt (281 ) (281 ) Net change in revolving credit facility and short-term debt 731 731 Net change in long-term intercompany balances (1 ) 2 (2 ) (1 ) Payments of finance leases (14 ) (14 ) Common stock issued 2 2 Common stock repurchased (1 ) (1 ) Dividends paid (2 ) 2 — Dividend paid to noncontrolling interests (9 ) (9 ) Foreign exchange derivatives related to debt (11 ) (11 ) Net cash provided by/(used for) financing activities — 2 412 2 416 Effect of exchange rate changes on cash, cash equivalents and restricted cash 2 2 Net change in cash, cash equivalents and restricted cash — — (312 ) — (312 ) Cash, cash equivalents and restricted cash at January 1 659 659 Cash, cash equivalents and restricted cash at March 31 $ — $ — $ 347 $ — $ 347 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (22 ) $ (21 ) $ (708 ) $ — $ (751 ) Cash flows from investing activities Capital expenditures (92 ) (92 ) Beneficial interests in transferred receivables 175 175 Foreign exchange derivatives related to acquisitions (25 ) (25 ) Net cash provided by/(used for) investing activities — 58 — 58 Cash flows from financing activities Proceeds from long-term debt 1,912 1,912 Payments of long-term debt (13 ) (13 ) Net change in revolving credit facility and short-term debt 576 576 Net change in long-term intercompany balances 23 21 (44 ) — Debt issue costs (29 ) (29 ) Common stock repurchased (1 ) (1 ) Foreign exchange derivatives related to debt 10 10 Net cash provided by/(used for) financing activities 22 21 2,412 — 2,455 Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — — 1,776 — 1,776 Cash, cash equivalents and restricted cash at January 1 435 435 Cash, cash equivalents and restricted cash at March 31 $ — $ — $ 2,211 $ — $ 2,211 Crown Americas, LLC, Crown Americas Capital Corp. IV, Crown Americas Capital Corp. V and Crown Americas Capital Corp. VI (collectively, the Issuer), 100% owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023, $400 principal amount of 4.25% senior notes due 2026, and $875 principal amount of 4.75% senior notes due 2026, which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all of its subsidiaries in the United States. The guarantors are 100% owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements: • statements of comprehensive income for the three months ended March 31, 2019 and 2018 , • balance sheets as of March 31, 2019 and December 31, 2018 , and • statements of cash flows for the three months ended March 31, 2019 and 2018 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 892 $ 1,979 $ (116 ) $ 2,755 Cost of products sold, excluding depreciation and amortization 740 1,586 (116 ) 2,210 Depreciation and amortization 35 87 122 Selling and administrative expense $ 3 66 88 157 Restructuring and other 4 4 Income from operations — (3 ) 51 214 262 Loss from early extinguishments of debt 6 6 Other pension and postretirement (5 ) (13 ) (18 ) Net interest expense 19 33 43 95 Technology royalty (9 ) 9 — Foreign exchange (34 ) 1 34 1 Income/(loss) before income taxes — 6 32 174 (34 ) 178 Provision for / (benefit from) income taxes 2 8 46 (8 ) 48 Equity earnings / (loss) in affiliates $ 103 63 62 (227 ) 1 Net income 103 67 86 128 (253 ) 131 Net income attributable to noncontrolling interests (28 ) (28 ) Net income attributable to Crown Holdings $ 103 $ 67 $ 86 $ 100 $ (253 ) $ 103 Total comprehensive income $ 188 $ 73 $ 169 $ 193 $ (407 ) $ 216 Comprehensive income attributable to noncontrolling interests (28 ) (28 ) Comprehensive income attributable to Crown Holdings $ 188 $ 73 $ 169 $ 165 $ (407 ) $ 188 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 602 $ 1,692 $ (97 ) $ 2,197 Cost of products sold, excluding depreciation and amortization 520 1,385 (97 ) 1,808 Depreciation and amortization 11 54 65 Selling and administrative expense $ 2 33 55 90 Restructuring and other 3 2 8 13 Income from operations (5 ) 36 190 221 Other pension and postretirement (5 ) (12 ) (17 ) Net interest expense 23 21 24 68 Technology royalty (11 ) 11 — Foreign exchange 56 (1 ) 19 (56 ) 18 Income/(loss) before income taxes (84 ) 32 148 56 152 Provision for / (benefit from) income taxes (20 ) 9 37 13 39 Equity earnings / (loss) in affiliates $ 90 56 55 (201 ) — Net income 90 (8 ) 78 111 (158 ) 113 Net income attributable to noncontrolling interests (23 ) (23 ) Net income attributable to Crown Holdings $ 90 $ (8 ) $ 78 $ 88 $ (158 ) $ 90 Total comprehensive income $ 150 $ (7 ) $ 47 $ 214 $ (230 ) $ 174 Comprehensive income attributable to noncontrolling interests (24 ) (24 ) Comprehensive income attributable to Crown Holdings $ 150 $ (7 ) $ 47 $ 190 $ (230 ) $ 150 CONDENSED COMBINING BALANCE SHEET As of March 31, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 28 $ 5 $ 268 $ 301 Receivables, net 4 194 1,488 1,686 Intercompany receivables 30 17 $ (47 ) — Inventories 565 1,286 1,851 Prepaid expenses and other current assets $ 2 2 24 158 186 Total current assets 2 34 818 3,217 (47 ) 4,024 Intercompany debt receivables 3,004 3,368 12 (6,384 ) — Investments 3,647 2,720 1,394 (7,761 ) — Goodwill 1,178 3,240 4,418 Intangible assets, net 880 1,256 2,136 Property, plant and equipment, net 1 701 3,032 3,734 Operating lease right-of-use assets, net 4 74 135 213 Other non-current assets 46 189 597 832 Total $ 3,649 $ 5,809 $ 8,602 $ 11,489 $ (14,192 ) $ 15,357 Liabilities and equity Current liabilities Short-term debt $ 125 $ 125 Current maturities of long-term debt $ 42 41 83 Current portion of operating lease liabilities $ 18 29 47 Accounts payable 630 1,593 2,223 Accrued liabilities $ 8 24 137 695 864 Intercompany payables 17 30 $ (47 ) — Total current liabilities 8 66 802 2,513 (47 ) 3,342 Long-term debt, excluding current maturities 3,372 1,004 4,438 8,814 Long-term intercompany debt 2,507 739 3,057 81 (6,384 ) — Non-current portion of operating lease liabilities 4 58 105 167 Postretirement and pension liabilities 416 255 671 Other non-current liabilities 318 543 861 Commitments and contingent liabilities Noncontrolling interests 368 368 Crown Holdings shareholders’ equity/(deficit) 1,134 1,628 2,947 3,186 (7,761 ) 1,134 Total equity/(deficit) 1,134 1,628 2,947 3,554 (7,761 ) 1,502 Total $ 3,649 $ 5,809 $ 8,602 $ 11,489 $ (14,192 ) $ 15,357 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, net 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 44 81 Accounts payable $ 725 2,007 2,732 Accrued liabilities $ 14 49 144 804 1,011 Intercompany payables 13 33 $ (46 ) — Total current liabilities 14 86 882 2,977 (46 ) 3,913 Long-term debt, excluding current maturities 2,999 1,274 4,220 8,493 Long-term intercompany debt 2,508 746 2,700 84 (6,038 ) — Postretirement and pension liabilities 432 251 683 Other non-current liabilities 332 555 887 Commitments and contingent liabilities Noncontrolling interests 349 349 Crown Holdings shareholders’ equity/(deficit) 937 1,555 2,777 3,031 (7,363 ) 937 Total equity/(deficit) 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 STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ — $ (31 ) $ (154 ) $ (473 ) $ (8 ) $ (666 ) Cash flows from investing activities Capital expenditures (16 ) (59 ) (75 ) Proceeds from sale of property, plant and equipment 1 4 5 Net investment hedge 6 6 Net cash provided by/(used for) investing activities — 6 (15 ) (55 ) — (64 ) Cash flows from financing activities Payments of long-term debt (5 ) (270 ) (6 ) (281 ) Net change in revolving credit facility and short-term debt 375 356 731 Net change in long-term intercompany balances (1 ) (434 ) 438 (3 ) — Payments of finance leases (13 ) (1 ) (14 ) Common stock issued 2 2 Common stock repurchased (1 ) (1 ) Dividends paid (8 ) 8 — Dividends paid to noncontrolling interests (9 ) (9 ) Foreign exchange derivatives related to debt (11 ) (11 ) Net cash provided by/(used for) financing activities — (64 ) 155 318 8 417 Effect of exchange rate changes on cash, cash equivalents and restricted cash 2 2 Net change in cash, cash equivalents and restricted cash — (89 ) (14 ) (208 ) — (311 ) Cash, cash equivalents and restricted cash at January 1 117 19 523 659 Cash, cash equivalents and restricted cash at March 31 $ — $ 28 $ 5 $ 315 $ — $ 348 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (22 ) $ (29 ) $ (55 ) $ (645 ) $ (751 ) Cash flows from investing activities Capital expenditures (20 ) (72 ) (92 ) Beneficial interests in transferred receivables 175 175 Foreign exchange derivatives related to acquisitions (25 ) (25 ) Net cash provided by/(used for) investing activities — — (20 ) 78 — 58 Cash flows from financing activities Proceeds from long-term debt 875 1,037 1,912 Payments of long-term debt (4 ) (1 ) (8 ) (13 ) Net change in revolving credit facility and short-term debt 160 416 576 Net change in long-term intercompany balances 23 (349 ) 75 251 — Debt issue costs (13 ) (16 ) (29 ) Common stock repurchased (1 ) (1 ) Foreign exchange derivatives related to debt 10 10 Net cash provided by/(used for) financing activities 22 669 74 1,690 — 2,455 Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — 640 (1 ) 1,137 — 1,776 Cash, cash equivalents and restricted cash at January 1 36 3 396 435 Cash, cash equivalents and restricted cash at March 31 $ — $ 676 $ 2 $ 1,533 $ — $ 2,211 |
Accounting and Reporting Deve_2
Accounting and Reporting Developments (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recently Adopted 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 previous guidance; however, all leases with a term longer than one year are recorded on the balance sheet through a right-of-use asset and a corresponding lease liability. The Company adopted the standard on a modified retrospective basis on January 1, 2019. In addition, the Company elected the package of practical expedients, which allowed the Company to carryforward its historical assessments of whether contracts are or contain leases, lease classification and initial direct costs. Adoption of this standard resulted in the recording of operating right-of-use assets and corresponding operating lease liabilities of approximately $220 . Finance leases were already recorded on the balance sheet under the previous guidance in current and long-term maturities of long-term debt. Upon adoption of this standard $5 was reclassified to accrued liabilities and $24 was reclassified to other non-current liabilities. The Company reclassified prior period amounts to conform to the current year presentation. See Note C for further information on the Company's lease arrangements. In February 2018, the FASB issued new accounting guidance to permit the reclassification from accumulated other comprehensive earnings to retained earnings of stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). The Company adopted the guidance on January 1, 2019 and elected not to reclassify stranded tax effects resulting from the Tax Act. Recently Issued Accounting Standards In June 2016, the FASB issued new guidance on 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. The Company is currently evaluating the impact of adopting this standard. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Three months ended March 31, 2019 Operating lease costs: Operating lease cost $ 13 Short-term lease cost 2 Total operating lease costs $ 15 Finance lease cost: Amortization of right-of-use assets $ 1 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 14 Financing cash flows from finance leases 14 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: March 31, 2019 Operating Leases: Operating lease right-of-use assets $ 213 Current portion of operating lease liabilities $ 47 Non-current portion of operating lease liabilities 167 Total operating lease liabilities $ 214 Finance leases: Property, plant and equipment $ 28 Accumulated depreciation (2 ) Property, plant and equipment, net $ 26 Accrued liabilities $ 2 Other non-current liabilities 13 Total finance lease liabilities $ 15 Weighted average remaining lease term: Operating leases 9.6 years Finance leases 7.6 years Weighted average discount rate: Operating leases 4.2 % Finance leases 3.7 % |
Schedule of Maturities of Operating Leases Liabilities | Maturities of lease liabilities as of March 31, 2019 were as follows: Operating Leases Finance Leases 2019 $ 43 $ 2 2020 42 3 2021 32 2 2022 24 2 2023 20 2 Thereafter 115 6 Total lease payments 276 17 Less imputed interest (62 ) (2 ) Total $ 214 $ 15 Maturities of lease liabilities as of December 31, 2018 were as follows: Operating Leases Finance Leases 2019 $ 54 $ 5 2020 42 5 2021 34 5 2022 26 4 2023 21 4 Thereafter 117 6 Total lease payments $ 294 $ 29 |
Schedule of Maturties of Finance Lease Liabilities | Maturities of lease liabilities as of March 31, 2019 were as follows: Operating Leases Finance Leases 2019 $ 43 $ 2 2020 42 3 2021 32 2 2022 24 2 2023 20 2 Thereafter 115 6 Total lease payments 276 17 Less imputed interest (62 ) (2 ) Total $ 214 $ 15 Maturities of lease liabilities as of December 31, 2018 were as follows: Operating Leases Finance Leases 2019 $ 54 $ 5 2020 42 5 2021 34 5 2022 26 4 2023 21 4 Thereafter 117 6 Total lease payments $ 294 $ 29 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Net Contract Assets and Liabilities | Net contract assets were as follows: March 31, 2019 December 31, 2018 Contract assets included in prepaid and other current assets $ 20 $ 16 Contract liabilities included in accrued liabilities (3 ) (3 ) Contract liabilities included in other non-current liabilities (4 ) (5 ) Net contract asset $ 13 $ 8 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Receivables | March 31, 2019 December 31, 2018 Accounts receivable $ 1,330 $ 1,303 Less: allowance for doubtful accounts (64 ) (65 ) Net trade receivables 1,266 1,238 Unbilled receivables 217 181 Miscellaneous receivables 203 183 Receivables, net $ 1,686 $ 1,602 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory, Gross [Abstract] | |
Components of Inventories | March 31, 2019 December 31, 2018 Raw materials and supplies $ 959 $ 937 Work in process 167 144 Finished goods 725 609 $ 1,851 $ 1,690 |
Restricted Cash Restricted Cash
Restricted Cash Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restricted Cash [Abstract] | |
Schedule of Restricted Cash | Restricted cash included in the Company's Consolidated Balance Sheets was as follows: March 31, 2019 December 31, 2018 Restricted cash included in prepaid expenses and other current assets 40 45 Restricted cash included in other non-current assets 7 7 Total restricted cash $ 47 $ 52 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Finite-lived Intangible Assets by Major Class | Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: March 31, 2019 December 31, 2018 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,607 $ (236 ) $ 1,371 $ 1,615 $ (206 ) $ 1,409 Trade names 541 (23 ) 518 547 (17 ) 530 Technology 158 (23 ) 135 160 (18 ) 142 Long term supply contracts 146 (40 ) 106 143 (37 ) 106 Patents $ 14 $ (8 ) $ 6 $ 14 $ (8 ) $ 6 $ 2,466 $ (330 ) $ 2,136 $ 2,479 $ (286 ) $ 2,193 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring Reserve [Abstract] | |
Restructuring and Other Charges (Benefits) | The Company recorded restructuring and other charges / (benefits) as follows: Three Months Ended March 31, 2019 2018 Asset impairments and sales $ 4 $ 7 Restructuring 9 3 Transaction costs — 3 Other income (9 ) — $ 4 $ 13 |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Summary of Claims Activity | During the three months ended March 31, 2019 , the Company paid $1 to settle outstanding claims and had claims activity as follows: Beginning claims 56,000 New claims 500 Settlements or dismissals (500 ) Ending claims 56,000 |
Summary of Outstanding Asbestos Claims by Years of Exposure and State Filed | In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2018 , the Company's outstanding claims were: Claimants alleging first exposure after 1964 16,500 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 Pennsylvania 1,500 Other states that have enacted asbestos legislation 6,000 Other states 19,000 Total claims outstanding 56,000 |
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 % |
Derivative and Other Financia_2
Derivative and Other Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain/ (loss) recognized in income on derivative Three Months Ended March 31, Affected line item in the Derivatives not designated as hedges 2019 2018 Statement of Operations Foreign exchange $ (1 ) $ — Net sales Foreign exchange 1 1 Cost of products sold Foreign exchange (15 ) 5 Foreign exchange $ (15 ) $ 6 |
Schedule of Derivative Instruments Included in Earnings | Fair Value Hedge Carrying Amounts Carrying amount of the hedged assets/(liabilities) March 31, December 31, Line item in the Balance Sheet in which the hedged item is included Cash and cash equivalents $ 6 $ 1 Receivables, net 13 15 Accounts payable (64 ) (13 ) |
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"), accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments. Amount of gain/(loss) recognized in OCI Three Months Ended March 31, Derivatives in cash flow hedges 2019 2018 Foreign exchange $ (4 ) $ (3 ) Commodities 10 (23 ) $ 6 $ (26 ) Amount of gain/ (loss) reclassified from AOCI into income Three Months Ended March 31, Affected line items in the Derivatives in cash flow hedges 2019 2018 Statement of Operations Foreign exchange $ (1 ) $ — Net sales Commodities 3 (2 ) Net sales Foreign exchange — — Cost of products sold Commodities (10 ) 10 Cost of products sold (8 ) 8 Income before taxes 2 (2 ) Provision for income taxes $ (6 ) $ 6 Net Income The following tables set forth the impact on OCI from changes in the fair value of derivative instruments designated as net investment hedges. Amount of gain/(loss) recognized in OCI Three months ended March 31, Derivatives designated as net investment hedges 2019 2018 Foreign exchange $ 26 $ (28 ) |
Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 , respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy. Balance Sheet classification March 31, December 31, 2018 Balance Sheet classification March 31, December 31, 2018 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Other current assets $ 7 $ 6 Accrued liabilities $ 10 $ 5 Other non-current assets 1 3 Other non-current liabilities — 1 Foreign exchange contracts fair value Other current assets 1 1 Accrued liabilities — 1 Commodities contracts cash flow Other current assets 14 16 Accrued liabilities 23 42 Other non-current assets 2 2 Other non-current liabilities 2 6 Net investment hedge Other non-current assets 34 15 Other non-current liabilities — — $ 59 $ 43 $ 35 $ 55 Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets $ 5 $ 4 Accrued liabilities $ 9 $ 4 Other non-current assets 2 — Other non-current liabilities 1 — $ 7 $ 4 $ 10 $ 4 Total derivatives $ 66 $ 47 $ 45 $ 59 |
Schedule of Offsetting Derivative Assets and Liabilities | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at March 31, 2019 Derivative assets $66 $17 $49 Derivative liabilities 45 17 28 Balance at December 31, 2018 Derivative assets 47 19 28 Derivative liabilities 59 19 40 |
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2019 and December 31, 2018 were: March 31, 2019 December 31, 2018 Derivatives in cash flow hedges: Foreign exchange $ 686 $ 820 Commodities 416 428 Derivatives in fair value hedges: Foreign exchange 115 74 Derivatives not designated as hedges: Foreign exchange 745 796 |
(Tables)
(Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The Company's outstanding debt was as follows: March 31, 2019 December 31, 2018 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 125 $ 125 $ 89 $ 89 Long-term debt Senior secured borrowings: Revolving credit facilities 687 687 — — Term loan facilities U.S. dollar at LIBOR + 1.75% due 2022 810 806 815 810 U.S. dollar at LIBOR + 2.00% due 2025 617 607 887 864 Euro at EURIBOR + 1.75% due 2022 1 293 293 301 301 Euro at EURIBOR + 2.375% due 2025 2 835 823 855 846 Senior notes and debentures: €650 at 4.0% due 2022 729 724 745 740 U. S. dollar at 4.50% due 2023 1,000 994 1,000 993 €335 at 2.25% due 2023 376 371 384 380 €600 at 2.625% due 2024 673 667 688 682 €600 at 3.375% due 2025 673 667 688 681 U.S. dollar at 4.25% due 2026 400 394 400 394 U.S. dollar at 4.75% due 2026 875 863 875 863 U.S. dollar at 7.375% due 2026 350 348 350 348 €500 at 2.875% due 2026 561 553 573 566 U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies 60 60 66 66 Total long-term debt 8,979 8,897 8,667 8,574 Less current maturities (83 ) (83 ) (81 ) (81 ) Total long-term debt, less current maturities $ 8,896 $ 8,814 $ 8,586 $ 8,493 (1) €261 and €263 at March 31, 2019 and December 31, 2018 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income | The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended Details about accumulated other March 31, Affected line item in the comprehensive income components 2019 2018 statement of operations Actuarial losses $ 25 $ 24 Other pension and postretirement Prior service credit (23 ) (12 ) Other pension and postretirement 2 12 Income before taxes (1 ) (1 ) Provision for income taxes Total reclassified $ 1 $ 11 Net income |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | Three Months Ended March 31, Other postretirement benefits 2019 2018 Service cost $ — $ — Interest cost 1 1 Recognized prior service credit (9 ) (9 ) Recognized net loss 1 1 Net periodic benefit $ (7 ) $ (7 ) |
Pension Benefits - U.S. Plans | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, Pension benefits – U.S. plans 2019 2018 Service cost $ 5 $ 4 Interest cost 13 12 Expected return on plan assets (18 ) (21 ) Recognized net loss 14 12 Net periodic cost $ 14 $ 7 |
Pension Benefits - Non-U.S. Plans | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | Three Months Ended March 31, Pension benefits – Non-U.S. plans 2019 2018 Service cost $ 4 $ 7 Interest cost 19 19 Expected return on plan assets (35 ) (40 ) Curtailment gain (14 ) — Recognized prior service credit — (3 ) Recognized net loss 10 11 Net periodic benefit $ (16 ) $ (6 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table provides information about the changes in each component of accumulated other comprehensive income. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2018 $ (1,583 ) $ (1,681 ) $ 23 $ (3,241 ) Cumulative effect of change in accounting principle — — 3 3 Other comprehensive income before reclassifications — 81 (26 ) 55 Amounts reclassified from accumulated other comprehensive income 11 — (6 ) 5 Other comprehensive income (loss) 11 81 (29 ) 63 Balance at March 31, 2018 $ (1,572 ) $ (1,600 ) $ (6 ) $ (3,178 ) Balance at January 1, 2019 $ (1,533 ) $ (1,817 ) $ (24 ) $ (3,374 ) Other comprehensive income before reclassifications 13 59 6 78 Amounts reclassified from accumulated other comprehensive income 1 — 6 7 Other comprehensive income 14 59 12 85 Balance at March 31, 2019 $ (1,519 ) $ (1,758 ) $ (12 ) $ (3,289 ) See Note M and Note O for further details of amounts reclassified from accumulated other comprehensive income related to cash flow hedges and defined benefit plans. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Compensation [Abstract] | |
Summary of Restricted Stock Transactions | A summary of restricted and deferred stock transactions during the three months ended March 31, 2019 is as follows: Number of shares Non-vested stock awards outstanding at January 1, 2019 2,142,743 Awarded: Time-vesting shares 108,525 Performance-based shares 202,876 Released: Time-vesting shares (68,923 ) Forfeitures: Time-vesting shares (12,000 ) Performance-based shares (129,207 ) Non-vested stock awards outstanding at March 31, 2019 2,244,014 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | The following table summarizes the computations of basic and diluted earnings per share attributable to the Company. Three Months Ended March 31, 2019 2018 Net income attributable to Crown Holdings $ 103 $ 90 Weighted average shares outstanding: Basic 133.8 133.5 Dilutive stock options and restricted stock 0.6 0.3 Diluted 134.4 133.8 Basic earnings per share $ 0.77 $ 0.67 Diluted earnings per share $ 0.77 $ 0.67 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Information of Information about Operating Segments | The tables below present information about the Company's operating segments. External Sales Three Months Ended March 31, 2019 2018 Americas Beverage $ 788 $ 758 European Beverage 339 371 European Food 423 428 Asia Pacific 321 337 Transit Packaging 569 — Total reportable segments 2,440 1,894 Non-reportable segments 315 303 Total $ 2,755 $ 2,197 The primary sources of revenue included in non-reportable segments are the Company's food can and closures business in North America, aerosol can businesses in North America and Europe, its promotional packaging business in Europe and its tooling and equipment operations in the U.S. and U.K. Intersegment Sales Three Months Ended March 31, 2019 2018 Americas Beverage $ 4 $ 10 European Beverage 1 — European Food 18 22 Transit Packaging 3 — Total reportable segments 26 32 Non-reportable segments 26 27 Total $ 52 $ 59 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Segment Income Three Months Ended March 31, 2019 2018 Americas Beverage $ 113 $ 98 European Beverage 39 55 European Food 48 56 Asia Pacific 45 44 Transit Packaging 73 — Total reportable segments $ 318 $ 253 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended March 31, 2019 2018 Segment income of reportable segments $ 318 $ 253 Segment income of non-reportable segments 36 31 Corporate and unallocated items (39 ) (39 ) Restructuring and other (4 ) (13 ) Amortization of intangibles (47 ) (11 ) Accelerated depreciation (2 ) — Other pension and postretirement 18 17 Loss from early extinguishments of debt (6 ) — Interest expense (98 ) (74 ) Interest income 3 6 Foreign exchange (1 ) (18 ) Income before income taxes $ 178 $ 152 |
Condensed Combining Financial_2
Condensed Combining Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Crown Cork & Seal Company Inc. | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 2,755 $ 2,755 Cost of products sold, excluding depreciation and amortization 2,210 2,210 Depreciation and amortization 122 122 Selling and administrative expense $ 1 156 157 Restructuring and other 4 4 Income from operations — (1 ) 263 262 Loss from early extinguishments of debt 6 6 Other pension and postretirement 2 (20 ) (18 ) Net interest expense 18 77 95 Foreign exchange 1 1 Income/(loss) before income taxes — (21 ) 199 178 Provision for / (benefit from) income taxes (4 ) 52 48 Equity earnings / (loss) in affiliates $ 103 104 1 $ (207 ) 1 Net income 103 87 148 (207 ) 131 Net income attributable to noncontrolling interests (28 ) (28 ) Net income attributable to Crown Holdings $ 103 $ 87 $ 120 $ (207 ) $ 103 Total comprehensive income $ 188 $ 170 $ 233 $ (375 ) $ 216 Comprehensive income attributable to noncontrolling interests (28 ) (28 ) Comprehensive income attributable to Crown Holdings $ 188 $ 170 $ 205 $ (375 ) $ 188 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 2,197 $ 2,197 Cost of products sold, excluding depreciation and amortization 1,808 1,808 Depreciation and amortization 65 65 Selling and administrative expense $ 2 88 90 Restructuring and other 13 13 Income from operations (2 ) 223 221 Other pension and postretirement (17 ) (17 ) Net interest expense 19 49 68 Foreign exchange 18 18 Income/(loss) before income taxes (21 ) 173 152 Provision for / (benefit from) income taxes (4 ) 43 39 Equity earnings / (loss) in affiliates $ 90 95 $ (185 ) — Net income 90 78 130 (185 ) 113 Net income attributable to noncontrolling interests (23 ) (23 ) Net income attributable to Crown Holdings $ 90 $ 78 $ 107 $ (185 ) $ 90 Total comprehensive income $ 150 $ 47 $ 191 $ (214 ) $ 174 Comprehensive income attributable to noncontrolling interests (24 ) (24 ) Comprehensive income attributable to Crown Holdings $ 150 $ 47 $ 167 $ (214 ) $ 150 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 301 $ 301 Receivables, net $ 9 1,677 1,686 Inventories 1,851 1,851 Prepaid expenses and other current assets $ 2 1 183 186 Total current assets 2 10 4,012 4,024 Intercompany debt receivables 3,562 $ (3,562 ) — Investments 3,647 3,950 (7,597 ) — Goodwill 4,418 4,418 Intangible assets, net 2,136 2,136 Property, plant and equipment, net 3,734 3,734 Operating lease right-of-use assets, net 213 213 Other non-current assets 147 685 832 Total $ 3,649 $ 4,107 $ 18,760 $ (11,159 ) $ 15,357 Liabilities and equity Current liabilities Short-term debt $ 125 $ 125 Current maturities of long-term debt 83 83 Current portion of operating lease liabilities 47 47 Accounts payable 2,223 2,223 Accrued liabilities $ 8 $ 34 822 864 Total current liabilities 8 34 3,300 3,342 Long-term debt, excluding current maturities 388 8,426 8,814 Long-term intercompany debt 2,507 1,055 $ (3,562 ) — Non-current portion of operating lease liabilities 167 167 Postretirement and pension liabilities 671 671 Other non-current liabilities 325 536 861 Commitments and contingent liabilities Noncontrolling interests 368 368 Crown Holdings shareholders’ equity/(deficit) 1,134 2,305 5,292 (7,597 ) 1,134 Total equity/(deficit) 1,134 2,305 5,660 (7,597 ) 1,502 Total $ 3,649 $ 4,107 $ 18,760 $ (11,159 ) $ 15,357 CONDENSED 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, net 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 81 81 Accounts payable 2,732 2,732 Accrued liabilities $ 14 $ 30 967 1,011 Total current liabilities 14 30 3,869 3,913 Long-term debt, excluding current maturities 388 8,105 8,493 Long-term intercompany debt 2,508 1,053 $ (3,561 ) — Postretirement and pension liabilities 683 683 Other non-current liabilities 325 562 887 Commitments and contingent liabilities Noncontrolling interests 349 349 Crown Holdings shareholders’ equity/(deficit) 937 2,134 5,088 (7,222 ) 937 Total equity/(deficit) 937 2,134 5,437 (7,222 ) 1,286 Total $ 3,459 $ 3,930 $ 18,656 $ (10,783 ) $ 15,262 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ — $ (2 ) $ (662 ) $ (2 ) $ (666 ) Cash flows from investing activities Capital expenditures (75 ) (75 ) Proceeds from sale of property, plant and equipment 5 5 Net investment hedge 6 6 Net cash provided by/(used for) investing activities — (64 ) — (64 ) Cash flows from financing activities Payments of long-term debt (281 ) (281 ) Net change in revolving credit facility and short-term debt 731 731 Net change in long-term intercompany balances (1 ) 2 (2 ) (1 ) Payments of finance leases (14 ) (14 ) Common stock issued 2 2 Common stock repurchased (1 ) (1 ) Dividends paid (2 ) 2 — Dividend paid to noncontrolling interests (9 ) (9 ) Foreign exchange derivatives related to debt (11 ) (11 ) Net cash provided by/(used for) financing activities — 2 412 2 416 Effect of exchange rate changes on cash, cash equivalents and restricted cash 2 2 Net change in cash, cash equivalents and restricted cash — — (312 ) — (312 ) Cash, cash equivalents and restricted cash at January 1 659 659 Cash, cash equivalents and restricted cash at March 31 $ — $ — $ 347 $ — $ 347 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (22 ) $ (21 ) $ (708 ) $ — $ (751 ) Cash flows from investing activities Capital expenditures (92 ) (92 ) Beneficial interests in transferred receivables 175 175 Foreign exchange derivatives related to acquisitions (25 ) (25 ) Net cash provided by/(used for) investing activities — 58 — 58 Cash flows from financing activities Proceeds from long-term debt 1,912 1,912 Payments of long-term debt (13 ) (13 ) Net change in revolving credit facility and short-term debt 576 576 Net change in long-term intercompany balances 23 21 (44 ) — Debt issue costs (29 ) (29 ) Common stock repurchased (1 ) (1 ) Foreign exchange derivatives related to debt 10 10 Net cash provided by/(used for) financing activities 22 21 2,412 — 2,455 Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — — 1,776 — 1,776 Cash, cash equivalents and restricted cash at January 1 435 435 Cash, cash equivalents and restricted cash at March 31 $ — $ — $ 2,211 $ — $ 2,211 |
Crown Americas, LLC | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 892 $ 1,979 $ (116 ) $ 2,755 Cost of products sold, excluding depreciation and amortization 740 1,586 (116 ) 2,210 Depreciation and amortization 35 87 122 Selling and administrative expense $ 3 66 88 157 Restructuring and other 4 4 Income from operations — (3 ) 51 214 262 Loss from early extinguishments of debt 6 6 Other pension and postretirement (5 ) (13 ) (18 ) Net interest expense 19 33 43 95 Technology royalty (9 ) 9 — Foreign exchange (34 ) 1 34 1 Income/(loss) before income taxes — 6 32 174 (34 ) 178 Provision for / (benefit from) income taxes 2 8 46 (8 ) 48 Equity earnings / (loss) in affiliates $ 103 63 62 (227 ) 1 Net income 103 67 86 128 (253 ) 131 Net income attributable to noncontrolling interests (28 ) (28 ) Net income attributable to Crown Holdings $ 103 $ 67 $ 86 $ 100 $ (253 ) $ 103 Total comprehensive income $ 188 $ 73 $ 169 $ 193 $ (407 ) $ 216 Comprehensive income attributable to noncontrolling interests (28 ) (28 ) Comprehensive income attributable to Crown Holdings $ 188 $ 73 $ 169 $ 165 $ (407 ) $ 188 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 602 $ 1,692 $ (97 ) $ 2,197 Cost of products sold, excluding depreciation and amortization 520 1,385 (97 ) 1,808 Depreciation and amortization 11 54 65 Selling and administrative expense $ 2 33 55 90 Restructuring and other 3 2 8 13 Income from operations (5 ) 36 190 221 Other pension and postretirement (5 ) (12 ) (17 ) Net interest expense 23 21 24 68 Technology royalty (11 ) 11 — Foreign exchange 56 (1 ) 19 (56 ) 18 Income/(loss) before income taxes (84 ) 32 148 56 152 Provision for / (benefit from) income taxes (20 ) 9 37 13 39 Equity earnings / (loss) in affiliates $ 90 56 55 (201 ) — Net income 90 (8 ) 78 111 (158 ) 113 Net income attributable to noncontrolling interests (23 ) (23 ) Net income attributable to Crown Holdings $ 90 $ (8 ) $ 78 $ 88 $ (158 ) $ 90 Total comprehensive income $ 150 $ (7 ) $ 47 $ 214 $ (230 ) $ 174 Comprehensive income attributable to noncontrolling interests (24 ) (24 ) Comprehensive income attributable to Crown Holdings $ 150 $ (7 ) $ 47 $ 190 $ (230 ) $ 150 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 28 $ 5 $ 268 $ 301 Receivables, net 4 194 1,488 1,686 Intercompany receivables 30 17 $ (47 ) — Inventories 565 1,286 1,851 Prepaid expenses and other current assets $ 2 2 24 158 186 Total current assets 2 34 818 3,217 (47 ) 4,024 Intercompany debt receivables 3,004 3,368 12 (6,384 ) — Investments 3,647 2,720 1,394 (7,761 ) — Goodwill 1,178 3,240 4,418 Intangible assets, net 880 1,256 2,136 Property, plant and equipment, net 1 701 3,032 3,734 Operating lease right-of-use assets, net 4 74 135 213 Other non-current assets 46 189 597 832 Total $ 3,649 $ 5,809 $ 8,602 $ 11,489 $ (14,192 ) $ 15,357 Liabilities and equity Current liabilities Short-term debt $ 125 $ 125 Current maturities of long-term debt $ 42 41 83 Current portion of operating lease liabilities $ 18 29 47 Accounts payable 630 1,593 2,223 Accrued liabilities $ 8 24 137 695 864 Intercompany payables 17 30 $ (47 ) — Total current liabilities 8 66 802 2,513 (47 ) 3,342 Long-term debt, excluding current maturities 3,372 1,004 4,438 8,814 Long-term intercompany debt 2,507 739 3,057 81 (6,384 ) — Non-current portion of operating lease liabilities 4 58 105 167 Postretirement and pension liabilities 416 255 671 Other non-current liabilities 318 543 861 Commitments and contingent liabilities Noncontrolling interests 368 368 Crown Holdings shareholders’ equity/(deficit) 1,134 1,628 2,947 3,186 (7,761 ) 1,134 Total equity/(deficit) 1,134 1,628 2,947 3,554 (7,761 ) 1,502 Total $ 3,649 $ 5,809 $ 8,602 $ 11,489 $ (14,192 ) $ 15,357 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, net 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 44 81 Accounts payable $ 725 2,007 2,732 Accrued liabilities $ 14 49 144 804 1,011 Intercompany payables 13 33 $ (46 ) — Total current liabilities 14 86 882 2,977 (46 ) 3,913 Long-term debt, excluding current maturities 2,999 1,274 4,220 8,493 Long-term intercompany debt 2,508 746 2,700 84 (6,038 ) — Postretirement and pension liabilities 432 251 683 Other non-current liabilities 332 555 887 Commitments and contingent liabilities Noncontrolling interests 349 349 Crown Holdings shareholders’ equity/(deficit) 937 1,555 2,777 3,031 (7,363 ) 937 Total equity/(deficit) 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 Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ — $ (31 ) $ (154 ) $ (473 ) $ (8 ) $ (666 ) Cash flows from investing activities Capital expenditures (16 ) (59 ) (75 ) Proceeds from sale of property, plant and equipment 1 4 5 Net investment hedge 6 6 Net cash provided by/(used for) investing activities — 6 (15 ) (55 ) — (64 ) Cash flows from financing activities Payments of long-term debt (5 ) (270 ) (6 ) (281 ) Net change in revolving credit facility and short-term debt 375 356 731 Net change in long-term intercompany balances (1 ) (434 ) 438 (3 ) — Payments of finance leases (13 ) (1 ) (14 ) Common stock issued 2 2 Common stock repurchased (1 ) (1 ) Dividends paid (8 ) 8 — Dividends paid to noncontrolling interests (9 ) (9 ) Foreign exchange derivatives related to debt (11 ) (11 ) Net cash provided by/(used for) financing activities — (64 ) 155 318 8 417 Effect of exchange rate changes on cash, cash equivalents and restricted cash 2 2 Net change in cash, cash equivalents and restricted cash — (89 ) (14 ) (208 ) — (311 ) Cash, cash equivalents and restricted cash at January 1 117 19 523 659 Cash, cash equivalents and restricted cash at March 31 $ — $ 28 $ 5 $ 315 $ — $ 348 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (22 ) $ (29 ) $ (55 ) $ (645 ) $ (751 ) Cash flows from investing activities Capital expenditures (20 ) (72 ) (92 ) Beneficial interests in transferred receivables 175 175 Foreign exchange derivatives related to acquisitions (25 ) (25 ) Net cash provided by/(used for) investing activities — — (20 ) 78 — 58 Cash flows from financing activities Proceeds from long-term debt 875 1,037 1,912 Payments of long-term debt (4 ) (1 ) (8 ) (13 ) Net change in revolving credit facility and short-term debt 160 416 576 Net change in long-term intercompany balances 23 (349 ) 75 251 — Debt issue costs (13 ) (16 ) (29 ) Common stock repurchased (1 ) (1 ) Foreign exchange derivatives related to debt 10 10 Net cash provided by/(used for) financing activities 22 669 74 1,690 — 2,455 Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 14 Net change in cash, cash equivalents and restricted cash — 640 (1 ) 1,137 — 1,776 Cash, cash equivalents and restricted cash at January 1 36 3 396 435 Cash, cash equivalents and restricted cash at March 31 $ — $ 676 $ 2 $ 1,533 $ — $ 2,211 |
Accounting and Reporting Deve_3
Accounting and Reporting Developments - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
Accounting Policies [Abstract] | ||
Operating Lease Liability | $ 214 | $ 220 |
Operating lease right-of-use assets, net | 213 | 220 |
Finance Lease, Liability, Current | 2 | 5 |
Finance Lease, Liability, Noncurrent | $ 13 | $ 24 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 13 |
Variable lease cost | 1 |
Short-term lease cost | 2 |
Total operating lease costs | 15 |
Amortization of right-of-use assets | $ 1 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 14 |
Operating cash flows from finance leases | 1 |
Financing cash flows from finance leases | 14 |
Right-of-use assets obtained in exchange for lease obligations, operating leases | $ 5 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 213 | $ 220 |
Current portion of operating lease liabilities | 47 | |
Non-current portion of operating lease liabilities | 167 | |
Total operating lease liabilities | 214 | 220 |
Property and equipment, gross | 28 | |
Accumulated depreciation | (2) | |
Property and equipment, net | 26 | |
Accrued liabilities | 2 | 5 |
Other non-current liabilities | 13 | $ 24 |
Total finance lease liabilities | $ 15 | |
Weighted average remaining lease term | ||
Operating leases | 9 years 7 months | |
Finance leases | 7 years 7 months | |
Weighted average discount rate | ||
Operating leases | 4.20% | |
Finance leases | 3.70% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating and Finance Leases Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Leases | |||
2019 (excluding the three months ended March 31, 2019) | $ 43 | $ 54 | |
2020 | 42 | 42 | |
2021 | 32 | 34 | |
2022 | 24 | 26 | |
2023 | 20 | 21 | |
Thereafter | 115 | 117 | |
Total lease payments | 276 | 294 | |
Less imputed interest | (62) | ||
Total operating lease liabilities | 214 | $ 220 | |
Finance Lease Liabilities, Payments, Due [Abstract] | |||
2019 (excluding the three months ended March 31, 2019) | 2 | 5 | |
2020 | 3 | 5 | |
2021 | 2 | 5 | |
2022 | 2 | 4 | |
2023 | 2 | 4 | |
Thereafter | 6 | 6 | |
Total lease payments | 17 | $ 29 | |
Less imputed interest | (2) | ||
Total finance lease liabilities | $ 15 |
Acquisition of Signode Narrativ
Acquisition of Signode Narrative (Details) $ in Billions | Apr. 03, 2018USD ($) |
Signode Industrial Group Holdings (Bermuda) Ltd | |
Business Acquisition [Line Items] | |
Total consideration | $ 3.9 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Contract with Customer, Liability, Revenue Recognized | $ 1 | |
Point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,390 | $ 769 |
Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 1,365 | $ 1,428 |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets included in prepaid and other current assets | $ 20 | $ 16 |
Contract liabilities included in accrued liabilities | (3) | (3) |
Contract liabilities included in other non-current liabilities | (4) | (5) |
Net contract asset | $ 13 | $ 8 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Accounts receivable | $ 1,330 | $ 1,303 |
Less: allowance for doubtful accounts | (64) | (65) |
Net trade receivables | 1,266 | 1,238 |
Unbilled receivables | 217 | 181 |
Miscellaneous receivables | 203 | 183 |
Receivables, net | $ 1,686 | $ 1,602 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory, Gross [Abstract] | ||
Raw materials and supplies | $ 959 | $ 937 |
Work in process | 167 | 144 |
Finished goods | 725 | 609 |
Total inventories | $ 1,851 | $ 1,690 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Restricted Cash [Abstract] | ||
Restricted cash included in prepaid expenses and other current assets | $ 40 | $ 45 |
Restricted cash included in other non-current assets | 7 | 7 |
Total restricted cash | $ 47 | $ 52 |
Intangible Assets Gross Carryin
Intangible Assets Gross Carrying Amount and Accumulated Amortization of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,466 | $ 2,479 |
Accumulated amortization | (330) | (286) |
Net | 2,136 | 2,193 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,607 | 1,615 |
Accumulated amortization | (236) | (206) |
Net | 1,371 | 1,409 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 541 | 547 |
Accumulated amortization | (23) | (17) |
Net | 518 | 530 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 158 | 160 |
Accumulated amortization | (23) | (18) |
Net | 135 | 142 |
Long term supply contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 146 | 143 |
Accumulated amortization | (40) | (37) |
Net | 106 | 106 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 14 | 14 |
Accumulated amortization | (8) | (8) |
Net | $ 6 | $ 6 |
Intangible Assets Narrative (De
Intangible Assets Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 47 | $ 11 |
Restructuring and Other - Restr
Restructuring and Other - Restructuring Charges by Action/Type (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Reserve [Abstract] | ||
Asset impairments and sales | $ 4 | $ 7 |
Restructuring | 9 | 3 |
Transaction costs | 0 | 3 |
Other Restructuring Costs | (9) | 0 |
Restructuring and other | $ 4 | $ 13 |
Restructuring and Other - Narra
Restructuring and Other - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (4) | $ (7) |
Asia Pacific | ||
Restructuring Cost and Reserve [Line Items] | ||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 6 | |
Other Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring accrual | 25 | |
Headcount Reductions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Costs | $ 8 |
Asbestos-Related Liabilities -
Asbestos-Related Liabilities - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)inactive_claim | Dec. 31, 2018 | |
Liability for Asbestos and Environmental Claims [Abstract] | ||
Holding period for insulation operations (in days) | 90 days | |
Liability for asbestos and environmental claims net claims paid | $ 1 | |
Inactive claims (in claims) | inactive_claim | 19,000 | |
Accrued asbestos claims and related legal costs | $ 292 | |
Unasserted claims | $ 244 | |
Percentage of claims that do not specify damages | 81.00% |
Asbestos-Related Liabilities _2
Asbestos-Related Liabilities - Summary of Claims Activity (Details) | 3 Months Ended |
Mar. 31, 2019Claim | |
Loss Contingency Accrual [Roll Forward] | |
Beginning claims | 56,000 |
New claims | 500 |
Settlements or dismissals | (500) |
Ending claims | 56,000 |
Asbestos-Related Liabilities _3
Asbestos-Related Liabilities - Summary of Outstanding Claims by Year of Exposure and State Filed (Details) - Claim | Mar. 31, 2019 | Dec. 31, 2018 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 56,000 | 56,000 |
Asbestos After 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 16,500 | |
Texas | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 13,000 | |
Pennsylvania | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 1,500 | |
Other states that have enacted asbestos legislation | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 6,000 | |
Other states | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 19,000 |
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, 2015 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims alleging serious diseases | 22.00% | 22.00% | 22.00% |
Pre-1964 claims in states without asbestos legislation | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims alleging serious diseases | 41.00% | 41.00% | 41.00% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | 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 (CBP) | ||
Commitments And Contingent Liabilities [Line Items] | ||
Assessed penalty | $ 6 | $ 18 |
Derivative and Other Financia_3
Derivative and Other Financial Instruments - Narrative (Details) € in Millions | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019EUR (€) | Mar. 31, 2019USD ($) | Nov. 30, 2018EUR (€) | Nov. 30, 2018USD ($) | Jan. 31, 2018EUR (€) | Jan. 31, 2018USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Objective for using derivative instruments | The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. | ||||||||
Loss expected to be reclassified to earnings | $ 12,000,000 | ||||||||
Loss, net of tax, expected to be reclassified to earnings | 10,000,000 | ||||||||
Reclassification of anticipated transactions that were no longer considered probable | $ 0 | $ 0 | |||||||
Currency Swap [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional amount of derivative | € 768 | $ 875,000,000 | |||||||
Interest rate | 4.75% | 4.75% | |||||||
Minimum | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, remaining maturity range | 1 month | ||||||||
Maximum | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, remaining maturity range | 36 months | ||||||||
Derivatives not designated as hedges | Foreign exchange | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional amount of derivative | $ 796,000,000 | $ 745,000,000 | |||||||
Derivatives in fair value hedges | Foreign exchange | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional amount of derivative | 74,000,000 | 115,000,000 | |||||||
Derivatives in fair value hedges | Designated as Hedging Instrument | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Cumulative amount of fair value hedging adjustment included in the carrying about of the hedged assets | 1,000,000 | 1,000,000 | |||||||
Derivatives in fair value hedges | Designated as Hedging Instrument | Foreign exchange | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Losses from foreign exchange contracts designated as fair value hedges (less than) | $ (1,000,000) | 1,000,000 | |||||||
Derivatives designated as net investment hedges | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Carrying amount of hedged net investment | € 1,178 | $ 1,322,000,000 | |||||||
Derivatives designated as net investment hedges | Accumulated Other Comprehensive Income | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Loss on net investment hedge settlements | 31,000,000 | 59,000,000 | |||||||
Loss on net investment hedge settlements, net of tax | 8,000,000 | $ 36,000,000 | |||||||
Derivatives designated as net investment hedges | Cross Currency Interest Rate Contract | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional amount of derivative | € 718 | $ 875,000,000 | |||||||
Derivatives designated as net investment hedges | Cross Currency Interest Rate Contract on U.S. Notional Amount | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Interest rate | 4.75% | 4.75% | |||||||
Derivatives designated as net investment hedges | Cross Currency Interest Rate Contract on Euro Notional Amount | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Interest rate | 2.50% | 2.50% | 1.84% | 1.84% | |||||
Derivatives designated as net investment hedges | Other Comprehensive Income | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Loss on net investment hedge settlements | 28,000,000 | 35,000,000 | |||||||
Loss on net investment hedge settlements, net of tax | $ 28,000,000 | $ 31,000,000 |
Derivative and Other Financia_4
Derivative and Other Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net sales | $ 2,755 | $ 2,197 |
Cost of products sold | 2,210 | 1,808 |
Income Tax Expense (Benefit) | (48) | (39) |
Net income | 131 | 113 |
Designated as Hedging Instrument | Derivatives in cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | 6 | (26) |
Designated as Hedging Instrument | Derivatives in cash flow hedges | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | (4) | (3) |
Designated as Hedging Instrument | Derivatives in cash flow hedges | Commodities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI (effective portion) | 10 | (23) |
Reclassification out of Accumulated Other Comprehensive Income | Designated as Hedging Instrument | Derivatives in cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) reclassified from AOCI into earnings, before tax | (8) | 8 |
Income Tax Expense (Benefit) | 2 | (2) |
Net income | (6) | 6 |
Reclassification out of Accumulated Other Comprehensive Income | Designated as Hedging Instrument | Derivatives in cash flow hedges | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net sales | (1) | 0 |
Cost of products sold | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Designated as Hedging Instrument | Derivatives in cash flow hedges | Commodities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net sales | 3 | (2) |
Cost of products sold | $ (10) | $ 10 |
Derivative and Other Financia_5
Derivative and Other Financial Instruments - Fair Value Hedges and Contracts Not Designated as Hedges (Details) - Derivatives not designated as hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | $ (15) | $ 6 |
Net sales | Foreign exchange | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | 1 | 0 |
Cost of products sold | Foreign exchange | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | 1 | 1 |
Foreign exchange | Foreign exchange | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | $ (15) | $ 5 |
Derivative and Other Financia_6
Derivative and Other Financial Instruments - Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivatives designated as net investment hedges | Designated as Hedging Instrument | Foreign exchange | ||
Derivative [Line Items] | ||
Amount of gain/(loss) recognized in AOCI | $ 26 | $ (28) |
Derivative and Other Financia_7
Derivative and Other Financial Instruments - Fair Values of Derivative Instruments and Valuation Hierarchy (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative assets | ||
Total | $ 66 | $ 47 |
Derivative liabilities | ||
Total | 45 | 59 |
Fair Value, Inputs, Level 2 | ||
Derivative assets | ||
Total | 66 | 47 |
Derivative liabilities | ||
Total | 45 | 59 |
Fair Value, Inputs, Level 2 | Other current assets | Foreign exchange | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 5 | 4 |
Fair Value, Inputs, Level 2 | Accrued liabilities | Foreign exchange | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 9 | 4 |
Fair Value, Inputs, Level 2 | Other non-current assets | Foreign exchange | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 2 | 0 |
Fair Value, Inputs, Level 2 | Other non-current liabilities | Foreign exchange | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 1 | 0 |
Fair Value, Inputs, Level 2 | Other assets | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | 59 | 43 |
Fair Value, Inputs, Level 2 | Other assets | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 7 | 4 |
Fair Value, Inputs, Level 2 | Other liabilities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | 35 | 55 |
Fair Value, Inputs, Level 2 | Other liabilities | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 10 | 4 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other current assets | Foreign exchange | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | 7 | 6 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other current assets | Commodities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 14 | 16 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Accrued liabilities | Foreign exchange | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | 10 | 5 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Accrued liabilities | Commodities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 23 | 42 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other non-current assets | Foreign exchange | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | 1 | 3 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other non-current assets | Commodities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 2 | 2 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other non-current liabilities | Foreign exchange | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | 0 | 1 |
Derivatives in cash flow hedges | Fair Value, Inputs, Level 2 | Other non-current liabilities | Commodities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges, Commodities | 2 | 6 |
Derivatives in fair value hedges | Accrued liabilities | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedges, Foreign exchange | 64 | 13 |
Derivatives in fair value hedges | Fair Value, Inputs, Level 2 | Other current assets | Foreign exchange | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | 1 | 1 |
Derivatives in fair value hedges | Fair Value, Inputs, Level 2 | Accrued liabilities | Foreign exchange | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | 0 | 1 |
Derivatives designated as net investment hedges | Fair Value, Inputs, Level 2 | Other non-current assets | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | 34 | 15 |
Derivatives designated as net investment hedges | Fair Value, Inputs, Level 2 | Other non-current liabilities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | $ 0 | $ 0 |
Derivative and Other Financia_8
Derivative and Other Financial Instruments - Fair Value Hedge Carrying Amounts (Details) - Derivatives in fair value hedges - Designated as Hedging Instrument - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Cumulative amount of fair value hedging adjustment included in the carrying about of the hedged assets | $ 1 | $ 1 |
Cash and cash equivalents | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 6 | 1 |
Receivables, net | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 13 | 15 |
Accrued liabilities | ||
Derivative [Line Items] | ||
Accounts payable | $ (64) | $ (13) |
Derivative and Other Financia_9
Derivative and Other Financial Instruments - Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized in the Balance Sheet, Derivative Assets | $ 66 | $ 47 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Assets | 17 | 19 |
Net Amount, Derivative Assets | 49 | 28 |
Gross Amounts Recognized in the Balance Sheet, Derivative Liabilities | 45 | 59 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Liabilities | 17 | 19 |
Net Amount, Derivative Liabilities | $ 28 | $ 40 |
Derivative and Other Financi_10
Derivative and Other Financial Instruments - Notional Values of Outstanding Derivative Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Foreign exchange | Derivatives not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivative | $ 745 | $ 796 |
Foreign exchange | Derivatives in cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivative | 686 | 820 |
Foreign exchange | Derivatives in fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivative | 115 | 74 |
Commodities | Derivatives in cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of derivative | $ 416 | $ 428 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019EUR (€) | Mar. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||||
Short-term debt | $ 125 | $ 89 | ||
Principal outstanding | ||||
Total long-term debt | 8,979 | 8,667 | ||
Less: current maturities | (83) | (81) | ||
Total long-term debt, less current maturities | 8,896 | 8,586 | ||
Carrying amount | ||||
Total long-term debt | 8,897 | 8,574 | ||
Less: current maturities | (83) | (81) | ||
Total long-term debt, less current maturities | 8,814 | 8,493 | ||
Senior Secured Borrowings | U.S. dollar at LIBOR 1.75% due 2022 | ||||
Principal outstanding | ||||
Total long-term debt | 810 | 815 | ||
Carrying amount | ||||
Total long-term debt | 806 | 810 | ||
Senior Secured Borrowings | U.S. dollar at LIBOR 2.00% due 2025 | ||||
Principal outstanding | ||||
Total long-term debt | 617 | 887 | ||
Carrying amount | ||||
Total long-term debt | 607 | 864 | ||
Senior Secured Borrowings | Euro at EURIBOR 1.75% due 20221 | ||||
Principal outstanding | ||||
Total long-term debt | 293 | 301 | ||
Carrying amount | ||||
Total long-term debt | 293 | 301 | ||
Debt Instrument, Face Amount | € | € 261,000,000 | € 263,000,000 | ||
Senior Secured Borrowings | Euro at EURIBOR 2.375% due 20252 | ||||
Principal outstanding | ||||
Total long-term debt | 835 | 855 | ||
Carrying amount | ||||
Total long-term debt | 823 | 846 | ||
Debt Instrument, Face Amount | € | € 744,000,000 | € 746,000,000 | ||
Senior Notes and Debentures | €650 at 4.0% due 2022 | ||||
Principal outstanding | ||||
Total long-term debt | 729 | 745 | ||
Carrying amount | ||||
Total long-term debt | $ 724 | 740 | ||
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 | 1,000 | ||
Carrying amount | ||||
Total long-term debt | $ 994 | 993 | ||
Debt instrument stated percentage | 4.50% | 4.50% | ||
Senior Notes and Debentures | €335 at 2.250% due 2023 | ||||
Principal outstanding | ||||
Total long-term debt | $ 376 | 384 | ||
Carrying amount | ||||
Total long-term debt | $ 371 | 380 | ||
Debt instrument stated percentage | 2.25% | 2.25% | ||
Debt Instrument, Face Amount | € | € 335,000,000 | |||
Senior Notes and Debentures | €600 at 2.625% due 2024 | ||||
Principal outstanding | ||||
Total long-term debt | $ 673 | 688 | ||
Carrying amount | ||||
Total long-term debt | $ 667 | 682 | ||
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 | $ 673 | 688 | ||
Carrying amount | ||||
Total long-term debt | $ 667 | 681 | ||
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 | 400 | ||
Carrying amount | ||||
Total long-term debt | $ 394 | 394 | ||
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 | 875 | ||
Carrying amount | ||||
Total long-term debt | $ 863 | 863 | ||
Debt instrument stated percentage | 4.75% | 4.75% | ||
Senior Notes and Debentures | U.S. dollar at 7.375% due 2026 | ||||
Principal outstanding | ||||
Total long-term debt | $ 350 | 350 | ||
Carrying amount | ||||
Total long-term debt | $ 348 | 348 | ||
Debt instrument stated percentage | 7.375% | 7.375% | ||
Senior Notes and Debentures | €500 at 2.875% due 2026 | ||||
Principal outstanding | ||||
Total long-term debt | $ 561 | 573 | ||
Carrying amount | ||||
Total long-term debt | $ 553 | 566 | ||
Debt instrument stated percentage | 2.875% | 2.875% | ||
Debt Instrument, Face Amount | € | € 500,000,000 | |||
Senior Notes and Debentures | U.S. dollar at 7.50% due 2096 | ||||
Principal outstanding | ||||
Total long-term debt | $ 40 | 40 | ||
Carrying amount | ||||
Total long-term debt | $ 40 | 40 | ||
Debt instrument stated percentage | 7.50% | 7.50% | ||
Other Indebtedness, Fixed Rate | ||||
Principal outstanding | ||||
Total long-term debt | $ 60 | 66 | ||
Carrying amount | ||||
Total long-term debt | 60 | 66 | ||
Revolving Credit Facility | Line of Credit | ||||
Principal outstanding | ||||
Total long-term debt | 687 | 0 | ||
Carrying amount | ||||
Total long-term debt | $ 687 | $ 0 | ||
London Interbank Offered Rate (LIBOR) | Senior Secured Borrowings | U.S. dollar at LIBOR 1.75% due 2022 | ||||
Carrying amount | ||||
Basis spread on variable rate (as a percent) | 1.75% | |||
London Interbank Offered Rate (LIBOR) | Senior Secured Borrowings | U.S. dollar at LIBOR 2.00% due 2025 | ||||
Carrying amount | ||||
Basis spread on variable rate (as a percent) | 2.00% | |||
EURIBOR | Senior Secured Borrowings | Euro at EURIBOR 1.75% due 20221 | ||||
Carrying amount | ||||
Basis spread on variable rate (as a percent) | 1.75% | |||
EURIBOR | Senior Secured Borrowings | Euro at EURIBOR 2.375% due 20252 | ||||
Carrying amount | ||||
Basis spread on variable rate (as a percent) | 2.375% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019EUR (€) | Mar. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | |
Senior Secured Borrowings | Euro at EURIBOR 1.75% due 20221 | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | € 261,000,000 | € 263,000,000 | ||
Senior Secured Borrowings | Euro at EURIBOR 2.375% due 20252 | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | € 744,000,000 | € 746,000,000 | ||
Senior Notes and Debentures | U.S. dollar at 4.75% due 2026 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated percentage | 4.75% | 4.75% | ||
Senior Notes and Debentures | €500 at 2.875% due 2026 | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | € 500,000,000 | |||
Debt instrument stated percentage | 2.875% | 2.875% | ||
Senior Notes and Debentures | €335 at 2.250% due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | € 335,000,000 | |||
Debt instrument stated percentage | 2.25% | 2.25% | ||
Fair Value, Inputs, Level 2 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, fair value | $ | $ 9,299 | $ 8,735 | ||
London Interbank Offered Rate (LIBOR) | Senior Secured Borrowings | U.S. dollar at LIBOR 2.00% due 2025 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.00% |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 1 | 1 |
Recognized prior service credit | (9) | (9) |
Recognized net loss | 1 | 1 |
Net periodic cost (benefit) | (7) | (7) |
Pension Benefits - U.S. Plans | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 5 | 4 |
Interest cost | 13 | 12 |
Expected return on plan assets | (18) | (21) |
Recognized net loss | 14 | 12 |
Net periodic cost (benefit) | 14 | 7 |
Pension Benefits - Non-U.S. Plans | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | 7 |
Interest cost | 19 | 19 |
Expected return on plan assets | (35) | (40) |
Pension settlements and curtailments | (14) | 0 |
Recognized prior service credit | 0 | (3) |
Recognized net loss | 10 | 11 |
Net periodic cost (benefit) | $ (16) | $ (6) |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits Amounts reclassified from accumulated other comprehensive income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income before income taxes | $ 178 | $ 152 |
Income Tax Expense (Benefit) | (48) | (39) |
Net income | 131 | 113 |
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Actuarial losses | 25 | 24 |
Prior service credit | (23) | (12) |
Income before income taxes | 2 | 12 |
Income Tax Expense (Benefit) | (1) | (1) |
Net income | $ 1 | $ 11 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Components (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | $ (3,374) | $ (3,241) | |
Cumulative effect of change in accounting principle | $ 3 | ||
Other comprehensive income before reclassifications | 78 | 55 | |
Amounts reclassified from accumulated other comprehensive income | 7 | 5 | |
Other comprehensive income (loss) | 85 | 63 | |
Balance at end of period | (3,289) | (3,178) | |
Defined benefit plans | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | (1,533) | (1,583) | |
Cumulative effect of change in accounting principle | 0 | ||
Other comprehensive income before reclassifications | 13 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 1 | 11 | |
Other comprehensive income (loss) | 14 | 11 | |
Balance at end of period | (1,519) | (1,572) | |
Foreign currency translation | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | (1,817) | (1,681) | |
Cumulative effect of change in accounting principle | 0 | ||
Other comprehensive income before reclassifications | 59 | 81 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Other comprehensive income (loss) | 59 | 81 | |
Balance at end of period | (1,758) | (1,600) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | (24) | 23 | |
Cumulative effect of change in accounting principle | $ 3 | ||
Other comprehensive income before reclassifications | 6 | (26) | |
Amounts reclassified from accumulated other comprehensive income | 6 | (6) | |
Other comprehensive income (loss) | 12 | (29) | |
Balance at end of period | $ (12) | $ (6) |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) | 3 Months Ended |
Mar. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested stock awards outstanding at beginning of period (in shares) | 2,142,743 |
Nonvested stock awards outstanding at end of period (in shares) | 2,244,014 |
Time-vesting shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awarded (in shares) | 108,525 |
Released (in shares) | (68,923) |
Forfeitures (in shares) | (12,000) |
Performance-based shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awarded (in shares) | 202,876 |
Forfeitures (in shares) | (129,207) |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ | $ 76 |
Cost expected to be recognized, weighted average period (in years) | 3 years 3 months |
Market Based Restricted Stock [Member] [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award term | cliff vest at the end of three years |
Level of market performance achieved based on shares awarded, minimum (as a percent) | 0.00% |
Level of market performance achieved based on shares awarded, maximum (as a percent) | 200.00% |
Vesting period for shares awarded (in years) | 3 years |
Performance-Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award term | cliff vest at the end of three years |
Level of market performance achieved based on shares awarded, minimum (as a percent) | 0.00% |
Level of market performance achieved based on shares awarded, maximum (as a percent) | 200.00% |
Vesting period for shares awarded (in years) | 3 years |
Weighted average grant-date fair value (in dollars per share) | $ / shares | $ 46.08 |
Method used for calculation of performance of share | Monte Carlo |
Weighted average stock price volatility | 21.40% |
Expected term (in years) | 3 years |
Risk free interest rate | 2.45% |
Time Vested Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average grant-date fair value (in dollars per share) | $ / shares | $ 43.07 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate market value of shares released and issued | $ | $ 3 |
Minimum | Time Vested Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period for shares awarded (in years) | 3 years |
Maximum | Time Vested Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period for shares awarded (in years) | 5 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Crown Holdings | $ 103 | $ 90 |
Weighted average shares outstanding: | ||
Basic (in shares) | 133.8 | 133.5 |
Add: dilutive stock options and restricted stock (in shares) | 0.6 | 0.3 |
Diluted (in shares) | 134.4 | 133.8 |
Basic earnings per share (in usd per share) | $ 0.77 | $ 0.67 |
Diluted earnings per share (in usd per share) | $ 0.77 | $ 0.67 |
Value of shares excluded from the computation of diluted earnings per share | 0.2 | 0.2 |
Segment Information - Informati
Segment Information - Information about Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Income from operations | $ 262 | $ 221 |
Net sales | 2,755 | 2,197 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 318 | 253 |
Net sales | 2,440 | 1,894 |
Operating Segments | Americas Beverage | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 113 | 98 |
Net sales | 788 | 758 |
Operating Segments | European Beverage | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 39 | 55 |
Net sales | 339 | 371 |
Operating Segments | European Food | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 48 | 56 |
Net sales | 423 | 428 |
Operating Segments | Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 45 | 44 |
Net sales | 321 | 337 |
Operating Segments | Transit Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 73 | 0 |
Net sales | 569 | 0 |
Segment Reconciling Items | Non-reportable segments | ||
Segment Reporting Information [Line Items] | ||
Income from operations | 36 | 31 |
Net sales | 315 | 303 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net sales | 52 | 59 |
Intersegment Eliminations | Americas Beverage | ||
Segment Reporting Information [Line Items] | ||
Net sales | 4 | 10 |
Intersegment Eliminations | European Beverage | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1 | 0 |
Intersegment Eliminations | European Food | ||
Segment Reporting Information [Line Items] | ||
Net sales | 18 | 22 |
Intersegment Eliminations | Transit Packaging [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 3 | 0 |
Intersegment Eliminations | Non-reportable segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 26 | 27 |
Intersegment Eliminations | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 26 | $ 32 |
Segment Information - Narrative
Segment Information - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Intercompany profit eliminated | $ 1 | $ 1 |
Non-reportable segments | ||
Segment Reporting Information [Line Items] | ||
Segment description | The primary sources of revenue included in non-reportable segments are the Company's food can and closures business in North America, aerosol can businesses in North America and Europe, its promotional packaging business in Europe and its tooling and equipment operations in the U.S. and U.K. |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | $ 262 | $ 221 |
Restructuring and other | (4) | (13) |
Amortization of intangibles | (47) | (11) |
Other pension and postretirement | 18 | 17 |
Interest expense | (98) | (74) |
Interest income | 3 | 6 |
Foreign exchange | (1) | (18) |
Income before income taxes | 178 | 152 |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 318 | 253 |
Operating Segments | Americas Beverage | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 113 | 98 |
Operating Segments | European Beverage | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 39 | 55 |
Operating Segments | European Food | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 48 | 56 |
Operating Segments | Asia Pacific | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 45 | 44 |
Segment Reconciling Items | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Restructuring and other | (4) | (13) |
Amortization of intangibles | (47) | (11) |
Accelerated depreciation | (2) | 0 |
Other pension and postretirement | 18 | 17 |
Loss from early extinguishments of debt | (6) | 0 |
Interest expense | (98) | (74) |
Interest income | 3 | 6 |
Foreign exchange | (1) | (18) |
Segment Reconciling Items | Non-reportable segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 36 | 31 |
Corporate, Non-Segment | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Corporate and unallocated items | $ (39) | $ (39) |
Condensed Combining Financial_3
Condensed Combining Financial Information - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Crown Cork & Seal Company Inc | U.S. dollar at 7.375% due 2026 | |
Outstanding senior notes | $ 350 |
Debt instrument stated percentage | 7.375% |
Crown Cork & Seal Company Inc | U.S. dollar at 7.50% due 2096 | |
Outstanding senior notes | $ 40 |
Debt instrument stated percentage | 7.50% |
Crown Americas, LLC | U. S. dollar at 4.50% due 2023 | |
Outstanding senior notes | $ 1,000 |
Debt instrument stated percentage | 4.50% |
Crown Americas, LLC | U.S. dollar at 4.25% due 2026 | |
Outstanding senior notes | $ 400 |
Debt instrument stated percentage | 4.25% |
Crown Americas, LLC | U.S. dollar at 4.75% due 2026 | |
Outstanding senior notes | $ 875 |
Debt instrument stated percentage | 4.75% |
Guarantors | Crown Americas, LLC | |
Ownership percentage | 100.00% |
Issuer | Crown Cork & Seal Company Inc | |
Ownership percentage | 100.00% |
Issuer | Crown Americas, LLC | |
Ownership percentage | 100.00% |
Condensed Combining Financial_4
Condensed Combining Financial Information - Condensed Combining Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 2,755 | $ 2,197 |
Cost of products sold, excluding depreciation and amortization | 2,210 | 1,808 |
Depreciation and amortization | 122 | 65 |
Selling and administrative expense | 157 | 90 |
Restructuring and other | 4 | 13 |
Income from operations | 262 | 221 |
Loss from early extinguishment of debt | 6 | 0 |
Other pension and postretirement | (18) | (17) |
Foreign exchange | 1 | 18 |
Income before income taxes | 178 | 152 |
Provision for / (benefit from) income taxes | 48 | 39 |
Equity earnings / (loss) in affiliates | 1 | 0 |
Net income | 131 | 113 |
Net income attributable to noncontrolling interests | (28) | (23) |
Net income attributable to Crown Holdings | 103 | 90 |
Total comprehensive income | 216 | 174 |
Comprehensive income attributable to Crown Holdings | 188 | 150 |
Crown Cork & Seal Company Inc. | ||
Net sales | 2,755 | 2,197 |
Cost of products sold, excluding depreciation and amortization | 2,210 | 1,808 |
Depreciation and amortization | 122 | 65 |
Selling and administrative expense | 157 | 90 |
Restructuring and other | 4 | 13 |
Income from operations | 262 | 221 |
Loss from early extinguishment of debt | 6 | |
Other pension and postretirement | (18) | (17) |
Net interest expense | 95 | 68 |
Foreign exchange | 1 | 18 |
Income before income taxes | 178 | 152 |
Provision for / (benefit from) income taxes | 48 | 39 |
Equity earnings / (loss) in affiliates | 1 | 0 |
Net income | 131 | 113 |
Net income attributable to noncontrolling interests | (28) | (23) |
Net income attributable to Crown Holdings | 103 | 90 |
Total comprehensive income | 216 | 174 |
Comprehensive income attributable to noncontrolling interests | (28) | (24) |
Comprehensive income attributable to Crown Holdings | 188 | 150 |
Crown Cork & Seal Company Inc. | Parent | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | ||
Restructuring and other | ||
Income from operations | 0 | |
Loss from early extinguishment of debt | ||
Other pension and postretirement | ||
Net interest expense | ||
Foreign exchange | ||
Income before income taxes | 0 | |
Provision for / (benefit from) income taxes | ||
Equity earnings / (loss) in affiliates | 103 | 90 |
Net income | 103 | 90 |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | 103 | 90 |
Total comprehensive income | 188 | 150 |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | 188 | 150 |
Crown Cork & Seal Company Inc. | Issuer | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | 1 | 2 |
Restructuring and other | ||
Income from operations | (1) | (2) |
Loss from early extinguishment of debt | ||
Other pension and postretirement | 2 | |
Net interest expense | 18 | 19 |
Foreign exchange | ||
Income before income taxes | (21) | (21) |
Provision for / (benefit from) income taxes | (4) | (4) |
Equity earnings / (loss) in affiliates | 104 | 95 |
Net income | 87 | 78 |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | 87 | 78 |
Total comprehensive income | 170 | 47 |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | 170 | 47 |
Crown Cork & Seal Company Inc. | Non- Guarantors | ||
Net sales | 2,755 | 2,197 |
Cost of products sold, excluding depreciation and amortization | 2,210 | 1,808 |
Depreciation and amortization | 122 | 65 |
Selling and administrative expense | 156 | 88 |
Restructuring and other | 4 | 13 |
Income from operations | 263 | 223 |
Loss from early extinguishment of debt | 6 | |
Other pension and postretirement | (20) | (17) |
Net interest expense | 77 | 49 |
Foreign exchange | 1 | 18 |
Income before income taxes | 199 | 173 |
Provision for / (benefit from) income taxes | 52 | 43 |
Equity earnings / (loss) in affiliates | 1 | |
Net income | 148 | 130 |
Net income attributable to noncontrolling interests | (28) | (23) |
Net income attributable to Crown Holdings | 120 | 107 |
Total comprehensive income | 233 | 191 |
Comprehensive income attributable to noncontrolling interests | (28) | (24) |
Comprehensive income attributable to Crown Holdings | 205 | 167 |
Crown Americas, LLC | ||
Net sales | 2,755 | 2,197 |
Cost of products sold, excluding depreciation and amortization | 2,210 | 1,808 |
Depreciation and amortization | 122 | 65 |
Selling and administrative expense | 157 | 90 |
Restructuring and other | 4 | 13 |
Income from operations | 262 | 221 |
Loss from early extinguishment of debt | 6 | |
Other pension and postretirement | (18) | (17) |
Net interest expense | 95 | 68 |
Foreign exchange | 1 | 18 |
Income before income taxes | 178 | 152 |
Provision for / (benefit from) income taxes | 48 | 39 |
Equity earnings / (loss) in affiliates | 1 | 0 |
Net income | 131 | 113 |
Net income attributable to noncontrolling interests | (28) | (23) |
Net income attributable to Crown Holdings | 103 | 90 |
Total comprehensive income | 216 | 174 |
Comprehensive income attributable to noncontrolling interests | (28) | (24) |
Comprehensive income attributable to Crown Holdings | 188 | 150 |
Crown Americas, LLC | Parent | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | ||
Restructuring and other | ||
Income from operations | 0 | |
Loss from early extinguishment of debt | ||
Other pension and postretirement | ||
Net interest expense | ||
Technology royalty | ||
Foreign exchange | ||
Income before income taxes | 0 | |
Provision for / (benefit from) income taxes | ||
Equity earnings / (loss) in affiliates | 103 | 90 |
Net income | 103 | 90 |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | 103 | 90 |
Total comprehensive income | 188 | 150 |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | 188 | 150 |
Crown Americas, LLC | Issuer | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | 3 | 2 |
Restructuring and other | 3 | |
Income from operations | (3) | (5) |
Loss from early extinguishment of debt | 6 | |
Other pension and postretirement | ||
Net interest expense | 19 | 23 |
Technology royalty | ||
Foreign exchange | (34) | 56 |
Income before income taxes | 6 | (84) |
Provision for / (benefit from) income taxes | 2 | (20) |
Equity earnings / (loss) in affiliates | 63 | 56 |
Net income | 67 | (8) |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | 67 | (8) |
Total comprehensive income | 73 | (7) |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | 73 | (7) |
Crown Americas, LLC | Guarantors | ||
Net sales | 892 | 602 |
Cost of products sold, excluding depreciation and amortization | 740 | 520 |
Depreciation and amortization | 35 | 11 |
Selling and administrative expense | 66 | 33 |
Restructuring and other | 2 | |
Income from operations | 51 | 36 |
Loss from early extinguishment of debt | ||
Other pension and postretirement | (5) | (5) |
Net interest expense | 33 | 21 |
Technology royalty | (9) | (11) |
Foreign exchange | (1) | |
Income before income taxes | 32 | 32 |
Provision for / (benefit from) income taxes | 8 | 9 |
Equity earnings / (loss) in affiliates | 62 | 55 |
Net income | 86 | 78 |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | 86 | 78 |
Total comprehensive income | 169 | 47 |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | 169 | 47 |
Crown Americas, LLC | Non- Guarantors | ||
Net sales | 1,979 | 1,692 |
Cost of products sold, excluding depreciation and amortization | 1,586 | 1,385 |
Depreciation and amortization | 87 | 54 |
Selling and administrative expense | 88 | 55 |
Restructuring and other | 4 | 8 |
Income from operations | 214 | 190 |
Loss from early extinguishment of debt | ||
Other pension and postretirement | (13) | (12) |
Net interest expense | 43 | 24 |
Technology royalty | 9 | 11 |
Foreign exchange | 1 | 19 |
Income before income taxes | 174 | 148 |
Provision for / (benefit from) income taxes | 46 | 37 |
Equity earnings / (loss) in affiliates | ||
Net income | 128 | 111 |
Net income attributable to noncontrolling interests | (28) | (23) |
Net income attributable to Crown Holdings | 100 | 88 |
Total comprehensive income | 193 | 214 |
Comprehensive income attributable to noncontrolling interests | (28) | (24) |
Comprehensive income attributable to Crown Holdings | 165 | 190 |
Eliminations | Crown Cork & Seal Company Inc. | ||
Net sales | ||
Cost of products sold, excluding depreciation and amortization | ||
Depreciation and amortization | ||
Selling and administrative expense | ||
Restructuring and other | ||
Loss from early extinguishment of debt | ||
Other pension and postretirement | ||
Net interest expense | ||
Foreign exchange | ||
Income before income taxes | ||
Provision for / (benefit from) income taxes | ||
Equity earnings / (loss) in affiliates | (207) | (185) |
Net income | (207) | (185) |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | (207) | (185) |
Total comprehensive income | (375) | (214) |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | (375) | (214) |
Eliminations | Crown Americas, LLC | ||
Net sales | (116) | (97) |
Cost of products sold, excluding depreciation and amortization | (116) | (97) |
Depreciation and amortization | ||
Selling and administrative expense | ||
Restructuring and other | ||
Loss from early extinguishment of debt | ||
Other pension and postretirement | ||
Net interest expense | ||
Technology royalty | ||
Foreign exchange | 34 | (56) |
Income before income taxes | (34) | 56 |
Provision for / (benefit from) income taxes | (8) | 13 |
Equity earnings / (loss) in affiliates | (227) | (201) |
Net income | (253) | (158) |
Net income attributable to noncontrolling interests | ||
Net income attributable to Crown Holdings | (253) | (158) |
Total comprehensive income | (407) | (230) |
Comprehensive income attributable to noncontrolling interests | ||
Comprehensive income attributable to Crown Holdings | $ (407) | (230) |
Issuer | Crown Cork & Seal Company Inc. | ||
Other pension and postretirement |
Condensed Combining Financial_5
Condensed Combining Financial Information - Condensed Combining Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 301 | $ 607 | |||
Receivables, net | 1,686 | 1,602 | |||
Inventories | 1,851 | 1,690 | |||
Prepaid expenses and other current assets | 186 | 180 | |||
Total current assets | 4,024 | 4,079 | |||
Goodwill | 4,418 | 4,442 | |||
Intangible assets, net | 2,136 | 2,193 | |||
Property, plant and equipment, net | 3,734 | 3,745 | |||
Operating lease right-of-use assets | 213 | $ 220 | |||
Other non-current assets | 832 | 803 | |||
Total | 15,357 | 15,262 | |||
Short-term debt | 125 | 89 | |||
Current maturities of long-term debt | 83 | 81 | |||
Current portion of operating lease liabilities | 47 | ||||
Accounts payable | 2,223 | 2,732 | |||
Accrued liabilities | 864 | 1,011 | |||
Total current liabilities | 3,342 | 3,913 | |||
Long-term debt, excluding current maturities | 8,814 | 8,493 | |||
Non-current portion of operating lease liabilities | 167 | ||||
Postretirement and pension liabilities | 671 | 683 | |||
Other non-current liabilities | 861 | 887 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 368 | 349 | |||
Crown Holdings shareholders’ equity/(deficit) | 1,134 | 937 | |||
Total equity/(deficit) | 1,502 | 1,286 | $ 1,112 | $ 923 | |
Total | 15,357 | 15,262 | |||
Crown Cork & Seal Company Inc. | |||||
Cash and cash equivalents | 301 | 607 | |||
Receivables, net | 1,686 | 1,602 | |||
Inventories | 1,851 | 1,690 | |||
Prepaid expenses and other current assets | 186 | 180 | |||
Total current assets | 4,024 | 4,079 | |||
Goodwill | 4,418 | 4,442 | |||
Intangible assets, net | 2,136 | 2,193 | |||
Property, plant and equipment, net | 3,734 | 3,745 | |||
Operating lease right-of-use assets | 213 | ||||
Other non-current assets | 832 | 803 | |||
Total | 15,357 | 15,262 | |||
Short-term debt | 125 | 89 | |||
Current maturities of long-term debt | 83 | 81 | |||
Current portion of operating lease liabilities | 47 | ||||
Accounts payable | 2,223 | 2,732 | |||
Accrued liabilities | 864 | 1,011 | |||
Total current liabilities | 3,342 | 3,913 | |||
Long-term debt, excluding current maturities | 8,814 | 8,493 | |||
Long-term intercompany debt | 0 | ||||
Non-current portion of operating lease liabilities | 167 | ||||
Postretirement and pension liabilities | 671 | 683 | |||
Other non-current liabilities | 861 | 887 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 368 | 349 | |||
Crown Holdings shareholders’ equity/(deficit) | 1,134 | 937 | |||
Total equity/(deficit) | 1,502 | 1,286 | |||
Total | 15,357 | 15,262 | |||
Crown Cork & Seal Company Inc. | Parent | |||||
Cash and cash equivalents | |||||
Receivables, net | |||||
Inventories | |||||
Prepaid expenses and other current assets | 2 | 1 | |||
Total current assets | 2 | 1 | |||
Intercompany debt receivables | |||||
Investments | 3,647 | 3,458 | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | |||||
Operating lease right-of-use assets | |||||
Other non-current assets | |||||
Total | 3,649 | 3,459 | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Current portion of operating lease liabilities | |||||
Accounts payable | |||||
Accrued liabilities | 8 | 14 | |||
Total current liabilities | 8 | 14 | |||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | 2,507 | 2,508 | |||
Non-current portion of operating lease liabilities | |||||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | 1,134 | 937 | |||
Total equity/(deficit) | 1,134 | 937 | |||
Total | 3,649 | 3,459 | |||
Crown Cork & Seal Company Inc. | Issuer | |||||
Cash and cash equivalents | |||||
Receivables, net | 9 | 9 | |||
Inventories | |||||
Prepaid expenses and other current assets | 1 | 1 | |||
Total current assets | 10 | 10 | |||
Intercompany debt receivables | |||||
Investments | 3,950 | 3,764 | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | |||||
Operating lease right-of-use assets | |||||
Other non-current assets | 147 | 156 | |||
Total | 4,107 | 3,930 | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Current portion of operating lease liabilities | |||||
Accounts payable | |||||
Accrued liabilities | 34 | 30 | |||
Total current liabilities | 34 | 30 | |||
Long-term debt, excluding current maturities | 388 | 388 | |||
Long-term intercompany debt | 1,055 | 1,053 | |||
Non-current portion of operating lease liabilities | |||||
Postretirement and pension liabilities | |||||
Other non-current liabilities | 325 | 325 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | 2,305 | 2,134 | |||
Total equity/(deficit) | 2,305 | 2,134 | |||
Total | 4,107 | 3,930 | |||
Crown Cork & Seal Company Inc. | Non- Guarantors | |||||
Cash and cash equivalents | 301 | 607 | |||
Receivables, net | 1,677 | 1,593 | |||
Inventories | 1,851 | 1,690 | |||
Prepaid expenses and other current assets | 183 | 178 | |||
Total current assets | 4,012 | 4,068 | |||
Intercompany debt receivables | 3,562 | 3,561 | |||
Investments | |||||
Goodwill | 4,418 | 4,442 | |||
Intangible assets, net | 2,136 | 2,193 | |||
Property, plant and equipment, net | 3,734 | 3,745 | |||
Operating lease right-of-use assets | 213 | ||||
Other non-current assets | 685 | 647 | |||
Total | 18,760 | 18,656 | |||
Short-term debt | 125 | 89 | |||
Current maturities of long-term debt | 83 | 81 | |||
Current portion of operating lease liabilities | 47 | ||||
Accounts payable | 2,223 | 2,732 | |||
Accrued liabilities | 822 | 967 | |||
Total current liabilities | 3,300 | 3,869 | |||
Long-term debt, excluding current maturities | 8,426 | 8,105 | |||
Long-term intercompany debt | |||||
Non-current portion of operating lease liabilities | 167 | ||||
Postretirement and pension liabilities | 671 | 683 | |||
Other non-current liabilities | 536 | 562 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 368 | 349 | |||
Crown Holdings shareholders’ equity/(deficit) | 5,292 | 5,088 | |||
Total equity/(deficit) | 5,660 | 5,437 | |||
Total | 18,760 | 18,656 | |||
Crown Americas, LLC | |||||
Cash and cash equivalents | 301 | 607 | |||
Receivables, net | 1,686 | 1,602 | |||
Intercompany receivables | 0 | ||||
Inventories | 1,851 | 1,690 | |||
Prepaid expenses and other current assets | 186 | 180 | |||
Total current assets | 4,024 | 4,079 | |||
Intercompany debt receivables | 0 | ||||
Investments | 0 | ||||
Goodwill | 4,418 | 4,442 | |||
Intangible assets, net | 2,136 | 2,193 | |||
Property, plant and equipment, net | 3,734 | 3,745 | |||
Operating lease right-of-use assets | 213 | ||||
Other non-current assets | 832 | 803 | |||
Total | 15,357 | 15,262 | |||
Short-term debt | 125 | 89 | |||
Current maturities of long-term debt | 83 | 81 | |||
Current portion of operating lease liabilities | 47 | ||||
Accounts payable | 2,223 | 2,732 | |||
Accrued liabilities | 864 | 1,011 | |||
Total current liabilities | 3,342 | 3,913 | |||
Long-term debt, excluding current maturities | 8,814 | 8,493 | |||
Long-term intercompany debt | 0 | ||||
Non-current portion of operating lease liabilities | 167 | ||||
Postretirement and pension liabilities | 671 | 683 | |||
Other non-current liabilities | 861 | 887 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 368 | 349 | |||
Crown Holdings shareholders’ equity/(deficit) | 1,134 | 937 | |||
Total equity/(deficit) | 1,502 | 1,286 | |||
Total | 15,357 | 15,262 | |||
Crown Americas, LLC | Parent | |||||
Cash and cash equivalents | |||||
Receivables, net | |||||
Intercompany receivables | |||||
Inventories | |||||
Prepaid expenses and other current assets | 2 | 1 | |||
Total current assets | 2 | 1 | |||
Intercompany debt receivables | |||||
Investments | 3,647 | 3,458 | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | |||||
Operating lease right-of-use assets | |||||
Other non-current assets | |||||
Total | 3,649 | 3,459 | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Current portion of operating lease liabilities | |||||
Accounts payable | |||||
Accrued liabilities | 8 | 14 | |||
Intercompany payables | |||||
Total current liabilities | 8 | 14 | |||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | 2,507 | 2,508 | |||
Non-current portion of operating lease liabilities | |||||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | 1,134 | 937 | |||
Total equity/(deficit) | 1,134 | 937 | |||
Total | 3,649 | 3,459 | |||
Crown Americas, LLC | Issuer | |||||
Cash and cash equivalents | 28 | 117 | |||
Receivables, net | 4 | 4 | |||
Intercompany receivables | |||||
Inventories | |||||
Prepaid expenses and other current assets | 2 | 1 | |||
Total current assets | 34 | 122 | |||
Intercompany debt receivables | 3,004 | 2,577 | |||
Investments | 2,720 | 2,657 | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | 1 | 1 | |||
Operating lease right-of-use assets | 4 | ||||
Other non-current assets | 46 | 29 | |||
Total | 5,809 | 5,386 | |||
Short-term debt | |||||
Current maturities of long-term debt | 42 | 37 | |||
Current portion of operating lease liabilities | |||||
Accounts payable | |||||
Accrued liabilities | 24 | 49 | |||
Intercompany payables | |||||
Total current liabilities | 66 | 86 | |||
Long-term debt, excluding current maturities | 3,372 | 2,999 | |||
Long-term intercompany debt | 739 | 746 | |||
Non-current portion of operating lease liabilities | 4 | ||||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | 1,628 | 1,555 | |||
Total equity/(deficit) | 1,628 | 1,555 | |||
Total | 5,809 | 5,386 | |||
Crown Americas, LLC | Guarantors | |||||
Cash and cash equivalents | 5 | 19 | |||
Receivables, net | 194 | 182 | |||
Intercompany receivables | 30 | 33 | |||
Inventories | 565 | 485 | |||
Prepaid expenses and other current assets | 24 | 17 | |||
Total current assets | 818 | 736 | |||
Intercompany debt receivables | 3,368 | 3,449 | |||
Investments | 1,394 | 1,248 | |||
Goodwill | 1,178 | 1,178 | |||
Intangible assets, net | 880 | 901 | |||
Property, plant and equipment, net | 701 | 693 | |||
Operating lease right-of-use assets | 74 | ||||
Other non-current assets | 189 | 192 | |||
Total | 8,602 | 8,397 | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Current portion of operating lease liabilities | 18 | ||||
Accounts payable | 630 | 725 | |||
Accrued liabilities | 137 | 144 | |||
Intercompany payables | 17 | 13 | |||
Total current liabilities | 802 | 882 | |||
Long-term debt, excluding current maturities | 1,004 | 1,274 | |||
Long-term intercompany debt | 3,057 | 2,700 | |||
Non-current portion of operating lease liabilities | 58 | ||||
Postretirement and pension liabilities | 416 | 432 | |||
Other non-current liabilities | 318 | 332 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | 2,947 | 2,777 | |||
Total equity/(deficit) | 2,947 | 2,777 | |||
Total | 8,602 | 8,397 | |||
Crown Americas, LLC | Non- Guarantors | |||||
Cash and cash equivalents | 268 | 471 | |||
Receivables, net | 1,488 | 1,416 | |||
Intercompany receivables | 17 | 13 | |||
Inventories | 1,286 | 1,205 | |||
Prepaid expenses and other current assets | 158 | 161 | |||
Total current assets | 3,217 | 3,266 | |||
Intercompany debt receivables | 12 | 12 | |||
Investments | |||||
Goodwill | 3,240 | 3,264 | |||
Intangible assets, net | 1,256 | 1,292 | |||
Property, plant and equipment, net | 3,032 | 3,051 | |||
Operating lease right-of-use assets | 135 | ||||
Other non-current assets | 597 | 582 | |||
Total | 11,489 | 11,467 | |||
Short-term debt | 125 | 89 | |||
Current maturities of long-term debt | 41 | 44 | |||
Current portion of operating lease liabilities | 29 | ||||
Accounts payable | 1,593 | 2,007 | |||
Accrued liabilities | 695 | 804 | |||
Intercompany payables | 30 | 33 | |||
Total current liabilities | 2,513 | 2,977 | |||
Long-term debt, excluding current maturities | 4,438 | 4,220 | |||
Long-term intercompany debt | 81 | 84 | |||
Non-current portion of operating lease liabilities | 105 | ||||
Postretirement and pension liabilities | 255 | 251 | |||
Other non-current liabilities | 543 | 555 | |||
Commitments and contingent liabilities | |||||
Noncontrolling interests | 368 | 349 | |||
Crown Holdings shareholders’ equity/(deficit) | 3,186 | 3,031 | |||
Total equity/(deficit) | 3,554 | 3,380 | |||
Total | 11,489 | 11,467 | |||
Eliminations | Crown Cork & Seal Company Inc. | |||||
Cash and cash equivalents | |||||
Receivables, net | |||||
Inventories | |||||
Prepaid expenses and other current assets | |||||
Intercompany debt receivables | (3,562) | (3,561) | |||
Investments | (7,597) | (7,222) | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | |||||
Operating lease right-of-use assets | |||||
Other non-current assets | |||||
Total | (11,159) | (10,783) | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Current portion of operating lease liabilities | |||||
Accounts payable | |||||
Accrued liabilities | |||||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | (3,562) | (3,561) | |||
Non-current portion of operating lease liabilities | |||||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | (7,597) | (7,222) | |||
Total equity/(deficit) | (7,597) | (7,222) | |||
Total | (11,159) | (10,783) | |||
Eliminations | Crown Americas, LLC | |||||
Cash and cash equivalents | |||||
Receivables, net | |||||
Intercompany receivables | (47) | (46) | |||
Inventories | |||||
Prepaid expenses and other current assets | |||||
Total current assets | (47) | (46) | |||
Intercompany debt receivables | (6,384) | (6,038) | |||
Investments | (7,761) | (7,363) | |||
Goodwill | |||||
Intangible assets, net | |||||
Property, plant and equipment, net | |||||
Operating lease right-of-use assets | |||||
Other non-current assets | |||||
Total | (14,192) | (13,447) | |||
Short-term debt | |||||
Current maturities of long-term debt | |||||
Current portion of operating lease liabilities | |||||
Accounts payable | |||||
Accrued liabilities | |||||
Intercompany payables | (47) | (46) | |||
Total current liabilities | (47) | (46) | |||
Long-term debt, excluding current maturities | |||||
Long-term intercompany debt | (6,384) | (6,038) | |||
Non-current portion of operating lease liabilities | |||||
Postretirement and pension liabilities | |||||
Other non-current liabilities | |||||
Commitments and contingent liabilities | |||||
Noncontrolling interests | |||||
Crown Holdings shareholders’ equity/(deficit) | (7,761) | (7,363) | |||
Total equity/(deficit) | (7,761) | (7,363) | |||
Total | $ (14,192) | $ (13,447) |
Condensed Combining Financial_6
Condensed Combining Financial Information - Condensed Combining Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net cash provided by/(used for) operating activities | $ (666) | $ (751) |
Capital expenditures | (75) | (92) |
Beneficial interests in transferred receivables | 0 | 175 |
Proceeds from sale of property, plant and equipment | 5 | 0 |
Foreign exchange derivatives related to acquisitions | 0 | (25) |
Net investment hedge | 6 | 0 |
Net cash (used for) provided by investing activities | (64) | 58 |
Proceeds from long-term debt | 0 | 1,912 |
Payments of long-term debt | (281) | (13) |
Net change in revolving credit facility and short-term debt | 731 | 576 |
Payments of finance leases | (14) | |
Debt issue costs | 0 | (29) |
Common stock issued | 2 | 0 |
Common stock repurchased | (1) | (1) |
Dividend paid to noncontrolling interests | (9) | 0 |
Foreign exchange derivatives related to debt | (11) | 10 |
Net cash provided by financing activities | 417 | 2,455 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2 | 14 |
Net change in cash, cash equivalents and restricted cash | (311) | 1,776 |
Cash, cash equivalents and restricted cash beginning balance | 659 | 435 |
Cash, cash equivalents and restricted cash ending balance | 348 | 2,211 |
Crown Cork & Seal Company Inc. | ||
Net cash provided by/(used for) operating activities | (666) | (751) |
Capital expenditures | (75) | (92) |
Beneficial interests in transferred receivables | 175 | |
Proceeds from sale of property, plant and equipment | 5 | |
Foreign exchange derivatives related to acquisitions | (25) | |
Net investment hedge | 6 | |
Net cash (used for) provided by investing activities | (64) | 58 |
Proceeds from long-term debt | 1,912 | |
Payments of long-term debt | (281) | (13) |
Net change in revolving credit facility and short-term debt | 731 | 576 |
Net change in long-term intercompany balances | (1) | 0 |
Payments of finance leases | (14) | |
Debt issue costs | (29) | |
Common stock issued | 2 | |
Common stock repurchased | (1) | (1) |
Dividends paid | 0 | |
Dividend paid to noncontrolling interests | (9) | |
Foreign exchange derivatives related to debt | (11) | 10 |
Net cash provided by financing activities | 416 | 2,455 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2 | 14 |
Net change in cash, cash equivalents and restricted cash | (312) | 1,776 |
Cash, cash equivalents and restricted cash beginning balance | 659 | 435 |
Cash, cash equivalents and restricted cash ending balance | 347 | 2,211 |
Crown Cork & Seal Company Inc. | Parent | ||
Net cash provided by/(used for) operating activities | 0 | (22) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Net cash (used for) provided by investing activities | 0 | |
Proceeds from long-term debt | ||
Payments of long-term debt | ||
Net change in revolving credit facility and short-term debt | ||
Net change in long-term intercompany balances | (1) | 23 |
Payments of finance leases | ||
Common stock issued | 2 | |
Common stock repurchased | (1) | (1) |
Dividends paid | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 22 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance | ||
Crown Cork & Seal Company Inc. | Issuer | ||
Net cash provided by/(used for) operating activities | (2) | (21) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Net cash (used for) provided by investing activities | ||
Proceeds from long-term debt | ||
Payments of long-term debt | ||
Net change in revolving credit facility and short-term debt | ||
Net change in long-term intercompany balances | 2 | 21 |
Payments of finance leases | ||
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 2 | 21 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance | ||
Crown Cork & Seal Company Inc. | Non- Guarantors | ||
Net cash provided by/(used for) operating activities | (662) | (708) |
Capital expenditures | (75) | (92) |
Beneficial interests in transferred receivables | 175 | |
Proceeds from sale of property, plant and equipment | 5 | |
Foreign exchange derivatives related to acquisitions | (25) | |
Net investment hedge | 6 | |
Net cash (used for) provided by investing activities | (64) | 58 |
Proceeds from long-term debt | 1,912 | |
Payments of long-term debt | (281) | (13) |
Net change in revolving credit facility and short-term debt | 731 | 576 |
Net change in long-term intercompany balances | (2) | (44) |
Payments of finance leases | (14) | |
Debt issue costs | (29) | |
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | (2) | |
Dividend paid to noncontrolling interests | (9) | |
Foreign exchange derivatives related to debt | (11) | 10 |
Net cash provided by financing activities | 412 | 2,412 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2 | 14 |
Net change in cash, cash equivalents and restricted cash | (312) | 1,776 |
Cash, cash equivalents and restricted cash beginning balance | 659 | 435 |
Cash, cash equivalents and restricted cash ending balance | 347 | 2,211 |
Crown Americas, LLC | ||
Net cash provided by/(used for) operating activities | (666) | (751) |
Capital expenditures | (75) | (92) |
Beneficial interests in transferred receivables | 175 | |
Proceeds from sale of property, plant and equipment | 5 | |
Foreign exchange derivatives related to acquisitions | (25) | |
Net investment hedge | 6 | |
Net cash (used for) provided by investing activities | (64) | 58 |
Proceeds from long-term debt | 1,912 | |
Payments of long-term debt | (281) | (13) |
Net change in revolving credit facility and short-term debt | 731 | 576 |
Payments of finance leases | (14) | |
Debt issue costs | (29) | |
Common stock issued | 2 | |
Common stock repurchased | (1) | (1) |
Dividends paid | 0 | |
Dividend paid to noncontrolling interests | (9) | |
Foreign exchange derivatives related to debt | (11) | 10 |
Net cash provided by financing activities | 417 | 2,455 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2 | 14 |
Net change in cash, cash equivalents and restricted cash | (311) | 1,776 |
Cash, cash equivalents and restricted cash beginning balance | 659 | 435 |
Cash, cash equivalents and restricted cash ending balance | 348 | 2,211 |
Crown Americas, LLC | Parent | ||
Net cash provided by/(used for) operating activities | (22) | |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Foreign exchange derivatives related to acquisitions | ||
Net investment hedge | ||
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 | (1) | 23 |
Payments of finance leases | ||
Common stock issued | 2 | |
Common stock repurchased | (1) | (1) |
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 22 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance | ||
Crown Americas, LLC | Issuer | ||
Net cash provided by/(used for) operating activities | (31) | (29) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Foreign exchange derivatives related to acquisitions | ||
Net investment hedge | 6 | |
Net cash (used for) provided by investing activities | 6 | |
Proceeds from long-term debt | 875 | |
Payments of long-term debt | (5) | (4) |
Net change in revolving credit facility and short-term debt | 375 | 160 |
Net change in long-term intercompany balances | (434) | (349) |
Payments of finance leases | ||
Debt issue costs | (13) | |
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | (64) | 669 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Net change in cash, cash equivalents and restricted cash | (89) | 640 |
Cash, cash equivalents and restricted cash beginning balance | 117 | 36 |
Cash, cash equivalents and restricted cash ending balance | 28 | 676 |
Crown Americas, LLC | Guarantors | ||
Net cash provided by/(used for) operating activities | (154) | (55) |
Capital expenditures | (16) | (20) |
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | 1 | |
Foreign exchange derivatives related to acquisitions | ||
Net investment hedge | ||
Net cash (used for) provided by investing activities | (15) | (20) |
Proceeds from long-term debt | ||
Payments of long-term debt | (270) | (1) |
Net change in revolving credit facility and short-term debt | ||
Net change in long-term intercompany balances | 438 | 75 |
Payments of finance leases | (13) | |
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 155 | 74 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Net change in cash, cash equivalents and restricted cash | (14) | (1) |
Cash, cash equivalents and restricted cash beginning balance | 19 | 3 |
Cash, cash equivalents and restricted cash ending balance | 5 | 2 |
Crown Americas, LLC | Non- Guarantors | ||
Net cash provided by/(used for) operating activities | (473) | (645) |
Capital expenditures | (59) | (72) |
Beneficial interests in transferred receivables | 175 | |
Proceeds from sale of property, plant and equipment | 4 | |
Foreign exchange derivatives related to acquisitions | (25) | |
Net investment hedge | ||
Net cash (used for) provided by investing activities | (55) | 78 |
Proceeds from long-term debt | 1,037 | |
Payments of long-term debt | (6) | (8) |
Net change in revolving credit facility and short-term debt | 356 | 416 |
Net change in long-term intercompany balances | (3) | 251 |
Payments of finance leases | (1) | |
Debt issue costs | (16) | |
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | (8) | |
Dividend paid to noncontrolling interests | (9) | |
Foreign exchange derivatives related to debt | (11) | 10 |
Net cash provided by financing activities | 318 | 1,690 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2 | 14 |
Net change in cash, cash equivalents and restricted cash | (208) | 1,137 |
Cash, cash equivalents and restricted cash beginning balance | 523 | 396 |
Cash, cash equivalents and restricted cash ending balance | 315 | 1,533 |
Eliminations | Crown Cork & Seal Company Inc. | ||
Net cash provided by/(used for) operating activities | (2) | |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
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 | ||
Payments of finance leases | ||
Debt issue costs | ||
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | 2 | |
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 2 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance | ||
Eliminations | Crown Americas, LLC | ||
Net cash provided by/(used for) operating activities | (8) | |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Proceeds from sale of property, plant and equipment | ||
Foreign exchange derivatives related to acquisitions | ||
Net investment hedge | ||
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 | ||
Payments of finance leases | ||
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | 8 | |
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by financing activities | 8 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance |