Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 30, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 000-50189 | |
Entity Registrant Name | CROWN HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 75-3099507 | |
Entity Address, Address Line One | 770 Township Line Road | |
Entity Address, City or Town | Yardley | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19067 | |
City Area Code | 215 | |
Local Phone Number | 698-5100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 135,527,292 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001219601 | |
Current Fiscal Year End Date | --12-31 | |
New York Stock Exchange | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock $5.00 Par Value | |
Trading Symbol | CCK | |
Security Exchange Name | NYSE | |
7 3/8% Debentures Due 2026 | New York Stock Exchange | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7 3/8% Debentures Due 2026 | |
Trading Symbol | CCK26 | |
Security Exchange Name | NYSE | |
7 1/2% Debentures Due 2096 | New York Stock Exchange | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7 1/2% Debentures Due 2096 | |
Trading Symbol | CCK96 | |
Security Exchange Name | NYSE |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||||||
Net sales | $ 3,084 | $ 3,174 | $ 8,874 | $ 8,417 | ||||
Cost of products sold, excluding depreciation and amortization | 2,455 | 2,530 | 7,082 | 6,804 | ||||
Depreciation and amortization | 121 | 127 | 366 | 305 | ||||
Selling and administrative expense | 156 | 153 | 470 | 402 | ||||
Restructuring and other | 0 | (1) | (41) | 28 | ||||
Income from operations | 352 | 365 | 997 | 878 | ||||
Loss from early extinguishments of debt | 0 | 0 | 6 | 0 | ||||
Other pension and postretirement | 1 | (13) | 12 | (47) | ||||
Interest expense | 95 | 105 | 290 | 282 | ||||
Interest income | (5) | (6) | (12) | (17) | ||||
Foreign exchange | 4 | (14) | 6 | 14 | ||||
Income before income taxes | 257 | 293 | 695 | 646 | ||||
Provision for income taxes | 54 | 102 | 190 | 196 | ||||
Equity earnings / (loss) in affiliates | 1 | 2 | 4 | 3 | ||||
Net income | 204 | $ 174 | $ 131 | 193 | $ 147 | $ 113 | 509 | 453 |
Net income attributable to noncontrolling interests | (21) | (29) | (86) | (67) | ||||
Net income attributable to Crown Holdings | $ 183 | $ 164 | $ 423 | $ 386 | ||||
Earnings per common share attributable to Crown Holdings: | ||||||||
Basic (in usd per share) | $ 1.37 | $ 1.23 | $ 3.16 | $ 2.89 | ||||
Diluted (in usd per share) | $ 1.36 | $ 1.23 | $ 3.14 | $ 2.88 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 204 | $ 193 | $ 509 | $ 453 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (12) | (11) | 38 | (73) |
Pension and other postretirement benefits | 148 | 7 | 195 | 29 |
Derivatives qualifying as hedges | (4) | (10) | (1) | (28) |
Total other comprehensive income (loss) | 132 | (14) | 232 | (72) |
Total comprehensive income | 336 | 179 | 741 | 381 |
Net income attributable to noncontrolling interests | (21) | (29) | (86) | (67) |
Translation adjustments attributable to noncontrolling interests | 2 | 1 | 2 | 2 |
Derivatives qualifying as hedges attributable to noncontrolling interests | 0 | 0 | 0 | 1 |
Comprehensive income attributable to Crown Holdings | $ 317 | $ 151 | $ 657 | $ 317 |
Consolidated Balance Sheets (Co
Consolidated Balance Sheets (Condensed) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | |||||||||
Cash and cash equivalents | $ 339 | $ 607 | |||||||
Receivables, net | 1,795 | 1,602 | |||||||
Inventories | 1,740 | 1,690 | |||||||
Prepaid expenses and other current assets | 208 | 180 | |||||||
Total current assets | 4,082 | 4,079 | |||||||
Goodwill | 4,342 | 4,442 | |||||||
Intangible assets, net | 2,025 | 2,193 | |||||||
Property, plant and equipment, net | 3,739 | 3,745 | |||||||
Operating lease right-of-use assets, net | 200 | $ 220 | |||||||
Other non-current assets | 949 | 803 | |||||||
Total | 15,337 | 15,262 | |||||||
Current liabilities | |||||||||
Short-term debt | 134 | 89 | |||||||
Current maturities of long-term debt | 87 | 81 | |||||||
Current portion of operating lease liabilities | 46 | 0 | |||||||
Accounts payable | 2,409 | 2,732 | |||||||
Accrued liabilities | 956 | 1,011 | |||||||
Total current liabilities | 3,632 | 3,913 | |||||||
Long-term debt, excluding current maturities | 8,042 | 8,493 | |||||||
Current portion of operating lease liabilities | 158 | ||||||||
Postretirement and pension liabilities | 620 | 683 | |||||||
Other non-current liabilities | 864 | 887 | |||||||
Commitments and contingent liabilities | |||||||||
Noncontrolling interests | 402 | 349 | |||||||
Crown Holdings shareholders’ equity | 1,619 | 937 | |||||||
Total equity | 2,021 | $ 1,700 | $ 1,502 | 1,286 | $ 1,310 | $ 1,137 | $ 1,112 | $ 923 | |
Total | $ 15,337 | $ 15,262 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Condensed) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 509 | $ 453 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 366 | 305 |
Restructuring and other | (41) | 28 |
Foreign exchange | 6 | 14 |
Pension expense | 52 | 8 |
Pension contributions | (14) | (14) |
Deferred Income Tax Expense (Benefit) | 63 | 64 |
Stock-based compensation | 23 | 17 |
Changes in assets and liabilities: | ||
Receivables | (254) | (955) |
Inventories | (85) | (139) |
Accounts payable and accrued liabilities | (343) | (37) |
Other, net | (81) | 24 |
Net cash provided by (used for) operating activities | 201 | (232) |
Cash flows from investing activities | ||
Capital expenditures | (242) | (305) |
Acquisition of business, net of cash acquired | 11 | 3,912 |
Beneficial interests in transferred receivables | 0 | 490 |
Proceeds from sale of property, plant and equipment | 17 | 27 |
Foreign exchange derivatives related to acquisitions | 0 | (25) |
Net investment hedge | 21 | 10 |
Other | 1 | 4 |
Net cash used for investing activities | (216) | (3,719) |
Cash flows from financing activities | ||
Proceeds from long-term debt | 0 | 4,082 |
Payments of long-term debt | (323) | (56) |
Net change in revolving credit facility and short-term debt | 131 | (27) |
Payments of finance leases | (15) | 0 |
Debt issue costs | 0 | (70) |
Common stock issued | 4 | 1 |
Common stock repurchased | (2) | (4) |
Contributions from noncontrolling interests | 5 | 0 |
Dividends paid to noncontrolling interests | (36) | (18) |
Foreign exchange derivatives related to debt | (9) | (6) |
Net cash provided by (used for) financing activities | (245) | 3,902 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1) | (32) |
Net change in cash, cash equivalents and restricted cash | (261) | (81) |
Cash, cash equivalents and restricted cash beginning balance | 659 | 435 |
Cash, cash equivalents and restricted cash ending balance | $ 398 | $ 354 |
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 | ||||||
Net income attributable to noncontrolling interests | 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, 2017 | 923 | 929 | 167 | 3,004 | (3,241) | (258) | 601 | 322 |
Net income attributable to Crown Holdings | 386 | |||||||
Net income attributable to noncontrolling interests | 67 | |||||||
Net income | 453 | |||||||
Other comprehensive income | (72) | |||||||
Balance at end of period at Sep. 30, 2018 | 1,310 | 929 | 176 | 3,396 | (3,307) | (253) | 941 | 369 |
Balance at beginning of period at Mar. 31, 2018 | 1,112 | 929 | 172 | 3,100 | (3,178) | (258) | 765 | 347 |
Net income attributable to Crown Holdings | 132 | 132 | ||||||
Net income attributable to noncontrolling interests | 15 | |||||||
Net income | 147 | |||||||
Other comprehensive income | (119) | (116) | (116) | (3) | ||||
Dividends paid to noncontrolling interests | (6) | 0 | (6) | |||||
Restricted stock awarded | 0 | (5) | 5 | 0 | ||||
Stock-based compensation | 5 | 5 | 5 | |||||
Common stock issued | 1 | 1 | 1 | |||||
Common stock repurchased | (3) | (3) | (3) | |||||
Balance at end of period at Jun. 30, 2018 | 1,137 | 929 | 170 | 3,232 | (3,294) | (253) | 784 | 353 |
Net income attributable to Crown Holdings | 164 | 164 | 164 | |||||
Net income attributable to noncontrolling interests | 29 | 29 | ||||||
Net income | 193 | |||||||
Other comprehensive income | (14) | (13) | (13) | (1) | ||||
Dividends paid to noncontrolling interests | (12) | (12) | ||||||
Stock-based compensation | 6 | 6 | 6 | |||||
Balance at end of period at Sep. 30, 2018 | 1,310 | 929 | 176 | 3,396 | (3,307) | (253) | 941 | 369 |
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 | ||||||
Net income attributable to noncontrolling interests | 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 |
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 | 423 | |||||||
Net income attributable to noncontrolling interests | 86 | |||||||
Net income | 509 | |||||||
Other comprehensive income | 232 | |||||||
Balance at end of period at Sep. 30, 2019 | 2,021 | 929 | 209 | 3,872 | (3,140) | (251) | 1,619 | 402 |
Balance at beginning of period at Mar. 31, 2019 | 1,502 | 929 | 194 | 3,552 | (3,289) | (252) | 1,134 | 368 |
Net income attributable to Crown Holdings | 137 | 137 | ||||||
Net income attributable to noncontrolling interests | 37 | |||||||
Net income | 174 | |||||||
Other comprehensive income | 15 | 15 | 15 | |||||
Dividends paid to noncontrolling interests | (2) | (2) | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 3 | 3 | ||||||
Stock-based compensation | 8 | 8 | 8 | |||||
Common stock issued | 1 | 1 | 1 | |||||
Common stock repurchased | (1) | (1) | (1) | |||||
Balance at end of period at Jun. 30, 2019 | 1,700 | 929 | 202 | 3,689 | (3,274) | (252) | 1,294 | 406 |
Net income attributable to Crown Holdings | 183 | 183 | 183 | |||||
Net income attributable to noncontrolling interests | 21 | 21 | ||||||
Net income | 204 | |||||||
Other comprehensive income | 132 | 134 | 134 | (2) | ||||
Dividends paid to noncontrolling interests | (25) | (25) | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 2 | 2 | ||||||
Restricted stock awarded | (1) | 1 | ||||||
Stock-based compensation | 7 | 7 | 7 | |||||
Common stock issued | 1 | 1 | 1 | |||||
Balance at end of period at Sep. 30, 2019 | $ 2,021 | $ 929 | $ 209 | $ 3,872 | $ (3,140) | $ (251) | $ 1,619 | $ 402 |
Statement of Information Furnis
Statement of Information Furnished | 9 Months Ended |
Sep. 30, 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 September 30, 2019 and the results of its operations for the three and nine months ended September 30, 2019 and 2018 and of its cash flows for the nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 |
Leases
Leases | 9 Months Ended |
Sep. 30, 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 of the lease 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 September 30, 2019 , the Company does not have material lease commitments that have not commenced. The components of lease expense were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease costs: Operating lease cost $ 12 $ 36 Short-term lease cost — 3 Total operating lease costs $ 12 $ 39 Finance lease cost: Amortization of right-of-use assets $ — $ 1 Total finance lease costs $ — $ 1 Variable operating lease costs were $1 and $2 for the three and nine months ended September 30, 2019 . Interest on finance lease liabilities was less than $1 for the three and nine months ended September 30, 2019. Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 39 Financing cash flows from finance leases 15 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 19 Operating cash flows from finance leases were less than $1 for the nine months ended September 30, 2019 . Supplemental balance sheet information related to leases was as follows: September 30, 2019 Operating Leases: Operating lease right-of-use assets $ 200 Current portion of operating lease liabilities $ 46 Non-current portion of operating lease liabilities 158 Total operating lease liabilities $ 204 Finance leases: Property, plant and equipment $ 28 Accumulated depreciation (3 ) Property, plant and equipment, net $ 25 Accrued liabilities $ 2 Other non-current liabilities 11 Total finance lease liabilities $ 13 Weighted average remaining lease term: Operating leases 9.9 years Finance leases 7.2 years Weighted average discount rate: Operating leases 4.3 % Finance leases 3.9 % Maturities of lease liabilities as of September 30, 2019 were as follows: Operating Leases Finance Leases 2019 $ 14 $ 2 2020 45 2 2021 34 2 2022 25 2 2023 20 2 Thereafter 127 5 Total lease payments 265 15 Less imputed interest (61 ) (2 ) Total $ 204 $ 13 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 of the lease 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 September 30, 2019 , the Company does not have material lease commitments that have not commenced. The components of lease expense were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease costs: Operating lease cost $ 12 $ 36 Short-term lease cost — 3 Total operating lease costs $ 12 $ 39 Finance lease cost: Amortization of right-of-use assets $ — $ 1 Total finance lease costs $ — $ 1 Variable operating lease costs were $1 and $2 for the three and nine months ended September 30, 2019 . Interest on finance lease liabilities was less than $1 for the three and nine months ended September 30, 2019. Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 39 Financing cash flows from finance leases 15 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 19 Operating cash flows from finance leases were less than $1 for the nine months ended September 30, 2019 . Supplemental balance sheet information related to leases was as follows: September 30, 2019 Operating Leases: Operating lease right-of-use assets $ 200 Current portion of operating lease liabilities $ 46 Non-current portion of operating lease liabilities 158 Total operating lease liabilities $ 204 Finance leases: Property, plant and equipment $ 28 Accumulated depreciation (3 ) Property, plant and equipment, net $ 25 Accrued liabilities $ 2 Other non-current liabilities 11 Total finance lease liabilities $ 13 Weighted average remaining lease term: Operating leases 9.9 years Finance leases 7.2 years Weighted average discount rate: Operating leases 4.3 % Finance leases 3.9 % Maturities of lease liabilities as of September 30, 2019 were as follows: Operating Leases Finance Leases 2019 $ 14 $ 2 2020 45 2 2021 34 2 2022 25 2 2023 20 2 Thereafter 127 5 Total lease payments 265 15 Less imputed interest (61 ) (2 ) Total $ 204 $ 13 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 | 9 Months Ended |
Sep. 30, 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. The following unaudited supplemental pro forma data presents consolidated information as if the acquisition had been completed on January 1, 2017. These amounts were calculated after adjusting Signode's results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment and intangible assets and fair value adjustments relating to the sale of inventory acquired had been applied from January 1, 2017 and related transaction costs. Nine Months Ended September 30, 2018 Pro forma net sales $ 9,005 Pro forma net income attributable to Crown Holdings 389 The pro forma data should not be considered indicative of the results that would have occurred if the acquisition and related financing had been consummated on the assumed completion dates, nor are they indicative of future results. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue For the three and nine months ended September 30, 2019 and 2018, the Company recognized revenue as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue recognized over time $ 1,474 $ 1,524 $ 4,335 $ 4,459 Revenue recognized at a point in time 1,610 1,650 4,539 3,958 Total revenue $ 3,084 $ 3,174 $ 8,874 $ 8,417 See Note T 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: September 30, 2019 December 31, 2018 Contract assets included in prepaid and other current assets $ 31 $ 16 Contract liabilities included in accrued liabilities (5 ) (3 ) Contract liabilities included in other non-current liabilities (1 ) (5 ) Net contract asset $ 25 $ 8 Contract assets at September 30, 2019, primarily relates to revenue recognized for customized work-in-process inventory in the Company's three-piece food can product businesses. During the nine months ended September 30, 2019 , the Company recognized revenue of $2 related to contract liabilities at December 31, 2018 for performance obligations satisfied during the period. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2019 | |
Restricted Cash [Abstract] | |
Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash, cash equivalents, and restricted cash included in the Company's Consolidated Balance Sheets and Statement of Cash Flows were as follows: September 30, 2019 December 31, 2018 Cash and cash equivalents $ 339 $ 607 Restricted cash included in prepaid expenses and other current assets $ 53 $ 45 Restricted cash included in other non-current assets 6 7 Total restricted cash $ 59 $ 52 Total cash, cash equivalents and restricted cash $ 398 $ 659 Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements. |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Receivables | Receivables September 30, 2019 December 31, 2018 Accounts receivable $ 1,411 $ 1,303 Less: allowance for doubtful accounts (64 ) (65 ) Net trade receivables 1,347 1,238 Unbilled receivables 236 181 Miscellaneous receivables 212 183 Receivables, net $ 1,795 $ 1,602 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventory, Gross [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of cost or market, with cost principally determined under the first-in first-out ("FIFO") or average cost method. September 30, 2019 December 31, 2018 Raw materials and supplies $ 925 $ 937 Work in process 179 144 Finished goods 636 609 $ 1,740 $ 1,690 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 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: September 30, 2019 December 31, 2018 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,599 $ (300 ) $ 1,299 $ 1,615 $ (206 ) $ 1,409 Trade names 533 (34 ) 499 547 (17 ) 530 Technology 156 (35 ) 121 160 (18 ) 142 Long term supply contracts 144 (44 ) 100 143 (37 ) 106 Patents 14 (8 ) 6 14 (8 ) $ 6 $ 2,446 $ (421 ) $ 2,025 $ 2,479 $ (286 ) $ 2,193 Total amortization expense of intangible assets was $43 and $140 , and $51 and $103 , for the three and nine months ended September 30, 2019 and 2018 . |
Restructuring and Other
Restructuring and Other | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring Reserve [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other charges / (benefits) as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Asset impairments and sales $ (3 ) $ (13 ) $ (8 ) $ (6 ) Restructuring 3 9 17 15 Transaction costs — — — 22 Other income — 3 (50 ) (3 ) $ — $ (1 ) $ (41 ) $ 28 For the nine months ended September 30, 2019, asset impairments and sales included gains related to asset sales partially offset by a charge of $6 related to a fire at a production facility in Asia. Restructuring included a charge of $8 related to headcount reductions in the Company's European Division. For the nine months ended September 30, 2019, other income is related to gains arising from favorable court rulings related to the recovery of indirect taxes paid in prior years by certain of the Company's Brazilian subsidiaries. For the nine months ended September 30, 2018, transaction costs related to the Signode acquisition. At September 30, 2019 , the Company had restructuring accruals of $20 , 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 | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2019 , the Company paid $7 to settle outstanding claims and had claims activity as follows: Beginning claims 56,000 New claims 1,000 Settlements or dismissals (1,000 ) 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 Total claims 22 % 22 % Pre-1964 claims in states without asbestos legislation 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 September 30, 2019 . As of September 30, 2019 , the Company’s accrual for pending and future asbestos-related claims and related legal costs was $ 284 , including $ 229 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2019 |
Derivative and Other Financial
Derivative and Other Financial Instruments | 9 Months Ended |
Sep. 30, 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 and interest rate 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, using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers and borrowing both fixed and floating debt instruments to manage interest rate risk. 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 accumulated other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon reclassification from accumulated comprehensive income is the same as that of the underlying exposure. Contracts outstanding at September 30, 2019 mature between one and thirty 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. Foreign currency risk is generally hedged with the related commodity price risk. In June 2019, the Company entered into interest rate swaps to convert $200 of the U.S. dollar term loan facility from floating-rate to a fixed-rate of approximately 1.82% . These interest rate swaps mature in June 2021. 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) Amount of gain/(loss) recognized in OCI recognized in OCI Three Months Ended Nine Months Ended September 30, September 30, Derivatives in cash flow hedges 2019 2018 2019 2018 Foreign exchange $ (2 ) $ (3 ) $ (4 ) $ (5 ) Interest Rate (1 ) — (1 ) — Commodities (11 ) (2 ) (19 ) (4 ) $ (14 ) $ (5 ) $ (24 ) $ (9 ) Amount of gain/ Amount of gain/ (loss) reclassified from (loss) reclassified from AOCI into income AOCI into income Three Months Ended Nine Months Ended September 30, September 30, Affected line items in the Derivatives in cash flow hedges 2019 2018 2019 2018 Statement of Operations Foreign exchange $ (2 ) $ (6 ) $ (3 ) $ (7 ) Net sales Commodities 4 (1 ) 10 (6 ) Net sales Foreign exchange 1 5 — 4 Cost of products sold Commodities (16 ) 9 (37 ) 33 Cost of products sold (13 ) 7 (30 ) 24 Income before taxes 3 (1 ) 7 (6 ) Provision for income taxes Total reclassified $ (10 ) $ 6 $ (23 ) $ 18 Net income For the twelve-month period ending September 30, 2020, a net loss of $26 ( $21 , net of tax) is expected to be reclassified to earnings for commodity and foreign exchange contracts. No amounts were reclassified during the nine months ended September 30, 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. For the three and nine months ended September 30, 2019 and 2018, the Company recorded a gain of $2 and a loss of $1 from foreign exchange contracts designated as fair value hedges. These adjustments were reported within foreign exchange in the Consolidated Statements of Operations. 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. The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain/ Pre-tax amount of gain/ (loss) recognized in income (loss) recognized in on derivative income on derivative Three Months Ended Nine Months Ended September 30, September 30, Affected line item in the Derivatives not designated as hedges 2019 2018 2019 2018 Statement of Operations Foreign exchange $ (2 ) $ 4 $ (3 ) $ 7 Net sales Foreign exchange 1 (4 ) 3 (6 ) Cost of products sold Foreign exchange (14 ) (8 ) (25 ) (17 ) Foreign exchange $ (15 ) $ (8 ) $ (25 ) $ (16 ) 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 and nine months ended September 30, 2019 , the Company recorded a gain of $58 ( $58 , net of tax) and a gain of $67 ( $67 , net of tax) in other comprehensive income for certain debt instruments that are designated as hedges of its net investment in a euro-based subsidiary. For the three and nine months ended September 30, 2018, the Company recorded gains of $9 ( $9 , net of tax) and $22 ( $26 , net of tax) in other comprehensive income for these net investment hedges. As of September 30, 2019 a cumulative gain of $8 ( $31 , net of tax) and as of December 31, 2018, a cumulative loss of $59 ( $36 , net of tax) were recognized in accumulated other comprehensive income related to these net investment hedges. As of September 30, 2019, the carrying amount of the hedged net investment was $1,312 ( €1,204 at September 30, 2019). In May 2019, the Company entered into a cross-currency swap with an aggregate notional value of $200 ( €179 ). The swap is designated as a hedge of the Company's net investment in a euro-based subsidiary. Under the cross-currency contracts, the Company receives quarterly variable U.S. dollar payments at a rate of LIBOR plus a floating rate spread on the dollar notional value and pays EURIBOR plus a floating rate spread 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) Amount of gain/(loss) recognized in OCI recognized in OCI Three months ended Nine months ended September 30, September 30, Derivatives designated as net investment hedges 2019 2018 2019 2018 Foreign exchange $ 40 $ (2 ) $ 47 $ 6 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 September 30, 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 September 30, December 31, 2018 Balance Sheet classification September 30, December 31, 2018 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Other current assets $ 3 $ 6 Accrued liabilities $ 4 $ 5 Other non-current assets 1 3 Other non-current liabilities 1 1 Foreign exchange contracts fair value Other current assets 4 1 Accrued liabilities 1 1 Commodities contracts cash flow Other current assets 16 16 Accrued liabilities 43 42 Other non-current assets 2 2 Other non-current liabilities 4 6 Net investment hedge Other non-current assets 76 15 Other non-current liabilities — — $ 102 $ 43 $ 53 $ 55 Balance Sheet classification September 30, December 31, 2018 Balance Sheet classification September 30, December 31, 2018 Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets $ 7 $ 4 Accrued liabilities $ 17 $ 4 Other non-current assets 2 — Other non-current liabilities 1 — $ 9 $ 4 $ 18 $ 4 Total derivatives $ 111 $ 47 $ 71 $ 59 Fair Value Hedge Carrying Amounts Carrying amount of the hedged assets/(liabilities) September 30, December 31, Line item in the Balance Sheet in which the hedged item is included Receivables, net 17 15 Accounts payable (88 ) (13 ) As of September 30, 2019 , the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedge assets and liabilities were a gain of $3 . 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 September 30, 2019 Derivative assets $111 $22 $89 Derivative liabilities 71 22 49 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 September 30, 2019 and December 31, 2018 were: September 30, 2019 December 31, 2018 Derivatives designated as cash flow hedges: Foreign exchange $ 406 $ 820 Commodities 387 428 Interest rate 200 — Derivatives designated as fair value hedges: Foreign exchange 142 74 Derivatives designated as net investment hedges: Foreign exchange 1,075 875 Derivatives not designated as hedges: Foreign exchange 1,090 796 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's outstanding debt was as follows: September 30, 2019 December 31, 2018 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 134 $ 134 $ 89 $ 89 Long-term debt Senior secured borrowings: Revolving credit facilities 66 66 — — Term loan facilities U.S. dollar at LIBOR + 1.75% due 2022 789 785 815 810 U.S. dollar at LIBOR + 2.00% due 2025 617 610 887 864 Euro at EURIBOR + 1.75% due 2022 1 277 277 301 301 Euro at EURIBOR + 2.375% due 2025 2 807 796 855 846 Senior notes and debentures: €650 at 4.0% due 2022 709 705 745 740 U. S. dollar at 4.50% due 2023 1,000 995 1,000 993 €335 at 2.25% due 2023 365 360 384 380 €600 at 2.625% due 2024 654 649 688 682 €600 at 3.375% due 2025 654 648 688 681 U.S. dollar at 4.25% due 2026 400 395 400 394 U.S. dollar at 4.75% due 2026 875 862 875 863 U.S. dollar at 7.375% due 2026 350 348 350 348 €500 at 2.875% due 2026 545 538 573 566 U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies 55 55 66 66 Total long-term debt 8,203 8,129 8,667 8,574 Less current maturities (87 ) (87 ) (81 ) (81 ) Total long-term debt, less current maturities $ 8,116 $ 8,042 $ 8,586 $ 8,493 (1) €254 and €263 at September 30, 2019 and December 31, 2018 (2) €741 and €746 at September 30, 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 $8,724 at September 30, 2019 and $8,735 at December 31, 2018 . In October 2019, the Company issued €550 ( $600 at September 30, 2019) principal amount 0.75% senior unsecured notes due 2023. The notes were issued at par by Crown European Holdings, S.A., a subsidiary of the Company, and are unconditionally guaranteed by the company and certain of its subsidiaries. The Company used these proceeds to repay portion of the Euro term loan facility due 2025. In connection with repayment of the term loan facility, the Company expects to record a loss from early extinguishment of debt of $8 to write off deferred financing fees. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2019 and 2018 were as follows: Three Months Ended Nine Months Ended September 30, September 30, Pension benefits – U.S. plans 2019 2018 2019 2018 Service cost $ 2 $ 5 $ 10 $ 14 Interest cost 13 12 39 35 Expected return on plan assets (17 ) (22 ) (52 ) (63 ) Recognized prior service cost 1 — 1 — Recognized net loss 14 16 42 40 Net periodic cost $ 13 $ 11 $ 40 $ 26 Three Months Ended Nine Months Ended September 30, September 30, Pension benefits – Non-U.S. plans 2019 2018 2019 2018 Service cost $ 2 $ 5 $ 10 $ 19 Interest cost 15 19 54 58 Expected return on plan assets (31 ) (40 ) (100 ) (120 ) Curtailment gain — — (14 ) — Settlement loss 6 — 37 — Recognized prior service credit — (2 ) (1 ) (8 ) Recognized net loss 7 11 26 33 Net periodic cost/(benefit) $ (1 ) $ (7 ) $ 12 $ (18 ) Three Months Ended Nine Months Ended September 30, September 30, Other postretirement benefits 2019 2018 2019 2018 Interest cost 1 1 3 3 Recognized prior service credit (8 ) (9 ) (25 ) (28 ) Recognized net loss — 1 2 3 Net periodic benefit $ (7 ) $ (7 ) $ (20 ) $ (22 ) In the three and nine months ended September 30, 2019, the Company recorded settlement charges related to the payment of lump sum buy-outs to settle certain non-U.S. pension obligations using plan assets. The Company may incur additional settlement charges in the fourth quarter of 2019. Additionally, in the nine months ended September 30, 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. 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 Nine Months Ended Details about accumulated other September 30, September 30, Affected line item in the comprehensive income components 2019 2018 2019 2018 statement of operations Actuarial losses $ 21 $ 28 $ 70 $ 76 Other pension and postretirement Settlements 6 — 37 — Other pension and postretirement Prior service credit (7 ) (11 ) (25 ) (36 ) Other pension and postretirement Curtailments — — (14 ) — Other pension and postretirement 20 17 68 40 Income before taxes (5 ) (6 ) (13 ) (7 ) Provision for income taxes Total reclassified $ 15 $ 11 $ 55 $ 33 Net income |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 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 (4 ) (71 ) (9 ) (84 ) Amounts reclassified from accumulated other comprehensive income 33 (18 ) 15 Other comprehensive income (loss) 29 (71 ) (24 ) (66 ) Balance at September 30, 2018 $ (1,554 ) $ (1,752 ) $ (1 ) $ (3,307 ) Balance at January 1, 2019 $ (1,533 ) $ (1,817 ) $ (24 ) $ (3,374 ) Other comprehensive income before reclassifications 140 40 (24 ) 156 Amounts reclassified from accumulated other comprehensive income 55 23 78 Other comprehensive income (loss) 195 40 (1 ) 234 Balance at September 30, 2019 $ (1,338 ) $ (1,777 ) $ (25 ) $ (3,140 ) See Note M and Note O for further details of amounts related to cash flow hedges and defined benefit plans. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation A summary of restricted and deferred stock transactions during the nine months ended September 30, 2019 is as follows: Number of shares Non-vested stock awards outstanding at January 1, 2019 2,142,743 Awarded: Time-vesting shares 381,145 Performance-based shares 202,876 Released: Time-vesting shares (130,044 ) Forfeitures: Time-vesting shares (97,275 ) Performance-based shares (129,207 ) Non-vested stock awards outstanding at September 30, 2019 2,370,238 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 nine months ended September 30, 2019 were $55.21 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 September 30, 2019 , unrecognized compensation cost related to outstanding non-vested stock awards was $68 . The weighted average period over which the expense is expected to be recognized is 3.0 years. The aggregate market value of the shares released on the vesting dates was $7 for the nine months ended September 30, 2019 |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Tax For the nine months ended September 30, 2019, the Company recorded a charge of $15 related to the settlement of a pre-acquisition tax contingency during the second quarter of 2019. The contingency arose from a transaction that occurred prior to its acquisition of Signode. During the three and nine months ended September 30, 2018, the Company's provision for income taxes included charges of $24 related to taxes on the distributions of foreign earnings, which were previously asserted to be indefinitely reinvested, and $4 to adjust provisional amounts related to the Tax Act. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income attributable to Crown Holdings $ 183 $ 164 $ 423 $ 386 Weighted average shares outstanding: Basic 133.9 133.7 133.9 133.6 Dilutive restricted stock 1.1 0.1 0.9 0.2 Diluted 135.0 133.8 134.8 133.8 Basic earnings per share $ 1.37 $ 1.23 $ 3.16 $ 2.89 Diluted earnings per share $ 1.36 $ 1.23 $ 3.14 $ 2.88 For the three and nine months ended September 30, 2019 , 0.2 million and 0.6 million contingently issuable common shares were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. For the three and nine months ended September 30, 2018, 0.4 million and 0.9 million contingently issuable common shares were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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 to 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 External Sales Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Americas Beverage $ 835 $ 872 $ 2,513 $ 2,478 European Beverage 416 418 1,165 1,194 European Food 581 623 1,487 1,565 Asia Pacific 319 321 959 990 Transit Packaging 564 585 1,725 1,205 Total reportable segments 2,715 2,819 7,849 7,432 Non-reportable segments 369 355 1,025 985 Total $ 3,084 $ 3,174 $ 8,874 $ 8,417 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 Intersegment Sales Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Americas Beverage $ 4 $ 14 $ 10 $ 48 European Beverage — — 2 1 European Food 20 15 60 58 Transit Packaging 2 2 6 3 Total reportable segments 26 31 78 110 Non-reportable segments 33 43 99 115 Total $ 59 $ 74 $ 177 $ 225 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Segment Income Segment Income Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Americas Beverage $ 134 $ 125 $ 386 $ 336 European Beverage 64 66 163 180 European Food 79 90 189 231 Asia Pacific 47 46 143 137 Transit Packaging 74 81 227 175 Total reportable segments $ 398 $ 408 $ 1,108 $ 1,059 A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Segment income of reportable segments $ 398 $ 408 $ 1,108 $ 1,059 Segment income of non-reportable segments 34 40 103 102 Corporate and unallocated items (37 ) (33 ) (115 ) (112 ) Restructuring and other — 1 41 (28 ) Amortization of intangibles (42 ) (51 ) (136 ) (103 ) Accelerated depreciation (1 ) — (4 ) — Fair value adjustment to inventory — — — (40 ) Other pension and postretirement (1 ) 13 (12 ) 47 Loss from early extinguishments of debt — — (6 ) — Interest expense (95 ) (105 ) (290 ) (282 ) Interest income 5 6 12 17 Foreign exchange (4 ) 14 (6 ) (14 ) Income before income taxes $ 257 $ 293 $ 695 $ 646 For the three and nine months ended September 30, 2019 , intercompany profits of $1 and $5 were eliminated within segment income of non-reportable segments. For the three and nine months ended September 30, 2018, intercompany profits of $3 and $7 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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2019 and 2018 , • balance sheets as of September 30, 2019 and December 31, 2018 , and • statements of cash flows for the nine months ended September 30, 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 September 30, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 3,084 $ 3,084 Cost of products sold, excluding depreciation and amortization 2,455 2,455 Depreciation and amortization 121 121 Selling and administrative expense 1 155 156 Restructuring and other — Income from operations — (1 ) 353 352 Other pension and postretirement $ 2 (1 ) 1 Net interest expense 17 73 90 Foreign exchange 4 4 Income/(loss) before income taxes — (20 ) 277 257 Provision for / (benefit from) income taxes (4 ) 58 54 Equity earnings / (loss) in affiliates $ 183 161 1 $ (344 ) 1 Net income 183 145 220 (344 ) 204 Net income attributable to noncontrolling interests (21 ) (21 ) Net income attributable to Crown Holdings $ 183 $ 145 $ 199 $ (344 ) $ 183 Total comprehensive income $ 317 $ 331 $ 352 $ (664 ) $ 336 Comprehensive income attributable to noncontrolling interests (19 ) (19 ) Comprehensive income attributable to Crown Holdings $ 317 $ 331 $ 333 $ (664 ) $ 317 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended September 30, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 3,174 $ 3,174 Cost of products sold, excluding depreciation and amortization 2,530 2,530 Depreciation and amortization 127 127 Selling and administrative expense $ 2 151 153 Restructuring and other (1 ) (1 ) Income from operations — (2 ) 367 365 Other pension and postretirement (13 ) (13 ) Net interest expense 18 81 99 Foreign exchange (14 ) (14 ) Income/(loss) before income taxes — (20 ) 313 293 Provision for / (benefit from) income taxes (1 ) 103 102 Equity earnings / (loss) in affiliates 164 147 2 $ (311 ) 2 Net income 164 128 212 (311 ) 193 Net income attributable to noncontrolling interests (29 ) (29 ) Net income attributable to Crown Holdings $ 164 $ 128 $ 183 $ (311 ) $ 164 Total comprehensive income $ 151 $ 62 $ 198 $ (232 ) $ 179 Comprehensive income attributable to noncontrolling interests (28 ) (28 ) Comprehensive income attributable to Crown Holdings $ 151 $ 62 $ 170 $ (232 ) $ 151 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2019 (in millions) Parent Issuer Non- Eliminations Total Net sales $ 8,874 $ 8,874 Cost of products sold, excluding depreciation and amortization 7,082 7,082 Depreciation and amortization 366 366 Selling and administrative expense $ 2 468 470 Restructuring and other (41 ) (41 ) Income from operations — (2 ) 999 997 Loss from early extinguishments of debt 6 6 Other pension and postretirement 6 6 12 Net interest expense 54 224 278 Foreign exchange 6 6 Income/(loss) before income taxes — (62 ) 757 695 Provision for / (benefit from) income taxes (14 ) 204 190 Equity earnings / (loss) in affiliates $ 423 394 4 $ (817 ) 4 Net income 423 346 557 (817 ) 509 Net income attributable to noncontrolling interests (86 ) (86 ) Net income attributable to Crown Holdings $ 423 $ 346 $ 471 $ (817 ) $ 423 Total comprehensive income $ 657 $ 610 $ 789 $ (1,315 ) $ 741 Comprehensive income attributable to noncontrolling interests (84 ) (84 ) Comprehensive income attributable to Crown Holdings $ 657 $ 610 $ 705 $ (1,315 ) $ 657 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2018 (in millions) Parent Issuer Non- Eliminations Total Net sales $ 8,417 $ 8,417 Cost of products sold, excluding depreciation and amortization 6,804 6,804 Depreciation and amortization 305 305 Selling and administrative expense $ 7 395 402 Restructuring and other $ 9 19 28 Income from operations (9 ) (7 ) 894 878 Other pension and postretirement (47 ) (47 ) Net interest expense 56 209 265 Foreign exchange 14 14 Income/(loss) before income taxes (9 ) (63 ) 718 646 Provision for / (benefit from) income taxes (2 ) (10 ) 208 196 Equity earnings / (loss) in affiliates 393 373 3 $ (766 ) 3 Net income 386 320 513 (766 ) 453 Net income attributable to noncontrolling interests (67 ) (67 ) Net income attributable to Crown Holdings $ 386 $ 320 $ 446 $ (766 ) $ 386 Total comprehensive Income $ 317 $ 224 $ 441 $ (601 ) $ 381 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 317 $ 224 $ 377 $ (601 ) $ 317 CONDENSED COMBINING BALANCE SHEET As of September 30, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 339 $ 339 Receivables, net $ 9 1,786 1,795 Inventories 1,740 1,740 Prepaid expenses and other current assets $ 1 207 208 Total current assets 1 9 4,072 4,082 Intercompany debt receivables 3,509 $ (3,509 ) — Investments 4,117 4,413 (8,530 ) — Goodwill 4,342 4,342 Intangible assets, net 2,025 2,025 Property, plant and equipment, net 3,739 3,739 Operating lease right-of-use assets, net 200 200 Other non-current assets 92 857 949 Total $ 4,118 $ 4,514 $ 18,744 $ (12,039 ) $ 15,337 Liabilities and equity Current liabilities Short-term debt $ 134 $ 134 Current maturities of long-term debt 87 87 Current portion of operating lease liabilities 46 46 Accounts payable 2,409 2,409 Accrued liabilities $ 18 $ 34 904 956 Total current liabilities 18 34 3,580 3,632 Long-term debt, excluding current maturities 388 7,654 8,042 Long-term intercompany debt 2,481 1,028 $ (3,509 ) — Non-current portion of operating lease liabilities 158 158 Postretirement and pension liabilities 620 620 Other non-current liabilities 320 544 864 Commitments and contingent liabilities Noncontrolling interests 402 402 Crown Holdings shareholders’ equity/(deficit) 1,619 2,744 5,786 (8,530 ) 1,619 Total equity/(deficit) 1,619 2,744 6,188 (8,530 ) 2,021 Total $ 4,118 $ 4,514 $ 18,744 $ (12,039 ) $ 15,337 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 nine months ended September 30, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 25 $ 25 $ 161 $ (10 ) $ 201 Cash flows from investing activities Capital expenditures (242 ) (242 ) Acquisition of business, net of cash acquired (11 ) (11 ) Proceeds from sale of property, plant and equipment 17 17 Net investment hedge 21 21 Other (1 ) (1 ) Net cash provided by/(used for) investing activities — (216 ) — (216 ) Cash flows from financing activities Payments of long-term debt (323 ) (323 ) Net change in revolving credit facility and short-term debt 131 131 Net change in long-term intercompany balances (27 ) (25 ) 52 — Payments of finance leases (15 ) (15 ) Common stock issued 4 4 Common stock repurchased (2 ) (2 ) Dividends paid (10 ) 10 — Dividend paid to noncontrolling interests (36 ) (36 ) Contribution from noncontrolling interests 5 5 Foreign exchange derivatives related to debt (9 ) (9 ) Net cash provided by/(used for) financing activities (25 ) (25 ) (205 ) 10 (245 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1 ) (1 ) Net change in cash, cash equivalents and restricted cash — — (261 ) — (261 ) Cash, cash equivalents and restricted cash at January 1 659 659 Cash, cash equivalents and restricted cash at September 30 $ — $ — $ 398 $ — $ 398 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (15 ) $ (67 ) $ (145 ) $ (5 ) $ (232 ) Cash flows from investing activities Capital expenditures (305 ) (305 ) Beneficial interests in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Proceeds from sale of property, plant and equipment 27 27 Net investment hedge 10 10 Foreign exchange derivatives related to acquisitions (25 ) (25 ) Other (4 ) (4 ) Net cash provided by/(used for) investing activities — (3,719 ) — (3,719 ) Cash flows from financing activities Proceeds from long-term debt 4,082 4,082 Payments of long-term debt (56 ) (56 ) Net change in revolving credit facility and short-term debt (27 ) (27 ) Net change in long-term intercompany balances 18 67 (85 ) — Debt issue costs (70 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Dividends paid (5 ) 5 — Dividend paid to noncontrolling interests (18 ) (18 ) Foreign exchange derivatives related to debt (6 ) (6 ) Net cash provided by/(used for) financing activities 15 67 3,815 5 3,902 Effect of exchange rate changes on cash, cash equivalents and restricted cash (32 ) (32 ) Net change in cash, cash equivalents and restricted cash — — (81 ) — (81 ) Cash, cash equivalents and restricted cash at January 1 435 435 Cash, cash equivalents and restricted cash at September 30 $ — $ — $ 354 $ — $ 354 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 and nine months ended September 30, 2019 and 2018 , • balance sheets as of September 30, 2019 and December 31, 2018 , and • statements of cash flows for the nine months ended September 30, 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 September 30, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 982 $ 2,226 $ (124 ) $ 3,084 Cost of products sold, excluding depreciation and amortization 819 1,760 (124 ) 2,455 Depreciation and amortization 36 85 121 Selling and administrative expense $ 3 67 86 156 Restructuring and other 2 (2 ) — Income from operations — (3 ) 58 297 352 Other pension and postretirement (5 ) 6 1 Net interest expense 19 31 40 90 Technology royalty (13 ) 13 — Foreign exchange (52 ) 1 3 52 4 Income/(loss) before income taxes — 30 44 235 (52 ) 257 Provision for / (benefit from) income taxes 7 11 52 (16 ) 54 Equity earnings / (loss) in affiliates $ 183 64 110 (356 ) 1 Net income 183 87 143 183 (392 ) 204 Net income attributable to noncontrolling interests (21 ) (21 ) Net income attributable to Crown Holdings $ 183 $ 87 $ 143 $ 162 $ (392 ) $ 183 Total comprehensive income $ 317 $ 122 $ 329 $ 239 $ (671 ) $ 336 Comprehensive income attributable to noncontrolling interests (19 ) (19 ) Comprehensive income attributable to Crown Holdings $ 317 $ 122 $ 329 $ 220 $ (671 ) $ 317 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended September 30, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 973 $ 2,335 $ (134 ) $ 3,174 Cost of products sold, excluding depreciation and amortization 826 1,838 (134 ) 2,530 Depreciation and amortization 38 89 127 Selling and administrative expense $ 3 60 90 153 Restructuring and other 10 (11 ) (1 ) Income from operations — (3 ) 39 329 365 Other pension and postretirement (6 ) (7 ) (13 ) Net interest expense 24 33 42 99 Technology royalty (14 ) 14 — Foreign exchange 3 1 (15 ) (3 ) (14 ) Income/(loss) before income taxes — (30 ) 25 295 3 293 Provision for / (benefit from) income taxes (7 ) 13 96 102 Equity earnings / (loss) in affiliates 164 52 109 1 (324 ) 2 Net income 164 29 121 200 (321 ) 193 Net income attributable to noncontrolling interests (29 ) (29 ) Net income attributable to Crown Holdings $ 164 $ 29 $ 121 $ 171 $ (321 ) $ 164 Total comprehensive income $ 151 $ 22 $ 55 $ 196 $ (245 ) $ 179 Comprehensive income attributable to noncontrolling interests (28 ) (28 ) Comprehensive income attributable to Crown Holdings $ 151 $ 22 $ 55 $ 168 $ (245 ) $ 151 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2019 (in millions) Parent Issuer Guarantors Non- Eliminations Total Net sales $ 2,868 $ 6,369 $ (363 ) $ 8,874 Cost of products sold, excluding depreciation and amortization 2,378 5,067 (363 ) 7,082 Depreciation and amortization 106 260 366 Selling and administrative expense $ 8 196 266 470 Restructuring and other 5 (46 ) (41 ) Income from operations — (8 ) 183 822 997 Loss from early extinguishments of debt 6 6 Other pension and postretirement (14 ) 26 12 Net interest expense 60 95 123 278 Technology royalty (34 ) 34 — Foreign exchange (61 ) 1 5 61 6 Income/(loss) before income taxes — (13 ) 135 634 (61 ) 695 Provision for / (benefit from) income taxes (3 ) 45 162 (14 ) 190 Equity earnings / (loss) in affiliates $ 423 204 245 2 (870 ) 4 Net income 423 194 335 474 (917 ) 509 Net income attributable to noncontrolling interests (86 ) (86 ) Net income attributable to Crown Holdings $ 423 $ 194 $ 335 $ 388 $ (917 ) $ 423 Total comprehensive Income $ 657 $ 237 $ 599 $ 616 $ (1,368 ) $ 741 Comprehensive income attributable to noncontrolling interests (84 ) (84 ) Comprehensive income attributable to Crown Holdings $ 657 $ 237 $ 599 $ 532 $ (1,368 ) $ 657 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2018 (in millions) Parent Issuer Guarantors Non- Eliminations Total Net sales $ 2,550 $ 6,251 $ (384 ) $ 8,417 Cost of products sold, excluding depreciation and amortization 2,180 5,008 (384 ) 6,804 Depreciation and amortization 81 224 305 Selling and administrative expense $ 8 156 238 402 Restructuring and other $ 9 3 15 1 28 Income from operations (9 ) (11 ) 118 780 878 Other pension and postretirement (17 ) (30 ) (47 ) Net interest expense 69 87 109 265 Technology royalty (37 ) 37 — Foreign exchange 10 15 (11 ) 14 Income/(loss) before income taxes (9 ) (90 ) 85 649 11 646 Provision for / (benefit from) income taxes (2 ) (21 ) 30 187 2 196 Equity earnings / (loss) in affiliates 393 154 258 1 (803 ) 3 Net income 386 85 313 463 (794 ) 453 Net income attributable to noncontrolling interests (67 ) (67 ) Net income attributable to Crown Holdings $ 386 $ 85 $ 313 $ 396 $ (794 ) $ 386 Total comprehensive income $ 317 $ 84 $ 217 $ 401 $ (638 ) $ 381 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 317 $ 84 $ 217 $ 337 $ (638 ) $ 317 CONDENSED COMBINING BALANCE SHEET As of September 30, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 21 $ 11 $ 307 $ 339 Receivables, net 5 205 1,585 1,795 Intercompany receivables 27 13 $ (40 ) — Inventories 501 1,239 1,740 Prepaid expenses and other current assets $ 1 1 19 187 208 Total current assets 1 27 763 3,331 (40 ) 4,082 Intercompany debt receivables 2,856 3,433 246 (6,535 ) — Investments 4,117 2,891 1,695 (8,703 ) — Goodwill 1,186 3,156 4,342 Intangible assets, net 850 1,175 2,025 Property, plant and equipment, net 1 708 3,030 3,739 Operating lease right-of-use assets, net 4 70 126 200 Other non-current assets 86 138 725 949 Total $ 4,118 $ 5,865 $ 8,843 $ 11,789 $ (15,278 ) $ 15,337 Liabilities and equity Current liabilities Short-term debt $ 134 $ 134 Current maturities of long-term debt $ 43 44 87 Current portion of operating lease liabilities $ 17 29 46 Accounts payable 663 1,746 2,409 Accrued liabilities $ 18 22 130 786 956 Intercompany payables 13 27 $ (40 ) — Total current liabilities 18 65 823 2,766 (40 ) 3,632 Long-term debt, excluding current maturities 3,015 1,004 4,023 8,042 Long-term intercompany debt 2,481 990 2,920 144 (6,535 ) — Non-current portion of operating lease liabilities 3 56 99 158 Postretirement and pension liabilities 351 269 620 Other non-current liabilities 312 552 864 Commitments and contingent liabilities Noncontrolling interests 402 402 Crown Holdings shareholders’ equity/(deficit) 1,619 1,792 3,377 3,534 (8,703 ) 1,619 Total equity/(deficit) 1,619 1,792 3,377 3,936 (8,703 ) 2,021 Total $ 4,118 $ 5,865 $ 8,843 $ 11,789 $ (15,278 ) $ 15,337 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 nine months ended September 30, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 25 $ (90 ) $ 103 $ 190 $ (27 ) $ 201 Cash flows from investing activities Capital expenditures (55 ) (187 ) (242 ) Acquisition of business, net of cash acquired (11 ) (11 ) Proceeds from sale of property, plant and equipment 2 15 17 Net investment hedge 21 21 Other (1 ) (1 ) Net cash provided by/(used for) investing activities — 21 (64 ) (173 ) — (216 ) Cash flows from financing activities Payments of long-term debt (27 ) (270 ) (26 ) (323 ) Net change in revolving credit facility and short-term debt 35 96 131 Net change in long-term intercompany balances (27 ) (35 ) 236 (174 ) — Payments of finance leases (13 ) (2 ) (15 ) Common stock issued 4 4 Common stock repurchased (2 ) (2 ) Dividends paid (27 ) 27 — Contributions from noncontrolling interests 5 5 Dividends paid to noncontrolling interests (36 ) (36 ) Foreign exchange derivatives related to debt (9 ) (9 ) Net cash provided by/(used for) financing activities (25 ) (27 ) (47 ) (173 ) 27 (245 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1 ) (1 ) Net change in cash, cash equivalents and restricted cash — (96 ) (8 ) (157 ) — (261 ) Cash, cash equivalents and restricted cash at January 1 117 19 523 659 Cash, cash equivalents and restricted cash at September 30 $ — $ 21 $ 11 $ 366 $ — $ 398 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (15 ) $ (81 ) $ 91 $ (216 ) $ (11 ) $ (232 ) Cash flows from investing activities Capital expenditures (39 ) (266 ) (305 ) Beneficial interests in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Proceeds from sale of property, plant and equipment 9 18 27 Intercompany investing activities (100 ) 100 — Foreign exchange derivatives related to acquisitions (25 ) (25 ) Net investment hedge 10 10 Other (4 ) (4 ) Net cash provided by/(used for) investing activities — (90 ) (30 ) (3,699 ) 100 (3,719 ) Cash flows from financing activities Proceeds from long-term debt 975 1,150 1,957 4,082 Payments of long-term debt (20 ) (5 ) (31 ) (56 ) Net change in revolving credit facility and short-term debt 40 (67 ) (27 ) Net change in long-term intercompany balances 18 (796 ) (1,205 ) 1,983 — Debt issue costs (40 ) (30 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Capital contribution 100 (100 ) — Dividends paid (11 ) 11 — Dividends paid to noncontrolling interests (18 ) (18 ) Foreign exchange derivatives related to debt (6 ) (6 ) Net cash provided by/(used for) financing activities 15 159 (60 ) 3,877 (89 ) 3,902 Effect of exchange rate changes on cash, cash equivalents and restricted cash (32 ) (32 ) Net change in cash, cash equivalents and restricted cash — (12 ) 1 (70 ) — (81 ) Cash, cash equivalents and restricted cash at January 1 36 3 396 435 Cash, cash equivalents and restricted cash at September 30 $ — $ 24 $ 4 $ 326 $ — $ 354 |
Accounting and Reporting Deve_2
Accounting and Reporting Developments (Policies) | 9 Months Ended |
Sep. 30, 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 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease costs: Operating lease cost $ 12 $ 36 Short-term lease cost — 3 Total operating lease costs $ 12 $ 39 Finance lease cost: Amortization of right-of-use assets $ — $ 1 Total finance lease costs $ — $ 1 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 39 Financing cash flows from finance leases 15 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 19 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: September 30, 2019 Operating Leases: Operating lease right-of-use assets $ 200 Current portion of operating lease liabilities $ 46 Non-current portion of operating lease liabilities 158 Total operating lease liabilities $ 204 Finance leases: Property, plant and equipment $ 28 Accumulated depreciation (3 ) Property, plant and equipment, net $ 25 Accrued liabilities $ 2 Other non-current liabilities 11 Total finance lease liabilities $ 13 Weighted average remaining lease term: Operating leases 9.9 years Finance leases 7.2 years Weighted average discount rate: Operating leases 4.3 % Finance leases 3.9 % |
Schedule of Maturities of Operating Leases Liabilities | Maturities of lease liabilities as of September 30, 2019 were as follows: Operating Leases Finance Leases 2019 $ 14 $ 2 2020 45 2 2021 34 2 2022 25 2 2023 20 2 Thereafter 127 5 Total lease payments 265 15 Less imputed interest (61 ) (2 ) Total $ 204 $ 13 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 September 30, 2019 were as follows: Operating Leases Finance Leases 2019 $ 14 $ 2 2020 45 2 2021 34 2 2022 25 2 2023 20 2 Thereafter 127 5 Total lease payments 265 15 Less imputed interest (61 ) (2 ) Total $ 204 $ 13 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 Pro Form
Acquisition of Signode Pro Forma Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | Nine Months Ended September 30, 2018 Pro forma net sales $ 9,005 Pro forma net income attributable to Crown Holdings 389 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue recognized over time $ 1,474 $ 1,524 $ 4,335 $ 4,459 Revenue recognized at a point in time 1,610 1,650 4,539 3,958 Total revenue $ 3,084 $ 3,174 $ 8,874 $ 8,417 |
Net Contract Assets and Liabilities | Net contract assets were as follows: September 30, 2019 December 31, 2018 Contract assets included in prepaid and other current assets $ 31 $ 16 Contract liabilities included in accrued liabilities (5 ) (3 ) Contract liabilities included in other non-current liabilities (1 ) (5 ) Net contract asset $ 25 $ 8 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash Cash (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Restricted Cash [Abstract] | |
Schedule of Restricted Cash | Cash, cash equivalents, and restricted cash included in the Company's Consolidated Balance Sheets and Statement of Cash Flows were as follows: September 30, 2019 December 31, 2018 Cash and cash equivalents $ 339 $ 607 Restricted cash included in prepaid expenses and other current assets $ 53 $ 45 Restricted cash included in other non-current assets 6 7 Total restricted cash $ 59 $ 52 Total cash, cash equivalents and restricted cash $ 398 $ 659 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Receivables | September 30, 2019 December 31, 2018 Accounts receivable $ 1,411 $ 1,303 Less: allowance for doubtful accounts (64 ) (65 ) Net trade receivables 1,347 1,238 Unbilled receivables 236 181 Miscellaneous receivables 212 183 Receivables, net $ 1,795 $ 1,602 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory, Gross [Abstract] | |
Components of Inventories | September 30, 2019 December 31, 2018 Raw materials and supplies $ 925 $ 937 Work in process 179 144 Finished goods 636 609 $ 1,740 $ 1,690 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2019 December 31, 2018 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,599 $ (300 ) $ 1,299 $ 1,615 $ (206 ) $ 1,409 Trade names 533 (34 ) 499 547 (17 ) 530 Technology 156 (35 ) 121 160 (18 ) 142 Long term supply contracts 144 (44 ) 100 143 (37 ) 106 Patents 14 (8 ) 6 14 (8 ) $ 6 $ 2,446 $ (421 ) $ 2,025 $ 2,479 $ (286 ) $ 2,193 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring Reserve [Abstract] | |
Restructuring and Other Charges (Benefits) | The Company recorded restructuring and other charges / (benefits) as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Asset impairments and sales $ (3 ) $ (13 ) $ (8 ) $ (6 ) Restructuring 3 9 17 15 Transaction costs — — — 22 Other income — 3 (50 ) (3 ) $ — $ (1 ) $ (41 ) $ 28 |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Summary of Claims Activity | During the nine months ended September 30, 2019 , the Company paid $7 to settle outstanding claims and had claims activity as follows: Beginning claims 56,000 New claims 1,000 Settlements or dismissals (1,000 ) 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 Total claims 22 % 22 % Pre-1964 claims in states without asbestos legislation 41 % 41 % |
Derivative and Other Financia_2
Derivative and Other Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Impact on Earnings from Derivatives Not Designated as Hedging Instruments | The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain/ Pre-tax amount of gain/ (loss) recognized in income (loss) recognized in on derivative income on derivative Three Months Ended Nine Months Ended September 30, September 30, Affected line item in the Derivatives not designated as hedges 2019 2018 2019 2018 Statement of Operations Foreign exchange $ (2 ) $ 4 $ (3 ) $ 7 Net sales Foreign exchange 1 (4 ) 3 (6 ) Cost of products sold Foreign exchange (14 ) (8 ) (25 ) (17 ) Foreign exchange $ (15 ) $ (8 ) $ (25 ) $ (16 ) |
Schedule of Derivative Instruments Included in Earnings | |
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) Amount of gain/(loss) recognized in OCI recognized in OCI Three Months Ended Nine Months Ended September 30, September 30, Derivatives in cash flow hedges 2019 2018 2019 2018 Foreign exchange $ (2 ) $ (3 ) $ (4 ) $ (5 ) Interest Rate (1 ) — (1 ) — Commodities (11 ) (2 ) (19 ) (4 ) $ (14 ) $ (5 ) $ (24 ) $ (9 ) Amount of gain/ Amount of gain/ (loss) reclassified from (loss) reclassified from AOCI into income AOCI into income Three Months Ended Nine Months Ended September 30, September 30, Affected line items in the Derivatives in cash flow hedges 2019 2018 2019 2018 Statement of Operations Foreign exchange $ (2 ) $ (6 ) $ (3 ) $ (7 ) Net sales Commodities 4 (1 ) 10 (6 ) Net sales Foreign exchange 1 5 — 4 Cost of products sold Commodities (16 ) 9 (37 ) 33 Cost of products sold (13 ) 7 (30 ) 24 Income before taxes 3 (1 ) 7 (6 ) Provision for income taxes Total reclassified $ (10 ) $ 6 $ (23 ) $ 18 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) Amount of gain/(loss) recognized in OCI recognized in OCI Three months ended Nine months ended September 30, September 30, Derivatives designated as net investment hedges 2019 2018 2019 2018 Foreign exchange $ 40 $ (2 ) $ 47 $ 6 |
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 September 30, 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 September 30, December 31, 2018 Balance Sheet classification September 30, December 31, 2018 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Other current assets $ 3 $ 6 Accrued liabilities $ 4 $ 5 Other non-current assets 1 3 Other non-current liabilities 1 1 Foreign exchange contracts fair value Other current assets 4 1 Accrued liabilities 1 1 Commodities contracts cash flow Other current assets 16 16 Accrued liabilities 43 42 Other non-current assets 2 2 Other non-current liabilities 4 6 Net investment hedge Other non-current assets 76 15 Other non-current liabilities — — $ 102 $ 43 $ 53 $ 55 Balance Sheet classification September 30, December 31, 2018 Balance Sheet classification September 30, December 31, 2018 Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets $ 7 $ 4 Accrued liabilities $ 17 $ 4 Other non-current assets 2 — Other non-current liabilities 1 — $ 9 $ 4 $ 18 $ 4 Total derivatives $ 111 $ 47 $ 71 $ 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 September 30, 2019 Derivative assets $111 $22 $89 Derivative liabilities 71 22 49 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 September 30, 2019 and December 31, 2018 were: September 30, 2019 December 31, 2018 Derivatives designated as cash flow hedges: Foreign exchange $ 406 $ 820 Commodities 387 428 Interest rate 200 — Derivatives designated as fair value hedges: Foreign exchange 142 74 Derivatives designated as net investment hedges: Foreign exchange 1,075 875 Derivatives not designated as hedges: Foreign exchange 1,090 796 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The Company's outstanding debt was as follows: September 30, 2019 December 31, 2018 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 134 $ 134 $ 89 $ 89 Long-term debt Senior secured borrowings: Revolving credit facilities 66 66 — — Term loan facilities U.S. dollar at LIBOR + 1.75% due 2022 789 785 815 810 U.S. dollar at LIBOR + 2.00% due 2025 617 610 887 864 Euro at EURIBOR + 1.75% due 2022 1 277 277 301 301 Euro at EURIBOR + 2.375% due 2025 2 807 796 855 846 Senior notes and debentures: €650 at 4.0% due 2022 709 705 745 740 U. S. dollar at 4.50% due 2023 1,000 995 1,000 993 €335 at 2.25% due 2023 365 360 384 380 €600 at 2.625% due 2024 654 649 688 682 €600 at 3.375% due 2025 654 648 688 681 U.S. dollar at 4.25% due 2026 400 395 400 394 U.S. dollar at 4.75% due 2026 875 862 875 863 U.S. dollar at 7.375% due 2026 350 348 350 348 €500 at 2.875% due 2026 545 538 573 566 U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies 55 55 66 66 Total long-term debt 8,203 8,129 8,667 8,574 Less current maturities (87 ) (87 ) (81 ) (81 ) Total long-term debt, less current maturities $ 8,116 $ 8,042 $ 8,586 $ 8,493 (1) €254 and €263 at September 30, 2019 and December 31, 2018 (2) €741 and €746 at September 30, 2019 and December 31, 2018 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended Details about accumulated other September 30, September 30, Affected line item in the comprehensive income components 2019 2018 2019 2018 statement of operations Actuarial losses $ 21 $ 28 $ 70 $ 76 Other pension and postretirement Settlements 6 — 37 — Other pension and postretirement Prior service credit (7 ) (11 ) (25 ) (36 ) Other pension and postretirement Curtailments — — (14 ) — Other pension and postretirement 20 17 68 40 Income before taxes (5 ) (6 ) (13 ) (7 ) Provision for income taxes Total reclassified $ 15 $ 11 $ 55 $ 33 Net income |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | Three Months Ended Nine Months Ended September 30, September 30, Other postretirement benefits 2019 2018 2019 2018 Interest cost 1 1 3 3 Recognized prior service credit (8 ) (9 ) (25 ) (28 ) Recognized net loss — 1 2 3 Net periodic benefit $ (7 ) $ (7 ) $ (20 ) $ (22 ) |
U.S. | 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 and nine months ended September 30, 2019 and 2018 were as follows: Three Months Ended Nine Months Ended September 30, September 30, Pension benefits – U.S. plans 2019 2018 2019 2018 Service cost $ 2 $ 5 $ 10 $ 14 Interest cost 13 12 39 35 Expected return on plan assets (17 ) (22 ) (52 ) (63 ) Recognized prior service cost 1 — 1 — Recognized net loss 14 16 42 40 Net periodic cost $ 13 $ 11 $ 40 $ 26 |
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 Nine Months Ended September 30, September 30, Pension benefits – Non-U.S. plans 2019 2018 2019 2018 Service cost $ 2 $ 5 $ 10 $ 19 Interest cost 15 19 54 58 Expected return on plan assets (31 ) (40 ) (100 ) (120 ) Curtailment gain — — (14 ) — Settlement loss 6 — 37 — Recognized prior service credit — (2 ) (1 ) (8 ) Recognized net loss 7 11 26 33 Net periodic cost/(benefit) $ (1 ) $ (7 ) $ 12 $ (18 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 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 (4 ) (71 ) (9 ) (84 ) Amounts reclassified from accumulated other comprehensive income 33 (18 ) 15 Other comprehensive income (loss) 29 (71 ) (24 ) (66 ) Balance at September 30, 2018 $ (1,554 ) $ (1,752 ) $ (1 ) $ (3,307 ) Balance at January 1, 2019 $ (1,533 ) $ (1,817 ) $ (24 ) $ (3,374 ) Other comprehensive income before reclassifications 140 40 (24 ) 156 Amounts reclassified from accumulated other comprehensive income 55 23 78 Other comprehensive income (loss) 195 40 (1 ) 234 Balance at September 30, 2019 $ (1,338 ) $ (1,777 ) $ (25 ) $ (3,140 ) See Note M and Note O for further details of amounts related to cash flow hedges and defined benefit plans. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary of Restricted Stock Transactions | A summary of restricted and deferred stock transactions during the nine months ended September 30, 2019 is as follows: Number of shares Non-vested stock awards outstanding at January 1, 2019 2,142,743 Awarded: Time-vesting shares 381,145 Performance-based shares 202,876 Released: Time-vesting shares (130,044 ) Forfeitures: Time-vesting shares (97,275 ) Performance-based shares (129,207 ) Non-vested stock awards outstanding at September 30, 2019 2,370,238 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income attributable to Crown Holdings $ 183 $ 164 $ 423 $ 386 Weighted average shares outstanding: Basic 133.9 133.7 133.9 133.6 Dilutive restricted stock 1.1 0.1 0.9 0.2 Diluted 135.0 133.8 134.8 133.8 Basic earnings per share $ 1.37 $ 1.23 $ 3.16 $ 2.89 Diluted earnings per share $ 1.36 $ 1.23 $ 3.14 $ 2.88 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Information of Information about Operating Segments | The tables below present information about the Company's operating segments. External Sales External Sales Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Americas Beverage $ 835 $ 872 $ 2,513 $ 2,478 European Beverage 416 418 1,165 1,194 European Food 581 623 1,487 1,565 Asia Pacific 319 321 959 990 Transit Packaging 564 585 1,725 1,205 Total reportable segments 2,715 2,819 7,849 7,432 Non-reportable segments 369 355 1,025 985 Total $ 3,084 $ 3,174 $ 8,874 $ 8,417 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 Intersegment Sales Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Americas Beverage $ 4 $ 14 $ 10 $ 48 European Beverage — — 2 1 European Food 20 15 60 58 Transit Packaging 2 2 6 3 Total reportable segments 26 31 78 110 Non-reportable segments 33 43 99 115 Total $ 59 $ 74 $ 177 $ 225 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Segment Income Segment Income Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Americas Beverage $ 134 $ 125 $ 386 $ 336 European Beverage 64 66 163 180 European Food 79 90 189 231 Asia Pacific 47 46 143 137 Transit Packaging 74 81 227 175 Total reportable segments $ 398 $ 408 $ 1,108 $ 1,059 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Segment income of reportable segments $ 398 $ 408 $ 1,108 $ 1,059 Segment income of non-reportable segments 34 40 103 102 Corporate and unallocated items (37 ) (33 ) (115 ) (112 ) Restructuring and other — 1 41 (28 ) Amortization of intangibles (42 ) (51 ) (136 ) (103 ) Accelerated depreciation (1 ) — (4 ) — Fair value adjustment to inventory — — — (40 ) Other pension and postretirement (1 ) 13 (12 ) 47 Loss from early extinguishments of debt — — (6 ) — Interest expense (95 ) (105 ) (290 ) (282 ) Interest income 5 6 12 17 Foreign exchange (4 ) 14 (6 ) (14 ) Income before income taxes $ 257 $ 293 $ 695 $ 646 |
Condensed Combining Financial_2
Condensed Combining Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Crown Cork & Seal Company Inc. | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended September 30, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 3,084 $ 3,084 Cost of products sold, excluding depreciation and amortization 2,455 2,455 Depreciation and amortization 121 121 Selling and administrative expense 1 155 156 Restructuring and other — Income from operations — (1 ) 353 352 Other pension and postretirement $ 2 (1 ) 1 Net interest expense 17 73 90 Foreign exchange 4 4 Income/(loss) before income taxes — (20 ) 277 257 Provision for / (benefit from) income taxes (4 ) 58 54 Equity earnings / (loss) in affiliates $ 183 161 1 $ (344 ) 1 Net income 183 145 220 (344 ) 204 Net income attributable to noncontrolling interests (21 ) (21 ) Net income attributable to Crown Holdings $ 183 $ 145 $ 199 $ (344 ) $ 183 Total comprehensive income $ 317 $ 331 $ 352 $ (664 ) $ 336 Comprehensive income attributable to noncontrolling interests (19 ) (19 ) Comprehensive income attributable to Crown Holdings $ 317 $ 331 $ 333 $ (664 ) $ 317 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended September 30, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 3,174 $ 3,174 Cost of products sold, excluding depreciation and amortization 2,530 2,530 Depreciation and amortization 127 127 Selling and administrative expense $ 2 151 153 Restructuring and other (1 ) (1 ) Income from operations — (2 ) 367 365 Other pension and postretirement (13 ) (13 ) Net interest expense 18 81 99 Foreign exchange (14 ) (14 ) Income/(loss) before income taxes — (20 ) 313 293 Provision for / (benefit from) income taxes (1 ) 103 102 Equity earnings / (loss) in affiliates 164 147 2 $ (311 ) 2 Net income 164 128 212 (311 ) 193 Net income attributable to noncontrolling interests (29 ) (29 ) Net income attributable to Crown Holdings $ 164 $ 128 $ 183 $ (311 ) $ 164 Total comprehensive income $ 151 $ 62 $ 198 $ (232 ) $ 179 Comprehensive income attributable to noncontrolling interests (28 ) (28 ) Comprehensive income attributable to Crown Holdings $ 151 $ 62 $ 170 $ (232 ) $ 151 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2019 (in millions) Parent Issuer Non- Eliminations Total Net sales $ 8,874 $ 8,874 Cost of products sold, excluding depreciation and amortization 7,082 7,082 Depreciation and amortization 366 366 Selling and administrative expense $ 2 468 470 Restructuring and other (41 ) (41 ) Income from operations — (2 ) 999 997 Loss from early extinguishments of debt 6 6 Other pension and postretirement 6 6 12 Net interest expense 54 224 278 Foreign exchange 6 6 Income/(loss) before income taxes — (62 ) 757 695 Provision for / (benefit from) income taxes (14 ) 204 190 Equity earnings / (loss) in affiliates $ 423 394 4 $ (817 ) 4 Net income 423 346 557 (817 ) 509 Net income attributable to noncontrolling interests (86 ) (86 ) Net income attributable to Crown Holdings $ 423 $ 346 $ 471 $ (817 ) $ 423 Total comprehensive income $ 657 $ 610 $ 789 $ (1,315 ) $ 741 Comprehensive income attributable to noncontrolling interests (84 ) (84 ) Comprehensive income attributable to Crown Holdings $ 657 $ 610 $ 705 $ (1,315 ) $ 657 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2018 (in millions) Parent Issuer Non- Eliminations Total Net sales $ 8,417 $ 8,417 Cost of products sold, excluding depreciation and amortization 6,804 6,804 Depreciation and amortization 305 305 Selling and administrative expense $ 7 395 402 Restructuring and other $ 9 19 28 Income from operations (9 ) (7 ) 894 878 Other pension and postretirement (47 ) (47 ) Net interest expense 56 209 265 Foreign exchange 14 14 Income/(loss) before income taxes (9 ) (63 ) 718 646 Provision for / (benefit from) income taxes (2 ) (10 ) 208 196 Equity earnings / (loss) in affiliates 393 373 3 $ (766 ) 3 Net income 386 320 513 (766 ) 453 Net income attributable to noncontrolling interests (67 ) (67 ) Net income attributable to Crown Holdings $ 386 $ 320 $ 446 $ (766 ) $ 386 Total comprehensive Income $ 317 $ 224 $ 441 $ (601 ) $ 381 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 317 $ 224 $ 377 $ (601 ) $ 317 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of September 30, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 339 $ 339 Receivables, net $ 9 1,786 1,795 Inventories 1,740 1,740 Prepaid expenses and other current assets $ 1 207 208 Total current assets 1 9 4,072 4,082 Intercompany debt receivables 3,509 $ (3,509 ) — Investments 4,117 4,413 (8,530 ) — Goodwill 4,342 4,342 Intangible assets, net 2,025 2,025 Property, plant and equipment, net 3,739 3,739 Operating lease right-of-use assets, net 200 200 Other non-current assets 92 857 949 Total $ 4,118 $ 4,514 $ 18,744 $ (12,039 ) $ 15,337 Liabilities and equity Current liabilities Short-term debt $ 134 $ 134 Current maturities of long-term debt 87 87 Current portion of operating lease liabilities 46 46 Accounts payable 2,409 2,409 Accrued liabilities $ 18 $ 34 904 956 Total current liabilities 18 34 3,580 3,632 Long-term debt, excluding current maturities 388 7,654 8,042 Long-term intercompany debt 2,481 1,028 $ (3,509 ) — Non-current portion of operating lease liabilities 158 158 Postretirement and pension liabilities 620 620 Other non-current liabilities 320 544 864 Commitments and contingent liabilities Noncontrolling interests 402 402 Crown Holdings shareholders’ equity/(deficit) 1,619 2,744 5,786 (8,530 ) 1,619 Total equity/(deficit) 1,619 2,744 6,188 (8,530 ) 2,021 Total $ 4,118 $ 4,514 $ 18,744 $ (12,039 ) $ 15,337 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 nine months ended September 30, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 25 $ 25 $ 161 $ (10 ) $ 201 Cash flows from investing activities Capital expenditures (242 ) (242 ) Acquisition of business, net of cash acquired (11 ) (11 ) Proceeds from sale of property, plant and equipment 17 17 Net investment hedge 21 21 Other (1 ) (1 ) Net cash provided by/(used for) investing activities — (216 ) — (216 ) Cash flows from financing activities Payments of long-term debt (323 ) (323 ) Net change in revolving credit facility and short-term debt 131 131 Net change in long-term intercompany balances (27 ) (25 ) 52 — Payments of finance leases (15 ) (15 ) Common stock issued 4 4 Common stock repurchased (2 ) (2 ) Dividends paid (10 ) 10 — Dividend paid to noncontrolling interests (36 ) (36 ) Contribution from noncontrolling interests 5 5 Foreign exchange derivatives related to debt (9 ) (9 ) Net cash provided by/(used for) financing activities (25 ) (25 ) (205 ) 10 (245 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1 ) (1 ) Net change in cash, cash equivalents and restricted cash — — (261 ) — (261 ) Cash, cash equivalents and restricted cash at January 1 659 659 Cash, cash equivalents and restricted cash at September 30 $ — $ — $ 398 $ — $ 398 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (15 ) $ (67 ) $ (145 ) $ (5 ) $ (232 ) Cash flows from investing activities Capital expenditures (305 ) (305 ) Beneficial interests in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Proceeds from sale of property, plant and equipment 27 27 Net investment hedge 10 10 Foreign exchange derivatives related to acquisitions (25 ) (25 ) Other (4 ) (4 ) Net cash provided by/(used for) investing activities — (3,719 ) — (3,719 ) Cash flows from financing activities Proceeds from long-term debt 4,082 4,082 Payments of long-term debt (56 ) (56 ) Net change in revolving credit facility and short-term debt (27 ) (27 ) Net change in long-term intercompany balances 18 67 (85 ) — Debt issue costs (70 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Dividends paid (5 ) 5 — Dividend paid to noncontrolling interests (18 ) (18 ) Foreign exchange derivatives related to debt (6 ) (6 ) Net cash provided by/(used for) financing activities 15 67 3,815 5 3,902 Effect of exchange rate changes on cash, cash equivalents and restricted cash (32 ) (32 ) Net change in cash, cash equivalents and restricted cash — — (81 ) — (81 ) Cash, cash equivalents and restricted cash at January 1 435 435 Cash, cash equivalents and restricted cash at September 30 $ — $ — $ 354 $ — $ 354 |
Crown Americas, LLC | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended September 30, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 982 $ 2,226 $ (124 ) $ 3,084 Cost of products sold, excluding depreciation and amortization 819 1,760 (124 ) 2,455 Depreciation and amortization 36 85 121 Selling and administrative expense $ 3 67 86 156 Restructuring and other 2 (2 ) — Income from operations — (3 ) 58 297 352 Other pension and postretirement (5 ) 6 1 Net interest expense 19 31 40 90 Technology royalty (13 ) 13 — Foreign exchange (52 ) 1 3 52 4 Income/(loss) before income taxes — 30 44 235 (52 ) 257 Provision for / (benefit from) income taxes 7 11 52 (16 ) 54 Equity earnings / (loss) in affiliates $ 183 64 110 (356 ) 1 Net income 183 87 143 183 (392 ) 204 Net income attributable to noncontrolling interests (21 ) (21 ) Net income attributable to Crown Holdings $ 183 $ 87 $ 143 $ 162 $ (392 ) $ 183 Total comprehensive income $ 317 $ 122 $ 329 $ 239 $ (671 ) $ 336 Comprehensive income attributable to noncontrolling interests (19 ) (19 ) Comprehensive income attributable to Crown Holdings $ 317 $ 122 $ 329 $ 220 $ (671 ) $ 317 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended September 30, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 973 $ 2,335 $ (134 ) $ 3,174 Cost of products sold, excluding depreciation and amortization 826 1,838 (134 ) 2,530 Depreciation and amortization 38 89 127 Selling and administrative expense $ 3 60 90 153 Restructuring and other 10 (11 ) (1 ) Income from operations — (3 ) 39 329 365 Other pension and postretirement (6 ) (7 ) (13 ) Net interest expense 24 33 42 99 Technology royalty (14 ) 14 — Foreign exchange 3 1 (15 ) (3 ) (14 ) Income/(loss) before income taxes — (30 ) 25 295 3 293 Provision for / (benefit from) income taxes (7 ) 13 96 102 Equity earnings / (loss) in affiliates 164 52 109 1 (324 ) 2 Net income 164 29 121 200 (321 ) 193 Net income attributable to noncontrolling interests (29 ) (29 ) Net income attributable to Crown Holdings $ 164 $ 29 $ 121 $ 171 $ (321 ) $ 164 Total comprehensive income $ 151 $ 22 $ 55 $ 196 $ (245 ) $ 179 Comprehensive income attributable to noncontrolling interests (28 ) (28 ) Comprehensive income attributable to Crown Holdings $ 151 $ 22 $ 55 $ 168 $ (245 ) $ 151 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2019 (in millions) Parent Issuer Guarantors Non- Eliminations Total Net sales $ 2,868 $ 6,369 $ (363 ) $ 8,874 Cost of products sold, excluding depreciation and amortization 2,378 5,067 (363 ) 7,082 Depreciation and amortization 106 260 366 Selling and administrative expense $ 8 196 266 470 Restructuring and other 5 (46 ) (41 ) Income from operations — (8 ) 183 822 997 Loss from early extinguishments of debt 6 6 Other pension and postretirement (14 ) 26 12 Net interest expense 60 95 123 278 Technology royalty (34 ) 34 — Foreign exchange (61 ) 1 5 61 6 Income/(loss) before income taxes — (13 ) 135 634 (61 ) 695 Provision for / (benefit from) income taxes (3 ) 45 162 (14 ) 190 Equity earnings / (loss) in affiliates $ 423 204 245 2 (870 ) 4 Net income 423 194 335 474 (917 ) 509 Net income attributable to noncontrolling interests (86 ) (86 ) Net income attributable to Crown Holdings $ 423 $ 194 $ 335 $ 388 $ (917 ) $ 423 Total comprehensive Income $ 657 $ 237 $ 599 $ 616 $ (1,368 ) $ 741 Comprehensive income attributable to noncontrolling interests (84 ) (84 ) Comprehensive income attributable to Crown Holdings $ 657 $ 237 $ 599 $ 532 $ (1,368 ) $ 657 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2018 (in millions) Parent Issuer Guarantors Non- Eliminations Total Net sales $ 2,550 $ 6,251 $ (384 ) $ 8,417 Cost of products sold, excluding depreciation and amortization 2,180 5,008 (384 ) 6,804 Depreciation and amortization 81 224 305 Selling and administrative expense $ 8 156 238 402 Restructuring and other $ 9 3 15 1 28 Income from operations (9 ) (11 ) 118 780 878 Other pension and postretirement (17 ) (30 ) (47 ) Net interest expense 69 87 109 265 Technology royalty (37 ) 37 — Foreign exchange 10 15 (11 ) 14 Income/(loss) before income taxes (9 ) (90 ) 85 649 11 646 Provision for / (benefit from) income taxes (2 ) (21 ) 30 187 2 196 Equity earnings / (loss) in affiliates 393 154 258 1 (803 ) 3 Net income 386 85 313 463 (794 ) 453 Net income attributable to noncontrolling interests (67 ) (67 ) Net income attributable to Crown Holdings $ 386 $ 85 $ 313 $ 396 $ (794 ) $ 386 Total comprehensive income $ 317 $ 84 $ 217 $ 401 $ (638 ) $ 381 Comprehensive income attributable to noncontrolling interests (64 ) (64 ) Comprehensive income attributable to Crown Holdings $ 317 $ 84 $ 217 $ 337 $ (638 ) $ 317 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of September 30, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 21 $ 11 $ 307 $ 339 Receivables, net 5 205 1,585 1,795 Intercompany receivables 27 13 $ (40 ) — Inventories 501 1,239 1,740 Prepaid expenses and other current assets $ 1 1 19 187 208 Total current assets 1 27 763 3,331 (40 ) 4,082 Intercompany debt receivables 2,856 3,433 246 (6,535 ) — Investments 4,117 2,891 1,695 (8,703 ) — Goodwill 1,186 3,156 4,342 Intangible assets, net 850 1,175 2,025 Property, plant and equipment, net 1 708 3,030 3,739 Operating lease right-of-use assets, net 4 70 126 200 Other non-current assets 86 138 725 949 Total $ 4,118 $ 5,865 $ 8,843 $ 11,789 $ (15,278 ) $ 15,337 Liabilities and equity Current liabilities Short-term debt $ 134 $ 134 Current maturities of long-term debt $ 43 44 87 Current portion of operating lease liabilities $ 17 29 46 Accounts payable 663 1,746 2,409 Accrued liabilities $ 18 22 130 786 956 Intercompany payables 13 27 $ (40 ) — Total current liabilities 18 65 823 2,766 (40 ) 3,632 Long-term debt, excluding current maturities 3,015 1,004 4,023 8,042 Long-term intercompany debt 2,481 990 2,920 144 (6,535 ) — Non-current portion of operating lease liabilities 3 56 99 158 Postretirement and pension liabilities 351 269 620 Other non-current liabilities 312 552 864 Commitments and contingent liabilities Noncontrolling interests 402 402 Crown Holdings shareholders’ equity/(deficit) 1,619 1,792 3,377 3,534 (8,703 ) 1,619 Total equity/(deficit) 1,619 1,792 3,377 3,936 (8,703 ) 2,021 Total $ 4,118 $ 5,865 $ 8,843 $ 11,789 $ (15,278 ) $ 15,337 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 nine months ended September 30, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 25 $ (90 ) $ 103 $ 190 $ (27 ) $ 201 Cash flows from investing activities Capital expenditures (55 ) (187 ) (242 ) Acquisition of business, net of cash acquired (11 ) (11 ) Proceeds from sale of property, plant and equipment 2 15 17 Net investment hedge 21 21 Other (1 ) (1 ) Net cash provided by/(used for) investing activities — 21 (64 ) (173 ) — (216 ) Cash flows from financing activities Payments of long-term debt (27 ) (270 ) (26 ) (323 ) Net change in revolving credit facility and short-term debt 35 96 131 Net change in long-term intercompany balances (27 ) (35 ) 236 (174 ) — Payments of finance leases (13 ) (2 ) (15 ) Common stock issued 4 4 Common stock repurchased (2 ) (2 ) Dividends paid (27 ) 27 — Contributions from noncontrolling interests 5 5 Dividends paid to noncontrolling interests (36 ) (36 ) Foreign exchange derivatives related to debt (9 ) (9 ) Net cash provided by/(used for) financing activities (25 ) (27 ) (47 ) (173 ) 27 (245 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1 ) (1 ) Net change in cash, cash equivalents and restricted cash — (96 ) (8 ) (157 ) — (261 ) Cash, cash equivalents and restricted cash at January 1 117 19 523 659 Cash, cash equivalents and restricted cash at September 30 $ — $ 21 $ 11 $ 366 $ — $ 398 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (15 ) $ (81 ) $ 91 $ (216 ) $ (11 ) $ (232 ) Cash flows from investing activities Capital expenditures (39 ) (266 ) (305 ) Beneficial interests in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Proceeds from sale of property, plant and equipment 9 18 27 Intercompany investing activities (100 ) 100 — Foreign exchange derivatives related to acquisitions (25 ) (25 ) Net investment hedge 10 10 Other (4 ) (4 ) Net cash provided by/(used for) investing activities — (90 ) (30 ) (3,699 ) 100 (3,719 ) Cash flows from financing activities Proceeds from long-term debt 975 1,150 1,957 4,082 Payments of long-term debt (20 ) (5 ) (31 ) (56 ) Net change in revolving credit facility and short-term debt 40 (67 ) (27 ) Net change in long-term intercompany balances 18 (796 ) (1,205 ) 1,983 — Debt issue costs (40 ) (30 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Capital contribution 100 (100 ) — Dividends paid (11 ) 11 — Dividends paid to noncontrolling interests (18 ) (18 ) Foreign exchange derivatives related to debt (6 ) (6 ) Net cash provided by/(used for) financing activities 15 159 (60 ) 3,877 (89 ) 3,902 Effect of exchange rate changes on cash, cash equivalents and restricted cash (32 ) (32 ) Net change in cash, cash equivalents and restricted cash — (12 ) 1 (70 ) — (81 ) Cash, cash equivalents and restricted cash at January 1 36 3 396 435 Cash, cash equivalents and restricted cash at September 30 $ — $ 24 $ 4 $ 326 $ — $ 354 |
Accounting and Reporting Deve_3
Accounting and Reporting Developments - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 |
Accounting Policies [Abstract] | ||
Operating Lease Liability | $ 204 | $ 220 |
Operating lease right-of-use assets, net | 200 | 220 |
Finance Lease, Liability, Current | 2 | 5 |
Finance Lease, Liability, Noncurrent | $ 11 | $ 24 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 12 | $ 36 |
Variable Lease, Cost | 1 | 2 |
Short-term lease cost | 0 | 3 |
Total operating lease costs | 12 | 39 |
Amortization of right-of-use assets | 0 | 1 |
Finance Lease Cost | 0 | 1 |
Finance Lease, Interest Expense | $ 1 | $ 1 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 39 | |
Operating cash flows from finance leases | 1 | |
Financing cash flows from finance leases | 15 | $ 0 |
Right-of-use assets obtained in exchange for lease obligations, operating leases | $ 19 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 200 | $ 220 | |
Current portion of operating lease liabilities | 46 | $ 0 | |
Non-current portion of operating lease liabilities | 158 | ||
Total operating lease liabilities | 204 | 220 | |
Property, plant and equipment | 28 | ||
Accumulated depreciation | (3) | ||
Property, plant and equipment, net | 25 | ||
Accrued liabilities | 2 | 5 | |
Other non-current liabilities | 11 | $ 24 | |
Total finance lease liabilities | $ 13 | ||
Weighted average remaining lease term: | |||
Operating leases | 9 years 10 months 24 days | ||
Finance leases | 7 years 2 months 12 days | ||
Weighted average discount rate: | |||
Operating leases | 4.30% | ||
Finance leases | 3.90% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating and Finance Leases Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Leases | |||
2019 | $ 14 | $ 54 | |
2020 | 45 | 42 | |
2021 | 34 | 34 | |
2022 | 25 | 26 | |
2023 | 20 | 21 | |
Thereafter | 127 | 117 | |
Total lease payments | 265 | 294 | |
Less imputed interest | (61) | ||
Total operating lease liabilities | 204 | $ 220 | |
Finance Lease, Liability, Payment, Due [Abstract] | |||
2019 | 2 | 5 | |
2020 | 2 | 5 | |
2021 | 2 | 5 | |
2022 | 2 | 4 | |
2023 | 2 | 4 | |
Thereafter | 5 | 6 | |
Total lease payments | 15 | $ 29 | |
Less imputed interest | (2) | ||
Total finance lease liabilities | $ 13 |
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 |
Acquisition of Signode Pro Fo_2
Acquisition of Signode Pro Forma Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Pro forma net sales | $ 9,005 |
Pro forma net income attributable to Crown Holdings | $ 389 |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 3,084 | $ 3,174 | $ 8,874 | $ 8,417 |
Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,474 | 1,524 | 4,335 | 4,459 |
Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 1,610 | $ 1,650 | $ 4,539 | $ 3,958 |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets included in prepaid and other current assets | $ 31 | $ 16 |
Contract liabilities included in accrued liabilities | (5) | (3) |
Contract liabilities included in other non-current liabilities | (1) | (5) |
Net contract asset | 25 | $ 8 |
Revenue recognized related to contract liabilities | $ 2 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 339 | $ 607 | ||
Restricted cash included in prepaid expenses and other current assets | 53 | 45 | ||
Restricted cash included in other non-current assets | 6 | 7 | ||
Total restricted cash | 59 | 52 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 398 | $ 659 | $ 354 | $ 435 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Accounts receivable | $ 1,411 | $ 1,303 |
Less: allowance for doubtful accounts | (64) | (65) |
Net trade receivables | 1,347 | 1,238 |
Unbilled receivables | 236 | 181 |
Miscellaneous receivables | 212 | 183 |
Receivables, net | $ 1,795 | $ 1,602 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory, Gross [Abstract] | ||
Raw materials and supplies | $ 925 | $ 937 |
Work in process | 179 | 144 |
Finished goods | 636 | 609 |
Total inventories | $ 1,740 | $ 1,690 |
Intangible Assets Gross Carryin
Intangible Assets Gross Carrying Amount and Accumulated Amortization of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,446 | $ 2,479 |
Accumulated amortization | (421) | (286) |
Net | 2,025 | 2,193 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,599 | 1,615 |
Accumulated amortization | (300) | (206) |
Net | 1,299 | 1,409 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 533 | 547 |
Accumulated amortization | (34) | (17) |
Net | 499 | 530 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 156 | 160 |
Accumulated amortization | (35) | (18) |
Net | 121 | 142 |
Long term supply contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 144 | 143 |
Accumulated amortization | (44) | (37) |
Net | 100 | 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 43 | $ 51 | $ 140 | $ 103 |
Restructuring and Other - Restr
Restructuring and Other - Restructuring Charges by Action/Type (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring Reserve [Abstract] | ||||
Asset impairments and sales | $ (3) | $ (13) | $ (8) | $ (6) |
Restructuring | 3 | 9 | 17 | 15 |
Transaction costs | 0 | 0 | 0 | 22 |
Other Restructuring Costs | 0 | 3 | (50) | (3) |
Restructuring and other | $ 0 | $ (1) | $ (41) | $ 28 |
Restructuring and Other - Narra
Restructuring and Other - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 3 | $ 13 | $ 8 | $ 6 |
Restructuring accrual | $ 20 | 20 | ||
Asia Pacific | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 6 | |||
Headcount Reductions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Costs | $ 8 |
Asbestos-Related Liabilities -
Asbestos-Related Liabilities - Narrative (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 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 | $ 7 | |
Inactive claims (in claims) | inactive_claim | 19,000 | |
Accrued asbestos claims and related legal costs | $ 284 | |
Unasserted claims | $ 229 | |
Percentage of claims that do not specify damages | 81.00% |
Asbestos-Related Liabilities _2
Asbestos-Related Liabilities - Summary of Claims Activity (Details) | 9 Months Ended |
Sep. 30, 2019Claim | |
Loss Contingency Accrual [Roll Forward] | |
Beginning claims | 56,000 |
New claims | 1,000 |
Settlements or dismissals | (1,000) |
Ending claims | 56,000 |
Asbestos-Related Liabilities _3
Asbestos-Related Liabilities - Summary of Outstanding Claims by Year of Exposure and State Filed (Details) - Claim | Sep. 30, 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 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims alleging serious diseases | 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% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 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 | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2019EUR (€) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | May 31, 2019EUR (€) | May 31, 2019USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Objective for using derivative instruments | The Company’s objective in managing exposure to market and interest rate risk is to limit the impact on earnings and cash flow. | |||||||||
Loss expected to be reclassified to earnings | $ 26,000,000 | |||||||||
Loss, net of tax, expected to be reclassified to earnings | 21,000,000 | |||||||||
Reclassification of anticipated transactions that were no longer considered probable | $ 0 | $ 0 | ||||||||
Minimum | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative, remaining maturity range | 1 month | |||||||||
Maximum | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative, remaining maturity range | 1 month | |||||||||
Derivatives not designated as hedges | Foreign exchange | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative, Notional Amount | $ 796,000,000 | $ 1,090,000,000 | ||||||||
Derivatives in cash flow hedges | Interest Rate Swap [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain/(loss) recognized in AOCI (effective portion) | $ (1,000,000) | $ (1,000,000) | ||||||||
Interest rate | 1.82% | |||||||||
Derivative, Notional Amount | 0 | 200,000,000 | $ 200,000,000 | |||||||
Derivatives in cash flow hedges | Commodities | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative, Notional Amount | 428,000,000 | 387,000,000 | ||||||||
Derivatives in cash flow hedges | Foreign exchange | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative, Notional Amount | 820,000,000 | 406,000,000 | ||||||||
Derivatives in cash flow hedges | Designated as Hedging Instrument | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain/(loss) recognized in AOCI (effective portion) | (14,000,000) | $ (5,000,000) | (24,000,000) | (9,000,000) | ||||||
Derivatives in cash flow hedges | Designated as Hedging Instrument | Commodities | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain/(loss) recognized in AOCI (effective portion) | (11,000,000) | (2,000,000) | (19,000,000) | (4,000,000) | ||||||
Derivatives in cash flow hedges | Designated as Hedging Instrument | Foreign exchange | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain/(loss) recognized in AOCI (effective portion) | (2,000,000) | (3,000,000) | (4,000,000) | (5,000,000) | ||||||
Derivatives in fair value hedges | Foreign exchange | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative, Notional Amount | 74,000,000 | 142,000,000 | ||||||||
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 | 3,000,000 | ||||||||
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) | 2,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | ||||||
Derivatives designated as net investment hedges | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Carrying amount of hedged net investment | € 1,204 | 1,312,000,000 | ||||||||
Derivatives designated as net investment hedges | Accumulated Other Comprehensive Income | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Loss on net investment hedge settlements | 8,000,000 | (59,000,000) | ||||||||
Loss on net investment hedge settlements, net of tax | 31,000,000 | (36,000,000) | ||||||||
Derivatives designated as net investment hedges | Cross Currency Interest Rate Contract | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative, Notional Amount | € 179 | $ 200,000,000 | ||||||||
Derivatives designated as net investment hedges | Foreign exchange | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative, Notional Amount | $ 875,000,000 | $ 1,075,000,000 | ||||||||
Derivatives designated as net investment hedges | Designated as Hedging Instrument | Foreign exchange | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain/(loss) recognized in AOCI (effective portion) | 40,000,000 | (2,000,000) | 47,000,000 | 6,000,000 | ||||||
Derivatives designated as net investment hedges | Other Comprehensive Income | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Loss on net investment hedge settlements | 58,000,000 | 9,000,000 | 67,000,000 | 22,000,000 | ||||||
Loss on net investment hedge settlements, net of tax | $ 58,000,000 | $ 9,000,000 | $ 67,000,000 | $ 26,000,000 |
Derivative and Other Financia_4
Derivative and Other Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net sales | $ 3,084 | $ 3,174 | $ 8,874 | $ 8,417 | ||||
Cost of products sold | 2,455 | 2,530 | 7,082 | 6,804 | ||||
Income Tax Expense (Benefit) | (54) | (102) | (190) | (196) | ||||
Net income | 204 | $ 174 | $ 131 | 193 | $ 147 | $ 113 | 509 | 453 |
Derivatives in cash flow hedges | Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain/(loss) recognized in AOCI (effective portion) | (1) | (1) | ||||||
Designated as Hedging Instrument | Derivatives in cash flow hedges | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain/(loss) recognized in AOCI (effective portion) | (14) | (5) | (24) | (9) | ||||
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) | (2) | (3) | (4) | (5) | ||||
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) | (11) | (2) | (19) | (4) | ||||
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 | (13) | 7 | (30) | 24 | ||||
Income Tax Expense (Benefit) | 3 | (1) | 7 | (6) | ||||
Net income | (10) | 6 | (23) | 18 | ||||
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 | (2) | (6) | (3) | (7) | ||||
Cost of products sold | 1 | 5 | 0 | 4 | ||||
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 | 4 | (1) | 10 | (6) | ||||
Cost of products sold | $ (16) | $ 9 | $ (37) | $ 33 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net, pretax | $ (15) | $ (8) | $ (25) | $ (16) |
Net sales | Foreign exchange | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net, pretax | (2) | 4 | (3) | 7 |
Cost of products sold | Foreign exchange | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net, pretax | 1 | (4) | 3 | (6) |
Foreign exchange | Foreign exchange | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net, pretax | $ (14) | $ (8) | $ (25) | $ (17) |
Derivative and Other Financia_6
Derivative and Other Financial Instruments - Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivatives designated as net investment hedges | Designated as Hedging Instrument | Foreign exchange | ||||
Derivative [Line Items] | ||||
Amount of gain/(loss) recognized in AOCI | $ 40 | $ (2) | $ 47 | $ 6 |
Derivative and Other Financia_7
Derivative and Other Financial Instruments - Fair Values of Derivative Instruments and Valuation Hierarchy (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative assets | ||
Total | $ 111 | $ 47 |
Derivative liabilities | ||
Total | 71 | 59 |
Fair Value, Inputs, Level 2 | ||
Derivative assets | ||
Total | 111 | 47 |
Derivative liabilities | ||
Total | 71 | 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 | 7 | 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 | 17 | 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 | 102 | 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 | 9 | 4 |
Fair Value, Inputs, Level 2 | Other liabilities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedges | 53 | 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 | 18 | 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 | 3 | 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 | 16 | 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 | 4 | 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 | 43 | 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 | 1 | 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 | 4 | 6 |
Derivatives in fair value hedges | Accrued liabilities | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedges, Foreign exchange | 88 | 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 | 4 | 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 | 1 | 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 | 76 | 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 | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Cumulative amount of fair value hedging adjustment included in the carrying about of the hedged assets | $ 3 | $ 1 |
Receivables, net | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 17 | 15 |
Accrued liabilities | ||
Derivative [Line Items] | ||
Accounts payable | $ (88) | $ (13) |
Derivative and Other Financia_9
Derivative and Other Financial Instruments - Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized in the Balance Sheet, Derivative Assets | $ 111 | $ 47 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Assets | 22 | 19 |
Net Amount, Derivative Assets | 89 | 28 |
Gross Amounts Recognized in the Balance Sheet, Derivative Liabilities | 71 | 59 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Liabilities | 22 | 19 |
Net Amount, Derivative Liabilities | $ 49 | $ 40 |
Derivative and Other Financi_10
Derivative and Other Financial Instruments - Notional Values of Outstanding Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Foreign exchange | Derivatives not designated as hedges | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 1,090 | $ 796 | |
Foreign exchange | Derivatives in cash flow hedges | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 406 | 820 | |
Foreign exchange | Derivatives in fair value hedges | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 142 | 74 | |
Foreign exchange | Derivatives designated as net investment hedges | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 1,075 | 875 | |
Commodities | Derivatives in cash flow hedges | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 387 | 428 | |
Interest Rate Swap [Member] | Derivatives in cash flow hedges | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 200 | $ 200 | $ 0 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) $ in Millions | 9 Months Ended | |||
Sep. 30, 2019EUR (€) | Sep. 30, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||||
Short-term debt | $ 134 | $ 89 | ||
Principal outstanding | ||||
Total long-term debt | 8,203 | 8,667 | ||
Less: current maturities | (87) | (81) | ||
Total long-term debt, less current maturities | 8,116 | 8,586 | ||
Carrying amount | ||||
Total long-term debt | 8,129 | 8,574 | ||
Less: current maturities | (87) | (81) | ||
Total long-term debt, less current maturities | 8,042 | 8,493 | ||
Senior Secured Borrowings | U.S. dollar at LIBOR 1.75% due 2022 | ||||
Principal outstanding | ||||
Total long-term debt | 789 | 815 | ||
Carrying amount | ||||
Total long-term debt | 785 | 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 | 610 | 864 | ||
Senior Secured Borrowings | Euro at EURIBOR 1.75% due 2022 | ||||
Principal outstanding | ||||
Total long-term debt | 277 | 301 | ||
Carrying amount | ||||
Total long-term debt | 277 | 301 | ||
Debt, face amount | € | € 254,000,000 | € 263,000,000 | ||
Senior Secured Borrowings | Euro at EURIBOR 2.375% due 2025 | ||||
Principal outstanding | ||||
Total long-term debt | 807 | 855 | ||
Carrying amount | ||||
Total long-term debt | 796 | 846 | ||
Debt, face amount | € | 741,000,000 | € 746,000,000 | ||
Senior Notes and Debentures | €650 at 4.0% due 2022 | ||||
Principal outstanding | ||||
Total long-term debt | 709 | 745 | ||
Carrying amount | ||||
Total long-term debt | $ 705 | 740 | ||
Debt, face amount | € | € 650,000,000 | |||
Debt instrument stated percentage | 4.00% | 4.00% | ||
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 | $ 995 | 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 | $ 365 | 384 | ||
Carrying amount | ||||
Total long-term debt | $ 360 | 380 | ||
Debt, face amount | € | € 335,000,000 | |||
Debt instrument stated percentage | 2.25% | 2.25% | ||
Senior Notes and Debentures | €600 at 2.625% due 2024 | ||||
Principal outstanding | ||||
Total long-term debt | $ 654 | 688 | ||
Carrying amount | ||||
Total long-term debt | $ 649 | 682 | ||
Debt, face amount | € | € 600,000,000 | |||
Debt instrument stated percentage | 2.625% | 2.625% | ||
Senior Notes and Debentures | €600 at 3.375% due 2025 | ||||
Principal outstanding | ||||
Total long-term debt | $ 654 | 688 | ||
Carrying amount | ||||
Total long-term debt | $ 648 | 681 | ||
Debt, face amount | € | € 600,000,000 | |||
Debt instrument stated percentage | 3.375% | 3.375% | ||
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 | $ 395 | 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 | $ 862 | 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 | $ 545 | 573 | ||
Carrying amount | ||||
Total long-term debt | $ 538 | 566 | ||
Debt, face amount | € | € 500,000,000 | |||
Debt instrument stated percentage | 2.875% | 2.875% | ||
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 | $ 55 | 66 | ||
Carrying amount | ||||
Total long-term debt | 55 | 66 | ||
Revolving Credit Facility | Line of Credit | ||||
Principal outstanding | ||||
Total long-term debt | 66 | 0 | ||
Carrying amount | ||||
Total long-term debt | $ 66 | $ 0 | ||
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% | |||
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 2022 | ||||
Carrying amount | ||||
Basis spread on variable rate (as a percent) | 1.75% | |||
EURIBOR | Senior Secured Borrowings | Euro at EURIBOR 2.375% due 2025 | ||||
Carrying amount | ||||
Basis spread on variable rate (as a percent) | 2.375% |
Debt - Narrative (Details)
Debt - Narrative (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Oct. 31, 2019EUR (€) | Oct. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||||||||
Loss from early extinguishments of debt | $ 0 | $ 0 | $ 6 | $ 0 | ||||
Fair Value, Inputs, Level 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, fair value | $ 8,724 | $ 8,724 | $ 8,735 | |||||
Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss from early extinguishments of debt | $ (8) | |||||||
Subsequent Event | Senior Notes | Senior Euro .75% due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, face amount | € 550 | $ 600 | ||||||
Debt instrument stated percentage | 0.75% | 0.75% |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1 | $ 1 | $ 3 | $ 3 |
Recognized prior service credit | (8) | (9) | (25) | (28) |
Recognized net loss | 0 | 1 | 2 | 3 |
Net periodic cost (benefit) | (7) | (7) | (20) | (22) |
U.S. | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 5 | 10 | 14 |
Interest cost | 13 | 12 | 39 | 35 |
Expected return on plan assets | (17) | (22) | (52) | (63) |
Recognized prior service credit | 1 | 0 | 1 | 0 |
Recognized net loss | 14 | 16 | 42 | 40 |
Net periodic cost (benefit) | 13 | 11 | 40 | 26 |
Pension Benefits - Non-U.S. Plans | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 5 | 10 | 19 |
Interest cost | 15 | 19 | 54 | 58 |
Expected return on plan assets | (31) | (40) | (100) | (120) |
Pension settlements and curtailments | 0 | 0 | (14) | 0 |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 6 | 0 | 37 | |
Recognized prior service credit | 0 | (2) | (1) | (8) |
Recognized net loss | 7 | 11 | 26 | 33 |
Net periodic cost (benefit) | $ (1) | $ (7) | $ 12 | $ (18) |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits Amounts reclassified from accumulated other comprehensive income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Income before income taxes | $ 257 | $ 293 | $ 695 | $ 646 | ||||
Income Tax Expense (Benefit) | (54) | (102) | (190) | (196) | ||||
Net income | 204 | $ 174 | $ 131 | 193 | $ 147 | $ 113 | 509 | 453 |
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit plans | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Actuarial losses | 21 | 28 | 70 | 76 | ||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 6 | 37 | ||||||
Prior service credit | (7) | (11) | (25) | (36) | ||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | (14) | ||||||
Income before income taxes | 20 | 17 | 68 | 40 | ||||
Income Tax Expense (Benefit) | (5) | (6) | (13) | (7) | ||||
Net income | $ 15 | $ 11 | $ 55 | $ 33 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Components (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 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 | 156 | (84) | |
Amounts reclassified from accumulated other comprehensive income | 78 | 15 | |
Other comprehensive income (loss) | 234 | (66) | |
Balance at end of period | (3,140) | (3,307) | |
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 | |||
Other comprehensive income before reclassifications | 140 | (4) | |
Amounts reclassified from accumulated other comprehensive income | 55 | 33 | |
Other comprehensive income (loss) | 195 | 29 | |
Balance at end of period | (1,338) | (1,554) | |
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 | |||
Other comprehensive income before reclassifications | 40 | (71) | |
Amounts reclassified from accumulated other comprehensive income | |||
Other comprehensive income (loss) | 40 | (71) | |
Balance at end of period | (1,777) | (1,752) | |
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 | (24) | (9) | |
Amounts reclassified from accumulated other comprehensive income | 23 | (18) | |
Other comprehensive income (loss) | (1) | (24) | |
Balance at end of period | $ (25) | $ (1) |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) | 9 Months Ended |
Sep. 30, 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) | 2,370,238 |
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) | 381,145 |
Released (in shares) | (130,044) |
Forfeitures (in shares) | (97,275) |
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 | 9 Months Ended |
Sep. 30, 2019USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ | $ 68 |
Cost expected to be recognized, weighted average period (in years) | 3 years |
Market Based Restricted Stock [Member] [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 | $ 55.21 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate market value of shares released and issued | $ | $ 7 |
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 |
Income Tax Narrative (Details)
Income Tax Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Contingency [Line Items] | ||||
Income Tax Expense (Benefit) | $ (54) | $ (102) | $ (190) | $ (196) |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 24 | 24 | ||
Tax Cutes and Jobs Act of 2017, Incomplete Accounting, Transition Tax For Accumulated Foreign Earnings, Provisional Charge | $ 4 | $ 4 | ||
INDIA | ||||
Income Tax Contingency [Line Items] | ||||
Income Tax Expense (Benefit) | (9) | |||
Signode Industrial Group Holdings (Bermuda) Ltd | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | $ 15 | $ 15 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Crown Holdings | $ 183 | $ 164 | $ 423 | $ 386 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 133.9 | 133.7 | 133.9 | 133.6 |
Add: dilutive stock options and restricted stock (in shares) | 1.1 | 0.1 | 0.9 | 0.2 |
Diluted (in shares) | 135 | 133.8 | 134.8 | 133.8 |
Basic earnings per share (in usd per share) | $ 1.37 | $ 1.23 | $ 3.16 | $ 2.89 |
Diluted earnings per share (in usd per share) | $ 1.36 | $ 1.23 | $ 3.14 | $ 2.88 |
Value of shares excluded from the computation of diluted earnings per share | 0.2 | 0.4 | 0.6 | 0.9 |
Segment Information - Informati
Segment Information - Information about Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Income from operations | $ 352 | $ 365 | $ 997 | $ 878 |
Net sales | 3,084 | 3,174 | 8,874 | 8,417 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 398 | 408 | 1,108 | 1,059 |
Net sales | 2,715 | 2,819 | 7,849 | 7,432 |
Operating Segments | Americas Beverage | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 134 | 125 | 386 | 336 |
Net sales | 835 | 872 | 2,513 | 2,478 |
Operating Segments | European Beverage | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 64 | 66 | 163 | 180 |
Net sales | 416 | 418 | 1,165 | 1,194 |
Operating Segments | European Food | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 79 | 90 | 189 | 231 |
Net sales | 581 | 623 | 1,487 | 1,565 |
Operating Segments | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 47 | 46 | 143 | 137 |
Net sales | 319 | 321 | 959 | 990 |
Operating Segments | Transit Packaging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 74 | 81 | 227 | 175 |
Net sales | 564 | 585 | 1,725 | 1,205 |
Segment Reconciling Items | Non-reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 34 | 40 | 103 | 102 |
Net sales | 369 | 355 | 1,025 | 985 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 59 | 74 | 177 | 225 |
Intersegment Eliminations | Americas Beverage | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4 | 14 | 10 | 48 |
Intersegment Eliminations | European Beverage | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 2 | 1 |
Intersegment Eliminations | European Food | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 20 | 15 | 60 | 58 |
Intersegment Eliminations | Transit Packaging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2 | 2 | 6 | 3 |
Intersegment Eliminations | Non-reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 33 | 43 | 99 | 115 |
Intersegment Eliminations | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 26 | $ 31 | $ 78 | $ 110 |
Segment Information - Narrative
Segment Information - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Intercompany profit eliminated | $ 1 | $ 3 | $ 5 | $ 7 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment income | $ 352 | $ 365 | $ 997 | $ 878 |
Restructuring and other | 0 | 1 | 41 | (28) |
Amortization of intangibles | (43) | (51) | (140) | (103) |
Other pension and postretirement | (1) | 13 | (12) | 47 |
Interest expense | (95) | (105) | (290) | (282) |
Interest income | 5 | 6 | 12 | 17 |
Foreign exchange | (4) | 14 | (6) | (14) |
Income before income taxes | 257 | 293 | 695 | 646 |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment income | 398 | 408 | 1,108 | 1,059 |
Operating Segments | Americas Beverage | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment income | 134 | 125 | 386 | 336 |
Operating Segments | European Beverage | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment income | 64 | 66 | 163 | 180 |
Operating Segments | European Food | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment income | 79 | 90 | 189 | 231 |
Operating Segments | Asia Pacific | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment income | 47 | 46 | 143 | 137 |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Restructuring and other | 0 | 1 | 41 | (28) |
Amortization of intangibles | (42) | (51) | (136) | (103) |
Restructuring and Related Cost, Accelerated Depreciation | (1) | 0 | (4) | 0 |
Fair value adjustment to inventory | 0 | 0 | 0 | (40) |
Other pension and postretirement | (1) | 13 | (12) | 47 |
Loss from early extinguishments of debt | 0 | 0 | (6) | 0 |
Interest expense | (95) | (105) | (290) | (282) |
Interest income | 5 | 6 | 12 | 17 |
Foreign exchange | (4) | 14 | (6) | (14) |
Segment Reconciling Items | Non-reportable segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment income | 34 | 40 | 103 | 102 |
Corporate, Non-Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Corporate and unallocated items | $ (37) | $ (33) | $ (115) | $ (112) |
Condensed Combining Financial_3
Condensed Combining Financial Information - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | $ 3,084 | $ 3,174 | $ 8,874 | $ 8,417 | ||||
Cost of products sold, excluding depreciation and amortization | 2,455 | 2,530 | 7,082 | 6,804 | ||||
Depreciation and amortization | 121 | 127 | 366 | 305 | ||||
Selling and administrative expense | 156 | 153 | 470 | 402 | ||||
Restructuring and other | 0 | (1) | (41) | 28 | ||||
Income from operations | 352 | 365 | 997 | 878 | ||||
Loss from early extinguishments of debt | 0 | 0 | 6 | 0 | ||||
Other pension and postretirement | 1 | (13) | 12 | (47) | ||||
Foreign exchange | 4 | (14) | 6 | 14 | ||||
Income before income taxes | 257 | 293 | 695 | 646 | ||||
Provision for / (benefit from) income taxes | 54 | 102 | 190 | 196 | ||||
Equity earnings / (loss) in affiliates | 1 | 2 | 4 | 3 | ||||
Net income | 204 | $ 174 | $ 131 | 193 | $ 147 | $ 113 | 509 | 453 |
Net income attributable to noncontrolling interests | (21) | (29) | (86) | (67) | ||||
Net income attributable to Crown Holdings | 183 | 164 | 423 | 386 | ||||
Total comprehensive income | 336 | 179 | 741 | 381 | ||||
Comprehensive income attributable to Crown Holdings | 317 | 151 | 657 | 317 | ||||
Crown Cork & Seal Company Inc. | ||||||||
Net sales | 3,084 | 3,174 | 8,874 | 8,417 | ||||
Cost of products sold, excluding depreciation and amortization | 2,455 | 2,530 | 7,082 | 6,804 | ||||
Depreciation and amortization | 121 | 127 | 366 | 305 | ||||
Selling and administrative expense | 156 | 153 | 470 | 402 | ||||
Restructuring and other | 0 | (1) | (41) | 28 | ||||
Income from operations | 352 | 365 | 997 | 878 | ||||
Loss from early extinguishments of debt | 6 | |||||||
Other pension and postretirement | 1 | (13) | 12 | (47) | ||||
Net interest expense | 90 | 99 | 278 | 265 | ||||
Foreign exchange | 4 | (14) | 6 | 14 | ||||
Income before income taxes | 257 | 293 | 695 | 646 | ||||
Provision for / (benefit from) income taxes | 54 | 102 | 190 | 196 | ||||
Equity earnings / (loss) in affiliates | 1 | 2 | 4 | 3 | ||||
Net income | 204 | 193 | 509 | 453 | ||||
Net income attributable to noncontrolling interests | (21) | (29) | (86) | (67) | ||||
Net income attributable to Crown Holdings | 183 | 164 | 423 | 386 | ||||
Total comprehensive income | 336 | 179 | 741 | 381 | ||||
Comprehensive income attributable to noncontrolling interests | (19) | (28) | (84) | (64) | ||||
Comprehensive income attributable to Crown Holdings | 317 | 151 | 657 | 317 | ||||
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 | 9 | |||||||
Income from operations | 0 | 0 | 0 | (9) | ||||
Loss from early extinguishments of debt | ||||||||
Other pension and postretirement | ||||||||
Net interest expense | ||||||||
Foreign exchange | ||||||||
Income before income taxes | 0 | 0 | 0 | (9) | ||||
Provision for / (benefit from) income taxes | (2) | |||||||
Equity earnings / (loss) in affiliates | 183 | 164 | 423 | 393 | ||||
Net income | 183 | 164 | 423 | 386 | ||||
Net income attributable to noncontrolling interests | ||||||||
Net income attributable to Crown Holdings | 183 | 164 | 423 | 386 | ||||
Total comprehensive income | 317 | 151 | 657 | 317 | ||||
Comprehensive income attributable to noncontrolling interests | ||||||||
Comprehensive income attributable to Crown Holdings | 317 | 151 | 657 | 317 | ||||
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 | 2 | 7 | ||||
Restructuring and other | ||||||||
Income from operations | (1) | (2) | (2) | (7) | ||||
Loss from early extinguishments of debt | ||||||||
Other pension and postretirement | 2 | 6 | ||||||
Net interest expense | 17 | 18 | 54 | 56 | ||||
Foreign exchange | ||||||||
Income before income taxes | (20) | (20) | (62) | (63) | ||||
Provision for / (benefit from) income taxes | (4) | (1) | (14) | (10) | ||||
Equity earnings / (loss) in affiliates | 161 | 147 | 394 | 373 | ||||
Net income | 145 | 128 | 346 | 320 | ||||
Net income attributable to noncontrolling interests | ||||||||
Net income attributable to Crown Holdings | 145 | 128 | 346 | 320 | ||||
Total comprehensive income | 331 | 62 | 610 | 224 | ||||
Comprehensive income attributable to noncontrolling interests | ||||||||
Comprehensive income attributable to Crown Holdings | 331 | 62 | 610 | 224 | ||||
Crown Cork & Seal Company Inc. | Non- Guarantors | ||||||||
Net sales | 3,084 | 3,174 | 8,874 | 8,417 | ||||
Cost of products sold, excluding depreciation and amortization | 2,455 | 2,530 | 7,082 | 6,804 | ||||
Depreciation and amortization | 121 | 127 | 366 | 305 | ||||
Selling and administrative expense | 155 | 151 | 468 | 395 | ||||
Restructuring and other | (1) | (41) | 19 | |||||
Income from operations | 353 | 367 | 999 | 894 | ||||
Loss from early extinguishments of debt | 6 | |||||||
Other pension and postretirement | (1) | (13) | 6 | (47) | ||||
Net interest expense | 73 | 81 | 224 | 209 | ||||
Foreign exchange | 4 | (14) | 6 | 14 | ||||
Income before income taxes | 277 | 313 | 757 | 718 | ||||
Provision for / (benefit from) income taxes | 58 | 103 | 204 | 208 | ||||
Equity earnings / (loss) in affiliates | 1 | 2 | 4 | 3 | ||||
Net income | 220 | 212 | 557 | 513 | ||||
Net income attributable to noncontrolling interests | (21) | (29) | (86) | (67) | ||||
Net income attributable to Crown Holdings | 199 | 183 | 471 | 446 | ||||
Total comprehensive income | 352 | 198 | 789 | 441 | ||||
Comprehensive income attributable to noncontrolling interests | (19) | (28) | (84) | (64) | ||||
Comprehensive income attributable to Crown Holdings | 333 | 170 | 705 | 377 | ||||
Crown Americas, LLC | ||||||||
Net sales | 3,084 | 3,174 | 8,874 | 8,417 | ||||
Cost of products sold, excluding depreciation and amortization | 2,455 | 2,530 | 7,082 | 6,804 | ||||
Depreciation and amortization | 121 | 127 | 366 | 305 | ||||
Selling and administrative expense | 156 | 153 | 470 | 402 | ||||
Restructuring and other | 0 | (1) | (41) | 28 | ||||
Income from operations | 352 | 365 | 997 | 878 | ||||
Loss from early extinguishments of debt | 6 | |||||||
Other pension and postretirement | 1 | (13) | 12 | (47) | ||||
Net interest expense | 90 | 99 | 278 | 265 | ||||
Technology royalty | 0 | 0 | ||||||
Foreign exchange | 4 | (14) | 6 | 14 | ||||
Income before income taxes | 257 | 293 | 695 | 646 | ||||
Provision for / (benefit from) income taxes | 54 | 102 | 190 | 196 | ||||
Equity earnings / (loss) in affiliates | 1 | 2 | 4 | 3 | ||||
Net income | 204 | 193 | 509 | 453 | ||||
Net income attributable to noncontrolling interests | (21) | (29) | (86) | (67) | ||||
Net income attributable to Crown Holdings | 183 | 164 | 423 | 386 | ||||
Total comprehensive income | 336 | 179 | 741 | 381 | ||||
Comprehensive income attributable to noncontrolling interests | (19) | (28) | (84) | (64) | ||||
Comprehensive income attributable to Crown Holdings | 317 | 151 | 657 | 317 | ||||
Crown Americas, LLC | Parent | ||||||||
Net sales | ||||||||
Cost of products sold, excluding depreciation and amortization | ||||||||
Depreciation and amortization | ||||||||
Selling and administrative expense | ||||||||
Restructuring and other | 9 | |||||||
Income from operations | 0 | 0 | 0 | (9) | ||||
Loss from early extinguishments of debt | ||||||||
Other pension and postretirement | ||||||||
Net interest expense | ||||||||
Technology royalty | ||||||||
Foreign exchange | ||||||||
Income before income taxes | 0 | 0 | (9) | |||||
Provision for / (benefit from) income taxes | (2) | |||||||
Equity earnings / (loss) in affiliates | 183 | 164 | 423 | 393 | ||||
Net income | 183 | 164 | 423 | 386 | ||||
Net income attributable to noncontrolling interests | ||||||||
Net income attributable to Crown Holdings | 183 | 164 | 423 | 386 | ||||
Total comprehensive income | 317 | 151 | 657 | 317 | ||||
Comprehensive income attributable to noncontrolling interests | ||||||||
Comprehensive income attributable to Crown Holdings | 317 | 151 | 657 | 317 | ||||
Crown Americas, LLC | Issuer | ||||||||
Net sales | ||||||||
Cost of products sold, excluding depreciation and amortization | ||||||||
Depreciation and amortization | ||||||||
Selling and administrative expense | 3 | 3 | 8 | 8 | ||||
Restructuring and other | 3 | |||||||
Income from operations | (3) | (3) | (8) | (11) | ||||
Loss from early extinguishments of debt | 6 | |||||||
Other pension and postretirement | ||||||||
Net interest expense | 19 | 24 | 60 | 69 | ||||
Technology royalty | ||||||||
Foreign exchange | (52) | 3 | (61) | 10 | ||||
Income before income taxes | 30 | (30) | (13) | (90) | ||||
Provision for / (benefit from) income taxes | 7 | (7) | (3) | (21) | ||||
Equity earnings / (loss) in affiliates | 64 | 52 | 204 | 154 | ||||
Net income | 87 | 29 | 194 | 85 | ||||
Net income attributable to noncontrolling interests | ||||||||
Net income attributable to Crown Holdings | 87 | 29 | 194 | 85 | ||||
Total comprehensive income | 122 | 22 | 237 | 84 | ||||
Comprehensive income attributable to noncontrolling interests | ||||||||
Comprehensive income attributable to Crown Holdings | 122 | 22 | 237 | 84 | ||||
Crown Americas, LLC | Guarantors | ||||||||
Net sales | 982 | 973 | 2,868 | 2,550 | ||||
Cost of products sold, excluding depreciation and amortization | 819 | 826 | 2,378 | 2,180 | ||||
Depreciation and amortization | 36 | 38 | 106 | 81 | ||||
Selling and administrative expense | 67 | 60 | 196 | 156 | ||||
Restructuring and other | 2 | 10 | 5 | 15 | ||||
Income from operations | 58 | 39 | 183 | 118 | ||||
Loss from early extinguishments of debt | ||||||||
Other pension and postretirement | (5) | (6) | (14) | (17) | ||||
Net interest expense | 31 | 33 | 95 | 87 | ||||
Technology royalty | (13) | (14) | (34) | (37) | ||||
Foreign exchange | 1 | 1 | 1 | |||||
Income before income taxes | 44 | 25 | 135 | 85 | ||||
Provision for / (benefit from) income taxes | 11 | 13 | 45 | 30 | ||||
Equity earnings / (loss) in affiliates | 110 | 109 | 245 | 258 | ||||
Net income | 143 | 121 | 335 | 313 | ||||
Net income attributable to noncontrolling interests | ||||||||
Net income attributable to Crown Holdings | 143 | 121 | 335 | 313 | ||||
Total comprehensive income | 329 | 55 | 599 | 217 | ||||
Comprehensive income attributable to noncontrolling interests | ||||||||
Comprehensive income attributable to Crown Holdings | 329 | 55 | 599 | 217 | ||||
Crown Americas, LLC | Non- Guarantors | ||||||||
Net sales | 2,226 | 2,335 | 6,369 | 6,251 | ||||
Cost of products sold, excluding depreciation and amortization | 1,760 | 1,838 | 5,067 | 5,008 | ||||
Depreciation and amortization | 85 | 89 | 260 | 224 | ||||
Selling and administrative expense | 86 | 90 | 266 | 238 | ||||
Restructuring and other | (2) | (11) | (46) | 1 | ||||
Income from operations | 297 | 329 | 822 | 780 | ||||
Loss from early extinguishments of debt | ||||||||
Other pension and postretirement | 6 | (7) | 26 | (30) | ||||
Net interest expense | 40 | 42 | 123 | 109 | ||||
Technology royalty | 13 | 14 | 34 | 37 | ||||
Foreign exchange | 3 | (15) | 5 | 15 | ||||
Income before income taxes | 235 | 295 | 634 | 649 | ||||
Provision for / (benefit from) income taxes | 52 | 96 | 162 | 187 | ||||
Equity earnings / (loss) in affiliates | 1 | 2 | 1 | |||||
Net income | 183 | 200 | 474 | 463 | ||||
Net income attributable to noncontrolling interests | (21) | (29) | (86) | (67) | ||||
Net income attributable to Crown Holdings | 162 | 171 | 388 | 396 | ||||
Total comprehensive income | 239 | 196 | 616 | 401 | ||||
Comprehensive income attributable to noncontrolling interests | (19) | (28) | (84) | (64) | ||||
Comprehensive income attributable to Crown Holdings | 220 | 168 | 532 | 337 | ||||
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 extinguishments 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 | (344) | (311) | (817) | (766) | ||||
Net income | (344) | (311) | (817) | (766) | ||||
Net income attributable to noncontrolling interests | ||||||||
Net income attributable to Crown Holdings | (344) | (311) | (817) | (766) | ||||
Total comprehensive income | (664) | (232) | (1,315) | (601) | ||||
Comprehensive income attributable to noncontrolling interests | ||||||||
Comprehensive income attributable to Crown Holdings | (664) | (232) | (1,315) | (601) | ||||
Eliminations | Crown Americas, LLC | ||||||||
Net sales | (124) | (134) | (363) | (384) | ||||
Cost of products sold, excluding depreciation and amortization | (124) | (134) | (363) | (384) | ||||
Depreciation and amortization | ||||||||
Selling and administrative expense | ||||||||
Restructuring and other | ||||||||
Loss from early extinguishments of debt | ||||||||
Other pension and postretirement | ||||||||
Net interest expense | ||||||||
Technology royalty | ||||||||
Foreign exchange | 52 | (3) | 61 | (11) | ||||
Income before income taxes | (52) | 3 | (61) | 11 | ||||
Provision for / (benefit from) income taxes | (16) | (14) | 2 | |||||
Equity earnings / (loss) in affiliates | (356) | (324) | (870) | (803) | ||||
Net income | (392) | (321) | (917) | (794) | ||||
Net income attributable to noncontrolling interests | ||||||||
Net income attributable to Crown Holdings | (392) | (321) | (917) | (794) | ||||
Total comprehensive income | (671) | (245) | (1,368) | (638) | ||||
Comprehensive income attributable to noncontrolling interests | ||||||||
Comprehensive income attributable to Crown Holdings | $ (671) | $ (245) | $ (1,368) | $ (638) |
Condensed Combining Financial_5
Condensed Combining Financial Information - Condensed Combining Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 339 | $ 607 | |||||||
Receivables, net | 1,795 | 1,602 | |||||||
Inventories | 1,740 | 1,690 | |||||||
Prepaid expenses and other current assets | 208 | 180 | |||||||
Total current assets | 4,082 | 4,079 | |||||||
Goodwill | 4,342 | 4,442 | |||||||
Intangible assets, net | 2,025 | 2,193 | |||||||
Property, plant and equipment, net | 3,739 | 3,745 | |||||||
Operating lease right-of-use assets | 200 | $ 220 | |||||||
Other non-current assets | 949 | 803 | |||||||
Total | 15,337 | 15,262 | |||||||
Short-term debt | 134 | 89 | |||||||
Current maturities of long-term debt | 87 | 81 | |||||||
Current portion of operating lease liabilities | 46 | 0 | |||||||
Accounts payable | 2,409 | 2,732 | |||||||
Accrued liabilities | 956 | 1,011 | |||||||
Total current liabilities | 3,632 | 3,913 | |||||||
Long-term debt, excluding current maturities | 8,042 | 8,493 | |||||||
Non-current portion of operating lease liabilities | 158 | ||||||||
Postretirement and pension liabilities | 620 | 683 | |||||||
Other non-current liabilities | 864 | 887 | |||||||
Commitments and contingent liabilities | |||||||||
Noncontrolling interests | 402 | 349 | |||||||
Crown Holdings shareholders’ equity/(deficit) | 1,619 | 937 | |||||||
Total equity/(deficit) | 2,021 | $ 1,700 | $ 1,502 | 1,286 | $ 1,310 | $ 1,137 | $ 1,112 | $ 923 | |
Total | 15,337 | 15,262 | |||||||
Crown Cork & Seal Company Inc. | |||||||||
Cash and cash equivalents | 339 | 607 | |||||||
Receivables, net | 1,795 | 1,602 | |||||||
Inventories | 1,740 | 1,690 | |||||||
Prepaid expenses and other current assets | 208 | 180 | |||||||
Total current assets | 4,082 | 4,079 | |||||||
Goodwill | 4,342 | 4,442 | |||||||
Intangible assets, net | 2,025 | 2,193 | |||||||
Property, plant and equipment, net | 3,739 | 3,745 | |||||||
Operating lease right-of-use assets | 200 | ||||||||
Other non-current assets | 949 | 803 | |||||||
Total | 15,337 | 15,262 | |||||||
Short-term debt | 134 | 89 | |||||||
Current maturities of long-term debt | 87 | 81 | |||||||
Current portion of operating lease liabilities | 46 | ||||||||
Accounts payable | 2,409 | 2,732 | |||||||
Accrued liabilities | 956 | 1,011 | |||||||
Total current liabilities | 3,632 | 3,913 | |||||||
Long-term debt, excluding current maturities | 8,042 | 8,493 | |||||||
Long-term intercompany debt | 0 | ||||||||
Non-current portion of operating lease liabilities | 158 | ||||||||
Postretirement and pension liabilities | 620 | 683 | |||||||
Other non-current liabilities | 864 | 887 | |||||||
Commitments and contingent liabilities | |||||||||
Noncontrolling interests | 402 | 349 | |||||||
Crown Holdings shareholders’ equity/(deficit) | 1,619 | 937 | |||||||
Total equity/(deficit) | 2,021 | 1,286 | |||||||
Total | 15,337 | 15,262 | |||||||
Crown Cork & Seal Company Inc. | Parent | |||||||||
Cash and cash equivalents | |||||||||
Receivables, net | |||||||||
Inventories | |||||||||
Prepaid expenses and other current assets | 1 | 1 | |||||||
Total current assets | 1 | 1 | |||||||
Intercompany debt receivables | |||||||||
Investments | 4,117 | 3,458 | |||||||
Goodwill | |||||||||
Intangible assets, net | |||||||||
Property, plant and equipment, net | |||||||||
Operating lease right-of-use assets | |||||||||
Other non-current assets | |||||||||
Total | 4,118 | 3,459 | |||||||
Short-term debt | |||||||||
Current maturities of long-term debt | |||||||||
Current portion of operating lease liabilities | |||||||||
Accounts payable | |||||||||
Accrued liabilities | 18 | 14 | |||||||
Total current liabilities | 18 | 14 | |||||||
Long-term debt, excluding current maturities | |||||||||
Long-term intercompany debt | 2,481 | 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) | 1,619 | 937 | |||||||
Total equity/(deficit) | 1,619 | 937 | |||||||
Total | 4,118 | 3,459 | |||||||
Crown Cork & Seal Company Inc. | Issuer | |||||||||
Cash and cash equivalents | |||||||||
Receivables, net | 9 | 9 | |||||||
Inventories | |||||||||
Prepaid expenses and other current assets | 1 | ||||||||
Total current assets | 9 | 10 | |||||||
Intercompany debt receivables | |||||||||
Investments | 4,413 | 3,764 | |||||||
Goodwill | |||||||||
Intangible assets, net | |||||||||
Property, plant and equipment, net | |||||||||
Operating lease right-of-use assets | |||||||||
Other non-current assets | 92 | 156 | |||||||
Total | 4,514 | 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 | 1,028 | 1,053 | |||||||
Non-current portion of operating lease liabilities | |||||||||
Postretirement and pension liabilities | |||||||||
Other non-current liabilities | 320 | 325 | |||||||
Commitments and contingent liabilities | |||||||||
Noncontrolling interests | |||||||||
Crown Holdings shareholders’ equity/(deficit) | 2,744 | 2,134 | |||||||
Total equity/(deficit) | 2,744 | 2,134 | |||||||
Total | 4,514 | 3,930 | |||||||
Crown Cork & Seal Company Inc. | Non- Guarantors | |||||||||
Cash and cash equivalents | 339 | 607 | |||||||
Receivables, net | 1,786 | 1,593 | |||||||
Inventories | 1,740 | 1,690 | |||||||
Prepaid expenses and other current assets | 207 | 178 | |||||||
Total current assets | 4,072 | 4,068 | |||||||
Intercompany debt receivables | 3,509 | 3,561 | |||||||
Investments | |||||||||
Goodwill | 4,342 | 4,442 | |||||||
Intangible assets, net | 2,025 | 2,193 | |||||||
Property, plant and equipment, net | 3,739 | 3,745 | |||||||
Operating lease right-of-use assets | 200 | ||||||||
Other non-current assets | 857 | 647 | |||||||
Total | 18,744 | 18,656 | |||||||
Short-term debt | 134 | 89 | |||||||
Current maturities of long-term debt | 87 | 81 | |||||||
Current portion of operating lease liabilities | 46 | ||||||||
Accounts payable | 2,409 | 2,732 | |||||||
Accrued liabilities | 904 | 967 | |||||||
Total current liabilities | 3,580 | 3,869 | |||||||
Long-term debt, excluding current maturities | 7,654 | 8,105 | |||||||
Long-term intercompany debt | |||||||||
Non-current portion of operating lease liabilities | 158 | ||||||||
Postretirement and pension liabilities | 620 | 683 | |||||||
Other non-current liabilities | 544 | 562 | |||||||
Commitments and contingent liabilities | |||||||||
Noncontrolling interests | 402 | 349 | |||||||
Crown Holdings shareholders’ equity/(deficit) | 5,786 | 5,088 | |||||||
Total equity/(deficit) | 6,188 | 5,437 | |||||||
Total | 18,744 | 18,656 | |||||||
Crown Americas, LLC | |||||||||
Cash and cash equivalents | 339 | 607 | |||||||
Receivables, net | 1,795 | 1,602 | |||||||
Intercompany receivables | 0 | ||||||||
Inventories | 1,740 | 1,690 | |||||||
Prepaid expenses and other current assets | 208 | 180 | |||||||
Total current assets | 4,082 | 4,079 | |||||||
Intercompany debt receivables | 0 | ||||||||
Investments | 0 | ||||||||
Goodwill | 4,342 | 4,442 | |||||||
Intangible assets, net | 2,025 | 2,193 | |||||||
Property, plant and equipment, net | 3,739 | 3,745 | |||||||
Operating lease right-of-use assets | 200 | ||||||||
Other non-current assets | 949 | 803 | |||||||
Total | 15,337 | 15,262 | |||||||
Short-term debt | 134 | 89 | |||||||
Current maturities of long-term debt | 87 | 81 | |||||||
Current portion of operating lease liabilities | 46 | ||||||||
Accounts payable | 2,409 | 2,732 | |||||||
Accrued liabilities | 956 | 1,011 | |||||||
Total current liabilities | 3,632 | 3,913 | |||||||
Long-term debt, excluding current maturities | 8,042 | 8,493 | |||||||
Long-term intercompany debt | 0 | ||||||||
Non-current portion of operating lease liabilities | 158 | ||||||||
Postretirement and pension liabilities | 620 | 683 | |||||||
Other non-current liabilities | 864 | 887 | |||||||
Commitments and contingent liabilities | |||||||||
Noncontrolling interests | 402 | 349 | |||||||
Crown Holdings shareholders’ equity/(deficit) | 1,619 | 937 | |||||||
Total equity/(deficit) | 2,021 | 1,286 | |||||||
Total | 15,337 | 15,262 | |||||||
Crown Americas, LLC | Parent | |||||||||
Cash and cash equivalents | |||||||||
Receivables, net | |||||||||
Intercompany receivables | |||||||||
Inventories | |||||||||
Prepaid expenses and other current assets | 1 | 1 | |||||||
Total current assets | 1 | 1 | |||||||
Intercompany debt receivables | |||||||||
Investments | 4,117 | 3,458 | |||||||
Goodwill | |||||||||
Intangible assets, net | |||||||||
Property, plant and equipment, net | |||||||||
Operating lease right-of-use assets | |||||||||
Other non-current assets | |||||||||
Total | 4,118 | 3,459 | |||||||
Short-term debt | |||||||||
Current maturities of long-term debt | |||||||||
Current portion of operating lease liabilities | |||||||||
Accounts payable | |||||||||
Accrued liabilities | 18 | 14 | |||||||
Intercompany payables | |||||||||
Total current liabilities | 18 | 14 | |||||||
Long-term debt, excluding current maturities | |||||||||
Long-term intercompany debt | 2,481 | 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) | 1,619 | 937 | |||||||
Total equity/(deficit) | 1,619 | 937 | |||||||
Total | 4,118 | 3,459 | |||||||
Crown Americas, LLC | Issuer | |||||||||
Cash and cash equivalents | 21 | 117 | |||||||
Receivables, net | 5 | 4 | |||||||
Intercompany receivables | |||||||||
Inventories | |||||||||
Prepaid expenses and other current assets | 1 | 1 | |||||||
Total current assets | 27 | 122 | |||||||
Intercompany debt receivables | 2,856 | 2,577 | |||||||
Investments | 2,891 | 2,657 | |||||||
Goodwill | |||||||||
Intangible assets, net | |||||||||
Property, plant and equipment, net | 1 | 1 | |||||||
Operating lease right-of-use assets | 4 | ||||||||
Other non-current assets | 86 | 29 | |||||||
Total | 5,865 | 5,386 | |||||||
Short-term debt | |||||||||
Current maturities of long-term debt | 43 | 37 | |||||||
Current portion of operating lease liabilities | |||||||||
Accounts payable | |||||||||
Accrued liabilities | 22 | 49 | |||||||
Intercompany payables | |||||||||
Total current liabilities | 65 | 86 | |||||||
Long-term debt, excluding current maturities | 3,015 | 2,999 | |||||||
Long-term intercompany debt | 990 | 746 | |||||||
Non-current portion of operating lease liabilities | 3 | ||||||||
Postretirement and pension liabilities | |||||||||
Other non-current liabilities | |||||||||
Commitments and contingent liabilities | |||||||||
Noncontrolling interests | |||||||||
Crown Holdings shareholders’ equity/(deficit) | 1,792 | 1,555 | |||||||
Total equity/(deficit) | 1,792 | 1,555 | |||||||
Total | 5,865 | 5,386 | |||||||
Crown Americas, LLC | Guarantors | |||||||||
Cash and cash equivalents | 11 | 19 | |||||||
Receivables, net | 205 | 182 | |||||||
Intercompany receivables | 27 | 33 | |||||||
Inventories | 501 | 485 | |||||||
Prepaid expenses and other current assets | 19 | 17 | |||||||
Total current assets | 763 | 736 | |||||||
Intercompany debt receivables | 3,433 | 3,449 | |||||||
Investments | 1,695 | 1,248 | |||||||
Goodwill | 1,186 | 1,178 | |||||||
Intangible assets, net | 850 | 901 | |||||||
Property, plant and equipment, net | 708 | 693 | |||||||
Operating lease right-of-use assets | 70 | ||||||||
Other non-current assets | 138 | 192 | |||||||
Total | 8,843 | 8,397 | |||||||
Short-term debt | |||||||||
Current maturities of long-term debt | |||||||||
Current portion of operating lease liabilities | 17 | ||||||||
Accounts payable | 663 | 725 | |||||||
Accrued liabilities | 130 | 144 | |||||||
Intercompany payables | 13 | 13 | |||||||
Total current liabilities | 823 | 882 | |||||||
Long-term debt, excluding current maturities | 1,004 | 1,274 | |||||||
Long-term intercompany debt | 2,920 | 2,700 | |||||||
Non-current portion of operating lease liabilities | 56 | ||||||||
Postretirement and pension liabilities | 351 | 432 | |||||||
Other non-current liabilities | 312 | 332 | |||||||
Commitments and contingent liabilities | |||||||||
Noncontrolling interests | |||||||||
Crown Holdings shareholders’ equity/(deficit) | 3,377 | 2,777 | |||||||
Total equity/(deficit) | 3,377 | 2,777 | |||||||
Total | 8,843 | 8,397 | |||||||
Crown Americas, LLC | Non- Guarantors | |||||||||
Cash and cash equivalents | 307 | 471 | |||||||
Receivables, net | 1,585 | 1,416 | |||||||
Intercompany receivables | 13 | 13 | |||||||
Inventories | 1,239 | 1,205 | |||||||
Prepaid expenses and other current assets | 187 | 161 | |||||||
Total current assets | 3,331 | 3,266 | |||||||
Intercompany debt receivables | 246 | 12 | |||||||
Investments | |||||||||
Goodwill | 3,156 | 3,264 | |||||||
Intangible assets, net | 1,175 | 1,292 | |||||||
Property, plant and equipment, net | 3,030 | 3,051 | |||||||
Operating lease right-of-use assets | 126 | ||||||||
Other non-current assets | 725 | 582 | |||||||
Total | 11,789 | 11,467 | |||||||
Short-term debt | 134 | 89 | |||||||
Current maturities of long-term debt | 44 | 44 | |||||||
Current portion of operating lease liabilities | 29 | ||||||||
Accounts payable | 1,746 | 2,007 | |||||||
Accrued liabilities | 786 | 804 | |||||||
Intercompany payables | 27 | 33 | |||||||
Total current liabilities | 2,766 | 2,977 | |||||||
Long-term debt, excluding current maturities | 4,023 | 4,220 | |||||||
Long-term intercompany debt | 144 | 84 | |||||||
Non-current portion of operating lease liabilities | 99 | ||||||||
Postretirement and pension liabilities | 269 | 251 | |||||||
Other non-current liabilities | 552 | 555 | |||||||
Commitments and contingent liabilities | |||||||||
Noncontrolling interests | 402 | 349 | |||||||
Crown Holdings shareholders’ equity/(deficit) | 3,534 | 3,031 | |||||||
Total equity/(deficit) | 3,936 | 3,380 | |||||||
Total | 11,789 | 11,467 | |||||||
Eliminations | Crown Cork & Seal Company Inc. | |||||||||
Cash and cash equivalents | |||||||||
Receivables, net | |||||||||
Inventories | |||||||||
Prepaid expenses and other current assets | |||||||||
Intercompany debt receivables | (3,509) | (3,561) | |||||||
Investments | (8,530) | (7,222) | |||||||
Goodwill | |||||||||
Intangible assets, net | |||||||||
Property, plant and equipment, net | |||||||||
Operating lease right-of-use assets | |||||||||
Other non-current assets | |||||||||
Total | (12,039) | (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 | (3,509) | (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) | (8,530) | (7,222) | |||||||
Total equity/(deficit) | (8,530) | (7,222) | |||||||
Total | (12,039) | (10,783) | |||||||
Eliminations | Crown Americas, LLC | |||||||||
Cash and cash equivalents | |||||||||
Receivables, net | |||||||||
Intercompany receivables | (40) | (46) | |||||||
Inventories | |||||||||
Prepaid expenses and other current assets | |||||||||
Total current assets | (40) | (46) | |||||||
Intercompany debt receivables | (6,535) | (6,038) | |||||||
Investments | (8,703) | (7,363) | |||||||
Goodwill | |||||||||
Intangible assets, net | |||||||||
Property, plant and equipment, net | |||||||||
Operating lease right-of-use assets | |||||||||
Other non-current assets | |||||||||
Total | (15,278) | (13,447) | |||||||
Short-term debt | |||||||||
Current maturities of long-term debt | |||||||||
Current portion of operating lease liabilities | |||||||||
Accounts payable | |||||||||
Accrued liabilities | |||||||||
Intercompany payables | (40) | (46) | |||||||
Total current liabilities | (40) | (46) | |||||||
Long-term debt, excluding current maturities | |||||||||
Long-term intercompany debt | (6,535) | (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) | (8,703) | (7,363) | |||||||
Total equity/(deficit) | (8,703) | (7,363) | |||||||
Total | $ (15,278) | $ (13,447) |
Condensed Combining Financial_6
Condensed Combining Financial Information - Condensed Combining Statement of Cash Flows (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Net cash provided by/(used for) operating activities | $ 201 | $ (232) |
Capital expenditures | (242) | (305) |
Beneficial interests in transferred receivables | 0 | 490 |
Acquisition of businesses, net of cash acquired | (11) | (3,912) |
Proceeds from sale of property, plant and equipment | 17 | 27 |
Foreign exchange derivatives related to acquisitions | 0 | (25) |
Net investment hedge | 21 | 10 |
Payments for (Proceeds from) Other Investing Activities | (1) | (4) |
Net cash used for investing activities | (216) | (3,719) |
Proceeds from long-term debt | 0 | 4,082 |
Payments of long-term debt | (323) | (56) |
Net change in revolving credit facility and short-term debt | 131 | (27) |
Payments of finance leases | (15) | 0 |
Debt issue costs | 0 | (70) |
Common stock issued | 4 | 1 |
Common stock repurchased | (2) | (4) |
Dividend paid to noncontrolling interests | (36) | (18) |
Contributions from noncontrolling interests | 5 | 0 |
Foreign exchange derivatives related to debt | (9) | (6) |
Net cash provided by (used for) financing activities | (245) | 3,902 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1) | (32) |
Net change in cash, cash equivalents and restricted cash | (261) | (81) |
Cash, cash equivalents and restricted cash beginning balance | 659 | 435 |
Cash, cash equivalents and restricted cash ending balance | 398 | 354 |
Crown Cork & Seal Company Inc. | ||
Net cash provided by/(used for) operating activities | 201 | (232) |
Capital expenditures | (242) | (305) |
Beneficial interests in transferred receivables | 490 | |
Acquisition of businesses, net of cash acquired | (11) | (3,912) |
Proceeds from sale of property, plant and equipment | 17 | 27 |
Foreign exchange derivatives related to acquisitions | (25) | |
Net investment hedge | 21 | 10 |
Payments for (Proceeds from) Other Investing Activities | (1) | (4) |
Net cash used for investing activities | (216) | (3,719) |
Proceeds from long-term debt | 4,082 | |
Payments of long-term debt | (323) | (56) |
Net change in revolving credit facility and short-term debt | 131 | (27) |
Net change in long-term intercompany balances | 0 | |
Payments of finance leases | (15) | |
Debt issue costs | (70) | |
Common stock issued | 4 | 1 |
Common stock repurchased | (2) | (4) |
Dividends paid | 0 | 0 |
Dividend paid to noncontrolling interests | (36) | (18) |
Contributions from noncontrolling interests | 5 | |
Foreign exchange derivatives related to debt | (9) | (6) |
Net cash provided by (used for) financing activities | (245) | 3,902 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1) | (32) |
Net change in cash, cash equivalents and restricted cash | (261) | (81) |
Cash, cash equivalents and restricted cash beginning balance | 659 | 435 |
Cash, cash equivalents and restricted cash ending balance | 398 | 354 |
Crown Cork & Seal Company Inc. | Parent | ||
Net cash provided by/(used for) operating activities | 25 | (15) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Acquisition of businesses, net of cash acquired | ||
Proceeds from sale of property, plant and equipment | ||
Payments for (Proceeds from) Other Investing Activities | ||
Net cash used for 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 | (27) | 18 |
Payments of finance leases | ||
Common stock issued | 4 | 1 |
Common stock repurchased | (2) | (4) |
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by (used for) financing activities | (25) | 15 |
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 | 25 | (67) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Acquisition of businesses, net of cash acquired | ||
Proceeds from sale of property, plant and equipment | ||
Payments for (Proceeds from) Other Investing Activities | ||
Net cash used for 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 | (25) | 67 |
Payments of finance leases | ||
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by (used for) financing activities | (25) | 67 |
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 | 161 | (145) |
Capital expenditures | (242) | (305) |
Beneficial interests in transferred receivables | 490 | |
Acquisition of businesses, net of cash acquired | (11) | (3,912) |
Proceeds from sale of property, plant and equipment | 17 | 27 |
Foreign exchange derivatives related to acquisitions | (25) | |
Net investment hedge | 21 | 10 |
Payments for (Proceeds from) Other Investing Activities | (1) | (4) |
Net cash used for investing activities | (216) | (3,719) |
Proceeds from long-term debt | 4,082 | |
Payments of long-term debt | (323) | (56) |
Net change in revolving credit facility and short-term debt | 131 | (27) |
Net change in long-term intercompany balances | 52 | (85) |
Payments of finance leases | (15) | |
Debt issue costs | (70) | |
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | (10) | (5) |
Dividend paid to noncontrolling interests | (36) | (18) |
Contributions from noncontrolling interests | 5 | |
Foreign exchange derivatives related to debt | (9) | (6) |
Net cash provided by (used for) financing activities | (205) | 3,815 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1) | (32) |
Net change in cash, cash equivalents and restricted cash | (261) | (81) |
Cash, cash equivalents and restricted cash beginning balance | 659 | 435 |
Cash, cash equivalents and restricted cash ending balance | 398 | 354 |
Crown Americas, LLC | ||
Net cash provided by/(used for) operating activities | 201 | (232) |
Capital expenditures | (242) | (305) |
Beneficial interests in transferred receivables | 490 | |
Acquisition of businesses, net of cash acquired | (11) | (3,912) |
Proceeds from sale of property, plant and equipment | 17 | 27 |
Foreign exchange derivatives related to acquisitions | (25) | |
Net investment hedge | 21 | 10 |
Payments for (Proceeds from) Other Investing Activities | (1) | (4) |
Net cash used for investing activities | (216) | (3,719) |
Proceeds from long-term debt | 4,082 | |
Payments of long-term debt | (323) | (56) |
Net change in revolving credit facility and short-term debt | 131 | (27) |
Payments of finance leases | (15) | |
Debt issue costs | (70) | |
Common stock issued | 4 | 1 |
Common stock repurchased | (2) | (4) |
Capital contribution | 0 | |
Dividends paid | 0 | 0 |
Dividend paid to noncontrolling interests | (36) | (18) |
Contributions from noncontrolling interests | 5 | |
Foreign exchange derivatives related to debt | (9) | (6) |
Net cash provided by (used for) financing activities | (245) | 3,902 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1) | (32) |
Net change in cash, cash equivalents and restricted cash | (261) | (81) |
Cash, cash equivalents and restricted cash beginning balance | 659 | 435 |
Cash, cash equivalents and restricted cash ending balance | 398 | 354 |
Crown Americas, LLC | Parent | ||
Net cash provided by/(used for) operating activities | 25 | (15) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Acquisition of businesses, net of cash acquired | ||
Proceeds from sale of property, plant and equipment | ||
Intercompany investing activities | ||
Foreign exchange derivatives related to acquisitions | ||
Net investment hedge | ||
Payments for (Proceeds from) Other 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 | (27) | 18 |
Payments of finance leases | ||
Common stock issued | 4 | 1 |
Common stock repurchased | (2) | (4) |
Capital contribution | ||
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Contributions from noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by (used for) financing activities | (25) | 15 |
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 | (90) | (81) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Acquisition of businesses, net of cash acquired | ||
Proceeds from sale of property, plant and equipment | ||
Intercompany investing activities | (100) | |
Foreign exchange derivatives related to acquisitions | ||
Net investment hedge | 21 | 10 |
Payments for (Proceeds from) Other Investing Activities | ||
Net cash used for investing activities | 21 | (90) |
Proceeds from long-term debt | 975 | |
Payments of long-term debt | (27) | (20) |
Net change in revolving credit facility and short-term debt | 35 | 40 |
Net change in long-term intercompany balances | (35) | (796) |
Payments of finance leases | ||
Debt issue costs | (40) | |
Common stock issued | ||
Common stock repurchased | ||
Capital contribution | ||
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Contributions from noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by (used for) financing activities | (27) | 159 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Net change in cash, cash equivalents and restricted cash | (96) | (12) |
Cash, cash equivalents and restricted cash beginning balance | 117 | 36 |
Cash, cash equivalents and restricted cash ending balance | 21 | 24 |
Crown Americas, LLC | Guarantors | ||
Net cash provided by/(used for) operating activities | 103 | 91 |
Capital expenditures | (55) | (39) |
Beneficial interests in transferred receivables | ||
Acquisition of businesses, net of cash acquired | (11) | |
Proceeds from sale of property, plant and equipment | 2 | 9 |
Foreign exchange derivatives related to acquisitions | ||
Net investment hedge | ||
Payments for (Proceeds from) Other Investing Activities | ||
Net cash used for investing activities | (64) | (30) |
Proceeds from long-term debt | 1,150 | |
Payments of long-term debt | (270) | (5) |
Net change in revolving credit facility and short-term debt | ||
Net change in long-term intercompany balances | 236 | (1,205) |
Payments of finance leases | (13) | |
Common stock issued | ||
Common stock repurchased | ||
Capital contribution | ||
Dividends paid | ||
Dividend paid to noncontrolling interests | ||
Contributions from noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by (used for) financing activities | (47) | (60) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Net change in cash, cash equivalents and restricted cash | (8) | 1 |
Cash, cash equivalents and restricted cash beginning balance | 19 | 3 |
Cash, cash equivalents and restricted cash ending balance | 11 | 4 |
Crown Americas, LLC | Non- Guarantors | ||
Net cash provided by/(used for) operating activities | 190 | (216) |
Capital expenditures | (187) | (266) |
Beneficial interests in transferred receivables | 490 | |
Acquisition of businesses, net of cash acquired | (3,912) | |
Proceeds from sale of property, plant and equipment | 15 | 18 |
Foreign exchange derivatives related to acquisitions | (25) | |
Net investment hedge | ||
Payments for (Proceeds from) Other Investing Activities | (1) | (4) |
Net cash used for investing activities | (173) | (3,699) |
Proceeds from long-term debt | 1,957 | |
Payments of long-term debt | (26) | (31) |
Net change in revolving credit facility and short-term debt | 96 | (67) |
Net change in long-term intercompany balances | (174) | 1,983 |
Payments of finance leases | (2) | |
Debt issue costs | (30) | |
Common stock issued | ||
Common stock repurchased | ||
Capital contribution | 100 | |
Dividends paid | (27) | (11) |
Dividend paid to noncontrolling interests | (36) | (18) |
Contributions from noncontrolling interests | 5 | |
Foreign exchange derivatives related to debt | (9) | (6) |
Net cash provided by (used for) financing activities | (173) | 3,877 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1) | (32) |
Net change in cash, cash equivalents and restricted cash | (157) | (70) |
Cash, cash equivalents and restricted cash beginning balance | 523 | 396 |
Cash, cash equivalents and restricted cash ending balance | 366 | 326 |
Eliminations | Crown Cork & Seal Company Inc. | ||
Net cash provided by/(used for) operating activities | (10) | (5) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Acquisition of businesses, net of cash acquired | ||
Proceeds from sale of property, plant and equipment | ||
Intercompany investing activities | ||
Payments for (Proceeds from) Other 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 | ||
Payments of finance leases | ||
Debt issue costs | ||
Common stock issued | ||
Common stock repurchased | ||
Dividends paid | 10 | 5 |
Dividend paid to noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by (used for) financing activities | 10 | 5 |
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 | (27) | (11) |
Capital expenditures | ||
Beneficial interests in transferred receivables | ||
Acquisition of businesses, net of cash acquired | ||
Proceeds from sale of property, plant and equipment | ||
Intercompany investing activities | 100 | |
Foreign exchange derivatives related to acquisitions | ||
Net investment hedge | ||
Payments for (Proceeds from) Other Investing Activities | ||
Net cash used for investing activities | 100 | |
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 | ||
Capital contribution | (100) | |
Dividends paid | 27 | 11 |
Dividend paid to noncontrolling interests | ||
Contributions from noncontrolling interests | ||
Foreign exchange derivatives related to debt | ||
Net cash provided by (used for) financing activities | 27 | (89) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash beginning balance |