Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 27, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 | 19067-4232 | ||
City Area Code | 215 | ||
Local Phone Number | 698-5100 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 8,275,070,985 | ||
Entity Common Stock, Shares Outstanding | 135,753,410 | ||
Documents Incorporated by Reference | Document Parts Into Which Incorporated Proxy Statement for the Annual Meeting of Shareholders to be held April 23, 2020 Part III to the extent described therein | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001219601 | ||
Current Fiscal Year End Date | --12-31 | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock $5.00 Par Value | ||
Trading Symbol | CCK | ||
Security Exchange Name | NYSE | ||
7 3/8% Debentures Due 2026 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7 3/8% Debentures Due 2026 | ||
Trading Symbol | CCK26 | ||
Security Exchange Name | NYSE | ||
7 1/2% Debentures Due 2096 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7 1/2% Debentures Due 2096 | ||
Trading Symbol | CCK96 | ||
Security Exchange Name | NYSE |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||||||||||
Net Sales | $ 2,791 | $ 3,084 | $ 3,035 | $ 2,755 | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 11,665 | $ 11,151 | $ 8,698 |
Cost of products sold, excluding depreciation and amortization | 9,349 | 9,028 | 7,006 | ||||||||
Depreciation and amortization | 490 | 425 | 247 | ||||||||
Selling and administrative expense | 631 | 558 | 367 | ||||||||
Provision for asbestos | 0 | 0 | 3 | ||||||||
Restructuring and other | (26) | 44 | 51 | ||||||||
Goodwill impairment | 25 | 25 | 0 | 0 | |||||||
Income from operations | 199 | 352 | 383 | 262 | 218 | 365 | 292 | 221 | 1,196 | 1,096 | 1,024 |
Loss from early extinguishments of debt | (6) | 27 | 0 | 7 | |||||||
Other pension and postretirement | 13 | (25) | (53) | ||||||||
Interest expense | 378 | 384 | 252 | ||||||||
Interest income | (17) | (21) | (15) | ||||||||
Foreign exchange | 9 | 18 | 4 | ||||||||
Income before income taxes | 786 | 740 | 829 | ||||||||
Provision for income taxes | 37 | 15 | 28 | 166 | 216 | 401 | |||||
Equity in net earnings of affiliates | 5 | 4 | 0 | ||||||||
Net income | 625 | 528 | 428 | ||||||||
Net income attributable to noncontrolling interests | (115) | (89) | (105) | ||||||||
Net income attributable to Crown Holdings | $ 87 | $ 183 | $ 137 | $ 103 | $ 53 | $ 164 | $ 132 | $ 90 | $ 510 | $ 439 | $ 323 |
Earnings per common share attributable to Crown Holdings: | |||||||||||
Basic (in dollars per share) | $ 0.65 | $ 1.37 | $ 1.02 | $ 0.77 | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ 3.81 | $ 3.28 | $ 2.39 |
Diluted (in dollars per share) | $ 0.64 | $ 1.36 | $ 1.02 | $ 0.77 | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ 3.78 | $ 3.28 | $ 2.38 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 625 | $ 528 | $ 428 |
Other comprehensive income / (loss), net of tax | |||
Foreign currency translation adjustments | 150 | (137) | 201 |
Pension and other postretirement benefits | 84 | 50 | (59) |
Derivatives qualifying as hedges | 11 | (52) | 20 |
Total other comprehensive income / (loss) | 245 | (139) | 162 |
Total comprehensive income | 870 | 389 | 590 |
Net income attributable to noncontrolling interests | (115) | (89) | (105) |
Translation adjustments attributable to noncontrolling interests | (1) | 1 | (3) |
Derivatives qualifying as hedges attributable to noncontrolling interests | (1) | 2 | 0 |
Comprehensive income attributable to Crown Holdings | $ 753 | $ 303 | $ 482 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 607 | $ 607 |
Receivables, net | 1,528 | 1,602 |
Inventories | 1,626 | 1,690 |
Prepaid expenses and other current assets | 241 | 180 |
Total current assets | 4,002 | 4,079 |
Goodwill | 4,430 | 4,442 |
Intangible assets | 2,015 | 2,193 |
Property, plant and equipment, net | 3,887 | 3,745 |
Operating lease right-of-use assets | 204 | |
Other non-current assets | 967 | 803 |
Total | 15,505 | 15,262 |
Current liabilities | ||
Short-term debt | 75 | 89 |
Current maturities of long-term debt | 62 | 81 |
Current portion of operating lease liabilities | 51 | |
Accounts payable | 2,646 | 2,732 |
Accrued liabilities | 1,065 | 1,011 |
Total current liabilities | 3,899 | 3,913 |
Long-term debt, excluding current maturities | 7,818 | 8,493 |
Postretirement and pension liabilities | 683 | 683 |
Non-current portion of operating lease liabilities | 156 | |
Other non-current liabilities | 857 | 887 |
Commitments and contingent liabilities (Note P) | ||
Equity | ||
Noncontrolling interests | 379 | 349 |
Preferred stock, authorized: 30,000,000; none issued (Note T) | 0 | 0 |
Common stock, par value: $5.00; authorized: 500,000,000 shares; issued: 185,744,072 shares (Note T) | 929 | 929 |
Additional paid-in capital | 207 | 186 |
Accumulated earnings | 3,959 | 3,449 |
Accumulated other comprehensive loss | (3,131) | (3,374) |
Treasury stock at par value (2019 - 50,166,194 shares; 2018 - 50,570,124 shares) | (251) | (253) |
Crown Holdings shareholders’ equity | 1,713 | 937 |
Total equity | 2,092 | 1,286 |
Total | $ 15,505 | $ 15,262 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 185,744,072 | 185,744,072 |
Treasury stock (in shares) | 50,166,194 | 50,570,124 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 625 | $ 528 | $ 428 |
Adjustments to reconcile net income to net cash provided by / (used for) operating activities: | |||
Depreciation and amortization | 490 | 425 | 247 |
Restructuring and other | (26) | 44 | 51 |
Goodwill impairment | 25 | 0 | 0 |
Pension expense | 66 | 45 | 13 |
Pension contributions | (23) | (20) | (294) |
Stock-based compensation | 29 | 27 | 23 |
Deferred income taxes | (35) | 35 | 247 |
Changes in assets and liabilities: | |||
Receivables | 60 | (493) | (1,143) |
Inventories | 61 | (201) | (65) |
Accounts payable and accrued liabilities | (87) | 209 | 253 |
Other, net | (22) | (28) | (11) |
Net cash provided by / (used for) operating activities | 1,163 | 571 | (251) |
Cash flows from investing activities | |||
Capital expenditures | (432) | (462) | (498) |
Beneficial interest in transferred receivables | 0 | 490 | 1,010 |
Acquisition of businesses, net of cash acquired | (11) | (3,912) | 0 |
Foreign exchange derivatives related to acquisition | 0 | (25) | 0 |
Net investment hedges | 23 | 34 | 0 |
Proceeds from sale of property, plant and equipment | 39 | 36 | 8 |
Other | 7 | (4) | (24) |
Net cash (used for) / provided by investing activities | (374) | (3,843) | 496 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 2,216 | 4,082 | 1,054 |
Payments of long-term debt | (2,845) | (333) | (1,137) |
Net change in revolving credit facility and short-term debt | (10) | (69) | 95 |
Finance lease payments | (15) | ||
Debt issuance costs | (18) | (70) | (16) |
Common stock issued | 4 | 1 | 9 |
Common stock repurchased | (7) | (4) | (339) |
Dividends paid to noncontrolling interests | (101) | (60) | (93) |
Contribution from noncontrolling interests | 6 | 0 | 0 |
Foreign exchange derivatives related to debt | (16) | (14) | 27 |
Net cash (used for) / provided by financing activities | (786) | 3,533 | (400) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1 | (37) | 14 |
Net change in cash, cash equivalents and restricted cash | 4 | 224 | (141) |
Cash and cash equivalents at beginning of period | 659 | 435 | 576 |
Cash and cash equivalents at end of period | $ 663 | $ 659 | $ 435 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Paid-in Capital | Accumulated Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Crown Equity | Noncontrolling Interests |
Balance at beginning of period at Dec. 31, 2016 | $ 668 | $ 929 | $ 446 | $ 2,621 | $ (3,400) | $ (230) | $ 366 | $ 302 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 428 | 323 | 323 | 105 | ||||
Other comprehensive income (loss) | 162 | 159 | 159 | 3 | ||||
Dividends paid to noncontrolling interests | (93) | 0 | (93) | |||||
Contribution from noncontrolling interests | 5 | 0 | 5 | |||||
Restricted stock awarded | 0 | (1) | 1 | 0 | ||||
Stock-based compensation | 23 | 23 | 23 | |||||
Common stock issued | 9 | 7 | 2 | 9 | ||||
Common stock repurchased | (339) | (308) | (31) | (339) | ||||
Balance at end of period at Dec. 31, 2017 | 923 | 929 | 167 | 3,004 | (3,241) | (258) | 601 | 322 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 528 | 439 | 439 | 89 | ||||
Other comprehensive income (loss) | (139) | (136) | (136) | (3) | ||||
Dividends paid to noncontrolling interests | (60) | 0 | (60) | |||||
Restricted stock awarded | 0 | (5) | 5 | 0 | ||||
Stock-based compensation | 27 | 27 | 27 | |||||
Common stock issued | 1 | 1 | 1 | |||||
Common stock repurchased | (4) | (4) | (4) | |||||
Balance at end of period at Dec. 31, 2018 | 1,286 | 929 | 186 | 3,449 | (3,374) | (253) | 937 | 349 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 625 | 510 | 510 | 115 | ||||
Other comprehensive income (loss) | 245 | 243 | 243 | 2 | ||||
Dividends paid to noncontrolling interests | (101) | 0 | (101) | |||||
Contribution from noncontrolling interests | 10 | 10 | ||||||
Sale of noncontrolling interests | 1 | (3) | (3) | 4 | ||||
Restricted stock awarded | 0 | (2) | 2 | 0 | ||||
Stock-based compensation | 29 | 29 | 29 | |||||
Common stock issued | 4 | 4 | 4 | |||||
Common stock repurchased | (7) | (7) | (7) | |||||
Balance at end of period at Dec. 31, 2019 | $ 2,092 | $ 929 | $ 207 | $ 3,959 | $ (3,131) | $ (251) | $ 1,713 | $ 379 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business and Principles of Consolidation . The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). The Company is a worldwide leader in the design, manufacture and sale of packaging products and equipment for consumer goods and industrial products. The Company’s packaging for consumer goods include steel and aluminum cans for beverage, food, household and other consumer products, glass bottles for beverage products and metal vacuum closures and steel crowns sold through the Company's sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The Company's packaging for industrial products includes steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment, which are sold into the metals, food and beverage, construction, agricultural, corrugated and general industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary and therefore, should consolidate the VIE. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. Other investments are carried at cost. Foreign Currency Translation . For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. Revenue Recognition . On January 1, 2018, the Company adopted new accounting guidance which outlined a single comprehensive model to use in accounting for revenue arising from contracts with customers and superseded previous revenue recognition guidance. Under previous guidance, the Company generally recognized revenue from product sales when the goods were shipped and title and risk of loss passed to the customer. Under the new guidance, revenues are recognized when control of the promised product is transferred to customers. The majority of the Company’s revenues from metal packaging products are derived from multi-year requirement contracts with leading manufacturers and marketers of packaged consumer products for can sets, comprising a can and an end. As requirement contracts do not typically include fixed volumes, customers often purchase products pursuant to purchase orders or other communications which are short-term in nature. The can and the end are considered separate performance obligations because they are distinct and separately identifiable. Revenues from the Company's transit packaging segment are generally derived from individual purchase orders which may include multiple goods and services which are separate performance obligations because they are distinct and separately identifiable. The Company manufactures certain products that have no alternative use to the Company once they are printed or manufactured to customer specifications. If the Company has an enforceable right to payment for custom products at all times in the manufacturing process, revenue is recognized over time. In each of the Company’s geographic markets, revenue from beverage cans is primarily recognized over time using the units produced output method as beverage cans are generally printed for a specific customer in a continuous production process. The timing of revenue recognition for the Company’s other products, including beverage ends and three-piece products, which includes food cans and ends and aerosol cans and ends, may vary as these products may be printed or customized depending upon customer preferences which can vary by geographic market. Revenue that is recognized over time for the Company’s three-piece products and equipment business is generally recognized using the cost-to-cost input method as these products involve an intermediary step that results in customized work-in-process inventory. For products that follow a point in time model, revenue is generally recognized when title and risk of loss transfer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Standalone selling prices for each performance obligation are generally stated in the contract. When the Company offers variable consideration in the form of volume rebates to customers, it estimates the most likely amount of revenue to which it is expected to be entitled and includes the estimate in the transaction price, limited to the amount which is probable will not result in reversal of cumulative revenue recognized when the variable consideration is resolved. When the Company offers customers options to purchase additional product at discounted prices, judgment is required to determine if the discounted prices represent material rights. If so, the transaction price allocated to the discount is based on its relative standalone price and is recognized upon purchase of the additional product. Customer payment terms are typically less than one year and as such, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold and are accrued when the Company recognizes revenue over time before the shipping and handling activities occur. Costs to obtain a contract are generally immaterial but the Company has elected the practical expedient to expense these costs as incurred if the duration of the contract is one year or less. Unbilled receivables are recorded for revenue recognized over time when the Company has determined that control has passed to the customer but the customer has not yet been invoiced because the Company does not have present right to payment. The Company generally has a present right to payment when title of product transfers. Unbilled receivables are included in receivables in the Consolidated Balance Sheet with a corresponding decrease to inventory. Contract assets are recorded for revenue recognized over time when the Company has determined that control for a performance obligation has passed to the customer, but the right to invoice the customer is contingent upon the completion of the performance obligations included in the contract. Contract assets are classified as current as they are expected to be invoiced within one year and may not exceed their net realizable value. Contract liabilities are established if the Company must defer the recognition of a portion of consideration received because it has to satisfy a future obligation. Contract liabilities are classified as current or noncurrent based on when the Company expects to recognize revenue. Stock-Based Compensation . For awards with a service or market condition, compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. For awards with a performance condition, the Company assesses the probability of vesting at each reporting period and adjust compensation cost based on its probability assessment. The Company’s plans provide for stock awards which may include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals, or over the period from the grant date to the date that retirement eligibility is achieved if less than the stated vesting period. Cash, Cash Equivalents and Restricted Cash . Cash equivalents represent investments with maturities of three months or less from the time of purchase and are carried at cost, which approximates fair value because of the short maturity of those instruments. Outstanding checks in excess of funds on deposit are included in accounts payable. The Company generally classifies any cash that is legally restricted as to withdrawal or usage as restricted cash. Accounts Receivable and Allowance for Doubtful Accounts . Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in existing accounts receivable. The allowance is determined based on a review of individual accounts for collectability, generally focusing on those accounts that are past due or experiencing financial difficulties. The current year expense to adjust the allowance for doubtful accounts is recorded within selling and administrative expense in the Consolidated Statements of Operations. Inventory Valuation . Inventories are stated at the lower of cost or market, with cost principally determined under the first-in, first-out (“FIFO”) or average cost method. Property, Plant and Equipment . Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and building improvements 25 – 40 Machinery and equipment 3 – 18 Goodwill and Intangible Assets . Assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the dates of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. Goodwill is carried at cost and reviewed for impairment annually in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired. Goodwill was allocated to the reporting units at the time of each acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Further quantitative assessment may then be required. The quantitative assessment involves a number of assumptions and judgments, including the calculation of fair value for the Company’s identified reporting units. The Company determines the estimated fair value of each reporting unit based on an average of the estimated fair values using an income and a market approach. The income approach utilizes significant assumptions, including revenue and Adjusted EBITDA margin growth rates and discount rate. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit to its fair value, not to exceed the carrying amount of goodwill. Definite-lived intangible assets are carried at cost less accumulated amortization. Definite-lived intangibles are amortized on a straight-line basis over their estimated useful lives described below (in years). Definite-lived intangible assets are tested for impairment when facts and circumstances indicate the carrying value may not be recoverable from their undiscounted cash flows. If impaired, the assets are written down to fair value based on either discounted cash flows or appraised values. Customer relationships 11 - 18 Trade names 8 - 27 Technology 6 - 8 Long-term supply contracts 15 Patents 8 Impairment or Disposal of Long-Lived Assets . In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. 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 relates. 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 the currency in which lease payments are made. The Company's leases do not contain any material residual value guarantees or material restrictive covenants. Taxes on Income . The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. The Tax Act created a requirement that certain intangible income of foreign subsidiaries must be included currently in the gross income of the U.S. shareholder. The Company has made an accounting policy election to treat taxes due on future U.S. inclusions in taxable income related to this intangible income as a current period expense when incurred. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. Income tax-related interest and penalties are reported as income tax expense. Derivatives and Hedging . All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the anticipated transactions are no longer probable. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. Treasury Stock . Treasury stock is reported at par value. The excess of fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. Research and Development . Research, development and engineering costs of $55 in 2019, $51 in 2018, and $39 in 2017 were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. Reclassifications. Certain reclassifications of prior years’ data have been made to conform to the current year presentation. Recent Accounting and Reporting Pronouncements. Recently Adopted Accounting Standards In 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 carry forward 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 B 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 Act. The Company adopted the guidance on January 1, 2019 and elected not to reclassify stranded tax effects resulting from the Tax Act. Recently Issued Accounting Standards In June 2016, the FASB issued new guidance on the accounting for credit losses on financial instruments. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in operating leases and off-balance-sheet credit exposures. This guidance is effective for the Company on January 1, 2020. The Company is currently evaluating the impact of adopting this standard and does not expect the guidance to have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued new guidance which aligns the accounting for implementation costs incurred in a cloud computing arrangement that is a service arrangement (i.e. hosting arrangement) with the guidance on capitalizing costs for internal use software. The Company will adopt this standard on a prospective basis on January 1, 2020 and does not expect the guidance to have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by, among other things, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws. The guidance is effective for the Company on January 1, 2021. The Company does not expect the guidance to have a material impact on the consolidated financial statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company adopted new guidance on lease accounting on January 1, 2019 on a modified retrospective basis, as discussed in Note A . Total operating lease expense under the previous guidance was $50 for each of the years ended December 31, 2018 and 2017. The components of lease expense for the year ended December 31, 2019 were as follows: 2019 Operating lease costs: Operating lease cost $ 49 Short-term lease cost 4 Total operating lease costs $ 53 Finance lease cost: Amortization of right-of-use assets $ 1 Total finance lease costs $ 1 Variable operating lease costs were $3 for the year ended December 31, 2019 . Interest on finance lease liabilities was less than $1 for the year ended December 31, 2019 . Supplemental cash flow information related to leases was as follows: 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 51 Financing cash flows from finance leases 15 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 33 Operating cash flows from finance leases were less than $1 for the year ended December 31, 2019 . Supplemental balance sheet information related to leases was as follows: 2019 Operating leases: Operating lease right-of-use assets $ 204 Current portion of operating lease liabilities $ 51 Non-current portion of operating lease liabilities 156 Total operating lease liabilities $ 207 Finance leases: Property, plant and equipment $ 27 Accumulated depreciation (1 ) Property, plant and equipment, net $ 26 Accrued liabilities $ 2 Other non-current liabilities 11 Total finance lease liabilities $ 13 Weighted average remaining lease term: Operating leases 9.5 Finance leases 7.0 Weighted average discount rate: Operating leases 4.2 % Finance leases 4.1 % Maturities of lease liabilities as of December 31, 2019 were as follows: Operating Leases Finance Leases 2020 $ 53 $ 3 2021 42 2 2022 30 2 2023 22 2 2024 18 2 Thereafter 100 4 Total lease payments 265 15 Less imputed interest (58 ) (2 ) Total $ 207 $ 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 At December 31, 2019 , the Company does not have material lease commitments that have not commenced. |
Lesses | Leases The Company adopted new guidance on lease accounting on January 1, 2019 on a modified retrospective basis, as discussed in Note A . Total operating lease expense under the previous guidance was $50 for each of the years ended December 31, 2018 and 2017. The components of lease expense for the year ended December 31, 2019 were as follows: 2019 Operating lease costs: Operating lease cost $ 49 Short-term lease cost 4 Total operating lease costs $ 53 Finance lease cost: Amortization of right-of-use assets $ 1 Total finance lease costs $ 1 Variable operating lease costs were $3 for the year ended December 31, 2019 . Interest on finance lease liabilities was less than $1 for the year ended December 31, 2019 . Supplemental cash flow information related to leases was as follows: 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 51 Financing cash flows from finance leases 15 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 33 Operating cash flows from finance leases were less than $1 for the year ended December 31, 2019 . Supplemental balance sheet information related to leases was as follows: 2019 Operating leases: Operating lease right-of-use assets $ 204 Current portion of operating lease liabilities $ 51 Non-current portion of operating lease liabilities 156 Total operating lease liabilities $ 207 Finance leases: Property, plant and equipment $ 27 Accumulated depreciation (1 ) Property, plant and equipment, net $ 26 Accrued liabilities $ 2 Other non-current liabilities 11 Total finance lease liabilities $ 13 Weighted average remaining lease term: Operating leases 9.5 Finance leases 7.0 Weighted average discount rate: Operating leases 4.2 % Finance leases 4.1 % Maturities of lease liabilities as of December 31, 2019 were as follows: Operating Leases Finance Leases 2020 $ 53 $ 3 2021 42 2 2022 30 2 2023 22 2 2024 18 2 Thereafter 100 4 Total lease payments 265 15 Less imputed interest (58 ) (2 ) Total $ 207 $ 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 At December 31, 2019 , the Company does not have material lease commitments that have not commenced. |
Acquisition of Signode
Acquisition of Signode | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition of Signode | Acquisition of Signode On April 3, 2018, the Company completed its acquisition of 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 following unaudited supplemental pro forma data presents consolidated information as if the acquisition had been completed on January 1, 2017. These amounts were calculated after adjusting Signode's results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment and intangible assets had been applied from January 1, 2017 and related transaction costs. These adjustments also include an additional charge of $32 in the year ended December 31, 2017 for the fair value adjustment for inventory acquired. Unaudited pro forma data for the year-ended December 31, 2018 2017 Pro forma net sales $ 11,739 $ 10,930 Pro forma net income attributable to Crown Holdings 442 234 The 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. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and 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: 2019 2018 Cash and cash equivalents $ 607 $ 607 Restricted cash included in prepaid expenses and other current assets 50 45 Restricted cash included in other non-current assets 6 7 Total restricted cash 56 52 Total cash, cash equivalents and restricted cash $ 663 $ 659 Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Receivables | Receivables 2019 2018 Accounts receivable $ 1,162 $ 1,303 Less: allowance for doubtful accounts (62 ) (65 ) Net trade receivables 1,100 1,238 Unbilled receivables 226 181 Miscellaneous receivables 202 183 $ 1,528 $ 1,602 The Company uses receivables securitization and factoring facilities in the normal course of business as part of managing its cash flows. The Company accounts for transfers under its securitization facilities as sales because the Company sells full title and ownership in the underlying receivables and has met the criteria for control of the receivables to be considered transferred. The Company accounts for its factoring arrangements as either sales or secured borrowing based on whether it has transferred control over the factored receivables. The Company’s continuing involvement in factored receivables accounted for as sales is limited to servicing the receivables. The Company receives adequate compensation for servicing the receivables and no servicing asset or liability is recorded. At December 31, amounts securitized or factored were as follows: 2019 2018 Accounted for as secured borrowings $ 14 $ 9 Accounted for as sales 1,318 1,097 In July 2018, the Company terminated its $200 North American securitization facility, which included a deferred purchase price component, and entered into a new securitization facility to sell, on a revolving basis, certain trade accounts receivable balances up to a maximum of $375 . The new facility, which matures in 2020, removed the deferred purchase price component but requires the Company to maintain a deposit in a restricted cash account. The Company received net proceeds of $106 from the termination of the securitization facility and resale of receivables under the new agreement. These proceeds are included in the beneficial interest in securitized receivables line in the Company's Consolidated Statement of Cash Flows. The Company recorded expenses related to securitization and factoring facilities of $23 in 2019, $21 in 2018, and $15 in 2017 as interest expense. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories 2019 2018 Raw materials and supplies $ 905 $ 937 Work in process 151 144 Finished goods 570 609 $ 1,626 $ 1,690 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2019 and 2018 was as follows: Americas Beverage European Beverage European Food Transit Packaging Non-reportable segments Total Balance at January 1, 2018 $ 844 $ 564 $ 1,355 $ — $ 283 $ 3,046 Goodwill acquired — — — 1,552 — 1,552 Foreign currency translation (2 ) (33 ) (64 ) (46 ) (11 ) (156 ) Balance at December 31, 2018 842 531 1,291 1,506 272 4,442 Goodwill acquired — — — 8 — 8 Goodwill impairment — — — — (25 ) (25 ) Foreign currency translation 23 3 (22 ) (5 ) 6 5 Balance at December 31, 2019 $ 865 $ 534 $ 1,269 $ 1,509 $ 253 $ 4,430 In 2019, the goodwill impairment included in non-reportable segments related to the European Aerosols and Promotional Packaging reporting unit. In recent years market demand for three-piece aerosol packaging has gradually declined. This decline combined with higher operating costs that have not been fully recovered in selling prices has had an adverse impact on the expected future cash flows utilized in the Company’s valuation. As a result, the reporting unit's fair value declined below its carrying value. The carrying amount of goodwill at December 31, 2019 was net of the following accumulated impairments: Americas Beverage European Beverage European Food Transit Packaging Non-reportable Segments Total Accumulated impairments balance at December 31, 2019 $ 29 $ 73 $ 724 $ — $ 175 $ 1,001 |
Intangible Assets Intangible As
Intangible Assets Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: December 31, 2019 December 31, 2018 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,621 $ (331 ) $ 1,290 $ 1,615 $ (206 ) $ 1,409 Trade names 541 (40 ) 501 547 (17 ) 530 Technology 158 (41 ) 117 160 (18 ) 142 Long term supply contracts 150 (48 ) 102 143 (37 ) 106 Patents 14 (9 ) 5 14 (8 ) 6 $ 2,484 $ (469 ) $ 2,015 $ 2,479 $ (286 ) $ 2,193 Amortization expense for the years ended December 31, 2019, 2018, and 2017 was $186 , $148 and $39 . Annual amortization expense for each of the years from 2020 - 2023 is estimated to be $167 and 2024 is estimated to be $159 . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment 2019 2018 Buildings and improvements $ 1,402 $ 1,352 Machinery and equipment 5,836 5,562 Land and improvements 298 280 Construction in progress 276 323 7,812 7,517 Less: accumulated depreciation and amortization (3,925 ) (3,772 ) $ 3,887 $ 3,745 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Other Non-Current Assets | Other Non-Current Assets 2019 2018 Pension benefits $ 491 $ 360 Deferred taxes 278 272 Fair value of derivatives 54 20 Investments 20 19 Debt issuance costs 15 15 Other 109 117 $ 967 $ 803 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities 2019 2018 Salaries and employee benefits $ 205 $ 210 Accrued taxes, other than on income 139 124 Accrued interest 82 83 Income taxes 67 47 Fair value of derivatives 44 52 Asbestos liabilities 25 25 Restructuring 17 21 Other 486 449 $ 1,065 $ 1,011 |
Restructuring and Other
Restructuring and Other | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other items as follows: 2019 2018 2017 Asset impairments and sales $ (7 ) $ (5 ) $ 12 Restructuring 22 25 18 Transaction costs — 26 2 Other (income) / costs (41 ) (2 ) 19 $ (26 ) $ 44 $ 51 In 2019, asset impairments and sales included gains of $13 related to asset sales partially offset by a charge of $6 related to a fire at a production facility in Asia. Restructuring costs in 2019 included charges of $18 of termination benefits related to headcount reductions across the Company's divisions, including $14 related to headcount reductions in the Company's European and Transit Packaging divisions. Other (income) / costs of $41 in 2019 included gains of $50 arising from favorable court rulings related to the recovery of indirect taxes paid in prior years by certain of the Company's Brazilian subsidiaries and a charge of $7 related to the settlement of a litigation matter related to Signode that arose prior to its acquisition by the Company in 2018. In 2018, the Company recorded asset impairment charges of $13 to write down the carrying value of fixed assets related to the announced closure of two beverage can plants in the Company's Asia Pacific segment. The Company announced plans to close the plants in response to economic conditions in China. Asset impairment and sales also includes gains on asset sales related to prior restructuring actions. Restructuring costs in 2018 included $5 for termination benefits related to the closure of two beverage can plants in the Company's Asia Pacific segment discussed above, $12 of termination benefits related to other actions to reduce manufacturing capacity and headcount and other exit costs of $8 related to prior and current year restructuring actions. In 2017, asset impairments and sales included a charge of $19 to write down the carrying value of fixed assets related to the closure of beverage can plants in China and the U.S., a promotional packaging facility in Europe and a food can facility in Peru. Asset impairments and sales also included a benefit of $5 due to the expiration of an environmental indemnification related to the sale of certain operations in the Company's European Promotional Packaging business in 2015. Additionally, the Company recorded restructuring charges of $18 for termination benefits related to the plant closures listed above. Transaction costs in 2018 and 2017 relate to the acquisition of Signode as described in Note B . In 2017, other costs included a charge of $19 due to the settlement of a litigation matter related to Mivisa that arose prior to its acquisition by the Company in 2014. In 2018, the Company recorded a benefit of $6 due to the favorable settlement of this matter. Restructuring charges by segment were as follows: 2019 2018 2017 Americas Beverage $ 1 $ 4 $ 3 European Beverage — 1 — European Food 4 4 4 Asia Pacific 3 5 3 Transit Packaging 6 3 — Non-reportable segments 5 5 8 Corporate 3 3 — $ 22 $ 25 $ 18 Restructuring charges by type were as follows: 2019 2018 2017 Termination benefits $ 18 $ 17 $ 15 Other exit costs 4 8 3 $ 22 $ 25 $ 18 At December 31, 2019, the Company had a restructuring accrual of $17 , primarily related to the closure of the beverage can plants in China discussed above, and actions to reduce manufacturing capacity and headcount in its European businesses. The Company expects to pay these amounts over the next twelve months. The Company continues to review its supply and demand profile and long-term plans in its businesses, and it is possible that the Company may record additional restructuring charges in the future. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2019 2018 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 75 $ 75 $ 89 $ 89 Long-term debt Senior secured borrowings: Term loan facilities U.S. dollar at LIBOR plus 1.5% due 2024 1,100 1,094 815 810 U.S. dollar at LIBOR plus 2.00% due 2025 — — 887 864 Euro at EURIBOR plus 1.5% due 2024 1 505 504 301 301 Euro at EURIBOR plus 2.375% due 2025 2 — — 855 846 Senior notes and debentures: €650 at 4.0% due 2022 729 725 745 740 U. S. dollar at 4.50% due 2023 1,000 995 1,000 993 €335 at 2.25% due 2023 376 372 384 380 €550 at 0.75% due 2023 617 610 — — €600 at 2.625% due 2024 673 668 688 682 €600 at 3.375% due 2025 673 667 688 681 U.S. dollar at 4.25% due 2026 400 395 400 394 U.S. dollar at 4.75% due 2026 875 863 875 863 U.S. dollar at 7.375% due 2026 350 348 350 348 €500 at 2.875% due 2026 561 554 573 566 U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies: Fixed rate with rates in 2019 from 4.0% to 7.5% due through 2036 39 39 62 62 Variable rate with average rates in 2019 from 2.6% to 4.3% due through 2025 6 6 4 4 Total long-term debt 7,944 7,880 8,667 8,574 Less: current maturities (62 ) (62 ) (81 ) (81 ) Total long-term debt, less current maturities $ 7,882 $ 7,818 $ 8,586 $ 8,493 (1) €450 and €263 at December 31, 2019 and 2018 (2) €746 at December 31, 2018 The estimated fair value of the Company’s long-term borrowings, using a market approach incorporating level 2 inputs such as quoted market prices for the same or similar issues, was $8,410 at December 31, 2019 and $8,735 at December 31, 2018. The revolving credit facilities include provisions for letters of credit up to $310 that reduce the amount of borrowing capacity otherwise available. At December 31, 2019, the Company’s available borrowing capacity under the credit facilities was $1,586 , equal to the facilities’ aggregate capacity of $1,650 less $64 of outstanding letters of credit. The interest rate on the facilities can vary from LIBOR or EURIBOR, with a floor of zero , plus a margin of up to 1.55% , depending on the facility, based on the Company's leverage ratio. The revolving credit facilities and term loan facilities contain restrictions on the ability of the Company to, among other things, incur additional debt, pay dividends, repurchase capital stock and make certain restricted payments and requires the Company to maintain a leverage ratio of no greater than 5.75 times at December 31, 2019. The Company was in compliance with all covenants as of December 31, 2019. The weighted average interest rates were as follows: 2019 2018 2017 Short-term debt 2.6 % 1.0 % 1.4 % Revolving credit facilities 3.8 % 3.2 % 3.3 % Aggregate maturities of long-term debt, excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2019 are $62 , $44 , $813 , $2,076 and $2,042 . Cash payments for interest during 2019, 2018 and 2017 were $362 , $334 and $225 . 2019 Activity In October 2019, the Company issued €550 ( $617 at December 31, 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. In December 2019, the Company borrowed $1,100 Term A Loans and €450 ( $505 at December 31, 2019) of Term Euro Loans, and used the proceeds, together with the proceeds from the issuance of the €550 senior notes, cash on hand and borrowings under the Revolving Credit Facilities to refinance in full the U.S. dollar Term A and Euro Term A loan facilities due in 2022 and the U.S. dollar Term B and Euro Term B loan facilities due in 2025. |
Derivative and Other Financial
Derivative and Other Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Other Financial Instruments | Derivative and Other Financial Instruments Fair Value Measurements Under U.S. GAAP a framework exists for measuring fair value, providing a three-tier hierarchy of pricing inputs used to report assets and liabilities that are adjusted to fair value. Level 1 includes inputs such as quoted prices which are available in active markets for identical assets or liabilities as of the reporting date. Level 2 includes inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 includes unobservable pricing inputs that are not corroborated by market data or other objective sources. The Company has no items valued using Level 3 inputs other than certain pension plan assets. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities measured at fair value and their placement within the fair value hierarchy. The Company applies a market approach to value its commodity price hedge contracts. Prices from observable markets are used to develop the fair value of these financial instruments and they are reported under Level 2. The Company uses an income approach to value its foreign exchange forward contracts. These contracts are valued using a discounted cash flow model that calculates the present value of future cash flows under the terms of the contracts using market information as of the reporting date, such as foreign exchange spot and forward rates, and are reported under Level 2 of the fair value hierarchy. Fair value disclosures for financial assets and liabilities that were accounted for at fair value on a recurring basis are provided later in this note. In addition, see Note M for fair value disclosures related to debt. Derivative Financial Instruments In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk and using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers. For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. When a hedge no longer qualifies for hedge accounting, the change in fair value from the date of the last effectiveness test is recognized in earnings. Any gain or loss which has accumulated in other comprehensive income at the date of the last effectiveness test is reclassified into earnings at the same time as the underlying exposure. Cash Flow Hedges The Company designates certain derivative financial instruments as cash flow hedges. No components of the hedging instruments are excluded from the assessment of hedge effectiveness. Changes in fair value of outstanding derivatives accounted for as cash flow hedges are recorded in accumulated other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon release from accumulated other comprehensive income is the same as that of the underlying exposure. Contracts outstanding at December 31, 2019 mature between one and twenty-seven months . When the Company discontinues hedge accounting because it is no longer probable that an anticipated transaction will occur in the originally specified period, changes to fair value accumulated in other comprehensive income are recognized immediately in earnings. The Company uses commodity forwards to hedge anticipated purchases of various commodities, including aluminum, fuel oil and natural gas and these exposures are hedged by a central treasury unit. The Company also designates certain foreign exchange contracts as cash flow hedges of anticipated foreign currency denominated sales or purchases. The Company manages these risks at the operating unit level. Often, foreign currency risk is hedged together with the related commodity price risk. In June 2019, the Company entered into interest rate swaps to convert $200 of its U.S. dollar term loan facility from floating-rate to a fixed-rate of 1.82% . These interest rate swaps mature in June 2021. The following tables set forth financial information about the impact on accumulated other comprehensive income ("AOCI") and earnings from changes in fair value related to derivative instruments designated as cash flow hedges. Amount of gain/(loss) recognized in AOCI Derivatives designated as cash flow hedges 2019 2018 Foreign exchange $ (8 ) $ (3 ) Interest rate (1 ) — Commodities (13 ) (32 ) $ (22 ) $ (35 ) Amount of gain/ (loss) reclassified from AOCI into income Derivatives designated as cash flow hedges 2019 2018 Affected line item in the Statement of Operations Foreign exchange $ (4 ) $ (11 ) Net sales Commodities 14 (5 ) Net sales Foreign exchange (1 ) 6 Cost of products sold Commodities (52 ) 31 Cost of products sold (43 ) 21 Income before taxes 11 (6 ) Provision for income taxes $ (32 ) $ 15 Net Income For the year ended December 31, 2020, a net loss of $9 ( $7 , net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the years ended December 31, 2019 and 2018 in connection with anticipated transactions that were no longer considered probable. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated or did not qualify for hedge accounting; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes from re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. Changes in fair value of these derivative instruments are immediately recognized in earnings as foreign exchange adjustments. The impact on earnings from foreign exchange contracts designated as fair value hedges was a gain of $1 for the year ended December 31, 2019 and a loss of $2 for the year ended December 31, 2018 . These adjustments were reported within foreign exchange in the Consolidated Statements of Operations and were offset by changes in the fair values of the related hedged items. The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain/(loss) recognized in earnings Derivatives not designated as hedges 2019 2018 Affected line item in the Statement of Operations Foreign exchange $ (3 ) $ 4 Net sales Foreign exchange 3 (6 ) Cost of products sold Foreign exchange (26 ) (26 ) Foreign exchange $ (26 ) $ (28 ) 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. For the years ended December 31, 2019 and 2018, the Company recorded gains of $27 ( $27 , net of tax) and $47 ( $43 , net of tax) in other comprehensive income for certain debt instruments that are designated as hedges of its net investment in a euro-based subsidiary. As of December 31, 2019, cumulative losses of $32 ( $9 , net of tax) were recognized in accumulated other comprehensive income related to these net investment hedges and the carrying amount of the hedged net investment was approximately €1,207 ( $1,354 at December 31, 2019). In November 2018, the Company entered into a series of cross-currency swaps with an aggregate notional value of $875 ( €768 ). The swaps are designated as hedges of the Company's net investment in a euro-based subsidiary. Under the cross-currency contracts, the Company will receive semi-annual fixed U.S. dollar payments at a rate of 4.75% of the U.S. notional value and pay 1.84% on the euro notional value. 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 contract, 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 financial information about the impact on other comprehensive income ("OCI") from changes in the fair value of derivative instruments designated as net investment hedges. Amount of gain/(loss) recognized in OCI Derivatives designated as net investment hedges 2019 2018 Foreign exchange $ 26 $ 11 Gains and losses representing components excluded from the assessment of effectiveness on derivatives designated as net investment hedges are recognized in accumulated other comprehensive income. Fair Values of Derivative Financial Instruments The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis. Balance Sheet classification December 31, December 31, 2018 Balance Sheet classification December 31, December 31, 2018 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Other current assets $ 10 $ 6 Accrued liabilities $ 15 $ 5 Other non-current assets 1 3 Other non-current liabilities 1 1 Foreign exchange contracts fair value Other current assets 1 1 Accrued liabilities 3 1 Commodities contracts cash flow Other current assets 11 16 Accrued liabilities 21 42 Other non-current assets — 2 Other non-current liabilities — 6 Interest rate contracts cash flow Other non-current assets — — Other non-current liabilities 1 — Net investment hedge Other non-current assets 51 15 Other non-current liabilities 2 — $ 74 $ 43 $ 43 $ 55 Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets $ 7 $ 4 Accrued liabilities $ 5 $ 4 Other non-current assets 2 — Other non-current liabilities 1 — $ 9 $ 4 $ 6 $ 4 Total derivatives $ 83 $ 47 $ 49 $ 59 Fair Value Hedge Carrying Amounts Carrying amount of the hedged assets/(liabilities) Line item in the Balance Sheet in which the hedged item is included December 31, 2019 December 31, 2018 Receivables, net 12 15 Accrued liabilities (83 ) (13 ) As of December 31, 2019 and 2018, the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedge assets and liabilities were losses of $2 and 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. In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at December 31, 2019 Derivative assets $ 83 $ 16 $ 67 Derivative liabilities 49 16 33 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 were: December 31, 2019 December 31, 2018 Derivatives designated as cash flow hedges: Foreign exchange $ 1,030 $ 820 Commodities 334 428 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 1,017 796 |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Asbestos-Related Liabilities | Asbestos-Related Liabilities Crown Cork & Seal Company, Inc. (“Crown Cork”) is one of many defendants in a substantial number of lawsuits filed throughout the United States by persons alleging bodily injury as a result of exposure to asbestos. These claims arose from the insulation operations of a U.S. company, the majority of whose stock Crown Cork purchased in 1963. Approximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. Prior to 1998, amounts paid to asbestos claimants were covered by a fund made available to Crown Cork under a 1985 settlement with carriers insuring Crown Cork through 1976, when Crown Cork became self-insured. The fund was depleted in 1998 and the Company has no remaining coverage for asbestos-related costs. The states of Alabama, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Michigan, Mississippi, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, West Virginia, Wisconsin and Wyoming enacted legislation that limits asbestos-related liabilities under state law of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The legislation, which applies to future and, with the exception of Arkansas, Georgia, South Carolina, South Dakota, West Virginia and Wyoming, pending claims at the time of enactment, caps asbestos-related liabilities at the fair market value of the predecessor's total gross assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total value of its predecessor's assets adjusted for inflation. Crown Cork has integrated the legislation into its claims defense strategy. The Company cautions, however, that the legislation may be challenged and there can be no assurance regarding the ultimate effect of the legislation on Crown Cork. In June 2003, the State of Texas enacted legislation that limits the asbestos-related liabilities in Texas courts of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The Texas legislation, which applies to future and pending claims, caps asbestos-related liabilities at the total gross value of the predecessor’s assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total adjusted value of its predecessor’s assets. In October 2010, the Texas Supreme Court reversed a lower court decision, Barbara Robinson v. Crown Cork & Seal Company, Inc., No. 14-04-00658-CV, Fourteenth Court of Appeals, Texas, which had upheld the dismissal of an asbestos-related case against Crown Cork. The Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June of 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld. The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. The Company's approximate claims activity for the years ended 2019, 2018 and 2017 was as follows: 2019 2018 2017 Beginning claims 56,000 55,500 55,500 New claims 2,000 2,000 2,500 Settlements or dismissals (2,000 ) (1,500 ) (2,500 ) Ending claims 56,000 56,000 55,500 The Company's cash payments during the years ended 2019 , 2018 , and 2017 were as follows: 2019 2018 2017 Asbestos-related payments $ 22 $ 21 $ 30 Settled claims payments (included in asbestos-related payments above) 17 15 24 In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes by year of exposure and state filed. As of December 31, 2019 and December 31, 2018 , the Company's outstanding claims were: 2019 2018 Claimants alleging first exposure after 1964 16,500 16,500 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 13,000 Pennsylvania 1,500 1,500 Other states that have enacted asbestos legislation 6,000 6,000 Other states 19,000 19,000 Total claims outstanding 56,000 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 its settlement experience with post-1964 claims, the Company does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows: 2019 2018 2017 Total claims 22 % 22 % 22 % Pre-1964 claims in states without asbestos legislation 41 % 41 % 41 % Crown Cork has entered into arrangements with plaintiffs’ counsel in certain jurisdictions with respect to claims which are not yet filed, or asserted, against it. However, Crown Cork expects claims under these arrangements to be filed or asserted against Crown Cork in the future. The projected value of these claims is included in the Company’s estimated liability as of December 31, 2019 . Approximately 81% of the claims outstanding at the end of 2019 were filed by plaintiffs who do not claim a specific amount of damages or claim a minimum amount as established by court rules relating to jurisdiction; approximately 16% were filed by plaintiffs who claim damages of less than $5 ; approximately 3% were filed by plaintiffs who claim damages from $5 to less than $100 ( 34% of whom claim damages less than $25 ) and 13 claims were filed by plaintiffs who claim damages in excess of $100 . As of December 31, 2019 , the Company’s accrual for pending and future asbestos-related claims and related legal costs was $ 273 , including $ 232 for unasserted claims. The Company determines its accrual without limitation to a specified time period. It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant, the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 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 $8 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 $7 for remediation activities at various worldwide locations that are owned by the Company and for which the Company is not a member of a PRP group. Although the Company believes its accruals are adequate to cover its portion of future remediation costs, there can be no assurance that the ultimate payments will not exceed the amount of the Company’s accruals and will not have a material effect on its results of operations, financial position and cash flow. Any possible loss or range of potential loss that may be incurred in excess of the recorded accruals cannot be estimated. In March 2015, the Bundeskartellamt, or German Federal Cartel Office (“FCO”), conducted unannounced inspections of the premises of several metal packaging manufacturers, including a German subsidiary of the Company. The local court order authorizing the inspection cited FCO suspicions of anti-competitive agreements in the German market for the supply of metal packaging products. The Company conducted an internal investigation into the matter and discovered instances of inappropriate conduct by certain employees of German subsidiaries of the Company. The Company cooperated with the FCO and submitted a leniency application with the FCO which disclosed the findings of its internal investigation to date. In April 2018, the FCO discontinued its national investigation and referred the matter to the European Commission (the “Commission”). Following the referral, Commission officials conducted unannounced inspections of the premises of several metal packaging manufacturers, including Company subsidiaries in Germany, France and the United Kingdom. The Commission's investigation is ongoing and, to date, the Commission has not officially charged the Company or any of its subsidiaries with violations of competition law. The Company is cooperating with the Commission and submitted a leniency application with the Commission with respect to the findings of the investigation in Germany referenced above. This application may lead to the reduction of possible future penalties. At this stage of the investigation the Company believes that a loss is probable but is unable to predict the ultimate outcome of the Commission’s investigation and is unable to estimate the loss or possible range of losses that could be incurred, and has therefore not recorded a charge in connection with the actions by the Commission. If the Commission finds that the Company or any of its subsidiaries violated competition law, fines levied by the Commission could be material to the Company's operating results and cash flows for the periods in which they are resolved or become reasonably estimable. In March 2017, U.S. Customs and Border Protection (“CBP”) at the Port of Milwaukee issued a penalty notification alleging that certain of the Company’s subsidiaries intentionally misclassified the importation of certain goods into the U.S. during the period 2004-2009. CBP initially assessed a penalty of $18 and subsequently mitigated to $6 . The Company has acknowledged to CBP that the goods were misclassified and has paid all related duties. The Company has asserted that the misclassification was unintentional and disputes the penalty assessment. At the present time, based on the information available, the Company does not believe that a loss for the alleged intentional misclassification is probable. There can be no assurance the Company will be successful in contesting the assessed penalty. The Company and its subsidiaries are also subject to various other lawsuits and claims with respect to labor, environmental, securities, vendor and other matters arising out of the Company’s normal course of business. While the impact on future financial results is not subject to reasonable estimation because considerable uncertainty exists, management believes that the ultimate liabilities resulting from such lawsuits and claims will not materially affect the Company’s consolidated earnings, financial position or cash flow. The Company has various commitments to purchase materials, supplies and utilities as part of the ordinary conduct of business. The Company’s basic raw materials for its products are steel and aluminum, both of which are purchased from multiple sources. The Company is subject to fluctuations in the cost of these raw materials and has periodically adjusted its selling prices to reflect these movements. There can be no assurance, however, that the Company will be able to fully recover any increases or fluctuations in raw material costs from its customers. The Company also has commitments for standby letters of credit and for purchases of capital assets. At December 31, 2019 |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | Other Non-Current Liabilities 2019 2018 Deferred taxes $ 405 $ 399 Asbestos liabilities 248 270 Postemployment benefits 36 22 Income taxes payable 25 26 Environmental 12 12 Fair value of derivatives 5 7 Finance lease liabilities 11 24 Other 115 127 $ 857 $ 887 Income taxes payable includes unrecognized tax benefits as discussed in Note S . |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Pensions. The Company sponsors various pension plans covering certain U.S. and non-U.S. employees, and participates in certain multi-employer pension plans. The benefits under the Company plans are based primarily on years of service and either the employees’ remuneration near retirement or a fixed dollar multiple. A measurement date of December 31 was used for all plans presented below. The components of pension expense were as follows: U.S. Plans 2019 2018 2017 Service cost $ 15 $ 17 $ 14 Interest cost 50 47 50 Expected return on plan assets (70 ) (85 ) (83 ) Amortization of actuarial loss 55 51 52 Amortization of prior service cost 1 1 1 Net periodic cost $ 51 $ 31 $ 34 Non-U.S. Plans 2019 2018 2017 Service cost $ 15 $ 26 $ 22 Interest cost 71 75 75 Expected return on plan assets (138 ) (159 ) (146 ) Settlements 44 38 — Curtailments (14 ) — (3 ) Amortization of actuarial loss 38 45 42 Amortization of prior service credit (1 ) (11 ) (11 ) Net periodic cost / (benefit) $ 15 $ 14 $ (21 ) The settlement charges in 2019 and 2018 arose from the payment of lump sum buy-outs to settle certain pension obligations using plan assets. The Company may incur additional settlement charges in 2020. The curtailment gain in 2019 was 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. Additional pension expense of $5 was recognized in each of 2019, 2018 and 2017 for multi-employer plans. The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans were as follows: U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Projected Benefit Obligations Benefit obligations at January 1 $ 1,371 $ 1,499 $ 3,102 $ 3,507 Service cost 15 17 15 26 Interest cost 50 47 71 75 Plan participants’ contributions — — 2 4 Amendments (1 ) — — — Settlements — — (152 ) (121 ) Curtailments — — (18 ) — Actuarial loss 133 (83 ) 242 (199 ) Acquisitions — — — 148 Benefits paid (128 ) (109 ) (152 ) (150 ) Foreign currency translation — — 110 (188 ) Benefit obligations at December 31 $ 1,440 $ 1,371 $ 3,220 $ 3,102 Plan Assets Fair value of plan assets at January 1 $ 1,012 $ 1,220 $ 3,264 $ 3,665 Actual return on plan assets 244 (102 ) 373 (39 ) Employer contributions 3 3 19 16 Plan participants’ contributions — — 2 4 Settlements — — (152 ) (121 ) Acquisitions — — — 90 Benefits paid (128 ) (109 ) (152 ) (150 ) Foreign currency translation — — 126 (201 ) Fair value of plan assets at December 31 $ 1,131 $ 1,012 $ 3,480 $ 3,264 Funded status $ (309 ) $ (359 ) $ 260 $ 162 Accumulated benefit obligations at December 31 $ 1,397 $ 1,327 $ 3,182 $ 3,009 Information for pension plans with accumulated benefit obligations in excess of plan assets was as follows: U.S. Plans 2019 2018 Projected benefit obligations $ 1,440 $ 1,371 Accumulated benefit obligations 1,397 1,327 Fair value of plan assets 1,131 1,012 Non-U.S. Plans 2019 2018 Projected benefit obligations $ 399 $ 363 Accumulated benefit obligations 383 329 Fair value of plan assets 187 167 The Company’s investment strategy in its U.S. plan is designed to generate returns that are consistent with providing benefits to plan participants within the risk tolerance of the plan. Asset allocation is the primary determinant of return levels and investment risk exposure. The assets of the plan are broadly diversified in terms of securities and security types in order to limit the potential of large losses from any one security. The strategic ranges for asset allocation in the U.S. plans are as follows: U.S. equities 39 % to 49 % International equities 12 % to 18 % Fixed income 16 % to 26 % Balanced funds 7 % to 13 % Real estate 7 % to 13 % The Company’s investment strategy in its U.K. plan, the largest non-U.S. plan, is designed to achieve a funding level of 100% within the next 7 years by targeting an expected return of 1.8% annually in excess of the expected growth in the liabilities. The Company seeks to achieve this return with a risk level commensurate with a 5% chance of the funding level falling between 4% and 7% in any one year. The strategic ranges for asset allocation in the U.K. plan are as follows: Investment grade credit 30 % to 90 % Equities 0 % to 30 % Hedge funds 0 % to 10 % Real estate 0 % to 5 % Alternative credit 0 % to 20 % Other 0 % to 20 % Pension assets are classified into three levels. Level 1 asset values are derived from quoted prices which are available in active markets as of the report date. Level 2 asset values are derived from other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the report date. Level 3 asset values are derived from unobservable pricing inputs that are not corroborated by market data or other objective sources. Level 1 Investments Equity securities are valued at the latest quoted prices taken from the primary exchange on which the security trades. Mutual funds are valued at the net asset value (NAV) of shares held at year-end. Level 2 Investments Fixed income securities, including government issued debt, corporate debt, asset-backed and structured debt securities are valued using the latest bid prices or valuations based on a matrix system (which considers such factors as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and other reference data including market research publications). Derivatives, which consist mainly of interest rate swaps, are valued using a discounted cash flow pricing model based on observable market data. Level 3 Investments Hedge funds and private equity funds are valued at the NAV at year-end. The values assigned to private equity funds are based upon assessments of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, and performance multiples among other factors. Real estate investments are based on third party appraisals. Investments Measured Using NAV per Share Practical Expedient Investments measured using NAV per share as a practical expedient include investment funds that invest in global equity, emerging markets and fixed income. The global equity funds invest in equity securities of various market sectors including industrial materials, consumer discretionary goods and services, financial infrastructure, technology, and health care. The emerging markets funds invest in equity markets within financial services, consumer goods and services, energy, and technology. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair value. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurements at the reporting date. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and their placement within the fair value hierarchy. The levels assigned to the defined benefit plan assets as of December 31, 2019 and 2018 are summarized in the tables below: 2019 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 23 $ 190 $ 213 Global large cap equity — 7 7 U.S. large cap equity 155 4 159 U.S. mid/small cap equity 218 27 245 Mutual funds – global equity 144 — 144 Mutual funds – U.S. equity 206 — 206 Mutual funds – fixed income 67 — 67 813 228 1,041 Level 2 Government issued debt securities — 260 260 Corporate debt securities 52 332 384 Asset backed securities — 2 2 Structured debt — 811 811 Insurance contracts — 105 105 Derivatives — 194 194 Investment funds – fixed income — 373 373 Investment funds – global equity — 297 297 Investment funds – emerging markets — 33 33 52 2,407 2,459 Level 3 Investment funds – real estate 96 220 316 Hedge funds — 43 43 Private equity 5 70 75 Real estate – direct 21 9 30 122 342 464 Total assets in fair value hierarchy 987 2,977 3,964 Investments measured at NAV Practical Expedient (a) Investment funds – fixed income 102 91 193 Investment funds – global equity 18 78 96 Investment funds – emerging markets 23 — 23 Hedge funds — 328 328 143 497 640 Total investments at fair value $ 1,130 $ 3,474 $ 4,604 2018 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 34 $ 225 $ 259 Global large cap equity — 27 27 U.S. large cap equity 66 3 69 U.S. mid/small cap equity 182 16 198 Mutual funds – global equity 133 — 133 Mutual funds – U.S. equity 188 — 188 Mutual funds – fixed income 104 — 104 707 271 978 Level 2 Government issued debt securities — 341 341 Corporate debt securities 49 212 261 Asset backed securities — 2 2 Structured debt — 699 699 Insurance contracts — 105 105 Derivatives — 103 103 Investment funds – fixed income — 411 411 Investment funds – global equity — 268 268 49 2,141 2,190 Level 3 Investment funds – real estate 94 196 290 Hedge funds — 113 113 Private equity 9 94 103 Real estate – direct 20 7 27 123 410 533 Total assets in fair value hierarchy 879 2,822 3,701 Investments measured at NAV Practical Expedient (a) Investment funds – fixed income 98 112 210 Investment funds – global equity 14 43 57 Investment funds – emerging markets 20 — 20 Hedge funds — 282 282 132 437 569 Total investments at fair value $ 1,011 $ 3,259 $ 4,270 (a) In accordance with ASU No. 2015-07, certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Accrued income excluded from the tables above was as follows: 2019 2018 U.S. plan assets $ 1 $ 1 Non-U.S. plan assets 6 5 Plan assets include $244 and $140 of the Company’s common stock at December 31, 2019 and 2018. The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3). Hedge funds Private equity Real estate Total Balance at January 1, 2018 $ 189 $ 147 $ 182 $ 518 Foreign currency translation (11 ) (8 ) (5 ) (24 ) Asset returns – assets held at reporting date (18 ) (11 ) (9 ) (38 ) Asset returns – assets sold during the period 20 28 15 63 Purchases, sales and settlements, net (67 ) (53 ) 70 (50 ) Asset transfers during the period — — 64 64 Balance at December 31, 2018 113 103 317 533 Foreign currency translation 4 4 8 16 Asset returns – assets held at reporting date (6 ) (22 ) 25 (3 ) Asset returns – assets sold during the period 7 17 6 30 Purchases, sales and settlements, net (75 ) (27 ) (10 ) (112 ) Balance at December 31, 2019 $ 43 $ 75 $ 346 $ 464 The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient: Fair Value Redemption Frequency Redemption Notice Period Balance at December 31, 2019 Investment funds – fixed income $ 193 Semi-monthly 1 - 5 days Investment funds – global equity 96 Monthly 1 - 15 days Investment funds – emerging markets 23 Daily 30 days Hedge funds 328 Monthly 1 - 30 days Balance at December 31, 2018 Investment funds – fixed income $ 210 Semi-monthly 1 day Investment funds – global equity 57 Monthly 1 - 15 days Investment funds – emerging markets 20 Daily 30 days Hedge funds 282 Monthly 1 - 45 days The pension plan assets valued using net asset value as a practical expedient do not have any unfunded commitments. Pension assets and liabilities included in the Consolidated Balance Sheets were: 2019 2018 Non-current assets $ 491 $ 360 Current liabilities 13 14 Non-current liabilities 533 549 The Company’s current liability at December 31, 2019, represents the expected required payments to be made for unfunded plans over the next twelve months. Total estimated 2020 employer contributions are $21 for the Company’s pension plans. Changes in the net loss and prior service cost (credit) for the Company’s pension plans were: 2019 2018 2017 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 1,962 $ (6 ) $ 2,057 $ (16 ) $ 2,032 $ (32 ) Reclassification to net periodic benefit cost (137 ) 14 (134 ) 10 (95 ) 14 Current year gain (loss) (53 ) — 103 — 21 — Amendments — — — — — 4 Foreign currency translation 36 — (64 ) — 99 (2 ) Balance at December 31 $ 1,808 $ 8 $ 1,962 $ (6 ) $ 2,057 $ (16 ) The estimated portions of the net losses and net prior service that are expected to be recognized as components of net periodic benefit cost / (credit) in 2020 are $94 and $(1) . Expected future benefit payments as of December 31, 2019 are: U.S. plans Non-U.S. plans 2020 $ 104 $ 161 2021 96 164 2022 98 165 2023 100 168 2024 99 166 2025 - 2029 448 837 The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: U.S. Plans 2019 2018 2017 Discount rate 3.2 % 4.3 % 3.7 % Compensation increase 4.7 % 4.5 % 4.7 % Non-U.S. Plans 2019 2018 2017 Discount rate 2.1 % 2.9 % 2.5 % Compensation increase 3.0 % 3.2 % 3.2 % The weighted average actuarial assumptions used to calculate pension expense for each year were: U.S. Plans 2019 2018 2017 Discount rate - service cost 4.7 % 3.9 % 4.7 % Discount rate - interest cost 3.9 % 3.2 % 3.4 % Compensation increase 4.5 % 4.7 % 4.6 % Long-term rate of return 7.3 % 7.3 % 7.5 % Non-U.S. Plans 2019 2018 2017 Discount rate - service cost 3.0 % 2.6 % 2.8 % Discount rate - interest cost 2.7 % 2.2 % 2.3 % Compensation increase 3.2 % 3.2 % 3.3 % Long-term rate of return 4.3 % 4.4 % 4.5 % The expected long-term rate of return on plan assets is determined by taking into consideration expected long-term returns associated with each major asset class based on long-term historical ranges, inflation assumptions and the expected net value from active management of the assets based on actual results. Other Postretirement Benefit Plans. The Company sponsors unfunded plans to provide health care and life insurance benefits to certain pensioners and survivors. Generally, the medical plans pay a stated percentage of medical expenses reduced by deductibles and other coverages. Life insurance benefits are generally provided by insurance contracts. The Company reserves the right, subject to existing agreements, to change, modify or discontinue the plans. A measurement date of December 31 was used for the plans presented below. The components of net postretirement benefits cost were as follows: Other Postretirement Benefits 2019 2018 2017 Service cost $ 1 $ 4 $ — Interest cost 6 6 6 Amortization of prior service credit (34 ) (37 ) (40 ) Amortization of actuarial loss 3 4 4 Net periodic benefit credit $ (24 ) $ (23 ) $ (30 ) Changes in the benefit obligations were: 2019 2018 Benefit obligations at January 1 $ 147 $ 168 Service cost 1 4 Interest cost 6 6 Amendments 6 — Actuarial (gain) loss 14 (15 ) Benefits paid (13 ) (13 ) Foreign currency translation 3 (3 ) Benefit obligations at December 31 $ 164 $ 147 Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: 2019 2018 2017 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 31 $ (105 ) $ 49 $ (142 ) $ 49 $ (182 ) Reclassification to net periodic benefit cost (3 ) 34 (4 ) 37 (4 ) 40 Current year gain (loss) 14 — (14 ) — 4 — Amendments — (1 ) — — — — Balance at December 31 $ 42 $ (72 ) $ 31 $ (105 ) $ 49 $ (142 ) The estimated portions of the net losses and prior service credits that are expected to be recognized as components of net periodic benefit cost/(credit) in 2020 are $4 and $(25) . Expected future benefit payments are as follows: Benefit Payments 2020 $ 16 2021 13 2022 13 2023 12 2024 12 2025 - 2029 49 The assumed health care cost trend rates at December 31, 2019 were as follows: Health care cost trend rate assumed for 2019 5.3 % Rate that the cost trend rate gradually declines to 4.0 % Year that the rate reaches the rate it is assumed to remain 2035 A one-percentage-point change in assumed health care cost trend rates would have the following effects: One percentage point Increase Decrease Effect on total service and interest cost $ 1 $ 1 Effect on postretirement benefit obligation $ 6 $ 6 Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below. 2019 2018 2017 Benefit obligations 3.5 % 4.5 % 3.8 % Service cost 4.8 % 4.9 % 5.0 % Interest cost 4.2 % 4.1 % 3.5 % Defined Contribution Benefit Plans. The Company also sponsors defined contribution benefit plans in certain jurisdictions including the U.S. and the U.K. In 2019, the Company recognized expense of $11 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes were as follows: 2019 2018 2017 U.S. $ (3 ) $ 21 $ 10 Foreign 789 719 819 $ 786 $ 740 $ 829 The provision for income taxes consisted of the following: 2019 2018 2017 Current tax: U.S. federal $ (1 ) $ (2 ) $ — State and foreign 202 183 154 $ 201 $ 181 $ 154 Deferred tax: U.S. federal $ 16 $ 31 $ 217 State and foreign (51 ) 4 30 (35 ) 35 247 Total $ 166 $ 216 $ 401 The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items: 2019 2018 2017 U.S. statutory rate at 21%, 21% and 35% $ 166 $ 155 $ 290 Tax on foreign income 7 30 (126 ) U.S. taxes on foreign income, net of credits 15 24 45 Valuation allowance changes (33 ) (1 ) 9 Tax contingencies 19 (2 ) 6 Tax law changes (11 ) 4 174 Other items, net 3 6 3 Income tax provision $ 166 $ 216 $ 401 The Company benefits from certain incentives in Brazil which allow it to pay reduced income taxes. The incentives expire at various dates beginning in December 2022. These incentives increased net income attributable to the Company by $17 in 2019 and $14 in both 2018 and 2017. The Company paid taxes of $173 , $177 and $154 in 2019, 2018 and 2017. In 2019, the Company recorded an income tax benefit of $36 related to a deferred tax valuation allowance release resulting from an internal reorganization. Additionally, the Company recorded a charge of $15 related to the settlement of a pre-acquisition tax contingency that arose from a transaction that occurred prior to its acquisition of Signode. The Company also recorded a benefit of $9 arising from tax law changes in India. The Tax Act resulted in significant changes from previous tax law, including reduction of the U.S. corporate tax rate from 35% to 21% , a one-time tax imposed on the unremitted earnings of other non-U.S. subsidiaries (the "transition tax") and a limitation on the tax deduction for interest expense, net of interest income, to 30% of a U.S. corporations adjusted taxable income. As a result of the tax rate reduction, the Company recorded a provisional reduction in net deferred tax assets of $103 as of December 31, 2017 and a corresponding deferred income tax charge. Additionally, as of December 31, 2017, the Company recorded a provisional obligation of $82 for the transition tax, recorded a charge of $25 for the related usage of foreign tax credits and reversed $ 11 of deferred tax liabilities related to cumulative undistributed foreign earnings. The Company finalized the impact of the Tax Act in 2018 and recorded a net benefit of $2 to adjust its provisional amounts. In 2018, the Company recorded a charge of $24 related to local taxes on the distributions of foreign earnings, which were previously asserted to be indefinitely reinvested. As of December 31, 2019 the Company has not provided deferred taxes on approximately $1,300 of earnings in certain non-U.S. subsidiaries because such earnings are indefinitely reinvested in its international operations. Upon distribution of such earnings in the form of dividends or otherwise, the Company may be subject to incremental foreign tax. It is not practicable to estimate the amount of foreign tax that might be payable. The components of deferred taxes at December 31 are: 2019 2018 Assets Liabilities Assets Liabilities Tax carryforwards $ 512 $ — $ 531 $ — Postretirement and postemployment benefits 40 — 39 — Pensions 176 124 193 106 Property, plant and equipment 23 174 20 177 Intangible assets — 401 — 431 Asbestos 66 — 71 — Accruals and other 88 90 88 73 Right of use assets — 30 — — Lease liabilities 30 — — — Valuation allowances (243 ) — (282 ) — Total $ 692 $ 819 $ 660 $ 787 Tax carryforwards expire as follows: Year Amount 2020 $ 27 2021 22 2022 82 2023 11 2024 14 Thereafter 211 Unlimited 145 Tax carryforwards expiring in 2022 include $72 of U.S. federal foreign tax credits which based on current projections the Company believes it will utilize before expiration. Tax carryforwards expiring after 2024 include $141 of U.S. state tax loss carryforwards and $53 of Luxembourg tax loss carryforwards. The unlimited category includes $36 related to U.S. disallowed business interest carryforwards and $64 of French tax loss carryforwards. Realization of any portion of the Company’s deferred tax assets is dependent upon the availability of taxable income in the relevant jurisdictions. The Company considers all sources of taxable income, including (i) taxable income in any available carry back period, (ii) the reversal of taxable temporary differences, (iii) tax-planning strategies, and (iv) taxable income expected to be generated in the future other than from reversing temporary differences. The Company also considers whether there have been cumulative losses in recent years. The Company records a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company’s valuation allowances at December 31, 2019 includes $205 primarily related to the portion of U.S. state tax loss carryforwards that the Company does not believe are more likely than not to be utilized prior to their expiration. The Company’s ability to utilize state tax loss carryforwards is impacted by several factors including taxable income, expiration dates, limitations imposed by certain states on the amount of loss carryforwards that can be used in a given year to offset taxable income and whether the state permits the Company to file a combined return. Management’s estimate of the appropriate valuation allowance in any jurisdiction involves a number of assumptions and judgments, including the amount and timing of future taxable income. Should future results differ from management’s estimates, it is possible there could be future adjustments to the valuation allowances that would result in an increase or decrease in tax expense in the period such changes in estimates are made. A reconciliation of unrecognized tax benefits follows: 2019 2018 2017 Balance at January 1 $ 37 $ 29 $ 27 Additions related to acquisitions — 13 — Additions for prior year tax positions 20 1 6 Reductions to prior period tax positions — — (2 ) Lapse of statute of limitations (1 ) (3 ) — Settlements (15 ) (2 ) (4 ) Foreign currency translation — (1 ) 2 Balance at December 31 $ 41 $ 37 $ 29 The Company’s unrecognized tax benefits include potential liabilities related to transfer pricing, foreign withholding taxes, and non-deductibility of expenses and exclude $2 of interest and penalties as of December 31, 2019. The total interest and penalties recorded in income tax expense was less than $1 in 2019, 2018 and 2017. As of December 31, 2019, unrecognized tax benefits of $41 , if recognized, would affect the Company's effective tax rate. The Company’s unrecognized tax benefits are not expected to increase over the next twelve months and are expected to decrease as open tax years lapse or claims are settled. The Company is unable to estimate a range of reasonably possible changes in its unrecognized tax benefits in the next twelve months as it is unable to predict when, or if, the tax authorities will commence their audits, the time needed for the audits, and the audit findings that will require settlement with the applicable tax authorities, if any. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Capital Stock [Abstract] | |
Capital Stock | Capital Stock A summary of common share activity for the years ended December 31 follows (in shares): 2019 2018 2017 Common shares outstanding at January 1 135,173,948 134,275,609 139,840,228 Shares repurchased (106,388 ) (92,167 ) (6,157,010 ) Shares issued upon exercise of employee stock options 70,000 — 299,050 Restricted stock issued to employees, net of forfeitures 416,695 958,672 269,025 Shares issued to non-employee directors 23,623 31,834 24,316 Common shares outstanding at December 31 135,577,878 135,173,948 134,275,609 The Board of Directors has the authority to issue, at any time or from time to time, up to 30 million shares of preferred stock and has authority to fix the designations, number and voting rights, preferences, privileges, limitations, restrictions, conversion rights and other special or relative rights, if any, of any class or series of any class of preferred stock that may be desired, provided the shares of any such class or series of preferred stock shall not be entitled to more than one vote per share when voting as a class with holders of the Company's common stock. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | Accumulated Other Comprehensive Loss Attributable to Crown Holdings The following table provides information about the changes in each component of accumulated other comprehensive income for the years ended December 31, 2019 and 2018. 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 loss before reclassifications (20 ) (136 ) (35 ) (191 ) Amounts reclassified from accumulated other comprehensive income 70 — (15 ) 55 Other comprehensive income / (loss) 50 (136 ) (47 ) (133 ) Balance at December 31, 2018 (1,533 ) (1,817 ) (24 ) (3,374 ) Other comprehensive income / (loss) before reclassifications 10 149 (22 ) 137 Amounts reclassified from accumulated other comprehensive income 74 — 32 106 Other comprehensive income 84 149 10 243 Balance at December 31, 2019 $ (1,449 ) $ (1,668 ) $ (14 ) $ (3,131 ) See Note N and Note R |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue For the years ended December 31, 2019 and 2018, the Company recognized revenue as follows: 2019 2018 Revenue recognized over time $ 5,724 $ 5,765 Revenue recognized at a point in time 5,941 5,386 Total revenue $ 11,665 $ 11,151 See Note Y 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 typically recognized for work in process related to the Company's three-piece printed products. The Company's equipment business may record contract assets or contract liabilities depending on the timing of satisfaction of performance obligations and receipt of consideration from the customer. These equipment contracts, including payment terms, are typically less than one year in duration. Contract assets and liabilities are reported in a net position on a contract-by-contract basis. Net contract assets were as follows: December 31, 2019 December 31, 2018 Contract assets included in prepaid and other current assets $ 30 $ 16 Contract liabilities included in accrued liabilities (5 ) (3 ) Contract liabilities included in other non-current liabilities — (5 ) Net contract asset $ 25 $ 8 For the year ended December 31, 2019, the Company satisfied performance obligations related to contract assets recorded by the Company's equipment business at December 31, 2018. The Company also recorded new contract assets related to work in process for the Company's equipment business and European food business. For the year ended December 31, 2019, the Company recognized revenue of $3 related to contract liabilities at December 31, 2018 for performance obligations satisfied during the period. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s shareholder-approved stock-based incentive compensation plans provide for the granting of awards in the form of stock options, deferred stock, restricted stock or stock appreciation rights (“SARs”). The awards may be subject to the achievement of certain performance goals as determined by the Compensation Committee designated by the Company’s Board of Directors. There have been no awards of SARs. At December 31, 2019 , there were 2.6 million authorized shares available for future awards. Restricted and Deferred Stock Annually, the Company awards shares of restricted stock to certain senior executives in the form of time-vested restricted stock and performance-based shares. The time-vested restricted stock vests ratably over three years . The performance-based share awards are subject to either a market condition or a performance condition. For awards subject to a market condition, the metric is the Company’s Total Shareholder Return (“TSR”), which includes share price appreciation and dividends paid, during the three -year term of the award measured against the TSR of a peer group of companies. For awards subject to a performance condition, the metric is the Company's average return on invested capital over the three-year term. The performance-based shares cliff vest at the end of three years . The number of performance-based shares that will ultimately vest is based on the level of performance achieved, ranging between 0% and 200% of the shares originally awarded, and is settled in shares of common stock. Participants who terminate employment because of disability, death or, subject to Company approval, retirement, receive accelerated vesting of their time-vested awards to the date of termination. However, restrictions lapse on performance-based awards, if at all, on the original vesting date. The Company also issues shares of time-vesting restricted stock to U.S. employees and deferred stock to non-U.S. employees which vest ratably over three to five years . A summary of restricted and deferred stock activity follows: Number of shares Non-vested shares outstanding at January 1, 2019 2,142,743 Awarded: Time-vesting 406,145 Performance-based 202,876 Released: Time-vesting (387,628 ) Performance-based — Forfeitures: Time-vesting (132,275 ) Performance-based (129,207 ) Non-vested shares outstanding at December 31, 2019 2,102,654 The average grant-date fair value of restricted stock awarded in 2019 , 2018 and 2017 follows: 2019 2018 2017 Time-vested $ 56.06 $ 44.48 $ 55.55 Performance-based 46.08 57.24 51.90 The fair values of the performance-based awards that include a market condition were calculated using a Monte Carlo valuation model and the following weighted average assumptions: 2019 2018 2017 Risk-free interest rate 2.5 % 2.0 % 1.4 % Expected term (years) 3 3 3 Expected stock price volatility 21.4 % 19.9 % 21.1 % At December 31, 2019 , unrecognized compensation cost related to outstanding restricted and deferred stock was $67 . The weighted average period over which the expense is expected to be recognized is 2.7 years . The aggregate market value of the shares released on the vesting dates was $26 in 2019. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes basic and diluted earnings per share ("EPS"). Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of stock options and restricted stock as calculated under the treasury stock method. 2019 2018 2017 Net income attributable to Crown Holdings $ 510 $ 439 $ 323 Weighted average shares outstanding (in millions): Basic 133.89 133.64 135.29 Add: dilutive stock options and restricted stock 0.99 0.24 0.32 Diluted 134.88 133.88 135.61 Basic EPS $ 3.81 $ 3.28 $ 2.39 Diluted EPS $ 3.78 $ 3.28 $ 2.38 Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive 0.8 0.9 — |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s business is generally organized by product line and geography within four divisions: Americas, Europe, Asia Pacific and Transit Packaging. Within the Americas and European divisions, the Company has determined that it has the following reportable segments: Americas Beverage within the Americas, and European Beverage and European Food within Europe. The Company's Asia Pacific and Transit Packaging Divisions are reportable segments. Non-reportable segments include the Company’s aerosol can businesses in North America and Europe, the Company's food can business in North America, the Company’s promotional packaging business in Europe and the Company’s tooling and equipment operations in the U.S. and United Kingdom. The Company evaluates performance and allocates resources based on segment income. Segment income, which is not a defined term under GAAP, is defined by the Company as income from operations adjusted to exclude intangibles amortization charges, provisions for asbestos and restructuring and other, the impact of fair value adjustments related to inventory acquired in an acquisition and the timing impact of hedge ineffectiveness. Segment income should not be considered in isolation or as a substitute for net income data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. The tables below present information about operating segments for the three years ended December 31, 2019, 2018 and 2017 : 2019 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 3,369 $ 12 $ 3,577 $ 88 $ 167 $ 534 European Beverage 1,497 2 1,782 54 82 190 European Food 1,887 81 2,742 36 34 205 Asia Pacific 1,290 — 1,604 52 65 194 Transit Packaging 2,274 9 4,157 57 27 290 Total reportable segments 10,317 104 13,862 287 375 $ 1,413 Non-reportable segments 1,348 143 1,106 18 31 Corporate and unallocated items — — 537 4 26 Total $ 11,665 $ 247 $ 15,505 $ 309 $ 432 2018 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 3,282 $ 53 $ 3,388 $ 84 $ 111 $ 454 European Beverage 1,489 1 1,705 38 121 193 European Food 1,982 69 2,792 39 17 257 Asia Pacific 1,316 — 1,558 48 130 186 Transit Packaging 1,800 5 4,415 43 24 255 Total reportable segments 9,869 128 13,858 252 403 $ 1,345 Non-reportable segments 1,282 142 1,066 18 27 Corporate and unallocated items — — 338 7 32 Total $ 11,151 $ 270 $ 15,262 $ 277 $ 462 2017 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 2,928 $ 34 $ 3,253 $ 75 $ 167 $ 470 European Beverage 1,457 2 1,631 35 109 235 European Food 1,935 70 2,964 35 45 264 Asia Pacific 1,177 — 1,355 42 123 168 Total reportable segments 7,497 106 9,203 187 444 $ 1,137 Non-reportable segments 1,201 116 1,039 17 27 Corporate and unallocated items — — 421 4 27 Total $ 8,698 $ 222 $ 10,663 $ 208 $ 498 Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Corporate and unallocated items include corporate and division administrative costs, technology costs, and unallocated items such as stock-based compensation. A reconciliation of segment income of reportable segments to income before income taxes for the three years ended December 31, 2019, 2018 and 2017 follows: 2019 2018 2017 Segment income of reportable segments $ 1,413 $ 1,345 $ 1,137 Segment income of non-reportable segments 126 122 123 Corporate and unallocated items (158 ) (139 ) (143 ) Provision for asbestos — — (3 ) Restructuring and other 26 (44 ) (51 ) Goodwill impairment (25 ) — — Amortization of intangibles (186 ) (148 ) (39 ) Loss from early extinguishments of debt (27 ) — (7 ) Fair value adjustment to inventory — (40 ) — Other pension and postretirement (13 ) 25 53 Interest expense (378 ) (384 ) (252 ) Interest income 17 21 15 Foreign exchange (9 ) (18 ) (4 ) Income before income taxes $ 786 $ 740 $ 829 For the three years ended December 31, 2019, 2018 and 2017 , intercompany profit of $6 , $7 and $8 was eliminated within segment income of non-reportable segments. For the three years ended December 31, 2019, 2018 and 2017 , no one customer accounted for more than 10% of the Company's consolidated net sales. Sales by major product were: 2019 2018 2017 Metal beverage cans and ends $ 5,588 $ 5,551 $ 5,085 Metal food cans and ends 2,435 2,452 2,331 Transit packaging 2,274 1,800 — Other metal packaging 887 884 887 Other products 481 464 395 Consolidated net sales $ 11,665 $ 11,151 $ 8,698 The following table provides sales and long-lived asset information for the major countries in which the Company operates. Long-lived assets includes property, plant and equipment. Net Sales Long-Lived Assets 2019 2018 2017 2019 2018 United States $ 3,407 $ 3,018 $ 1,931 $ 722 $ 694 Mexico 834 763 699 438 434 Brazil 714 732 652 393 350 United Kingdom 641 685 600 136 139 Spain 682 666 649 337 346 Other 5,387 5,287 4,167 1,861 1,782 Consolidated total $ 11,665 $ 11,151 $ 8,698 $ 3,887 $ 3,745 |
Condensed Combining Financial I
Condensed Combining Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Combining Financial Information | Condensed Combining Financial Information Crown Cork & Seal Company, Inc. (Issuer), a wholly owned subsidiary, has $350 principal amount of 7.375% senior notes due 2026 and $40 principal amount of 7.5% senior notes due 2096 outstanding that are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt. The following condensed combining financial statements: • Statements of Comprehensive Income and Cash Flows for the years ended December 31, 2019, 2018 , 2017, and • Balance Sheets as of December 31, 2019 and December 31, 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 year ended December 31, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 11,665 $ 11,665 Cost of products sold, excluding depreciation and amortization 9,349 9,349 Depreciation and amortization 490 490 Selling and administrative expense $ 3 628 631 Restructuring and other (26 ) (26 ) Goodwill impairment 25 25 Income from operations — (3 ) 1,199 — 1,196 Loss from early extinguishments of debt 27 27 Other pension and postretirement 7 6 13 Net interest expense 73 288 361 Foreign exchange 9 9 Income/(loss) before income taxes — (83 ) 869 — 786 Provision for / (benefit from) income taxes (12 ) 178 166 Equity in net earnings of affiliates $ 510 509 5 $ (1,019 ) 5 Net income 510 438 696 (1,019 ) 625 Net income attributable to noncontrolling interests (115 ) (115 ) Net income attributable to Crown Holdings $ 510 $ 438 $ 581 $ (1,019 ) $ 510 Total comprehensive income $ 753 $ 647 $ 941 $ (1,471 ) $ 870 Comprehensive income attributable to noncontrolling interests (117 ) (117 ) Comprehensive income attributable to Crown Holdings $ 753 $ 647 $ 824 $ (1,471 ) $ 753 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 11,151 $ 11,151 Cost of products sold, excluding depreciation and amortization 9,028 9,028 Depreciation and amortization 425 425 Selling and administrative expense $ 3 555 558 Restructuring and other $ 9 35 44 Income from operations (9 ) (3 ) 1,108 — 1,096 Other pension and postretirement 7 (32 ) (25 ) Net interest expense 74 289 363 Foreign exchange 18 18 Income/(loss) before income taxes (9 ) (84 ) 833 — 740 Provision for / (benefit from) income taxes (2 ) 7 211 216 Equity in net earnings of affiliates 446 456 4 $ (902 ) 4 Net income 439 365 626 (902 ) 528 Net income attributable to noncontrolling interests (89 ) (89 ) Net income attributable to Crown Holdings $ 439 $ 365 $ 537 $ (902 ) $ 439 Total comprehensive income $ 303 $ 259 $ 487 $ (660 ) $ 389 Comprehensive income attributable to noncontrolling interests (86 ) (86 ) Comprehensive income attributable to Crown Holdings $ 303 $ 259 $ 401 $ (660 ) $ 303 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 8,698 $ 8,698 Cost of products sold, excluding depreciation and amortization 7,006 7,006 Depreciation and amortization 247 247 Selling and administrative expense $ 2 365 367 Provision for asbestos 3 3 Restructuring and other (1 ) 52 51 Income from operations — (4 ) 1,028 — 1,024 Loss from early extinguishments of debt 7 7 Other pension and postretirement 7 (60 ) (53 ) Net interest expense 91 146 237 Foreign exchange 4 4 Income/(loss) before income taxes — (102 ) 931 — 829 Provision for / (benefit from) income taxes 194 207 401 Equity in net earnings of affiliates $ 323 531 $ (854 ) — Net income 323 235 724 (854 ) 428 Net income attributable to noncontrolling interests (105 ) (105 ) Net income attributable to Crown Holdings $ 323 $ 235 $ 619 $ (854 ) $ 323 Total comprehensive income $ 482 $ 275 $ 886 $ (1,053 ) 590 Comprehensive income attributable to noncontrolling interests (108 ) (108 ) Comprehensive income attributable to Crown Holdings $ 482 $ 275 $ 778 $ (1,053 ) $ 482 As of December 31, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 607 $ 607 Receivables, net $ 11 1,517 1,528 Inventories 1,626 1,626 Prepaid expenses and other current assets 241 241 Total current assets — 11 3,991 — 4,002 Intercompany debt receivables 3,538 $ (3,538 ) — Investments $ 4,209 4,439 (8,648 ) — Goodwill 4,430 4,430 Intangible assets 2,015 2,015 Property, plant and equipment, net 3,887 3,887 Operating lease right-of-use assets, net 204 204 Other non-current assets 129 838 967 Total $ 4,209 $ 4,579 $ 18,903 $ (12,186 ) $ 15,505 Liabilities and equity Current liabilities Short-term debt $ 75 $ 75 Current maturities of long-term debt 62 62 Current portion of operating lease liabilities 51 51 Accounts payable 2,646 2,646 Accrued liabilities $ 24 $ 33 1,008 1,065 Total current liabilities 24 33 3,842 — 3,899 Long-term debt, excluding current maturities 388 7,430 7,818 Long-term intercompany debt 2,472 1,066 $ (3,538 ) — Non-current portion of operating lease liabilities 156 156 Postretirement and pension liabilities 683 683 Other non-current liabilities 311 546 857 Commitments and contingent liabilities Noncontrolling interests 379 379 Crown Holdings shareholders’ equity 1,713 2,781 5,867 (8,648 ) 1,713 Total equity 1,713 2,781 6,246 (8,648 ) 2,092 Total $ 4,209 $ 4,579 $ 18,903 $ (12,186 ) $ 15,505 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 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 937 2,134 5,088 (7,222 ) 937 Total equity 937 2,134 5,437 (7,222 ) 1,286 Total $ 3,459 $ 3,930 $ 18,656 $ (10,783 ) $ 15,262 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 39 $ (13 ) $ 1,180 $ (43 ) $ 1,163 Cash flows from investing activities Capital expenditures (432 ) (432 ) Acquisition of businesses, net of cash acquired (11 ) (11 ) Net investment hedges 23 23 Proceeds from sale of property, plant and equipment 39 39 Other 7 7 Net cash provided by/(used for) investing activities — — (374 ) — (374 ) Cash flows from financing activities Proceeds from long-term debt 2,216 2,216 Payments of long-term debt (2,845 ) (2,845 ) Net change in revolving credit facility and short-term debt (10 ) (10 ) Net change in long-term intercompany balances (36 ) 13 23 — Payments of finance leases (15 ) (15 ) Debt issuance costs (18 ) (18 ) Common stock issued 4 4 Common stock repurchased (7 ) (7 ) Dividends paid (43 ) 43 — Dividend paid to noncontrolling interests (101 ) (101 ) Contribution from noncontrolling interests 6 6 Foreign exchange derivatives related to debt (16 ) (16 ) Net cash provided by/(used for) financing activities (39 ) 13 (803 ) 43 (786 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1 1 Net change in cash, cash equivalents, and restricted cash — — 4 — 4 Cash, cash equivalents, and restricted cash at January 1 659 659 Cash, cash equivalents, and restricted cash at December 31 $ — $ — $ 663 $ — $ 663 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (8 ) $ (74 ) $ 692 $ (39 ) $ 571 Cash flows from investing activities Capital expenditures (462 ) (462 ) Beneficial interest in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Proceeds from sale of property, plant and equipment 36 36 Foreign exchange derivatives related to acquisitions (25 ) (25 ) Net investment hedge settlements 34 34 Other (4 ) (4 ) Net cash provided by/(used for) investing activities — — (3,843 ) — (3,843 ) Cash flows from financing activities Proceeds from long-term debt 4,082 4,082 Payments of long-term debt (333 ) (333 ) Net change in revolving credit facility and short-term debt (69 ) (69 ) Net change in long-term intercompany balances 11 74 (85 ) — Debt issuance costs (70 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Dividends paid (39 ) 39 — Dividend paid to noncontrolling interests (60 ) (60 ) Foreign exchange derivatives related to debt (14 ) (14 ) Net cash provided by/(used for) financing activities 8 74 3,412 39 3,533 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (37 ) (37 ) Net change in cash, cash equivalents, and restricted cash — — 224 — 224 Cash, cash equivalents, and restricted cash at January 1 435 435 Cash, cash equivalents, and restricted cash at December 31 $ — $ — $ 659 $ — $ 659 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 7 $ (58 ) $ (162 ) $ (38 ) $ (251 ) Cash flows from investing activities Capital expenditures (498 ) (498 ) Beneficial interest in transferred receivables 1,010 1,010 Proceeds from sale of property, plant and equipment 8 8 Intercompany investing activities 235 (235 ) — Other (24 ) (24 ) Net cash provided by/(used for) investing activities 235 — 496 (235 ) 496 Cash flows from financing activities Proceeds from long-term debt 1,054 1,054 Payments of long-term debt (5 ) (1,132 ) (1,137 ) Net change in revolving credit facility and short-term debt 95 95 Net change in long-term intercompany balances 88 63 (151 ) — Debt issuance costs (16 ) (16 ) Common stock issued 9 9 Common stock repurchased (339 ) (339 ) Dividends paid (273 ) 273 — Dividend paid to noncontrolling interests (93 ) (93 ) Foreign exchange derivatives related to debt 27 27 Net cash provided by/(used for) financing activities (242 ) 58 (489 ) 273 (400 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 14 14 Net change in cash, cash equivalents, and restricted cash — — (141 ) — (141 ) Cash, cash equivalents, and restricted cash at January 1 576 576 Cash, cash equivalents, and restricted cash at December 31 $ — $ — $ 435 $ — $ 435 Crown Americas, LLC, Crown Americas Capital Corp. II, Crown Americas Capital Corp. III and Crown Americas Capital Corp. V (collectively, the Issuers), wholly owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023 , $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 subsidiaries in the United States. The guarantors are wholly owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements: • Statements of Comprehensive Income and Cash Flows for the years ended December 31, 2018, 2018 , 2016, and • Balance Sheets as of December 31, 2019 and December 31, 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 year ended December 31, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 3,766 $ 8,358 $ (459 ) $ 11,665 Cost of products sold, excluding depreciation and amortization 3,147 6,661 (459 ) 9,349 Depreciation and amortization 141 349 490 Selling and administrative expense $ 10 264 357 631 Restructuring and other 14 (40 ) (26 ) Goodwill impairment 25 25 Income from operations — (10 ) 200 1,006 — 1,196 Loss from early extinguishments of debt 19 8 27 Other pension and postretirement 11 2 13 Net interest expense 77 124 160 361 Technology royalty (42 ) 42 — Foreign exchange (34 ) 1 8 34 9 Income/(loss) before income taxes — (72 ) 106 786 (34 ) 786 Provision for / (benefit from) income taxes (17 ) 59 132 (8 ) 166 Equity in net earnings of affiliates $ 510 206 358 2 (1,071 ) 5 Net income 510 151 405 656 (1,097 ) 625 Net income attributable to noncontrolling interests (115 ) (115 ) Net income attributable to Crown Holdings $ 510 $ 151 $ 405 $ 541 $ (1,097 ) $ 510 Total comprehensive income $ 753 $ 199 $ 614 $ 827 $ (1,523 ) $ 870 Comprehensive income attributable to noncontrolling interests (117 ) (117 ) Comprehensive income attributable to Crown Holdings $ 753 $ 199 $ 614 $ 710 $ (1,523 ) $ 753 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 3,426 $ 8,212 $ (487 ) $ 11,151 Cost of products sold, excluding depreciation and amortization 2,932 6,583 (487 ) 9,028 Depreciation and amortization 117 308 425 Selling and administrative expense $ 11 216 331 558 Restructuring and other $ 9 11 24 44 Income from operations (9 ) (11 ) 150 966 — 1,096 Other pension and postretirement (14 ) (11 ) (25 ) Net interest expense 91 113 159 363 Technology royalty (45 ) 45 — Foreign exchange (16 ) 19 15 18 Income/(loss) before income taxes (9 ) (86 ) 96 754 (15 ) 740 Provision for / (benefit from) income taxes (2 ) (20 ) 53 188 (3 ) 216 Equity in net earnings of affiliates 446 191 311 1 (945 ) 4 Net income 439 125 354 567 (957 ) 528 Net income attributable to noncontrolling interests (89 ) (89 ) Net income attributable to Crown Holdings $ 439 $ 125 $ 354 $ 478 $ (957 ) $ 439 Total comprehensive income $ 303 $ 62 $ 248 $ 479 $ (703 ) $ 389 Comprehensive income attributable to noncontrolling interests (86 ) (86 ) Comprehensive income attributable to Crown Holdings $ 303 $ 62 $ 248 $ 393 $ (703 ) $ 303 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 2,286 $ 6,797 $ (385 ) $ 8,698 Cost of products sold, excluding depreciation and amortization 1,960 5,431 (385 ) 7,006 Depreciation and amortization 40 207 247 Selling and administrative expense $ 10 134 223 367 Provision for asbestos 3 3 Restructuring and other 2 11 38 51 Income from operations (12 ) 138 898 — 1,024 Loss from early extinguishments of debt 6 1 7 Other pension and postretirement (13 ) (40 ) (53 ) Net interest expense 65 95 77 237 Technology royalty (42 ) 42 — Foreign exchange 90 (2 ) 6 (90 ) 4 Income/(loss) before income taxes (173 ) 100 812 90 829 Provision for / (benefit from) income taxes (66 ) 271 164 32 401 Equity in net earnings of affiliates $ 323 194 406 (923 ) — Net income 323 87 235 648 (865 ) 428 Net income attributable to noncontrolling interests (105 ) (105 ) Net income attributable to Crown Holdings $ 323 $ 87 $ 235 $ 543 $ (865 ) $ 323 Total comprehensive income $ 482 $ 115 $ 275 $ 854 $ (1,136 ) $ 590 Comprehensive income attributable to noncontrolling interests (108 ) (108 ) Comprehensive income attributable to Crown Holdings $ 482 $ 115 $ 275 $ 746 $ (1,136 ) $ 482 CONDENSED COMBINING BALANCE SHEET As of December 31, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 133 $ 5 $ 469 $ 607 Receivables, net 11 140 1,377 1,528 Intercompany receivables 48 23 $ (71 ) — Inventories 443 1,183 1,626 Prepaid expenses and other current assets 2 19 220 241 Total current assets — 146 655 3,272 (71 ) 4,002 Intercompany debt receivables 3,080 3,352 245 (6,677 ) — Investments $ 4,209 2,850 1,495 (8,554 ) — Goodwill 1,186 3,244 4,430 Intangible assets 832 1,183 2,015 Property, plant and equipment, net 1 725 3,161 3,887 Operating lease right-of-use assets, net 3 64 137 204 Other non-current assets 62 148 757 967 Total $ 4,209 $ 6,142 $ 8,457 $ 11,999 $ (15,302 ) $ 15,505 Liabilities and equity Current liabilities Short-term debt $ 75 $ 75 Current maturities of long-term debt $ 27 35 62 Current portion of operating lease liabilities $ 19 32 51 Accounts payable 682 1,964 2,646 Accrued liabilities $ 24 49 134 858 1,065 Intercompany payables 23 48 $ (71 ) — Total current liabilities 24 76 858 3,012 (71 ) 3,899 Long-term debt, excluding current maturities 3,313 388 4,117 7,818 Long-term intercompany debt 2,472 996 3,082 127 (6,677 ) — Non-current portion of operating lease liabilities 3 48 105 156 Postretirement and pension liabilities 386 297 683 Other non-current liabilities 303 554 857 Commitments and contingent liabilities Noncontrolling interests 379 379 Crown Holdings shareholders’ equity 1,713 1,754 3,392 3,408 (8,554 ) 1,713 Total equity 1,713 1,754 3,392 3,787 (8,554 ) 2,092 Total $ 4,209 $ 6,142 $ 8,457 $ 11,999 $ (15,302 ) $ 15,505 CONDENSED COMBINING BALANCE SHEET As of December 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 117 $ 19 $ 471 $ 607 Receivables, net 4 182 1,416 1,602 Intercompany receivables 33 13 $ (46 ) — Inventories 485 1,205 1,690 Prepaid expenses and other current assets $ 1 1 17 161 180 Total current assets 1 122 736 3,266 (46 ) 4,079 Intercompany debt receivables 2,577 3,449 12 (6,038 ) — Investments 3,458 2,657 1,248 (7,363 ) — Goodwill 1,178 3,264 4,442 Intangible assets 901 1,292 2,193 Property, plant and equipment, net 1 693 3,051 3,745 Other non-current assets 29 192 582 803 Total $ 3,459 $ 5,386 $ 8,397 $ 11,467 $ (13,447 ) $ 15,262 Liabilities and equity Current liabilities Short-term debt $ 89 $ 89 Current maturities of long-term debt $ 37 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 937 1,555 2,777 3,031 (7,363 ) 937 Total equity 937 1,555 2,777 3,380 (7,363 ) 1,286 Total $ 3,459 $ 5,386 $ 8,397 $ 11,467 $ (13,447 ) $ 15,262 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ 39 $ (29 ) $ 281 $ 975 $ (103 ) $ 1,163 Cash flows from investing activities Capital expenditures (97 ) (335 ) (432 ) Acquisition of businesses, net of cash acquired (11 ) (11 ) Net investment hedges 23 23 Proceeds from sale of property, plant and equipment 8 31 39 Intercompany investing activities 226 (226 ) — Other 7 7 Net cash provided by/(used for) investing activities — 23 126 (297 ) (226 ) (374 ) Cash flows from financing activities Proceeds from long-term debt 1,100 1,116 2,216 Payments of long-term debt (815 ) (887 ) (1,143 ) (2,845 ) Net change in revolving credit facility and short-term debt (10 ) (10 ) Net change in long-term intercompany balances (36 ) (253 ) 479 (190 ) — Payments of finance leases (13 ) (2 ) (15 ) Debt issuance costs (10 ) (8 ) (18 ) Common stock issued 4 4 Common stock repurchased (7 ) (7 ) Dividends paid (329 ) 329 — Dividends paid to noncontrolling interests (101 ) (101 ) Contribution from noncontrolling interests 6 6 Foreign exchange derivatives related to debt (16 ) (16 ) Net cash provided by/(used for) financing activities (39 ) 22 (421 ) (677 ) 329 (786 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1 1 Net change in cash, cash equivalents, and restricted cash — 16 (14 ) 2 — 4 Cash, cash equivalents, and restricted cash at January 1 — 117 19 523 — 659 Cash, cash equivalents, and restricted cash at December 31 $ — $ 133 $ 5 $ 525 $ — $ 663 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (8 ) $ (44 ) $ 180 $ 532 $ (89 ) $ 571 Cash flows from investing activities Capital expenditures (60 ) (402 ) (462 ) Beneficial interest in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Proceeds from sale of property, plant and equipment 9 27 36 Intercompany investing activities (100 ) 100 — Foreign exchange derivatives related to acquisition (25 ) (25 ) Net investment hedge settlements 34 34 Other (4 ) (4 ) Net cash provided by/(used for) investing activities — (66 ) (51 ) (3,826 ) 100 (3,843 ) Cash flows from financing activities Proceeds from long-term debt 975 1,150 1,957 4,082 Payments of long-term debt (25 ) (265 ) (43 ) (333 ) Net change in revolving credit facility and short-term debt (69 ) (69 ) Net change in long-term intercompany balances 11 (719 ) (998 ) 1,706 — Debt issuance costs (40 ) (30 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Capital contribution 100 (100 ) — Dividends paid (89 ) 89 — Dividends paid to noncontrolling interests (60 ) (60 ) Foreign exchange derivatives related to debt (14 ) (14 ) Net cash provided by/(used for) financing activities 8 191 (113 ) 3,458 (11 ) 3,533 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (37 ) (37 ) Net change in cash, cash equivalents, and restricted cash — 81 16 127 — 224 Cash, cash equivalents, and restricted cash at January 1 — 36 3 396 — 435 Cash, cash equivalents, and restricted cash at December 31 $ — $ 117 $ 19 $ 523 $ — $ 659 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ 7 $ (30 ) $ 83 $ (211 ) $ (100 ) $ (251 ) Cash flows from investing activities Capital expenditures (102 ) (396 ) (498 ) Beneficial interest in transferred receivables 1,010 1,010 Proceeds from sale of property, plant and equipment 1 7 8 Intercompany investing activities 235 300 (535 ) — Other (20 ) (4 ) (24 ) Net cash provided by/(used for) investing activities 235 — 179 617 (535 ) 496 Cash flows from financing activities Proceeds from long-term debt 750 9 295 1,054 Payments of long-term debt (1,015 ) (7 ) (115 ) (1,137 ) Net change in revolving credit facility and short-term debt 95 95 Net change in long-term intercompany balances 88 263 (261 ) (90 ) — Debt issuance costs (15 ) (1 ) (16 ) Common stock issued 9 9 Common stock repurchased (339 ) (339 ) Dividends paid (635 ) 635 — Dividends paid to noncontrolling interests (93 ) (93 ) Foreign exchange derivatives related to debt 27 27 Net cash provided by/(used for) financing activities (242 ) (17 ) (259 ) (517 ) 635 (400 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 14 14 Net change in cash, cash equivalents, and restricted cash — (47 ) 3 (97 ) — (141 ) Cash, cash equivalents, and restricted cash at January 1 83 493 576 Cash, cash equivalents, and restricted cash at December 31 $ — $ 36 $ 3 $ 396 $ — $ 435 |
Quarterly Data (unaudited)
Quarterly Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Quarterly Data (unaudited) | Quarterly Data (unaudited) (in millions) 2019 2018 First (1) Second (2) Third (3) Fourth (4) First (5) Second (6) Third (7) Fourth (8) Net sales $ 2,755 $ 3,035 $ 3,084 $ 2,791 $ 2,197 $ 3,046 $ 3,174 $ 2,734 Gross profit * 423 495 508 400 324 467 517 390 Income from operations 262 383 352 199 221 292 365 218 Net income (loss) attributable to Crown Holdings 103 137 183 87 90 132 164 53 Earnings per average common share: Basic $ 0.77 $ 1.02 $ 1.37 $ 0.65 $ 0.67 $ 0.99 $ 1.23 $ 0.40 Diluted 0.77 1.02 1.36 0.64 0.67 0.99 1.23 0.40 Average common shares outstanding: Basic 133.8 133.9 133.9 134.0 133.5 133.6 133.7 133.7 Diluted 134.4 134.8 135.0 135.2 133.8 133.8 133.8 134.1 * The Company defines gross profit as net sales less cost of products sold and depreciation and amortization. Notes: (1) Includes pre-tax charges of $4 for restructuring and other and $6 from early extinguishment of debt and a pension plan curtailment gain of $14 . (2) Includes pre-tax gains of $45 for restructuring and other, and charges of $31 for a pension plan settlement and $15 to settle a tax contingency. (3) Includes pre-tax charges of $6 for pension plan settlements. (4) Includes pre-tax charges of $25 for a goodwill impairment, $15 for restructuring and other and $7 for pension plan settlements. Also, includes income tax benefits of $37 primarily related to a deferred tax valuation allowance release. (5) Includes pre-tax charges of $13 for restructuring and other and $24 for acquisition costs. (6) Includes pre-tax charges of $40 for fair value adjustment to inventory and $16 for restructuring and other. (7) Includes a pre-tax benefit of $1 for restructuring and other and income tax charges of $28 related to taxes on distributions of foreign earnings. (8) Includes pre-tax charges of $16 for restructuring and other and $42 for pension plan settlements. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (In millions) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F Additions Description Balance at beginning of period Charged to costs and expense Charged to other accounts Acquisitions Deductions – write-offs Balance at end of period For the year ended December 31, 2019 Allowances deducted from assets to which they apply: Trade accounts receivable $ 65 $ 4 $ — $ 1 $ (8 ) $ 62 Deferred tax assets 282 (33 ) 5 — (11 ) 243 For the year ended December 31, 2018 Allowances deducted from assets to which they apply: Trade accounts receivable 71 (6 ) (4 ) 7 (3 ) 65 Deferred tax assets 228 (1 ) (7 ) 76 (14 ) 282 For the year ended December 31, 2017 Allowances deducted from assets to which they apply: Trade accounts receivable 76 — 6 — (11 ) 71 Deferred tax assets 225 9 — — (6 ) 228 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business and Principles of Consolidation | Business and Principles of Consolidation . The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). The Company is a worldwide leader in the design, manufacture and sale of packaging products and equipment for consumer goods and industrial products. The Company’s packaging for consumer goods include steel and aluminum cans for beverage, food, household and other consumer products, glass bottles for beverage products and metal vacuum closures and steel crowns sold through the Company's sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The Company's packaging for industrial products includes steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment, which are sold into the metals, food and beverage, construction, agricultural, corrugated and general industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary and therefore, should consolidate the VIE. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. Other investments are carried at cost. |
Foreign Currency Translation | Foreign Currency Translation . For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. |
Revenue Recognition | Revenue Recognition . On January 1, 2018, the Company adopted new accounting guidance which outlined a single comprehensive model to use in accounting for revenue arising from contracts with customers and superseded previous revenue recognition guidance. Under previous guidance, the Company generally recognized revenue from product sales when the goods were shipped and title and risk of loss passed to the customer. Under the new guidance, revenues are recognized when control of the promised product is transferred to customers. The majority of the Company’s revenues from metal packaging products are derived from multi-year requirement contracts with leading manufacturers and marketers of packaged consumer products for can sets, comprising a can and an end. As requirement contracts do not typically include fixed volumes, customers often purchase products pursuant to purchase orders or other communications which are short-term in nature. The can and the end are considered separate performance obligations because they are distinct and separately identifiable. Revenues from the Company's transit packaging segment are generally derived from individual purchase orders which may include multiple goods and services which are separate performance obligations because they are distinct and separately identifiable. The Company manufactures certain products that have no alternative use to the Company once they are printed or manufactured to customer specifications. If the Company has an enforceable right to payment for custom products at all times in the manufacturing process, revenue is recognized over time. In each of the Company’s geographic markets, revenue from beverage cans is primarily recognized over time using the units produced output method as beverage cans are generally printed for a specific customer in a continuous production process. The timing of revenue recognition for the Company’s other products, including beverage ends and three-piece products, which includes food cans and ends and aerosol cans and ends, may vary as these products may be printed or customized depending upon customer preferences which can vary by geographic market. Revenue that is recognized over time for the Company’s three-piece products and equipment business is generally recognized using the cost-to-cost input method as these products involve an intermediary step that results in customized work-in-process inventory. For products that follow a point in time model, revenue is generally recognized when title and risk of loss transfer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Standalone selling prices for each performance obligation are generally stated in the contract. When the Company offers variable consideration in the form of volume rebates to customers, it estimates the most likely amount of revenue to which it is expected to be entitled and includes the estimate in the transaction price, limited to the amount which is probable will not result in reversal of cumulative revenue recognized when the variable consideration is resolved. When the Company offers customers options to purchase additional product at discounted prices, judgment is required to determine if the discounted prices represent material rights. If so, the transaction price allocated to the discount is based on its relative standalone price and is recognized upon purchase of the additional product. Customer payment terms are typically less than one year and as such, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold and are accrued when the Company recognizes revenue over time before the shipping and handling activities occur. Costs to obtain a contract are generally immaterial but the Company has elected the practical expedient to expense these costs as incurred if the duration of the contract is one year or less. Unbilled receivables are recorded for revenue recognized over time when the Company has determined that control has passed to the customer but the customer has not yet been invoiced because the Company does not have present right to payment. The Company generally has a present right to payment when title of product transfers. Unbilled receivables are included in receivables in the Consolidated Balance Sheet with a corresponding decrease to inventory. Contract assets are recorded for revenue recognized over time when the Company has determined that control for a performance obligation has passed to the customer, but the right to invoice the customer is contingent upon the completion of the performance obligations included in the contract. Contract assets are classified as current as they are expected to be invoiced within one year and may not exceed their net realizable value. Contract liabilities are established if the Company must defer the recognition of a portion of consideration received because it has to satisfy a future obligation. Contract liabilities are classified as current or noncurrent based on when the Company expects to recognize revenue. |
Stock-Based Compensation | Stock-Based Compensation . For awards with a service or market condition, compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. For awards with a performance condition, the Company assesses the probability of vesting at each reporting period and adjust compensation cost based on its probability assessment. The Company’s plans provide for stock awards which may include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals, or over the period from the grant date to the date that retirement eligibility is achieved if less than the stated vesting period. |
Cash and Cash Equivalents | Cash, Cash Equivalents and Restricted Cash |
Restricted Cash | The Company generally classifies any cash that is legally restricted as to withdrawal or usage as restricted cash. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts . Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in existing accounts receivable. The allowance is determined based on a review of individual accounts for collectability, generally focusing on those accounts that are past due or experiencing financial difficulties. The current year expense to adjust the allowance for doubtful accounts is recorded within selling and administrative expense in the Consolidated Statements of Operations. |
Inventory Valuation | Inventory Valuation . Inventories are stated at the lower of cost or market, with cost principally determined under the first-in, first-out (“FIFO”) or average cost method. |
Property, Plant And Equipment | Property, Plant and Equipment . Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and building improvements 25 – 40 Machinery and equipment 3 – 18 |
Goodwill and Intangible Assets | Goodwill and Intangible Assets . Assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the dates of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. Goodwill is carried at cost and reviewed for impairment annually in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired. Goodwill was allocated to the reporting units at the time of each acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Further quantitative assessment may then be required. The quantitative assessment involves a number of assumptions and judgments, including the calculation of fair value for the Company’s identified reporting units. The Company determines the estimated fair value of each reporting unit based on an average of the estimated fair values using an income and a market approach. The income approach utilizes significant assumptions, including revenue and Adjusted EBITDA margin growth rates and discount rate. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit to its fair value, not to exceed the carrying amount of goodwill. Definite-lived intangible assets are carried at cost less accumulated amortization. Definite-lived intangibles are amortized on a straight-line basis over their estimated useful lives described below (in years). Definite-lived intangible assets are tested for impairment when facts and circumstances indicate the carrying value may not be recoverable from their undiscounted cash flows. If impaired, the assets are written down to fair value based on either discounted cash flows or appraised values. Customer relationships 11 - 18 Trade names 8 - 27 Technology 6 - 8 Long-term supply contracts 15 Patents 8 |
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets . In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. |
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 relates. 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 the currency in which lease payments are made. The Company's leases do not contain any material residual value guarantees or material restrictive covenants. |
Taxes on Income | Taxes on Income . The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. The Tax Act created a requirement that certain intangible income of foreign subsidiaries must be included currently in the gross income of the U.S. shareholder. The Company has made an accounting policy election to treat taxes due on future U.S. inclusions in taxable income related to this intangible income as a current period expense when incurred. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. Income tax-related interest and penalties are reported as income tax expense. |
Derivatives and Hedging | Derivatives and Hedging . All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the anticipated transactions are no longer probable. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. |
Treasury Stock | Treasury Stock . Treasury stock is reported at par value. The excess of fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. |
Research and Development | Research and Development . Research, development and engineering costs of $55 in 2019, $51 in 2018, and $39 in 2017 were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. |
Reclassifications | Reclassifications. Certain reclassifications of prior years’ data have been made to conform to the current year presentation. |
Recent Accounting and Reporting Pronouncements | Recent Accounting and Reporting Pronouncements. Recently Adopted Accounting Standards In 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 carry forward 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 B 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 Act. The Company adopted the guidance on January 1, 2019 and elected not to reclassify stranded tax effects resulting from the Tax Act. Recently Issued Accounting Standards In June 2016, the FASB issued new guidance on the accounting for credit losses on financial instruments. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in operating leases and off-balance-sheet credit exposures. This guidance is effective for the Company on January 1, 2020. The Company is currently evaluating the impact of adopting this standard and does not expect the guidance to have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued new guidance which aligns the accounting for implementation costs incurred in a cloud computing arrangement that is a service arrangement (i.e. hosting arrangement) with the guidance on capitalizing costs for internal use software. The Company will adopt this standard on a prospective basis on January 1, 2020 and does not expect the guidance to have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by, among other things, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws. The guidance is effective for the Company on January 1, 2021. The Company does not expect the guidance to have a material impact on the consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of PP&E | Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and building improvements 25 – 40 Machinery and equipment 3 – 18 2019 2018 Buildings and improvements $ 1,402 $ 1,352 Machinery and equipment 5,836 5,562 Land and improvements 298 280 Construction in progress 276 323 7,812 7,517 Less: accumulated depreciation and amortization (3,925 ) (3,772 ) $ 3,887 $ 3,745 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease expense for the year ended December 31, 2019 were as follows: 2019 Operating lease costs: Operating lease cost $ 49 Short-term lease cost 4 Total operating lease costs $ 53 Finance lease cost: Amortization of right-of-use assets $ 1 Total finance lease costs $ 1 |
Supplemental Cash Flow Information Related to Leases | upplemental cash flow information related to leases was as follows: 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 51 Financing cash flows from finance leases 15 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 33 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: 2019 Operating leases: Operating lease right-of-use assets $ 204 Current portion of operating lease liabilities $ 51 Non-current portion of operating lease liabilities 156 Total operating lease liabilities $ 207 Finance leases: Property, plant and equipment $ 27 Accumulated depreciation (1 ) Property, plant and equipment, net $ 26 Accrued liabilities $ 2 Other non-current liabilities 11 Total finance lease liabilities $ 13 Weighted average remaining lease term: Operating leases 9.5 Finance leases 7.0 Weighted average discount rate: Operating leases 4.2 % Finance leases 4.1 % |
Maturities of Operating Lease Liabilities | Maturities of lease liabilities as of December 31, 2019 were as follows: Operating Leases Finance Leases 2020 $ 53 $ 3 2021 42 2 2022 30 2 2023 22 2 2024 18 2 Thereafter 100 4 Total lease payments 265 15 Less imputed interest (58 ) (2 ) Total $ 207 $ 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 At December 31, 2019 , the Company does not have material lease commitments that have not commenced. |
Maturities of Finance Lease Liabilities | Maturities of lease liabilities as of December 31, 2019 were as follows: Operating Leases Finance Leases 2020 $ 53 $ 3 2021 42 2 2022 30 2 2023 22 2 2024 18 2 Thereafter 100 4 Total lease payments 265 15 Less imputed interest (58 ) (2 ) Total $ 207 $ 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 At December 31, 2019 , the Company does not have material lease commitments that have not commenced. |
Acquisition of Signode (Tables)
Acquisition of Signode (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition Unaudited Pro Forma Information | The following unaudited supplemental pro forma data presents consolidated information as if the acquisition had been completed on January 1, 2017. These amounts were calculated after adjusting Signode's results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment and intangible assets had been applied from January 1, 2017 and related transaction costs. These adjustments also include an additional charge of $32 in the year ended December 31, 2017 for the fair value adjustment for inventory acquired. Unaudited pro forma data for the year-ended December 31, 2018 2017 Pro forma net sales $ 11,739 $ 10,930 Pro forma net income attributable to Crown Holdings 442 234 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of 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: 2019 2018 Cash and cash equivalents $ 607 $ 607 Restricted cash included in prepaid expenses and other current assets 50 45 Restricted cash included in other non-current assets 6 7 Total restricted cash 56 52 Total cash, cash equivalents and restricted cash $ 663 $ 659 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Receivables | 2019 2018 Accounts receivable $ 1,162 $ 1,303 Less: allowance for doubtful accounts (62 ) (65 ) Net trade receivables 1,100 1,238 Unbilled receivables 226 181 Miscellaneous receivables 202 183 $ 1,528 $ 1,602 |
Schedule of Amounts Securitized or Factored | t December 31, amounts securitized or factored were as follows: 2019 2018 Accounted for as secured borrowings $ 14 $ 9 Accounted for as sales 1,318 1,097 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | 2019 2018 Raw materials and supplies $ 905 $ 937 Work in process 151 144 Finished goods 570 609 $ 1,626 $ 1,690 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill at December 31, 2019 was net of the following accumulated impairments: Americas Beverage European Beverage European Food Transit Packaging Non-reportable Segments Total Accumulated impairments balance at December 31, 2019 $ 29 $ 73 $ 724 $ — $ 175 $ 1,001 Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2019 and 2018 was as follows: Americas Beverage European Beverage European Food Transit Packaging Non-reportable segments Total Balance at January 1, 2018 $ 844 $ 564 $ 1,355 $ — $ 283 $ 3,046 Goodwill acquired — — — 1,552 — 1,552 Foreign currency translation (2 ) (33 ) (64 ) (46 ) (11 ) (156 ) Balance at December 31, 2018 842 531 1,291 1,506 272 4,442 Goodwill acquired — — — 8 — 8 Goodwill impairment — — — — (25 ) (25 ) Foreign currency translation 23 3 (22 ) (5 ) 6 5 Balance at December 31, 2019 $ 865 $ 534 $ 1,269 $ 1,509 $ 253 $ 4,430 |
intangible Assets (Tables)
intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Finite-Lived Intangible Assets | Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: December 31, 2019 December 31, 2018 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,621 $ (331 ) $ 1,290 $ 1,615 $ (206 ) $ 1,409 Trade names 541 (40 ) 501 547 (17 ) 530 Technology 158 (41 ) 117 160 (18 ) 142 Long term supply contracts 150 (48 ) 102 143 (37 ) 106 Patents 14 (9 ) 5 14 (8 ) 6 $ 2,484 $ (469 ) $ 2,015 $ 2,479 $ (286 ) $ 2,193 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and building improvements 25 – 40 Machinery and equipment 3 – 18 2019 2018 Buildings and improvements $ 1,402 $ 1,352 Machinery and equipment 5,836 5,562 Land and improvements 298 280 Construction in progress 276 323 7,812 7,517 Less: accumulated depreciation and amortization (3,925 ) (3,772 ) $ 3,887 $ 3,745 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Components of Other Non-Current Assets | 2019 2018 Pension benefits $ 491 $ 360 Deferred taxes 278 272 Fair value of derivatives 54 20 Investments 20 19 Debt issuance costs 15 15 Other 109 117 $ 967 $ 803 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 2019 2018 Salaries and employee benefits $ 205 $ 210 Accrued taxes, other than on income 139 124 Accrued interest 82 83 Income taxes 67 47 Fair value of derivatives 44 52 Asbestos liabilities 25 25 Restructuring 17 21 Other 486 449 $ 1,065 $ 1,011 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges by Segment and Type | Restructuring charges by type were as follows: 2019 2018 2017 Termination benefits $ 18 $ 17 $ 15 Other exit costs 4 8 3 $ 22 $ 25 $ 18 The Company recorded restructuring and other items as follows: 2019 2018 2017 Asset impairments and sales $ (7 ) $ (5 ) $ 12 Restructuring 22 25 18 Transaction costs — 26 2 Other (income) / costs (41 ) (2 ) 19 $ (26 ) $ 44 $ 51 Restructuring charges by segment were as follows: 2019 2018 2017 Americas Beverage $ 1 $ 4 $ 3 European Beverage — 1 — European Food 4 4 4 Asia Pacific 3 5 3 Transit Packaging 6 3 — Non-reportable segments 5 5 8 Corporate 3 3 — $ 22 $ 25 $ 18 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | 2019 2018 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 75 $ 75 $ 89 $ 89 Long-term debt Senior secured borrowings: Term loan facilities U.S. dollar at LIBOR plus 1.5% due 2024 1,100 1,094 815 810 U.S. dollar at LIBOR plus 2.00% due 2025 — — 887 864 Euro at EURIBOR plus 1.5% due 2024 1 505 504 301 301 Euro at EURIBOR plus 2.375% due 2025 2 — — 855 846 Senior notes and debentures: €650 at 4.0% due 2022 729 725 745 740 U. S. dollar at 4.50% due 2023 1,000 995 1,000 993 €335 at 2.25% due 2023 376 372 384 380 €550 at 0.75% due 2023 617 610 — — €600 at 2.625% due 2024 673 668 688 682 €600 at 3.375% due 2025 673 667 688 681 U.S. dollar at 4.25% due 2026 400 395 400 394 U.S. dollar at 4.75% due 2026 875 863 875 863 U.S. dollar at 7.375% due 2026 350 348 350 348 €500 at 2.875% due 2026 561 554 573 566 U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies: Fixed rate with rates in 2019 from 4.0% to 7.5% due through 2036 39 39 62 62 Variable rate with average rates in 2019 from 2.6% to 4.3% due through 2025 6 6 4 4 Total long-term debt 7,944 7,880 8,667 8,574 Less: current maturities (62 ) (62 ) (81 ) (81 ) Total long-term debt, less current maturities $ 7,882 $ 7,818 $ 8,586 $ 8,493 (1) €450 and €263 at December 31, 2019 and 2018 (2) €746 at December 31, 2018 |
Schedule of Weighted Average Interest Rates | The weighted average interest rates were as follows: 2019 2018 2017 Short-term debt 2.6 % 1.0 % 1.4 % Revolving credit facilities 3.8 % 3.2 % 3.3 % |
Derivative and Other Financia_2
Derivative and Other Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accumulated Other Comprehensive Income (AOCI) and Earnings from Changes in Fair Value Related to Derivative Instruments | The following tables set forth financial information about the impact on other comprehensive income ("OCI") from changes in the fair value of derivative instruments designated as net investment hedges. Amount of gain/(loss) recognized in OCI Derivatives designated as net investment hedges 2019 2018 Foreign exchange $ 26 $ 11 The following tables set forth financial information about the impact on accumulated other comprehensive income ("AOCI") and earnings from changes in fair value related to derivative instruments designated as cash flow hedges. Amount of gain/(loss) recognized in AOCI Derivatives designated as cash flow hedges 2019 2018 Foreign exchange $ (8 ) $ (3 ) Interest rate (1 ) — Commodities (13 ) (32 ) $ (22 ) $ (35 ) Amount of gain/ (loss) reclassified from AOCI into income Derivatives designated as cash flow hedges 2019 2018 Affected line item in the Statement of Operations Foreign exchange $ (4 ) $ (11 ) Net sales Commodities 14 (5 ) Net sales Foreign exchange (1 ) 6 Cost of products sold Commodities (52 ) 31 Cost of products sold (43 ) 21 Income before taxes 11 (6 ) Provision for income taxes $ (32 ) $ 15 Net Income |
Schedule of Impact on Earnings from Derivatives Not Designated as Hedges | The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain/(loss) recognized in earnings Derivatives not designated as hedges 2019 2018 Affected line item in the Statement of Operations Foreign exchange $ (3 ) $ 4 Net sales Foreign exchange 3 (6 ) Cost of products sold Foreign exchange (26 ) (26 ) Foreign exchange $ (26 ) $ (28 ) |
Fair Value of Financial Assets and Liabilities on Recurring Basis | The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis. Balance Sheet classification December 31, December 31, 2018 Balance Sheet classification December 31, December 31, 2018 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Other current assets $ 10 $ 6 Accrued liabilities $ 15 $ 5 Other non-current assets 1 3 Other non-current liabilities 1 1 Foreign exchange contracts fair value Other current assets 1 1 Accrued liabilities 3 1 Commodities contracts cash flow Other current assets 11 16 Accrued liabilities 21 42 Other non-current assets — 2 Other non-current liabilities — 6 Interest rate contracts cash flow Other non-current assets — — Other non-current liabilities 1 — Net investment hedge Other non-current assets 51 15 Other non-current liabilities 2 — $ 74 $ 43 $ 43 $ 55 Derivatives not designated as hedging instruments Foreign exchange contracts Other current assets $ 7 $ 4 Accrued liabilities $ 5 $ 4 Other non-current assets 2 — Other non-current liabilities 1 — $ 9 $ 4 $ 6 $ 4 Total derivatives $ 83 $ 47 $ 49 $ 59 |
Schedule of Fair Value Hedge Carrying Amounts | Fair Value Hedge Carrying Amounts Carrying amount of the hedged assets/(liabilities) Line item in the Balance Sheet in which the hedged item is included December 31, 2019 December 31, 2018 Receivables, net 12 15 Accrued liabilities (83 ) (13 ) |
Offsetting Assets | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at December 31, 2019 Derivative assets $ 83 $ 16 $ 67 Derivative liabilities 49 16 33 Balance at December 31, 2018 Derivative assets $ 47 $ 19 $ 28 Derivative liabilities 59 19 40 |
Offsetting Liabilities | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at December 31, 2019 Derivative assets $ 83 $ 16 $ 67 Derivative liabilities 49 16 33 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 Sheets | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets were: December 31, 2019 December 31, 2018 Derivatives designated as cash flow hedges: Foreign exchange $ 1,030 $ 820 Commodities 334 428 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 1,017 796 |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Summary of Claims Activity | The Company's approximate claims activity for the years ended 2019, 2018 and 2017 was as follows: 2019 2018 2017 Beginning claims 56,000 55,500 55,500 New claims 2,000 2,000 2,500 Settlements or dismissals (2,000 ) (1,500 ) (2,500 ) Ending claims 56,000 56,000 55,500 |
Schedule of Asbestos Claims Cash Payments | The Company's cash payments during the years ended 2019 , 2018 , and 2017 were as follows: 2019 2018 2017 Asbestos-related payments $ 22 $ 21 $ 30 Settled claims payments (included in asbestos-related payments above) 17 15 24 |
Summary of Outstanding Asbestos Claims by Year of Exposure and State Filed | In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes by year of exposure and state filed. As of December 31, 2019 and December 31, 2018 , the Company's outstanding claims were: 2019 2018 Claimants alleging first exposure after 1964 16,500 16,500 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 13,000 Pennsylvania 1,500 1,500 Other states that have enacted asbestos legislation 6,000 6,000 Other states 19,000 19,000 Total claims outstanding 56,000 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: 2019 2018 2017 Total claims 22 % 22 % 22 % Pre-1964 claims in states without asbestos legislation 41 % 41 % 41 % |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Non-Current Liabilities | 2019 2018 Deferred taxes $ 405 $ 399 Asbestos liabilities 248 270 Postemployment benefits 36 22 Income taxes payable 25 26 Environmental 12 12 Fair value of derivatives 5 7 Finance lease liabilities 11 24 Other 115 127 $ 857 $ 887 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Components of Pension Expense and Benefits Cost | The components of pension expense were as follows: U.S. Plans 2019 2018 2017 Service cost $ 15 $ 17 $ 14 Interest cost 50 47 50 Expected return on plan assets (70 ) (85 ) (83 ) Amortization of actuarial loss 55 51 52 Amortization of prior service cost 1 1 1 Net periodic cost $ 51 $ 31 $ 34 Non-U.S. Plans 2019 2018 2017 Service cost $ 15 $ 26 $ 22 Interest cost 71 75 75 Expected return on plan assets (138 ) (159 ) (146 ) Settlements 44 38 — Curtailments (14 ) — (3 ) Amortization of actuarial loss 38 45 42 Amortization of prior service credit (1 ) (11 ) (11 ) Net periodic cost / (benefit) $ 15 $ 14 $ (21 ) The components of net postretirement benefits cost were as follows: Other Postretirement Benefits 2019 2018 2017 Service cost $ 1 $ 4 $ — Interest cost 6 6 6 Amortization of prior service credit (34 ) (37 ) (40 ) Amortization of actuarial loss 3 4 4 Net periodic benefit credit $ (24 ) $ (23 ) $ (30 ) |
Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations, Plan Assets and Funded Status | The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans were as follows: U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Projected Benefit Obligations Benefit obligations at January 1 $ 1,371 $ 1,499 $ 3,102 $ 3,507 Service cost 15 17 15 26 Interest cost 50 47 71 75 Plan participants’ contributions — — 2 4 Amendments (1 ) — — — Settlements — — (152 ) (121 ) Curtailments — — (18 ) — Actuarial loss 133 (83 ) 242 (199 ) Acquisitions — — — 148 Benefits paid (128 ) (109 ) (152 ) (150 ) Foreign currency translation — — 110 (188 ) Benefit obligations at December 31 $ 1,440 $ 1,371 $ 3,220 $ 3,102 Plan Assets Fair value of plan assets at January 1 $ 1,012 $ 1,220 $ 3,264 $ 3,665 Actual return on plan assets 244 (102 ) 373 (39 ) Employer contributions 3 3 19 16 Plan participants’ contributions — — 2 4 Settlements — — (152 ) (121 ) Acquisitions — — — 90 Benefits paid (128 ) (109 ) (152 ) (150 ) Foreign currency translation — — 126 (201 ) Fair value of plan assets at December 31 $ 1,131 $ 1,012 $ 3,480 $ 3,264 Funded status $ (309 ) $ (359 ) $ 260 $ 162 Accumulated benefit obligations at December 31 $ 1,397 $ 1,327 $ 3,182 $ 3,009 |
Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Information for pension plans with accumulated benefit obligations in excess of plan assets was as follows: U.S. Plans 2019 2018 Projected benefit obligations $ 1,440 $ 1,371 Accumulated benefit obligations 1,397 1,327 Fair value of plan assets 1,131 1,012 Non-U.S. Plans 2019 2018 Projected benefit obligations $ 399 $ 363 Accumulated benefit obligations 383 329 Fair value of plan assets 187 167 |
Schedule of Ranges for Asset Allocation and Summary of Defined Benefit Plan Assets and Accrued Income | The levels assigned to the defined benefit plan assets as of December 31, 2019 and 2018 are summarized in the tables below: 2019 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 23 $ 190 $ 213 Global large cap equity — 7 7 U.S. large cap equity 155 4 159 U.S. mid/small cap equity 218 27 245 Mutual funds – global equity 144 — 144 Mutual funds – U.S. equity 206 — 206 Mutual funds – fixed income 67 — 67 813 228 1,041 Level 2 Government issued debt securities — 260 260 Corporate debt securities 52 332 384 Asset backed securities — 2 2 Structured debt — 811 811 Insurance contracts — 105 105 Derivatives — 194 194 Investment funds – fixed income — 373 373 Investment funds – global equity — 297 297 Investment funds – emerging markets — 33 33 52 2,407 2,459 Level 3 Investment funds – real estate 96 220 316 Hedge funds — 43 43 Private equity 5 70 75 Real estate – direct 21 9 30 122 342 464 Total assets in fair value hierarchy 987 2,977 3,964 Investments measured at NAV Practical Expedient (a) Investment funds – fixed income 102 91 193 Investment funds – global equity 18 78 96 Investment funds – emerging markets 23 — 23 Hedge funds — 328 328 143 497 640 Total investments at fair value $ 1,130 $ 3,474 $ 4,604 2018 U.S. plan assets Non-U.S. plan assets Total Level 1 Cash and cash equivalents $ 34 $ 225 $ 259 Global large cap equity — 27 27 U.S. large cap equity 66 3 69 U.S. mid/small cap equity 182 16 198 Mutual funds – global equity 133 — 133 Mutual funds – U.S. equity 188 — 188 Mutual funds – fixed income 104 — 104 707 271 978 Level 2 Government issued debt securities — 341 341 Corporate debt securities 49 212 261 Asset backed securities — 2 2 Structured debt — 699 699 Insurance contracts — 105 105 Derivatives — 103 103 Investment funds – fixed income — 411 411 Investment funds – global equity — 268 268 49 2,141 2,190 Level 3 Investment funds – real estate 94 196 290 Hedge funds — 113 113 Private equity 9 94 103 Real estate – direct 20 7 27 123 410 533 Total assets in fair value hierarchy 879 2,822 3,701 Investments measured at NAV Practical Expedient (a) Investment funds – fixed income 98 112 210 Investment funds – global equity 14 43 57 Investment funds – emerging markets 20 — 20 Hedge funds — 282 282 132 437 569 Total investments at fair value $ 1,011 $ 3,259 $ 4,270 (a) In accordance with ASU No. 2015-07, certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Accrued income excluded from the tables above was as follows: 2019 2018 U.S. plan assets $ 1 $ 1 Non-U.S. plan assets 6 5 The strategic ranges for asset allocation in the U.S. plans are as follows: U.S. equities 39 % to 49 % International equities 12 % to 18 % Fixed income 16 % to 26 % Balanced funds 7 % to 13 % Real estate 7 % to 13 % Investment grade credit 30 % to 90 % Equities 0 % to 30 % Hedge funds 0 % to 10 % Real estate 0 % to 5 % Alternative credit 0 % to 20 % Other 0 % to 20 % |
Reconciliation of Plan Assets Using Level 3 | The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3). Hedge funds Private equity Real estate Total Balance at January 1, 2018 $ 189 $ 147 $ 182 $ 518 Foreign currency translation (11 ) (8 ) (5 ) (24 ) Asset returns – assets held at reporting date (18 ) (11 ) (9 ) (38 ) Asset returns – assets sold during the period 20 28 15 63 Purchases, sales and settlements, net (67 ) (53 ) 70 (50 ) Asset transfers during the period — — 64 64 Balance at December 31, 2018 113 103 317 533 Foreign currency translation 4 4 8 16 Asset returns – assets held at reporting date (6 ) (22 ) 25 (3 ) Asset returns – assets sold during the period 7 17 6 30 Purchases, sales and settlements, net (75 ) (27 ) (10 ) (112 ) Balance at December 31, 2019 $ 43 $ 75 $ 346 $ 464 |
Additional Information About Pension Plan Assets Valued Using Net Asset Value | The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient: Fair Value Redemption Frequency Redemption Notice Period Balance at December 31, 2019 Investment funds – fixed income $ 193 Semi-monthly 1 - 5 days Investment funds – global equity 96 Monthly 1 - 15 days Investment funds – emerging markets 23 Daily 30 days Hedge funds 328 Monthly 1 - 30 days Balance at December 31, 2018 Investment funds – fixed income $ 210 Semi-monthly 1 day Investment funds – global equity 57 Monthly 1 - 15 days Investment funds – emerging markets 20 Daily 30 days Hedge funds 282 Monthly 1 - 45 days |
Schedule of Pension Assets and Liabilities | Pension assets and liabilities included in the Consolidated Balance Sheets were: 2019 2018 Non-current assets $ 491 $ 360 Current liabilities 13 14 Non-current liabilities 533 549 |
Schedule of Changes in Net Loss and Prior Service Cost/(Credit) | Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were: 2019 2018 2017 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 31 $ (105 ) $ 49 $ (142 ) $ 49 $ (182 ) Reclassification to net periodic benefit cost (3 ) 34 (4 ) 37 (4 ) 40 Current year gain (loss) 14 — (14 ) — 4 — Amendments — (1 ) — — — — Balance at December 31 $ 42 $ (72 ) $ 31 $ (105 ) $ 49 $ (142 ) Changes in the net loss and prior service cost (credit) for the Company’s pension plans were: 2019 2018 2017 Net loss Prior service Net loss Prior service Net loss Prior service Balance at January 1 $ 1,962 $ (6 ) $ 2,057 $ (16 ) $ 2,032 $ (32 ) Reclassification to net periodic benefit cost (137 ) 14 (134 ) 10 (95 ) 14 Current year gain (loss) (53 ) — 103 — 21 — Amendments — — — — — 4 Foreign currency translation 36 — (64 ) — 99 (2 ) Balance at December 31 $ 1,808 $ 8 $ 1,962 $ (6 ) $ 2,057 $ (16 ) |
Schedule of Expected Future Benefit Payments | Expected future benefit payments are as follows: Benefit Payments 2020 $ 16 2021 13 2022 13 2023 12 2024 12 2025 - 2029 49 Expected future benefit payments as of December 31, 2019 are: U.S. plans Non-U.S. plans 2020 $ 104 $ 161 2021 96 164 2022 98 165 2023 100 168 2024 99 166 2025 - 2029 448 837 |
Schedule of Benefit Obligations Weighted Average Actuarial Assumptions | The weighted average actuarial assumptions used to calculate pension expense for each year were: U.S. Plans 2019 2018 2017 Discount rate - service cost 4.7 % 3.9 % 4.7 % Discount rate - interest cost 3.9 % 3.2 % 3.4 % Compensation increase 4.5 % 4.7 % 4.6 % Long-term rate of return 7.3 % 7.3 % 7.5 % Non-U.S. Plans 2019 2018 2017 Discount rate - service cost 3.0 % 2.6 % 2.8 % Discount rate - interest cost 2.7 % 2.2 % 2.3 % Compensation increase 3.2 % 3.2 % 3.3 % Long-term rate of return 4.3 % 4.4 % 4.5 % The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: U.S. Plans 2019 2018 2017 Discount rate 3.2 % 4.3 % 3.7 % Compensation increase 4.7 % 4.5 % 4.7 % Non-U.S. Plans 2019 2018 2017 Discount rate 2.1 % 2.9 % 2.5 % Compensation increase 3.0 % 3.2 % 3.2 % Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below. 2019 2018 2017 Benefit obligations 3.5 % 4.5 % 3.8 % Service cost 4.8 % 4.9 % 5.0 % Interest cost 4.2 % 4.1 % 3.5 % |
Schedule of Changes in Benefit Obligations | Changes in the benefit obligations were: 2019 2018 Benefit obligations at January 1 $ 147 $ 168 Service cost 1 4 Interest cost 6 6 Amendments 6 — Actuarial (gain) loss 14 (15 ) Benefits paid (13 ) (13 ) Foreign currency translation 3 (3 ) Benefit obligations at December 31 $ 164 $ 147 |
Schedule of Assumed Health Care Cost Trend Rates | The assumed health care cost trend rates at December 31, 2019 were as follows: Health care cost trend rate assumed for 2019 5.3 % Rate that the cost trend rate gradually declines to 4.0 % Year that the rate reaches the rate it is assumed to remain 2035 |
Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects: One percentage point Increase Decrease Effect on total service and interest cost $ 1 $ 1 Effect on postretirement benefit obligation $ 6 $ 6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | The components of income before income taxes were as follows: 2019 2018 2017 U.S. $ (3 ) $ 21 $ 10 Foreign 789 719 819 $ 786 $ 740 $ 829 |
Provision for Income Taxes | The provision for income taxes consisted of the following: 2019 2018 2017 Current tax: U.S. federal $ (1 ) $ (2 ) $ — State and foreign 202 183 154 $ 201 $ 181 $ 154 Deferred tax: U.S. federal $ 16 $ 31 $ 217 State and foreign (51 ) 4 30 (35 ) 35 247 Total $ 166 $ 216 $ 401 |
Schedule of U.S. Statutory Federal Income Tax Rate to Pre-tax Income | The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items: 2019 2018 2017 U.S. statutory rate at 21%, 21% and 35% $ 166 $ 155 $ 290 Tax on foreign income 7 30 (126 ) U.S. taxes on foreign income, net of credits 15 24 45 Valuation allowance changes (33 ) (1 ) 9 Tax contingencies 19 (2 ) 6 Tax law changes (11 ) 4 174 Other items, net 3 6 3 Income tax provision $ 166 $ 216 $ 401 |
Components of Deferred Taxes | The components of deferred taxes at December 31 are: 2019 2018 Assets Liabilities Assets Liabilities Tax carryforwards $ 512 $ — $ 531 $ — Postretirement and postemployment benefits 40 — 39 — Pensions 176 124 193 106 Property, plant and equipment 23 174 20 177 Intangible assets — 401 — 431 Asbestos 66 — 71 — Accruals and other 88 90 88 73 Right of use assets — 30 — — Lease liabilities 30 — — — Valuation allowances (243 ) — (282 ) — Total $ 692 $ 819 $ 660 $ 787 |
Schedule of Tax Loss and Credit Carryforwards Expiration | Tax carryforwards expire as follows: Year Amount 2020 $ 27 2021 22 2022 82 2023 11 2024 14 Thereafter 211 Unlimited 145 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits follows: 2019 2018 2017 Balance at January 1 $ 37 $ 29 $ 27 Additions related to acquisitions — 13 — Additions for prior year tax positions 20 1 6 Reductions to prior period tax positions — — (2 ) Lapse of statute of limitations (1 ) (3 ) — Settlements (15 ) (2 ) (4 ) Foreign currency translation — (1 ) 2 Balance at December 31 $ 41 $ 37 $ 29 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Capital Stock [Abstract] | |
Summary of Common Share Activity | A summary of common share activity for the years ended December 31 follows (in shares): 2019 2018 2017 Common shares outstanding at January 1 135,173,948 134,275,609 139,840,228 Shares repurchased (106,388 ) (92,167 ) (6,157,010 ) Shares issued upon exercise of employee stock options 70,000 — 299,050 Restricted stock issued to employees, net of forfeitures 416,695 958,672 269,025 Shares issued to non-employee directors 23,623 31,834 24,316 Common shares outstanding at December 31 135,577,878 135,173,948 134,275,609 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table provides information about the changes in each component of accumulated other comprehensive income for the years ended December 31, 2019 and 2018. 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 loss before reclassifications (20 ) (136 ) (35 ) (191 ) Amounts reclassified from accumulated other comprehensive income 70 — (15 ) 55 Other comprehensive income / (loss) 50 (136 ) (47 ) (133 ) Balance at December 31, 2018 (1,533 ) (1,817 ) (24 ) (3,374 ) Other comprehensive income / (loss) before reclassifications 10 149 (22 ) 137 Amounts reclassified from accumulated other comprehensive income 74 — 32 106 Other comprehensive income 84 149 10 243 Balance at December 31, 2019 $ (1,449 ) $ (1,668 ) $ (14 ) $ (3,131 ) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | For the years ended December 31, 2019 and 2018, the Company recognized revenue as follows: 2019 2018 Revenue recognized over time $ 5,724 $ 5,765 Revenue recognized at a point in time 5,941 5,386 Total revenue $ 11,665 $ 11,151 |
Net Contract Assets and Liabilities | Net contract assets were as follows: December 31, 2019 December 31, 2018 Contract assets included in prepaid and other current assets $ 30 $ 16 Contract liabilities included in accrued liabilities (5 ) (3 ) Contract liabilities included in other non-current liabilities — (5 ) Net contract asset $ 25 $ 8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Restricted and Deferred Stock Activity | A summary of restricted and deferred stock activity follows: Number of shares Non-vested shares outstanding at January 1, 2019 2,142,743 Awarded: Time-vesting 406,145 Performance-based 202,876 Released: Time-vesting (387,628 ) Performance-based — Forfeitures: Time-vesting (132,275 ) Performance-based (129,207 ) Non-vested shares outstanding at December 31, 2019 2,102,654 |
Summary of Average Grant-Date Fair Value of Restricted Stock | The average grant-date fair value of restricted stock awarded in 2019 , 2018 and 2017 follows: 2019 2018 2017 Time-vested $ 56.06 $ 44.48 $ 55.55 Performance-based 46.08 57.24 51.90 |
Schedule of Weighted Average Assumptions on Performance-Based Shares | The fair values of the performance-based awards that include a market condition were calculated using a Monte Carlo valuation model and the following weighted average assumptions: 2019 2018 2017 Risk-free interest rate 2.5 % 2.0 % 1.4 % Expected term (years) 3 3 3 Expected stock price volatility 21.4 % 19.9 % 21.1 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | The following table summarizes basic and diluted earnings per share ("EPS"). Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of stock options and restricted stock as calculated under the treasury stock method. 2019 2018 2017 Net income attributable to Crown Holdings $ 510 $ 439 $ 323 Weighted average shares outstanding (in millions): Basic 133.89 133.64 135.29 Add: dilutive stock options and restricted stock 0.99 0.24 0.32 Diluted 134.88 133.88 135.61 Basic EPS $ 3.81 $ 3.28 $ 2.39 Diluted EPS $ 3.78 $ 3.28 $ 2.38 Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive 0.8 0.9 — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Information on Operating Segments | The tables below present information about operating segments for the three years ended December 31, 2019, 2018 and 2017 : 2019 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 3,369 $ 12 $ 3,577 $ 88 $ 167 $ 534 European Beverage 1,497 2 1,782 54 82 190 European Food 1,887 81 2,742 36 34 205 Asia Pacific 1,290 — 1,604 52 65 194 Transit Packaging 2,274 9 4,157 57 27 290 Total reportable segments 10,317 104 13,862 287 375 $ 1,413 Non-reportable segments 1,348 143 1,106 18 31 Corporate and unallocated items — — 537 4 26 Total $ 11,665 $ 247 $ 15,505 $ 309 $ 432 2018 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 3,282 $ 53 $ 3,388 $ 84 $ 111 $ 454 European Beverage 1,489 1 1,705 38 121 193 European Food 1,982 69 2,792 39 17 257 Asia Pacific 1,316 — 1,558 48 130 186 Transit Packaging 1,800 5 4,415 43 24 255 Total reportable segments 9,869 128 13,858 252 403 $ 1,345 Non-reportable segments 1,282 142 1,066 18 27 Corporate and unallocated items — — 338 7 32 Total $ 11,151 $ 270 $ 15,262 $ 277 $ 462 2017 Inter- External segment Segment Capital Segment sales sales assets Depreciation expenditures income Americas Beverage $ 2,928 $ 34 $ 3,253 $ 75 $ 167 $ 470 European Beverage 1,457 2 1,631 35 109 235 European Food 1,935 70 2,964 35 45 264 Asia Pacific 1,177 — 1,355 42 123 168 Total reportable segments 7,497 106 9,203 187 444 $ 1,137 Non-reportable segments 1,201 116 1,039 17 27 Corporate and unallocated items — — 421 4 27 Total $ 8,698 $ 222 $ 10,663 $ 208 $ 498 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes for the three years ended December 31, 2019, 2018 and 2017 follows: 2019 2018 2017 Segment income of reportable segments $ 1,413 $ 1,345 $ 1,137 Segment income of non-reportable segments 126 122 123 Corporate and unallocated items (158 ) (139 ) (143 ) Provision for asbestos — — (3 ) Restructuring and other 26 (44 ) (51 ) Goodwill impairment (25 ) — — Amortization of intangibles (186 ) (148 ) (39 ) Loss from early extinguishments of debt (27 ) — (7 ) Fair value adjustment to inventory — (40 ) — Other pension and postretirement (13 ) 25 53 Interest expense (378 ) (384 ) (252 ) Interest income 17 21 15 Foreign exchange (9 ) (18 ) (4 ) Income before income taxes $ 786 $ 740 $ 829 |
Summary of Sales by Major Product | Sales by major product were: 2019 2018 2017 Metal beverage cans and ends $ 5,588 $ 5,551 $ 5,085 Metal food cans and ends 2,435 2,452 2,331 Transit packaging 2,274 1,800 — Other metal packaging 887 884 887 Other products 481 464 395 Consolidated net sales $ 11,665 $ 11,151 $ 8,698 |
Summary of Sales and Long-Lived Assets for the Major Countries | The following table provides sales and long-lived asset information for the major countries in which the Company operates. Long-lived assets includes property, plant and equipment. Net Sales Long-Lived Assets 2019 2018 2017 2019 2018 United States $ 3,407 $ 3,018 $ 1,931 $ 722 $ 694 Mexico 834 763 699 438 434 Brazil 714 732 652 393 350 United Kingdom 641 685 600 136 139 Spain 682 666 649 337 346 Other 5,387 5,287 4,167 1,861 1,782 Consolidated total $ 11,665 $ 11,151 $ 8,698 $ 3,887 $ 3,745 |
Condensed Combining Financial_2
Condensed Combining Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Crown Cork & Seal Company, Inc. | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2019 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 11,665 $ 11,665 Cost of products sold, excluding depreciation and amortization 9,349 9,349 Depreciation and amortization 490 490 Selling and administrative expense $ 3 628 631 Restructuring and other (26 ) (26 ) Goodwill impairment 25 25 Income from operations — (3 ) 1,199 — 1,196 Loss from early extinguishments of debt 27 27 Other pension and postretirement 7 6 13 Net interest expense 73 288 361 Foreign exchange 9 9 Income/(loss) before income taxes — (83 ) 869 — 786 Provision for / (benefit from) income taxes (12 ) 178 166 Equity in net earnings of affiliates $ 510 509 5 $ (1,019 ) 5 Net income 510 438 696 (1,019 ) 625 Net income attributable to noncontrolling interests (115 ) (115 ) Net income attributable to Crown Holdings $ 510 $ 438 $ 581 $ (1,019 ) $ 510 Total comprehensive income $ 753 $ 647 $ 941 $ (1,471 ) $ 870 Comprehensive income attributable to noncontrolling interests (117 ) (117 ) Comprehensive income attributable to Crown Holdings $ 753 $ 647 $ 824 $ (1,471 ) $ 753 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2018 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 11,151 $ 11,151 Cost of products sold, excluding depreciation and amortization 9,028 9,028 Depreciation and amortization 425 425 Selling and administrative expense $ 3 555 558 Restructuring and other $ 9 35 44 Income from operations (9 ) (3 ) 1,108 — 1,096 Other pension and postretirement 7 (32 ) (25 ) Net interest expense 74 289 363 Foreign exchange 18 18 Income/(loss) before income taxes (9 ) (84 ) 833 — 740 Provision for / (benefit from) income taxes (2 ) 7 211 216 Equity in net earnings of affiliates 446 456 4 $ (902 ) 4 Net income 439 365 626 (902 ) 528 Net income attributable to noncontrolling interests (89 ) (89 ) Net income attributable to Crown Holdings $ 439 $ 365 $ 537 $ (902 ) $ 439 Total comprehensive income $ 303 $ 259 $ 487 $ (660 ) $ 389 Comprehensive income attributable to noncontrolling interests (86 ) (86 ) Comprehensive income attributable to Crown Holdings $ 303 $ 259 $ 401 $ (660 ) $ 303 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net sales $ 8,698 $ 8,698 Cost of products sold, excluding depreciation and amortization 7,006 7,006 Depreciation and amortization 247 247 Selling and administrative expense $ 2 365 367 Provision for asbestos 3 3 Restructuring and other (1 ) 52 51 Income from operations — (4 ) 1,028 — 1,024 Loss from early extinguishments of debt 7 7 Other pension and postretirement 7 (60 ) (53 ) Net interest expense 91 146 237 Foreign exchange 4 4 Income/(loss) before income taxes — (102 ) 931 — 829 Provision for / (benefit from) income taxes 194 207 401 Equity in net earnings of affiliates $ 323 531 $ (854 ) — Net income 323 235 724 (854 ) 428 Net income attributable to noncontrolling interests (105 ) (105 ) Net income attributable to Crown Holdings $ 323 $ 235 $ 619 $ (854 ) $ 323 Total comprehensive income $ 482 $ 275 $ 886 $ (1,053 ) 590 Comprehensive income attributable to noncontrolling interests (108 ) (108 ) Comprehensive income attributable to Crown Holdings $ 482 $ 275 $ 778 $ (1,053 ) $ 482 |
Condensed Combining Balance Sheet | Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 607 $ 607 Receivables, net $ 11 1,517 1,528 Inventories 1,626 1,626 Prepaid expenses and other current assets 241 241 Total current assets — 11 3,991 — 4,002 Intercompany debt receivables 3,538 $ (3,538 ) — Investments $ 4,209 4,439 (8,648 ) — Goodwill 4,430 4,430 Intangible assets 2,015 2,015 Property, plant and equipment, net 3,887 3,887 Operating lease right-of-use assets, net 204 204 Other non-current assets 129 838 967 Total $ 4,209 $ 4,579 $ 18,903 $ (12,186 ) $ 15,505 Liabilities and equity Current liabilities Short-term debt $ 75 $ 75 Current maturities of long-term debt 62 62 Current portion of operating lease liabilities 51 51 Accounts payable 2,646 2,646 Accrued liabilities $ 24 $ 33 1,008 1,065 Total current liabilities 24 33 3,842 — 3,899 Long-term debt, excluding current maturities 388 7,430 7,818 Long-term intercompany debt 2,472 1,066 $ (3,538 ) — Non-current portion of operating lease liabilities 156 156 Postretirement and pension liabilities 683 683 Other non-current liabilities 311 546 857 Commitments and contingent liabilities Noncontrolling interests 379 379 Crown Holdings shareholders’ equity 1,713 2,781 5,867 (8,648 ) 1,713 Total equity 1,713 2,781 6,246 (8,648 ) 2,092 Total $ 4,209 $ 4,579 $ 18,903 $ (12,186 ) $ 15,505 Parent Issuer Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 607 $ 607 Receivables, net $ 9 1,593 1,602 Inventories 1,690 1,690 Prepaid expenses and other current assets $ 1 1 178 180 Total current assets 1 10 4,068 — 4,079 Intercompany debt receivables 3,561 $ (3,561 ) — Investments 3,458 3,764 (7,222 ) — Goodwill 4,442 4,442 Intangible assets 2,193 2,193 Property, plant and equipment, net 3,745 3,745 Other non-current assets 156 647 803 Total $ 3,459 $ 3,930 $ 18,656 $ (10,783 ) $ 15,262 Liabilities and equity Current liabilities Short-term debt $ 89 $ 89 Current maturities of long-term debt 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 937 2,134 5,088 (7,222 ) 937 Total equity 937 2,134 5,437 (7,222 ) 1,286 Total $ 3,459 $ 3,930 $ 18,656 $ (10,783 ) $ 15,262 |
Condensed Combining Statement of Cash Flows | Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 39 $ (13 ) $ 1,180 $ (43 ) $ 1,163 Cash flows from investing activities Capital expenditures (432 ) (432 ) Acquisition of businesses, net of cash acquired (11 ) (11 ) Net investment hedges 23 23 Proceeds from sale of property, plant and equipment 39 39 Other 7 7 Net cash provided by/(used for) investing activities — — (374 ) — (374 ) Cash flows from financing activities Proceeds from long-term debt 2,216 2,216 Payments of long-term debt (2,845 ) (2,845 ) Net change in revolving credit facility and short-term debt (10 ) (10 ) Net change in long-term intercompany balances (36 ) 13 23 — Payments of finance leases (15 ) (15 ) Debt issuance costs (18 ) (18 ) Common stock issued 4 4 Common stock repurchased (7 ) (7 ) Dividends paid (43 ) 43 — Dividend paid to noncontrolling interests (101 ) (101 ) Contribution from noncontrolling interests 6 6 Foreign exchange derivatives related to debt (16 ) (16 ) Net cash provided by/(used for) financing activities (39 ) 13 (803 ) 43 (786 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1 1 Net change in cash, cash equivalents, and restricted cash — — 4 — 4 Cash, cash equivalents, and restricted cash at January 1 659 659 Cash, cash equivalents, and restricted cash at December 31 $ — $ — $ 663 $ — $ 663 Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ (8 ) $ (74 ) $ 692 $ (39 ) $ 571 Cash flows from investing activities Capital expenditures (462 ) (462 ) Beneficial interest in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Proceeds from sale of property, plant and equipment 36 36 Foreign exchange derivatives related to acquisitions (25 ) (25 ) Net investment hedge settlements 34 34 Other (4 ) (4 ) Net cash provided by/(used for) investing activities — — (3,843 ) — (3,843 ) Cash flows from financing activities Proceeds from long-term debt 4,082 4,082 Payments of long-term debt (333 ) (333 ) Net change in revolving credit facility and short-term debt (69 ) (69 ) Net change in long-term intercompany balances 11 74 (85 ) — Debt issuance costs (70 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Dividends paid (39 ) 39 — Dividend paid to noncontrolling interests (60 ) (60 ) Foreign exchange derivatives related to debt (14 ) (14 ) Net cash provided by/(used for) financing activities 8 74 3,412 39 3,533 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (37 ) (37 ) Net change in cash, cash equivalents, and restricted cash — — 224 — 224 Cash, cash equivalents, and restricted cash at January 1 435 435 Cash, cash equivalents, and restricted cash at December 31 $ — $ — $ 659 $ — $ 659 CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2017 (in millions) Parent Issuer Non- Guarantors Eliminations Total Company Net cash provided by/(used for) operating activities $ 7 $ (58 ) $ (162 ) $ (38 ) $ (251 ) Cash flows from investing activities Capital expenditures (498 ) (498 ) Beneficial interest in transferred receivables 1,010 1,010 Proceeds from sale of property, plant and equipment 8 8 Intercompany investing activities 235 (235 ) — Other (24 ) (24 ) Net cash provided by/(used for) investing activities 235 — 496 (235 ) 496 Cash flows from financing activities Proceeds from long-term debt 1,054 1,054 Payments of long-term debt (5 ) (1,132 ) (1,137 ) Net change in revolving credit facility and short-term debt 95 95 Net change in long-term intercompany balances 88 63 (151 ) — Debt issuance costs (16 ) (16 ) Common stock issued 9 9 Common stock repurchased (339 ) (339 ) Dividends paid (273 ) 273 — Dividend paid to noncontrolling interests (93 ) (93 ) Foreign exchange derivatives related to debt 27 27 Net cash provided by/(used for) financing activities (242 ) 58 (489 ) 273 (400 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 14 14 Net change in cash, cash equivalents, and restricted cash — — (141 ) — (141 ) Cash, cash equivalents, and restricted cash at January 1 576 576 Cash, cash equivalents, and restricted cash at December 31 $ — $ — $ 435 $ — $ 435 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2019 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 3,766 $ 8,358 $ (459 ) $ 11,665 Cost of products sold, excluding depreciation and amortization 3,147 6,661 (459 ) 9,349 Depreciation and amortization 141 349 490 Selling and administrative expense $ 10 264 357 631 Restructuring and other 14 (40 ) (26 ) Goodwill impairment 25 25 Income from operations — (10 ) 200 1,006 — 1,196 Loss from early extinguishments of debt 19 8 27 Other pension and postretirement 11 2 13 Net interest expense 77 124 160 361 Technology royalty (42 ) 42 — Foreign exchange (34 ) 1 8 34 9 Income/(loss) before income taxes — (72 ) 106 786 (34 ) 786 Provision for / (benefit from) income taxes (17 ) 59 132 (8 ) 166 Equity in net earnings of affiliates $ 510 206 358 2 (1,071 ) 5 Net income 510 151 405 656 (1,097 ) 625 Net income attributable to noncontrolling interests (115 ) (115 ) Net income attributable to Crown Holdings $ 510 $ 151 $ 405 $ 541 $ (1,097 ) $ 510 Total comprehensive income $ 753 $ 199 $ 614 $ 827 $ (1,523 ) $ 870 Comprehensive income attributable to noncontrolling interests (117 ) (117 ) Comprehensive income attributable to Crown Holdings $ 753 $ 199 $ 614 $ 710 $ (1,523 ) $ 753 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2018 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 3,426 $ 8,212 $ (487 ) $ 11,151 Cost of products sold, excluding depreciation and amortization 2,932 6,583 (487 ) 9,028 Depreciation and amortization 117 308 425 Selling and administrative expense $ 11 216 331 558 Restructuring and other $ 9 11 24 44 Income from operations (9 ) (11 ) 150 966 — 1,096 Other pension and postretirement (14 ) (11 ) (25 ) Net interest expense 91 113 159 363 Technology royalty (45 ) 45 — Foreign exchange (16 ) 19 15 18 Income/(loss) before income taxes (9 ) (86 ) 96 754 (15 ) 740 Provision for / (benefit from) income taxes (2 ) (20 ) 53 188 (3 ) 216 Equity in net earnings of affiliates 446 191 311 1 (945 ) 4 Net income 439 125 354 567 (957 ) 528 Net income attributable to noncontrolling interests (89 ) (89 ) Net income attributable to Crown Holdings $ 439 $ 125 $ 354 $ 478 $ (957 ) $ 439 Total comprehensive income $ 303 $ 62 $ 248 $ 479 $ (703 ) $ 389 Comprehensive income attributable to noncontrolling interests (86 ) (86 ) Comprehensive income attributable to Crown Holdings $ 303 $ 62 $ 248 $ 393 $ (703 ) $ 303 CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2017 (in millions) Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net sales $ 2,286 $ 6,797 $ (385 ) $ 8,698 Cost of products sold, excluding depreciation and amortization 1,960 5,431 (385 ) 7,006 Depreciation and amortization 40 207 247 Selling and administrative expense $ 10 134 223 367 Provision for asbestos 3 3 Restructuring and other 2 11 38 51 Income from operations (12 ) 138 898 — 1,024 Loss from early extinguishments of debt 6 1 7 Other pension and postretirement (13 ) (40 ) (53 ) Net interest expense 65 95 77 237 Technology royalty (42 ) 42 — Foreign exchange 90 (2 ) 6 (90 ) 4 Income/(loss) before income taxes (173 ) 100 812 90 829 Provision for / (benefit from) income taxes (66 ) 271 164 32 401 Equity in net earnings of affiliates $ 323 194 406 (923 ) — Net income 323 87 235 648 (865 ) 428 Net income attributable to noncontrolling interests (105 ) (105 ) Net income attributable to Crown Holdings $ 323 $ 87 $ 235 $ 543 $ (865 ) $ 323 Total comprehensive income $ 482 $ 115 $ 275 $ 854 $ (1,136 ) $ 590 Comprehensive income attributable to noncontrolling interests (108 ) (108 ) Comprehensive income attributable to Crown Holdings $ 482 $ 115 $ 275 $ 746 $ (1,136 ) $ 482 |
Condensed Combining Balance Sheet | Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 133 $ 5 $ 469 $ 607 Receivables, net 11 140 1,377 1,528 Intercompany receivables 48 23 $ (71 ) — Inventories 443 1,183 1,626 Prepaid expenses and other current assets 2 19 220 241 Total current assets — 146 655 3,272 (71 ) 4,002 Intercompany debt receivables 3,080 3,352 245 (6,677 ) — Investments $ 4,209 2,850 1,495 (8,554 ) — Goodwill 1,186 3,244 4,430 Intangible assets 832 1,183 2,015 Property, plant and equipment, net 1 725 3,161 3,887 Operating lease right-of-use assets, net 3 64 137 204 Other non-current assets 62 148 757 967 Total $ 4,209 $ 6,142 $ 8,457 $ 11,999 $ (15,302 ) $ 15,505 Liabilities and equity Current liabilities Short-term debt $ 75 $ 75 Current maturities of long-term debt $ 27 35 62 Current portion of operating lease liabilities $ 19 32 51 Accounts payable 682 1,964 2,646 Accrued liabilities $ 24 49 134 858 1,065 Intercompany payables 23 48 $ (71 ) — Total current liabilities 24 76 858 3,012 (71 ) 3,899 Long-term debt, excluding current maturities 3,313 388 4,117 7,818 Long-term intercompany debt 2,472 996 3,082 127 (6,677 ) — Non-current portion of operating lease liabilities 3 48 105 156 Postretirement and pension liabilities 386 297 683 Other non-current liabilities 303 554 857 Commitments and contingent liabilities Noncontrolling interests 379 379 Crown Holdings shareholders’ equity 1,713 1,754 3,392 3,408 (8,554 ) 1,713 Total equity 1,713 1,754 3,392 3,787 (8,554 ) 2,092 Total $ 4,209 $ 6,142 $ 8,457 $ 11,999 $ (15,302 ) $ 15,505 Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Assets Current assets Cash and cash equivalents $ 117 $ 19 $ 471 $ 607 Receivables, net 4 182 1,416 1,602 Intercompany receivables 33 13 $ (46 ) — Inventories 485 1,205 1,690 Prepaid expenses and other current assets $ 1 1 17 161 180 Total current assets 1 122 736 3,266 (46 ) 4,079 Intercompany debt receivables 2,577 3,449 12 (6,038 ) — Investments 3,458 2,657 1,248 (7,363 ) — Goodwill 1,178 3,264 4,442 Intangible assets 901 1,292 2,193 Property, plant and equipment, net 1 693 3,051 3,745 Other non-current assets 29 192 582 803 Total $ 3,459 $ 5,386 $ 8,397 $ 11,467 $ (13,447 ) $ 15,262 Liabilities and equity Current liabilities Short-term debt $ 89 $ 89 Current maturities of long-term debt $ 37 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 937 1,555 2,777 3,031 (7,363 ) 937 Total equity 937 1,555 2,777 3,380 (7,363 ) 1,286 Total $ 3,459 $ 5,386 $ 8,397 $ 11,467 $ (13,447 ) $ 15,262 |
Condensed Combining Statement of Cash Flows | Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ 39 $ (29 ) $ 281 $ 975 $ (103 ) $ 1,163 Cash flows from investing activities Capital expenditures (97 ) (335 ) (432 ) Acquisition of businesses, net of cash acquired (11 ) (11 ) Net investment hedges 23 23 Proceeds from sale of property, plant and equipment 8 31 39 Intercompany investing activities 226 (226 ) — Other 7 7 Net cash provided by/(used for) investing activities — 23 126 (297 ) (226 ) (374 ) Cash flows from financing activities Proceeds from long-term debt 1,100 1,116 2,216 Payments of long-term debt (815 ) (887 ) (1,143 ) (2,845 ) Net change in revolving credit facility and short-term debt (10 ) (10 ) Net change in long-term intercompany balances (36 ) (253 ) 479 (190 ) — Payments of finance leases (13 ) (2 ) (15 ) Debt issuance costs (10 ) (8 ) (18 ) Common stock issued 4 4 Common stock repurchased (7 ) (7 ) Dividends paid (329 ) 329 — Dividends paid to noncontrolling interests (101 ) (101 ) Contribution from noncontrolling interests 6 6 Foreign exchange derivatives related to debt (16 ) (16 ) Net cash provided by/(used for) financing activities (39 ) 22 (421 ) (677 ) 329 (786 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1 1 Net change in cash, cash equivalents, and restricted cash — 16 (14 ) 2 — 4 Cash, cash equivalents, and restricted cash at January 1 — 117 19 523 — 659 Cash, cash equivalents, and restricted cash at December 31 $ — $ 133 $ 5 $ 525 $ — $ 663 Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ (8 ) $ (44 ) $ 180 $ 532 $ (89 ) $ 571 Cash flows from investing activities Capital expenditures (60 ) (402 ) (462 ) Beneficial interest in transferred receivables 490 490 Acquisition of businesses, net of cash acquired (3,912 ) (3,912 ) Proceeds from sale of property, plant and equipment 9 27 36 Intercompany investing activities (100 ) 100 — Foreign exchange derivatives related to acquisition (25 ) (25 ) Net investment hedge settlements 34 34 Other (4 ) (4 ) Net cash provided by/(used for) investing activities — (66 ) (51 ) (3,826 ) 100 (3,843 ) Cash flows from financing activities Proceeds from long-term debt 975 1,150 1,957 4,082 Payments of long-term debt (25 ) (265 ) (43 ) (333 ) Net change in revolving credit facility and short-term debt (69 ) (69 ) Net change in long-term intercompany balances 11 (719 ) (998 ) 1,706 — Debt issuance costs (40 ) (30 ) (70 ) Common stock issued 1 1 Common stock repurchased (4 ) (4 ) Capital contribution 100 (100 ) — Dividends paid (89 ) 89 — Dividends paid to noncontrolling interests (60 ) (60 ) Foreign exchange derivatives related to debt (14 ) (14 ) Net cash provided by/(used for) financing activities 8 191 (113 ) 3,458 (11 ) 3,533 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (37 ) (37 ) Net change in cash, cash equivalents, and restricted cash — 81 16 127 — 224 Cash, cash equivalents, and restricted cash at January 1 — 36 3 396 — 435 Cash, cash equivalents, and restricted cash at December 31 $ — $ 117 $ 19 $ 523 $ — $ 659 Parent Issuer Guarantors Non- Guarantors Eliminations Total Company Net provided by/(used for) operating activities $ 7 $ (30 ) $ 83 $ (211 ) $ (100 ) $ (251 ) Cash flows from investing activities Capital expenditures (102 ) (396 ) (498 ) Beneficial interest in transferred receivables 1,010 1,010 Proceeds from sale of property, plant and equipment 1 7 8 Intercompany investing activities 235 300 (535 ) — Other (20 ) (4 ) (24 ) Net cash provided by/(used for) investing activities 235 — 179 617 (535 ) 496 Cash flows from financing activities Proceeds from long-term debt 750 9 295 1,054 Payments of long-term debt (1,015 ) (7 ) (115 ) (1,137 ) Net change in revolving credit facility and short-term debt 95 95 Net change in long-term intercompany balances 88 263 (261 ) (90 ) — Debt issuance costs (15 ) (1 ) (16 ) Common stock issued 9 9 Common stock repurchased (339 ) (339 ) Dividends paid (635 ) 635 — Dividends paid to noncontrolling interests (93 ) (93 ) Foreign exchange derivatives related to debt 27 27 Net cash provided by/(used for) financing activities (242 ) (17 ) (259 ) (517 ) 635 (400 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 14 14 Net change in cash, cash equivalents, and restricted cash — (47 ) 3 (97 ) — (141 ) Cash, cash equivalents, and restricted cash at January 1 83 493 576 Cash, cash equivalents, and restricted cash at December 31 $ — $ 36 $ 3 $ 396 $ — $ 435 |
Quarterly Data (unaudited) (Tab
Quarterly Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Quarterly Data (unaudited) | (in millions) 2019 2018 First (1) Second (2) Third (3) Fourth (4) First (5) Second (6) Third (7) Fourth (8) Net sales $ 2,755 $ 3,035 $ 3,084 $ 2,791 $ 2,197 $ 3,046 $ 3,174 $ 2,734 Gross profit * 423 495 508 400 324 467 517 390 Income from operations 262 383 352 199 221 292 365 218 Net income (loss) attributable to Crown Holdings 103 137 183 87 90 132 164 53 Earnings per average common share: Basic $ 0.77 $ 1.02 $ 1.37 $ 0.65 $ 0.67 $ 0.99 $ 1.23 $ 0.40 Diluted 0.77 1.02 1.36 0.64 0.67 0.99 1.23 0.40 Average common shares outstanding: Basic 133.8 133.9 133.9 134.0 133.5 133.6 133.7 133.7 Diluted 134.4 134.8 135.0 135.2 133.8 133.8 133.8 134.1 * The Company defines gross profit as net sales less cost of products sold and depreciation and amortization. Notes: (1) Includes pre-tax charges of $4 for restructuring and other and $6 from early extinguishment of debt and a pension plan curtailment gain of $14 . (2) Includes pre-tax gains of $45 for restructuring and other, and charges of $31 for a pension plan settlement and $15 to settle a tax contingency. (3) Includes pre-tax charges of $6 for pension plan settlements. (4) Includes pre-tax charges of $25 for a goodwill impairment, $15 for restructuring and other and $7 for pension plan settlements. Also, includes income tax benefits of $37 primarily related to a deferred tax valuation allowance release. (5) Includes pre-tax charges of $13 for restructuring and other and $24 for acquisition costs. (6) Includes pre-tax charges of $40 for fair value adjustment to inventory and $16 for restructuring and other. (7) Includes a pre-tax benefit of $1 for restructuring and other and income tax charges of $28 related to taxes on distributions of foreign earnings. (8) Includes pre-tax charges of $16 for restructuring and other and $42 for pension plan settlements. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Land improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Buildings and building improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Buildings and building improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 18 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Research and Development) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Research, development and engineering costs | $ 55 | $ 51 | $ 39 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Cumulative Effect of Changes for Adoption of New Revenue Guidance) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 204 | |
Accrued liabilities | 2 | |
Other non-current liabilities | $ 11 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 220 | |
Accrued liabilities | 5 | |
Other non-current liabilities | $ 24 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Goodwill and Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Long term supply contracts | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Patents | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 8 years |
Minimum | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 11 years |
Minimum | Trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 8 years |
Minimum | Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 6 years |
Maximum | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 18 years |
Maximum | Trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 27 years |
Maximum | Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 8 years |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Operating leases expense | $ 50 | |
Variable operating lease costs | $ 3 | |
Interest on finance lease liabilities | 1 | |
Cash flows from finance leases | $ 1 |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Operating lease costs: | ||
Operating lease cost | $ 49 | |
Short-term lease cost | 4 | |
Total operating lease costs | 53 | |
Finance lease cost: | ||
Amortization of right-of-use assets | 1 | |
Total finance lease costs | $ 1 | |
Operating Leases, Rent Expense, Net | $ 50 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related to Leases) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 51 |
Financing cash flows from finance leases | 15 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | $ 33 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related to Leases) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating leases: | |
Operating lease right-of-use assets | $ 204 |
Current portion of operating lease liabilities | 51 |
Non-current portion of operating lease liabilities | 156 |
Total operating lease liabilities | 207 |
Finance leases: | |
Property, plant and equipment | 27 |
Accumulated depreciation | (1) |
Property, plant and equipment, net | 26 |
Accrued liabilities | 2 |
Other non-current liabilities | 11 |
Total finance lease liabilities | $ 13 |
Weighted average remaining lease term: | |
Operating leases | 9 years 6 months |
Finance leases | 7 years |
Weighted average discount rate: | |
Operating leases | 4.20% |
Finance leases | 4.10% |
Leases (Operating and Finance L
Leases (Operating and Finance Lease Liability Maturity Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Leases | ||
2020 | $ 53 | |
2021 | 42 | |
2022 | 30 | |
2023 | 22 | |
2024 | 18 | |
Thereafter | 100 | |
Total lease payments | 265 | |
Less imputed interest | (58) | |
Total | 207 | |
Finance Leases | ||
2020 | 3 | |
2021 | 2 | |
2022 | 2 | |
2023 | 2 | |
2024 | 2 | |
Thereafter | 4 | |
Total lease payments | 15 | |
Less imputed interest | (2) | |
Total | $ 13 | |
Operating Leases | ||
2019 | $ 54 | |
2020 | 42 | |
2021 | 34 | |
2022 | 26 | |
2023 | 21 | |
Thereafter | 117 | |
Total lease payments | 294 | |
Finance Leases | ||
2019 | 5 | |
2020 | 5 | |
2021 | 5 | |
2022 | 4 | |
2023 | 4 | |
Thereafter | 6 | |
Total lease payments | $ 29 |
Acquisition of Signode (Narrati
Acquisition of Signode (Narrative) (Details) - USD ($) $ in Millions | Apr. 03, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||
Adjustment to inventory | $ (40) | $ 0 | $ (40) | $ 0 | |
Signode | |||||
Business Acquisition [Line Items] | |||||
Total consideration | $ 3,900 | ||||
Adjustment to inventory | $ 32 |
Acquisition of Signode (Unaudit
Acquisition of Signode (Unaudited Supplemental Proforma Information) (Details) - Signode - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Pro forma net sales | $ 11,739 | $ 10,930 |
Pro forma net income attributable to Crown Holdings | $ 442 | $ 234 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 607 | $ 607 | ||
Restricted cash included in prepaid expenses and other current assets | 50 | 45 | ||
Restricted cash included in other non-current assets | 6 | 7 | ||
Total restricted cash | 56 | 52 | ||
Total cash, cash equivalents and restricted cash | $ 663 | $ 659 | $ 435 | $ 576 |
Receivables (Schedule of Receiv
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Accounts receivable | $ 1,162 | $ 1,303 |
Less: allowance for doubtful accounts | (62) | (65) |
Net trade receivables | 1,100 | 1,238 |
Unbilled receivables | 226 | 181 |
Miscellaneous receivables | 202 | 183 |
Receivables, net | $ 1,528 | $ 1,602 |
Receivables (Schedule of Amount
Receivables (Schedule of Amounts Securitized or Factored) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Accounted for as secured borrowings | $ 14 | $ 9 |
Accounted for as sales | $ 1,318 | $ 1,097 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | ||||
Accounts receivable securitization facilities | $ 200 | |||
Accounts receivable securitization facilities, maximum available | 375 | |||
Proceeds from accounts receivable securitization | $ 106 | |||
Expenses related to securitization and factoring facilities | $ 23 | $ 21 | $ 15 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 905 | $ 937 |
Work in process | 151 | 144 |
Finished goods | 570 | 609 |
Total inventories | $ 1,626 | $ 1,690 |
Goodwill (Schedule of Goodwill)
Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of period | $ 4,442 | $ 3,046 | ||
Goodwill acquired | 8 | 1,552 | ||
Goodwill impairment | $ (25) | (25) | 0 | $ 0 |
Foreign currency translation | 5 | (156) | ||
Balance at end of period | 4,430 | 4,430 | 4,442 | 3,046 |
Accumulated impairments balance at December 31, 2019 | 1,001 | 1,001 | ||
Americas Beverage | Operating segments | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 842 | 844 | ||
Goodwill acquired | 0 | 0 | ||
Goodwill impairment | 0 | |||
Foreign currency translation | 23 | (2) | ||
Balance at end of period | 865 | 865 | 842 | 844 |
Accumulated impairments balance at December 31, 2019 | 29 | 29 | ||
European Beverage | Operating segments | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 531 | 564 | ||
Goodwill acquired | 0 | 0 | ||
Goodwill impairment | 0 | |||
Foreign currency translation | 3 | (33) | ||
Balance at end of period | 534 | 534 | 531 | 564 |
Accumulated impairments balance at December 31, 2019 | 73 | 73 | ||
European Food | Operating segments | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 1,291 | 1,355 | ||
Goodwill acquired | 0 | 0 | ||
Goodwill impairment | 0 | |||
Foreign currency translation | (22) | (64) | ||
Balance at end of period | 1,269 | 1,269 | 1,291 | 1,355 |
Accumulated impairments balance at December 31, 2019 | 724 | 724 | ||
Transit Packaging | Operating segments | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 1,506 | 0 | ||
Goodwill acquired | 8 | 1,552 | ||
Goodwill impairment | 0 | |||
Foreign currency translation | (5) | (46) | ||
Balance at end of period | 1,509 | 1,509 | 1,506 | 0 |
Accumulated impairments balance at December 31, 2019 | 0 | 0 | ||
Non-reportable segments | Operating segments | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 272 | 283 | ||
Goodwill acquired | 0 | 0 | ||
Goodwill impairment | (25) | |||
Foreign currency translation | 6 | (11) | ||
Balance at end of period | 253 | 253 | $ 272 | $ 283 |
Accumulated impairments balance at December 31, 2019 | $ 175 | $ 175 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 2,484 | $ 2,479 | |
Accumulated amortization | (469) | (286) | |
Net | 2,015 | 2,193 | |
Amortization expense | 186 | 148 | $ 39 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2020 | 167 | ||
2021 | 167 | ||
2022 | 167 | ||
2023 | 167 | ||
2024 | 159 | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 1,621 | 1,615 | |
Accumulated amortization | (331) | (206) | |
Net | 1,290 | 1,409 | |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 541 | 547 | |
Accumulated amortization | (40) | (17) | |
Net | 501 | 530 | |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 158 | 160 | |
Accumulated amortization | (41) | (18) | |
Net | 117 | 142 | |
Long term supply contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 150 | 143 | |
Accumulated amortization | (48) | (37) | |
Net | 102 | 106 | |
Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 14 | 14 | |
Accumulated amortization | (9) | (8) | |
Net | $ 5 | $ 6 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Buildings and improvements | $ 1,402 | $ 1,352 |
Machinery and equipment | 5,836 | 5,562 |
Land and improvements | 298 | 280 |
Construction in progress | 276 | 323 |
Property, plant and equipment, gross | 7,812 | 7,517 |
Less: accumulated depreciation and amortization | (3,925) | (3,772) |
Property, plant and equipment, net | $ 3,887 | $ 3,745 |
Other Non-Current Assets (Sched
Other Non-Current Assets (Schedule of Other Non-Current Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, All Other Investments [Abstract] | ||
Pension benefits | $ 491 | $ 360 |
Deferred taxes | 278 | 272 |
Fair value of derivatives | 54 | 20 |
Investments | 20 | 19 |
Debt issuance costs | 15 | 15 |
Other | 109 | 117 |
Other non-current assets | $ 967 | $ 803 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Salaries and employee benefits | $ 205 | $ 210 |
Accrued taxes, other than on income | 139 | 124 |
Accrued interest | 82 | 83 |
Income taxes | 67 | 47 |
Fair value of derivatives | 44 | 52 |
Asbestos liabilities | 25 | 25 |
Restructuring | 17 | 21 |
Other | 486 | 449 |
Accrued liabilities | $ 1,065 | $ 1,011 |
Restructuring and Other (Schedu
Restructuring and Other (Schedule of Restructuring and Other Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | ||||
Asset impairments and sales | $ (7) | $ (5) | $ 12 | |
Restructuring | 22 | 25 | 18 | |
Transaction costs | $ 24 | 0 | 26 | 2 |
Other (income) / costs | (41) | (2) | 19 | |
Restructuring and other | $ (26) | $ 44 | $ 51 |
Restructuring and Other (Narrat
Restructuring and Other (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||||||
Gain (loss) on restructuring | $ 7 | $ 5 | $ (12) | |||||||
Restructuring charges (benefit) | $ 15 | $ 45 | $ 4 | $ 16 | $ 1 | $ 16 | $ 13 | |||
Number of facilities closed | facility | 2 | |||||||||
Other (income) / costs | (41) | $ (2) | 19 | |||||||
Settled Litigation | Mivisa | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Litigation settlement expense | 19 | |||||||||
Gain on settlement of litigation | 6 | |||||||||
Asia Pacific | CHINA | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring accrual | $ 17 | 17 | ||||||||
Impaired assets sales | Asia Pacific | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Gain (loss) on restructuring | 13 | |||||||||
Fire at production facility | Asia Pacific | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Gain (loss) on restructuring | (6) | |||||||||
Write-down of carrying value fixed assets | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges (benefit) | 13 | 19 | ||||||||
Termination benefits | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges (benefit) | 18 | 12 | 18 | |||||||
Termination benefits | Asia Pacific | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges (benefit) | 5 | |||||||||
Headcount Reductions | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges (benefit) | 14 | |||||||||
Indirect Taxes Paid | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Other (income) / costs | 50 | |||||||||
Pre-Acquisition Related Litigation Settlement | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Other (income) / costs | $ 7 | |||||||||
Restructuring Actions Related to Current And Prior Period | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Other (income) / costs | $ 8 | |||||||||
Expiration of environmental indemnification | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges (benefit) | $ (5) |
Restructuring and Other (Charge
Restructuring and Other (Charges by Segment and Type) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 22 | $ 25 | $ 18 |
Termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 18 | 17 | 15 |
Other exit costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 4 | 8 | 3 |
Non-reportable segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 5 | 5 | 8 |
Operating segments | Americas Beverage | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 1 | 4 | 3 |
Operating segments | European Beverage | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 0 | 1 | 0 |
Operating segments | European Food | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 4 | 4 | 4 |
Operating segments | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 3 | 5 | 3 |
Operating segments | Transit Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 6 | 3 | 0 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 3 | $ 3 | $ 0 |
Debt (Summary of Outstanding De
Debt (Summary of Outstanding Debt) (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019EUR (€) | Oct. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Principal outstanding | |||||
Short-term debt | $ 75,000,000 | $ 89,000,000 | |||
Total long-term debt | 7,944,000,000 | 8,667,000,000 | |||
Less: current maturities | (62,000,000) | (81,000,000) | |||
Total long-term debt, less current maturities | 7,882,000,000 | 8,586,000,000 | |||
Carrying amount | |||||
Short-term debt | 75,000,000 | 89,000,000 | |||
Total long-term debt | 7,880,000,000 | 8,574,000,000 | |||
Less: current maturities | (62,000,000) | (81,000,000) | |||
Total long-term debt, less current maturities | 7,818,000,000 | 8,493,000,000 | |||
Term loan facilities | U.S. dollar at LIBOR plus 1.5% due 2024 | |||||
Principal outstanding | |||||
Total long-term debt | 1,100,000,000 | ||||
Carrying amount | |||||
Total long-term debt | 1,094,000,000 | ||||
Debt instrument, face amount | $ 1,100,000,000 | ||||
Term loan facilities | U.S. dollar at LIBOR plus 1.5% due 2024 | LIBOR | |||||
Carrying amount | |||||
Basis spread on variable rate (as a percent) | 1.50% | ||||
Term loan facilities | US Dollar at LIBOR Plus One Point Seven Five Percentage Due Two Thousand Twenty Two [Member] | |||||
Principal outstanding | |||||
Total long-term debt | 815,000,000 | ||||
Carrying amount | |||||
Total long-term debt | 810,000,000 | ||||
Term loan facilities | U.S. dollar at LIBOR plus 2.00% due 2025 | |||||
Principal outstanding | |||||
Total long-term debt | $ 0 | 887,000,000 | |||
Carrying amount | |||||
Total long-term debt | 0 | $ 864,000,000 | |||
Term loan facilities | U.S. dollar at LIBOR plus 2.00% due 2025 | LIBOR | |||||
Carrying amount | |||||
Basis spread on variable rate (as a percent) | 2.00% | ||||
Term loan facilities | Euro at EURIBOR Plus One Point Five Percentage Due Two Thousand and Twenty Four [Member] | |||||
Principal outstanding | |||||
Total long-term debt | 505,000,000 | ||||
Carrying amount | |||||
Total long-term debt | 504,000,000 | ||||
Debt instrument, face amount | $ 505,000,000 | € 450,000,000 | |||
Term loan facilities | Euro at EURIBOR Plus One Point Five Percentage Due Two Thousand and Twenty Four [Member] | EURIBOR | |||||
Carrying amount | |||||
Basis spread on variable rate (as a percent) | 1.50% | ||||
Term loan facilities | Euro at EURIBOR Plus One Point Seven Five Percentage Due Two Thousand and Twenty Two [Member] [Domain] | |||||
Principal outstanding | |||||
Total long-term debt | $ 301,000,000 | ||||
Carrying amount | |||||
Total long-term debt | 301,000,000 | ||||
Debt instrument, face amount | € | € 450,000,000 | € 263,000,000 | |||
Term loan facilities | Euro at EURIBOR plus 2.375% due 2025 | |||||
Principal outstanding | |||||
Total long-term debt | $ 0 | 855,000,000 | € 746,000,000 | ||
Carrying amount | |||||
Total long-term debt | 0 | $ 846,000,000 | |||
Term loan facilities | Euro at EURIBOR plus 2.375% due 2025 | EURIBOR | |||||
Carrying amount | |||||
Basis spread on variable rate (as a percent) | 2.375% | ||||
Senior notes and debentures: | €650 at 4.0% due 2022 | |||||
Principal outstanding | |||||
Total long-term debt | 729,000,000 | $ 745,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 725,000,000 | 740,000,000 | |||
Debt instrument stated percentage | 4.00% | 4.00% | |||
Debt instrument, face amount | € | € 650,000,000 | ||||
Senior notes and debentures: | U. S. dollar at 4.50% due 2023 | |||||
Principal outstanding | |||||
Total long-term debt | $ 1,000,000,000 | 1,000,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 995,000,000 | 993,000,000 | |||
Debt instrument stated percentage | 4.50% | 4.50% | |||
Senior notes and debentures: | €335 at 2.25% due 2023 | |||||
Principal outstanding | |||||
Total long-term debt | $ 376,000,000 | 384,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 372,000,000 | 380,000,000 | |||
Debt instrument stated percentage | 2.25% | 2.25% | |||
Debt instrument, face amount | € | € 335,000,000 | ||||
Senior notes and debentures: | Euro .75% due 2023 [Member] | |||||
Principal outstanding | |||||
Total long-term debt | $ 617,000,000 | 0 | |||
Carrying amount | |||||
Total long-term debt | $ 610,000,000 | 0 | |||
Debt instrument stated percentage | 0.75% | 0.75% | 0.75% | ||
Debt instrument, face amount | $ 617,000,000 | € 550,000,000 | € 550,000,000 | ||
Senior notes and debentures: | €600 at 2.625% due 2024 | |||||
Principal outstanding | |||||
Total long-term debt | 673,000,000 | 688,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 668,000,000 | 682,000,000 | |||
Debt instrument stated percentage | 2.625% | 2.625% | |||
Debt instrument, face amount | € | € 600,000,000 | ||||
Senior notes and debentures: | €600 at 3.375% due 2025 | |||||
Principal outstanding | |||||
Total long-term debt | $ 673,000,000 | 688,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 667,000,000 | 681,000,000 | |||
Debt instrument stated percentage | 3.375% | 3.375% | |||
Debt instrument, face amount | € | € 600,000,000 | ||||
Senior notes and debentures: | U.S. dollar at 4.25% due 2026 | |||||
Principal outstanding | |||||
Total long-term debt | $ 400,000,000 | 400,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 395,000,000 | 394,000,000 | |||
Debt instrument stated percentage | 4.25% | 4.25% | |||
Senior notes and debentures: | U.S. dollar at 4.75% due 2026 | |||||
Principal outstanding | |||||
Total long-term debt | $ 875,000,000 | 875,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 863,000,000 | 863,000,000 | |||
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 | $ 350,000,000 | 350,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 348,000,000 | 348,000,000 | |||
Debt instrument stated percentage | 7.375% | 7.375% | |||
Senior notes and debentures: | €500 at 2.875% due 2026 | |||||
Principal outstanding | |||||
Total long-term debt | $ 561,000,000 | 573,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 554,000,000 | 566,000,000 | |||
Debt instrument stated percentage | 2.875% | 2.875% | |||
Debt instrument, face amount | € | € 500,000,000 | ||||
Senior notes and debentures: | U.S. dollar at 7.50% due 2096 | |||||
Principal outstanding | |||||
Total long-term debt | $ 40,000,000 | 40,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 40,000,000 | 40,000,000 | |||
Debt instrument stated percentage | 7.50% | 7.50% | |||
Other indebtedness, fixed rate | |||||
Principal outstanding | |||||
Total long-term debt | $ 39,000,000 | 62,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 39,000,000 | 62,000,000 | |||
Other indebtedness, fixed rate | Minimum | |||||
Carrying amount | |||||
Debt instrument stated percentage | 4.00% | 4.00% | |||
Other indebtedness, fixed rate | Maximum | |||||
Carrying amount | |||||
Debt instrument stated percentage | 7.50% | 7.50% | |||
Other indebtedness, variable rate | |||||
Principal outstanding | |||||
Total long-term debt | $ 6,000,000 | 4,000,000 | |||
Carrying amount | |||||
Total long-term debt | $ 6,000,000 | $ 4,000,000 | |||
Average variable rates | 2.60% | 2.60% | |||
Debt Instrument Interest Rate Variable Percentage Rate Range Maximum | 4.30% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€) | Oct. 31, 2019EUR (€) | |
Debt Instrument [Line Items] | |||||
Long-term debt, fair value | $ 8,410,000,000 | $ 8,735,000,000 | |||
Borrowings outstanding | 7,880,000,000 | 8,574,000,000 | |||
Aggregate maturities of long term debt excluding unamortized discounts, year one | 62,000,000 | ||||
Aggregate maturities of long term debt excluding unamortized discounts, year two | 44,000,000 | ||||
Aggregate maturities of long term debt excluding unamortized discounts, year three | 813,000,000 | ||||
Aggregate maturities of long term debt excluding unamortized discounts, year four | 2,076,000,000 | ||||
Aggregate maturities of long term debt excluding unamortized discounts, year five | 2,042,000,000 | ||||
Cash payments for interest | 362,000,000 | 334,000,000 | $ 225,000,000 | ||
Senior notes and debentures: | U.S. dollar at 4.75% due 2026 | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 863,000,000 | 863,000,000 | |||
Debt instrument stated percentage | 4.75% | 4.75% | |||
Senior notes and debentures: | €500 at 2.875% due 2026 | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 554,000,000 | 566,000,000 | |||
Debt instrument, face amount | € | € 500,000,000 | ||||
Debt instrument stated percentage | 2.875% | 2.875% | |||
Senior notes and debentures: | €335 at 2.25% due 2023 | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 372,000,000 | 380,000,000 | |||
Debt instrument, face amount | € | € 335,000,000 | ||||
Debt instrument stated percentage | 2.25% | 2.25% | |||
Senior notes and debentures: | Euro .75% due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 610,000,000 | 0 | |||
Debt instrument, face amount | $ 617,000,000 | € 550,000,000 | € 550,000,000 | ||
Debt instrument stated percentage | 0.75% | 0.75% | 0.75% | ||
Term loan facilities | U.S. dollar at LIBOR plus 2.00% due 2025 | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 0 | 864,000,000 | |||
Term loan facilities | Euro at EURIBOR plus 2.375% due 2025 | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | 0 | $ 846,000,000 | |||
Term loan facilities | U.S. dollar at LIBOR plus 1.5% due 2024 | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | 1,094,000,000 | ||||
Debt instrument, face amount | 1,100,000,000 | ||||
Term loan facilities | Euro at EURIBOR Plus One Point Five Percentage Due Two Thousand and Twenty Four [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | 504,000,000 | ||||
Debt instrument, face amount | 505,000,000 | € 450,000,000 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility, available borrowing capacity | 1,586,000,000 | ||||
Line of credit facility, maximum borrowing capacity | 1,650,000,000 | ||||
Outstanding letters of credit | $ 64,000,000 | ||||
Debt covenant, leverage ratio | 5.75 | 5.75 | |||
Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.00% | ||||
Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Provisions for letters of credit | $ 310,000,000 | ||||
Basis spread on variable rate (as a percent) | 1.55% |
Debt (Schedule of Weighted Aver
Debt (Schedule of Weighted Average Interest Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Short-term debt | 2.60% | 1.00% | 1.40% |
Revolving credit facilities | 3.80% | 3.20% | 3.30% |
Derivative and Other Financia_3
Derivative and Other Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Objectives for using derivative instruments | The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. | ||
Net gain to be reclassified to earnings | $ 9,000,000 | ||
Gain, net of tax, expected to be reclassified to earnings | 7,000,000 | ||
Reclassification of anticipated transactions that were no longer considered probable | 0 | $ 0 | |
Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on foreign exchange contracts designated as fair value hedges | $ 1,000,000 | $ (2,000,000) | |
Minimum | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Contracts outstanding, maturity | 1 month | ||
Maximum | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Contracts outstanding, maturity | 27 months | ||
Cash Flow Hedging | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Aggregate notional amount | $ 200,000,000 | ||
Derivative fixed rate | 1.82% |
Derivative and Other Financia_4
Derivative and Other Financial Instruments (Accumulated Other Comprehensive Income ("AOCI") and Earnings from Changes in Fair Value Related to Derivative Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI | $ (22) | $ (35) |
Provision for income taxes | 11 | (6) |
Net Income | (32) | 15 |
Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI | (8) | (3) |
Foreign exchange | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts of gain/(loss) reclassified from AOCI into income | (4) | (11) |
Foreign exchange | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts of gain/(loss) reclassified from AOCI into income | (1) | 6 |
Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI | (1) | 0 |
Commodities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in AOCI | (13) | (32) |
Amounts of gain/(loss) reclassified from AOCI into income | (43) | 21 |
Commodities | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts of gain/(loss) reclassified from AOCI into income | 14 | (5) |
Commodities | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amounts of gain/(loss) reclassified from AOCI into income | $ (52) | $ 31 |
Derivative and Other Financia_5
Derivative and Other Financial Instruments (Derivatives Not Designated as Hedges Income Statement) (Details) - Derivatives not designated as hedges - Net Investment Hedging - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax amount of gain/(loss) recognized in earnings | $ (26) | $ (28) |
Foreign exchange | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax amount of gain/(loss) recognized in earnings | (3) | 4 |
Foreign exchange | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax amount of gain/(loss) recognized in earnings | 3 | (6) |
Foreign exchange | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax amount of gain/(loss) recognized in earnings | $ (26) | $ (26) |
Derivative and Other Financia_6
Derivative and Other Financial Instruments (Net Investment Hedge Narrative) (Details) € in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019EUR (€) | May 31, 2019USD ($) | May 31, 2019EUR (€) | Nov. 30, 2018USD ($) | Nov. 30, 2018EUR (€) | |
Derivative [Line Items] | |||||||
Gain (loss), recognized in OCI | $ 27 | $ 47 | |||||
Gain (loss) on net investment hedge, net of tax | 27 | 43 | |||||
Carrying amount of hedged net investment | 1,354 | € 1,207 | |||||
Foreign exchange | |||||||
Derivative [Line Items] | |||||||
Gain (loss), recognized in OCI | $ 26 | 11 | |||||
Aggregate notional amount | $ 200 | € 179 | $ 875 | € 768 | |||
Derivative fixed rate | 4.75% | 4.75% | |||||
Net Investment Hedging | Euro notional value | |||||||
Derivative [Line Items] | |||||||
Derivative fixed rate | 1.84% | 1.84% | |||||
Accumulated Other Comprehensive Loss | |||||||
Derivative [Line Items] | |||||||
Gain (loss), recognized in OCI | (32) | ||||||
Gain (loss) on net investment hedge, net of tax | $ (9) |
Derivative and Other Financia_7
Derivative and Other Financial Instruments (Impact on OCI from Changes in Derivative Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Amount of gain/(loss) recognized in OCI | $ 27 | $ 47 |
Foreign exchange | ||
Derivative [Line Items] | ||
Amount of gain/(loss) recognized in OCI | $ 26 | $ 11 |
Derivative and Other Financia_8
Derivative and Other Financial Instruments (Fair Values of Financial Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative assets | ||
Total | $ 83 | $ 47 |
Derivative liabilities | ||
Total | 49 | 59 |
Level 2 | ||
Derivative assets | ||
Total | 83 | 47 |
Derivative liabilities | ||
Total | 49 | 59 |
Derivatives designated as hedges: | Other assets | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 74 | 43 |
Derivatives designated as hedges: | Other non-current liabilities | Net investment hedge | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 2 | 0 |
Derivatives designated as hedges: | Other liabilities | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 43 | 55 |
Derivatives not designated as hedges: | Other current assets | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 7 | 4 |
Derivatives not designated as hedges: | Other non-current assets | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 2 | 0 |
Derivatives not designated as hedges: | Other assets | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 9 | 4 |
Derivatives not designated as hedges: | Accrued liabilities | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 5 | 4 |
Derivatives not designated as hedges: | Other non-current liabilities | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 1 | 0 |
Derivatives not designated as hedges: | Other liabilities | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 6 | 4 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other current assets | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 10 | 6 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other current assets | Commodities contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 11 | 16 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other non-current assets | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 1 | 3 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other non-current assets | Commodities contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 0 | 2 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Accrued liabilities | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 15 | 5 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Accrued liabilities | Commodities contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 21 | 42 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other non-current liabilities | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 1 | 1 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other non-current liabilities | Commodities contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 0 | 6 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other non-current liabilities | Interest rate contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 1 | |
Derivatives in fair value hedges | Derivatives designated as hedges: | Other current assets | Foreign exchange contracts fair value | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 1 | 1 |
Derivatives in fair value hedges | Derivatives designated as hedges: | Accrued liabilities | Foreign exchange contracts fair value | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 3 | 1 |
Net investment hedge | Derivatives designated as hedges: | Other non-current assets | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | $ 51 | $ 15 |
Derivative and Other Financia_9
Derivative and Other Financial Instruments (Carrying Amount of Hedged Assets and Liabilities) (Details) - Derivatives designated as hedges - Derivatives in fair value hedges - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Cummulative amount of fair value hedge adjustments included in carrying amounts | $ 2 | $ 1 |
Receivables, net | ||
Derivative [Line Items] | ||
Receivables, net | 12 | 15 |
Accrued liabilities | ||
Derivative [Line Items] | ||
Accrued liabilities | $ (83) | $ (13) |
Derivative and Other Financi_10
Derivative and Other Financial Instruments (Schedule of Offsetting Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative assets | ||
Gross amounts recognized in the Balance Sheet | $ 83 | $ 47 |
Gross amounts not offset in the Balance Sheet | 16 | 19 |
Net amount | 67 | 28 |
Derivative liabilities | ||
Gross amounts recognized in the Balance Sheet | 49 | 59 |
Gross amounts not offset in the Balance Sheet | 16 | 19 |
Net amount | $ 33 | $ 40 |
Derivative and Other Financi_11
Derivative and Other Financial Instruments (Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet) (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives in cash flow hedges | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, notional values | $ 200,000,000 | ||
Derivatives designated as hedges | Derivatives in cash flow hedges | Foreign exchange | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, notional values | $ 1,030,000,000 | $ 820,000,000 | |
Derivatives designated as hedges | Derivatives in cash flow hedges | Commodities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, notional values | 334,000,000 | 428,000,000 | |
Derivatives designated as hedges | Derivatives in cash flow hedges | Interest rate | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, notional values | 200,000,000 | 0 | |
Derivatives designated as hedges | Derivatives in fair value hedges | Foreign exchange | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, notional values | 142,000,000 | 74,000,000 | |
Derivatives designated as hedges | Net Investment Hedging | Foreign exchange | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, notional values | 1,075,000,000 | 875,000,000 | |
Derivatives not designated as hedges | Foreign exchange | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, notional values | $ 1,017,000,000 | $ 796,000,000 |
Asbestos-Related Liabilities (N
Asbestos-Related Liabilities (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)Pending_ClaimClaim | Dec. 31, 2018Claim | Dec. 31, 2017Claim | Dec. 31, 2016Claim | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Holding period for insulation operations (in days) | 90 days | |||
Number of inactive claims | Claim | 19,000 | |||
Percentage of claims that do not specify damages | 81.00% | |||
Claims outstanding | Claim | 56,000 | 56,000 | 55,500 | 55,500 |
Accrued asbestos claims and related legal costs | $ 273 | |||
Unasserted claims | $ 232 | |||
Damage claims less than $5 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage of claims damages specified | 16.00% | |||
Damage claims less than $5 | Maximum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 5 | |||
Damage claims from $5 to less than $100 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage of claims damages specified | 3.00% | |||
Damage claims from $5 to less than $100 | Maximum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 100 | |||
Damage claims from $5 to less than $100 | Minimum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 5 | |||
Damage claims less than $25 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage of claims damages specified | 34.00% | |||
Damage claims less than $25 | Maximum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 25 | |||
Damages claims in excess of $100 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 100 | |||
Claims outstanding | Pending_Claim | 13 |
Asbestos-Related Liabilities (S
Asbestos-Related Liabilities (Summary of Claims Activity) (Details) - Claim | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingency, Pending Claims [Roll Forward] | |||
Beginning claims | 56,000 | 55,500 | 55,500 |
New claims | 2,000 | 2,000 | 2,500 |
Settlements or dismissals | (2,000) | (1,500) | (2,500) |
Ending claims | 56,000 | 56,000 | 55,500 |
Asbestos-Related Liabilities _2
Asbestos-Related Liabilities (Summary of Asbestos Claims Cash Payments by Company) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Asbestos and Environmental Claims [Abstract] | |||
Asbestos-related payments | $ 22 | $ 21 | $ 30 |
Settled claims payments (included in asbestos-related payments above) | $ 17 | $ 15 | $ 24 |
Asbestos-Related Liabilities _3
Asbestos-Related Liabilities (Summary of Outstanding Claims by Year Of Exposure and State Filed) (Details) - Claim | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 56,000 | 56,000 | 55,500 | 55,500 |
Claimants alleging first exposure after 1964 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 16,500 | 16,500 | ||
Claimants alleging first exposure before or during 1964 | Texas | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 13,000 | 13,000 | ||
Claimants alleging first exposure before or during 1964 | Pennsylvania | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 1,500 | 1,500 | ||
Claimants alleging first exposure before or during 1964 | Other states that have enacted asbestos legislation | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 6,000 | 6,000 | ||
Claimants alleging first exposure before or during 1964 | Other states | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 19,000 | 19,000 |
Asbestos-Related Liabilities _4
Asbestos-Related Liabilities (Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases) (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Total claims | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims alleging serious diseases, percentage | 22.00% | 22.00% | 22.00% |
Pre-1964 claims in states without asbestos legislation | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims alleging serious diseases, percentage | 41.00% | 41.00% | 41.00% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2017 | Mar. 31, 2017 |
PRP Site | |||
Commitments And Contingent Liabilities [Line Items] | |||
Estimated future remediation costs | $ 8 | ||
Non- PRP Sites | |||
Commitments And Contingent Liabilities [Line Items] | |||
Estimated future remediation costs | $ 7 | ||
Penalty Notification Alleging Misclassification of Importation of Certain Goods into U.S. During 2004-2009 | U.S. Customs and Border Protection | |||
Commitments And Contingent Liabilities [Line Items] | |||
Initial and subsequent penalty assessed | $ 6 | $ 18 |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Schedule of Other Non-Current Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Deferred taxes | $ 405 | $ 399 |
Asbestos liabilities | 248 | 270 |
Postemployment benefits | 36 | 22 |
Income taxes payable | 25 | 26 |
Environmental | 12 | 12 |
Fair value of derivatives | 5 | 7 |
Finance lease liabilities | 11 | |
Finance lease liabilities | 24 | |
Other | 115 | 127 |
Other non-current liabilities | $ 857 | $ 887 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Components of Pension Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Amortization of actuarial loss | $ (7) | $ (6) | $ (31) | $ (42) | |||
Other Postretirement Benefits | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | $ 1 | $ 4 | $ 0 | ||||
Interest cost | 6 | 6 | 6 | ||||
Amortization of actuarial loss | 3 | 4 | 4 | ||||
Amortization of prior service cost | (34) | (37) | (40) | ||||
Net periodic cost / (benefit) | (24) | (23) | (30) | ||||
U.S. Plans | Pension Plan | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | 15 | 17 | 14 | ||||
Interest cost | 50 | 47 | 50 | ||||
Expected return on plan assets | (70) | (85) | (83) | ||||
Amortization of actuarial loss | 55 | 51 | 52 | ||||
Amortization of prior service cost | 1 | 1 | 1 | ||||
Net periodic cost / (benefit) | 51 | 31 | 34 | ||||
Non-U.S. Plans | Pension Plan | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||||
Service cost | 15 | 26 | 22 | ||||
Interest cost | 71 | 75 | 75 | ||||
Expected return on plan assets | (138) | (159) | (146) | ||||
Settlements | 44 | 38 | 0 | ||||
Curtailments | (14) | 0 | (3) | ||||
Amortization of actuarial loss | 38 | 45 | 42 | ||||
Amortization of prior service cost | (1) | (11) | (11) | ||||
Net periodic cost / (benefit) | $ 15 | $ 14 | $ (21) |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, additional pension expense | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 |
Amounts of common stock included in plan assets | 244,000,000 | 140,000,000 | |
Defined benefit plan, estimated employer contributions | 21,000,000 | ||
Total contributions | 11,000,000 | 2,000,000 | $ 2,000,000 |
Employee stock purchase plan, company contribution (less than) | $ 1,000,000 | ||
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Estimated net losses of pensions in following twelve months | (94,000,000) | ||
Estimated prior service credits of pensions in following twelve months | $ (1,000,000) | ||
Pension Plan | Non-U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funding level | 100.00% | ||
Target funding level period | 7 years | ||
Expected return net of fees | 1.80% | ||
Percentage change of risk level commensurate | 5.00% | ||
Pension Plan | Non-U.S. Plans | Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Yearly rate of funding level decline | 4.00% | ||
Pension Plan | Non-U.S. Plans | Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Yearly rate of funding level decline | 7.00% | ||
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Estimated net losses of pensions in following twelve months | $ (4,000,000) | ||
Estimated prior service credits of pensions in following twelve months | $ (25,000,000) |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits (Schedule of Projected and Changes in Benefit Obligations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Projected Benefit Obligations | ||||
Curtailments | $ 14 | |||
Other Postretirement Benefits | ||||
Projected Benefit Obligations | ||||
Benefit obligations at beginning of period | 147 | $ 147 | $ 168 | |
Service cost | 1 | 4 | $ 0 | |
Interest cost | 6 | 6 | 6 | |
Amendments | 6 | 0 | ||
Actuarial loss | 14 | (15) | ||
Benefits paid | (13) | (13) | ||
Foreign currency translation | 3 | (3) | ||
Benefit obligations at end of period | 164 | 147 | 168 | |
U.S. Plans | Pension Plan | ||||
Projected Benefit Obligations | ||||
Benefit obligations at beginning of period | 1,371 | 1,371 | 1,499 | |
Service cost | 15 | 17 | 14 | |
Interest cost | 50 | 47 | 50 | |
Plan participants’ contributions | 0 | 0 | ||
Amendments | (1) | 0 | ||
Settlements | 0 | 0 | ||
Curtailments | 0 | 0 | ||
Actuarial loss | 133 | (83) | ||
Acquisitions | 0 | 0 | ||
Benefits paid | (128) | (109) | ||
Foreign currency translation | 0 | 0 | ||
Benefit obligations at end of period | 1,440 | 1,371 | 1,499 | |
Plan Assets | ||||
Balance at beginning of period | 1,012 | 1,012 | 1,220 | |
Actual return on plan assets | 244 | (102) | ||
Employer contributions | 3 | 3 | ||
Plan participants’ contributions | 0 | 0 | ||
Settlements | 0 | 0 | ||
Acquisitions | 0 | 0 | ||
Benefits paid | (128) | (109) | ||
Foreign currency translation | 0 | 0 | ||
Balance at end of period | 1,012 | 1,220 | ||
Funded status | (309) | (359) | ||
Accumulated benefit obligations at end of period | 1,397 | 1,327 | ||
Fair value of plan assets | 1,131 | 1,012 | ||
Non-U.S. Plans | Pension Plan | ||||
Projected Benefit Obligations | ||||
Benefit obligations at beginning of period | 3,102 | 3,102 | 3,507 | |
Service cost | 15 | 26 | 22 | |
Interest cost | 71 | 75 | 75 | |
Plan participants’ contributions | 2 | 4 | ||
Amendments | 0 | 0 | ||
Settlements | (152) | (121) | ||
Curtailments | (18) | 0 | ||
Actuarial loss | 242 | (199) | ||
Acquisitions | 0 | 148 | ||
Benefits paid | (152) | (150) | ||
Foreign currency translation | 110 | (188) | ||
Benefit obligations at end of period | 3,220 | 3,102 | 3,507 | |
Plan Assets | ||||
Balance at beginning of period | $ 3,264 | 3,264 | 3,665 | |
Actual return on plan assets | 373 | (39) | ||
Employer contributions | 19 | 16 | ||
Plan participants’ contributions | 2 | 4 | ||
Settlements | (152) | (121) | ||
Acquisitions | 0 | 90 | ||
Benefits paid | (152) | (150) | ||
Foreign currency translation | 126 | (201) | ||
Balance at end of period | 3,480 | 3,264 | $ 3,665 | |
Funded status | 260 | 162 | ||
Accumulated benefit obligations at end of period | 3,182 | 3,009 | ||
Fair value of plan assets | $ 187 | $ 167 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits (Schedule of Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | $ 1,440 | $ 1,371 |
Accumulated benefit obligations | 1,397 | 1,327 |
Fair value of plan assets | 1,131 | 1,012 |
Non-U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | 399 | 363 |
Accumulated benefit obligations | 383 | 329 |
Fair value of plan assets | $ 187 | $ 167 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits (Summary of Strategic Ranges for Assets Allocation Plan) (Details) - Pension Plan | Dec. 31, 2019 |
Minimum | U.S. Plans | Equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 39.00% |
Minimum | U.S. Plans | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 12.00% |
Minimum | U.S. Plans | Fixed income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 16.00% |
Minimum | U.S. Plans | Balanced funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 7.00% |
Minimum | U.S. Plans | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 7.00% |
Minimum | Non-U.S. Plans | Equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 0.00% |
Minimum | Non-U.S. Plans | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 0.00% |
Minimum | Non-U.S. Plans | Investment grade credit | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 30.00% |
Minimum | Non-U.S. Plans | Hedge funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 0.00% |
Minimum | Non-U.S. Plans | Alternative credit | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 0.00% |
Minimum | Non-U.S. Plans | Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 0.00% |
Maximum | U.S. Plans | Equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 49.00% |
Maximum | U.S. Plans | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 18.00% |
Maximum | U.S. Plans | Fixed income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 26.00% |
Maximum | U.S. Plans | Balanced funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 13.00% |
Maximum | U.S. Plans | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 13.00% |
Maximum | Non-U.S. Plans | Equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 30.00% |
Maximum | Non-U.S. Plans | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 5.00% |
Maximum | Non-U.S. Plans | Investment grade credit | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 90.00% |
Maximum | Non-U.S. Plans | Hedge funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 10.00% |
Maximum | Non-U.S. Plans | Alternative credit | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 20.00% |
Maximum | Non-U.S. Plans | Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 20.00% |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits (Schedule of Defined Benefit Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | $ 464 | $ 533 | $ 518 |
Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 43 | 113 | 189 |
Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 75 | 103 | 147 |
Fair Value Measured at Net Asset Value Per Share | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 193 | 210 | |
Fair Value Measured at Net Asset Value Per Share | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 96 | 57 | |
Fair Value Measured at Net Asset Value Per Share | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 328 | 282 | |
Fair Value Measured at Net Asset Value Per Share | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 23 | 20 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value Of Plan Assets Excluding Accrued Income | 4,604 | 4,270 | |
Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 1,041 | 978 | |
Pension Plan | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 213 | 259 | |
Pension Plan | Level 1 | Global large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 7 | 27 | |
Pension Plan | Level 1 | U.S. large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 159 | 69 | |
Pension Plan | Level 1 | U.S. mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 245 | 198 | |
Pension Plan | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 144 | 133 | |
Pension Plan | Level 1 | Mutual funds – U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 206 | 188 | |
Pension Plan | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 67 | 104 | |
Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2,459 | 2,190 | |
Pension Plan | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 373 | 411 | |
Pension Plan | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 260 | 341 | |
Pension Plan | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 384 | 261 | |
Pension Plan | Level 2 | Asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2 | 2 | |
Pension Plan | Level 2 | Structured debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 811 | 699 | |
Pension Plan | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 105 | 105 | |
Pension Plan | Level 2 | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 194 | 103 | |
Pension Plan | Level 2 | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 297 | 268 | |
Pension Plan | Level 2 | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 33 | ||
Pension Plan | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 464 | 533 | |
Pension Plan | Level 3 | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 316 | 290 | |
Pension Plan | Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 43 | 113 | |
Pension Plan | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 75 | 103 | |
Pension Plan | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 30 | 27 | |
Pension Plan | Total assets in fair value hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 3,964 | 3,701 | |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 640 | 569 | |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 193 | 210 | |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 96 | 57 | |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 328 | 282 | |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 23 | 20 | |
Pension Plan | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 1,012 | 1,220 | |
Defined Benefit Plan Fair Value Of Plan Assets Excluding Accrued Income | 1,130 | 1,011 | |
Accrued income | 1 | 1 | |
Pension Plan | U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 813 | 707 | |
Pension Plan | U.S. Plans | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 23 | 34 | |
Pension Plan | U.S. Plans | Level 1 | Global large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 1 | U.S. large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 155 | 66 | |
Pension Plan | U.S. Plans | Level 1 | U.S. mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 218 | 182 | |
Pension Plan | U.S. Plans | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 144 | 133 | |
Pension Plan | U.S. Plans | Level 1 | Mutual funds – U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 206 | 188 | |
Pension Plan | U.S. Plans | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 67 | 104 | |
Pension Plan | U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 52 | 49 | |
Pension Plan | U.S. Plans | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 52 | 49 | |
Pension Plan | U.S. Plans | Level 2 | Asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 2 | Structured debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 2 | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 2 | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 122 | 123 | |
Pension Plan | U.S. Plans | Level 3 | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 96 | 94 | |
Pension Plan | U.S. Plans | Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 5 | 9 | |
Pension Plan | U.S. Plans | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 21 | 20 | |
Pension Plan | U.S. Plans | Total assets in fair value hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 987 | 879 | |
Pension Plan | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 143 | 132 | |
Pension Plan | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 102 | 98 | |
Pension Plan | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 18 | 14 | |
Pension Plan | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 23 | 20 | |
Pension Plan | Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 3,480 | 3,264 | $ 3,665 |
Defined Benefit Plan Fair Value Of Plan Assets Excluding Accrued Income | 3,474 | 3,259 | |
Accrued income | 6 | 5 | |
Pension Plan | Non-U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 228 | 271 | |
Pension Plan | Non-U.S. Plans | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 190 | 225 | |
Pension Plan | Non-U.S. Plans | Level 1 | Global large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 7 | 27 | |
Pension Plan | Non-U.S. Plans | Level 1 | U.S. large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 4 | 3 | |
Pension Plan | Non-U.S. Plans | Level 1 | U.S. mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 27 | 16 | |
Pension Plan | Non-U.S. Plans | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | Non-U.S. Plans | Level 1 | Mutual funds – U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | Non-U.S. Plans | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 0 | 0 | |
Pension Plan | Non-U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2,407 | 2,141 | |
Pension Plan | Non-U.S. Plans | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 373 | 411 | |
Pension Plan | Non-U.S. Plans | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 260 | 341 | |
Pension Plan | Non-U.S. Plans | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 332 | 212 | |
Pension Plan | Non-U.S. Plans | Level 2 | Asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2 | 2 | |
Pension Plan | Non-U.S. Plans | Level 2 | Structured debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 811 | 699 | |
Pension Plan | Non-U.S. Plans | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 105 | 105 | |
Pension Plan | Non-U.S. Plans | Level 2 | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 194 | 103 | |
Pension Plan | Non-U.S. Plans | Level 2 | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 297 | 268 | |
Pension Plan | Non-U.S. Plans | Level 2 | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 33 | ||
Pension Plan | Non-U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 342 | 410 | |
Pension Plan | Non-U.S. Plans | Level 3 | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 220 | 196 | |
Pension Plan | Non-U.S. Plans | Level 3 | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 43 | 113 | |
Pension Plan | Non-U.S. Plans | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 70 | 94 | |
Pension Plan | Non-U.S. Plans | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 9 | 7 | |
Pension Plan | Non-U.S. Plans | Total assets in fair value hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 2,977 | 2,822 | |
Pension Plan | Non-U.S. Plans | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 497 | 437 | |
Pension Plan | Non-U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 91 | 112 | |
Pension Plan | Non-U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Investment funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 78 | 43 | |
Pension Plan | Non-U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | 328 | 282 | |
Pension Plan | Non-U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Investment funds – emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets at fair value | $ 0 | $ 0 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits (Schedule of Reconciliation of Plan Assets Measured by Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Measured at Net Asset Value Per Share | Investment funds – global equity | ||
Plan Assets | ||
Balance at beginning of period | $ 96 | $ 57 |
Balance at end of period | 96 | |
Fair Value Measured at Net Asset Value Per Share | Investment Funds Emerging Markets [Member] | ||
Plan Assets | ||
Balance at beginning of period | 23 | 20 |
Balance at end of period | 23 | |
Fair Value Measured at Net Asset Value Per Share | Hedge funds | ||
Plan Assets | ||
Balance at beginning of period | 328 | 282 |
Balance at end of period | 328 | |
Fair Value Measured at Net Asset Value Per Share | Investment funds – fixed income | ||
Plan Assets | ||
Balance at beginning of period | 193 | 210 |
Balance at end of period | 193 | |
Level 3 | ||
Plan Assets | ||
Balance at beginning of period | 533 | 518 |
Foreign currency translation | 16 | (24) |
Asset returns – assets held at reporting date | (3) | (38) |
Asset returns – assets sold during the period | 30 | 63 |
Purchases, sales and settlements, net | (112) | (50) |
Asset transfers during the period | 64 | |
Balance at end of period | 464 | 533 |
Level 3 | Hedge funds | ||
Plan Assets | ||
Balance at beginning of period | 113 | 189 |
Foreign currency translation | 4 | (11) |
Asset returns – assets held at reporting date | (6) | (18) |
Asset returns – assets sold during the period | 7 | 20 |
Purchases, sales and settlements, net | (75) | (67) |
Asset transfers during the period | 0 | |
Balance at end of period | 43 | 113 |
Level 3 | Private equity | ||
Plan Assets | ||
Balance at beginning of period | 103 | 147 |
Foreign currency translation | 4 | (8) |
Asset returns – assets held at reporting date | (22) | (11) |
Asset returns – assets sold during the period | 17 | 28 |
Purchases, sales and settlements, net | (27) | (53) |
Asset transfers during the period | 0 | |
Balance at end of period | 75 | 103 |
Level 3 | Real estate | ||
Plan Assets | ||
Balance at beginning of period | 317 | 182 |
Foreign currency translation | 8 | (5) |
Asset returns – assets held at reporting date | 25 | (9) |
Asset returns – assets sold during the period | 6 | 15 |
Purchases, sales and settlements, net | (10) | 70 |
Asset transfers during the period | 64 | |
Balance at end of period | 346 | 317 |
Pension Plan | Level 1 | ||
Plan Assets | ||
Balance at beginning of period | 978 | |
Balance at end of period | 1,041 | 978 |
Pension Plan | Level 1 | Cash and cash equivalents | ||
Plan Assets | ||
Balance at beginning of period | 259 | |
Balance at end of period | 213 | 259 |
Pension Plan | Level 1 | Global large cap equity | ||
Plan Assets | ||
Balance at beginning of period | 27 | |
Balance at end of period | 7 | 27 |
Pension Plan | Level 1 | U.S. large cap equity | ||
Plan Assets | ||
Balance at beginning of period | 69 | |
Balance at end of period | 159 | 69 |
Pension Plan | Level 1 | U.S. mid/small cap equity | ||
Plan Assets | ||
Balance at beginning of period | 198 | |
Balance at end of period | 245 | 198 |
Pension Plan | Level 1 | Mutual funds – global equity | ||
Plan Assets | ||
Balance at beginning of period | 133 | |
Balance at end of period | 144 | 133 |
Pension Plan | Level 1 | Mutual funds – U.S. equity | ||
Plan Assets | ||
Balance at beginning of period | 188 | |
Balance at end of period | 206 | 188 |
Pension Plan | Level 1 | Investment funds – fixed income | ||
Plan Assets | ||
Balance at beginning of period | 104 | |
Balance at end of period | 67 | 104 |
Pension Plan | Level 2 | ||
Plan Assets | ||
Balance at beginning of period | 2,190 | |
Balance at end of period | 2,459 | 2,190 |
Pension Plan | Level 2 | Structured debt | ||
Plan Assets | ||
Balance at beginning of period | 699 | |
Balance at end of period | 811 | 699 |
Pension Plan | Level 2 | Corporate debt securities | ||
Plan Assets | ||
Balance at beginning of period | 261 | |
Balance at end of period | 384 | 261 |
Pension Plan | Level 2 | Asset backed securities | ||
Plan Assets | ||
Balance at beginning of period | 2 | |
Balance at end of period | 2 | 2 |
Pension Plan | Level 2 | Investment funds – global equity | ||
Plan Assets | ||
Balance at beginning of period | 268 | |
Balance at end of period | 297 | 268 |
Pension Plan | Level 2 | Investment Funds Emerging Markets [Member] | ||
Plan Assets | ||
Balance at end of period | 33 | |
Pension Plan | Level 2 | Investment funds – fixed income | ||
Plan Assets | ||
Balance at beginning of period | 411 | |
Balance at end of period | 373 | 411 |
Pension Plan | Level 2 | Government issued debt securities | ||
Plan Assets | ||
Balance at beginning of period | 341 | |
Balance at end of period | 260 | 341 |
Pension Plan | Level 2 | Insurance contracts | ||
Plan Assets | ||
Balance at beginning of period | 105 | |
Balance at end of period | 105 | 105 |
Pension Plan | Level 2 | Derivatives | ||
Plan Assets | ||
Balance at beginning of period | 103 | |
Balance at end of period | 194 | 103 |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | ||
Plan Assets | ||
Balance at beginning of period | 569 | |
Balance at end of period | 640 | 569 |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment funds – global equity | ||
Plan Assets | ||
Balance at beginning of period | 57 | |
Balance at end of period | 96 | 57 |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment Funds Emerging Markets [Member] | ||
Plan Assets | ||
Balance at beginning of period | 20 | |
Balance at end of period | 23 | 20 |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Hedge funds | ||
Plan Assets | ||
Balance at beginning of period | 282 | |
Balance at end of period | 328 | 282 |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment funds – fixed income | ||
Plan Assets | ||
Balance at beginning of period | 210 | |
Balance at end of period | 193 | 210 |
Pension Plan | Level 3 | ||
Plan Assets | ||
Balance at beginning of period | 533 | |
Balance at end of period | 464 | 533 |
Pension Plan | Level 3 | Investment funds – real estate | ||
Plan Assets | ||
Balance at beginning of period | 290 | |
Balance at end of period | 316 | 290 |
Pension Plan | Level 3 | Hedge funds | ||
Plan Assets | ||
Balance at beginning of period | 113 | |
Balance at end of period | 43 | 113 |
Pension Plan | Level 3 | Private equity | ||
Plan Assets | ||
Balance at beginning of period | 103 | |
Balance at end of period | 75 | 103 |
Pension Plan | Level 3 | Real estate – direct | ||
Plan Assets | ||
Balance at beginning of period | 27 | |
Balance at end of period | 30 | 27 |
Pension Plan | Total assets in fair value hierarchy | ||
Plan Assets | ||
Balance at beginning of period | 3,701 | |
Balance at end of period | 3,964 | 3,701 |
U.S. Plans | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued income | 1 | 1 |
Plan Assets | ||
Balance at beginning of period | 1,012 | 1,220 |
Foreign currency translation | 0 | 0 |
Balance at end of period | 1,012 | |
U.S. Plans | Pension Plan | Level 1 | ||
Plan Assets | ||
Balance at beginning of period | 707 | |
Balance at end of period | 813 | 707 |
U.S. Plans | Pension Plan | Level 1 | Cash and cash equivalents | ||
Plan Assets | ||
Balance at beginning of period | 34 | |
Balance at end of period | 23 | 34 |
U.S. Plans | Pension Plan | Level 1 | Global large cap equity | ||
Plan Assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | 0 |
U.S. Plans | Pension Plan | Level 1 | U.S. large cap equity | ||
Plan Assets | ||
Balance at beginning of period | 66 | |
Balance at end of period | 155 | 66 |
U.S. Plans | Pension Plan | Level 1 | U.S. mid/small cap equity | ||
Plan Assets | ||
Balance at beginning of period | 182 | |
Balance at end of period | 218 | 182 |
U.S. Plans | Pension Plan | Level 1 | Mutual funds – global equity | ||
Plan Assets | ||
Balance at beginning of period | 133 | |
Balance at end of period | 144 | 133 |
U.S. Plans | Pension Plan | Level 1 | Mutual funds – U.S. equity | ||
Plan Assets | ||
Balance at beginning of period | 188 | |
Balance at end of period | 206 | 188 |
U.S. Plans | Pension Plan | Level 1 | Investment funds – fixed income | ||
Plan Assets | ||
Balance at beginning of period | 104 | |
Balance at end of period | 67 | 104 |
U.S. Plans | Pension Plan | Level 2 | ||
Plan Assets | ||
Balance at beginning of period | 49 | |
Balance at end of period | 52 | 49 |
U.S. Plans | Pension Plan | Level 2 | Structured debt | ||
Plan Assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | 0 |
U.S. Plans | Pension Plan | Level 2 | Corporate debt securities | ||
Plan Assets | ||
Balance at beginning of period | 49 | |
Balance at end of period | 52 | 49 |
U.S. Plans | Pension Plan | Level 2 | Asset backed securities | ||
Plan Assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | 0 |
U.S. Plans | Pension Plan | Level 2 | Investment funds – global equity | ||
Plan Assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | 0 |
U.S. Plans | Pension Plan | Level 2 | Investment funds – fixed income | ||
Plan Assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | 0 |
U.S. Plans | Pension Plan | Level 2 | Government issued debt securities | ||
Plan Assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | 0 |
U.S. Plans | Pension Plan | Level 2 | Insurance contracts | ||
Plan Assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | 0 |
U.S. Plans | Pension Plan | Level 2 | Derivatives | ||
Plan Assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | 0 |
U.S. Plans | Pension Plan | Fair Value Measured at Net Asset Value Per Share | ||
Plan Assets | ||
Balance at beginning of period | 132 | |
Balance at end of period | 143 | 132 |
U.S. Plans | Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment funds – global equity | ||
Plan Assets | ||
Balance at beginning of period | 14 | |
Balance at end of period | 18 | 14 |
U.S. Plans | Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment Funds Emerging Markets [Member] | ||
Plan Assets | ||
Balance at beginning of period | 20 | |
Balance at end of period | 23 | 20 |
U.S. Plans | Pension Plan | Fair Value Measured at Net Asset Value Per Share | Hedge funds | ||
Plan Assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | 0 |
U.S. Plans | Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment funds – fixed income | ||
Plan Assets | ||
Balance at beginning of period | 98 | |
Balance at end of period | 102 | 98 |
U.S. Plans | Pension Plan | Level 3 | ||
Plan Assets | ||
Balance at beginning of period | 123 | |
Balance at end of period | 122 | 123 |
U.S. Plans | Pension Plan | Level 3 | Investment funds – real estate | ||
Plan Assets | ||
Balance at beginning of period | 94 | |
Balance at end of period | 96 | 94 |
U.S. Plans | Pension Plan | Level 3 | Hedge funds | ||
Plan Assets | ||
Balance at beginning of period | 0 | |
Balance at end of period | 0 | 0 |
U.S. Plans | Pension Plan | Level 3 | Private equity | ||
Plan Assets | ||
Balance at beginning of period | 9 | |
Balance at end of period | 5 | 9 |
U.S. Plans | Pension Plan | Level 3 | Real estate – direct | ||
Plan Assets | ||
Balance at beginning of period | 20 | |
Balance at end of period | 21 | 20 |
U.S. Plans | Pension Plan | Total assets in fair value hierarchy | ||
Plan Assets | ||
Balance at beginning of period | 879 | |
Balance at end of period | $ 987 | $ 879 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits (Additional Information About Pension Plan Assets Valued Using Net Asset Value) (Details) - Fair Value Measured at Net Asset Value Per Share - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Redemption Notice Period | 1 day | ||
Investment funds – fixed income | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan assets at fair value | $ 193 | $ 210 | |
Redemption Notice Period | 1 day | 1 day | |
Investment funds – global equity | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan assets at fair value | $ 96 | 57 | |
Investment funds – emerging markets | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan assets at fair value | $ 23 | 20 | |
Redemption Notice Period | 30 days | 30 days | |
Hedge funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan assets at fair value | $ 328 | $ 282 | |
Minimum | Investment funds – global equity | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Redemption Notice Period | 1 day | 1 day | |
Minimum | Hedge funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Redemption Notice Period | 1 day | 3 days | |
Maximum | Investment funds – fixed income | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Redemption Notice Period | 5 days | ||
Maximum | Investment funds – global equity | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Redemption Notice Period | 15 days | 30 days | |
Maximum | Hedge funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Redemption Notice Period | 30 days | 45 days |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits (Schedule of Pension Assets/(Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | $ 491 | $ 360 |
Current liabilities | 13 | 14 |
Non-current liabilities | 533 | 549 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Fair Value Of Plan Assets Excluding Accrued Income | 4,604 | 4,270 |
Pension Plan | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Fair Value Of Plan Assets Excluding Accrued Income | $ 1,130 | $ 1,011 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits (Schedule of Changes in Net Loss and Prior Service Cost/(Credit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan | |||
Net loss | |||
Balance at beginning of period | $ 1,962 | $ 2,057 | $ 2,032 |
Reclassification to net periodic benefit cost | (137) | (134) | (95) |
Current year gain (loss) | (53) | 103 | 21 |
Amendments | 0 | 0 | 0 |
Foreign currency translation | 36 | (64) | 99 |
Balance at end of period | 1,808 | 1,962 | 2,057 |
Prior service | |||
Balance at beginning of period | (6) | (16) | (32) |
Reclassification to net periodic benefit cost | 14 | 10 | 14 |
Current year gain (loss) | 0 | 0 | 0 |
Amendments | 0 | 0 | 4 |
Foreign currency translation | 0 | 0 | (2) |
Balance at end of period | 8 | (6) | (16) |
Other Postretirement Benefits | |||
Net loss | |||
Balance at beginning of period | 31 | 49 | 49 |
Reclassification to net periodic benefit cost | (3) | (4) | (4) |
Current year gain (loss) | 14 | (14) | 4 |
Amendments | 0 | 0 | 0 |
Balance at end of period | 42 | 31 | 49 |
Prior service | |||
Balance at beginning of period | (105) | (142) | (182) |
Reclassification to net periodic benefit cost | 34 | 37 | 40 |
Current year gain (loss) | 0 | 0 | 0 |
Amendments | (1) | 0 | 0 |
Balance at end of period | $ (72) | $ (105) | $ (142) |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits (Schedule of Expected Future Benefit Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2020 | $ 16 | |
2021 | 13 | |
2022 | 13 | |
2023 | 12 | |
2024 | 12 | |
2025 - 2029 | $ 49 | |
U.S. Plans | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2020 | $ 104 | |
2021 | 96 | |
2022 | 98 | |
2023 | 100 | |
2024 | 99 | |
2025 - 2029 | 448 | |
Non-U.S. Plans | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
2020 | 161 | |
2021 | 164 | |
2022 | 165 | |
2023 | 168 | |
2024 | 166 | |
2025 - 2029 | $ 837 |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits (Assumptions Used) (Details) - Pension Plan | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.20% | 4.30% | 3.70% |
Compensation increase | 4.70% | 4.50% | 4.70% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 4.70% | 3.90% | 4.70% |
Discount rate - interest cost | 3.90% | 3.20% | 3.40% |
Compensation increase | 4.50% | 4.70% | 4.60% |
Long-term rate of return | 7.30% | 7.30% | 7.50% |
Non-U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.10% | 2.90% | 2.50% |
Compensation increase | 3.00% | 3.20% | 3.20% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 3.00% | 2.60% | 2.80% |
Discount rate - interest cost | 2.70% | 2.20% | 2.30% |
Compensation increase | 3.20% | 3.20% | 3.30% |
Long-term rate of return | 4.30% | 4.40% | 4.50% |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits (Schedule of Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Health care cost trend rate assumed for 2019 | 5.30% |
Rate that the cost trend rate gradually declines to | 4.00% |
Pension and Other Postretire_16
Pension and Other Postretirement Benefits (Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect on total service and interest cost, Increase | $ 1 |
Effect on total service and interest cost, Decrease | 1 |
Effect on postretirement benefit obligation, Increase | 6 |
Effect on postretirement benefit obligation, Decrease | $ 6 |
Pension and Other Postretire_17
Pension and Other Postretirement Benefits (Weighted Average Discount Rates used to Calculate the Benefit Obligations (Details) - Other Postretirement Benefits | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 3.50% | 4.50% | 3.80% |
Service cost | 4.80% | 4.90% | 5.00% |
Interest cost | 4.20% | 4.10% | 3.50% |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Income Taxes and Equity Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ (3) | $ 21 | $ 10 |
Foreign | 789 | 719 | 819 |
Income before income taxes | $ 786 | $ 740 | $ 829 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax: | ||||||
U.S. federal | $ (1) | $ (2) | $ 0 | |||
State and foreign | 202 | 183 | 154 | |||
Current tax, total | 201 | 181 | 154 | |||
Deferred tax: | ||||||
U.S. federal | 16 | 31 | 217 | |||
State and foreign | (51) | 4 | 30 | |||
Deferred tax, total | (35) | 35 | 247 | |||
Total | $ 37 | $ 15 | $ 28 | $ 166 | $ 216 | $ 401 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||
U.S. statutory rate at 21%, 21% and 35% | $ 166 | $ 155 | $ 290 | |||
Tax on foreign income | 7 | 30 | (126) | |||
U.S. taxes on foreign income, net of credits | 15 | 24 | 45 | |||
Valuation allowance changes | (33) | (1) | 9 | |||
Tax contingencies | 19 | (2) | 6 | |||
Tax law changes | (11) | 4 | 174 | |||
Other items, net | 3 | 6 | 3 | |||
Total | $ 37 | $ 15 | $ 28 | $ 166 | $ 216 | $ 401 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||||||
Taxes paid | $ 173 | $ 177 | $ 154 | ||||
Tax contingencies | 19 | (2) | $ 6 | ||||
Percent of adjusted taxable income | 30.00% | ||||||
Reduction in deferred tax asset | $ 103 | ||||||
Provisional obligation for transition tax | 82 | ||||||
Charge related to foreign tax credit | 25 | ||||||
Reversal of deferred tax liabilities related to undistributed foreign earnings | 11 | ||||||
Finalized impact of Tax Act, income tax benefit | 2 | ||||||
Charge related to local taxes on distributions of foreign earnings previously asserted to be indefinitely reinvested | 24 | ||||||
Deferred taxes on earnings of foreign subsidiaries | $ 1,300 | 1,300 | |||||
Valuation allowance | 243 | 243 | 282 | ||||
Income tax benefit | (37) | $ (15) | $ (28) | (166) | (216) | (401) | |
Unrecognized tax benefits, interest and penalties excluded from reserves | 2 | 2 | |||||
Unrecognized tax benefits, settlements for certain tax contingencies | 15 | 2 | 4 | ||||
Interest and penalties expenses | 1 | 1 | 1 | ||||
Unrecognized tax benefits that if recognized would affect ETR | 41 | 41 | |||||
Business Interest Carryforwards | |||||||
Income Taxes [Line Items] | |||||||
Tax loss carryforwards | 36 | 36 | |||||
Signode | |||||||
Income Taxes [Line Items] | |||||||
Tax loss carryforwards | 53 | 53 | |||||
INDIA | |||||||
Income Taxes [Line Items] | |||||||
Tax contingencies | $ 9 | ||||||
Brazil | |||||||
Income Taxes [Line Items] | |||||||
Increase in net income attributable to the Company resulting from incentives | 17 | 14 | $ 14 | ||||
Signode | |||||||
Income Taxes [Line Items] | |||||||
Tax contingencies | $ 15 | ||||||
U.S. | |||||||
Income Taxes [Line Items] | |||||||
Tax loss carryforwards | 72 | 72 | |||||
State | |||||||
Income Taxes [Line Items] | |||||||
Tax loss carryforwards | 141 | 141 | |||||
Valuation allowance | $ 205 | ||||||
France | |||||||
Income Taxes [Line Items] | |||||||
Tax loss carryforwards | $ 64 | 64 | |||||
Internal Reorganization | |||||||
Income Taxes [Line Items] | |||||||
Income tax benefit | $ (36) |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Tax carryforwards | $ 512 | $ 531 |
Postretirement and postemployment benefits | 40 | 39 |
Pensions | 176 | 193 |
Property, plant and equipment | 23 | 20 |
Intangible assets | 0 | 0 |
Asbestos | 66 | 71 |
Accruals and other | 88 | 88 |
Lease liabilities | 30 | |
Valuation allowances | (243) | (282) |
Total | 692 | 660 |
Liabilities | ||
Tax carryforwards | 0 | 0 |
Postretirement and postemployment benefits | 0 | 0 |
Pensions | 124 | 106 |
Property, plant and equipment | 174 | 177 |
Intangible assets | 401 | 431 |
Asbestos | 0 | 0 |
Accruals and other | 90 | 73 |
Right of use assets | 30 | |
Total | $ 819 | $ 787 |
Income Taxes (Tax Loss and Cred
Income Taxes (Tax Loss and Credit Carryforwards Expirations) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Income Tax Disclosure [Abstract] | |
2019 | $ 27 |
2020 | 22 |
2021 | 82 |
2022 | 11 |
2023 | 14 |
Thereafter | 211 |
Unlimited | $ 145 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 37 | $ 29 | $ 27 |
Additions related to acquisitions | 0 | 13 | 0 |
Additions for prior year tax positions | 20 | 1 | 6 |
Reductions to prior period tax positions | 0 | 0 | (2) |
Lapse of statute of limitations | (1) | (3) | 0 |
Settlements | (15) | (2) | (4) |
Foreign currency translation, decrease | 0 | (1) | |
Foreign currency translation | 2 | ||
Balance at end of period | $ 41 | $ 37 | $ 29 |
Capital Stock (Summary of Commo
Capital Stock (Summary of Common Stock Activity) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares outstanding at beginning of period (in shares) | 135,173,948 | 134,275,609 | 139,840,228 |
Shares repurchased (in shares) | (106,388) | (92,167) | (6,157,010) |
Shares issued upon exercise of employee stock options (in shares) | 70,000 | 0 | 299,050 |
Restricted stock issued to employees, net of forfeitures (in shares) | 416,695 | 958,672 | 269,025 |
Shares issued to non-employee directors (in shares) | 23,623 | 31,834 | 24,316 |
Common shares outstanding at end of period (in shares) | 135,577,878 | 135,173,948 | 134,275,609 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Capital Stock [Abstract] | ||
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Schedule of AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Increase (Decrease) in AOCI [Roll Forward] | |||
Balance at beginning of period | $ 1,286 | $ 923 | |
Other comprehensive income / (loss) before reclassifications | 137 | (191) | |
Amounts reclassified from accumulated other comprehensive income | 106 | 55 | |
Other comprehensive income / (loss) | 243 | (133) | |
Balance at end of period | 2,092 | 1,286 | |
Defined benefit plans | |||
Increase (Decrease) in AOCI [Roll Forward] | |||
Balance at beginning of period | (1,533) | (1,583) | |
Other comprehensive income / (loss) before reclassifications | 10 | (20) | |
Amounts reclassified from accumulated other comprehensive income | 74 | 70 | |
Other comprehensive income / (loss) | 84 | 50 | |
Balance at end of period | (1,449) | (1,533) | |
Foreign currency translation | |||
Increase (Decrease) in AOCI [Roll Forward] | |||
Balance at beginning of period | (1,817) | (1,681) | |
Other comprehensive income / (loss) before reclassifications | 149 | (136) | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Other comprehensive income / (loss) | 149 | (136) | |
Balance at end of period | (1,668) | (1,817) | |
Gains and losses on cash flow hedges | |||
Increase (Decrease) in AOCI [Roll Forward] | |||
Balance at beginning of period | (24) | 23 | |
Cumulative effect of change in accounting principle | $ 3 | ||
Other comprehensive income / (loss) before reclassifications | (22) | (35) | |
Amounts reclassified from accumulated other comprehensive income | 32 | (15) | |
Other comprehensive income / (loss) | 10 | (47) | |
Balance at end of period | (14) | (24) | |
Accumulated Other Comprehensive Loss | |||
Increase (Decrease) in AOCI [Roll Forward] | |||
Balance at beginning of period | (3,374) | (3,241) | |
Cumulative effect of change in accounting principle | $ 3 | ||
Balance at end of period | $ (3,131) | $ (3,374) |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue recognized | $ 11,665 | $ 11,151 |
Revenue recognized related to contract liabilities | 3 | |
Transferred over Time | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue recognized | 5,724 | 5,765 |
Transferred at Point in Time | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue recognized | $ 5,941 | $ 5,386 |
Revenue (Contracts with Custome
Revenue (Contracts with Customer Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets included in prepaid and other current assets | $ 30 | $ 16 |
Contract liabilities included in accrued liabilities | (5) | (3) |
Contract liabilities included in other non-current liabilities | 0 | (5) |
Net contract asset | $ 25 | $ 8 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for future issuance (in shares) | shares | 2.6 |
Time-vested restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) for shares awarded | 3 years |
Performance-based shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) for shares awarded | 3 years |
Award vesting period | 3 years |
Level of performance achieved based on shares awarded, minimum | 0.00% |
Level of performance achieved based on shares awarded, maximum | 200.00% |
Time-vested restricted stock and deferred stock | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Time-vested restricted stock and deferred stock | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 5 years |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 67 |
Weighted average recognition period, in years | 2 years 8 months 12 days |
Aggregate market value of the shares released and issued on the vesting dates | $ 26 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested shares outstanding at beginning of period (in shares) | 2,142,743 | ||
Awarded (in shares) | 416,695 | 958,672 | 269,025 |
Non-vested shares outstanding at end of period (in shares) | 2,102,654 | 2,142,743 | |
Time-vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Awarded (in shares) | 406,145 | ||
Released (in shares) | (387,628) | ||
Forfeitures (in shares) | (132,275) | ||
Performance-based | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Awarded (in shares) | 202,876 | ||
Released (in shares) | 0 | ||
Forfeitures (in shares) | (129,207) |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Grant Date Fair Value of Restricted Stock) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Time-vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in usd per share) | $ 56.06 | $ 44.48 | $ 55.55 |
Performance-based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in usd per share) | $ 46.08 | $ 57.24 | $ 51.90 |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Assumptions) (Details) - Performance-based shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.50% | 2.00% | 1.40% |
Expected term (years) | 3 years | 3 years | 3 years |
Expected stock price volatility | 21.40% | 19.90% | 21.10% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Crown Holdings | $ 87 | $ 183 | $ 137 | $ 103 | $ 53 | $ 164 | $ 132 | $ 90 | $ 510 | $ 439 | $ 323 |
Weighted average shares outstanding (in millions): | |||||||||||
Basic (in shares) | 134,000 | 133,900 | 133,900 | 133,800 | 133,700 | 133,700 | 133,600 | 133,500 | 133,890 | 133,640 | 135,290 |
Add: dilutive stock options and restricted stock (in shares) | 990 | 240 | 320 | ||||||||
Diluted (in shares) | 135,200 | 135,000 | 134,800 | 134,400 | 134,100 | 133,800 | 133,800 | 133,800 | 134,880 | 133,880 | 135,610 |
Basic EPS (in dollars per share per share) | $ 0.65 | $ 1.37 | $ 1.02 | $ 0.77 | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ 3.81 | $ 3.28 | $ 2.39 |
Diluted EPS (in dollars per share) | $ 0.64 | $ 1.36 | $ 1.02 | $ 0.77 | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ 3.78 | $ 3.28 | $ 2.38 |
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive (in shares) | 800 | 900 | 0 |
Segment Information (Informatio
Segment Information (Information About Operating Segments) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)division | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of geographical divisions | division | 4 | ||||||||||
Net Sales | $ 2,791 | $ 3,084 | $ 3,035 | $ 2,755 | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 11,665 | $ 11,151 | $ 8,698 |
Segment assets | 15,505 | 15,262 | 15,505 | 15,262 | 10,663 | ||||||
Depreciation | 309 | 277 | 208 | ||||||||
Capital expenditures | 432 | 462 | 498 | ||||||||
Segment income | 199 | $ 352 | $ 383 | $ 262 | 218 | $ 365 | $ 292 | $ 221 | 1,196 | 1,096 | 1,024 |
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 10,317 | 9,869 | 7,497 | ||||||||
Segment assets | 13,862 | 13,858 | 13,862 | 13,858 | 9,203 | ||||||
Depreciation | 287 | 252 | 187 | ||||||||
Capital expenditures | 375 | 403 | 444 | ||||||||
Segment income | 1,413 | 1,345 | 1,137 | ||||||||
Operating segments | Americas Beverage | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 3,369 | 3,282 | 2,928 | ||||||||
Segment assets | 3,577 | 3,388 | 3,577 | 3,388 | 3,253 | ||||||
Depreciation | 88 | 84 | 75 | ||||||||
Capital expenditures | 167 | 111 | 167 | ||||||||
Segment income | 534 | 454 | 470 | ||||||||
Operating segments | European Beverage | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,497 | 1,489 | 1,457 | ||||||||
Segment assets | 1,782 | 1,705 | 1,782 | 1,705 | 1,631 | ||||||
Depreciation | 54 | 38 | 35 | ||||||||
Capital expenditures | 82 | 121 | 109 | ||||||||
Segment income | 190 | 193 | 235 | ||||||||
Operating segments | European Food | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,887 | 1,982 | 1,935 | ||||||||
Segment assets | 2,742 | 2,792 | 2,742 | 2,792 | 2,964 | ||||||
Depreciation | 36 | 39 | 35 | ||||||||
Capital expenditures | 34 | 17 | 45 | ||||||||
Segment income | 205 | 257 | 264 | ||||||||
Operating segments | Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,290 | 1,316 | 1,177 | ||||||||
Segment assets | 1,604 | 1,558 | 1,604 | 1,558 | 1,355 | ||||||
Depreciation | 52 | 48 | 42 | ||||||||
Capital expenditures | 65 | 130 | 123 | ||||||||
Segment income | 194 | 186 | 168 | ||||||||
Operating segments | Transit Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 2,274 | 1,800 | |||||||||
Segment assets | 4,157 | 4,415 | 4,157 | 4,415 | |||||||
Depreciation | 57 | 43 | |||||||||
Capital expenditures | 27 | 24 | |||||||||
Segment income | 290 | 255 | |||||||||
Intersegment sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 247 | 270 | 222 | ||||||||
Intersegment sales | Reportable segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 104 | 128 | 106 | ||||||||
Intersegment sales | Americas Beverage | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 12 | 53 | 34 | ||||||||
Intersegment sales | European Beverage | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 2 | 1 | 2 | ||||||||
Intersegment sales | European Food | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 81 | 69 | 70 | ||||||||
Intersegment sales | Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0 | 0 | 0 | ||||||||
Intersegment sales | Transit Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 9 | 5 | |||||||||
Intersegment sales | Non-reportable segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 143 | 142 | 116 | ||||||||
Non-reportable segments | Non-reportable segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,348 | 1,282 | 1,201 | ||||||||
Segment assets | 1,106 | 1,066 | 1,106 | 1,066 | 1,039 | ||||||
Depreciation | 18 | 18 | 17 | ||||||||
Capital expenditures | 31 | 27 | 27 | ||||||||
Segment income | 126 | 122 | 123 | ||||||||
Corporate and unallocated items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment assets | $ 537 | $ 338 | 537 | 338 | 421 | ||||||
Depreciation | 4 | 7 | 4 | ||||||||
Capital expenditures | $ 26 | $ 32 | $ 27 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Segment income | $ 199 | $ 352 | $ 383 | $ 262 | $ 218 | $ 365 | $ 292 | $ 221 | $ 1,196 | $ 1,096 | $ 1,024 |
Provision for asbestos | 0 | 0 | (3) | ||||||||
Restructuring and other | 26 | (44) | (51) | ||||||||
Goodwill impairment | $ (25) | (25) | 0 | 0 | |||||||
Amortization of intangibles | (186) | (148) | (39) | ||||||||
Loss from early extinguishments of debt | (27) | 0 | (7) | ||||||||
Fair value adjustment to inventory | $ (40) | 0 | (40) | 0 | |||||||
Other pension and postretirement | (13) | 25 | 53 | ||||||||
Interest expense | (378) | (384) | (252) | ||||||||
Interest income | 17 | 21 | 15 | ||||||||
Foreign exchange | (9) | (18) | (4) | ||||||||
Income before income taxes | 786 | 740 | 829 | ||||||||
Intercompany profit related to non-reportable segments | 6 | 7 | 8 | ||||||||
Operating segments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Segment income | 1,413 | 1,345 | 1,137 | ||||||||
Operating segments | Non-reportable segments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Goodwill impairment | (25) | ||||||||||
Non-reportable segments | Non-reportable segments | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Segment income | 126 | 122 | 123 | ||||||||
Corporate and unallocated items | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Corporate and unallocated items | $ (158) | $ (139) | $ (143) |
Segment Information (Summary of
Segment Information (Summary of Sales by Major Product) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Consolidated net sales | $ 2,791 | $ 3,084 | $ 3,035 | $ 2,755 | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 11,665 | $ 11,151 | $ 8,698 |
Metal beverage cans and ends | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated net sales | 5,588 | 5,551 | 5,085 | ||||||||
Metal food cans and ends | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated net sales | 2,435 | 2,452 | 2,331 | ||||||||
Transit Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated net sales | 2,274 | 1,800 | 0 | ||||||||
Other metal packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated net sales | 887 | 884 | 887 | ||||||||
Other products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated net sales | $ 481 | $ 464 | $ 395 |
Segment Information (Summary _2
Segment Information (Summary of Sales and Long-Lived Assets for The Major Countries) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 2,791 | $ 3,084 | $ 3,035 | $ 2,755 | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 11,665 | $ 11,151 | $ 8,698 |
Long-Lived Assets | 3,887 | 3,745 | 3,887 | 3,745 | |||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 3,407 | 3,018 | 1,931 | ||||||||
Long-Lived Assets | 722 | 694 | 722 | 694 | |||||||
Mexico | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 834 | 763 | 699 | ||||||||
Long-Lived Assets | 438 | 434 | 438 | 434 | |||||||
Brazil | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 714 | 732 | 652 | ||||||||
Long-Lived Assets | 393 | 350 | 393 | 350 | |||||||
United Kingdom | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 641 | 685 | 600 | ||||||||
Long-Lived Assets | 136 | 139 | 136 | 139 | |||||||
Spain | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 682 | 666 | 649 | ||||||||
Long-Lived Assets | 337 | 346 | 337 | 346 | |||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 5,387 | 5,287 | $ 4,167 | ||||||||
Long-Lived Assets | $ 1,861 | $ 1,782 | $ 1,861 | $ 1,782 |
Condensed Combining Financial_3
Condensed Combining Financial Information (Narrative) (Details) | Dec. 31, 2019USD ($) |
Crown Cork & Seal Company, Inc. | U.S. dollar at 7.375% due 2026 | |
Senior notes, principal amount | $ 350,000,000 |
Debt instrument stated percentage | 7.375% |
Crown Cork & Seal Company, Inc. | U.S. dollar at 7.50% due 2096 | |
Senior notes, principal amount | $ 40,000,000 |
Debt instrument stated percentage | 7.50% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | U. S. dollar at 4.50% due 2023 | |
Senior notes, principal amount | $ 1,000,000,000 |
Debt instrument stated percentage | 4.50% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | U.S. dollar at 4.25% due 2026 | |
Senior notes, principal amount | $ 400,000,000 |
Debt instrument stated percentage | 4.25% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | U.S. dollar at 4.75% due 2026 | |
Senior notes, principal amount | $ 875,000,000 |
Debt instrument stated percentage | 4.75% |
Condensed Combining Financial_4
Condensed Combining Financial Information (Condensed Combining Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Sales | $ 2,791 | $ 3,084 | $ 3,035 | $ 2,755 | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 11,665 | $ 11,151 | $ 8,698 |
Cost of products sold, excluding depreciation and amortization | 9,349 | 9,028 | 7,006 | ||||||||
Depreciation and amortization | 490 | 425 | 247 | ||||||||
Selling and administrative expense | 631 | 558 | 367 | ||||||||
Provision for asbestos | 0 | 0 | 3 | ||||||||
Restructuring and other | (26) | 44 | 51 | ||||||||
Goodwill impairment | 25 | 25 | 0 | 0 | |||||||
Income from operations | 199 | 352 | 383 | 262 | 218 | 365 | 292 | 221 | 1,196 | 1,096 | 1,024 |
Loss from early extinguishments of debt | (6) | 27 | 0 | 7 | |||||||
Other pension and postretirement | 13 | (25) | (53) | ||||||||
Foreign exchange | 9 | 18 | 4 | ||||||||
Income before income taxes | 786 | 740 | 829 | ||||||||
Provision for income taxes | 37 | 15 | 28 | 166 | 216 | 401 | |||||
Equity in net earnings of affiliates | 5 | 4 | 0 | ||||||||
Net income | 625 | 528 | 428 | ||||||||
Net income attributable to noncontrolling interests | (115) | (89) | (105) | ||||||||
Net income attributable to Crown Holdings | $ 87 | $ 183 | $ 137 | $ 103 | $ 53 | $ 164 | $ 132 | $ 90 | 510 | 439 | 323 |
Total comprehensive income | 870 | 389 | 590 | ||||||||
Comprehensive income attributable to Crown Holdings | 753 | 303 | 482 | ||||||||
Crown Cork & Seal Company, Inc. | |||||||||||
Net Sales | 11,665 | 11,151 | 8,698 | ||||||||
Cost of products sold, excluding depreciation and amortization | 9,349 | 9,028 | 7,006 | ||||||||
Depreciation and amortization | 490 | 425 | 247 | ||||||||
Selling and administrative expense | 631 | 558 | 367 | ||||||||
Provision for asbestos | 3 | ||||||||||
Restructuring and other | (26) | 44 | 51 | ||||||||
Goodwill impairment | 25 | ||||||||||
Income from operations | 1,196 | 1,096 | 1,024 | ||||||||
Loss from early extinguishments of debt | 27 | 7 | |||||||||
Other pension and postretirement | 13 | (25) | (53) | ||||||||
Net interest expense | 361 | 363 | 237 | ||||||||
Foreign exchange | 9 | 18 | 4 | ||||||||
Income before income taxes | 786 | 740 | 829 | ||||||||
Provision for income taxes | 166 | 216 | 401 | ||||||||
Equity in net earnings of affiliates | 5 | 4 | 0 | ||||||||
Net income | 625 | 528 | 428 | ||||||||
Net income attributable to noncontrolling interests | (115) | (89) | (105) | ||||||||
Net income attributable to Crown Holdings | 510 | 439 | 323 | ||||||||
Total comprehensive income | 870 | 389 | 590 | ||||||||
Comprehensive income attributable to noncontrolling interests | (117) | (86) | (108) | ||||||||
Comprehensive income attributable to Crown Holdings | 753 | 303 | 482 | ||||||||
Crown Cork & Seal Company, Inc. | Eliminations | |||||||||||
Income from operations | 0 | 0 | 0 | ||||||||
Income before income taxes | 0 | 0 | 0 | ||||||||
Equity in net earnings of affiliates | (1,019) | (902) | (854) | ||||||||
Net income | (1,019) | (902) | (854) | ||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net income attributable to Crown Holdings | (1,019) | (902) | (854) | ||||||||
Total comprehensive income | (1,471) | (660) | (1,053) | ||||||||
Comprehensive income attributable to Crown Holdings | (1,471) | (660) | (1,053) | ||||||||
Crown Cork & Seal Company, Inc. | Parent | |||||||||||
Restructuring and other | 9 | ||||||||||
Income from operations | (9) | 0 | |||||||||
Income before income taxes | 0 | (9) | 0 | ||||||||
Provision for income taxes | (2) | ||||||||||
Equity in net earnings of affiliates | 510 | 446 | 323 | ||||||||
Net income | 510 | 439 | 323 | ||||||||
Net income attributable to Crown Holdings | 510 | 439 | 323 | ||||||||
Total comprehensive income | 753 | 303 | 482 | ||||||||
Comprehensive income attributable to Crown Holdings | 753 | 303 | 482 | ||||||||
Crown Cork & Seal Company, Inc. | Issuer | |||||||||||
Selling and administrative expense | 3 | 3 | 2 | ||||||||
Provision for asbestos | 3 | ||||||||||
Restructuring and other | (1) | ||||||||||
Income from operations | (3) | (3) | (4) | ||||||||
Loss from early extinguishments of debt | |||||||||||
Other pension and postretirement | 7 | 7 | 7 | ||||||||
Net interest expense | 73 | 74 | 91 | ||||||||
Income before income taxes | (83) | (84) | (102) | ||||||||
Provision for income taxes | (12) | 7 | 194 | ||||||||
Equity in net earnings of affiliates | 509 | 456 | 531 | ||||||||
Net income | 438 | 365 | 235 | ||||||||
Net income attributable to Crown Holdings | 438 | 365 | 235 | ||||||||
Total comprehensive income | 647 | 259 | 275 | ||||||||
Comprehensive income attributable to Crown Holdings | 647 | 259 | 275 | ||||||||
Crown Cork & Seal Company, Inc. | Non- Guarantors | |||||||||||
Net Sales | 11,665 | 11,151 | 8,698 | ||||||||
Cost of products sold, excluding depreciation and amortization | 9,349 | 9,028 | 7,006 | ||||||||
Depreciation and amortization | 490 | 425 | 247 | ||||||||
Selling and administrative expense | 628 | 555 | 365 | ||||||||
Provision for asbestos | |||||||||||
Restructuring and other | (26) | 35 | 52 | ||||||||
Goodwill impairment | 25 | ||||||||||
Income from operations | 1,199 | 1,108 | 1,028 | ||||||||
Loss from early extinguishments of debt | 27 | 7 | |||||||||
Other pension and postretirement | 6 | (32) | (60) | ||||||||
Net interest expense | 288 | 289 | 146 | ||||||||
Foreign exchange | 9 | 18 | 4 | ||||||||
Income before income taxes | 869 | 833 | 931 | ||||||||
Provision for income taxes | 178 | 211 | 207 | ||||||||
Equity in net earnings of affiliates | 5 | 4 | |||||||||
Net income | 696 | 626 | 724 | ||||||||
Net income attributable to noncontrolling interests | (115) | (89) | (105) | ||||||||
Net income attributable to Crown Holdings | 581 | 537 | 619 | ||||||||
Total comprehensive income | 941 | 487 | 886 | ||||||||
Comprehensive income attributable to noncontrolling interests | (117) | (86) | (108) | ||||||||
Comprehensive income attributable to Crown Holdings | 824 | 401 | 778 | ||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | |||||||||||
Net Sales | 11,665 | 11,151 | 8,698 | ||||||||
Cost of products sold, excluding depreciation and amortization | 9,349 | 9,028 | 7,006 | ||||||||
Depreciation and amortization | 490 | 425 | 247 | ||||||||
Selling and administrative expense | 631 | 558 | 367 | ||||||||
Provision for asbestos | 3 | ||||||||||
Restructuring and other | (26) | 44 | 51 | ||||||||
Goodwill impairment | 25 | ||||||||||
Income from operations | 1,196 | 1,096 | 1,024 | ||||||||
Loss from early extinguishments of debt | 27 | 7 | |||||||||
Other pension and postretirement | 13 | (25) | (53) | ||||||||
Net interest expense | 361 | 363 | 237 | ||||||||
Technology royalty | 0 | 0 | 0 | ||||||||
Foreign exchange | 9 | 18 | 4 | ||||||||
Income before income taxes | 786 | 740 | 829 | ||||||||
Provision for income taxes | 166 | 216 | 401 | ||||||||
Equity in net earnings of affiliates | 5 | 4 | |||||||||
Net income | 625 | 528 | 428 | ||||||||
Net income attributable to noncontrolling interests | (115) | (89) | (105) | ||||||||
Net income attributable to Crown Holdings | 510 | 439 | 323 | ||||||||
Total comprehensive income | 870 | 389 | 590 | ||||||||
Comprehensive income attributable to noncontrolling interests | (117) | (86) | (108) | ||||||||
Comprehensive income attributable to Crown Holdings | 753 | 303 | 482 | ||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Eliminations | |||||||||||
Net Sales | (459) | (487) | (385) | ||||||||
Cost of products sold, excluding depreciation and amortization | (459) | (487) | (385) | ||||||||
Income from operations | 0 | 0 | 0 | ||||||||
Foreign exchange | 34 | 15 | (90) | ||||||||
Income before income taxes | (34) | (15) | 90 | ||||||||
Provision for income taxes | (8) | (3) | 32 | ||||||||
Equity in net earnings of affiliates | (1,071) | (945) | (923) | ||||||||
Net income | (1,097) | (957) | (865) | ||||||||
Net income attributable to Crown Holdings | (1,097) | (957) | (865) | ||||||||
Total comprehensive income | (1,523) | (703) | (1,136) | ||||||||
Comprehensive income attributable to Crown Holdings | (1,523) | (703) | (1,136) | ||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Parent | |||||||||||
Restructuring and other | 9 | ||||||||||
Income from operations | 0 | (9) | |||||||||
Other pension and postretirement | |||||||||||
Income before income taxes | 0 | (9) | |||||||||
Provision for income taxes | (2) | ||||||||||
Equity in net earnings of affiliates | 510 | 446 | 323 | ||||||||
Net income | 510 | 439 | 323 | ||||||||
Net income attributable to Crown Holdings | 510 | 439 | 323 | ||||||||
Total comprehensive income | 753 | 303 | 482 | ||||||||
Comprehensive income attributable to Crown Holdings | 753 | 303 | 482 | ||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Issuer | |||||||||||
Selling and administrative expense | 10 | 11 | 10 | ||||||||
Restructuring and other | 2 | ||||||||||
Income from operations | (10) | (11) | (12) | ||||||||
Loss from early extinguishments of debt | 19 | 6 | |||||||||
Net interest expense | 77 | 91 | 65 | ||||||||
Foreign exchange | (34) | (16) | 90 | ||||||||
Income before income taxes | (72) | (86) | (173) | ||||||||
Provision for income taxes | (17) | (20) | (66) | ||||||||
Equity in net earnings of affiliates | 206 | 191 | 194 | ||||||||
Net income | 151 | 125 | 87 | ||||||||
Net income attributable to Crown Holdings | 151 | 125 | 87 | ||||||||
Total comprehensive income | 199 | 62 | 115 | ||||||||
Comprehensive income attributable to Crown Holdings | 199 | 62 | 115 | ||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Guarantors | |||||||||||
Net Sales | 3,766 | 3,426 | 2,286 | ||||||||
Cost of products sold, excluding depreciation and amortization | 3,147 | 2,932 | 1,960 | ||||||||
Depreciation and amortization | 141 | 117 | 40 | ||||||||
Selling and administrative expense | 264 | 216 | 134 | ||||||||
Provision for asbestos | 3 | ||||||||||
Restructuring and other | 14 | 11 | 11 | ||||||||
Income from operations | 200 | 150 | 138 | ||||||||
Other pension and postretirement | 11 | (14) | (13) | ||||||||
Net interest expense | 124 | 113 | 95 | ||||||||
Technology royalty | (42) | (45) | (42) | ||||||||
Foreign exchange | 1 | (2) | |||||||||
Income before income taxes | 106 | 96 | 100 | ||||||||
Provision for income taxes | 59 | 53 | 271 | ||||||||
Equity in net earnings of affiliates | 358 | 311 | 406 | ||||||||
Net income | 405 | 354 | 235 | ||||||||
Net income attributable to Crown Holdings | 405 | 354 | 235 | ||||||||
Total comprehensive income | 614 | 248 | 275 | ||||||||
Comprehensive income attributable to Crown Holdings | 614 | 248 | 275 | ||||||||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Non- Guarantors | |||||||||||
Net Sales | 8,358 | 8,212 | 6,797 | ||||||||
Cost of products sold, excluding depreciation and amortization | 6,661 | 6,583 | 5,431 | ||||||||
Depreciation and amortization | 349 | 308 | 207 | ||||||||
Selling and administrative expense | 357 | 331 | 223 | ||||||||
Provision for asbestos | |||||||||||
Restructuring and other | (40) | 24 | 38 | ||||||||
Goodwill impairment | 25 | ||||||||||
Income from operations | 1,006 | 966 | 898 | ||||||||
Loss from early extinguishments of debt | 8 | 1 | |||||||||
Other pension and postretirement | 2 | (11) | (40) | ||||||||
Net interest expense | 160 | 159 | 77 | ||||||||
Technology royalty | 42 | 45 | 42 | ||||||||
Foreign exchange | 8 | 19 | 6 | ||||||||
Income before income taxes | 786 | 754 | 812 | ||||||||
Provision for income taxes | 132 | 188 | 164 | ||||||||
Equity in net earnings of affiliates | 2 | 1 | |||||||||
Net income | 656 | 567 | 648 | ||||||||
Net income attributable to noncontrolling interests | (115) | (89) | (105) | ||||||||
Net income attributable to Crown Holdings | 541 | 478 | 543 | ||||||||
Total comprehensive income | 827 | 479 | 854 | ||||||||
Comprehensive income attributable to noncontrolling interests | (117) | (86) | (108) | ||||||||
Comprehensive income attributable to Crown Holdings | $ 710 | $ 393 | $ 746 |
Condensed Combining Financial_5
Condensed Combining Financial Information (Condensed Combining Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||||
Cash and cash equivalents | $ 607 | $ 607 | ||
Receivables, net | 1,528 | 1,602 | ||
Inventories | 1,626 | 1,690 | ||
Prepaid expenses and other current assets | 241 | 180 | ||
Total current assets | 4,002 | 4,079 | ||
Goodwill | 4,430 | 4,442 | $ 3,046 | |
Intangible assets | 2,015 | 2,193 | ||
Property, plant and equipment, net | 3,887 | 3,745 | ||
Operating lease right-of-use assets, net | 204 | |||
Other non-current assets | 967 | 803 | ||
Total | 15,505 | 15,262 | 10,663 | |
Current liabilities | ||||
Short-term debt | 75 | 89 | ||
Current maturities of long-term debt | 62 | 81 | ||
Current portion of operating lease liabilities | 51 | |||
Accounts payable | 2,646 | 2,732 | ||
Accrued liabilities | 1,065 | 1,011 | ||
Total current liabilities | 3,899 | 3,913 | ||
Long-term debt, excluding current maturities | 7,818 | 8,493 | ||
Non-current portion of operating lease liabilities | 156 | |||
Postretirement and pension liabilities | 683 | 683 | ||
Other non-current liabilities | 857 | 887 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 379 | 349 | ||
Crown Holdings shareholders’ equity | 1,713 | 937 | ||
Total equity | 2,092 | 1,286 | $ 923 | $ 668 |
Total | 15,505 | 15,262 | ||
Crown Cork & Seal Company, Inc. | ||||
Current assets | ||||
Cash and cash equivalents | 607 | 607 | ||
Receivables, net | 1,528 | 1,602 | ||
Inventories | 1,626 | 1,690 | ||
Prepaid expenses and other current assets | 241 | 180 | ||
Total current assets | 4,002 | 4,079 | ||
Intercompany debt receivables | 0 | 0 | ||
Investments | 0 | 0 | ||
Goodwill | 4,430 | 4,442 | ||
Intangible assets | 2,015 | 2,193 | ||
Property, plant and equipment, net | 3,887 | 3,745 | ||
Operating lease right-of-use assets, net | 204 | |||
Other non-current assets | 967 | 803 | ||
Total | 15,505 | 15,262 | ||
Current liabilities | ||||
Short-term debt | 75 | 89 | ||
Current maturities of long-term debt | 62 | 81 | ||
Current portion of operating lease liabilities | 51 | |||
Accounts payable | 2,646 | |||
Accounts payable | 2,732 | |||
Accrued liabilities | 1,065 | 1,011 | ||
Total current liabilities | 3,899 | 3,913 | ||
Long-term debt, excluding current maturities | 7,818 | 8,493 | ||
Long-term intercompany debt | 0 | 0 | ||
Non-current portion of operating lease liabilities | 156 | |||
Postretirement and pension liabilities | 683 | 683 | ||
Other non-current liabilities | 857 | 887 | ||
Noncontrolling interests | 379 | 349 | ||
Crown Holdings shareholders’ equity | 1,713 | 937 | ||
Total equity | 2,092 | 1,286 | ||
Total | 15,505 | 15,262 | ||
Crown Cork & Seal Company, Inc. | Eliminations | ||||
Current assets | ||||
Total current assets | 0 | 0 | ||
Intercompany debt receivables | (3,538) | (3,561) | ||
Investments | (8,648) | (7,222) | ||
Total | (12,186) | (10,783) | ||
Current liabilities | ||||
Total current liabilities | 0 | 0 | ||
Long-term debt, excluding current maturities | ||||
Long-term intercompany debt | (3,538) | (3,561) | ||
Crown Holdings shareholders’ equity | (8,648) | (7,222) | ||
Total equity | (8,648) | (7,222) | ||
Total | (12,186) | (10,783) | ||
Crown Cork & Seal Company, Inc. | Parent | ||||
Current assets | ||||
Prepaid expenses and other current assets | 1 | |||
Total current assets | 1 | |||
Investments | 4,209 | 3,458 | ||
Total | 4,209 | 3,459 | ||
Current liabilities | ||||
Accrued liabilities | 24 | 14 | ||
Total current liabilities | 24 | 14 | ||
Long-term intercompany debt | 2,472 | 2,508 | ||
Postretirement and pension liabilities | ||||
Crown Holdings shareholders’ equity | 1,713 | 937 | ||
Total equity | 1,713 | 937 | ||
Total | 4,209 | 3,459 | ||
Crown Cork & Seal Company, Inc. | Issuer | ||||
Current assets | ||||
Receivables, net | 11 | 9 | ||
Prepaid expenses and other current assets | 1 | |||
Total current assets | 11 | 10 | ||
Investments | 4,439 | 3,764 | ||
Other non-current assets | 129 | 156 | ||
Total | 4,579 | 3,930 | ||
Current liabilities | ||||
Accrued liabilities | 33 | 30 | ||
Total current liabilities | 33 | 30 | ||
Long-term debt, excluding current maturities | 388 | 388 | ||
Long-term intercompany debt | 1,066 | 1,053 | ||
Postretirement and pension liabilities | ||||
Other non-current liabilities | 311 | 325 | ||
Crown Holdings shareholders’ equity | 2,781 | 2,134 | ||
Total equity | 2,781 | 2,134 | ||
Total | 4,579 | 3,930 | ||
Crown Cork & Seal Company, Inc. | Non- Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 607 | 607 | ||
Receivables, net | 1,517 | 1,593 | ||
Inventories | 1,626 | 1,690 | ||
Prepaid expenses and other current assets | 241 | 178 | ||
Total current assets | 3,991 | 4,068 | ||
Intercompany debt receivables | 3,538 | 3,561 | ||
Goodwill | 4,430 | 4,442 | ||
Intangible assets | 2,015 | 2,193 | ||
Property, plant and equipment, net | 3,887 | 3,745 | ||
Operating lease right-of-use assets, net | 204 | |||
Other non-current assets | 838 | 647 | ||
Total | 18,903 | 18,656 | ||
Current liabilities | ||||
Short-term debt | 75 | 89 | ||
Current maturities of long-term debt | 62 | 81 | ||
Current portion of operating lease liabilities | 51 | |||
Accounts payable | 2,646 | |||
Accounts payable | 2,732 | |||
Accrued liabilities | 1,008 | 967 | ||
Total current liabilities | 3,842 | 3,869 | ||
Long-term debt, excluding current maturities | 7,430 | 8,105 | ||
Long-term intercompany debt | ||||
Non-current portion of operating lease liabilities | 156 | |||
Postretirement and pension liabilities | 683 | 683 | ||
Other non-current liabilities | 546 | 562 | ||
Commitments and contingent liabilities | ||||
Noncontrolling interests | 379 | 349 | ||
Crown Holdings shareholders’ equity | 5,867 | 5,088 | ||
Total equity | 6,246 | 5,437 | ||
Total | 18,903 | 18,656 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | ||||
Current assets | ||||
Cash and cash equivalents | 607 | 607 | ||
Receivables, net | 1,528 | 1,602 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 1,626 | 1,690 | ||
Prepaid expenses and other current assets | 241 | 180 | ||
Total current assets | 4,002 | 4,079 | ||
Intercompany debt receivables | 0 | 0 | ||
Investments | 0 | 0 | ||
Goodwill | 4,430 | 4,442 | ||
Intangible assets | 2,015 | 2,193 | ||
Property, plant and equipment, net | 3,887 | 3,745 | ||
Operating lease right-of-use assets, net | 204 | |||
Other non-current assets | 967 | 803 | ||
Total | 15,505 | 15,262 | ||
Current liabilities | ||||
Short-term debt | 75 | 89 | ||
Current maturities of long-term debt | 62 | 81 | ||
Current portion of operating lease liabilities | 51 | |||
Accounts payable | 2,646 | 2,732 | ||
Accrued liabilities | 1,065 | 1,011 | ||
Intercompany payables | 0 | 0 | ||
Total current liabilities | 3,899 | 3,913 | ||
Long-term debt, excluding current maturities | 7,818 | 8,493 | ||
Long-term intercompany debt | 0 | 0 | ||
Non-current portion of operating lease liabilities | 156 | |||
Postretirement and pension liabilities | 683 | 683 | ||
Other non-current liabilities | 857 | 887 | ||
Noncontrolling interests | 379 | 349 | ||
Crown Holdings shareholders’ equity | 1,713 | 937 | ||
Total equity | 2,092 | 1,286 | ||
Total | 15,505 | 15,262 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Eliminations | ||||
Current assets | ||||
Intercompany receivables | (71) | (46) | ||
Total current assets | (71) | (46) | ||
Intercompany debt receivables | (6,677) | (6,038) | ||
Investments | (8,554) | (7,363) | ||
Total | (15,302) | (13,447) | ||
Current liabilities | ||||
Intercompany payables | (71) | (46) | ||
Total current liabilities | (71) | (46) | ||
Long-term intercompany debt | (6,677) | (6,038) | ||
Crown Holdings shareholders’ equity | (8,554) | (7,363) | ||
Total equity | (8,554) | (7,363) | ||
Total | (15,302) | (13,447) | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Parent | ||||
Current assets | ||||
Prepaid expenses and other current assets | 1 | |||
Total current assets | 0 | 1 | ||
Investments | 4,209 | 3,458 | ||
Total | 4,209 | 3,459 | ||
Current liabilities | ||||
Accrued liabilities | 24 | 14 | ||
Total current liabilities | 24 | 14 | ||
Long-term intercompany debt | 2,472 | 2,508 | ||
Crown Holdings shareholders’ equity | 1,713 | 937 | ||
Total equity | 1,713 | 937 | ||
Total | 4,209 | 3,459 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Issuer | ||||
Current assets | ||||
Cash and cash equivalents | 133 | 117 | ||
Receivables, net | 11 | 4 | ||
Prepaid expenses and other current assets | 2 | 1 | ||
Total current assets | 146 | 122 | ||
Intercompany debt receivables | 3,080 | 2,577 | ||
Investments | 2,850 | 2,657 | ||
Property, plant and equipment, net | 1 | 1 | ||
Operating lease right-of-use assets, net | 3 | |||
Other non-current assets | 62 | 29 | ||
Total | 6,142 | 5,386 | ||
Current liabilities | ||||
Current maturities of long-term debt | 27 | 37 | ||
Accrued liabilities | 49 | 49 | ||
Total current liabilities | 76 | 86 | ||
Long-term debt, excluding current maturities | 3,313 | 2,999 | ||
Long-term intercompany debt | 996 | 746 | ||
Non-current portion of operating lease liabilities | 3 | |||
Crown Holdings shareholders’ equity | 1,754 | 1,555 | ||
Total equity | 1,754 | 1,555 | ||
Total | 6,142 | 5,386 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 5 | 19 | ||
Receivables, net | 140 | 182 | ||
Intercompany receivables | 48 | 33 | ||
Inventories | 443 | 485 | ||
Prepaid expenses and other current assets | 19 | 17 | ||
Total current assets | 655 | 736 | ||
Intercompany debt receivables | 3,352 | 3,449 | ||
Investments | 1,495 | 1,248 | ||
Goodwill | 1,186 | 1,178 | ||
Intangible assets | 832 | 901 | ||
Property, plant and equipment, net | 725 | 693 | ||
Operating lease right-of-use assets, net | 64 | |||
Other non-current assets | 148 | 192 | ||
Total | 8,457 | 8,397 | ||
Current liabilities | ||||
Current portion of operating lease liabilities | 19 | |||
Accounts payable | 682 | 725 | ||
Accrued liabilities | 134 | 144 | ||
Intercompany payables | 23 | 13 | ||
Total current liabilities | 858 | 882 | ||
Long-term debt, excluding current maturities | 388 | 1,274 | ||
Long-term intercompany debt | 3,082 | 2,700 | ||
Non-current portion of operating lease liabilities | 48 | |||
Postretirement and pension liabilities | 386 | 432 | ||
Other non-current liabilities | 303 | 332 | ||
Crown Holdings shareholders’ equity | 3,392 | 2,777 | ||
Total equity | 3,392 | 2,777 | ||
Total | 8,457 | 8,397 | ||
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Non- Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 469 | 471 | ||
Receivables, net | 1,377 | 1,416 | ||
Intercompany receivables | 23 | 13 | ||
Inventories | 1,183 | 1,205 | ||
Prepaid expenses and other current assets | 220 | 161 | ||
Total current assets | 3,272 | 3,266 | ||
Intercompany debt receivables | 245 | 12 | ||
Investments | ||||
Goodwill | 3,244 | 3,264 | ||
Intangible assets | 1,183 | 1,292 | ||
Property, plant and equipment, net | 3,161 | 3,051 | ||
Operating lease right-of-use assets, net | 137 | |||
Other non-current assets | 757 | 582 | ||
Total | 11,999 | 11,467 | ||
Current liabilities | ||||
Short-term debt | 75 | 89 | ||
Current maturities of long-term debt | 35 | 44 | ||
Current portion of operating lease liabilities | 32 | |||
Accounts payable | 1,964 | 2,007 | ||
Accrued liabilities | 858 | 804 | ||
Intercompany payables | 48 | 33 | ||
Total current liabilities | 3,012 | 2,977 | ||
Long-term debt, excluding current maturities | 4,117 | 4,220 | ||
Long-term intercompany debt | 127 | 84 | ||
Non-current portion of operating lease liabilities | 105 | |||
Postretirement and pension liabilities | 297 | 251 | ||
Other non-current liabilities | 554 | 555 | ||
Noncontrolling interests | 379 | 349 | ||
Crown Holdings shareholders’ equity | 3,408 | 3,031 | ||
Total equity | 3,787 | 3,380 | ||
Total | $ 11,999 | $ 11,467 |
Condensed Combining Financial_6
Condensed Combining Financial Information (Condensed Combining Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net cash provided by/(used for) operating activities | $ 1,163 | $ 571 | $ (251) |
Cash flows from investing activities | |||
Capital expenditures | (432) | (462) | (498) |
Beneficial interest in transferred receivables | 0 | 490 | 1,010 |
Acquisition of businesses, net of cash acquired | (11) | (3,912) | 0 |
Proceeds from sale of property, plant and equipment | 39 | 36 | 8 |
Foreign exchange derivatives related to acquisition | 0 | (25) | 0 |
Net investment hedges | 23 | 34 | 0 |
Other, net | 7 | (4) | (24) |
Net cash (used for) / provided by investing activities | (374) | (3,843) | 496 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 2,216 | 4,082 | 1,054 |
Payments of long-term debt | (2,845) | (333) | (1,137) |
Net change in revolving credit facility and short-term debt | (10) | (69) | 95 |
Finance lease payments | (15) | ||
Debt issuance costs | (18) | (70) | (16) |
Common stock issued | 4 | 1 | 9 |
Common stock repurchased | (7) | (4) | (339) |
Dividends paid to noncontrolling interests | (101) | (60) | (93) |
Contribution from noncontrolling interests | 6 | 0 | 0 |
Foreign exchange derivatives related to debt | (16) | (14) | 27 |
Net cash (used for) / provided by financing activities | (786) | 3,533 | (400) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1 | (37) | 14 |
Net change in cash, cash equivalents and restricted cash | 4 | 224 | (141) |
Cash and cash equivalents at beginning of period | 659 | 435 | 576 |
Cash and cash equivalents at end of period | 663 | 659 | 435 |
Crown Cork & Seal Company, Inc. | |||
Net cash provided by/(used for) operating activities | 1,163 | 571 | (251) |
Cash flows from investing activities | |||
Capital expenditures | (432) | (462) | (498) |
Beneficial interest in transferred receivables | 490 | 1,010 | |
Acquisition of businesses, net of cash acquired | (11) | (3,912) | |
Proceeds from sale of property, plant and equipment | 39 | 36 | 8 |
Foreign exchange derivatives related to acquisition | (25) | ||
Net investment hedges | 23 | ||
Intercompany investing activities | 0 | ||
Net investment hedge settlements | 34 | ||
Other, net | 7 | (4) | (24) |
Net cash (used for) / provided by investing activities | (374) | (3,843) | 496 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 2,216 | 4,082 | 1,054 |
Payments of long-term debt | (2,845) | (333) | (1,137) |
Net change in revolving credit facility and short-term debt | (10) | (69) | 95 |
Net change in long-term intercompany balances | 0 | 0 | 0 |
Finance lease payments | (15) | ||
Debt issuance costs | (18) | (70) | (16) |
Common stock issued | 4 | 1 | 9 |
Common stock repurchased | (7) | (4) | (339) |
Dividends paid | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | (101) | (60) | (93) |
Contribution from noncontrolling interests | 6 | ||
Foreign exchange derivatives related to debt | (16) | (14) | 27 |
Net cash (used for) / provided by financing activities | (786) | 3,533 | (400) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1 | (37) | 14 |
Net change in cash, cash equivalents and restricted cash | 4 | 224 | (141) |
Cash and cash equivalents at beginning of period | 659 | 435 | 576 |
Cash and cash equivalents at end of period | 663 | 659 | 435 |
Crown Cork & Seal Company, Inc. | Eliminations | |||
Net cash provided by/(used for) operating activities | (43) | (39) | (38) |
Cash flows from investing activities | |||
Intercompany investing activities | (235) | ||
Net cash (used for) / provided by investing activities | (235) | ||
Cash flows from financing activities | |||
Dividends paid | (43) | (39) | (273) |
Net cash (used for) / provided by financing activities | 43 | 39 | 273 |
Crown Cork & Seal Company, Inc. | Parent | |||
Net cash provided by/(used for) operating activities | 39 | (8) | 7 |
Cash flows from investing activities | |||
Intercompany investing activities | 235 | ||
Net cash (used for) / provided by investing activities | 0 | 235 | |
Cash flows from financing activities | |||
Net change in long-term intercompany balances | (36) | 11 | 88 |
Common stock issued | 4 | 1 | 9 |
Common stock repurchased | (7) | (4) | (339) |
Net cash (used for) / provided by financing activities | (39) | 8 | (242) |
Crown Cork & Seal Company, Inc. | Issuer | |||
Net cash provided by/(used for) operating activities | (13) | (74) | (58) |
Cash flows from financing activities | |||
Payments of long-term debt | (5) | ||
Net change in revolving credit facility and short-term debt | |||
Net change in long-term intercompany balances | 13 | 74 | 63 |
Net cash (used for) / provided by financing activities | 13 | 74 | 58 |
Crown Cork & Seal Company, Inc. | Non- Guarantors | |||
Net cash provided by/(used for) operating activities | 1,180 | 692 | (162) |
Cash flows from investing activities | |||
Capital expenditures | (432) | (462) | (498) |
Beneficial interest in transferred receivables | 490 | 1,010 | |
Acquisition of businesses, net of cash acquired | (11) | (3,912) | |
Proceeds from sale of property, plant and equipment | 39 | 36 | 8 |
Foreign exchange derivatives related to acquisition | (25) | ||
Net investment hedges | 23 | ||
Net investment hedge settlements | 34 | ||
Other, net | 7 | (4) | (24) |
Net cash (used for) / provided by investing activities | (374) | (3,843) | 496 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 2,216 | 4,082 | 1,054 |
Payments of long-term debt | (2,845) | (333) | (1,132) |
Net change in revolving credit facility and short-term debt | (10) | (69) | 95 |
Net change in long-term intercompany balances | 23 | (85) | (151) |
Finance lease payments | (15) | ||
Debt issuance costs | (18) | (70) | (16) |
Common stock issued | |||
Common stock repurchased | |||
Dividends paid | 43 | 39 | 273 |
Dividends paid to noncontrolling interests | (101) | (60) | (93) |
Contribution from noncontrolling interests | 6 | ||
Foreign exchange derivatives related to debt | (16) | (14) | 27 |
Net cash (used for) / provided by financing activities | (803) | 3,412 | (489) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1 | (37) | 14 |
Net change in cash, cash equivalents and restricted cash | 4 | 224 | (141) |
Cash and cash equivalents at beginning of period | 659 | 435 | 576 |
Cash and cash equivalents at end of period | 663 | 659 | 435 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | |||
Net cash provided by/(used for) operating activities | 1,163 | 571 | (251) |
Cash flows from investing activities | |||
Capital expenditures | (432) | (462) | (498) |
Beneficial interest in transferred receivables | 490 | 1,010 | |
Acquisition of businesses, net of cash acquired | (11) | (3,912) | |
Proceeds from sale of property, plant and equipment | 39 | 36 | 8 |
Foreign exchange derivatives related to acquisition | (25) | ||
Net investment hedges | 23 | ||
Intercompany investing activities | 0 | 0 | 0 |
Net investment hedge settlements | 34 | ||
Other, net | 7 | (4) | (24) |
Net cash (used for) / provided by investing activities | (374) | (3,843) | 496 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 2,216 | 4,082 | 1,054 |
Payments of long-term debt | (2,845) | (333) | (1,137) |
Net change in revolving credit facility and short-term debt | (10) | (69) | 95 |
Net change in long-term intercompany balances | 0 | 0 | 0 |
Finance lease payments | (15) | ||
Debt issuance costs | (18) | (70) | (16) |
Common stock issued | 4 | 1 | 9 |
Common stock repurchased | (7) | (4) | (339) |
Dividends paid | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | (101) | (60) | (93) |
Contribution from noncontrolling interests | 6 | ||
Foreign exchange derivatives related to debt | (16) | (14) | 27 |
Net cash (used for) / provided by financing activities | (786) | 3,533 | (400) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1 | (37) | 14 |
Net change in cash, cash equivalents and restricted cash | 4 | 224 | (141) |
Cash and cash equivalents at beginning of period | 659 | 435 | 576 |
Cash and cash equivalents at end of period | 663 | 659 | 435 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Eliminations | |||
Net cash provided by/(used for) operating activities | (103) | (89) | (100) |
Cash flows from investing activities | |||
Intercompany investing activities | (226) | 100 | (535) |
Net cash (used for) / provided by investing activities | (226) | 100 | (535) |
Cash flows from financing activities | |||
Capital contribution | (100) | ||
Dividends paid | (329) | (89) | (635) |
Net cash (used for) / provided by financing activities | 329 | (11) | 635 |
Net change in cash, cash equivalents and restricted cash | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | |
Cash and cash equivalents at end of period | 0 | 0 | |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Parent | |||
Net cash provided by/(used for) operating activities | 39 | (8) | 7 |
Cash flows from investing activities | |||
Intercompany investing activities | 235 | ||
Net cash (used for) / provided by investing activities | 0 | 0 | 235 |
Cash flows from financing activities | |||
Net change in long-term intercompany balances | (36) | 11 | 88 |
Common stock issued | 4 | 1 | 9 |
Common stock repurchased | (7) | (4) | (339) |
Net cash (used for) / provided by financing activities | (39) | 8 | (242) |
Net change in cash, cash equivalents and restricted cash | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | |
Cash and cash equivalents at end of period | 0 | 0 | |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Issuer | |||
Net cash provided by/(used for) operating activities | (29) | (44) | (30) |
Cash flows from investing activities | |||
Net investment hedges | 23 | ||
Intercompany investing activities | (100) | ||
Net investment hedge settlements | 34 | ||
Net cash (used for) / provided by investing activities | 23 | (66) | 0 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,100 | 975 | 750 |
Payments of long-term debt | (815) | (25) | (1,015) |
Net change in long-term intercompany balances | (253) | (719) | 263 |
Debt issuance costs | (10) | (40) | (15) |
Net cash (used for) / provided by financing activities | 22 | 191 | (17) |
Net change in cash, cash equivalents and restricted cash | 16 | 81 | (47) |
Cash and cash equivalents at beginning of period | 117 | 36 | 83 |
Cash and cash equivalents at end of period | 133 | 117 | 36 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Guarantors | |||
Net cash provided by/(used for) operating activities | 281 | 180 | 83 |
Cash flows from investing activities | |||
Capital expenditures | (97) | (60) | (102) |
Acquisition of businesses, net of cash acquired | (11) | ||
Proceeds from sale of property, plant and equipment | 8 | 9 | 1 |
Intercompany investing activities | 226 | 300 | |
Other, net | (20) | ||
Net cash (used for) / provided by investing activities | 126 | (51) | 179 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,150 | 9 | |
Payments of long-term debt | (887) | (265) | (7) |
Net change in long-term intercompany balances | 479 | (998) | (261) |
Finance lease payments | (13) | ||
Net cash (used for) / provided by financing activities | (421) | (113) | (259) |
Net change in cash, cash equivalents and restricted cash | (14) | 16 | 3 |
Cash and cash equivalents at beginning of period | 19 | 3 | |
Cash and cash equivalents at end of period | 5 | 19 | 3 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II | Non- Guarantors | |||
Net cash provided by/(used for) operating activities | 975 | 532 | (211) |
Cash flows from investing activities | |||
Capital expenditures | (335) | (402) | (396) |
Beneficial interest in transferred receivables | 490 | 1,010 | |
Acquisition of businesses, net of cash acquired | (3,912) | ||
Proceeds from sale of property, plant and equipment | 31 | 27 | 7 |
Foreign exchange derivatives related to acquisition | (25) | ||
Intercompany investing activities | |||
Other, net | 7 | (4) | (4) |
Net cash (used for) / provided by investing activities | (297) | (3,826) | 617 |
Cash flows from financing activities | |||
Proceeds from long-term debt | 1,116 | 1,957 | 295 |
Payments of long-term debt | (1,143) | (43) | (115) |
Net change in revolving credit facility and short-term debt | (10) | (69) | 95 |
Net change in long-term intercompany balances | (190) | 1,706 | (90) |
Finance lease payments | (2) | ||
Debt issuance costs | (8) | (30) | (1) |
Capital contribution | 100 | ||
Dividends paid | 329 | 89 | 635 |
Dividends paid to noncontrolling interests | (101) | (60) | (93) |
Contribution from noncontrolling interests | 6 | ||
Foreign exchange derivatives related to debt | (16) | (14) | 27 |
Net cash (used for) / provided by financing activities | (677) | 3,458 | (517) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1 | (37) | 14 |
Net change in cash, cash equivalents and restricted cash | 2 | 127 | (97) |
Cash and cash equivalents at beginning of period | 523 | 396 | 493 |
Cash and cash equivalents at end of period | $ 525 | $ 523 | $ 396 |
Quarterly Data (unaudited) (Det
Quarterly Data (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Quarterly Financial Data [Line Items] | |||||||||||
Net Sales | $ 2,791 | $ 3,084 | $ 3,035 | $ 2,755 | $ 2,734 | $ 3,174 | $ 3,046 | $ 2,197 | $ 11,665 | $ 11,151 | $ 8,698 |
Gross profit | 400 | 508 | 495 | 423 | 390 | 517 | 467 | 324 | |||
Operating Income (Loss) | 199 | 352 | 383 | 262 | 218 | 365 | 292 | 221 | 1,196 | 1,096 | 1,024 |
Net income (loss) attributable to Crown Holdings | $ 87 | $ 183 | $ 137 | $ 103 | $ 53 | $ 164 | $ 132 | $ 90 | $ 510 | $ 439 | $ 323 |
Earnings per average common share: | |||||||||||
Basic (in dollars per share) | $ 0.65 | $ 1.37 | $ 1.02 | $ 0.77 | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ 3.81 | $ 3.28 | $ 2.39 |
Diluted (in dollars per share) | $ 0.64 | $ 1.36 | $ 1.02 | $ 0.77 | $ 0.40 | $ 1.23 | $ 0.99 | $ 0.67 | $ 3.78 | $ 3.28 | $ 2.38 |
Average common shares outstanding: | |||||||||||
Basic (in shares) | 134,000 | 133,900 | 133,900 | 133,800 | 133,700 | 133,700 | 133,600 | 133,500 | 133,890 | 133,640 | 135,290 |
Diluted (in shares) | 135,200 | 135,000 | 134,800 | 134,400 | 134,100 | 133,800 | 133,800 | 133,800 | 134,880 | 133,880 | 135,610 |
Restructuring charges (benefit) | $ 15 | $ 45 | $ 4 | $ 16 | $ 1 | $ 16 | $ 13 | ||||
Loss from early extinguishments of debt | (6) | $ 27 | $ 0 | $ 7 | |||||||
Curtailments | $ 14 | ||||||||||
Pension and postretirement gain (loss) | 7 | $ 6 | 31 | $ 42 | |||||||
Income tax (benefit) expense | 37 | $ 15 | $ 28 | 166 | 216 | 401 | |||||
Goodwill impairment | $ 25 | 25 | 0 | 0 | |||||||
Transaction costs | $ 24 | 0 | 26 | 2 | |||||||
Fair value adjustment to inventory | $ 40 | 0 | 40 | 0 | |||||||
Pension Plan | Non-U.S. Plans | |||||||||||
Average common shares outstanding: | |||||||||||
Curtailments | (18) | 0 | |||||||||
Pension and postretirement gain (loss) | (38) | (45) | (42) | ||||||||
Other Postretirement Benefits | |||||||||||
Average common shares outstanding: | |||||||||||
Pension and postretirement gain (loss) | $ (3) | $ (4) | (4) | ||||||||
Signode | |||||||||||
Average common shares outstanding: | |||||||||||
Fair value adjustment to inventory | $ (32) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Trade accounts receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 65 | $ 71 | $ 76 |
Charged to costs and expense | 4 | (6) | 0 |
Charged to other accounts | 0 | (4) | 6 |
Acquisitions | 1 | 7 | 0 |
Deductions – write-offs | (8) | (3) | (11) |
Balance at end of period | 62 | 65 | 71 |
Deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 282 | 228 | 225 |
Charged to costs and expense | (33) | (1) | 9 |
Charged to other accounts | 5 | (7) | 0 |
Acquisitions | 0 | 76 | 0 |
Deductions – write-offs | (11) | (14) | (6) |
Balance at end of period | $ 243 | $ 282 | $ 228 |
Uncategorized Items - cck-12312
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 10,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 60,000,000 |
Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,000,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 60,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 6,000,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 3,000,000 |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 60,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 9,000,000 |