Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 28, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-50189 | |
Entity Registrant Name | CROWN HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 75-3099507 | |
Entity Address, Address Line One | 770 Township Line Road | |
Entity Address, City or Town | Yardley | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19067 | |
City Area Code | 215 | |
Local Phone Number | 698-5100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 122,942,067 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001219601 | |
Current Fiscal Year End Date | --12-31 | |
New York Stock Exchange | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock $5.00 Par Value | |
Trading Symbol | CCK | |
Security Exchange Name | NYSE | |
7 3/8% Debentures Due 2026 | New York Stock Exchange | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7 3/8% Debentures Due 2026 | |
Trading Symbol | CCK26 | |
Security Exchange Name | NYSE | |
7 1/2% Debentures Due 2096 | New York Stock Exchange | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7 1/2% Debentures Due 2096 | |
Trading Symbol | CCK96 | |
Security Exchange Name | NYSE |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 3,162 | $ 2,564 |
Cost of products sold, excluding depreciation and amortization | 2,547 | 1,982 |
Depreciation and amortization | 115 | 112 |
Selling and administrative expense | 157 | 143 |
Restructuring and other | (1) | 0 |
Income from operations | 344 | 327 |
Other pension and postretirement | (4) | (1) |
Interest expense | 54 | 69 |
Interest income | (3) | (2) |
Foreign exchange | (10) | (2) |
Income from continuing operations before taxes and equity in net earnings of affiliates | 307 | 263 |
Provision for income taxes | 78 | 65 |
Equity in net earnings of affiliates | 17 | 2 |
Net income from continuing operations | 246 | 200 |
Net income from discontinued operations | 45 | |
Net income | 246 | 245 |
Net income from continuing operations attributable to noncontrolling interests | 30 | 33 |
Net income from discontinued operations attributable to noncontrolling interests | 0 | 1 |
Net income from continuing operations attributable to Crown Holdings | 216 | 167 |
Net income from discontinued operations attributable to Crown Holdings | 0 | 44 |
Net income attributable to Crown Holdings | $ 216 | $ 211 |
Earnings per common share attributable to Crown Holdings: | ||
Basic earnings per common share from continuing operations (in dollars per share) | $ 1.75 | $ 1.25 |
Basic earnings per common share from discontinued operations (in dollars per share) | 0 | 0.33 |
Basic (in dollars per share) | 1.75 | 1.58 |
Diluted earnings per common share from continuing operations (in dollars per share) | 1.74 | 1.24 |
Diluted earnings per common share from discontinued operations (in dollars per share) | 0 | 0.33 |
Diluted (in dollars per share) | $ 1.74 | $ 1.57 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 246 | $ 245 |
Other comprehensive income / (loss), net of tax: | ||
Foreign currency translation adjustments | 13 | (35) |
Pension and other postretirement benefits | 7 | 15 |
Amount of gain/(loss) recognized in OCI | 42 | 15 |
Total other comprehensive income / (loss) | 62 | (5) |
Total comprehensive income | 308 | 240 |
Net income attributable to noncontrolling interests | 30 | 34 |
Translation adjustments attributable to noncontrolling interests | 0 | 1 |
Derivatives qualifying as hedges attributable to noncontrolling interests | 3 | (1) |
Comprehensive income attributable to Crown Holdings | $ 275 | $ 206 |
Consolidated Balance Sheets (Co
Consolidated Balance Sheets (Condensed) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 389 | $ 531 |
Receivables, net | 2,170 | 1,889 |
Inventories | 2,063 | 1,735 |
Prepaid expenses and other current assets | 341 | 243 |
Current assets held for sale | 99 | 97 |
Total current assets | 5,062 | 4,495 |
Goodwill | 3,006 | 3,007 |
Intangible assets, net | 1,477 | 1,525 |
Property, plant and equipment, net | 4,083 | 4,036 |
Operating lease right-of-use assets, net | 196 | 191 |
Other non-current assets | 606 | 604 |
Total assets | 14,430 | 13,858 |
Current liabilities | ||
Short-term debt | 96 | 75 |
Current maturities of long-term debt | 1,137 | 135 |
Current portion of operating lease liabilities | 36 | 42 |
Accounts payable | 2,889 | 2,901 |
Accrued liabilities | 931 | 966 |
Current liabilities held for sale | 17 | 14 |
Total current liabilities | 5,106 | 4,133 |
Long-term debt, excluding current maturities | 5,654 | 6,052 |
Postretirement and pension liabilities | 489 | 497 |
Non-current portion of operating lease liabilities | 164 | 150 |
Other non-current liabilities | 757 | 696 |
Commitments and contingent liabilities (Note I) | ||
Noncontrolling interests | 440 | 418 |
Crown Holdings shareholders’ equity | 1,820 | 1,912 |
Total equity | 2,260 | 2,330 |
Total liabilities and equity | $ 14,430 | $ 13,858 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Condensed) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income | $ 246 | $ 245 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 115 | 127 |
Restructuring and other | (1) | 2 |
Pension expense | 8 | 12 |
Pension contributions | 20 | (5) |
Stock-based compensation | 10 | 11 |
Working capital changes and other | (699) | (777) |
Net cash used for operating activities | (301) | (385) |
Cash flows from investing activities | ||
Capital expenditures | (117) | (135) |
Acquisition of business, net of cash acquired | (23) | 0 |
Net investment hedge | 13 | 13 |
Proceeds from sale of discontinued operations, net of cash disposed | 6 | 0 |
Proceeds from sale of property, plant and equipment | 12 | 2 |
Other | (8) | 0 |
Net cash used for investing activities | (117) | (120) |
Cash flows from financing activities | ||
Net change in revolving credit facility and short-term debt | 158 | (13) |
Proceeds from long-term debt | 601 | 36 |
Payments of long-term debt | (42) | (26) |
Bond issuance costs | (7) | 0 |
Foreign exchange derivatives related to debt | 0 | (4) |
Payments of finance leases | (1) | (1) |
Dividends paid to noncontrolling interests | (11) | (9) |
Dividends paid to shareholders | (27) | (27) |
Common stock issued | 0 | 1 |
Common stock repurchased | (350) | (12) |
Net cash provided by / (used for) financing activities | 321 | (55) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (36) | (11) |
Net change in cash, cash equivalents and restricted cash | (133) | (571) |
Cash, cash equivalents and restricted cash at January 1 | 593 | 1,238 |
Cash, cash equivalents and restricted cash at March 31 | $ 460 | $ 667 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Total Crown Equity | Common Stock | Paid-in Capital | Accumulated Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests |
Balance at beginning of period at Dec. 31, 2020 | $ 2,604 | $ 2,198 | $ 929 | $ 179 | $ 4,538 | $ (3,193) | $ (255) | $ 406 |
Net income | 245 | 211 | 211 | 34 | ||||
Other comprehensive income | (5) | (5) | (5) | |||||
Dividends paid to shareholders | (27) | (27) | (27) | |||||
Dividends paid to noncontrolling interests | (9) | (9) | ||||||
Restricted stock awarded | 0 | (1) | 1 | |||||
Stock-based compensation | 11 | 11 | 11 | |||||
Common stock issued | 1 | 1 | 1 | |||||
Common stock repurchased | (12) | (12) | (11) | (1) | ||||
Balance at end of period at Mar. 31, 2021 | 2,808 | 2,377 | 929 | 179 | 4,722 | (3,198) | (255) | 431 |
Balance at beginning of period at Dec. 31, 2020 | 2,604 | 2,198 | 929 | 179 | 4,538 | (3,193) | (255) | 406 |
Common stock repurchased | (950) | |||||||
Balance at end of period at Dec. 31, 2021 | 2,330 | 1,912 | 929 | 0 | 3,180 | (1,898) | (299) | 418 |
Net income | 246 | 216 | 216 | 30 | ||||
Other comprehensive income | 62 | 59 | 59 | 3 | ||||
Dividends paid to shareholders | (27) | (27) | (27) | |||||
Dividends paid to noncontrolling interests | (11) | (11) | ||||||
Restricted stock awarded | 0 | (1) | 1 | |||||
Stock-based compensation | 10 | 10 | 10 | |||||
Common stock repurchased | (350) | (350) | (335) | (15) | ||||
Balance at end of period at Mar. 31, 2022 | $ 2,260 | $ 1,820 | $ 929 | $ 0 | $ 3,043 | $ (1,839) | $ (313) | $ 440 |
Statement of Information Furnis
Statement of Information Furnished | 3 Months Ended |
Mar. 31, 2022 | |
Quarterly Financial Data [Abstract] | |
Statement of Information Furnished | Statement of Information FurnishedThe consolidated financial statements include the accounts of Crown Holdings, Inc. and its consolidated subsidiaries (the “Company”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Form 10-Q instructions. In the opinion of management, these consolidated financial statements contain all adjustments of a normal and recurring nature necessary for a fair statement of the financial position of the Company as of March 31, 2022 and the results of its operations for the three months ended March 31, 2022 and 2021 and of its cash flows for the three months ended March 31, 2022 and 2021. The results reported in these consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. These results have been determined on the basis of accounting principles generally accepted in the United States of America (“GAAP”), the application of which requires management’s utilization of estimates, and actual results may differ materially from the estimates utilized. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. |
Divestitures
Divestitures | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures On August 31, 2021, the Company completed the sale (the “Transaction”) of its European Tinplate business (the “Business”) to Kouti B.V., an affiliate of KPS Capital Partners LP. The Business comprised the Company’s European Food segment and its European Aerosol and Promotional Packaging reporting unit which was previously reported in Other. The Company received pre-tax proceeds of approximately €1.9 billion ($2.3 billion) from the Transaction and received a 20% minority interest in the Business. For the year ended December 31, 2021, the Company recorded a pre-tax loss of $101 and tax charges of $81 related to taxable gains on the sale of the Business. Major components of net income from discontinued operations for the three months ended March 31, 2021 were as follows: Three Months Ended March 31, 2021 Net sales $ 514 Cost of products sold, excluding depreciation and amortization 418 Depreciation and amortization 16 Selling and administrative expense 21 Interest expense 2 Transaction costs 2 Income from discontinued operations before tax 55 Provision for income taxes 10 Net income from discontinued operations 45 Net income from discontinued operations attributable to noncontrolling interests 1 Net income from discontinued operations attributable to Crown Holdings $ 44 |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 December 31, 2021 Cash and cash equivalents $ 389 $ 531 Restricted cash included in prepaid expenses and other current assets 71 61 Restricted cash included in other non-current assets — 1 Total restricted cash 71 62 Total cash, cash equivalents and restricted cash $ 460 $ 593 Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements. |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables March 31, 2022 December 31, 2021 Accounts receivable $ 1,463 $ 1,289 Less: allowance for credit losses (20) (20) Net trade receivables 1,443 1,269 Unbilled receivables 404 325 Miscellaneous receivables 323 295 Receivables, net $ 2,170 $ 1,889 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories March 31, 2022 December 31, 2021 Raw materials and supplies $ 1,241 $ 1,094 Work in process 147 120 Finished goods 675 521 $ 2,063 $ 1,735 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: March 31, 2022 December 31, 2021 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,359 $ (469) $ 890 $ 1,363 $ (443) $ 920 Trade names 537 (90) 447 544 (86) 458 Technology 156 (93) 63 158 (88) 70 Long term supply contracts 141 (67) 74 137 (63) 74 Patents 14 (11) 3 15 (12) 3 $ 2,207 $ (730) $ 1,477 $ 2,217 $ (692) $ 1,525 Net income from continuing operations for the three months ended March 31, 2022 and 2021 included amortization expense of $40, and $42, respectively. |
Restructuring and Other
Restructuring and Other | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other items as follows: Three Months Ended March 31, 2022 2021 Other costs / (income) $ 1 $ (8) Asset impairments and sales $ (5) $ — Restructuring 3 8 $ (1) $ — |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Asbestos-Related Liabilities | Asbestos-Related Liabilities Crown Cork & Seal Company, Inc. (“Crown Cork”) is one of many defendants in a substantial number of lawsuits filed throughout the U.S. by persons alleging bodily injury as a result of exposure to asbestos. These claims arose from the insulation operations of a U.S. company, the majority of whose stock Crown Cork purchased in 1963. Approximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. Prior to 1998, amounts paid to asbestos claimants were covered by a fund made available to Crown Cork under a 1985 settlement with carriers insuring Crown Cork through 1976, when Crown Cork became self-insured. The fund was depleted in 1998 and the Company has no remaining coverage for asbestos-related costs. In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld. In June 2003, the state of Texas enacted legislation that limits the asbestos-related liabilities in Texas courts of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The Texas legislation, which applies to future claims and pending claims, caps asbestos-related liabilities at the total gross value of the predecessor’s assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total adjusted value of its predecessor’s assets. In October 2010, the Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. 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 have enacted legislation that limits asbestos-related liabilities under state law of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The legislation, which applies to future and, with the exception of Arkansas, Georgia, South Carolina, South Dakota, West Virginia and Wyoming, pending claims, caps asbestos-related liabilities at the fair market value of the predecessor's total gross assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total value of its predecessor's assets adjusted for inflation. Crown Cork has integrated the legislation into its claims defense strategy. The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. During the three months ended March 31, 2022, the Company paid $3 to settle asbestos claims and pay related legal and defense costs and had claims activity as follows: Beginning claims 57,000 New claims 300 Settlements or dismissals (300) Ending claims 57,000 In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2021, the Company's outstanding claims were: Claimants alleging first exposure after 1964 17,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 Pennsylvania 1,500 Other states that have enacted asbestos legislation 6,000 Other states 19,500 Total claims outstanding 57,000 The outstanding claims in each period exclude approximately 19,000 inactive claims. Due to the passage of time, the Company considers it unlikely that the plaintiffs in these cases will pursue further action against the Company. The exclusion of these inactive claims had no effect on the calculation of the Company’s accrual as the claims were filed in states, as described above, where the Company’s liability is limited by statute. With respect to claimants alleging first exposure to asbestos before or during 1964, the Company does not include in its accrual any amounts for settlements in states where the Company’s liability is limited by statute except for certain pending claims in Texas as described earlier. With respect to post-1964 claims, regardless of the existence of asbestos legislation, the Company does not include in its accrual any amounts for settlement of these claims because of increased difficulty of establishing identification of relevant insulation products as the cause of injury. Given the Company's settlement experience with post-1964 claims, it does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows: 2021 2020 Total claims 24 % 23 % Pre-1965 claims in states without asbestos legislation 42 % 41 % Crown Cork has entered into arrangements with plaintiffs’ counsel in certain jurisdictions with respect to claims which are not yet filed, or asserted, against it. However, Crown Cork expects claims under these arrangements to be filed or asserted against Crown Cork in the future. The projected value of these claims is included in the Company’s estimated liability as of March 31, 2022. As of March 31, 2022, the Company’s accrual for pending and future asbestos-related claims and related legal costs was $234, including $192 for unasserted claims. The Company determines its accrual without limitation to a specific time period. It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant (which was not specified for approximately 82% of the claims outstanding at the end of 2021), the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
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 $12 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 $6 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 U.K. 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 and is unable to estimate the range of any potential loss in excess of its accrual. 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. The Company has acknowledged to CBP that the goods were misclassified and has paid all related duties, which CBP does not dispute. The Company has asserted that the misclassification was unintentional and disputes the penalty assessment by CBP. CBP has brought suit in the U.S. Court of International Trade seeking enforcement of the initial penalty against the Company. At the present time, based on the information available, the Company does not believe that a loss for the alleged intentional misclassification is probable. However, there can be no assurance that the Company will be successful in contesting the assessed penalty. On October 7, 2021, the French Autorité de la concurrence (the French Competition Authority or “FCA”) issued a statement of objections to 14 trade associations, one public entity and 101 legal entities from 28 corporate groups, including the Company, certain of its subsidiaries, other leading metal can manufacturers, certain can fillers and certain retailers in France. The FCA alleged violations of Articles 101 of the Treaty on the Functioning of the European Union and L.420-1 of the French Commercial Code. The statement of objections alleges, among other things, anti-competitive behavior in connection with the removal of bisphenol-A from metal packaging in France. The removal of bisphenol-A was mandated by French legislation that went into effect in 2015. If the FCA finds that the Company or its subsidiaries violated competition law, the FCA may levy fines. Proceedings with respect to this matter are ongoing and the Company is unable to predict the ultimate outcome including the amount of fines, if any, that may be levied by the FCA. The Company intends to vigorously defend against the allegations in the statement of objections. 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 aluminum and steel, 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. |
Derivative and Other Financial
Derivative and Other Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Other Financial Instruments | Derivative and Other Financial Instruments Fair Value Measurements Under U.S. GAAP a framework exists for measuring fair value, providing a three-tier hierarchy of pricing inputs used to report assets and liabilities that are adjusted to fair value. Level 1 includes inputs such as quoted prices which are available in active markets for identical assets or liabilities as of the report date. Level 2 includes inputs other than those available in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 includes unobservable pricing inputs that are not corroborated by market data or other objective sources. The Company has no recurring items valued using Level 3 inputs other than certain pension plan assets. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities measured at fair value and their placement within the fair value hierarchy. The Company applies a market approach to value its commodity price hedge contracts. Prices from observable markets are used to develop the fair value of these financial instruments and they are reported under Level 2. The Company uses an income approach to value its foreign exchange forward contracts. These contracts are valued using a discounted cash flow model that calculates the present value of future cash flows under the terms of the contracts using market information as of the reporting date, such as foreign exchange spot and forward rates, and are reported under Level 2 of the fair value hierarchy. Fair value disclosures for financial assets and liabilities that were accounted for at fair value on a recurring basis are provided later in this note. In addition, see Note K for fair value disclosures related to debt. Derivative Financial Instruments In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to market and interest rate risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk, using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers and borrowing both fixed and floating debt instruments to manage interest rate risk. For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. When a forecasted transaction is reasonably possible, but not probable of occurring, the hedge no longer qualifies for hedge accounting and the change in fair value from the date of the last effectiveness test is recognized in earnings. Any gain or loss which has accumulated in other comprehensive income at the date of the last effectiveness test is reclassified into earnings at the same time of the underlying exposure or when the forecasted transaction becomes probable of not occurring. Cash Flow Hedges The Company designates certain derivative financial instruments as cash flow hedges. No components of the hedging instruments are excluded from the assessment of hedge effectiveness. Changes in fair value of outstanding derivatives accounted for as cash flow hedges are recorded in accumulated other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon reclassification from accumulated comprehensive income is the same as that of the underlying exposure. Contracts outstanding at March 31, 2022 mature between one The Company uses commodity forward contracts to hedge anticipated purchases of various commodities, primarily aluminum, 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 generally hedged together with the related commodity price risk. The Company may also use interest rate swaps to convert interest on floating rate debt to a fixed-rate. The following tables set forth financial information about the impact on other comprehensive income ("OCI"), accumulated other comprehensive income ("AOCI") and earnings from changes in the fair value of derivative instruments. Amount of gain/(loss) recognized in OCI Three Months Ended March 31, Derivatives in cash flow hedges 2022 2021 Foreign exchange $ (5) $ (1) Interest Rate — 1 Commodities 50 25 $ 45 $ 25 Amount of gain/(loss) reclassified from AOCI into income Three Months Ended March 31, Derivatives in cash flow hedges 2022 2021 Affected line items in the Statement of Operations Foreign exchange $ (5) $ (1) Net sales Commodities (11) $ (4) Net sales Foreign exchange (1) — Cost of products sold Commodities 26 19 Cost of products sold 9 14 Income from continuing operations before taxes (3) (4) Provision for income taxes 6 10 Net income from continuing operations Foreign exchange — 1 Net income from discontinued operations Total reclassified $ 6 $ 11 Net income For the twelve-month period ending March 31, 2023, a net gain of $71 ($58, net of tax) is expected to be reclassified to earnings for commodity and foreign exchange contracts. No material amounts were reclassified during the three months ended March 31, 2022 and 2021 in connection with anticipated transactions that were considered probable of not occurring. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. For the three months ended March 31, 2022 and 2021, the Company recorded a loss of $21 and a gain of $7 from foreign exchange contracts designated as fair value hedges. These adjustments were reported within foreign exchange in the Consolidated Statements of Operations. Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated or did not quality for hedge accounting; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes arising from re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. Changes in fair value of these derivative instruments are immediately recognized in earnings as foreign exchange adjustments. The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amounts of gain/(loss) recognized in income on derivative Three Months Ended March 31, Derivatives not designated as hedges 2022 2021 Affected line item in the Statement of Operations Foreign exchange $ (4) $ (1) Net sales Foreign exchange 1 1 Cost of products sold Foreign exchange (10) (13) Foreign exchange $ (13) $ (13) Net Investment Hedges The Company designates certain debt and derivative instruments as net investment hedges to manage foreign currency risk relating to net investments in subsidiaries denominated in foreign currencies and reduce the variability in the functional currency equivalent cash flows. During the three months ended March 31, 2022, the Company recorded a gain of $17 ($10, 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. During the three months ended March 31, 2021, the Company recorded a gain of $54 ($54, net of tax) in other comprehensive income for these net investment hedges. As of March 31, 2022 and December 31, 2021, cumulative gains of $86 ($102, net of tax) and gains of $69 ($92, 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 €551 ($610) at March 31, 2022. The following tables set forth the impact on AOCI from changes in the fair value of derivative instruments designated as net investment hedges. Amount of gain / (loss) recognized in AOCI Three Months Ended March 31, Derivatives designated as net investment hedges 2022 2021 Foreign exchange $ 2 $ 22 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. Gains or losses on net investment hedges remain in accumulated other comprehensive income until disposal of the underlying assets. Fair Values of Derivative Financial Instruments and Valuation Hierarchy The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy. Balance Sheet classification March 31, December 31, 2021 Balance Sheet classification March 31, December 31, 2021 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Prepaid expenses and other current assets $ 2 $ 3 Accrued liabilities $ 3 $ 10 Foreign exchange contracts fair value Prepaid expenses and other current assets 1 1 Accrued liabilities 6 2 Commodities contracts cash flow Prepaid expenses and other current assets 107 53 Accrued liabilities 35 17 Other non-current assets 20 2 Other non-current liabilities 9 1 Net investment hedge Other non-current assets 51 49 Other non-current liabilities — — $ 181 $ 108 $ 53 $ 30 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 4 $ 3 Accrued liabilities $ 7 $ 3 $ 4 $ 3 $ 7 $ 3 Total derivatives $ 185 $ 111 $ 60 $ 33 Carrying amount of the hedged assets / liabilities March 31, December 31, Line item in the Balance Sheet in which the hedged item is included Cash and cash equivalents $ 31 $ 38 Receivables, net 16 21 Accounts payable 90 116 As of March 31, 2022 and December 31, 2021, the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged assets and liabilities were net gains of $5 and $1. Offsetting of Derivative Assets and Liabilities Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the statement of financial position. In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at March 31, 2022 Derivative assets $185 $44 $141 Derivative liabilities 60 44 16 Balance at December 31, 2021 Derivative assets 111 19 92 Derivative liabilities 33 19 14 Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2022 and December 31, 2021 were: March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Foreign exchange $ 231 $ 241 Commodities 249 261 Derivatives designated as fair value hedges: Foreign exchange 225 229 Derivatives designated as net investment hedges: Foreign exchange 875 875 Derivatives not designated as hedges: Foreign exchange 572 617 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's outstanding debt was as follows: March 31, 2022 December 31, 2021 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 96 $ 96 $ 75 $ 75 Long-term debt Senior secured borrowings: Revolving credit facilities 179 179 50 50 Term loan facilities U.S. dollar due 2024 988 985 1,002 997 Euro due 2024 1 329 329 344 344 Senior notes and debentures: €335 at 2.25% due 2023 371 370 381 380 €550 at 0.75% due 2023 609 607 626 624 €600 at 2.625% due 2024 664 661 683 680 €600 at 3.375% due 2025 664 660 683 679 U.S. dollar at 4.25% due 2026 400 397 400 396 U.S. dollar at 4.75% due 2026 875 867 875 867 U.S. dollar at 7.375% due 2026 350 348 350 348 €500 at 2.875% due 2026 555 551 570 565 U.S. dollar at 5.25% due 2030 500 493 — — U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies 304 304 217 217 Total long-term debt 6,828 6,791 6,221 6,187 Less current maturities (1,139) (1,137) (136) (135) Total long-term debt, less current maturities $ 5,689 $ 5,654 $ 6,085 $ 6,052 (1) €297 and €303 at March 31, 2022 and December 31, 2021 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 $6,967 at March 31, 2022 and $6,548 at December 31, 2021. In March 2022, the Company issued $500 principal amount of 5.250% senior unsecured notes due 2030. The notes were issued at par by Crown Americas LLC, a subsidiary of the Company, and are unconditionally guaranteed by the Company and substantially all of its U.S. subsidiaries. The Company paid $7 in issuance costs that will be amortized over the term of the notes. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, Pension benefits – U.S. plans 2022 2021 Service cost $ 5 $ 5 Interest cost 8 6 Expected return on plan assets (19) (15) Recognized net loss 12 15 Net periodic cost $ 6 $ 11 Three Months Ended March 31, Pension benefits – Non-U.S. plans 2022 2021 Service cost $ 2 $ 3 Interest cost 4 9 Expected return on plan assets (5) (20) Recognized net loss 1 9 Net periodic cost $ 2 $ 1 Three Months Ended March 31, Other postretirement benefits 2022 2021 Interest cost 1 1 Recognized prior service credit (5) (7) Recognized net loss 1 1 Net periodic benefit $ (3) $ (5) In October 2021, the trustees of the Company's U.K. defined benefit pension plan (the "Plan") entered into a transaction to fully insure all of its U.K. pension liabilities. In 2021, the Company made a cash contribution of $271 to enable the Plan to purchase a bulk annuity insurance contract for the benefit of the Plan participants. The Company recorded a settlement charge of $1,511 in the fourth quarter of 2021, upon irrevocable transfer of the Plan's obligations. The Company expects $175 of the cash contribution to be repaid as the Plan sells its remaining illiquid assets. The Company was reimbursed $55 in the fourth quarter of 2021 and $24 in the first quarter of 2022. The components of net periodic cost / (benefit) other than the service cost component are included in other pension and postretirement in the Consolidated Statement of Operations. The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended March 31, Details about accumulated other comprehensive income components 2022 2021 Affected line items in the statement of operations Actuarial losses $ 14 $ 25 Other pension and postretirement Prior service credit (5) (7) Other pension and postretirement 9 18 Income from continuing operations before taxes (2) (3) Provision for income taxes Total reclassified 7 15 Net income from continuing operations |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Capital Stock | Capital StockOn December 9, 2021, the Company's Board of Directors authorized the repurchase of an aggregate amount of $3,000 of Company common stock through the end of 2024. The new authorization supersedes the previous authorization announced in February 2021, which authorized the repurchase of an aggregate amount of $1,500 of Company common stock through the end of 2023. Share repurchases under the Company's program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The Company repurchased $350 of its shares during the three months ended March 31, 2022 and $950 of its shares during the twelve months ended December 31, 2021.For the three months ended March 31, 2022, the Company declared and paid cash dividends of $0.22 per share. Additionally, on April 28, 2022, the Company's Board of Directors declared a dividend of $0.22 per share payable on May 26, 2022 to shareholders of record as of May 12, 2022. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table provides information about the changes in each component of accumulated other comprehensive income. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2021 $ (1,464) $ (1,759) $ 30 $ (3,193) Other comprehensive (loss) / income before reclassifications — (34) 25 (9) Amounts reclassified from accumulated other comprehensive income 15 — (11) 4 Other comprehensive income / (loss) 15 (34) 14 (5) Balance at March 31, 2021 $ (1,449) $ (1,793) $ 44 $ (3,198) Balance at January 1, 2022 $ (768) $ (1,158) $ 28 $ (1,898) Other comprehensive (loss) / income before reclassifications — 13 45 58 Amounts reclassified from accumulated other comprehensive income 7 — (6) 1 Other comprehensive income 7 13 39 59 Balance at March 31, 2022 $ (761) $ (1,145) $ 67 $ (1,839) See Note J and Note L |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue For the three months ended March 31, 2022 and 2021, the Company recognized revenue as follows: Three Months Ended March 31, 2022 2021 Revenue recognized over time $ 1,717 $ 1,390 Revenue recognized at a point in time 1,445 1,174 Total revenue $ 3,162 $ 2,564 See Note Q 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 are typically recognized for work in process related to the Company's three-piece printed products and equipment business. Contract assets and liabilities are reported in a net position on a contract-by-contract basis. The Company had net contract assets of $33 and $23 as of March 31, 2022 and December 31, 2021 included in prepaid and other current assets. During the three months ended March 31, 2022, the Company satisfied performance obligations related to contract assets at December 31, 2021 and also recorded new contract assets primarily related to work in process for the equipment business. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes the computations of basic and diluted earnings per share attributable to the Company. Three Months Ended March 31, 2022 2021 Net income from continuing operations attributable to Crown Holdings $ 216 $ 167 Net income from discontinued operations attributable to Crown Holdings — 44 Net income attributable to Crown Holdings $ 216 $ 211 Weighted average shares outstanding: Basic 123.6 133.6 Dilutive stock options and restricted stock 0.8 1.0 Diluted 124.4 134.6 Earnings per common share attributable to Crown Holdings: Basic earnings per common share from continuing operations $ 1.75 $ 1.25 Basic earnings per common share from discontinued operations — 0.33 Basic earnings per share $ 1.75 $ 1.58 Diluted earnings per common share from continuing operations $ 1.74 $ 1.24 Diluted earnings per common share from discontinued operations — 0.33 Diluted earnings per share $ 1.74 $ 1.57 For the three months ended March 31, 2022, 0.1 million contingently issuable common shares were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company evaluates performance and allocates resources based on segment income, which is not a defined term under GAAP. The Company defines segment income as income from operations adjusted to exclude intangibles amortization charges, Restructuring and Other and the impact of fair value adjustments to inventory acquired in an acquisition. Segment income should not be considered in isolation or as a substitute for net income prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. The tables below present information about the Company's operating segments. External Sales Three Months Ended March 31, 2022 2021 Americas Beverage $ 1,226 $ 993 European Beverage 510 389 Asia Pacific 413 331 Transit Packaging 657 557 Total reportable segments 2,806 2,270 Other 356 294 Total $ 3,162 $ 2,564 The primary sources of revenue included in Other are the Company's food can, aerosol can, and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K. Intersegment Sales Three Months Ended March 31, 2022 2021 European Beverage $ 30 $ 36 Transit Packaging 8 7 Total reportable segments 38 43 Other 29 30 Total $ 67 $ 73 Intersegment sales primarily include sales of cans, ends and parts and equipment used in the manufacturing process. Segment Income Three Months Ended March 31, 2022 2021 Americas Beverage $ 164 $ 188 European Beverage 53 62 Asia Pacific 53 52 Transit Packaging 61 70 Total reportable segments $ 331 $ 372 A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended March 31, 2022 2021 Segment income of reportable segments $ 331 $ 372 Segment income of other 94 36 Corporate and unallocated items (42) (39) Restructuring and other 1 — Amortization of intangibles (40) (42) Other pension and postretirement 4 1 Interest expense (54) (69) Interest income 3 2 Foreign exchange 10 2 Income from continuing operations before taxes and equity in net earnings of affiliates $ 307 $ 263 For the three months ended March 31, 2022 and 2021, intercompany profits of $4 and $2 were eliminated within segment income of other segments. Corporate and unallocated items includes corporate and division administrative costs, technology costs, and unallocated items such as stock-based compensation. |
Divestitures (Tables)
Divestitures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Major components of net income from discontinued operations for the three months ended March 31, 2021 were as follows: Three Months Ended March 31, 2021 Net sales $ 514 Cost of products sold, excluding depreciation and amortization 418 Depreciation and amortization 16 Selling and administrative expense 21 Interest expense 2 Transaction costs 2 Income from discontinued operations before tax 55 Provision for income taxes 10 Net income from discontinued operations 45 Net income from discontinued operations attributable to noncontrolling interests 1 Net income from discontinued operations attributable to Crown Holdings $ 44 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash Cash (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 December 31, 2021 Cash and cash equivalents $ 389 $ 531 Restricted cash included in prepaid expenses and other current assets 71 61 Restricted cash included in other non-current assets — 1 Total restricted cash 71 62 Total cash, cash equivalents and restricted cash $ 460 $ 593 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Receivables | March 31, 2022 December 31, 2021 Accounts receivable $ 1,463 $ 1,289 Less: allowance for credit losses (20) (20) Net trade receivables 1,443 1,269 Unbilled receivables 404 325 Miscellaneous receivables 323 295 Receivables, net $ 2,170 $ 1,889 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | March 31, 2022 December 31, 2021 Raw materials and supplies $ 1,241 $ 1,094 Work in process 147 120 Finished goods 675 521 $ 2,063 $ 1,735 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Finite-lived Intangible Assets by Major Class | Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: March 31, 2022 December 31, 2021 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,359 $ (469) $ 890 $ 1,363 $ (443) $ 920 Trade names 537 (90) 447 544 (86) 458 Technology 156 (93) 63 158 (88) 70 Long term supply contracts 141 (67) 74 137 (63) 74 Patents 14 (11) 3 15 (12) 3 $ 2,207 $ (730) $ 1,477 $ 2,217 $ (692) $ 1,525 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges (Benefits) | The Company recorded restructuring and other items as follows: Three Months Ended March 31, 2022 2021 Other costs / (income) $ 1 $ (8) Asset impairments and sales $ (5) $ — Restructuring 3 8 $ (1) $ — |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Summary of Claims Activity | During the three months ended March 31, 2022, the Company paid $3 to settle asbestos claims and pay related legal and defense costs and had claims activity as follows: Beginning claims 57,000 New claims 300 Settlements or dismissals (300) Ending claims 57,000 |
Summary of Outstanding Asbestos Claims by Years of Exposure and State Filed | In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2021, the Company's outstanding claims were: Claimants alleging first exposure after 1964 17,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 Pennsylvania 1,500 Other states that have enacted asbestos legislation 6,000 Other states 19,500 Total claims outstanding 57,000 |
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: 2021 2020 Total claims 24 % 23 % Pre-1965 claims in states without asbestos legislation 42 % 41 % |
Derivative and Other Financia_2
Derivative and Other Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following tables set forth financial information about the impact on other comprehensive income ("OCI"), accumulated other comprehensive income ("AOCI") and earnings from changes in the fair value of derivative instruments. Amount of gain/(loss) recognized in OCI Three Months Ended March 31, Derivatives in cash flow hedges 2022 2021 Foreign exchange $ (5) $ (1) Interest Rate — 1 Commodities 50 25 $ 45 $ 25 Amount of gain/(loss) reclassified from AOCI into income Three Months Ended March 31, Derivatives in cash flow hedges 2022 2021 Affected line items in the Statement of Operations Foreign exchange $ (5) $ (1) Net sales Commodities (11) $ (4) Net sales Foreign exchange (1) — Cost of products sold Commodities 26 19 Cost of products sold 9 14 Income from continuing operations before taxes (3) (4) Provision for income taxes 6 10 Net income from continuing operations Foreign exchange — 1 Net income from discontinued operations Total reclassified $ 6 $ 11 Net income |
Schedule of Impact on Earnings from Derivatives Not Designated as Hedging Instruments | The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amounts of gain/(loss) recognized in income on derivative Three Months Ended March 31, Derivatives not designated as hedges 2022 2021 Affected line item in the Statement of Operations Foreign exchange $ (4) $ (1) Net sales Foreign exchange 1 1 Cost of products sold Foreign exchange (10) (13) Foreign exchange $ (13) $ (13) |
Schedule of Derivative Instruments Included in Earnings | The following tables set forth the impact on AOCI from changes in the fair value of derivative instruments designated as net investment hedges. Amount of gain / (loss) recognized in AOCI Three Months Ended March 31, Derivatives designated as net investment hedges 2022 2021 Foreign exchange $ 2 $ 22 |
Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy. Balance Sheet classification March 31, December 31, 2021 Balance Sheet classification March 31, December 31, 2021 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Prepaid expenses and other current assets $ 2 $ 3 Accrued liabilities $ 3 $ 10 Foreign exchange contracts fair value Prepaid expenses and other current assets 1 1 Accrued liabilities 6 2 Commodities contracts cash flow Prepaid expenses and other current assets 107 53 Accrued liabilities 35 17 Other non-current assets 20 2 Other non-current liabilities 9 1 Net investment hedge Other non-current assets 51 49 Other non-current liabilities — — $ 181 $ 108 $ 53 $ 30 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 4 $ 3 Accrued liabilities $ 7 $ 3 $ 4 $ 3 $ 7 $ 3 Total derivatives $ 185 $ 111 $ 60 $ 33 |
Schedule of Derivative Instruments Fair Value Hedge Carrying Amount | Carrying amount of the hedged assets / liabilities March 31, December 31, Line item in the Balance Sheet in which the hedged item is included Cash and cash equivalents $ 31 $ 38 Receivables, net 16 21 Accounts payable 90 116 |
Schedule of Offsetting Derivative Assets and Liabilities | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at March 31, 2022 Derivative assets $185 $44 $141 Derivative liabilities 60 44 16 Balance at December 31, 2021 Derivative assets 111 19 92 Derivative liabilities 33 19 14 |
Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2022 and December 31, 2021 were: March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Foreign exchange $ 231 $ 241 Commodities 249 261 Derivatives designated as fair value hedges: Foreign exchange 225 229 Derivatives designated as net investment hedges: Foreign exchange 875 875 Derivatives not designated as hedges: Foreign exchange 572 617 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The Company's outstanding debt was as follows: March 31, 2022 December 31, 2021 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 96 $ 96 $ 75 $ 75 Long-term debt Senior secured borrowings: Revolving credit facilities 179 179 50 50 Term loan facilities U.S. dollar due 2024 988 985 1,002 997 Euro due 2024 1 329 329 344 344 Senior notes and debentures: €335 at 2.25% due 2023 371 370 381 380 €550 at 0.75% due 2023 609 607 626 624 €600 at 2.625% due 2024 664 661 683 680 €600 at 3.375% due 2025 664 660 683 679 U.S. dollar at 4.25% due 2026 400 397 400 396 U.S. dollar at 4.75% due 2026 875 867 875 867 U.S. dollar at 7.375% due 2026 350 348 350 348 €500 at 2.875% due 2026 555 551 570 565 U.S. dollar at 5.25% due 2030 500 493 — — U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies 304 304 217 217 Total long-term debt 6,828 6,791 6,221 6,187 Less current maturities (1,139) (1,137) (136) (135) Total long-term debt, less current maturities $ 5,689 $ 5,654 $ 6,085 $ 6,052 (1) €297 and €303 at March 31, 2022 and December 31, 2021 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension and Other Postretirement Benefits Costs | The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, Pension benefits – U.S. plans 2022 2021 Service cost $ 5 $ 5 Interest cost 8 6 Expected return on plan assets (19) (15) Recognized net loss 12 15 Net periodic cost $ 6 $ 11 Three Months Ended March 31, Pension benefits – Non-U.S. plans 2022 2021 Service cost $ 2 $ 3 Interest cost 4 9 Expected return on plan assets (5) (20) Recognized net loss 1 9 Net periodic cost $ 2 $ 1 Three Months Ended March 31, Other postretirement benefits 2022 2021 Interest cost 1 1 Recognized prior service credit (5) (7) Recognized net loss 1 1 Net periodic benefit $ (3) $ (5) |
Reclassification out of Accumulated Other Comprehensive Income | The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended March 31, Details about accumulated other comprehensive income components 2022 2021 Affected line items in the statement of operations Actuarial losses $ 14 $ 25 Other pension and postretirement Prior service credit (5) (7) Other pension and postretirement 9 18 Income from continuing operations before taxes (2) (3) Provision for income taxes Total reclassified 7 15 Net income from continuing operations |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table provides information about the changes in each component of accumulated other comprehensive income. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2021 $ (1,464) $ (1,759) $ 30 $ (3,193) Other comprehensive (loss) / income before reclassifications — (34) 25 (9) Amounts reclassified from accumulated other comprehensive income 15 — (11) 4 Other comprehensive income / (loss) 15 (34) 14 (5) Balance at March 31, 2021 $ (1,449) $ (1,793) $ 44 $ (3,198) Balance at January 1, 2022 $ (768) $ (1,158) $ 28 $ (1,898) Other comprehensive (loss) / income before reclassifications — 13 45 58 Amounts reclassified from accumulated other comprehensive income 7 — (6) 1 Other comprehensive income 7 13 39 59 Balance at March 31, 2022 $ (761) $ (1,145) $ 67 $ (1,839) |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognized | Three Months Ended March 31, 2022 2021 Revenue recognized over time $ 1,717 $ 1,390 Revenue recognized at a point in time 1,445 1,174 Total revenue $ 3,162 $ 2,564 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | The following table summarizes the computations of basic and diluted earnings per share attributable to the Company. Three Months Ended March 31, 2022 2021 Net income from continuing operations attributable to Crown Holdings $ 216 $ 167 Net income from discontinued operations attributable to Crown Holdings — 44 Net income attributable to Crown Holdings $ 216 $ 211 Weighted average shares outstanding: Basic 123.6 133.6 Dilutive stock options and restricted stock 0.8 1.0 Diluted 124.4 134.6 Earnings per common share attributable to Crown Holdings: Basic earnings per common share from continuing operations $ 1.75 $ 1.25 Basic earnings per common share from discontinued operations — 0.33 Basic earnings per share $ 1.75 $ 1.58 Diluted earnings per common share from continuing operations $ 1.74 $ 1.24 Diluted earnings per common share from discontinued operations — 0.33 Diluted earnings per share $ 1.74 $ 1.57 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Information about Operating Segments | The tables below present information about the Company's operating segments. External Sales Three Months Ended March 31, 2022 2021 Americas Beverage $ 1,226 $ 993 European Beverage 510 389 Asia Pacific 413 331 Transit Packaging 657 557 Total reportable segments 2,806 2,270 Other 356 294 Total $ 3,162 $ 2,564 The primary sources of revenue included in Other are the Company's food can, aerosol can, and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K. Intersegment Sales Three Months Ended March 31, 2022 2021 European Beverage $ 30 $ 36 Transit Packaging 8 7 Total reportable segments 38 43 Other 29 30 Total $ 67 $ 73 Intersegment sales primarily include sales of cans, ends and parts and equipment used in the manufacturing process. Segment Income Three Months Ended March 31, 2022 2021 Americas Beverage $ 164 $ 188 European Beverage 53 62 Asia Pacific 53 52 Transit Packaging 61 70 Total reportable segments $ 331 $ 372 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended March 31, 2022 2021 Segment income of reportable segments $ 331 $ 372 Segment income of other 94 36 Corporate and unallocated items (42) (39) Restructuring and other 1 — Amortization of intangibles (40) (42) Other pension and postretirement 4 1 Interest expense (54) (69) Interest income 3 2 Foreign exchange 10 2 Income from continuing operations before taxes and equity in net earnings of affiliates $ 307 $ 263 |
Divestitures - Narrative (Detai
Divestitures - Narrative (Details) $ in Millions, € in Billions | Aug. 31, 2021USD ($) | Aug. 31, 2021EUR (€) | Jun. 30, 2022USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of discontinued operations, net of cash disposed | $ 6 | $ 0 | ||||
Income from continuing operations before taxes and equity in net earnings of affiliates | 307 | 263 | ||||
European Tinplate | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income from continuing operations before taxes and equity in net earnings of affiliates | $ 15 | |||||
European Tinplate | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal group, pre tax loss | $ 101 | |||||
Income tax charges | 81 | |||||
European Tinplate | Discontinued Operations, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of discontinued operations, net of cash disposed | $ 2,300 | € 1.9 | ||||
Equity method investment retained after disposal, percent | 20.00% | 20.00% | ||||
Net sales | $ 514 | |||||
Transit Packaging | Discontinued Operations, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net sales | $ 39 | |||||
Transit Packaging | Discontinued Operations, Disposed of by Sale | Forecast | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of discontinued operations, net of cash disposed | $ 182 | |||||
Gain on disposition of business | $ 100 |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net income from discontinued operations | $ 45 | ||
Net income from discontinued operations attributable to noncontrolling interests | $ 0 | 1 | |
Net income from discontinued operations attributable to Crown Holdings | $ 0 | 44 | |
European Tinplate | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 514 | ||
Cost of products sold, excluding depreciation and amortization | 418 | ||
Depreciation and amortization | 16 | ||
Selling and administrative expense | 21 | ||
Interest expense | 2 | ||
Transaction costs | 2 | ||
Income from discontinued operations before tax | 55 | ||
Provision for income taxes | 10 | ||
Net income from discontinued operations | 45 | ||
Net income from discontinued operations attributable to noncontrolling interests | 1 | ||
Net income from discontinued operations attributable to Crown Holdings | $ 44 | ||
Transit Packaging | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | $ 39 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 389 | $ 531 | ||
Restricted cash included in prepaid expenses and other current assets | 71 | 61 | ||
Restricted cash included in other non-current assets | 0 | 1 | ||
Total restricted cash | 71 | 62 | ||
Total cash, cash equivalents and restricted cash | $ 460 | $ 593 | $ 667 | $ 1,238 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Accounts receivable | $ 1,463 | $ 1,289 |
Less: allowance for credit losses | (20) | (20) |
Net trade receivables | 1,443 | 1,269 |
Unbilled receivables | 404 | 325 |
Miscellaneous receivables | 323 | 295 |
Receivables, net | $ 2,170 | $ 1,889 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 1,241 | $ 1,094 |
Work in process | 147 | 120 |
Finished goods | 675 | 521 |
Total inventories | $ 2,063 | $ 1,735 |
Intangible Assets - Gross Carry
Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,207 | $ 2,217 |
Accumulated amortization | (730) | (692) |
Net | 1,477 | 1,525 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,359 | 1,363 |
Accumulated amortization | (469) | (443) |
Net | 890 | 920 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 537 | 544 |
Accumulated amortization | (90) | (86) |
Net | 447 | 458 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 156 | 158 |
Accumulated amortization | (93) | (88) |
Net | 63 | 70 |
Long term supply contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 141 | 137 |
Accumulated amortization | (67) | (63) |
Net | 74 | 74 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 14 | 15 |
Accumulated amortization | (11) | (12) |
Net | $ 3 | $ 3 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 40 | $ 42 |
Restructuring and Other - Charg
Restructuring and Other - Charges/ (Benefits) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | ||
Other costs / (income) | $ 1 | $ (8) |
Asset impairments and sales | (5) | 0 |
Restructuring | 3 | 8 |
Restructuring and other | $ (1) | $ 0 |
Asbestos-Related Liabilities -
Asbestos-Related Liabilities - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)inactiveClaim | Dec. 31, 2021 | |
Liability for Asbestos and Environmental Claims [Abstract] | ||
Holding period for insulation operations (in days) | 90 days | |
Liability for asbestos and environmental claims net claims paid | $ 3 | |
Inactive claims (in claims) | inactiveClaim | 19,000 | |
Accrued asbestos claims and related legal costs | $ 234 | |
Unasserted claims | $ 192 | |
Percentage of claims that do not specify damages | 82.00% |
Asbestos-Related Liabilities _2
Asbestos-Related Liabilities - Summary of Claims Activity (Details) | 3 Months Ended |
Mar. 31, 2022claim | |
Loss Contingency Accrual [Roll Forward] | |
Beginning claims | 57,000 |
New claims | 300 |
Settlements or dismissals | (300) |
Ending claims | 57,000 |
Asbestos-Related Liabilities _3
Asbestos-Related Liabilities - Summary of Outstanding Claims by Year of Exposure and State Filed (Details) - claim | Mar. 31, 2022 | Dec. 31, 2021 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 57,000 | 57,000 |
Asbestos After 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 17,000 | |
Texas | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 13,000 | |
Pennsylvania | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 1,500 | |
Other states that have enacted asbestos legislation | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 6,000 | |
Other states | Asbestos Before Or During 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 19,500 |
Asbestos-Related Liabilities _4
Asbestos-Related Liabilities - Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims alleging serious diseases | 24.00% | 23.00% |
Pre-1965 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 | 42.00% | 41.00% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2017 |
PRP site | ||
Commitments And Contingent Liabilities [Line Items] | ||
Estimated future remediation costs | $ 12 | |
Non- PRP sites | ||
Commitments And Contingent Liabilities [Line Items] | ||
Estimated future remediation costs | $ 6 | |
U.S. Customs and Border Protection (CBP) | Penalty Notification Alleging Misclassification of Importation of Certain Goods into U.S. During 2004-2009 | ||
Commitments And Contingent Liabilities [Line Items] | ||
Assessed penalty | $ 18 |
Derivative and Other Financia_3
Derivative and Other Financial Instruments - Narrative (Details) € in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Objective for using derivative instruments | The Company’s objective in managing exposure to market and interest rate risk is to limit the impact on earnings and cash flow. | ||||
Gain expected to be reclassified to earnings | $ 71,000,000 | ||||
Gain, net of tax, expected to be reclassified to earnings | 58,000,000 | ||||
Reclassification of anticipated transactions that were no longer considered probable | 0 | $ 0 | |||
Derivatives designated as net investment hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Carrying amount of hedged net investment | $ 610,000,000 | € 551 | |||
Derivatives designated as net investment hedges | Accumulated Other Comprehensive Income | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain on net investment hedge settlements | 86,000,000 | $ 69,000,000 | |||
Gain (loss) on net investment hedge settlements, net of tax | 102,000,000 | 92,000,000 | |||
Derivatives designated as net investment hedges | Other Comprehensive Income | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain on net investment hedge settlements | 17,000,000 | 54,000,000 | |||
Gain (loss) on net investment hedge settlements, net of tax | 10,000,000 | 54,000,000 | |||
Designated as Hedging Instrument | Derivatives in fair value hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cumulative amount of fair value hedging adjustment included in the carrying about of the hedged assets | 5,000,000 | $ 1,000,000 | |||
Designated as Hedging Instrument | Derivatives in fair value hedges | Foreign exchange | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) from foreign exchange contracts designated as fair value hedges (less than) | $ (21,000,000) | $ 7,000,000 | |||
Minimum | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, remaining maturity range | 1 month | ||||
Maximum | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, remaining maturity range | 31 months |
Derivative and Other Financia_4
Derivative and Other Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in OCI | $ 42 | $ 15 |
Net income from discontinued operations | 45 | |
Net income | 246 | 245 |
Designated as Hedging Instrument | Derivatives in cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in OCI | 45 | 25 |
Designated as Hedging Instrument | Derivatives in cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Provision for income taxes | (3) | (4) |
Net income from continuing operations | 6 | 10 |
Net income | 6 | 11 |
Designated as Hedging Instrument | Foreign exchange | Derivatives in cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in OCI | (5) | (1) |
Designated as Hedging Instrument | Foreign exchange | Derivatives in cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net income from discontinued operations | 1 | |
Designated as Hedging Instrument | Foreign exchange | Derivatives in cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Net Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) reclassified from AOCI into income | (5) | (1) |
Designated as Hedging Instrument | Foreign exchange | Derivatives in cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) reclassified from AOCI into income | (1) | 0 |
Designated as Hedging Instrument | Interest Rate Swap | Derivatives in cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in OCI | 0 | 1 |
Designated as Hedging Instrument | Commodities | Derivatives in cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in OCI | 50 | 25 |
Designated as Hedging Instrument | Commodities | Derivatives in cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) reclassified from AOCI into income | 9 | 14 |
Designated as Hedging Instrument | Commodities | Derivatives in cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Net Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) reclassified from AOCI into income | (11) | (4) |
Designated as Hedging Instrument | Commodities | Derivatives in cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Cost of products sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) reclassified from AOCI into income | $ 26 | $ 19 |
Derivative and Other Financia_5
Derivative and Other Financial Instruments - Fair Value Hedges and Contracts Not Designated as Hedges (Details) - Derivatives not designated as hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Pre-tax amounts of gain/(loss) recognized in income on derivative | $ (13) | $ (13) |
Net sales | Foreign exchange | ||
Derivative [Line Items] | ||
Pre-tax amounts of gain/(loss) recognized in income on derivative | (4) | (1) |
Cost of products sold | Foreign exchange | ||
Derivative [Line Items] | ||
Pre-tax amounts of gain/(loss) recognized in income on derivative | 1 | 1 |
Foreign exchange | Foreign exchange | ||
Derivative [Line Items] | ||
Pre-tax amounts of gain/(loss) recognized in income on derivative | $ (10) | $ (13) |
Derivative and Other Financia_6
Derivative and Other Financial Instruments - Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Amount of gain / (loss) recognized in AOCI | $ 59 | $ (5) |
Derivatives designated as net investment hedges | Designated as Hedging Instrument | Foreign exchange | ||
Derivative [Line Items] | ||
Amount of gain / (loss) recognized in AOCI | $ 2 | $ 22 |
Derivative and Other Financia_7
Derivative and Other Financial Instruments - Fair Values of Derivative Instruments and Valuation Hierarchy (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative assets | ||
Total | $ 185 | $ 111 |
Derivative liabilities | ||
Total | 60 | 33 |
Fair Value, Inputs, Level 2 | ||
Derivative assets | ||
Total | 185 | 111 |
Derivative liabilities | ||
Total | 60 | 33 |
Fair Value, Inputs, Level 2 | Prepaid expenses and other current assets | Foreign exchange | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 4 | 3 |
Fair Value, Inputs, Level 2 | Accrued liabilities | Foreign exchange | Derivatives not designated as hedges | ||
Derivative liabilities | ||
Derivatives not designated as hedging instruments | 7 | 3 |
Fair Value, Inputs, Level 2 | Other assets | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 181 | 108 |
Fair Value, Inputs, Level 2 | Other assets | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 4 | 3 |
Fair Value, Inputs, Level 2 | Other liabilities | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 53 | 30 |
Fair Value, Inputs, Level 2 | Other liabilities | Derivatives not designated as hedges | ||
Derivative liabilities | ||
Derivatives not designated as hedging instruments | 7 | 3 |
Cash Flow Hedging | Fair Value, Inputs, Level 2 | Prepaid expenses and other current assets | Foreign exchange | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 2 | 3 |
Cash Flow Hedging | Fair Value, Inputs, Level 2 | Prepaid expenses and other current assets | Commodities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 107 | 53 |
Cash Flow Hedging | Fair Value, Inputs, Level 2 | Accrued liabilities | Foreign exchange | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 3 | 10 |
Cash Flow Hedging | Fair Value, Inputs, Level 2 | Accrued liabilities | Commodities | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 35 | 17 |
Cash Flow Hedging | Fair Value, Inputs, Level 2 | Other non-current assets | Commodities | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 20 | 2 |
Cash Flow Hedging | Fair Value, Inputs, Level 2 | Other non-current liabilities | Commodities | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 9 | 1 |
Derivatives in fair value hedges | Fair Value, Inputs, Level 2 | Prepaid expenses and other current assets | Foreign exchange | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 1 | 1 |
Derivatives in fair value hedges | Fair Value, Inputs, Level 2 | Accrued liabilities | Foreign exchange | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 6 | 2 |
Derivatives designated as net investment hedges | Fair Value, Inputs, Level 2 | Other non-current assets | Designated as Hedging Instrument | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 51 | 49 |
Derivatives designated as net investment hedges | Fair Value, Inputs, Level 2 | Other non-current liabilities | Designated as Hedging Instrument | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | $ 0 | $ 0 |
Derivative and Other Financia_8
Derivative and Other Financial Instruments - Fair Value Hedge Carrying Amounts (Details) - Derivatives in fair value hedges - Designated as Hedging Instrument - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | $ 31 | $ 38 |
Receivables, net | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 16 | 21 |
Accounts payable | ||
Derivative [Line Items] | ||
Accounts payable | $ 90 | $ 116 |
Derivative and Other Financia_9
Derivative and Other Financial Instruments - Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative assets | ||
Gross amounts recognized in the Balance Sheet | $ 185 | $ 111 |
Gross amounts not offset in the Balance Sheet | 44 | 19 |
Net amount | 141 | 92 |
Derivative liabilities | ||
Gross amounts recognized in the Balance Sheet | 60 | 33 |
Gross amounts not offset in the Balance Sheet | 44 | 19 |
Net amount | $ 16 | $ 14 |
Derivative and Other Financi_10
Derivative and Other Financial Instruments - Notional Values of Outstanding Derivative Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Foreign exchange | Derivatives not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 572 | $ 617 |
Foreign exchange | Derivatives in cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 231 | 241 |
Foreign exchange | Derivatives in fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 225 | 229 |
Foreign exchange | Derivatives designated as net investment hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 875 | 875 |
Commodities | Derivatives in cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 249 | $ 261 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) € in Millions, $ in Millions | Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) |
Principal outstanding | ||||
Short-term debt | $ 96 | $ 75 | ||
Total long-term debt | 6,828 | 6,221 | ||
Less current maturities | (1,139) | (136) | ||
Total long-term debt, less current maturities | 5,689 | 6,085 | ||
Carrying amount | ||||
Total long-term debt | 6,791 | 6,187 | ||
Less current maturities | (1,137) | (135) | ||
Total long-term debt, less current maturities | 5,654 | 6,052 | ||
Other Indebtedness, Fixed Rate | ||||
Principal outstanding | ||||
Total long-term debt | 304 | 217 | ||
Carrying amount | ||||
Total long-term debt | 304 | 217 | ||
Senior Secured Borrowings | U.S. dollar due 2024 | ||||
Principal outstanding | ||||
Total long-term debt | 988 | 1,002 | ||
Carrying amount | ||||
Total long-term debt | 985 | 997 | ||
Senior Secured Borrowings | Euro due 2024 | ||||
Principal outstanding | ||||
Total long-term debt | 329 | 344 | ||
Carrying amount | ||||
Total long-term debt | 329 | 344 | ||
Debt, face amount | € | € 297 | € 303 | ||
Senior Notes and Debentures | €335 at 2.250% due 2023 | ||||
Principal outstanding | ||||
Total long-term debt | 371 | 381 | ||
Carrying amount | ||||
Total long-term debt | $ 370 | 380 | ||
Debt, face amount | € | € 335 | |||
Debt instrument, stated percentage | 2.25% | 2.25% | ||
Senior Notes and Debentures | €550 at 0.75% due 2023 | ||||
Principal outstanding | ||||
Total long-term debt | $ 609 | 626 | ||
Carrying amount | ||||
Total long-term debt | $ 607 | 624 | ||
Debt, face amount | € | € 550 | |||
Debt instrument, stated percentage | 0.75% | 0.75% | ||
Senior Notes and Debentures | €600 at 2.625% due 2024 | ||||
Principal outstanding | ||||
Total long-term debt | $ 664 | 683 | ||
Carrying amount | ||||
Total long-term debt | $ 661 | 680 | ||
Debt, face amount | € | € 600 | |||
Debt instrument, stated percentage | 2.625% | 2.625% | ||
Senior Notes and Debentures | €600 at 3.375% due 2025 | ||||
Principal outstanding | ||||
Total long-term debt | $ 664 | 683 | ||
Carrying amount | ||||
Total long-term debt | $ 660 | 679 | ||
Debt, face amount | € | € 600 | |||
Debt instrument, stated percentage | 3.375% | 3.375% | ||
Senior Notes and Debentures | U.S. dollar at 4.25% due 2026 | ||||
Principal outstanding | ||||
Total long-term debt | $ 400 | 400 | ||
Carrying amount | ||||
Total long-term debt | $ 397 | 396 | ||
Debt instrument, stated percentage | 4.25% | 4.25% | ||
Senior Notes and Debentures | U.S. dollar at 4.75% due 2026 | ||||
Principal outstanding | ||||
Total long-term debt | $ 875 | 875 | ||
Carrying amount | ||||
Total long-term debt | $ 867 | 867 | ||
Debt instrument, stated percentage | 4.75% | 4.75% | ||
Senior Notes and Debentures | U.S. dollar at 7.375% due 2026 | ||||
Principal outstanding | ||||
Total long-term debt | $ 350 | 350 | ||
Carrying amount | ||||
Total long-term debt | $ 348 | 348 | ||
Debt instrument, stated percentage | 7.375% | 7.375% | ||
Senior Notes and Debentures | €500 at 2.875% due 2026 | ||||
Principal outstanding | ||||
Total long-term debt | $ 555 | 570 | ||
Carrying amount | ||||
Total long-term debt | $ 551 | 565 | ||
Debt, face amount | € | € 500 | |||
Debt instrument, stated percentage | 2.875% | 2.875% | ||
Senior Notes and Debentures | U.S. dollar at 5.25% due 2030 | ||||
Principal outstanding | ||||
Total long-term debt | $ 500 | 0 | ||
Carrying amount | ||||
Total long-term debt | 493 | 0 | ||
Debt, face amount | $ 500 | |||
Debt instrument, stated percentage | 5.25% | 5.25% | ||
Senior Notes and Debentures | U.S. dollar at 7.50% due 2096 | ||||
Principal outstanding | ||||
Total long-term debt | $ 40 | 40 | ||
Carrying amount | ||||
Total long-term debt | $ 40 | 40 | ||
Debt instrument, stated percentage | 7.50% | 7.50% | ||
Revolving Credit Facility | Line of Credit | ||||
Principal outstanding | ||||
Total long-term debt | $ 179 | 50 | ||
Carrying amount | ||||
Total long-term debt | $ 179 | $ 50 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Bond issuance costs | $ 7 | $ 0 | ||
U.S. dollar at 5.25% due 2030 | Senior Notes and Debentures | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | $ 500 | $ 500 | ||
Debt instrument, stated percentage | 5.25% | 5.25% | ||
Bond issuance costs | $ 7 | |||
Fair Value, Inputs, Level 2 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt fair value | $ 6,967 | $ 6,967 | $ 6,548 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Components (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 1 | $ 1 |
Recognized prior service credit | (5) | (7) |
Recognized net loss | 1 | 1 |
Net periodic cost (benefit) | (3) | (5) |
U.S. | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 5 | 5 |
Interest cost | 8 | 6 |
Expected return on plan assets | (19) | (15) |
Recognized net loss | 12 | 15 |
Net periodic cost (benefit) | 6 | 11 |
Pension Benefits - Non-U.S. Plans | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2 | 3 |
Interest cost | 4 | 9 |
Expected return on plan assets | (5) | (20) |
Recognized net loss | 1 | 9 |
Net periodic cost (benefit) | $ 2 | $ 1 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 24 | $ 55 | $ 271 | |
Settlement charge | $ 1,511 | |||
Forecast | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 175 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits - Amounts reclassified from accumulated other comprehensive income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income from continuing operations before taxes and equity in net earnings of affiliates | $ 307 | $ 263 |
Provision for income taxes | (78) | (65) |
Net income from continuing operations | 246 | 200 |
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Actuarial losses | 14 | 25 |
Prior service credit | (5) | (7) |
Income from continuing operations before taxes and equity in net earnings of affiliates | 9 | 18 |
Provision for income taxes | (2) | (3) |
Net income from continuing operations | $ 7 | $ 15 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 28, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 09, 2021 | Feb. 28, 2021 |
Subsequent Event [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 3,000 | $ 1,500 | ||||
Common stock repurchased | $ 350 | $ 12 | $ 950 | |||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.22 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.22 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Components (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | $ (1,898) | $ (3,193) |
Other comprehensive (loss) / income before reclassifications | 58 | (9) |
Amounts reclassified from accumulated other comprehensive income | 1 | 4 |
Other comprehensive income / (loss) | 59 | (5) |
Balance at end of period | (1,839) | (3,198) |
Defined benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | (768) | (1,464) |
Other comprehensive (loss) / income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 7 | 15 |
Other comprehensive income / (loss) | 7 | 15 |
Balance at end of period | (761) | (1,449) |
Foreign currency translation | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | (1,158) | (1,759) |
Other comprehensive (loss) / income before reclassifications | 13 | (34) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income / (loss) | 13 | (34) |
Balance at end of period | (1,145) | (1,793) |
Gains and losses on cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | 28 | 30 |
Other comprehensive (loss) / income before reclassifications | 45 | 25 |
Amounts reclassified from accumulated other comprehensive income | (6) | (11) |
Other comprehensive income / (loss) | 39 | 14 |
Balance at end of period | $ 67 | $ 44 |
Revenue - Recognized (Details)
Revenue - Recognized (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 3,162 | $ 2,564 | |
Net contract assets | 33 | $ 23 | |
Over time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 1,717 | 1,390 | |
Point in time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 1,445 | $ 1,174 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income from continuing operations attributable to Crown Holdings | $ 216 | $ 167 |
Net income from discontinued operations attributable to Crown Holdings | 0 | 44 |
Net income attributable to Crown Holdings | $ 216 | $ 211 |
Weighted average shares outstanding: | ||
Basic (in shares) | 123.6 | 133.6 |
Dilutive restricted stock (in shares) | 0.8 | 1 |
Diluted (in shares) | 124.4 | 134.6 |
Basic earnings per common share from continuing operations (in dollars per share) | $ 1.75 | $ 1.25 |
Basic earnings per common share from discontinued operations (in dollars per share) | 0 | 0.33 |
Basic earnings per share (in dollars per share) | 1.75 | 1.58 |
Diluted earnings per common share from continuing operations (in dollars per share) | 1.74 | 1.24 |
Diluted earnings per common share from discontinued operations (in dollars per share) | 0 | 0.33 |
Diluted earnings per share (in dollars per share) | $ 1.74 | $ 1.57 |
Shares excluded from the computation of diluted earnings per share (in shares) | 0.1 |
Segment Information - Informati
Segment Information - Information about Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 3,162 | $ 2,564 |
Segment income | 344 | 327 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 2,806 | 2,270 |
Segment income | 331 | 372 |
Operating Segments | Americas Beverage | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 1,226 | 993 |
Segment income | 164 | 188 |
Operating Segments | European Beverage | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 510 | 389 |
Segment income | 53 | 62 |
Operating Segments | Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 413 | 331 |
Segment income | 53 | 52 |
Operating Segments | Transit Packaging | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 657 | 557 |
Segment income | 61 | 70 |
Segment Reconciling Items | Other | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 356 | 294 |
Segment income | 94 | 36 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 67 | 73 |
Intersegment Eliminations | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 38 | 43 |
Intersegment Eliminations | European Beverage | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 30 | 36 |
Intersegment Eliminations | Transit Packaging | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 8 | 7 |
Intersegment Eliminations | Other | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 29 | $ 30 |
Segment Information - Narrative
Segment Information - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Intercompany profit eliminated | $ 4 | $ 2 |
Other | ||
Segment Reporting Information [Line Items] | ||
Segment description | The primary sources of revenue included in Other are the Company's food can, aerosol can, and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K. |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | $ 344 | $ 327 |
Restructuring and other | 1 | 0 |
Amortization of intangibles | (40) | (42) |
Other pension and postretirement | 4 | 1 |
Interest expense | (54) | (69) |
Interest income | 3 | 2 |
Foreign exchange | 10 | 2 |
Income from continuing operations before taxes and equity in net earnings of affiliates | 307 | 263 |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 331 | 372 |
Operating Segments | Americas Beverage | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 164 | 188 |
Operating Segments | European Beverage | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 53 | 62 |
Operating Segments | Asia Pacific | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 53 | 52 |
Segment Reconciling Items | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Restructuring and other | 1 | 0 |
Amortization of intangibles | (40) | (42) |
Other pension and postretirement | 4 | 1 |
Interest expense | (54) | (69) |
Interest income | 3 | 2 |
Foreign exchange | 10 | 2 |
Segment Reconciling Items | Other | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 94 | 36 |
Corporate, Non-Segment | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Corporate and unallocated items | $ (42) | $ (39) |