Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-41550 | ||
Entity Registrant Name | CROWN HOLDINGS, INC. | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 75-3099507 | ||
Entity Address, Address Line One | 14025 Riveredge Drive, Suite 300 | ||
Entity Address, City or Town | Tampa | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33637-2015 | ||
City Area Code | 215 | ||
Local Phone Number | 698-5100 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Document Financial Statement Error Correction | false | ||
Entity Public Float | $ 10,433,317,553 | ||
Entity Common Stock, Shares Outstanding | 120,783,239 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Document Parts Into Which Incorporated Proxy Statement for the Annual Meeting of Shareholders to be held May 2, 2024 Part III to the extent described therein | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001219601 | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock $5.00 Par Value | ||
Trading Symbol | CCK | ||
Security Exchange Name | NYSE | ||
7 3/8% Debentures Due 2026 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7 3/8% Debentures Due 2026 | ||
Trading Symbol | CCK26 | ||
Security Exchange Name | NYSE | ||
7 1/2% Debentures Due 2096 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7 1/2% Debentures Due 2096 | ||
Trading Symbol | CCK96 | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Philadelphia, Pa |
Auditor Firm ID | 238 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 12,010 | $ 12,943 | $ 11,394 |
Cost of products sold, excluding depreciation and amortization | 9,546 | 10,643 | 9,029 |
Depreciation and amortization | 499 | 460 | 447 |
Selling and administrative expense | 582 | 556 | 583 |
Restructuring and other, net | 114 | (52) | (28) |
Income from operations | 1,269 | 1,336 | 1,363 |
Loss from early extinguishments of debt | 1 | 11 | 68 |
Other pension and postretirement | 49 | (16) | 1,515 |
Interest expense | 436 | 284 | 253 |
Interest income | (53) | (15) | (9) |
Foreign exchange | 41 | 16 | (45) |
Income / (loss) from continuing operations before income taxes and equity in net earnings of affiliates | 795 | 1,056 | (419) |
Provision for / (benefit from) income taxes | 222 | 243 | (57) |
Equity in net earnings of affiliates | 14 | 42 | 3 |
Net income / (loss) from continuing operations | 587 | 855 | (359) |
Net income/ (loss) from discontinued operations | 0 | 0 | (52) |
Net income / (loss) | 587 | 855 | (411) |
Net income from continuing operations attributable to noncontrolling interests | 137 | 128 | 148 |
Net income from discontinued operations attributable to noncontrolling interests | 0 | 0 | 1 |
Net income / (loss) attributable to Crown Holdings | 450 | 727 | (560) |
Net income / (loss) from continuing operations attributable to Crown Holdings | 450 | 727 | (507) |
Net income / (loss) from discontinued operations attributable to Crown Holdings | $ 0 | $ 0 | $ (53) |
Earnings per common share attributable to Crown Holdings: | |||
Basic earnings / (loss) per common share from continuing operations (in dollars per share) | $ 3.77 | $ 6.01 | $ (3.89) |
Basic earnings / (loss) per common share from discontinued operations (in dollars per share) | 0 | 0 | (0.41) |
Basic (in dollars per share) | 3.77 | 6.01 | (4.30) |
Diluted earnings / (loss) per common share from continuing operations (in dollars per share) | 3.76 | 5.99 | (3.89) |
Diluted earnings / (loss) per common share from discontinued operations (in dollars per share) | 0 | 0 | (0.41) |
Diluted (in dollars per share) | $ 3.76 | $ 5.99 | $ (4.30) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income / (loss) | $ 587 | $ 855 | $ (411) |
Other comprehensive income / (loss), net of tax | |||
Foreign currency translation adjustments | 176 | (41) | 601 |
Pension and other postretirement benefits | 22 | 83 | 696 |
Derivatives qualifying as hedges | 8 | (40) | (2) |
Total other comprehensive income | 206 | 2 | 1,295 |
Total comprehensive income | 793 | 857 | 884 |
Net income attributable to noncontrolling interests | 137 | 128 | 149 |
Translation adjustments attributable to noncontrolling interests | 1 | (2) | (1) |
Pension and other postretirement benefits attributable to noncontrolling interests | 0 | 1 | 0 |
Derivatives qualifying as hedges attributable to noncontrolling interests | (3) | 1 | |
Comprehensive income attributable to Crown Holdings | $ 655 | $ 733 | $ 735 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 1,310 | $ 550 |
Receivables, net | 1,719 | 1,843 |
Inventories | 1,613 | 2,014 |
Prepaid expenses and other current assets | 191 | 252 |
Total current assets | 4,833 | 4,659 |
Goodwill | 3,117 | 2,951 |
Intangible assets, net | 1,258 | 1,358 |
Property, plant and equipment, net | 5,062 | 4,540 |
Operating lease right-of-use assets, net | 211 | 221 |
Other non-current assets | 553 | 572 |
Total assets | 15,034 | 14,301 |
Current liabilities | ||
Short-term debt | 16 | 76 |
Current maturities of long-term debt | 759 | 109 |
Current portion of operating lease liabilities | 45 | 44 |
Accounts payable | 2,459 | 2,773 |
Accrued liabilities | 922 | 930 |
Total current liabilities | 4,201 | 3,932 |
Long-term debt, excluding current maturities | 6,699 | 6,792 |
Postretirement and pension liabilities | 414 | 394 |
Non-current portion of operating lease liabilities | 175 | 184 |
Other non-current liabilities | 681 | 712 |
Commitments and contingent liabilities (Note P) | ||
Equity | ||
Noncontrolling interests | 454 | 438 |
Preferred stock, authorized: 30,000,000; none issued (Note T) | 0 | 0 |
Common stock, par value: $5.00; 500,000,000 shares authorized; 185,744,072 shares issued; 120,644,313 and 119,945,302 shares outstanding in 2023 and 2022 (Note T) | 604 | 600 |
Additional paid-in capital | 17 | 0 |
Retained earnings | 3,476 | 3,141 |
Accumulated other comprehensive loss | (1,687) | (1,892) |
Crown Holdings shareholders’ equity | 2,410 | 1,849 |
Total equity | 2,864 | 2,287 |
Total liabilities and equity | $ 15,034 | $ 14,301 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 185,744,072 | 185,744,072 |
Common stock, shares outstanding (in shares) | 120,644,313 | 119,945,302 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income / (loss) | $ 587 | $ 855 | $ (411) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 499 | 460 | 463 |
Restructuring and other | 114 | (52) | (26) |
Loss from disposal of discontinued operations | 0 | 0 | 101 |
Pension and postretirement expense | 70 | 12 | 1,548 |
Pension contributions | (19) | 53 | (236) |
Asbestos payments | (17) | (21) | (19) |
Stock-based compensation | 31 | 29 | 33 |
Loss from early extinguishments of debt | 1 | 11 | 68 |
Deferred income taxes | (53) | 28 | (248) |
Changes in assets and liabilities: | |||
Receivables | 98 | 29 | (590) |
Inventories | 463 | (299) | (609) |
Accounts payable and accrued liabilities | (413) | (149) | 873 |
Prepaids and other assets | 31 | (44) | (40) |
Other, net | 61 | (109) | (2) |
Net cash provided by operating activities | 1,453 | 803 | 905 |
Cash flows from investing activities | |||
Capital expenditures | (793) | (839) | (816) |
Proceeds from sale of businesses, net of cash | 0 | 182 | 2,255 |
Proceeds from sale of property, plant and equipment | 17 | 15 | 44 |
Acquisitions of businesses, net of cash | (126) | (31) | 0 |
Net investment hedges | 25 | 26 | 25 |
Distribution from equity method investment | 68 | 7 | 0 |
Other | 5 | (2) | (1) |
Net cash (used for) / provided by investing activities | (804) | (642) | 1,507 |
Cash flows from financing activities | |||
Net change in revolving credit facility and short-term debt | (398) | 268 | 12 |
Proceeds from long-term debt | 1,096 | 2,953 | 144 |
Payments of long-term debt | (312) | (2,278) | (1,834) |
Premiums paid to retire debt | 0 | (4) | (64) |
Debt issuance costs | (16) | (25) | 0 |
Foreign exchange derivatives related to debt | (1) | (11) | (25) |
Dividends paid to noncontrolling interests | (126) | (100) | (122) |
Dividends paid to shareholders | (115) | (106) | (105) |
Common stock repurchased | (12) | (722) | (950) |
Net cash provided by / (used for) financing activities | 116 | (25) | (2,944) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4) | (90) | (113) |
Net change in cash, cash equivalents and restricted cash | 761 | 46 | (645) |
Cash, cash equivalents and restricted cash at January 1 | 639 | 593 | 1,238 |
Cash, cash equivalents and restricted cash at December 31 | $ 1,400 | $ 639 | $ 593 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Total Crown Equity | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | |
Balance at beginning of period at Dec. 31, 2020 | $ 2,604 | $ 2,198 | $ 674 | $ 179 | $ 4,538 | $ (3,193) | $ 406 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income / (loss) | (411) | (560) | (560) | 149 | ||||
Other comprehensive income | 1,295 | 1,295 | 1,295 | |||||
Dividends declared | (227) | (105) | (105) | (122) | ||||
Restricted stock awarded | (1) | (1) | 2 | (3) | ||||
Stock-based compensation | 33 | 33 | 17 | 16 | ||||
Common stock issued | 2 | 2 | 2 | |||||
Common stock repurchased | (950) | (950) | (46) | (195) | (709) | |||
Disposition of subsidiary with noncontrolling interests | [1] | (15) | (15) | |||||
Balance at end of period at Dec. 31, 2021 | 2,330 | 1,912 | 630 | 0 | 3,180 | (1,898) | 418 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income / (loss) | 855 | 727 | 727 | 128 | ||||
Other comprehensive income | 2 | 6 | 6 | (4) | ||||
Dividends declared | (210) | (106) | (106) | (104) | ||||
Restricted stock awarded | 1 | 1 | 2 | (1) | ||||
Stock-based compensation | 29 | 29 | 29 | |||||
Common stock issued | 2 | 2 | 2 | |||||
Common stock repurchased | (722) | (722) | (32) | (30) | (660) | |||
Balance at end of period at Dec. 31, 2022 | 2,287 | 1,849 | 600 | 0 | 3,141 | (1,892) | 438 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income / (loss) | 587 | 450 | 450 | 137 | ||||
Other comprehensive income | 206 | 205 | 205 | 1 | ||||
Dividends declared | (237) | (115) | (115) | (122) | ||||
Restricted stock awarded | 0 | 0 | 4 | (4) | ||||
Stock-based compensation | 31 | 31 | 31 | |||||
Common stock issued | 2 | 2 | 2 | |||||
Common stock repurchased | (12) | (12) | 0 | (12) | 0 | |||
Balance at end of period at Dec. 31, 2023 | $ 2,864 | $ 2,410 | $ 604 | $ 17 | $ 3,476 | $ (1,687) | $ 454 | |
[1] Relates to the sale of the European Tinplate business. See Note B for further details. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business and Principles of Consolidation . The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). The Company, through its subsidiaries, is a leading global, diversified packaging business that manufactures metal cans and ends (aluminum and steel) for the beverage, food and aerosol industries and a wide range of transit packaging products and solutions from multiple substrates including steel, paper, and plastic. The Company's transit packaging products include automation and equipment technologies, protective packaging solutions and steel and plastic consumables which are sold into the metals, food and beverage, construction, agricultural, corrugated, and general industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary and therefore, should consolidate the VIE. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies over which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. The proportionate share of the net income resulting from these investments is reported in Equity in net earnings of affiliates in the Consolidated Statements of Operations. The carrying values of the Company's equity method investments are reported in Other non-current assets in the Consolidated Balance Sheets. Equity method investments are reported at cost and adjusted each period for the Company's share of the investee's income or loss and dividends paid, if any. The Company classifies distributions received from equity method investees using the cumulative earnings approach. The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. Foreign Currency Translation . For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. Revenue Recognition . The majority of the Company’s revenues from metal packaging products are derived from multi-year requirement contracts with leading manufacturers and marketers of packaged consumer products for can sets, comprising a can and an end. As requirement contracts do not typically include fixed volumes, customers often purchase products pursuant to purchase orders or other communications which are short-term in nature. The can and the end are considered separate performance obligations because they are distinct and separately identifiable. Revenues from Transit Packaging are generally derived from individual purchase orders which may include multiple goods and services which are separate performance obligations because they are distinct and separately identifiable. The Company manufactures certain products that have no alternative use to the Company once they are printed or manufactured to customer specifications. If the Company has an enforceable right to payment for custom products at all times in the manufacturing process, revenue is recognized over time. In each of the Company’s geographic markets, revenue from beverage cans is primarily recognized over time using the units produced output method as beverage cans are generally printed for a specific customer in a continuous production process. The timing of revenue recognition for the Company’s other products, including beverage ends and three-piece products, which includes food cans and ends and aerosol cans and ends, may vary as these products may be printed or customized depending upon customer preferences which can vary by geographic market. Revenue that is recognized over time for the Company’s three-piece products and equipment business is generally recognized using the cost-to-cost input method as these products involve an intermediary step that results in customized work-in-process inventory. For products that follow a point in time model, revenue is generally recognized when title and risk of loss transfer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Standalone selling prices for each performance obligation are generally stated in the contract. When the Company offers variable consideration in the form of volume rebates to customers, it estimates the most likely amount of revenue to which it is expected to be entitled and includes the estimate in the transaction price, limited to the amount which is probable will not result in reversal of cumulative revenue recognized when the variable consideration is resolved. When the Company offers customers options to purchase additional product at discounted prices, judgment is required to determine if the discounted prices represent material rights. If so, the transaction price allocated to the discount is based on its relative standalone price and is recognized upon purchase of the additional product. Customer payment terms are typically less than one year and as such, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold and are accrued when the Company recognizes revenue over time before the shipping and handling activities occur. Costs to obtain a contract are generally immaterial but the Company has elected the practical expedient to expense these costs as incurred if the duration of the contract is one year or less. Unbilled receivables are recorded for revenue recognized over time when the Company has determined that control has passed to the customer but the customer has not yet been invoiced because the Company does not have present right to payment. The Company generally has a present right to payment when title of product transfers. Unbilled receivables are included in receivables in the Consolidated Balance Sheet with a corresponding decrease to inventory. Contract assets are recorded for revenue recognized over time when the Company has determined that control for a performance obligation has passed to the customer, but the right to invoice the customer is contingent upon the completion of the performance obligations included in the contract. Contract assets are classified as current as they are expected to be invoiced within one year and may not exceed their net realizable value. Contract liabilities are established if the Company must defer the recognition of a portion of consideration received because it has to satisfy a future obligation. Contract liabilities are classified as current or noncurrent based on when the Company expects to recognize revenue. Stock-Based Compensation . For awards with a service or market condition, compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. For awards with a performance condition, the Company assesses the probability of vesting at each reporting period and adjusts compensation cost based on its probability assessment. The Company’s plans provide for stock awards which may include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals, or over the period from the grant date to the date that retirement eligibility is achieved if less than the stated vesting period. Cash, Cash Equivalents and Restricted Cash . Cash equivalents represent highly liquid investments with maturities of three months or less from the time of purchase and are carried at cost, which approximates fair value because of the short maturity of those instruments. Outstanding checks in excess of funds on deposit are included in accounts payable. The Company generally classifies any cash that is legally restricted as to withdrawal or usage as restricted cash. Accounts Receivable and Allowance for Credit Losses. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The measurement of expected credit losses is based on past events, including historical experience, current conditions and forecasts that affect the collectability of accounts receivable. Inventory Valuation . Inventories are stated at the lower of cost or net realizable value, with cost principally determined under the first-in, first-out (“FIFO”) or average cost method. Property, Plant and Equipment . Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and building improvements 25 – 40 Machinery and equipment 3– 18 Goodwill and Intangible Assets . Assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the dates of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. Goodwill is carried at cost and reviewed for impairment annually in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired. Goodwill is allocated to the reporting units at the time of each acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Further quantitative assessment may then be required. The quantitative assessment involves a number of assumptions and judgments, including the calculation of fair value for the Company’s identified reporting units. The Company determines the estimated fair value of each reporting unit based on an average of the estimated fair values using an income and a market approach. The income approach utilizes significant assumptions, including revenue and Adjusted EBITDA (a non-GAAP item defined by the Company as net customer sales, less cost of products sold excluding depreciation and amortization, less selling and administrative expenses) margin growth rates, discount rates and terminal year exit multiples. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit to its fair value, not to exceed the carrying amount of goodwill. Finite-lived intangible assets are carried at cost less accumulated amortization. Finite-lived intangibles are amortized on a straight-line basis over their estimated useful lives described below (in years). Customer relationships 10 - 18 Trade names 8 - 27 Technology 6 - 8 Long-term supply contracts 15 Patents 8 Impairment or Disposal of Long-Lived Assets . In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and finite-lived intangible assets, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset group is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. Leases. The Company has operating and finance leases for land and buildings related to certain manufacturing facilities, warehouses and corporate offices, vehicle fleets and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company's lease terms include options to extend the lease when it is reasonably certain that the Company will exercise the option. Variable lease payment amounts that cannot be determined at commencement of the lease, such as increases in index rates, are not included in the measurement of the lease liabilities and corresponding right-of-use assets and are recognized in the period those payments are incurred. The Company separates lease and non-lease components of lease arrangements and allocates contract consideration based on standalone selling prices. Variable consideration is allocated to the lease and non-lease components to which the variable payments specifically relate. The discount rate implicit within the Company's leases is often not determinable and therefore the Company generally uses its incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of the lease payments. The incremental borrowing rate is determined based on lease term and the currency in which lease payments are made. The Company's leases do not contain any material residual value guarantees or material restrictive covenants. Taxes on Income . The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. The Company has made an accounting policy election to treat taxes due on future U.S. inclusions of certain intangible income of foreign subsidiaries as a current period expense when incurred. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. Income tax-related interest and penalties are reported as income tax expense. Derivatives and Hedging . All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the forecasted transactions become probable of not occurring. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. Research and Development . Research, development and engineering costs of $33 in 2023, $34 in 2022, and $47 in 2021 were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. Reclassifications. Certain reclassifications of prior years’ data have been made to conform to the current year presentation. Recent Accounting and Reporting Pronouncements. Recently Adopted Accounting Standards On January 1, 2023, the Company adopted new guidance which requires enhanced disclosures of supplier finance programs. The guidance requires buyers in a supplier finance program to disclose sufficient information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. The Company has various supplier finance programs under which the Company agrees to pay banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Suppliers, at their sole discretion, have the opportunity to sell their receivables due from the Company earlier than contracted payment terms. The Company or the banks may terminate the agreements upon at least 30 days' notice. The Company does not have assets pledged as collateral for supplier finance programs. The supplier invoices that have been confirmed as valid under the programs typically have payment terms of 150 days or less, consistent with the commercial terms and conditions as agreed upon with suppliers. The Company had $862 and $1,037 confirmed obligations outstanding under these supplier finance programs as of December 31, 2023 and December 31, 2022 included in Accounts Payable Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board issued new guidance that requires incremental disclosures related to reportable segments. That standard requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of profit or loss. The title and position of the CODM and how the reported measure of segment profit or loss is used by the CODM to assess segment performance and allocate resources is also required to be disclosed. The standard also permits disclosure of additional measures of segment profit. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this standard on its disclosures. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures On October 3, 2023, the Company completed its acquisition of Helvetia Packaging AG ("Helvetia"), a beverage can and end manufacturing facility in Saarlouis, Germany for $126, subject to adjustment. The addition of Helvetia expands the Company's European Beverage segment into Germany, adding capacity to serve growing demand for beverage cans. Based on preliminary valuation, identifiable assets acquired primarily includes property, plant and equipment of $70 and customer relationship intangible assets of $19, with estimated goodwill acquired of $37. The Company has not finalized the determination of the fair value of assets acquired and liabilities assumed, including income taxes and contingencies. The Company expects to finalize its purchase accounting within one year of the acquisition date. In April 2022, the Company completed the sale of the Transit Packaging segment's Kiwiplan business and received pre-tax proceeds of $180. The Company recorded a pre-tax gain of $113 ($102, net of tax) on the sale, which is reported in Restructuring and other, net 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 p roceeds 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 loss from discontinued operations were as follows: For the Year Ended December 31 2021 Net sales $ 1,585 Cost of products sold, excluding depreciation and amortization 1,301 Depreciation and amortization 16 Selling and administrative expense 60 Restructuring and other 2 Other pension and postretirement 1 Interest expense 6 Foreign exchange — Loss on sale of discontinued businesses 101 Transaction costs 34 Income from discontinued operations before tax 64 Provision for income taxes 116 Net loss from discontinued operations (52) Net income from discontinued operations attributable to noncontrolling interests 1 Net loss from discontinued operations attributable to Crown Holdings $ (53) The Business had capital expenditures of $29 for the year ended December 31, 2021. The Company accounts for the minority interest received in the Business under the equity method. The Company's share of income of the Business was $9 and $34 for the years ended December 31, 2023 and 2022 and a loss of $8 for the year ended December 31, 2021 and is reported in Equity in net earnings of affiliates in the Consolidated Statements of Operations. The Company received distributions from the Business of $83 and $26 in the years ended December 31, 2023 and 2022. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
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 Statements of Cash Flows were as follows: 2023 2022 Cash and cash equivalents $ 1,310 $ 550 Restricted cash included in prepaid expenses and other current assets 90 89 Total cash, cash equivalents and restricted cash $ 1,400 $ 639 Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Receivables | Receivables 2023 2022 Accounts receivable $ 1,122 $ 1,132 Less: allowance for credit losses (29) (22) Net trade receivables 1,093 1,110 Unbilled receivables 338 363 Miscellaneous receivables 288 370 $ 1,719 $ 1,843 The Company uses receivables securitization and factoring facilities in the normal course of business as part of managing its cash flows. The Company primarily accounts for transfers under these facilities as sales because it has met the criteria for control of the receivables to be considered transferred. The Company’s continuing involvement in the transfers is limited to servicing the receivables. The Company receives adequate compensation for servicing the receivables and no servicing asset or liability is recorded. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories 2023 2022 Raw materials and supplies $ 1,031 $ 1,352 Work in process 139 156 Finished goods 443 506 $ 1,613 $ 2,014 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2023 and 2022 were as follows: Americas Beverage European Beverage Transit Packaging Other Total Balance at January 1, 2022 $ 825 $ 535 $ 1,461 $ 186 $ 3,007 Goodwill acquired — — 6 — 6 Foreign currency translation 25 (44) (39) (4) (62) Balance at December 31, 2022 850 491 1,428 182 2,951 Goodwill acquired — 37 — — 37 Foreign currency translation 71 22 35 1 129 Balance at December 31, 2023 $ 921 $ 550 $ 1,463 $ 183 $ 3,117 During the year-ended December 31, 2023, goodwill acquired was from the acquisition of Helvetia Packaging AG. See Note B for more information. The carrying amount of goodwill at December 31, 2023 and 2022 was net of the following accumulated impairments: Americas Beverage European Beverage Other Total Accumulated impairments $ 29 $ 73 $ 11 $ 113 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: December 31, 2023 December 31, 2022 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,423 $ (670) $ 753 $ 1,356 $ (542) $ 814 Trade names 539 (130) 409 530 (106) 424 Technology 159 (133) 26 157 (109) 48 Long term supply contracts 167 (99) 68 146 (76) 70 Patents 12 (10) 2 11 (9) 2 $ 2,300 $ (1,042) $ 1,258 $ 2,200 $ (842) $ 1,358 During the year-ended December 31, 2023, $19 of customer relationship intangible assets were acquired from the acquisition of Helvetia Packaging AG. See N ote B for more information. Amortization expense for the years ended December 31, 2023, 2022, and 2021 was $163, $159 and $165. Annual amortization expense is estimated to be $152 for 2024, $148 for 2025, $139 for 2026, $136 for 2027 and $136 for 2028. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment 2023 2022 Buildings and improvements $ 1,888 $ 1,422 Machinery and equipment 6,153 5,576 Land and improvements 269 213 Construction in progress 589 844 8,899 8,055 Less: accumulated depreciation and amortization (3,837) (3,515) $ 5,062 $ 4,540 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The components of lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Operating lease costs: Operating lease cost $ 54 $ 58 $ 48 Short-term lease cost 2 2 3 Total operating lease costs $ 56 $ 60 $ 51 Finance lease cost: Amortization of right-of-use assets $ 1 $ 1 $ 1 Total finance lease costs $ 1 $ 1 $ 1 Variable operating lease cost was $5, $4, and $3 for the years ended December 31, 2023, 2022, and 2021. Interest on finance lease liabilities was less than $1 for each of the years ended December 31, 2023, 2022, and 2021. Supplemental cash flow information related to leases was as follows: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 54 $ 53 $ 51 Financing cash flows from finance leases 2 1 2 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 36 $ 87 $ 73 Supplemental balance sheet information related to finance leases was as follows: 2023 2022 Finance leases: Property, plant and equipment $ 21 $ 26 Accumulated depreciation (3) (3) Property, plant and equipment, net $ 18 $ 23 Accrued liabilities $ 1 $ 2 Other non-current liabilities 5 5 Total finance lease liabilities $ 6 $ 7 The weighted average remaining lease term and weighted average discount rates for each year were as follows: 2023 2022 Weighted average remaining lease term (years): Operating leases 9.5 10.3 Finance leases 4.1 5.2 Weighted average discount rate: Operating leases 4.5 % 4.2 % Finance leases 3.5 % 2.9 % Maturities of lease liabilities as of December 31, 2023 were as follows: Operating Leases Finance Leases 2024 $ 48 $ 2 2025 42 2 2026 32 1 2027 25 1 2028 21 — Thereafter 109 — Total lease payments 277 6 Less imputed interest (57) — $ 220 $ 6 |
Leases | Leases The components of lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Operating lease costs: Operating lease cost $ 54 $ 58 $ 48 Short-term lease cost 2 2 3 Total operating lease costs $ 56 $ 60 $ 51 Finance lease cost: Amortization of right-of-use assets $ 1 $ 1 $ 1 Total finance lease costs $ 1 $ 1 $ 1 Variable operating lease cost was $5, $4, and $3 for the years ended December 31, 2023, 2022, and 2021. Interest on finance lease liabilities was less than $1 for each of the years ended December 31, 2023, 2022, and 2021. Supplemental cash flow information related to leases was as follows: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 54 $ 53 $ 51 Financing cash flows from finance leases 2 1 2 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 36 $ 87 $ 73 Supplemental balance sheet information related to finance leases was as follows: 2023 2022 Finance leases: Property, plant and equipment $ 21 $ 26 Accumulated depreciation (3) (3) Property, plant and equipment, net $ 18 $ 23 Accrued liabilities $ 1 $ 2 Other non-current liabilities 5 5 Total finance lease liabilities $ 6 $ 7 The weighted average remaining lease term and weighted average discount rates for each year were as follows: 2023 2022 Weighted average remaining lease term (years): Operating leases 9.5 10.3 Finance leases 4.1 5.2 Weighted average discount rate: Operating leases 4.5 % 4.2 % Finance leases 3.5 % 2.9 % Maturities of lease liabilities as of December 31, 2023 were as follows: Operating Leases Finance Leases 2024 $ 48 $ 2 2025 42 2 2026 32 1 2027 25 1 2028 21 — Thereafter 109 — Total lease payments 277 6 Less imputed interest (57) — $ 220 $ 6 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Other Non-Current Assets | Other Non-Current Assets 2023 2022 Pension assets $ 94 $ 88 Deferred taxes 132 113 Investments 87 158 Fair value of derivatives 47 91 Other 193 122 $ 553 $ 572 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities 2023 2022 Salaries and employee benefits $ 173 $ 138 Accrued taxes, other than on income 85 102 Income taxes 119 87 Accrued interest 59 52 Fair value of derivatives 20 35 Asbestos liabilities 20 25 Pension and postretirement liabilities 25 20 Restructuring 22 20 Other 399 451 $ 922 $ 930 |
Restructuring and Other
Restructuring and Other | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other items as follows: 2023 2022 2021 Asset impairments and sales $ 72 $ (106) $ (20) Restructuring 23 35 29 Other costs / (income) 19 14 (42) Asbestos — 5 5 $ 114 $ (52) $ (28) 2023 Activity During the fourth quarter of 2023, the Company made the decision to close various production facilities across various segments. Asset impairments and sales primarily includes, $19 for the planned closure of the Batesville, Mississippi beverage can plant, $8 related to a shift in capacity from beverage can plants in Ho Chi Minh City, Vietnam and Singapore to Vung Tau, Vietnam and $5 for the planned closure of the Decatur, Illinois aerosol plant. Plant closures are expected to be completed by the end of the first quarter of 2024. The Company expects to record an additional $4 of costs to prepare the Batesville building for sale. Asset impairments and sales also includes $19 related to line consolidation and modernization at the Dong Nai, Vietnam beverage can plant. Restructuring included termination benefits and other exit costs of $11 related to the actions described above. In addition, termination and other exit costs of $9 and $3 were recorded in the European Beverage and Other segments, respectively, related to line consolidation and business reorganization activities, including headcount reductions in the beverage can making equipment business. O ther costs includes $11 related to disputes, including a fine fro m the French Competition Authority, and $4 of tax indemnity charges related to the European Tinplate business sold in 2021. See Note P for more information on the French Competition Authority matter. See Note O for more information on the Company's provision for asbestos. 2022 Activity Asset sales and impairments primarily relates to the $113 gain on sale of the Kiwiplan business. See Note B for more information on the sale. Restructuring included charges of $29 related to an overhead cost reduction program initiated by the Company's Transit Packaging segment that reduced headcount by approximately 600 employees. 2021 Activity Other costs / (income) included gains of $30 arising from a favorable court ruling in a lawsuit brought by certain of the Company's Brazilian subsidiaries asserting they were overcharged by local tax authorities for indirect taxes paid in prior years. Asset sales and impairments included gains on various asset sales. Restructuring primarily includes charges related to relocation of the Transit Packaging headquarters and headcount reductions across segments. Restructuring charges by segment were as follows: 2023 2022 2021 Americas Beverage 4 $ — $ — European Beverage 9 $ — $ 3 Asia Pacific 7 — 1 Transit Packaging (1) 35 19 Other 4 — 3 Corporate — — 3 $ 23 $ 35 $ 29 Restructuring charges by type were as follows: 2023 2022 2021 Termination benefits $ 15 $ 29 $ 10 Other exit costs 8 6 19 $ 23 $ 35 $ 29 At December 31, 2022, the Company had a restructuring accrual of $20, primarily related to the headcount reductions and other internal reorganizations within the Transit Packaging segment. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2023 2022 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 16 $ 16 $ 76 $ 76 Long-term debt Senior secured borrowings: Revolving credit facilities — — 329 329 Term loan facilities U.S. dollar due 2027 1,575 1,569 1,800 1,792 Euro due 2027 1 589 589 578 578 Senior notes and debentures: €600 at 2.625% due 2024 663 662 642 640 €600 at 3.375% due 2025 663 662 642 640 U.S. dollar at 4.25% due 2026 400 398 400 397 U.S. dollar at 4.75% due 2026 875 871 875 869 U.S. dollar at 7.375% due 2026 350 350 350 348 €500 at 2.875% due 2026 552 550 536 532 €500 at 5.00% due 2028 552 544 — — €500 at 4.75% due 2029 552 544 — — U.S. dollar at 5.25% due 2030 500 494 500 494 U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies: Fixed rate with rates in 2023 from 2.6% to 14.4% due through 2027 169 169 221 221 Variable rate with an average rate in 2023 of 3.6% due 2026 16 16 21 21 Total long-term debt 7,496 7,458 6,934 6,901 Less: current maturities (759) (759) (109) (109) Total long-term debt, less current maturities $ 6,737 $ 6,699 $ 6,825 $ 6,792 (1) €533 at December 31, 2023 and €540 at December 31, 2022 The estimated fair value of the Company’s debt, using a market approach incorporating level 2 inputs such as quoted market prices for the same or similar issues, was $7,484 at December 31, 2023 and $6,922 at December 31, 2022. In May 2023, the Company issued €500 principal amount of 5.00% senior unsecured notes due 2028 and in December 2023, the Company issued €500 principal amount of 4.75% senior unsecured notes due 2029. Both notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used a portion of the December 2023 bond issuance proceeds to make an early payment of $203 million towards the U.S. dollar term loan due 2027. The revolving credit facilities include provisions for letters of credit up to $310 that reduce the amount of borrowing capacity otherwise available. At December 31, 2023, the Company’s available borrowing capacity under the credit facilities was $1,585 equal to the facilities’ aggregate capacity of $1,650 less $65 of outstanding letters of credit. The interest rates on the facilities can vary from SOFR or EURIBOR, with a floor of zero, plus a margin of up to 1.60%, depending on the facility, based on the Company's leverage ratio. The revolving credit facilities and term loan facilities required the Company to maintain a leverage ratio of no greater than 4.50 times at December 31, 2023. The leverage ratio is calculated as total net debt divided by Consolidated EBITDA (as defined in the credit agreement). Total net debt is defined in the credit agreement as total debt less cash and cash equivalents. Consolidated EBITDA is calculated as the sum of, among other things, net income attributable to Crown Holdings, net income attributable to certain of the Company's subsidiaries, income taxes, interest expense, depreciation and amortization, and certain non-cash charges. The Company was in compliance with all covenants as of December 31, 2023. At December 31, 2023, the U.S. dollar term loan interest rate was SOFR plus 1.35% and the Euro term loan interest rate was EURIBOR plus 1.25%. The weighted average interest rates were as follows: 2023 2022 2021 Short-term debt 13.2 % 3.8 % 0.6 % Revolving credit facilities 4.5 % 2.5 % 1.2 % Aggregate maturities of long-term debt, excluding unamortized discounts and debt issuance costs, for the five years subsequent to 2023 are $759, $743, $2,250, $2,100 and $552. Cash payments for interest during 2023, 2022 and 2021 were $390, $270, and $294. |
Derivative and Other Financial
Derivative and Other Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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 below. In addition, see Note M for fair value disclosures related to debt. Derivative Financial Instruments In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to market 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 other comprehensive income is the same as that of the underlying exposure. Contracts outstanding at December 31, 2023 mature between one The Company uses commodity forward contracts to hedge anticipated purchases of various commodities, including natural gas and electricity, and these exposures are hedged by a central treasury unit. The Company also designates certain foreign exchange contracts as cash flow hedges of anticipated foreign currency denominated sales or purchases. The Company manages these risks at the operating unit level. Often, foreign currency risk is hedged together with the related commodity price risk. The Company may also uses 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 related to derivative instruments designated as cash flow hedges. Amount of gain / (loss) recognized in AOCI Derivatives in cash flow hedges 2023 2022 Foreign exchange $ (2) $ (1) Commodities (8) (27) $ (10) $ (28) Amount of gain / (loss) reclassified from AOCI into income Derivatives in cash flow hedges 2023 2022 Affected line item in the Foreign exchange $ — $ (7) Net sales Commodities 9 (6) Net sales Foreign exchange — 3 Cost of products sold, excluding depreciation and amortization Commodities (38) 29 Cost of products sold, excluding depreciation and amortization (29) 19 Income / (loss) from continuing operations before income taxes and equity in net earnings of affiliates 7 (4) Provision for / (benefit from) income taxes $ (22) $ 15 Net income / (loss) from continuing operations For the year ending December 31, 2024, a net loss of $1 ($1, net of tax) is expected to be reclassified to earnings for commodity and foreign exchange contracts. No material amounts were reclassified during the years ended December 31, 2023 and 2022 in connection with anticipated transactions that were no longer considered probable. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. For the years ended December 31, 2023, and December 31, 2022, the Company recorded losses of $12 and $19 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 qualify for hedge accounting; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes from re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. Changes in fair value of these derivative instruments are immediately recognized in earnings as foreign exchange adjustments. The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain / (loss) recognized in earnings Derivatives not designated as hedges 2023 2022 Affected line item in the Foreign exchange $ — $ (2) Net sales Foreign exchange (4) 7 Cost of products sold, excluding depreciation and amortization Foreign exchange (4) (14) Foreign exchange $ (8) $ (9) 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. For the years ended December 31, 2023 and 2022, the Company recorded a loss of $52 ($43, net of tax) and a gain of $32 ($19, net of tax) in other comprehensive income for certain debt instruments that are designated as hedges of its net investment in a euro-based subsidiary. As of December 31, 2023 and December 31, 2022, cumulative gains of $49 ($68, net of tax) and $101 ($111, net of tax) were recognized in accumulated other comprehensive income related to these net investment hedges and the carrying amount of the hedging instrument was approximately €1,626 ($1,796) at December 31, 2023. The Company also has cross-currency swaps with an aggregate notional values of $875 designated as hedges of the Company's net investment in a euro-based subsidiary. These swaps mature in 2026 and reduced interest expense by $25 for the years ended December 31, 2022 and 2023 and $24 for the year ended December 31, 2021. The following table sets forth financial information about the impact on accumulated other comprehensive income from changes in the fair value of these derivative instruments designated as net investment hedges. Amount of gain / (loss) recognized in AOCI Derivatives designated as net investment hedges 2023 2022 Foreign exchange $ (33) $ 32 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 December 31, 2023 and December 31, 2022, respectively. The fair value of these financial instruments were reported under Level 2 of the fair value hierarchy. Balance Sheet classification December 31, December 31, Balance Sheet classification December 31, December 31, Derivatives designated as hedging instruments Foreign exchange contracts cash flow Prepaid expenses and other current assets $ 1 $ 3 Accrued liabilities $ 2 $ 2 Other non-current assets — 1 Other non-current liabilities — — Foreign exchange contracts fair value Prepaid expenses and other current assets — 4 Accrued liabilities 2 4 Commodities contracts cash flow Prepaid expenses and other current assets 13 11 Accrued liabilities 13 27 Net investment hedge Other non-current assets 47 90 Other non-current liabilities — — $ 61 $ 109 $ 17 $ 33 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 3 $ 8 Accrued liabilities $ 3 $ 2 Total derivatives $ 64 $ 117 $ 20 $ 35 Fair Value Hedge Carrying Amounts Carrying amount of the hedged assets and liabilities Line item in the Balance Sheet in which the hedged item is included December 31, 2023 December 31, 2022 Cash and cash equivalents 2 22 Receivables, net 12 16 Accrued liabilities 120 111 As of December 31, 2023 and 2022, the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedged assets and liabilities were a net gain of $2 and $1, respectively. Offsetting of Derivative Assets and Liabilities Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments. In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at December 31, 2023 Derivative assets $ 64 $ 7 $ 57 Derivative liabilities 20 7 13 Balance at December 31, 2022 Derivative assets $ 117 $ 13 $ 104 Derivative liabilities 35 13 22 Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at December 31, 2023 and December 31, 2022 were: December 31, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Foreign exchange $ 75 $ 287 Commodities 160 230 Derivatives designated as fair value hedges: Foreign exchange 202 201 Derivatives designated as net investment hedges: Foreign exchange 875 875 Derivatives not designated as hedges: Foreign exchange 302 512 |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Asbestos-Related Liabilities | Asbestos-Related Liabilities Crown Cork & Seal Company, Inc. (“Crown Cork”) is one of many defendants in a substantial number of lawsuits filed throughout the United States by persons alleging bodily injury as a result of exposure to asbestos. These claims arose from the insulation operations of a U.S. company, the majority of whose stock Crown Cork purchased in 1963. Approximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. Prior to 1998, amounts paid to asbestos claimants were covered by a fund made available to Crown Cork under a 1985 settlement with carriers insuring Crown Cork through 1976, when Crown Cork became self-insured. The fund was depleted in 1998 and the Company has no remaining coverage for asbestos-related costs. The states of Alabama, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Michigan, Mississippi, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, West Virginia, Wisconsin and Wyoming 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 at the time of enactment, caps asbestos-related liabilities at the fair market value of the predecessor's total gross assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total value of its predecessor's assets adjusted for inflation. Crown Cork has integrated the legislation into its claims defense strategy. The Company cautions, however, that the legislation may be challenged and there can be no assurance regarding the ultimate effect of the legislation on Crown Cork. In June 2003, the State of Texas enacted legislation that limits the asbestos-related liabilities in Texas courts of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The Texas legislation, which applies to future and pending claims, caps asbestos-related liabilities at the total gross value of the predecessor’s assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total adjusted value of its predecessor’s assets. In October 2010, the Texas Supreme Court reversed a lower court decision, Barbara Robinson v. Crown Cork & Seal Company, Inc., No. 14-04-00658-CV, Fourteenth Court of Appeals, Texas, which had upheld the dismissal of an asbestos- related case against Crown Cork. The Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June of 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld. The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. The Company's approximate claims activity for the years ended 2023, 2022 and 2021 was as follows: 2023 2022 2021 Beginning claims 57,500 57,000 56,000 New claims 1,500 1,500 2,000 Settlements or dismissals (500) (1,000) (1,000) Ending claims 58,500 57,500 57,000 For the years ended December 31, 2023, 2022, and 2021, the Company made cash payments of $17, $21, and $19 to settle asbestos claims and pay related legal and defense costs. In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes by year of exposure and state filed. As of December 31, 2023 and December 31, 2022, the Company's outstanding claims were: 2023 2022 Claimants alleging first exposure after 1964 18,000 17,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 13,000 Pennsylvania 1,500 1,500 Other states that have enacted asbestos legislation 6,000 6,000 Other states 20,000 20,000 Total claims outstanding 58,500 57,500 The outstanding claims in each period exclude approximately 19,000 inactive claims. Due to the passage of time, the Company considers it unlikely that the plaintiffs in these cases will pursue further action against the Company. The exclusion of these inactive claims had no effect on the calculation of the Company’s accrual as the claims were filed in states, as described above, where the Company’s liability is limited by statute. With respect to claimants alleging first exposure to asbestos before or during 1964, the Company does not include in its accrual any amounts for settlements in states where the Company’s liability is limited by statute except for certain pending claims in Texas as described earlier. With respect to post-1964 claims, regardless of the existence of asbestos legislation, the Company does not include in its accrual any amounts for settlement of these claims because of increased difficulty of establishing identification of relevant insulation products as the cause of injury. Given its settlement experience with post-1964 claims, the Company does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows: 2023 2022 2021 Total claims 25 % 24 % 24 % Pre-1965 claims in states without asbestos legislation 44 % 43 % 42 % Crown Cork has entered into arrangements with plaintiffs’ counsel in certain jurisdictions with respect to claims which are not yet filed, or asserted, against it. However, Crown Cork expects claims under these arrangements to be filed or asserted against Crown Cork in the future. The projected value of these claims is included in the Company’s estimated liability as of December 31, 2023. Approximately 82% of the claims outstanding at the end of 2023 were filed by plaintiffs who do not claim a specific amount of damages or claim a minimum amount as established by court rules relating to jurisdiction; approximately 15% were filed by plaintiffs who claim damages of less than $5; approximately 3% were filed by plaintiffs who claim damages from $5 to less than $100 (29% of whom claim damages less than $25) and 14 claims were filed by plaintiffs who claim damages in excess of $100. As of December 31, 2023, the Company’s accrual for pending and future asbestos-related claims and related legal costs was $204, including $158 for unasserted claims. The Company determines its accrual without limitation to a specified time period. It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant, the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
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 $8 for remediation activities at various worldwide locations that are owned by the Company and for which the Company is not a member of a PRP group. Although the Company believes its accruals are adequate to cover its portion of future remediation costs, there can be no assurance that the ultimate payments will not exceed the amount of the Company’s accruals and will not have a material effect on its results of operations, financial position and cash flow. Any possible loss or range of potential loss that may be incurred in excess of the recorded accruals cannot be estimated. In March 2015, the Bundeskartellamt, or German Federal Cartel Office (“FCO”), conducted unannounced inspections of the premises of several metal packaging manufacturers, including a German subsidiary of the Company. The local court order authorizing the inspection cited FCO suspicions of anti-competitive agreements in the German market for the supply of metal packaging products. The Company conducted an internal investigation into the matter and discovered instances of inappropriate conduct by certain employees of German subsidiaries of the Company. The Company cooperated with the FCO and submitted a leniency application with the FCO which disclosed the findings of its internal investigation to date. In April 2018, the FCO discontinued its national investigation and referred the matter to the European Commission (the “Commission”). Following the referral, Commission officials conducted unannounced inspections of the premises of several metal packaging manufacturers, including Company subsidiaries in Germany, France and the U.K. The Company cooperated with the Commission and submitted a leniency application with the Commission with respect to the findings of its internal investigation in Germany. In July 2022, the Company reached a settlement with the Commission relating to the Commission’s investigation, pursuant to which the Company agreed to pay a fine in the amount of $8. Fining decisions based on settlements can be appealed under EU law. The Company is seeking annulment of the Commission’s fining decision on the basis that the referral of the case from the FCO to the Commission was unjustified. There can be no assurance regarding the outcome of such appeal. 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. On December 29, 2023, the FCA issued a decision imposing a fine of €4 million on the Company. The Company intends to appeal the decision of the FCA and there can be no assurance regarding the outcome of such appeal. 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. At times, the Company guarantees the obligations of subsidiaries under certain of these contracts and is liable for such arrangements only if the subsidiary fails to perform its obligations under the contract. 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. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | Other Non-Current Liabilities 2023 2022 Deferred taxes $ 338 $ 374 Asbestos liabilities 184 195 Income taxes payable 27 30 Postemployment benefits 22 20 Environmental 12 12 Finance lease liabilities 5 5 Other 93 76 $ 681 $ 712 Income taxes payable includes unrecognized tax benefits as discussed in Note S . |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Pensions. The Company sponsors various pension plans covering certain U.S. and non-U.S. employees, and participates in certain multi-employer pension plans. The benefits under the Company plans are based primarily on years of service and either the employees’ remuneration near retirement or a fixed dollar multiple. A measurement date of December 31 was used for all plans presented below. The components of pension expense were as follows: U.S. Plans 2023 2022 2021 Service cost $ 13 $ 19 $ 20 Interest cost 54 31 25 Expected return on plan assets (60) (75) (63) Curtailments and special termination benefits — 1 9 Amortization of actuarial loss 43 44 58 Amortization of prior service cost 1 1 1 Net periodic cost $ 51 $ 21 $ 50 Non-U.S. Plans 2023 2022 2021 Service cost $ 7 $ 9 $ 13 Interest cost 19 13 32 Expected return on plan assets (22) (22) (72) Settlements — — 1,511 Special termination benefits 6 — — Amortization of actuarial loss 3 5 33 Amortization of prior service credit — (1) — Net periodic cost $ 13 $ 4 $ 1,517 The settlement charge in 2021 arose from the irrevocable transfer of the Company's U.K. defined benefit pension plan (the "Plan") to an insurer. In 2021, the Company made a cash contribution of £196 to enable the Plan to purchase a bulk annuity insurance contract for the benefit of the Plan participants. The Company has been repaid £103 ($131 using December 31, 2023 exchange rate) of the contribution and expects to receive another £24 in future years. Additional pension expense of $6 in 2023 and $5 for 2022 and 2021 was recognized for multi-employer plans. The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans were as follows: U.S. Plans Non-U.S. Plans 2023 2022 2023 2022 Projected Benefit Obligations Benefit obligations at January 1 $ 1,094 $ 1,413 $ 387 $ 513 Service cost 13 19 7 9 Interest cost 54 31 19 13 Plan participants' contributions — — 2 2 Amendments 1 1 (2) — Settlements — (9) (8) (9) Curtailments — (2) — — Special termination benefits — — 6 — Actuarial (gain)/loss 36 (266) 18 (95) Benefits paid (89) (93) (38) (30) Foreign currency translation — — 24 (16) Benefit obligations at December 31 $ 1,109 $ 1,094 $ 415 $ 387 Plan Assets Fair value of plan assets at January 1 $ 886 $ 1,177 $ 381 $ 529 Actual return on plan assets - gain/(loss) 81 (199) 33 (22) Employer contributions 2 10 17 (63) Plan participants' contributions — — 2 2 Settlements — (9) (7) (7) Benefits paid (89) (93) (38) (31) Foreign currency translation — — 24 (27) Fair value of plan assets at December 31 $ 880 $ 886 $ 412 $ 381 Funded status $ (229) $ (208) $ (3) $ (6) Accumulated benefit obligations at December 31 $ 1,065 $ 1,055 $ 389 $ 361 During 2023, actuarial losses for the Company’s U.S. and non-U.S. pension plans totaled $22. Actuarial gains and losses arise each year primarily due to changes in discount rates, differences in actual plan asset returns compared to expected returns, and cha nges in actuarial assumptions such as mortality. The loss in 2023 was primarily due to lower discount rates at the end of 2023, partially offset by actual asset returns higher than expected. U.S. pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets were as follows: 2023 2022 Projected benefit obligations $ 1,109 $ 1,094 Accumulated benefit obligations 1,065 1,055 Fair value of plan assets 880 886 Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets were as follows: 2023 2022 Projected benefit obligations $ 213 $ 224 Accumulated benefit obligations 195 204 Fair value of plan assets 117 134 Non-U.S. pension plans with projected benefit obligations in excess of plan assets were as follows: 2023 2022 Projected benefit obligations $ 213 $ 224 Accumulated benefit obligations 195 204 Fair value of plan assets 117 135 The Company’s investment strategy in its U.S. plan is designed to generate returns that are consistent with providing benefits to plan participants within the risk tolerance of the plan. Asset allocation is the primary determinant of return levels and investment risk exposure. The strategic ranges for asset allocation in the U.S. plans are as follows: U.S. equities 45 % to 55 % International equities 7.5 % to 12.5 % Fixed income 15 % to 25 % Balanced funds 7.5 % to 12.5 % Real estate 7.5 % to 12.5 % Pension assets are classified into three levels. Level 1 asset values are derived from quoted prices which are available in active markets as of the report date. Level 2 asset values are derived from other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the report date. Level 3 asset values are derived from unobservable pricing inputs that are not corroborated by market data or other objective sources. Level 1 Investments Equity securities are valued at the latest quoted prices taken from the primary exchange on which the security trades. Mutual funds are valued at the net asset value ("NAV") of shares held at year-end. Level 2 Investments Fixed income securities, including government issued debt, corporate debt, asset-backed and structured debt securities are valued using the latest bid prices or valuations based on a matrix system (which considers such factors as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and other reference data including market research publications). Derivatives, which consist mainly of interest rate swaps, are valued using a discounted cash flow pricing model based on observable market data. Level 3 Investments Hedge funds and private equity funds are valued at the NAV at year-end. The values assigned to private equity funds are based upon assessments of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, and performance multiples among other factors. Real estate investments are based on third party appraisals. Investments Measured Using NAV per Share Practical Expedient Investments measured using NAV per share as a practical expedient include investment funds that invest in global equity, emerging markets and fixed income. The global equity funds invest in equity securities of various market sectors including industrial materials, consumer discretionary goods and services, financial infrastructure, technology, and health care. The emerging markets funds invest in equity markets within financial services, consumer goods and services, energy, and technology. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair value. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurements at the reporting date. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and their placement within the fair value hierarchy. The levels assigned to the defined benefit plan assets as of December 31, 2023 and 2022 are summarized in the tables below: 2023 U.S. plan Non-U.S. plan Total Level 1 Cash and cash equivalents $ 15 $ 23 $ 38 Global large cap equity — 3 3 U.S. large cap equity 173 4 177 U.S. mid/small cap equity 276 21 297 Mutual funds – global equity 59 — 59 Mutual funds – U.S. equity 49 — 49 Mutual funds – fixed income 18 — 18 590 51 641 Level 2 Government issued debt securities — 18 18 Corporate debt securities 41 8 49 Insurance contracts — 110 110 Investment funds – fixed income — 1 1 41 137 178 Level 3 Investment funds – real estate 127 60 187 Private equity 3 — 3 Real estate – direct 27 17 44 157 77 234 Total assets in fair value hierarchy 788 265 1,053 Investments measured at NAV Practical Expedient (a) Investment funds - fixed income 86 22 108 Investment funds - global equity — 118 118 Investment funds - emerging markets 5 — 5 Investment funds - real estate — 7 7 91 147 238 Total investments at fair value $ 879 $ 412 $ 1,291 2022 U.S. plan Non-U.S. plan Total Level 1 Cash and cash equivalents $ 35 $ 19 $ 54 Global large cap equity — 11 11 U.S. large cap equity 152 2 154 U.S. mid/small cap equity 246 19 265 Mutual funds – global equity 64 — 64 Mutual funds – U.S. equity 52 — 52 Mutual funds – fixed income 54 — 54 603 51 654 Level 2 Government issued debt securities — 18 18 Corporate debt securities 42 2 44 Insurance contracts — 94 94 Investment funds – fixed income — 1 1 42 115 157 Level 3 Investment funds – real estate 135 68 203 Private equity 4 1 5 Real estate – direct 28 16 44 167 85 252 Total assets in fair value hierarchy 812 251 1,063 Investments measured at NAV Practical Expedient (a) Investment funds - fixed income 68 19 87 Investment funds - global equity — 108 108 Investment funds - emerging markets 5 — 5 Investments funds - real estate — 3 3 73 130 203 Total investments at fair value $ 885 $ 381 $ 1,266 (a) Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Accrued income excluded from the tables above was as follows: 2023 2022 U.S. plan assets $ 1 $ 1 Plan assets include $297 and $265 of the Company’s common stock at December 31, 2023 and 2022. The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3). Private Real Total Balance at January 1, 2022 $ 7 $ 211 $ 218 Foreign currency translation — (9) (9) Asset returns – assets held at reporting date (2) (9) (11) Asset returns – assets sold during the period 1 9 10 Purchases, sales and settlements, net (1) 45 44 Balance at December 31, 2022 5 247 252 Foreign currency translation — 2 2 Asset returns – assets held at reporting date 18 (24) (6) Asset returns – assets sold during the period (18) 11 (7) Purchases, sales and settlements, net (2) (5) (7) Balance at December 31, 2023 $ 3 $ 231 $ 234 The following table presents additional information about the pension plan assets valued using NAV as a practical expedient: Fair Value Redemption Frequency Redemption Notice Period Balance at December 31, 2023 Investment funds – fixed income $ 108 Semi-monthly 1- 5 days Investment funds – global equity 118 Daily 10 days Investment funds – emerging markets 5 Daily 30 days Investment funds – real estate 7 Daily 1 day Balance at December 31, 2022 Investment funds – fixed income $ 87 Semi-monthly 1- 5 days Investment funds – global equity 108 Daily 10 days Investment funds – emerging markets 5 Daily 30 days Investment funds – real estate 3 Daily 10 days The pension plan assets valued using NAV as a practical expedient do not have any unfunded commitments. Pension assets and liabilities included in the Consolidated Balance Sheets were: 2023 2022 Non-current assets $ 94 $ 88 Current liabilities 12 8 Non-current liabilities 314 294 The Company’s current liability at December 31, 2023, represents the expected required payments to be made for unfunded plans over the next twelve months. Total estimated 2024 employer contributions are $43 for the Company’s pension plans. Changes in the net loss and prior service cost (credit) for the Company’s pension plans were: 2023 2022 2021 Net loss Prior Net loss Prior Net loss Prior Balance at January 1 $ 712 $ — $ 814 $ 2 $ 1,802 $ 8 Reclassification to net periodic benefit cost (46) (1) (49) (1) (1,629) (4) Current year loss / (gain) 22 — (45) (1) 640 (2) Amendments (1) — — — (1) — Foreign currency translation (1) — (8) — 2 — Balance at December 31 $ 686 $ (1) $ 712 $ — $ 814 $ 2 Expected future benefit payments as of December 31, 2023 are: U.S. Non-U.S. 2024 $ 91 $ 32 2025 105 32 2026 84 32 2027 105 31 2028 80 32 2029 - 2033 376 162 The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: U.S. Plans 2023 2022 2021 Discount rate 5.0 % 5.2 % 2.9 % Compensation increase 5.0 % 5.0 % 4.7 % Non-U.S. Plans 2023 2022 2021 Discount rate 4.8 % 4.9 % 2.5 % Compensation increase 2.9 % 2.7 % 2.5 % The weighted average actuarial assumptions used to calculate pension expense for each year were: U.S. Plans 2023 2022 2021 Discount rate - service cost 5.4 % 3.3 % 3.1 % Discount rate - interest cost 5.1 % 2.2 % 1.7 % Compensation increase 5.0 % 4.7 % 4.7 % Long-term rate of return 7.2 % 6.6 % 5.7 % Non-U.S. Plans 2023 2022 2021 Discount rate - service cost 5.0 % 2.9 % 2.2 % Discount rate - interest cost 5.1 % 2.6 % 1.8 % Compensation increase 2.9 % 2.7 % 2.5 % Long-term rate of return 5.1 % 4.3 % 3.3 % The expected long-term rate of return on plan assets is determined by taking into consideration expected long-term returns associated with each major asset class based on long-term historical ranges, inflation assumptions and the expected net value from active management of the assets based on actual results. Other Postretirement Benefit Plans. The Company sponsors unfunded plans to provide health care and life insurance benefits to certain retirees and survivors. Generally, the medical plans pay a stated percentage of medical expenses reduced by deductibles and other coverages. Life insurance benefits are generally provided by insurance contracts. The Company reserves the right, subject to existing agreements, to change, modify or discontinue the plans. A measurement date of December 31 was used for the plans presented below. The components of net postretirement benefits cost were as follows: Other Postretirement Benefits 2023 2022 2021 Service cost $ — $ 1 $ 1 Interest cost 6 4 4 Amortization of prior service credit — (20) (26) Amortization of actuarial loss — 2 4 Net periodic benefit cost/(credit) $ 6 $ (13) $ (17) Changes in the benefit obligations were: 2023 2022 Benefit obligations at January 1 $ 108 $ 137 Service cost — 1 Interest cost 6 4 Actuarial (gain) /loss — (22) Benefits paid (11) (11) Foreign currency translation 4 (1) Benefit obligations at December 31 $ 107 $ 108 Changes in the net (gain)/ loss and prior service credit for the Company’s postretirement benefit plans were: 2023 2022 2021 Net (gain) / Prior Net Prior Net Prior Balance at January 1 $ (2) $ — $ 21 $ (20) $ 45 $ (46) Reclassification to net periodic benefit cost — — (2) 20 (4) 26 Current year (gain) / loss — — (22) — (20) — Foreign currency translation (1) — 1 — — — Balance at December 31 $ (3) $ — $ (2) $ — $ 21 $ (20) Expected future benefit payments are as follows: Benefit Payments 2024 $ 13 2025 10 2026 10 2027 10 2028 9 2029 - 2033 41 The assumed health care cost trend rates at December 31, 2023 were as follows: Health care cost trend rate assumed for 2023 4.7 % Rate that the cost trend rate gradually declines to 3.8 % Year that the rate reaches the rate it is assumed to remain 2032 Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below: 2023 2022 2021 Benefit obligations 5.0 % 5.8 % 3.4 % Service cost 5.3 % 7.8 % 5.9 % Interest cost 4.9 % 5.7 % 3.6 % Defined Contribution Benefit Plans. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes were as follows: 2023 2022 2021 U.S. $ (1) $ 295 $ 143 Foreign 796 761 (562) $ 795 $ 1,056 $ (419) The provision for income taxes consisted of the following: 2023 2022 2021 Current tax: U.S. federal $ 31 $ 18 $ 2 State and foreign 244 190 239 $ 275 $ 208 $ 241 Deferred tax: U.S. federal $ (27) $ 46 $ 46 State and foreign (26) (11) (344) (53) 35 (298) Total $ 222 $ 243 $ (57) The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items: 2023 2022 2021 U.S. statutory rate at 21% $ 167 $ 222 $ (88) Tax on foreign income 7 (30) (35) Foreign withholding taxes 23 5 6 Valuation allowance changes 5 33 26 State taxes 2 (2) 9 U.S. taxes on foreign income, net of credits 5 1 13 Tax contingencies 2 7 8 Tax law changes 8 2 (8) Other items, net 3 5 12 Income tax provision / (benefit) $ 222 $ 243 $ (57) The Company benefits from certain incentives in Brazil which allow it to pay reduced income taxes. The incentives expire at various dates beginning in December 2026. These incentives increased net income attributable to the Company by $20 in 2023 and $21 in 2022 and 2021. The Company paid tax es of $262, $223 and $253 in 2023, 2022 and 2021. In 2022, taxes on foreign income includes income tax charges of $11 for the sale of the Company's Transit Packaging segment's Kiwiplan business in 2022. During the year-ended December 31, 2022, the Company recorded a deferred tax asset of $21 for goodwill amortization and net operating loss carryforwards in Switzerland. The Company believes that it is more likely than not that these deferred tax assets will not be utilized prior to their expiration and has recorded a full valuation allowance. On July 8, 2022, Pennsylvania enacted a corporate net income tax rate reduction over a nine year period. The income tax rate for the 2022 and 2023 tax years were 9.99% and 8.99%, respectively. Starting with the 2024 tax year, the income tax rate is reduced by 0.50% annually until it reaches 4.99% for the 2031 tax year. The remeasurement of the Company's deferred taxes in 2022 had a $78 impact on the Company's state net operating loss carryforward and corresponding valuation allowance. In 2021, tax on foreign income includes income tax charges of $42 in continuing operations for reorganizations and other transactions required to prepare the European Tinplate business for sale. Additionally, the Company recorded an income tax charge of $44 to establish a valuation allowance for deferred tax assets related to tax loss carryforwards in France. The Company believes that it is more likely than not that these tax loss carryforwards will not be utilized after the sale of the European Tinplate business. In 2021, the Company also recorded a tax benefit of $18 related to a deferred tax valuation allowance release resulting from improved profitability in a Transit Packaging corporate entity. Additionally, the Company also recorded income tax benefits related to tax law changes in India, Turkey and the U.K. As of December 31, 2023, the Company had not provided deferred taxes on approximately $1,200 of earnings in certain non-U.S. subsidiaries because such earnings are indefinitely reinvested in its international operations. Upon distribution of such earnings in the form of dividends or otherwise, the Company may be subject to incremental foreign tax. It is not practicable to estimate the amount of foreign tax that might be payable. The components of deferred taxes at December 31 were: 2023 2022 Assets Liabilities Assets Liabilities Tax carryforwards $ 274 — $ 266 $ — Disallowed interest carryforwards 54 — 5 — Intangible assets — 292 — 298 Property, plant and equipment 16 253 15 225 Pensions 90 20 87 20 Accruals and other 123 94 105 103 Asbestos 50 — 53 — Postretirement and postemployment benefits 23 — 25 — Lease liabilities 32 — 32 — Right of use assets — 31 — 30 Valuation allowances (178) — (173) — Total $ 484 $ 690 $ 415 $ 676 Tax carryforwards expire as follows: Year Amount 2024 $ 7 2025 15 2026 17 2027 10 2028 3 Thereafter 94 Unlimited 128 Tax carryforwards expiring after 2028 include $49 of U.S. state tax loss carryforwards. The unlimited category includes $28 of Luxembourg tax loss carryforwards and $79 of French tax loss carryforwards. In addition, the Company has disallowed interest in the U.S. which can be carried forward indefinitely. The Company’s valuation allowances at December 31, 2023 include $77 related to the portion of U.S. state tax loss carryforwards that the Company does not believe are more likely than not to be utilized prior to their expiration. The Company’s ability to utilize state tax loss carryforwards is impacted by several factors including taxable income, expiration dates, limitations imposed by certain states on the amount of loss carryforwards that can be used in a given year to offset taxable income and whether the state permits the Company to file a combined return. In addition, the Company's valuation allowances at December 31, 2023 includes $56 related to tax loss carryforwards in France and $32 related to goodwill amortization and net operating loss carryforwards in Switzerland. Management’s estimate of the appropriate valuation allowance in any jurisdiction involves a number of assumptions and judgments, including the amount and timing of future taxable income. Should future results differ from management’s estimates, it is possible there could be future adjustments to the valuation allowances that would result in an increase or decrease in tax expense in the period such changes in estimates are made. A reconciliation of unrecognized tax benefits follows: 2023 2022 2021 Balance at January 1 $ 46 $ 48 $ 42 Additions for prior year tax positions 6 7 9 Lapse of statute of limitations (4) (1) (1) Settlements (2) (6) — Foreign currency translation — (2) (2) Balance at December 31 $ 46 $ 46 $ 48 The Company’s unrecognized tax benefits include potential liabilities related to transfer pricing, foreign withholding taxes, and non-deductibility of expenses. The total interest and penalties recorded in income tax expense was $2 in 2023 and less tha n $1 in 2 022 and 2021. As of December 31, 2023, unrecognized tax benefits of $46, if recognized, would affect the Company's effective tax rate. The Company’s unrecognized tax benefits are not expected to increase over the next twelve months and are expected to decrease as open tax years lapse or claims are settled. The Company is unable to estimate a range of reasonably possible changes in its unrecognized tax benefits in the next twelve months as it is unable to predict when, or if, the tax authorities will commence their audits, the time needed for the audits, and the audit findings that will require settlement with the applicable tax authorities, if any. The tax years that remained subject to examination by major tax jurisdictions as of December 31, 2023 were, 2010 and subsequent years for Germany; 2013 and subsequent years for India and Cambodia; 2014 and subsequent years for Thailand; 2016 and subsequent years for Vietnam; 2017 and subsequent years for Italy; 2018 and subsequent years for Mexico; 2019 and subsequent years fo r Canada, Spain, Brazil and Luxembourg; 2020 and subsequent years for the U.S.; 2021 and subsequent years for France and Switzerlan d. The U.S. also remains subject to exam for 2017 and 2018, specifically as it relates to the transition tax incurred related to the 2017 Tax Act. In addition, tax authorities in certain jurisdictions, including France and the U.S., may examine earlier years |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Capital Stock | Capital Stock A summary of common share activity for the years ended December 31 follows (in shares): 2023 2022 2021 Common shares outstanding at January 1 119,945,302 126,131,799 134,801,030 Shares repurchased (143,736) (6,574,610) (9,121,328) Restricted stock issued to employees, net of forfeitures 820,343 370,178 435,129 Shares issued to non-employee directors 22,404 17,935 16,968 Common shares outstanding at December 31 120,644,313 119,945,302 126,131,799 The Company declared and paid dividends of $0.96, $0.88 and $0.80 per share in 2023, 2022 and 2021, respectively. Additionally, on February 22, 2024, the Company's Board of Directors declared a dividend of $0.25 per share payable on March 28, 2024, to shareholders of record as of March 14, 2024. On 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. 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 uses the par value method of accounting for its stock repurchases. The excess of the fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. The Company repurchased $12 of its shares during 2023. The Company is not obligated to acquire any shares of its common stock and the share repurchase program may be suspended or terminated at any time at the Company's discretion. Share repurchases are subject to the terms of the Company's debt agreements, market conditions and other factors. The Board of Directors has the authority to issue, at any time or from time to time, up to 30 million shares of preferred stock and has authority to fix the designations, number and voting rights, preferences, privileges, limitations, restrictions, conversion rights and other special or relative rights, if any, of any class or series of any class of preferred stock that may be desired, provided the shares of any such class or series of preferred stock shall not be entitled to more than one vote per share when voting as a class with holders of the Company's common stock. Dividends are payable when declared by the Company's Board of Directors and in accordance with the restrictions set forth in the Company's debt agreements. While the Company's debt agreements impose restrictions on the Company's ability to pay dividends and repurchase common stock, the debt agreements generally permit dividends and common stock repurchases provided that the Company is in compliance with applicable financial and other covenants and meets certain liquidity requirements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | Accumulated Other Comprehensive Loss Attributable to Crown Holdings The following table provides information about the changes in each component of accumulated other comprehensive income/ (loss) for the years ended December 31, 2023 and 2022. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2022 $ (768) $ (1,158) $ 28 $ (1,898) Other comprehensive income / (loss) before reclassifications 57 (39) (22) (4) Amounts reclassified from accumulated other comprehensive income 25 — (15) 10 Other comprehensive income / (loss) 82 (39) (37) 6 Balance at December 31, 2022 (686) (1,197) (9) (1,892) Other comprehensive income / (loss) before reclassifications (14) 175 (14) 147 Amounts reclassified from accumulated other comprehensive income 36 — 22 58 Other comprehensive income 22 175 8 205 Balance at December 31, 2023 $ (664) $ (1,022) $ (1) $ (1,687) See Note N and Note R |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue For the years ended December 31, 2023, 2022 and 2021, the Company recognized revenue as follows: 2023 2022 2021 Revenue recognized over time $ 6,472 $ 6,937 $ 6,097 Revenue recognized at a point in time 5,538 6,006 5,297 Total $ 12,010 $ 12,943 $ 11,394 See Note Y for further disaggregation of the Company's revenue. The Company has applied the practical expedient to exclude disclosure of remaining performance obligations as its binding orders typically have a term of one year or less. Contract assets 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 $8 and $18 as of December 31, 2023 and 2022 included in prepaid and other current assets. For the year ended December 31, 2023, the Company satisfied performance obligations related to contract assets at December 31, 2022 and also recorded new contract assets primarily related to work in process for the equipment business. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s shareholder-approved stock-based incentive compensation plans provide for the granting of awards in the form of stock options, deferred stock, restricted stock or stock appreciation rights (“SARs”). The awards may be subject to the achievement of certain performance goals as determined by the Compensation Committee designated by the Company’s Board of Directors. There have been no awards of SARs. In April 2022, the Company's shareholders approved the 2022 Stock-Based Incentive Plan which allowed for a total of 2.8 million shares to be issued under future awards. At December 31, 2023, there were 3.6 million authorized shares available for future award under the 2013 and 2022 Stock-Based Incentive Plans. Restricted and Deferred Stock Annually, the Company awards shares of restricted stock to certain senior executives in the form of time-vesting restricted stock and performance-based shares. The time-vesting restricted stock vests ratably over three years. The performance-based share awards are subject to either a market condition or a performance condition. For awards subject to a market condition, the metric is the Company’s Total Shareholder Return (“TSR”), which includes share price appreciation and dividends paid, during the three-year term of the award measured against the TSR of a peer group of companies. For awards subject to a performance condition, the metric is the Company's average return on invested capital over the three-year term. The performance-based shares cliff vest at the end of three years. The number of performance-based shares that will ultimately vest is based on the level of performance achieved, ranging between 0% and 200% of the shares originally awarded, and is settled in shares of common stock. Participants who terminate employment because of disability, death or, subject to Company approval, retirement, receive accelerated vesting of their service condition to the date of termination and, if approved, performance restrictions laps on the original vesting date. The Company also issues shares of time-vesting restricted stock to U.S. employees and deferred stock to non-U.S. employees which vest ratably over three A summary of restricted and deferred stock activity follows: Number of shares Non-vested shares outstanding at January 1, 2023 942,835 Awarded: Time-vesting 847,358 Performance-based 190,515 Released: Time-vesting (319,071) Performance-based (146,781) Forfeitures: Time-vesting (39,540) Performance-based (30,604) Non-vested shares outstanding at December 31, 2023 1,444,712 The average grant-date fair value of restricted stock awarded in 2023, 2022 and 2021 follows: 2023 2022 2021 Time-vesting $ 87.66 $ 96.29 $ 100.08 Performance-based 86.10 111.84 100.99 The fair values of the performance-based awards that include a market condition were calculated using a Monte Carlo valuation model and the following weighted average assumptions: 2023 2022 2021 Risk-free interest rate 4.1 % 1.0 % 0.2 % Expected term (years) 3 3 3 Expected stock price volatility 39.8 % 34.8 % 35.5 % At December 31, 2023, unrecognized compensation cost related to outstanding restricted and deferred stock was $92. The weighted average period over which the expense is expected to be recognized is 3.2 years. The aggregate market value of the shares released on the vesting dates was $39 in 2023. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes basic and diluted earnings per share ("EPS"). Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of restricted stock, when dilutive, as calculated under the treasury stock method. 2023 2022 2021 Net income / (loss) from continuing operations attributable to Crown Holdings $ 450 $ 727 $ (507) Net income / (loss) from discontinued operations attributable to Crown Holdings — — (53) Net income / (loss) attributable to Crown Holdings $ 450 $ 727 $ (560) Weighted average shares outstanding: Basic 119.41 120.86 130.38 Add: dilutive restricted stock 0.26 0.52 — Diluted 119.67 121.38 130.38 Earnings per common share attributable to Crown Holdings: Basic earnings / (loss) per common share from continuing operations $ 3.77 $ 6.01 $ (3.89) Basic earnings / (loss) per common share from discontinued operations — — (0.41) Basic earnings / (loss) per share $ 3.77 $ 6.01 $ (4.30) Diluted earnings / (loss) per common share from continuing operations $ 3.76 $ 5.99 $ (3.89) Diluted earnings / (loss) per common share from discontinued operations — — (0.41) Diluted earnings / (loss) per share $ 3.76 $ 5.99 $ (4.30) Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive 0.2 0.7 0.1 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s business is generally organized by product line and geography. The Company has determined that it has the following reportable segments: Americas Beverage, European Beverage, Asia Pacific and Transit Packaging. Other includes 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. During the fourth quarter of 2023, the Company recast its segment reporting to reclassify European corporate costs that were previously included in Corporate and other unallocated items into the European Beverage segment. The change was effective December 31, 2023, and segment results for prior periods have been recast to conform to the new presentation. The Company evaluates performance and allocates resources based on segment income. Segment income, which is not a defined term under GAAP, is defined by the Company as income from operations adjusted to exclude intangibles amortization charges, restructuring and other and the impact of fair value adjustments related to inventory acquired in an acquisition. Segment income should not be considered in isolation or as a substitute for net income data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. The tables below present information about operating segments reported as continuing operations for the three years ended December 31, 2023, 2022 and 2021: 2023 Inter- External segment Capital Segment sales sales Depreciation expenditures income Americas Beverage $ 5,147 $ — $ 149 $ 296 $ 876 European Beverage 1,939 — 56 291 199 Asia Pacific 1,297 — 63 66 154 Transit Packaging 2,256 49 44 26 331 Total reportable segments 10,639 49 312 679 $ 1,560 Other 1,371 144 22 76 Corporate and unallocated items — — 2 38 Total $ 12,010 $ 193 $ 336 $ 793 2022 Inter- External segment Capital Segment sales sales Depreciation expenditures income Americas Beverage $ 5,126 $ 7 $ 128 $ 380 $ 742 European Beverage 2,114 89 49 283 123 Asia Pacific 1,615 — 62 51 172 Transit Packaging 2,545 36 41 64 281 Total reportable segments 11,400 132 280 778 $ 1,318 Other 1,543 103 18 61 Corporate and unallocated items — — 3 — Total $ 12,943 $ 235 $ 301 $ 839 2021 Inter- External segment Capital Segment sales sales Depreciation expenditures income Americas Beverage $ 4,441 $ — $ 108 $ 508 $ 756 European Beverage 1,843 133 53 57 224 Asia Pacific 1,322 — 61 68 182 Transit Packaging 2,530 25 41 58 318 Total reportable segments 10,136 158 263 691 $ 1,480 Other 1,258 114 17 58 Corporate and unallocated items — — 2 38 Total $ 11,394 $ 272 $ 282 $ 787 The company does not disclose total assets by segment as it is not provided to the chief operating decision maker. Intersegment sales primarily include sales of cans, ends and parts and equipment used in the manufacturing process. Corporate and unallocated items include corporate and administrative costs, research and development, and unallocated items such as stock-based compensation and insurance costs. A reconciliation of segment income of reportable segments to income before income taxes for the three years ended December 31, 2023, 2022 and 2021 follows: 2023 2022 2021 Segment income of reportable segments $ 1,560 $ 1,318 $ 1,480 Other 117 240 144 Corporate and unallocated items (131) (115) (124) Restructuring and other (114) 52 28 Amortization of intangibles (163) (159) (165) Loss from early extinguishments of debt (1) (11) (68) Other pension and postretirement (49) 16 (1,515) Interest expense (436) (284) (253) Interest income 53 15 9 Foreign exchange (41) (16) 45 Income / (loss) from continuing operations before income taxes and equity in net earnings of affiliates $ 795 $ 1,056 $ (419) For the three years ended December 31, 2023, 2022 and 2021, intercompany profit of $13, $19 and $8 was eliminated within segment income of other. For the years ended December 31, 2023, 2022 and 2021, two customers each accounted for 12% and 11%, of the Company's consolidated net sales. These customers are global beverage companies served by the Company's beverage operations in the Americas, Europe and Asia. Sales by major product were: 2023 2022 2021 Metal beverage cans and ends $ 7,514 $ 8,096 $ 6,982 Transit packaging 2,256 2,545 2,530 Metal food cans and ends 1,013 1,099 789 Other products 701 598 580 Other metal packaging 526 605 513 Total $ 12,010 $ 12,943 $ 11,394 The following table provides sales and long-lived asset information for the major countries in which the Company operates. Long-lived assets comprises property, plant and equipment. Net Sales Long-Lived Assets 2023 2022 2021 2023 2022 United States $ 4,482 $ 4,740 $ 4,182 $ 1,694 $ 1,557 Mexico 1,129 1,080 896 560 464 Brazil 991 1,011 933 500 530 Canada 823 893 782 99 95 United Kingdom 494 521 412 466 262 Vietnam 423 547 342 317 282 Other 3,668 4,151 3,847 1,426 1,350 Total $ 12,010 $ 12,943 $ 11,394 $ 5,062 $ 4,540 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (In millions) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F Additions Description Balance at Charged to costs and expense Charged to Acquisitions Deductions Balance at For the year ended December 31, 2023 Allowances deducted from assets to which they apply: Deferred tax assets 173 7 (1) 7 (8) 178 For the year ended December 31, 2022 Allowances deducted from assets to which they apply: Deferred tax assets 227 (49) (3) — (2) 173 For the year ended December 31, 2021 Allowances deducted from assets to which they apply: Deferred tax assets 204 38 (3) — (12) 227 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income / (loss) attributable to Crown Holdings | $ 450 | $ 727 | $ (560) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Business and Principles of Consolidation | Business and Principles of Consolidation . The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). The Company, through its subsidiaries, is a leading global, diversified packaging business that manufactures metal cans and ends (aluminum and steel) for the beverage, food and aerosol industries and a wide range of transit packaging products and solutions from multiple substrates including steel, paper, and plastic. The Company's transit packaging products include automation and equipment technologies, protective packaging solutions and steel and plastic consumables which are sold into the metals, food and beverage, construction, agricultural, corrugated, and general industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary and therefore, should consolidate the VIE. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. |
Foreign Currency Translation | Foreign Currency Translation . For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. |
Revenue Recognition | Revenue Recognition . The majority of the Company’s revenues from metal packaging products are derived from multi-year requirement contracts with leading manufacturers and marketers of packaged consumer products for can sets, comprising a can and an end. As requirement contracts do not typically include fixed volumes, customers often purchase products pursuant to purchase orders or other communications which are short-term in nature. The can and the end are considered separate performance obligations because they are distinct and separately identifiable. Revenues from Transit Packaging are generally derived from individual purchase orders which may include multiple goods and services which are separate performance obligations because they are distinct and separately identifiable. The Company manufactures certain products that have no alternative use to the Company once they are printed or manufactured to customer specifications. If the Company has an enforceable right to payment for custom products at all times in the manufacturing process, revenue is recognized over time. In each of the Company’s geographic markets, revenue from beverage cans is primarily recognized over time using the units produced output method as beverage cans are generally printed for a specific customer in a continuous production process. The timing of revenue recognition for the Company’s other products, including beverage ends and three-piece products, which includes food cans and ends and aerosol cans and ends, may vary as these products may be printed or customized depending upon customer preferences which can vary by geographic market. Revenue that is recognized over time for the Company’s three-piece products and equipment business is generally recognized using the cost-to-cost input method as these products involve an intermediary step that results in customized work-in-process inventory. For products that follow a point in time model, revenue is generally recognized when title and risk of loss transfer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Standalone selling prices for each performance obligation are generally stated in the contract. When the Company offers variable consideration in the form of volume rebates to customers, it estimates the most likely amount of revenue to which it is expected to be entitled and includes the estimate in the transaction price, limited to the amount which is probable will not result in reversal of cumulative revenue recognized when the variable consideration is resolved. When the Company offers customers options to purchase additional product at discounted prices, judgment is required to determine if the discounted prices represent material rights. If so, the transaction price allocated to the discount is based on its relative standalone price and is recognized upon purchase of the additional product. Customer payment terms are typically less than one year and as such, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold and are accrued when the Company recognizes revenue over time before the shipping and handling activities occur. Costs to obtain a contract are generally immaterial but the Company has elected the practical expedient to expense these costs as incurred if the duration of the contract is one year or less. Unbilled receivables are recorded for revenue recognized over time when the Company has determined that control has passed to the customer but the customer has not yet been invoiced because the Company does not have present right to payment. The Company generally has a present right to payment when title of product transfers. Unbilled receivables are included in receivables in the Consolidated Balance Sheet with a corresponding decrease to inventory. Contract assets are recorded for revenue recognized over time when the Company has determined that control for a performance obligation has passed to the customer, but the right to invoice the customer is contingent upon the completion of the performance obligations included in the contract. Contract assets are classified as current as they are expected to be invoiced within one year and may not exceed their net realizable value. Contract liabilities are established if the Company must defer the recognition of a portion of consideration received because it has to satisfy a future obligation. Contract liabilities are classified as current or noncurrent based on when the Company expects to recognize revenue. |
Stock-Based Compensation | Stock-Based Compensation . For awards with a service or market condition, compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. For awards with a performance condition, the Company assesses the probability of vesting at each reporting period and adjusts compensation cost based on its probability assessment. The Company’s plans provide for stock awards which may include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals, or over the period from the grant date to the date that retirement eligibility is achieved if less than the stated vesting period. |
Cash and Cash Equivalents | Cash, Cash Equivalents and Restricted Cash |
Restricted Cash | The Company generally classifies any cash that is legally restricted as to withdrawal or usage as restricted cash. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses. |
Inventory Valuation | Inventory Valuation . Inventories are stated at the lower of cost or net realizable value, with cost principally determined under the first-in, first-out (“FIFO”) or average cost method. |
Property, Plant And Equipment | Property, Plant and Equipment . Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and building improvements 25 – 40 Machinery and equipment 3– 18 |
Goodwill and Intangible Assets | Goodwill and Intangible Assets . Assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the dates of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. Goodwill is carried at cost and reviewed for impairment annually in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired. Goodwill is allocated to the reporting units at the time of each acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Further quantitative assessment may then be required. The quantitative assessment involves a number of assumptions and judgments, including the calculation of fair value for the Company’s identified reporting units. The Company determines the estimated fair value of each reporting unit based on an average of the estimated fair values using an income and a market approach. The income approach utilizes significant assumptions, including revenue and Adjusted EBITDA (a non-GAAP item defined by the Company as net customer sales, less cost of products sold excluding depreciation and amortization, less selling and administrative expenses) margin growth rates, discount rates and terminal year exit multiples. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit to its fair value, not to exceed the carrying amount of goodwill. Finite-lived intangible assets are carried at cost less accumulated amortization. Finite-lived intangibles are amortized on a straight-line basis over their estimated useful lives described below (in years). Customer relationships 10 - 18 Trade names 8 - 27 Technology 6 - 8 Long-term supply contracts 15 Patents 8 |
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets . In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and finite-lived intangible assets, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset group is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. |
Leases | Leases. The Company has operating and finance leases for land and buildings related to certain manufacturing facilities, warehouses and corporate offices, vehicle fleets and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company's lease terms include options to extend the lease when it is reasonably certain that the Company will exercise the option. Variable lease payment amounts that cannot be determined at commencement of the lease, such as increases in index rates, are not included in the measurement of the lease liabilities and corresponding right-of-use assets and are recognized in the period those payments are incurred. The Company separates lease and non-lease components of lease arrangements and allocates contract consideration based on standalone selling prices. Variable consideration is allocated to the lease and non-lease components to which the variable payments specifically relate. The discount rate implicit within the Company's leases is often not determinable and therefore the Company generally uses its incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of the lease payments. The incremental borrowing rate is determined based on lease term and the currency in which lease payments are made. The Company's leases do not contain any material residual value guarantees or material restrictive covenants. |
Taxes on Income | Taxes on Income . The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. The Company has made an accounting policy election to treat taxes due on future U.S. inclusions of certain intangible income of foreign subsidiaries as a current period expense when incurred. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. Income tax-related interest and penalties are reported as income tax expense. |
Derivatives and Hedging | Derivatives and Hedging . All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the forecasted transactions become probable of not occurring. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. |
Research and Development | Research and Development . Research, development and engineering costs of $33 in 2023, $34 in 2022, and $47 in 2021 were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. |
Reclassifications | Reclassifications. |
Recent Accounting and Reporting Pronouncements | Recent Accounting and Reporting Pronouncements. Recently Adopted Accounting Standards On January 1, 2023, the Company adopted new guidance which requires enhanced disclosures of supplier finance programs. The guidance requires buyers in a supplier finance program to disclose sufficient information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. The Company has various supplier finance programs under which the Company agrees to pay banks the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Suppliers, at their sole discretion, have the opportunity to sell their receivables due from the Company earlier than contracted payment terms. The Company or the banks may terminate the agreements upon at least 30 days' notice. The Company does not have assets pledged as collateral for supplier finance programs. The supplier invoices that have been confirmed as valid under the programs typically have payment terms of 150 days or less, consistent with the commercial terms and conditions as agreed upon with suppliers. The Company had $862 and $1,037 confirmed obligations outstanding under these supplier finance programs as of December 31, 2023 and December 31, 2022 included in Accounts Payable Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board issued new guidance that requires incremental disclosures related to reportable segments. That standard requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of profit or loss. The title and position of the CODM and how the reported measure of segment profit or loss is used by the CODM to assess segment performance and allocate resources is also required to be disclosed. The standard also permits disclosure of additional measures of segment profit. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this standard on its disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of PP&E | Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and building improvements 25 – 40 Machinery and equipment 3– 18 2023 2022 Buildings and improvements $ 1,888 $ 1,422 Machinery and equipment 6,153 5,576 Land and improvements 269 213 Construction in progress 589 844 8,899 8,055 Less: accumulated depreciation and amortization (3,837) (3,515) $ 5,062 $ 4,540 |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Finite-Lived Intangible Assets | Customer relationships 10 - 18 Trade names 8 - 27 Technology 6 - 8 Long-term supply contracts 15 Patents 8 Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: December 31, 2023 December 31, 2022 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,423 $ (670) $ 753 $ 1,356 $ (542) $ 814 Trade names 539 (130) 409 530 (106) 424 Technology 159 (133) 26 157 (109) 48 Long term supply contracts 167 (99) 68 146 (76) 70 Patents 12 (10) 2 11 (9) 2 $ 2,300 $ (1,042) $ 1,258 $ 2,200 $ (842) $ 1,358 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations | Major components of net loss from discontinued operations were as follows: For the Year Ended December 31 2021 Net sales $ 1,585 Cost of products sold, excluding depreciation and amortization 1,301 Depreciation and amortization 16 Selling and administrative expense 60 Restructuring and other 2 Other pension and postretirement 1 Interest expense 6 Foreign exchange — Loss on sale of discontinued businesses 101 Transaction costs 34 Income from discontinued operations before tax 64 Provision for income taxes 116 Net loss from discontinued operations (52) Net income from discontinued operations attributable to noncontrolling interests 1 Net loss from discontinued operations attributable to Crown Holdings $ (53) |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Statements of Cash Flows were as follows: 2023 2022 Cash and cash equivalents $ 1,310 $ 550 Restricted cash included in prepaid expenses and other current assets 90 89 Total cash, cash equivalents and restricted cash $ 1,400 $ 639 |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents, and restricted cash included in the Company's Consolidated Balance Sheets and Statements of Cash Flows were as follows: 2023 2022 Cash and cash equivalents $ 1,310 $ 550 Restricted cash included in prepaid expenses and other current assets 90 89 Total cash, cash equivalents and restricted cash $ 1,400 $ 639 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Receivables | 2023 2022 Accounts receivable $ 1,122 $ 1,132 Less: allowance for credit losses (29) (22) Net trade receivables 1,093 1,110 Unbilled receivables 338 363 Miscellaneous receivables 288 370 $ 1,719 $ 1,843 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventories | 2023 2022 Raw materials and supplies $ 1,031 $ 1,352 Work in process 139 156 Finished goods 443 506 $ 1,613 $ 2,014 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2023 and 2022 were as follows: Americas Beverage European Beverage Transit Packaging Other Total Balance at January 1, 2022 $ 825 $ 535 $ 1,461 $ 186 $ 3,007 Goodwill acquired — — 6 — 6 Foreign currency translation 25 (44) (39) (4) (62) Balance at December 31, 2022 850 491 1,428 182 2,951 Goodwill acquired — 37 — — 37 Foreign currency translation 71 22 35 1 129 Balance at December 31, 2023 $ 921 $ 550 $ 1,463 $ 183 $ 3,117 During the year-ended December 31, 2023, goodwill acquired was from the acquisition of Helvetia Packaging AG. See Note B for more information. The carrying amount of goodwill at December 31, 2023 and 2022 was net of the following accumulated impairments: Americas Beverage European Beverage Other Total Accumulated impairments $ 29 $ 73 $ 11 $ 113 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Finite-Lived Intangible Assets | Customer relationships 10 - 18 Trade names 8 - 27 Technology 6 - 8 Long-term supply contracts 15 Patents 8 Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: December 31, 2023 December 31, 2022 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,423 $ (670) $ 753 $ 1,356 $ (542) $ 814 Trade names 539 (130) 409 530 (106) 424 Technology 159 (133) 26 157 (109) 48 Long term supply contracts 167 (99) 68 146 (76) 70 Patents 12 (10) 2 11 (9) 2 $ 2,300 $ (1,042) $ 1,258 $ 2,200 $ (842) $ 1,358 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively. Land improvements 25 Buildings and building improvements 25 – 40 Machinery and equipment 3– 18 2023 2022 Buildings and improvements $ 1,888 $ 1,422 Machinery and equipment 6,153 5,576 Land and improvements 269 213 Construction in progress 589 844 8,899 8,055 Less: accumulated depreciation and amortization (3,837) (3,515) $ 5,062 $ 4,540 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Cost | The components of lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Operating lease costs: Operating lease cost $ 54 $ 58 $ 48 Short-term lease cost 2 2 3 Total operating lease costs $ 56 $ 60 $ 51 Finance lease cost: Amortization of right-of-use assets $ 1 $ 1 $ 1 Total finance lease costs $ 1 $ 1 $ 1 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 54 $ 53 $ 51 Financing cash flows from finance leases 2 1 2 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 36 $ 87 $ 73 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to finance leases was as follows: 2023 2022 Finance leases: Property, plant and equipment $ 21 $ 26 Accumulated depreciation (3) (3) Property, plant and equipment, net $ 18 $ 23 Accrued liabilities $ 1 $ 2 Other non-current liabilities 5 5 Total finance lease liabilities $ 6 $ 7 |
Schedule of Weighted Average Remaining Lease Term and Discount Schedule | The weighted average remaining lease term and weighted average discount rates for each year were as follows: 2023 2022 Weighted average remaining lease term (years): Operating leases 9.5 10.3 Finance leases 4.1 5.2 Weighted average discount rate: Operating leases 4.5 % 4.2 % Finance leases 3.5 % 2.9 % |
Schedule of Maturities of Operating Lease Liabilities | Maturities of lease liabilities as of December 31, 2023 were as follows: Operating Leases Finance Leases 2024 $ 48 $ 2 2025 42 2 2026 32 1 2027 25 1 2028 21 — Thereafter 109 — Total lease payments 277 6 Less imputed interest (57) — $ 220 $ 6 |
Schedule of Maturities of Finance Lease Liabilities | Maturities of lease liabilities as of December 31, 2023 were as follows: Operating Leases Finance Leases 2024 $ 48 $ 2 2025 42 2 2026 32 1 2027 25 1 2028 21 — Thereafter 109 — Total lease payments 277 6 Less imputed interest (57) — $ 220 $ 6 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of Components of Other Non-Current Assets | 2023 2022 Pension assets $ 94 $ 88 Deferred taxes 132 113 Investments 87 158 Fair value of derivatives 47 91 Other 193 122 $ 553 $ 572 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | 2023 2022 Salaries and employee benefits $ 173 $ 138 Accrued taxes, other than on income 85 102 Income taxes 119 87 Accrued interest 59 52 Fair value of derivatives 20 35 Asbestos liabilities 20 25 Pension and postretirement liabilities 25 20 Restructuring 22 20 Other 399 451 $ 922 $ 930 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges by Segment and Type | The Company recorded restructuring and other items as follows: 2023 2022 2021 Asset impairments and sales $ 72 $ (106) $ (20) Restructuring 23 35 29 Other costs / (income) 19 14 (42) Asbestos — 5 5 $ 114 $ (52) $ (28) Restructuring charges by segment were as follows: 2023 2022 2021 Americas Beverage 4 $ — $ — European Beverage 9 $ — $ 3 Asia Pacific 7 — 1 Transit Packaging (1) 35 19 Other 4 — 3 Corporate — — 3 $ 23 $ 35 $ 29 Restructuring charges by type were as follows: 2023 2022 2021 Termination benefits $ 15 $ 29 $ 10 Other exit costs 8 6 19 $ 23 $ 35 $ 29 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | 2023 2022 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 16 $ 16 $ 76 $ 76 Long-term debt Senior secured borrowings: Revolving credit facilities — — 329 329 Term loan facilities U.S. dollar due 2027 1,575 1,569 1,800 1,792 Euro due 2027 1 589 589 578 578 Senior notes and debentures: €600 at 2.625% due 2024 663 662 642 640 €600 at 3.375% due 2025 663 662 642 640 U.S. dollar at 4.25% due 2026 400 398 400 397 U.S. dollar at 4.75% due 2026 875 871 875 869 U.S. dollar at 7.375% due 2026 350 350 350 348 €500 at 2.875% due 2026 552 550 536 532 €500 at 5.00% due 2028 552 544 — — €500 at 4.75% due 2029 552 544 — — U.S. dollar at 5.25% due 2030 500 494 500 494 U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies: Fixed rate with rates in 2023 from 2.6% to 14.4% due through 2027 169 169 221 221 Variable rate with an average rate in 2023 of 3.6% due 2026 16 16 21 21 Total long-term debt 7,496 7,458 6,934 6,901 Less: current maturities (759) (759) (109) (109) Total long-term debt, less current maturities $ 6,737 $ 6,699 $ 6,825 $ 6,792 (1) €533 at December 31, 2023 and €540 at December 31, 2022 |
Schedule of Weighted Average Interest Rates | The weighted average interest rates were as follows: 2023 2022 2021 Short-term debt 13.2 % 3.8 % 0.6 % Revolving credit facilities 4.5 % 2.5 % 1.2 % |
Derivative and Other Financia_2
Derivative and Other Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Impact on Accumulated Other Comprehensive Income and Earnings from Changes in Fair Value | 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 related to derivative instruments designated as cash flow hedges. Amount of gain / (loss) recognized in AOCI Derivatives in cash flow hedges 2023 2022 Foreign exchange $ (2) $ (1) Commodities (8) (27) $ (10) $ (28) Amount of gain / (loss) reclassified from AOCI into income Derivatives in cash flow hedges 2023 2022 Affected line item in the Foreign exchange $ — $ (7) Net sales Commodities 9 (6) Net sales Foreign exchange — 3 Cost of products sold, excluding depreciation and amortization Commodities (38) 29 Cost of products sold, excluding depreciation and amortization (29) 19 Income / (loss) from continuing operations before income taxes and equity in net earnings of affiliates 7 (4) Provision for / (benefit from) income taxes $ (22) $ 15 Net income / (loss) from continuing operations |
Schedule of Impact on Earnings from Derivatives Not Designated as Hedges | The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain / (loss) recognized in earnings Derivatives not designated as hedges 2023 2022 Affected line item in the Foreign exchange $ — $ (2) Net sales Foreign exchange (4) 7 Cost of products sold, excluding depreciation and amortization Foreign exchange (4) (14) Foreign exchange $ (8) $ (9) |
Schedule of Impact on Other Comprehensive Income from Changes in Fair Value | The following table sets forth financial information about the impact on accumulated other comprehensive income from changes in the fair value of these derivative instruments designated as net investment hedges. Amount of gain / (loss) recognized in AOCI Derivatives designated as net investment hedges 2023 2022 Foreign exchange $ (33) $ 32 |
Schedule of Fair Value of Financial Assets and Liabilities on Recurring Basis | The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2023 and December 31, 2022, respectively. The fair value of these financial instruments were reported under Level 2 of the fair value hierarchy. Balance Sheet classification December 31, December 31, Balance Sheet classification December 31, December 31, Derivatives designated as hedging instruments Foreign exchange contracts cash flow Prepaid expenses and other current assets $ 1 $ 3 Accrued liabilities $ 2 $ 2 Other non-current assets — 1 Other non-current liabilities — — Foreign exchange contracts fair value Prepaid expenses and other current assets — 4 Accrued liabilities 2 4 Commodities contracts cash flow Prepaid expenses and other current assets 13 11 Accrued liabilities 13 27 Net investment hedge Other non-current assets 47 90 Other non-current liabilities — — $ 61 $ 109 $ 17 $ 33 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 3 $ 8 Accrued liabilities $ 3 $ 2 Total derivatives $ 64 $ 117 $ 20 $ 35 Fair Value Hedge Carrying Amounts Carrying amount of the hedged assets and liabilities Line item in the Balance Sheet in which the hedged item is included December 31, 2023 December 31, 2022 Cash and cash equivalents 2 22 Receivables, net 12 16 Accrued liabilities 120 111 |
Schedule of Offsetting Assets | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at December 31, 2023 Derivative assets $ 64 $ 7 $ 57 Derivative liabilities 20 7 13 Balance at December 31, 2022 Derivative assets $ 117 $ 13 $ 104 Derivative liabilities 35 13 22 |
Schedule of Offsetting Liabilities | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at December 31, 2023 Derivative assets $ 64 $ 7 $ 57 Derivative liabilities 20 7 13 Balance at December 31, 2022 Derivative assets $ 117 $ 13 $ 104 Derivative liabilities 35 13 22 |
Schedule of Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at December 31, 2023 and December 31, 2022 were: December 31, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Foreign exchange $ 75 $ 287 Commodities 160 230 Derivatives designated as fair value hedges: Foreign exchange 202 201 Derivatives designated as net investment hedges: Foreign exchange 875 875 Derivatives not designated as hedges: Foreign exchange 302 512 |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Schedule of Claims Activity | The Company's approximate claims activity for the years ended 2023, 2022 and 2021 was as follows: 2023 2022 2021 Beginning claims 57,500 57,000 56,000 New claims 1,500 1,500 2,000 Settlements or dismissals (500) (1,000) (1,000) Ending claims 58,500 57,500 57,000 |
Schedule of Outstanding Asbestos Claims by Year of Exposure and State Filed | In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes by year of exposure and state filed. As of December 31, 2023 and December 31, 2022, the Company's outstanding claims were: 2023 2022 Claimants alleging first exposure after 1964 18,000 17,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 13,000 Pennsylvania 1,500 1,500 Other states that have enacted asbestos legislation 6,000 6,000 Other states 20,000 20,000 Total claims outstanding 58,500 57,500 |
Schedule 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: 2023 2022 2021 Total claims 25 % 24 % 24 % Pre-1965 claims in states without asbestos legislation 44 % 43 % 42 % |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Non-Current Liabilities | 2023 2022 Deferred taxes $ 338 $ 374 Asbestos liabilities 184 195 Income taxes payable 27 30 Postemployment benefits 22 20 Environmental 12 12 Finance lease liabilities 5 5 Other 93 76 $ 681 $ 712 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Pension Expense and Benefits Cost | The components of pension expense were as follows: U.S. Plans 2023 2022 2021 Service cost $ 13 $ 19 $ 20 Interest cost 54 31 25 Expected return on plan assets (60) (75) (63) Curtailments and special termination benefits — 1 9 Amortization of actuarial loss 43 44 58 Amortization of prior service cost 1 1 1 Net periodic cost $ 51 $ 21 $ 50 Non-U.S. Plans 2023 2022 2021 Service cost $ 7 $ 9 $ 13 Interest cost 19 13 32 Expected return on plan assets (22) (22) (72) Settlements — — 1,511 Special termination benefits 6 — — Amortization of actuarial loss 3 5 33 Amortization of prior service credit — (1) — Net periodic cost $ 13 $ 4 $ 1,517 The components of net postretirement benefits cost were as follows: Other Postretirement Benefits 2023 2022 2021 Service cost $ — $ 1 $ 1 Interest cost 6 4 4 Amortization of prior service credit — (20) (26) Amortization of actuarial loss — 2 4 Net periodic benefit cost/(credit) $ 6 $ (13) $ (17) |
Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations, Plan Assets and Funded Status | The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans were as follows: U.S. Plans Non-U.S. Plans 2023 2022 2023 2022 Projected Benefit Obligations Benefit obligations at January 1 $ 1,094 $ 1,413 $ 387 $ 513 Service cost 13 19 7 9 Interest cost 54 31 19 13 Plan participants' contributions — — 2 2 Amendments 1 1 (2) — Settlements — (9) (8) (9) Curtailments — (2) — — Special termination benefits — — 6 — Actuarial (gain)/loss 36 (266) 18 (95) Benefits paid (89) (93) (38) (30) Foreign currency translation — — 24 (16) Benefit obligations at December 31 $ 1,109 $ 1,094 $ 415 $ 387 Plan Assets Fair value of plan assets at January 1 $ 886 $ 1,177 $ 381 $ 529 Actual return on plan assets - gain/(loss) 81 (199) 33 (22) Employer contributions 2 10 17 (63) Plan participants' contributions — — 2 2 Settlements — (9) (7) (7) Benefits paid (89) (93) (38) (31) Foreign currency translation — — 24 (27) Fair value of plan assets at December 31 $ 880 $ 886 $ 412 $ 381 Funded status $ (229) $ (208) $ (3) $ (6) Accumulated benefit obligations at December 31 $ 1,065 $ 1,055 $ 389 $ 361 |
Schedule of Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | U.S. pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets were as follows: 2023 2022 Projected benefit obligations $ 1,109 $ 1,094 Accumulated benefit obligations 1,065 1,055 Fair value of plan assets 880 886 Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets were as follows: 2023 2022 Projected benefit obligations $ 213 $ 224 Accumulated benefit obligations 195 204 Fair value of plan assets 117 134 |
Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | Non-U.S. pension plans with projected benefit obligations in excess of plan assets were as follows: 2023 2022 Projected benefit obligations $ 213 $ 224 Accumulated benefit obligations 195 204 Fair value of plan assets 117 135 |
Schedule of Ranges for Asset Allocation and Summary of Defined Benefit Plan Assets and Accrued Income | The strategic ranges for asset allocation in the U.S. plans are as follows: U.S. equities 45 % to 55 % International equities 7.5 % to 12.5 % Fixed income 15 % to 25 % Balanced funds 7.5 % to 12.5 % Real estate 7.5 % to 12.5 % 2023 U.S. plan Non-U.S. plan Total Level 1 Cash and cash equivalents $ 15 $ 23 $ 38 Global large cap equity — 3 3 U.S. large cap equity 173 4 177 U.S. mid/small cap equity 276 21 297 Mutual funds – global equity 59 — 59 Mutual funds – U.S. equity 49 — 49 Mutual funds – fixed income 18 — 18 590 51 641 Level 2 Government issued debt securities — 18 18 Corporate debt securities 41 8 49 Insurance contracts — 110 110 Investment funds – fixed income — 1 1 41 137 178 Level 3 Investment funds – real estate 127 60 187 Private equity 3 — 3 Real estate – direct 27 17 44 157 77 234 Total assets in fair value hierarchy 788 265 1,053 Investments measured at NAV Practical Expedient (a) Investment funds - fixed income 86 22 108 Investment funds - global equity — 118 118 Investment funds - emerging markets 5 — 5 Investment funds - real estate — 7 7 91 147 238 Total investments at fair value $ 879 $ 412 $ 1,291 2022 U.S. plan Non-U.S. plan Total Level 1 Cash and cash equivalents $ 35 $ 19 $ 54 Global large cap equity — 11 11 U.S. large cap equity 152 2 154 U.S. mid/small cap equity 246 19 265 Mutual funds – global equity 64 — 64 Mutual funds – U.S. equity 52 — 52 Mutual funds – fixed income 54 — 54 603 51 654 Level 2 Government issued debt securities — 18 18 Corporate debt securities 42 2 44 Insurance contracts — 94 94 Investment funds – fixed income — 1 1 42 115 157 Level 3 Investment funds – real estate 135 68 203 Private equity 4 1 5 Real estate – direct 28 16 44 167 85 252 Total assets in fair value hierarchy 812 251 1,063 Investments measured at NAV Practical Expedient (a) Investment funds - fixed income 68 19 87 Investment funds - global equity — 108 108 Investment funds - emerging markets 5 — 5 Investments funds - real estate — 3 3 73 130 203 Total investments at fair value $ 885 $ 381 $ 1,266 (a) Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Accrued income excluded from the tables above was as follows: 2023 2022 U.S. plan assets $ 1 $ 1 |
Schedule of Reconciliation of Plan Assets Using Level 3 | The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3). Private Real Total Balance at January 1, 2022 $ 7 $ 211 $ 218 Foreign currency translation — (9) (9) Asset returns – assets held at reporting date (2) (9) (11) Asset returns – assets sold during the period 1 9 10 Purchases, sales and settlements, net (1) 45 44 Balance at December 31, 2022 5 247 252 Foreign currency translation — 2 2 Asset returns – assets held at reporting date 18 (24) (6) Asset returns – assets sold during the period (18) 11 (7) Purchases, sales and settlements, net (2) (5) (7) Balance at December 31, 2023 $ 3 $ 231 $ 234 |
Schedule of Additional Information About Pension Plan Assets Valued Using Net Asset Value | The following table presents additional information about the pension plan assets valued using NAV as a practical expedient: Fair Value Redemption Frequency Redemption Notice Period Balance at December 31, 2023 Investment funds – fixed income $ 108 Semi-monthly 1- 5 days Investment funds – global equity 118 Daily 10 days Investment funds – emerging markets 5 Daily 30 days Investment funds – real estate 7 Daily 1 day Balance at December 31, 2022 Investment funds – fixed income $ 87 Semi-monthly 1- 5 days Investment funds – global equity 108 Daily 10 days Investment funds – emerging markets 5 Daily 30 days Investment funds – real estate 3 Daily 10 days |
Schedule of Pension Assets and Liabilities | Pension assets and liabilities included in the Consolidated Balance Sheets were: 2023 2022 Non-current assets $ 94 $ 88 Current liabilities 12 8 Non-current liabilities 314 294 |
Schedule of Changes in Net (Gain)/ Loss and Prior Service Cost/(Credit) | Changes in the net loss and prior service cost (credit) for the Company’s pension plans were: 2023 2022 2021 Net loss Prior Net loss Prior Net loss Prior Balance at January 1 $ 712 $ — $ 814 $ 2 $ 1,802 $ 8 Reclassification to net periodic benefit cost (46) (1) (49) (1) (1,629) (4) Current year loss / (gain) 22 — (45) (1) 640 (2) Amendments (1) — — — (1) — Foreign currency translation (1) — (8) — 2 — Balance at December 31 $ 686 $ (1) $ 712 $ — $ 814 $ 2 Changes in the net (gain)/ loss and prior service credit for the Company’s postretirement benefit plans were: 2023 2022 2021 Net (gain) / Prior Net Prior Net Prior Balance at January 1 $ (2) $ — $ 21 $ (20) $ 45 $ (46) Reclassification to net periodic benefit cost — — (2) 20 (4) 26 Current year (gain) / loss — — (22) — (20) — Foreign currency translation (1) — 1 — — — Balance at December 31 $ (3) $ — $ (2) $ — $ 21 $ (20) |
Schedule of Expected Future Benefit Payments | Expected future benefit payments as of December 31, 2023 are: U.S. Non-U.S. 2024 $ 91 $ 32 2025 105 32 2026 84 32 2027 105 31 2028 80 32 2029 - 2033 376 162 Expected future benefit payments are as follows: Benefit Payments 2024 $ 13 2025 10 2026 10 2027 10 2028 9 2029 - 2033 41 |
Schedule of Benefit Obligations Weighted Average Actuarial Assumptions | The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 were: U.S. Plans 2023 2022 2021 Discount rate 5.0 % 5.2 % 2.9 % Compensation increase 5.0 % 5.0 % 4.7 % Non-U.S. Plans 2023 2022 2021 Discount rate 4.8 % 4.9 % 2.5 % Compensation increase 2.9 % 2.7 % 2.5 % The weighted average actuarial assumptions used to calculate pension expense for each year were: U.S. Plans 2023 2022 2021 Discount rate - service cost 5.4 % 3.3 % 3.1 % Discount rate - interest cost 5.1 % 2.2 % 1.7 % Compensation increase 5.0 % 4.7 % 4.7 % Long-term rate of return 7.2 % 6.6 % 5.7 % Non-U.S. Plans 2023 2022 2021 Discount rate - service cost 5.0 % 2.9 % 2.2 % Discount rate - interest cost 5.1 % 2.6 % 1.8 % Compensation increase 2.9 % 2.7 % 2.5 % Long-term rate of return 5.1 % 4.3 % 3.3 % Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below: 2023 2022 2021 Benefit obligations 5.0 % 5.8 % 3.4 % Service cost 5.3 % 7.8 % 5.9 % Interest cost 4.9 % 5.7 % 3.6 % |
Schedule of Changes in Benefit Obligations | Changes in the benefit obligations were: 2023 2022 Benefit obligations at January 1 $ 108 $ 137 Service cost — 1 Interest cost 6 4 Actuarial (gain) /loss — (22) Benefits paid (11) (11) Foreign currency translation 4 (1) Benefit obligations at December 31 $ 107 $ 108 |
Schedule of Assumed Health Care Cost Trend Rates | The assumed health care cost trend rates at December 31, 2023 were as follows: Health care cost trend rate assumed for 2023 4.7 % Rate that the cost trend rate gradually declines to 3.8 % Year that the rate reaches the rate it is assumed to remain 2032 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Before Income Taxes | The components of income before income taxes were as follows: 2023 2022 2021 U.S. $ (1) $ 295 $ 143 Foreign 796 761 (562) $ 795 $ 1,056 $ (419) |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following: 2023 2022 2021 Current tax: U.S. federal $ 31 $ 18 $ 2 State and foreign 244 190 239 $ 275 $ 208 $ 241 Deferred tax: U.S. federal $ (27) $ 46 $ 46 State and foreign (26) (11) (344) (53) 35 (298) Total $ 222 $ 243 $ (57) |
Schedule of U.S. Statutory Federal Income Tax Rate to Pre-tax Income | The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items: 2023 2022 2021 U.S. statutory rate at 21% $ 167 $ 222 $ (88) Tax on foreign income 7 (30) (35) Foreign withholding taxes 23 5 6 Valuation allowance changes 5 33 26 State taxes 2 (2) 9 U.S. taxes on foreign income, net of credits 5 1 13 Tax contingencies 2 7 8 Tax law changes 8 2 (8) Other items, net 3 5 12 Income tax provision / (benefit) $ 222 $ 243 $ (57) |
Schedule of Components of Deferred Taxes | The components of deferred taxes at December 31 were: 2023 2022 Assets Liabilities Assets Liabilities Tax carryforwards $ 274 — $ 266 $ — Disallowed interest carryforwards 54 — 5 — Intangible assets — 292 — 298 Property, plant and equipment 16 253 15 225 Pensions 90 20 87 20 Accruals and other 123 94 105 103 Asbestos 50 — 53 — Postretirement and postemployment benefits 23 — 25 — Lease liabilities 32 — 32 — Right of use assets — 31 — 30 Valuation allowances (178) — (173) — Total $ 484 $ 690 $ 415 $ 676 |
Schedule of Tax Loss and Credit Carryforwards Expiration | Tax carryforwards expire as follows: Year Amount 2024 $ 7 2025 15 2026 17 2027 10 2028 3 Thereafter 94 Unlimited 128 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits follows: 2023 2022 2021 Balance at January 1 $ 46 $ 48 $ 42 Additions for prior year tax positions 6 7 9 Lapse of statute of limitations (4) (1) (1) Settlements (2) (6) — Foreign currency translation — (2) (2) Balance at December 31 $ 46 $ 46 $ 48 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Share Activity | A summary of common share activity for the years ended December 31 follows (in shares): 2023 2022 2021 Common shares outstanding at January 1 119,945,302 126,131,799 134,801,030 Shares repurchased (143,736) (6,574,610) (9,121,328) Restricted stock issued to employees, net of forfeitures 820,343 370,178 435,129 Shares issued to non-employee directors 22,404 17,935 16,968 Common shares outstanding at December 31 120,644,313 119,945,302 126,131,799 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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/ (loss) for the years ended December 31, 2023 and 2022. Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2022 $ (768) $ (1,158) $ 28 $ (1,898) Other comprehensive income / (loss) before reclassifications 57 (39) (22) (4) Amounts reclassified from accumulated other comprehensive income 25 — (15) 10 Other comprehensive income / (loss) 82 (39) (37) 6 Balance at December 31, 2022 (686) (1,197) (9) (1,892) Other comprehensive income / (loss) before reclassifications (14) 175 (14) 147 Amounts reclassified from accumulated other comprehensive income 36 — 22 58 Other comprehensive income 22 175 8 205 Balance at December 31, 2023 $ (664) $ (1,022) $ (1) $ (1,687) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | For the years ended December 31, 2023, 2022 and 2021, the Company recognized revenue as follows: 2023 2022 2021 Revenue recognized over time $ 6,472 $ 6,937 $ 6,097 Revenue recognized at a point in time 5,538 6,006 5,297 Total $ 12,010 $ 12,943 $ 11,394 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted and Deferred Stock Activity | A summary of restricted and deferred stock activity follows: Number of shares Non-vested shares outstanding at January 1, 2023 942,835 Awarded: Time-vesting 847,358 Performance-based 190,515 Released: Time-vesting (319,071) Performance-based (146,781) Forfeitures: Time-vesting (39,540) Performance-based (30,604) Non-vested shares outstanding at December 31, 2023 1,444,712 |
Schedule of Average Grant-Date Fair Value of Restricted Stock | The average grant-date fair value of restricted stock awarded in 2023, 2022 and 2021 follows: 2023 2022 2021 Time-vesting $ 87.66 $ 96.29 $ 100.08 Performance-based 86.10 111.84 100.99 |
Schedule of Weighted Average Assumptions on Performance-Based Shares | The fair values of the performance-based awards that include a market condition were calculated using a Monte Carlo valuation model and the following weighted average assumptions: 2023 2022 2021 Risk-free interest rate 4.1 % 1.0 % 0.2 % Expected term (years) 3 3 3 Expected stock price volatility 39.8 % 34.8 % 35.5 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following table summarizes basic and diluted earnings per share ("EPS"). Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of restricted stock, when dilutive, as calculated under the treasury stock method. 2023 2022 2021 Net income / (loss) from continuing operations attributable to Crown Holdings $ 450 $ 727 $ (507) Net income / (loss) from discontinued operations attributable to Crown Holdings — — (53) Net income / (loss) attributable to Crown Holdings $ 450 $ 727 $ (560) Weighted average shares outstanding: Basic 119.41 120.86 130.38 Add: dilutive restricted stock 0.26 0.52 — Diluted 119.67 121.38 130.38 Earnings per common share attributable to Crown Holdings: Basic earnings / (loss) per common share from continuing operations $ 3.77 $ 6.01 $ (3.89) Basic earnings / (loss) per common share from discontinued operations — — (0.41) Basic earnings / (loss) per share $ 3.77 $ 6.01 $ (4.30) Diluted earnings / (loss) per common share from continuing operations $ 3.76 $ 5.99 $ (3.89) Diluted earnings / (loss) per common share from discontinued operations — — (0.41) Diluted earnings / (loss) per share $ 3.76 $ 5.99 $ (4.30) Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive 0.2 0.7 0.1 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Information on Operating Segments | The tables below present information about operating segments reported as continuing operations for the three years ended December 31, 2023, 2022 and 2021: 2023 Inter- External segment Capital Segment sales sales Depreciation expenditures income Americas Beverage $ 5,147 $ — $ 149 $ 296 $ 876 European Beverage 1,939 — 56 291 199 Asia Pacific 1,297 — 63 66 154 Transit Packaging 2,256 49 44 26 331 Total reportable segments 10,639 49 312 679 $ 1,560 Other 1,371 144 22 76 Corporate and unallocated items — — 2 38 Total $ 12,010 $ 193 $ 336 $ 793 2022 Inter- External segment Capital Segment sales sales Depreciation expenditures income Americas Beverage $ 5,126 $ 7 $ 128 $ 380 $ 742 European Beverage 2,114 89 49 283 123 Asia Pacific 1,615 — 62 51 172 Transit Packaging 2,545 36 41 64 281 Total reportable segments 11,400 132 280 778 $ 1,318 Other 1,543 103 18 61 Corporate and unallocated items — — 3 — Total $ 12,943 $ 235 $ 301 $ 839 2021 Inter- External segment Capital Segment sales sales Depreciation expenditures income Americas Beverage $ 4,441 $ — $ 108 $ 508 $ 756 European Beverage 1,843 133 53 57 224 Asia Pacific 1,322 — 61 68 182 Transit Packaging 2,530 25 41 58 318 Total reportable segments 10,136 158 263 691 $ 1,480 Other 1,258 114 17 58 Corporate and unallocated items — — 2 38 Total $ 11,394 $ 272 $ 282 $ 787 |
Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes for the three years ended December 31, 2023, 2022 and 2021 follows: 2023 2022 2021 Segment income of reportable segments $ 1,560 $ 1,318 $ 1,480 Other 117 240 144 Corporate and unallocated items (131) (115) (124) Restructuring and other (114) 52 28 Amortization of intangibles (163) (159) (165) Loss from early extinguishments of debt (1) (11) (68) Other pension and postretirement (49) 16 (1,515) Interest expense (436) (284) (253) Interest income 53 15 9 Foreign exchange (41) (16) 45 Income / (loss) from continuing operations before income taxes and equity in net earnings of affiliates $ 795 $ 1,056 $ (419) |
Summary of Sales by Major Product | Sales by major product were: 2023 2022 2021 Metal beverage cans and ends $ 7,514 $ 8,096 $ 6,982 Transit packaging 2,256 2,545 2,530 Metal food cans and ends 1,013 1,099 789 Other products 701 598 580 Other metal packaging 526 605 513 Total $ 12,010 $ 12,943 $ 11,394 |
Summary of Sales and Long-Lived Assets for the Major Countries | The following table provides sales and long-lived asset information for the major countries in which the Company operates. Long-lived assets comprises property, plant and equipment. Net Sales Long-Lived Assets 2023 2022 2021 2023 2022 United States $ 4,482 $ 4,740 $ 4,182 $ 1,694 $ 1,557 Mexico 1,129 1,080 896 560 464 Brazil 991 1,011 933 500 530 Canada 823 893 782 99 95 United Kingdom 494 521 412 466 262 Vietnam 423 547 342 317 282 Other 3,668 4,151 3,847 1,426 1,350 Total $ 12,010 $ 12,943 $ 11,394 $ 5,062 $ 4,540 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | Dec. 31, 2023 |
Land improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Buildings and building improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Buildings and building improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 18 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) | Dec. 31, 2023 |
Long term supply contracts | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life (in years) | 15 years |
Patents | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life (in years) | 8 years |
Minimum | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life (in years) | 10 years |
Minimum | Trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life (in years) | 8 years |
Minimum | Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life (in years) | 6 years |
Maximum | Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life (in years) | 18 years |
Maximum | Trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life (in years) | 27 years |
Maximum | Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life (in years) | 8 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Research, development and engineering costs | $ 33 | $ 34 | $ 47 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Recent Accounting and Reporting Pronouncements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reclassification [Line Items] | ||
Supplier finance program, payment timing, period (in days) | 150 days | |
Supplier finance program, obligation | $ 862 | $ 1,037 |
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable | Accounts payable |
Minimum | ||
Reclassification [Line Items] | ||
Supplier finance program, agreement notice, period (in days) | 30 days |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) $ in Millions, € in Billions | 1 Months Ended | 12 Months Ended | |||||
Oct. 03, 2023 USD ($) | Aug. 31, 2021 USD ($) | Aug. 31, 2021 EUR (€) | Apr. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Goodwill | $ 3,117 | $ 2,951 | $ 3,007 | ||||
Proceeds from sale of businesses, net of cash | 0 | 182 | 2,255 | ||||
Pre-tax gain from disposal of business | 0 | 0 | (101) | ||||
Capital expenditures | 793 | 839 | 816 | ||||
Income (loss) from equity in earnings of affiliates | 14 | 42 | 3 | ||||
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Restructuring and other, net | ||||||
European Tinplate | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Income (loss) from equity in earnings of affiliates | 9 | 34 | (8) | ||||
Proceeds from dividend payment | $ 83 | $ 26 | |||||
European Tinplate | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment charge on assets held for sale | 101 | ||||||
Income tax expense related to sale of business | 81 | ||||||
Discontinued Operations, Disposed of by Sale | Transit Packaging | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of businesses, net of cash | $ 180 | ||||||
Pre-tax gain from disposal of business | 113 | ||||||
Gain from disposal of business, net of tax | $ 102 | ||||||
Discontinued Operations, Disposed of by Sale | European Tinplate | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of businesses, net of cash | $ 2,300 | € 1.9 | |||||
Ownership interest after disposal | 20% | 20% | |||||
Capital expenditures | $ 29 | ||||||
Helvetia Packaging AG | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Total consideration | $ 126 | ||||||
Property, plant, and equipment | 70 | ||||||
Customer relationship intangible assets | 19 | ||||||
Goodwill | $ 37 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Major Components of Net (Loss)/Income from Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net loss from discontinued operations | $ 0 | $ 0 | $ (52) |
Net income from discontinued operations attributable to noncontrolling interests | 0 | 0 | 1 |
Net loss from discontinued operations attributable to Crown Holdings | $ 0 | $ 0 | (53) |
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 | 1,585 | ||
Cost of products sold, excluding depreciation and amortization | 1,301 | ||
Depreciation and amortization | 16 | ||
Selling and administrative expense | 60 | ||
Restructuring and other | 2 | ||
Other pension and postretirement | 1 | ||
Interest expense | 6 | ||
Foreign exchange | 0 | ||
Loss on sale of discontinued businesses | 101 | ||
Transaction costs | 34 | ||
Income from discontinued operations before tax | 64 | ||
Provision for income taxes | 116 | ||
Net loss from discontinued operations | (52) | ||
Net income from discontinued operations attributable to noncontrolling interests | 1 | ||
Net loss from discontinued operations attributable to Crown Holdings | $ (53) |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 1,310 | $ 550 | ||
Restricted cash included in prepaid expenses and other current assets | 90 | 89 | ||
Total cash, cash equivalents and restricted cash | $ 1,400 | $ 639 | $ 593 | $ 1,238 |
Receivables - Schedule of Recei
Receivables - Schedule of Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Accounts receivable | $ 1,122 | $ 1,132 |
Less: allowance for credit losses | (29) | (22) |
Net trade receivables | 1,093 | 1,110 |
Unbilled receivables | 338 | 363 |
Miscellaneous receivables | 288 | 370 |
Receivables, net | $ 1,719 | $ 1,843 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Transfer of financial assets accounted for as sales, amount derecognized | $ 1,104 | $ 1,342 | |
Expenses related to securitization and factoring facilities | $ 82 | $ 41 | $ 13 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 1,031 | $ 1,352 |
Work in process | 139 | 156 |
Finished goods | 443 | 506 |
Total inventories | $ 1,613 | $ 2,014 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 2,951 | $ 3,007 |
Goodwill acquired | 37 | 6 |
Foreign currency translation | 129 | (62) |
Balance at end of period | 3,117 | 2,951 |
Accumulated impairments balance | 113 | 113 |
Americas Beverage | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 850 | 825 |
Goodwill acquired | 0 | 0 |
Foreign currency translation | 71 | 25 |
Balance at end of period | 921 | 850 |
Accumulated impairments balance | 29 | 29 |
European Beverage | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 491 | 535 |
Goodwill acquired | 37 | 0 |
Foreign currency translation | 22 | (44) |
Balance at end of period | 550 | 491 |
Accumulated impairments balance | 73 | 73 |
Transit Packaging | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 1,428 | 1,461 |
Goodwill acquired | 0 | 6 |
Foreign currency translation | 35 | (39) |
Balance at end of period | 1,463 | 1,428 |
Other | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 182 | 186 |
Goodwill acquired | 0 | 0 |
Foreign currency translation | 1 | (4) |
Balance at end of period | 183 | 182 |
Accumulated impairments balance | $ 11 | $ 11 |
Intangible Assets - Gross Carry
Intangible Assets - Gross Carrying Amounts and Accumulated Amortization (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,300 | $ 2,200 |
Accumulated amortization | (1,042) | (842) |
Net | 1,258 | 1,358 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,423 | 1,356 |
Accumulated amortization | (670) | (542) |
Net | 753 | 814 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 539 | 530 |
Accumulated amortization | (130) | (106) |
Net | 409 | 424 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 159 | 157 |
Accumulated amortization | (133) | (109) |
Net | 26 | 48 |
Long term supply contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 167 | 146 |
Accumulated amortization | (99) | (76) |
Net | 68 | 70 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 12 | 11 |
Accumulated amortization | (10) | (9) |
Net | $ 2 | $ 2 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 163 | $ 159 | $ 165 |
Annual amortization expense: | |||
2024 | 152 | ||
2025 | 148 | ||
2026 | 139 | ||
2027 | 136 | ||
2028 | 136 | ||
Customer relationships | Helvetia Packaging AG | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangibles acquired | $ 19 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Buildings and improvements | $ 1,888 | $ 1,422 |
Machinery and equipment | 6,153 | 5,576 |
Land and improvements | 269 | 213 |
Construction in progress | 589 | 844 |
Property, plant and equipment, gross | 8,899 | 8,055 |
Less: accumulated depreciation and amortization | (3,837) | (3,515) |
Property, plant and equipment, net | $ 5,062 | $ 4,540 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Capitalized interest related to construction in progress | $ 39 | $ 28 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease costs: | |||
Operating lease cost | $ 54 | $ 58 | $ 48 |
Short-term lease cost | 2 | 2 | 3 |
Total operating lease costs | 56 | 60 | 51 |
Finance lease cost: | |||
Amortization of right-of-use assets | 1 | 1 | 1 |
Total finance lease costs | $ 1 | $ 1 | $ 1 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Variable operating lease costs | $ 5 | $ 4 | $ 3 |
Interest on finance lease liabilities | $ 1 | $ 1 | $ 1 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 54 | $ 53 | $ 51 |
Financing cash flows from finance leases | 2 | 1 | 2 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | $ 36 | $ 87 | $ 73 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finance leases: | ||
Property, plant and equipment | $ 21 | $ 26 |
Accumulated depreciation | (3) | (3) |
Property, plant and equipment, net | 18 | 23 |
Accrued liabilities | 1 | 2 |
Other non-current liabilities | 5 | 5 |
Total finance lease liabilities | $ 6 | $ 7 |
Weighted average remaining lease term (years): | ||
Operating leases | 9 years 6 months | 10 years 3 months 18 days |
Finance leases | 4 years 1 month 6 days | 5 years 2 months 12 days |
Weighted average discount rate: | ||
Operating leases | 4.50% | 4.20% |
Finance leases | 3.50% | 2.90% |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities |
Leases - Operating and Finance
Leases - Operating and Finance Lease Liability Maturity Schedule (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 48 | |
2025 | 42 | |
2026 | 32 | |
2027 | 25 | |
2028 | 21 | |
Thereafter | 109 | |
Total lease payments | 277 | |
Less imputed interest | (57) | |
Total operating lease liabilities | 220 | |
Finance Leases | ||
2024 | 2 | |
2025 | 2 | |
2026 | 1 | |
2027 | 1 | |
2028 | 0 | |
Thereafter | 0 | |
Total lease payments | 6 | |
Less imputed interest | 0 | |
Total finance lease liabilities | $ 6 | $ 7 |
Other Non-Current Assets - Sche
Other Non-Current Assets - Schedule of Components of Other Non-Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, All Other Investments [Abstract] | ||
Pension assets | $ 94 | $ 88 |
Deferred taxes | 132 | 113 |
Investments | 87 | 158 |
Fair value of derivatives | 47 | 91 |
Other | 193 | 122 |
Other non-current assets | $ 553 | $ 572 |
Other Non-Current Assets - Narr
Other Non-Current Assets - Narrative (Details) $ in Millions | Oct. 31, 2023 USD ($) |
Americas Beverage | |
Unusual or Infrequent Item, or Both [Line Items] | |
Accounts receivable noncurrent | $ 66 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Salaries and employee benefits | $ 173 | $ 138 |
Accrued taxes, other than on income | 85 | 102 |
Income taxes | 119 | 87 |
Accrued interest | 59 | 52 |
Fair value of derivatives | 20 | 35 |
Asbestos liabilities | 20 | 25 |
Pension and postretirement liabilities | 25 | 20 |
Restructuring | 22 | 20 |
Other | 399 | 451 |
Accrued liabilities | $ 922 | $ 930 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Restructuring and Other - Sched
Restructuring and Other - Schedule of Restructuring and Other Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |||
Asset impairments and sales | $ 72 | $ (106) | $ (20) |
Restructuring | 23 | 35 | 29 |
Other costs / (income) | 19 | 14 | (42) |
Asbestos | 0 | 5 | 5 |
Restructuring and other | $ 114 | $ (52) | $ (28) |
Restructuring and Other - Narra
Restructuring and Other - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Gain (loss) on restructuring | $ (72) | $ 106 | $ 20 | ||
Restructuring | 23 | 35 | 29 | ||
Other restructuring costs | 19 | 14 | (42) | ||
Pre-tax gain from disposal of business | 0 | 0 | (101) | ||
Transit Packaging | Discontinued Operations, Disposed of by Sale | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax gain from disposal of business | $ 113 | ||||
Transit Packaging | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance payments | 11 | ||||
Americas Beverage | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other restructuring costs | 30 | ||||
Termination | European Beverage and Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 9 | ||||
Other Exit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 8 | 6 | $ 19 | ||
Other Exit Costs | European Beverage and Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 3 | ||||
Fines | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other restructuring costs | 11 | ||||
Tax Indemnity Charges | European Tinplate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other restructuring costs | 4 | ||||
Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance payments | 19 | ||||
Closure of Production Facility Globally | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring accrual | $ 22 | 22 | |||
Closure of Production Facility Globally | Batesville, Mississippi | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Gain (loss) on restructuring | (19) | ||||
Expected cost | 4 | 4 | |||
Closure of Production Facility Globally | Dong Nai, Vietnam | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Gain (loss) on restructuring | (19) | ||||
Closure of Production Facility Globally | Ho Chi Minh City, Vietnam and Singapore | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Gain (loss) on restructuring | (8) | ||||
Closure of Production Facility Globally | Decatur, Illinois | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Gain (loss) on restructuring | (5) | ||||
Closure of Production Facility Globally | Termination Benefits and Other Exit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 11 | ||||
Internal Reorganization and Headcount Reduction | Transit Packaging | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring accrual | 20 | ||||
Overhead Cost Reduction | Transit Packaging | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 29 | ||||
Number of positions to be eliminated | employee | 600 | ||||
Restructuring accrual | $ 7 | $ 7 |
Restructuring and Other - Charg
Restructuring and Other - Charges by Segment and Type (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 23 | $ 35 | $ 29 |
Termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 15 | 29 | 10 |
Other exit costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 8 | 6 | 19 |
Operating segments | Americas Beverage | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 4 | 0 | 0 |
Operating segments | European Beverage | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 9 | 0 | 3 |
Operating segments | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 7 | 0 | 1 |
Operating segments | Transit Packaging | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | (1) | 35 | 19 |
Operating segments | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 4 | 0 | 3 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $ 0 | $ 0 | $ 3 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | May 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) |
Principal outstanding | |||||
Short-term debt | $ 16 | $ 76 | |||
Total long-term debt | 7,496 | 6,934 | |||
Less: current maturities | (759) | (109) | |||
Total long-term debt, less current maturities | 6,737 | 6,825 | |||
Carrying amount | |||||
Short-term debt | 16 | 76 | |||
Total long-term debt | 7,458 | 6,901 | |||
Less: current maturities | (759) | (109) | |||
Total long-term debt, less current maturities | 6,699 | 6,792 | |||
Line of credit | Revolving credit facilities | |||||
Principal outstanding | |||||
Total long-term debt | 0 | 329 | |||
Carrying amount | |||||
Total long-term debt | 0 | 329 | |||
Term loan facilities | U.S. dollar due 2027 | |||||
Principal outstanding | |||||
Total long-term debt | 1,575 | 1,800 | |||
Carrying amount | |||||
Total long-term debt | 1,569 | 1,792 | |||
Term loan facilities | Euro due 2027 | |||||
Principal outstanding | |||||
Total long-term debt | 589 | 578 | |||
Carrying amount | |||||
Total long-term debt | 589 | 578 | |||
Debt instrument, face amount | € | € 533,000,000 | € 540,000,000 | |||
Senior notes and debentures | €600 at 2.625% due 2024 | |||||
Principal outstanding | |||||
Total long-term debt | 663 | 642 | |||
Carrying amount | |||||
Total long-term debt | $ 662 | 640 | |||
Debt instrument, face amount | € | € 600,000,000 | ||||
Debt instrument stated percentage | 2.625% | 2.625% | |||
Senior notes and debentures | €600 at 3.375% due 2025 | |||||
Principal outstanding | |||||
Total long-term debt | $ 663 | 642 | |||
Carrying amount | |||||
Total long-term debt | $ 662 | 640 | |||
Debt instrument, face amount | € | € 600,000,000 | ||||
Debt instrument stated percentage | 3.375% | 3.375% | |||
Senior notes and debentures | U.S. dollar at 4.25% due 2026 | |||||
Principal outstanding | |||||
Total long-term debt | $ 400 | 400 | |||
Carrying amount | |||||
Total long-term debt | $ 398 | 397 | |||
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 | $ 871 | 869 | |||
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 | $ 350 | 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 | $ 552 | 536 | |||
Carrying amount | |||||
Total long-term debt | $ 550 | 532 | |||
Debt instrument, face amount | € | € 500,000,000 | ||||
Debt instrument stated percentage | 2.875% | 2.875% | |||
Senior notes and debentures | €500 at 5.00% due 2028 | |||||
Principal outstanding | |||||
Total long-term debt | $ 552 | 0 | |||
Carrying amount | |||||
Total long-term debt | $ 544 | 0 | |||
Debt instrument, face amount | € | € 500,000,000 | € 500,000,000 | |||
Debt instrument stated percentage | 5% | 5% | 5% | ||
Senior notes and debentures | €500 at 4.75% due 2029 | |||||
Principal outstanding | |||||
Total long-term debt | $ 552 | 0 | |||
Carrying amount | |||||
Total long-term debt | $ 544 | 0 | |||
Debt instrument, face amount | € | € 500,000,000 | ||||
Debt instrument stated percentage | 4.75% | 4.75% | |||
Senior notes and debentures | U.S. dollar at 5.25% due 2030 | |||||
Principal outstanding | |||||
Total long-term debt | $ 500 | 500 | |||
Carrying amount | |||||
Total long-term debt | $ 494 | 494 | |||
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% | |||
Other indebtedness, fixed rate | |||||
Principal outstanding | |||||
Total long-term debt | $ 169 | 221 | |||
Carrying amount | |||||
Total long-term debt | $ 169 | 221 | |||
Other indebtedness, fixed rate | Minimum | |||||
Carrying amount | |||||
Debt instrument stated percentage | 2.60% | 2.60% | |||
Other indebtedness, fixed rate | Maximum | |||||
Carrying amount | |||||
Debt instrument stated percentage | 14.40% | 14.40% | |||
Other indebtedness, variable rate | |||||
Principal outstanding | |||||
Total long-term debt | $ 16 | 21 | |||
Carrying amount | |||||
Total long-term debt | $ 16 | $ 21 | |||
Average variable rates | 3.60% | 3.60% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | May 31, 2023 EUR (€) | |
Debt Instrument [Line Items] | |||||
Long-term debt, fair value | $ 7,484 | $ 6,922 | |||
Payments of long-term debt | 312 | 2,278 | $ 1,834 | ||
Aggregate maturities of long term debt excluding unamortized discounts, year one | 759 | ||||
Aggregate maturities of long term debt excluding unamortized discounts, year two | 743 | ||||
Aggregate maturities of long term debt excluding unamortized discounts, year three | 2,250 | ||||
Aggregate maturities of long term debt excluding unamortized discounts, year four | 2,100 | ||||
Aggregate maturities of long term debt excluding unamortized discounts, year five | 552 | ||||
Cash payments for interest | 390 | $ 270 | $ 294 | ||
Revolving credit facilities | |||||
Debt Instrument [Line Items] | |||||
Credit facility, available borrowing capacity | 1,585 | ||||
Line of credit facility, maximum borrowing capacity | 1,650 | ||||
Letters of credit outstanding, amount | $ 65 | ||||
Debt covenant, leverage ratio | 4.50 | 4.50 | |||
Maximum | Revolving credit facilities | |||||
Debt Instrument [Line Items] | |||||
Provisions for letters of credit | $ 310 | ||||
Basis spread on variable rate (as a percent) | 1.60% | ||||
Minimum | Revolving credit facilities | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0% | ||||
Term loan facilities | SOFR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.35% | ||||
Term loan facilities | EURIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.25% | ||||
€500 at 5.00% due 2028 | Senior notes and debentures | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | € | € 500,000,000 | € 500,000,000 | |||
Debt instrument stated percentage | 5% | 5% | 5% | ||
€500 at 4.75% due 2029 | Senior notes and debentures | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | € | € 500,000,000 | ||||
Debt instrument stated percentage | 4.75% | 4.75% | |||
U.S. dollar due 2027 | Term loan facilities | |||||
Debt Instrument [Line Items] | |||||
Payments of long-term debt | $ 203 |
Debt - Schedule of Weighted Ave
Debt - Schedule of Weighted Average Interest Rates (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Short-term debt | 13.20% | 3.80% | 0.60% |
Revolving credit facilities | 4.50% | 2.50% | 1.20% |
Derivative and Other Financia_3
Derivative and Other Financial Instruments - Narrative (Details) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Objectives 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. | |||
Net loss to be reclassified to earnings | $ 1 | |||
Loss, net of tax, expected to be reclassified to earnings | 1 | |||
Reclassification of anticipated transactions that were no longer considered probable | 0 | $ 0 | ||
Amount of gain / (loss) recognized in AOCI | (52) | 32 | ||
Gain (loss) on net investment hedge, net of tax | (43) | 19 | ||
Carrying amount of hedging investment | 1,796 | € 1,626 | ||
Reduction in interest expense | 25 | 25 | $ 24 | |
Fair value hedge, cumulative increase (decrease) | 2 | 1 | ||
Fair value hedging adjustment included in the carrying about of the hedged liabilities | 2 | 1 | ||
Accumulated Other Comprehensive Loss | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain / (loss) recognized in AOCI | 49 | 101 | ||
Gain (loss) on net investment hedge, net of tax | 68 | 111 | ||
Foreign exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on foreign exchange contracts designated as fair value hedges | (12) | $ 19 | ||
Cross currency swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Aggregate notional amount | $ 875 | |||
Minimum | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Contracts outstanding, maturity | 1 month | 1 month | ||
Maximum | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Contracts outstanding, maturity | 36 months | 36 months |
Derivative and Other Financia_4
Derivative and Other Financial Instruments - Accumulated Other Comprehensive Income ("AOCI") and Earnings from Changes in Fair Value Related to Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain/(loss) recognized in AOCI | $ (10) | $ (28) | |
Net sales | 12,010 | 12,943 | $ 11,394 |
Cost of products sold, excluding depreciation and amortization | 9,546 | 10,643 | 9,029 |
Income / (loss) from continuing operations before income taxes and equity in net earnings of affiliates | 795 | 1,056 | (419) |
Provision for / (benefit from) income taxes | 222 | 243 | (57) |
Net income / (loss) from continuing operations | 587 | 855 | $ (359) |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Provision for / (benefit from) income taxes | 7 | (4) | |
Net income / (loss) from continuing operations | (22) | 15 | |
Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain/(loss) recognized in AOCI | (2) | (1) | |
Foreign exchange | Net sales | Derivatives in cash flow hedges | Derivatives designated as hedges: | Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net sales | 0 | (7) | |
Foreign exchange | Cost of products sold, excluding depreciation and amortization | Derivatives in cash flow hedges | Derivatives designated as hedges: | Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cost of products sold, excluding depreciation and amortization | 0 | 3 | |
Commodities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain/(loss) recognized in AOCI | (8) | (27) | |
Commodities | Derivatives in cash flow hedges | Derivatives designated as hedges: | Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Income / (loss) from continuing operations before income taxes and equity in net earnings of affiliates | (29) | 19 | |
Commodities | Net sales | Derivatives in cash flow hedges | Derivatives designated as hedges: | Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net sales | 9 | (6) | |
Commodities | Cost of products sold, excluding depreciation and amortization | Derivatives in cash flow hedges | Derivatives designated as hedges: | Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cost of products sold, excluding depreciation and amortization | $ (38) | $ 29 |
Derivative and Other Financia_5
Derivative and Other Financial Instruments - Derivatives Not Designated as Hedges Income Statement (Details) - Derivatives not designated as hedges - Net Investment Hedging - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax amount of gain / (loss) recognized in earnings | $ (8) | $ (9) |
Foreign exchange | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax amount of gain / (loss) recognized in earnings | 0 | (2) |
Foreign exchange | Cost of products sold, excluding depreciation and amortization | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax amount of gain / (loss) recognized in earnings | (4) | 7 |
Foreign exchange | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-tax amount of gain / (loss) recognized in earnings | $ (4) | $ (14) |
Derivative and Other Financia_6
Derivative and Other Financial Instruments - Impact on OCI from Changes in Derivative Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Amount of gain / (loss) recognized in AOCI | $ (52) | $ 32 |
Foreign exchange | ||
Derivative [Line Items] | ||
Amount of gain / (loss) recognized in AOCI | $ (33) | $ 32 |
Derivative and Other Financia_7
Derivative and Other Financial Instruments - Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative assets | ||
Total | $ 64 | $ 117 |
Derivative liabilities | ||
Total | 20 | 35 |
Level 2 | ||
Derivative assets | ||
Total | 64 | 117 |
Derivative liabilities | ||
Total | 20 | 35 |
Derivatives designated as hedges: | Other assets | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 61 | 109 |
Derivatives designated as hedges: | Other non-current liabilities | Net investment hedge | Level 2 | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 0 | 0 |
Derivatives designated as hedges: | Other liabilities | Level 2 | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 17 | 33 |
Derivatives not designated as hedges: | Prepaid Expenses and Other Current Assets | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 3 | 8 |
Derivatives not designated as hedges: | Accrued liabilities | Foreign exchange contracts cash flow | Level 2 | ||
Derivative liabilities | ||
Derivatives not designated as hedging instruments | 3 | 2 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Prepaid Expenses and Other Current Assets | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 1 | 3 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Prepaid Expenses and Other Current Assets | Commodities contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 13 | 11 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other non-current assets | Foreign exchange contracts cash flow | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 0 | 1 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Accrued liabilities | Foreign exchange contracts cash flow | Level 2 | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 2 | 2 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Accrued liabilities | Commodities contracts cash flow | Level 2 | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 13 | 27 |
Derivatives in cash flow hedges | Derivatives designated as hedges: | Other non-current liabilities | Foreign exchange contracts cash flow | Level 2 | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 0 | 0 |
Derivatives in fair value hedges | Derivatives designated as hedges: | Prepaid Expenses and Other Current Assets | Foreign exchange contracts fair value | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 0 | 4 |
Derivatives in fair value hedges | Derivatives designated as hedges: | Accrued liabilities | Foreign exchange contracts fair value | Level 2 | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 2 | 4 |
Net investment hedge | Derivatives designated as hedges: | Other non-current assets | Level 2 | ||
Derivative assets | ||
Derivatives designated as hedging instruments | $ 47 | $ 90 |
Derivative and Other Financia_8
Derivative and Other Financial Instruments - Carrying Amount of Hedged Assets and Liabilities (Details) - Derivatives designated as hedges - Derivatives in fair value hedges - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | ||
Derivative [Line Items] | ||
Derivative instruments in hedges, assets | $ 2 | $ 22 |
Receivables, net | ||
Derivative [Line Items] | ||
Derivative instruments in hedges, assets | 12 | 16 |
Accrued liabilities | ||
Derivative [Line Items] | ||
Accrued liabilities | $ 120 | $ 111 |
Derivative and Other Financia_9
Derivative and Other Financial Instruments - Schedule of Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative assets | ||
Gross amounts recognized in the Balance Sheet | $ 64 | $ 117 |
Gross amounts not offset in the Balance Sheet | 7 | 13 |
Net amount | 57 | 104 |
Derivative liabilities | ||
Gross amounts recognized in the Balance Sheet | 20 | 35 |
Gross amounts not offset in the Balance Sheet | 7 | 13 |
Net amount | $ 13 | $ 22 |
Derivative and Other Financi_10
Derivative and Other Financial Instruments - Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cross currency swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional values | $ 875 | |
Derivatives designated as hedges | Derivatives in cash flow hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional values | 75 | $ 287 |
Derivatives designated as hedges | Derivatives in cash flow hedges | Commodities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional values | 160 | 230 |
Derivatives designated as hedges | Derivatives in fair value hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional values | 202 | 201 |
Derivatives designated as hedges | Net investment hedge | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional values | 875 | 875 |
Derivatives not designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional values | $ 302 | $ 512 |
Asbestos-Related Liabilities -
Asbestos-Related Liabilities - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) claim pendingClaim | Dec. 31, 2022 USD ($) claim | Dec. 31, 2021 USD ($) claim | Dec. 31, 2020 claim | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Holding period for insulation operations (in days) | 90 days | |||
Asbestos payments | $ 17 | $ 21 | $ 19 | |
Number of inactive claims | claim | 19,000 | |||
Percentage of claims that do not specify damages | 82% | |||
Claims outstanding | claim | 58,500 | 57,500 | 57,000 | 56,000 |
Accrued asbestos claims and related legal costs | $ 204 | |||
Unasserted claims | $ 158 | |||
Damage claims less than $5 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage of claims damages specified | 15% | |||
Damage claims less than $5 | Maximum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 5 | |||
Damage claims from $5 to less than $100 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage of claims damages specified | 3% | |||
Damage claims from $5 to less than $100 | Maximum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 100 | |||
Damage claims from $5 to less than $100 | Minimum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 5 | |||
Damage claims less than $25 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Percentage of claims damages specified | 29% | |||
Damage claims less than $25 | Maximum | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 25 | |||
Damages claims in excess of $100 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Damages claims amount | $ 100 | |||
Claims outstanding | pendingClaim | 14 |
Asbestos-Related Liabilities _2
Asbestos-Related Liabilities - Summary of Claims Activity (Details) - claim | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingency, Pending Claims [Roll Forward] | |||
Beginning claims | 57,500 | 57,000 | 56,000 |
New claims | 1,500 | 1,500 | 2,000 |
Settlements or dismissals | (500) | (1,000) | (1,000) |
Ending claims | 58,500 | 57,500 | 57,000 |
Asbestos-Related Liabilities _3
Asbestos-Related Liabilities - Summary of Outstanding Claims by Year Of Exposure and State Filed (Details) - claim | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 58,500 | 57,500 | 57,000 | 56,000 |
Claimants alleging first exposure after 1964 | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 18,000 | 17,000 | ||
Claimants alleging first exposure before or during 1964 | Texas | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 13,000 | 13,000 | ||
Claimants alleging first exposure before or during 1964 | Pennsylvania | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 1,500 | 1,500 | ||
Claimants alleging first exposure before or during 1964 | Other states that have enacted asbestos legislation | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 6,000 | 6,000 | ||
Claimants alleging first exposure before or during 1964 | Other states | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||
Claims outstanding | 20,000 | 20,000 |
Asbestos-Related Liabilities _4
Asbestos-Related Liabilities - Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases (Details) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Total claims | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims alleging serious diseases, percentage | 25% | 24% | 24% |
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, percentage | 44% | 43% | 42% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) € in Millions, $ in Millions | 1 Months Ended | |||
Jul. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 29, 2023 EUR (€) | Mar. 31, 2017 USD ($) | |
Violation of Articles 101 of the Treaty of the French Commercial Code by FCA | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Initial and subsequent penalty assessed | € | € 4 | |||
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 | $ 8 | |||
CCK vs. FCO | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Fine amount | $ 8 | |||
Penalty Notification Alleging Misclassification of Importation of Certain Goods into U.S. During 2004-2009 | U.S. Customs and Border Protection | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Initial and subsequent penalty assessed | $ 18 |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Deferred taxes | $ 338 | $ 374 |
Asbestos liabilities | 184 | 195 |
Income taxes payable | 27 | 30 |
Postemployment benefits | 22 | 20 |
Environmental | 12 | 12 |
Finance lease liabilities | 5 | 5 |
Other | 93 | 76 |
Other non-current liabilities | $ 681 | $ 712 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Components of Pension Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Postretirement Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 0 | $ 1 | $ 1 |
Interest cost | 6 | 4 | 4 |
Amortization of actuarial loss | 0 | 2 | 4 |
Amortization of prior service cost | 0 | (20) | (26) |
Net periodic cost | 6 | (13) | (17) |
U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 13 | 19 | 20 |
Interest cost | 54 | 31 | 25 |
Expected return on plan assets | (60) | (75) | (63) |
Curtailments and special termination benefits | 0 | 1 | 9 |
Amortization of actuarial loss | 43 | 44 | 58 |
Amortization of prior service cost | 1 | 1 | 1 |
Net periodic cost | 51 | 21 | 50 |
Non-U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 7 | 9 | 13 |
Interest cost | 19 | 13 | 32 |
Expected return on plan assets | (22) | (22) | (72) |
Settlements | 0 | 0 | 1,511 |
Special termination benefits | 6 | 0 | 0 |
Amortization of actuarial loss | 3 | 5 | 33 |
Amortization of prior service cost | 0 | (1) | 0 |
Net periodic cost | $ 13 | $ 4 | $ 1,517 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Narrative (Details) £ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 GBP (£) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Employer contributions | £ | £ 196 | |||||
Cash contributions repaid | £ 103 | $ 131 | ||||
Multiemployer plans, additional expense | 6 | $ 5 | $ 5 | |||
Actuarial gain (loss) | (22) | |||||
Amounts of common stock included in plan assets | 265 | $ 297 | ||||
Expected contributions | £ | £ 24 | |||||
Total contributions | $ 14 | $ 13 | $ 12 | |||
Pension Plan | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Expected contributions | $ 43 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits - Schedule of Projected and Changes in Benefit Obligations (Details) £ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 GBP (£) | |
Projected Benefit Obligations | ||||
Actuarial (gain)/loss | $ 22 | |||
Plan Assets | ||||
Employer contributions | £ | £ 196 | |||
Other Postretirement Benefits | ||||
Projected Benefit Obligations | ||||
Benefit obligations at beginning of period | 108 | $ 137 | ||
Service cost | 0 | 1 | $ 1 | |
Interest cost | 6 | 4 | 4 | |
Actuarial (gain)/loss | 0 | (22) | ||
Benefits paid | (11) | (11) | ||
Foreign currency translation | 4 | (1) | ||
Benefit obligations at end of period | 107 | 108 | 137 | |
U.S. Plans | Pension Plan | ||||
Projected Benefit Obligations | ||||
Benefit obligations at beginning of period | 1,094 | 1,413 | ||
Service cost | 13 | 19 | 20 | |
Interest cost | 54 | 31 | 25 | |
Plan participants' contributions | 0 | 0 | ||
Amendments | 1 | 1 | ||
Settlements | 0 | (9) | ||
Curtailments | 0 | (2) | ||
Special termination benefits | 0 | 0 | ||
Actuarial (gain)/loss | 36 | (266) | ||
Benefits paid | (89) | (93) | ||
Foreign currency translation | 0 | 0 | ||
Benefit obligations at end of period | 1,109 | 1,094 | 1,413 | |
Plan Assets | ||||
Balance at beginning of period | 886 | 1,177 | ||
Actual return on plan assets - gain/(loss) | 81 | (199) | ||
Employer contributions | 2 | 10 | ||
Plan participants' contributions | 0 | 0 | ||
Settlements | 0 | (9) | ||
Benefits paid | (89) | (93) | ||
Foreign currency translation | 0 | 0 | ||
Balance at end of period | 880 | 886 | 1,177 | |
Funded status | (229) | (208) | ||
Accumulated benefit obligations at end of period | 1,065 | 1,055 | ||
Non-U.S. Plans | Pension Plan | ||||
Projected Benefit Obligations | ||||
Benefit obligations at beginning of period | 387 | 513 | ||
Service cost | 7 | 9 | 13 | |
Interest cost | 19 | 13 | 32 | |
Plan participants' contributions | 2 | 2 | ||
Amendments | (2) | 0 | ||
Settlements | (8) | (9) | ||
Curtailments | 0 | 0 | ||
Special termination benefits | 6 | 0 | ||
Actuarial (gain)/loss | 18 | (95) | ||
Benefits paid | (38) | (30) | ||
Foreign currency translation | 24 | (16) | ||
Benefit obligations at end of period | 415 | 387 | 513 | |
Plan Assets | ||||
Balance at beginning of period | 381 | 529 | ||
Actual return on plan assets - gain/(loss) | 33 | (22) | ||
Employer contributions | 17 | |||
Employer contributions | (63) | |||
Plan participants' contributions | 2 | 2 | ||
Settlements | (7) | (7) | ||
Benefits paid | (38) | (31) | ||
Foreign currency translation | 24 | (27) | ||
Balance at end of period | 412 | 381 | $ 529 | |
Funded status | (3) | (6) | ||
Accumulated benefit obligations at end of period | $ 389 | $ 361 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits - Schedule of Accumulated Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | $ 1,109 | $ 1,094 |
Accumulated benefit obligations | 1,065 | 1,055 |
Fair value of plan assets | 880 | 886 |
Non-U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | 213 | 224 |
Accumulated benefit obligations | 195 | 204 |
Fair value of plan assets | $ 117 | $ 134 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits - Schedule of Projected Benefit Obligations in Excess of Plan Assets (Details) - Foreign Plan - Pension Plan - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | $ 213 | $ 224 |
Accumulated benefit obligations | 195 | 204 |
Fair value of plan assets | $ 117 | $ 135 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits - Summary of Strategic Ranges for Assets Allocation Plan (Details) - Pension Plan - U.S. Plans | Dec. 31, 2023 |
Minimum | U.S. equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 45% |
Minimum | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 7.50% |
Minimum | Fixed income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 15% |
Minimum | Balanced funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 7.50% |
Minimum | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 7.50% |
Maximum | U.S. equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 55% |
Maximum | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 12.50% |
Maximum | Fixed income | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 25% |
Maximum | Balanced funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 12.50% |
Maximum | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocations | 12.50% |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits - Schedule of Defined Benefit Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration] | Fair Value Measured at Net Asset Value Per Share | Fair Value Measured at Net Asset Value Per Share | |
Investment funds - global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration] | Fair Value Measured at Net Asset Value Per Share | Fair Value Measured at Net Asset Value Per Share | |
Investment funds - emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration] | Fair Value Measured at Net Asset Value Per Share | Fair Value Measured at Net Asset Value Per Share | |
Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration] | Fair Value Measured at Net Asset Value Per Share | Fair Value Measured at Net Asset Value Per Share | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | $ 234 | $ 252 | $ 218 |
Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 3 | 5 | 7 |
Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 231 | 247 | 211 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan fair value of plan assets excluding accrued income | 1,291 | 1,266 | |
Pension Plan | Total assets in fair value hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 1,053 | 1,063 | |
Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 641 | 654 | |
Pension Plan | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 38 | 54 | |
Pension Plan | Level 1 | Global large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 3 | 11 | |
Pension Plan | Level 1 | U.S. large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 177 | 154 | |
Pension Plan | Level 1 | U.S. mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 297 | 265 | |
Pension Plan | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 59 | 64 | |
Pension Plan | Level 1 | Mutual funds – U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 49 | 52 | |
Pension Plan | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 18 | 54 | |
Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 178 | 157 | |
Pension Plan | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 1 | 1 | |
Pension Plan | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 18 | 18 | |
Pension Plan | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 49 | 44 | |
Pension Plan | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 110 | 94 | |
Pension Plan | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 234 | 252 | |
Pension Plan | Level 3 | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 187 | 203 | |
Pension Plan | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 3 | 5 | |
Pension Plan | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 44 | 44 | |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 238 | 203 | |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 108 | 87 | |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment funds - global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 118 | 108 | |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment funds - emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 5 | 5 | |
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 7 | 3 | |
Pension Plan | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 880 | 886 | 1,177 |
Defined benefit plan fair value of plan assets excluding accrued income | 879 | 885 | |
Accrued income | 1 | 1 | |
Pension Plan | U.S. Plans | Total assets in fair value hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 788 | 812 | |
Pension Plan | U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 590 | 603 | |
Pension Plan | U.S. Plans | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 15 | 35 | |
Pension Plan | U.S. Plans | Level 1 | Global large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Pension Plan | U.S. Plans | Level 1 | U.S. large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 173 | 152 | |
Pension Plan | U.S. Plans | Level 1 | U.S. mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 276 | 246 | |
Pension Plan | U.S. Plans | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 59 | 64 | |
Pension Plan | U.S. Plans | Level 1 | Mutual funds – U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 49 | 52 | |
Pension Plan | U.S. Plans | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 18 | 54 | |
Pension Plan | U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 41 | 42 | |
Pension Plan | U.S. Plans | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Pension Plan | U.S. Plans | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Pension Plan | U.S. Plans | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 41 | 42 | |
Pension Plan | U.S. Plans | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Pension Plan | U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 157 | 167 | |
Pension Plan | U.S. Plans | Level 3 | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 127 | 135 | |
Pension Plan | U.S. Plans | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 3 | 4 | |
Pension Plan | U.S. Plans | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 27 | 28 | |
Pension Plan | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 91 | 73 | |
Pension Plan | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 86 | 68 | |
Pension Plan | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Investment funds - global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Pension Plan | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Investment funds - emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 5 | 5 | |
Pension Plan | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Pension Plan | Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 412 | 381 | $ 529 |
Defined benefit plan fair value of plan assets excluding accrued income | 412 | 381 | |
Pension Plan | Non-U.S. Plans | Total assets in fair value hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 265 | 251 | |
Pension Plan | Non-U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 51 | 51 | |
Pension Plan | Non-U.S. Plans | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 23 | 19 | |
Pension Plan | Non-U.S. Plans | Level 1 | Global large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 3 | 11 | |
Pension Plan | Non-U.S. Plans | Level 1 | U.S. large cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 4 | 2 | |
Pension Plan | Non-U.S. Plans | Level 1 | U.S. mid/small cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 21 | 19 | |
Pension Plan | Non-U.S. Plans | Level 1 | Mutual funds – global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Pension Plan | Non-U.S. Plans | Level 1 | Mutual funds – U.S. equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Pension Plan | Non-U.S. Plans | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Pension Plan | Non-U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 137 | 115 | |
Pension Plan | Non-U.S. Plans | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 1 | 1 | |
Pension Plan | Non-U.S. Plans | Level 2 | Government issued debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 18 | 18 | |
Pension Plan | Non-U.S. Plans | Level 2 | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 8 | 2 | |
Pension Plan | Non-U.S. Plans | Level 2 | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 110 | 94 | |
Pension Plan | Non-U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 77 | 85 | |
Pension Plan | Non-U.S. Plans | Level 3 | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 60 | 68 | |
Pension Plan | Non-U.S. Plans | Level 3 | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 1 | |
Pension Plan | Non-U.S. Plans | Level 3 | Real estate – direct | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 17 | 16 | |
Pension Plan | Non-U.S. Plans | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 147 | 130 | |
Pension Plan | Non-U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 22 | 19 | |
Pension Plan | Non-U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Investment funds - global equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 118 | 108 | |
Pension Plan | Non-U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Investment funds - emerging markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | 0 | 0 | |
Pension Plan | Non-U.S. Plans | Fair Value Measured at Net Asset Value Per Share | Investment funds – real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan assets | $ 7 | $ 3 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits - Schedule of Reconciliation of Plan Assets Measured by Significant Unobservable Inputs (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Plan Assets | ||
Balance at beginning of period | $ 252 | $ 218 |
Foreign currency translation | 2 | (9) |
Asset returns – assets held at reporting date | (6) | (11) |
Asset returns – assets sold during the period | (7) | 10 |
Purchases, sales and settlements, net | (7) | 44 |
Balance at end of period | 234 | 252 |
Private equity | ||
Plan Assets | ||
Balance at beginning of period | 5 | 7 |
Foreign currency translation | 0 | 0 |
Asset returns – assets held at reporting date | 18 | (2) |
Asset returns – assets sold during the period | (18) | 1 |
Purchases, sales and settlements, net | (2) | (1) |
Balance at end of period | 3 | 5 |
Real estate | ||
Plan Assets | ||
Balance at beginning of period | 247 | 211 |
Foreign currency translation | 2 | (9) |
Asset returns – assets held at reporting date | (24) | (9) |
Asset returns – assets sold during the period | 11 | 9 |
Purchases, sales and settlements, net | (5) | 45 |
Balance at end of period | $ 231 | $ 247 |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits - Additional Information About Pension Plan Assets Valued Using Net Asset Value (Details) - Fair Value Measured at Net Asset Value Per Share - Pension Plan - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan assets | $ 238 | $ 203 |
Investment funds – fixed income | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan assets | 108 | 87 |
Investment funds - global equity | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan assets | $ 118 | $ 108 |
Redemption Notice Period | 10 days | 10 days |
Investment funds - emerging markets | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan assets | $ 5 | $ 5 |
Redemption Notice Period | 30 days | 30 days |
Investment funds – real estate | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan assets | $ 7 | $ 3 |
Redemption Notice Period | 1 day | 10 days |
Minimum | Investment funds – fixed income | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 1 day | 1 day |
Maximum | Investment funds – fixed income | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 5 days | 5 days |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits - Schedule of Pension Assets/(Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Non-current assets | $ 94 | $ 88 |
Current liabilities | 12 | 8 |
Non-current liabilities | $ 314 | $ 294 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits - Schedule of Changes in Net Loss and Prior Service Cost/(Credit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan | |||
Net loss | |||
Balance at beginning of period | $ 712 | $ 814 | $ 1,802 |
Reclassification to net periodic benefit cost | (46) | (49) | (1,629) |
Current year loss / (gain) | 22 | (45) | 640 |
Amendments | (1) | 0 | (1) |
Foreign currency translation | (1) | (8) | 2 |
Balance at end of period | 686 | 712 | 814 |
Prior service | |||
Balance at beginning of period | 0 | 2 | 8 |
Reclassification to net periodic benefit cost | (1) | (1) | (4) |
Current year loss / (gain) | 0 | (1) | (2) |
Amendments | 0 | 0 | 0 |
Foreign currency translation | 0 | 0 | 0 |
Balance at end of period | (1) | 0 | 2 |
Other Postretirement Benefits | |||
Net loss | |||
Balance at beginning of period | (2) | 21 | 45 |
Reclassification to net periodic benefit cost | 0 | (2) | (4) |
Current year loss / (gain) | 0 | (22) | (20) |
Foreign currency translation | (1) | 1 | 0 |
Balance at end of period | (3) | (2) | 21 |
Prior service | |||
Balance at beginning of period | 0 | (20) | (46) |
Reclassification to net periodic benefit cost | 0 | 20 | 26 |
Current year loss / (gain) | 0 | 0 | 0 |
Foreign currency translation | 0 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 | $ (20) |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits - Schedule of Expected Future Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Other Postretirement Benefits | |
Defined Benefit Plan, Expected Future Benefit Payment 2020 Net Prior Service | |
2024 | $ 13 |
2025 | 10 |
2026 | 10 |
2027 | 10 |
2028 | 9 |
2029 - 2033 | 41 |
Defined Benefit Plan, Expected Future Benefit Payment 2020 | |
2024 | 13 |
2025 | 10 |
2026 | 10 |
2027 | 10 |
2028 | 9 |
2029 - 2033 | 41 |
U.S. Plans | Pension Plan | |
Defined Benefit Plan, Expected Future Benefit Payment 2020 Net Prior Service | |
2024 | 91 |
2025 | 105 |
2026 | 84 |
2027 | 105 |
2028 | 80 |
2029 - 2033 | 376 |
Defined Benefit Plan, Expected Future Benefit Payment 2020 | |
2024 | 91 |
2025 | 105 |
2026 | 84 |
2027 | 105 |
2028 | 80 |
2029 - 2033 | 376 |
Non-U.S. Plans | Pension Plan | |
Defined Benefit Plan, Expected Future Benefit Payment 2020 Net Prior Service | |
2024 | 32 |
2025 | 32 |
2026 | 32 |
2027 | 31 |
2028 | 32 |
2029 - 2033 | 162 |
Defined Benefit Plan, Expected Future Benefit Payment 2020 | |
2024 | 32 |
2025 | 32 |
2026 | 32 |
2027 | 31 |
2028 | 32 |
2029 - 2033 | $ 162 |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits - Assumptions Used (Details) - Pension Plan | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 5% | 5.20% | 2.90% |
Compensation increase | 5% | 5% | 4.70% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 5.40% | 3.30% | 3.10% |
Discount rate - interest cost | 5.10% | 2.20% | 1.70% |
Compensation increase | 5% | 4.70% | 4.70% |
Long-term rate of return | 7.20% | 6.60% | 5.70% |
Non-U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.80% | 4.90% | 2.50% |
Compensation increase | 2.90% | 2.70% | 2.50% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate - service cost | 5% | 2.90% | 2.20% |
Discount rate - interest cost | 5.10% | 2.60% | 1.80% |
Compensation increase | 2.90% | 2.70% | 2.50% |
Long-term rate of return | 5.10% | 4.30% | 3.30% |
Pension and Other Postretire_16
Pension and Other Postretirement Benefits - Schedule of Assumed Health Care Cost Trend Rates (Details) - Other Postretirement Benefits | Dec. 31, 2023 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Health care cost trend rate assumed for 2023 | 4.70% |
Rate that the cost trend rate gradually declines to | 3.80% |
Pension and Other Postretire_17
Pension and Other Postretirement Benefits - Weighted Average Discount Rates used to Calculate the Benefit Obligations (Details) - Other Postretirement Benefits | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 5% | 5.80% | 3.40% |
Service cost | 5.30% | 7.80% | 5.90% |
Interest cost | 4.90% | 5.70% | 3.60% |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes and Equity Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ (1) | $ 295 | $ 143 |
Foreign | 796 | 761 | (562) |
Income / (loss) from continuing operations before income taxes and equity in net earnings of affiliates | $ 795 | $ 1,056 | $ (419) |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax: | |||
U.S. federal | $ 31 | $ 18 | $ 2 |
State and foreign | 244 | 190 | 239 |
Current tax, total | 275 | 208 | 241 |
Deferred tax: | |||
U.S. federal | (27) | 46 | 46 |
State and foreign | (26) | (11) | (344) |
Deferred tax, total | (53) | 35 | (298) |
Total | $ 222 | $ 243 | $ (57) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. statutory rate at 21% | $ 167 | $ 222 | $ (88) |
Tax on foreign income | 7 | (30) | (35) |
Foreign withholding taxes | 23 | 5 | 6 |
Valuation allowance changes | 5 | 33 | 26 |
State taxes | 2 | (2) | 9 |
U.S. taxes on foreign income, net of credits | 5 | 1 | 13 |
Tax contingencies | 2 | 7 | 8 |
Tax law changes | 8 | 2 | (8) |
Other items, net | 3 | 5 | 12 |
Total | $ 222 | $ 243 | $ (57) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 08, 2022 | |
Income Taxes [Line Items] | ||||
Taxes paid | $ 262 | $ 223 | $ 253 | |
Valuation allowance | 178 | 173 | $ 78 | |
Provision for / (benefit from) income taxes | 222 | 243 | (57) | |
Undistributed earnings on non-U.S. subsidiaries | 1,200 | |||
Interest and penalties expense (less than in 2022 and 2021) | 2 | 1 | 1 | |
Unrecognized tax benefits that if recognized would affect ETR | 46 | |||
European Tinplate | ||||
Income Taxes [Line Items] | ||||
Provision for / (benefit from) income taxes | 42 | |||
European Tinplate | Transit Packaging | ||||
Income Taxes [Line Items] | ||||
Provision for / (benefit from) income taxes | (18) | |||
Switzerland | Goodwill Amortization And Net Operating Loss Carryforwards | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | 32 | |||
France | Tax Loss Carryforwards | ||||
Income Taxes [Line Items] | ||||
Valuation allowance | 56 | |||
Foreign | Transit Packaging | Discontinued Operations, Disposed of by Sale | ||||
Income Taxes [Line Items] | ||||
Income tax charges on sale of business | 11 | |||
Foreign | Brazil | ||||
Income Taxes [Line Items] | ||||
Increase in net income attributable to the Company resulting from incentives | 20 | 21 | 21 | |
Foreign | Switzerland | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforward | 21 | |||
Deferred tax assets, goodwill amortization | $ 21 | |||
Foreign | Luxembourg | ||||
Income Taxes [Line Items] | ||||
Tax loss carryforwards | 28 | |||
Foreign | France | ||||
Income Taxes [Line Items] | ||||
Provision for / (benefit from) income taxes | $ 44 | |||
Tax loss carryforwards | 79 | |||
State | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforward | $ 78 | |||
Tax loss carryforwards | 49 | |||
Operating loss carryforwards impact on valuation allowance | $ 77 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 08, 2022 |
Assets | |||
Tax carryforwards | $ 274 | $ 266 | |
Disallowed interest carryforwards | 54 | 5 | |
Property, plant and equipment | 16 | 15 | |
Pensions | 90 | 87 | |
Accruals and other | 123 | 105 | |
Asbestos | 50 | 53 | |
Postretirement and postemployment benefits | 23 | 25 | |
Lease liabilities | 32 | 32 | |
Valuation allowances | (178) | (173) | $ (78) |
Total | 484 | 415 | |
Liabilities | |||
Intangible assets | 292 | 298 | |
Property, plant and equipment | 253 | 225 | |
Pensions | 20 | 20 | |
Accruals and other | 94 | 103 | |
Right of use assets | 31 | 30 | |
Total | $ 690 | $ 676 |
Income Taxes - Tax Loss and Cre
Income Taxes - Tax Loss and Credit Carryforwards Expirations (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
2024 | $ 7 |
2025 | 15 |
2026 | 17 |
2027 | 10 |
2028 | 3 |
Thereafter | 94 |
Unlimited | $ 128 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 46 | $ 48 | $ 42 |
Additions for prior year tax positions | 6 | 7 | 9 |
Lapse of statute of limitations | (4) | (1) | (1) |
Settlements | (2) | (6) | 0 |
Foreign currency translation | 0 | (2) | (2) |
Balance at end of period | $ 46 | $ 46 | $ 48 |
Capital Stock - Summary of Comm
Capital Stock - Summary of Common Stock Activity (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares outstanding at beginning of period (in shares) | 119,945,302 | 126,131,799 | 134,801,030 |
Shares repurchased (in shares) | (143,736) | (6,574,610) | (9,121,328) |
Common shares outstanding at end of period (in shares) | 120,644,313 | 119,945,302 | 126,131,799 |
Restricted stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock issued to employees, net of forfeitures and Shares issued to non-employee directors (in shares) | 820,343 | 370,178 | 435,129 |
Share-based Payment Arrangement | Share-based Payment Arrangement, Nonemployee | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Restricted stock issued to employees, net of forfeitures and Shares issued to non-employee directors (in shares) | 22,404 | 17,935 | 16,968 |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Feb. 22, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 09, 2021 | |
Class of Stock [Line Items] | |||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.96 | $ 0.88 | $ 0.80 | ||
Common stock, dividends, per share, paid (in dollars per share) | $ 0.96 | $ 0.88 | $ 0.80 | ||
Stock repurchase program, authorized amount | $ 3,000 | ||||
Common stock repurchased | $ 12 | $ 722 | $ 950 | ||
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | |||
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.25 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Increase (Decrease) in AOCI [Roll Forward] | ||
Balance at beginning of period | $ 2,287 | $ 2,330 |
Other comprehensive income / (loss) before reclassifications | 147 | (4) |
Amounts reclassified from accumulated other comprehensive income | 58 | 10 |
Other comprehensive income / (loss) | 205 | 6 |
Balance at end of period | 2,864 | 2,287 |
Defined benefit plans | ||
Increase (Decrease) in AOCI [Roll Forward] | ||
Balance at beginning of period | (686) | (768) |
Other comprehensive income / (loss) before reclassifications | (14) | 57 |
Amounts reclassified from accumulated other comprehensive income | 36 | 25 |
Other comprehensive income / (loss) | 22 | 82 |
Balance at end of period | (664) | (686) |
Foreign currency translation | ||
Increase (Decrease) in AOCI [Roll Forward] | ||
Balance at beginning of period | (1,197) | (1,158) |
Other comprehensive income / (loss) before reclassifications | 175 | (39) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income / (loss) | 175 | (39) |
Balance at end of period | (1,022) | (1,197) |
Gains and losses on cash flow hedges | ||
Increase (Decrease) in AOCI [Roll Forward] | ||
Balance at beginning of period | (9) | 28 |
Other comprehensive income / (loss) before reclassifications | (14) | (22) |
Amounts reclassified from accumulated other comprehensive income | 22 | (15) |
Other comprehensive income / (loss) | 8 | (37) |
Balance at end of period | (1) | (9) |
Accumulated Other Comprehensive Loss | ||
Increase (Decrease) in AOCI [Roll Forward] | ||
Balance at beginning of period | (1,892) | (1,898) |
Balance at end of period | $ (1,687) | $ (1,892) |
Revenue - Recognized Revenue (D
Revenue - Recognized Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue recognized | $ 12,010 | $ 12,943 | $ 11,394 |
Transferred over Time | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue recognized | 6,472 | 6,937 | 6,097 |
Transferred at Point in Time | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue recognized | $ 5,538 | $ 6,006 | $ 5,297 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Net contract assets | $ 8 | $ 18 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Apr. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 3.6 | 2.8 |
Time-vested restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) for shares awarded | 3 years | |
Performance-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) for shares awarded | 3 years | |
Award vesting period | 3 years | |
Level of performance achieved based on shares awarded, minimum | 0% | |
Level of performance achieved based on shares awarded, maximum | 200% | |
Time-vested restricted stock and deferred stock | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Time-vested restricted stock and deferred stock | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 5 years | |
Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 92 | |
Weighted average recognition period, in years | 3 years 2 months 12 days | |
Aggregate market value of the shares released and issued on the vesting dates | $ 39 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Transactions (Details) | 12 Months Ended |
Dec. 31, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested shares outstanding at beginning of period (in shares) | 942,835 |
Non-vested shares outstanding at end of period (in shares) | 1,444,712 |
Time-vesting | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awarded (in shares) | 847,358 |
Released (in shares) | (319,071) |
Forfeitures (in shares) | (39,540) |
Performance-based | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Awarded (in shares) | 190,515 |
Released (in shares) | (146,781) |
Forfeitures (in shares) | (30,604) |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Grant Date Fair Value of Restricted Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Time-vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in dollars per share) | $ 87.66 | $ 96.29 | $ 100.08 |
Performance-based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in dollars per share) | $ 86.10 | $ 111.84 | $ 100.99 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value Assumptions (Details) - Performance-based shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 4.10% | 1% | 0.20% |
Expected term (years) | 3 years | 3 years | 3 years |
Expected stock price volatility | 39.80% | 34.80% | 35.50% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income / (loss) from continuing operations attributable to Crown Holdings | $ 450 | $ 727 | $ (507) |
Net income / (loss) from discontinued operations attributable to Crown Holdings | 0 | 0 | (53) |
Net income / (loss) attributable to Crown Holdings | $ 450 | $ 727 | $ (560) |
Weighted average shares outstanding: | |||
Basic (in shares) | 119,410 | 120,860 | 130,380 |
Add: dilutive restricted stock (in shares) | 260 | 520 | 0 |
Diluted (in shares) | 119,670 | 121,380 | 130,380 |
Basic earnings / (loss) per common share from continuing operations (in dollars per share) | $ 3.77 | $ 6.01 | $ (3.89) |
Basic earnings / (loss) per common share from discontinued operations (in dollars per share) | 0 | 0 | (0.41) |
Basic (in dollars per share) | 3.77 | 6.01 | (4.30) |
Diluted earnings / (loss) per common share from continuing operations (in dollars per share) | 3.76 | 5.99 | (3.89) |
Diluted earnings / (loss) per common share from discontinued operations (in dollars per share) | 0 | 0 | (0.41) |
Diluted (in dollars per share) | $ 3.76 | $ 5.99 | $ (4.30) |
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive (in shares) | 200 | 700 | 100 |
Segment Information - Informati
Segment Information - Information About Operating Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 12,010 | $ 12,943 | $ 11,394 |
Depreciation | 336 | 301 | 282 |
Segment income | 1,269 | 1,336 | 1,363 |
Segment, Expenditure, Addition to Long-Lived Assets | 793 | 839 | 787 |
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 10,639 | 11,400 | 10,136 |
Depreciation | 312 | 280 | 263 |
Segment income | 1,560 | 1,318 | 1,480 |
Segment, Expenditure, Addition to Long-Lived Assets | 679 | 778 | 691 |
Operating segments | Americas Beverage | |||
Segment Reporting Information [Line Items] | |||
Net sales | 5,147 | 5,126 | 4,441 |
Depreciation | 149 | 128 | 108 |
Segment income | 876 | 742 | 756 |
Segment, Expenditure, Addition to Long-Lived Assets | 296 | 380 | 508 |
Operating segments | European Beverage | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,939 | 2,114 | 1,843 |
Depreciation | 56 | 49 | 53 |
Segment income | 199 | 123 | 224 |
Segment, Expenditure, Addition to Long-Lived Assets | 291 | 283 | 57 |
Operating segments | Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,297 | 1,615 | 1,322 |
Depreciation | 63 | 62 | 61 |
Segment income | 154 | 172 | 182 |
Segment, Expenditure, Addition to Long-Lived Assets | 66 | 51 | 68 |
Operating segments | Transit Packaging | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,256 | 2,545 | 2,530 |
Depreciation | 44 | 41 | 41 |
Segment income | 331 | 281 | 318 |
Segment, Expenditure, Addition to Long-Lived Assets | 26 | 64 | 58 |
Intersegment sales | |||
Segment Reporting Information [Line Items] | |||
Net sales | 193 | 235 | 272 |
Intersegment sales | Reportable segments | |||
Segment Reporting Information [Line Items] | |||
Net sales | 49 | 132 | 158 |
Intersegment sales | Americas Beverage | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 7 | 0 |
Intersegment sales | European Beverage | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 89 | 133 |
Intersegment sales | Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 0 |
Intersegment sales | Transit Packaging | |||
Segment Reporting Information [Line Items] | |||
Net sales | 49 | 36 | 25 |
Intersegment sales | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 144 | 103 | 114 |
Other | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,371 | 1,543 | 1,258 |
Depreciation | 22 | 18 | 17 |
Segment income | 117 | 240 | 144 |
Segment, Expenditure, Addition to Long-Lived Assets | 76 | 61 | 58 |
Corporate and unallocated items | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 0 |
Depreciation | 2 | 3 | 2 |
Segment, Expenditure, Addition to Long-Lived Assets | $ 38 | $ 0 | $ 38 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment income | $ 1,269 | $ 1,336 | $ 1,363 |
Restructuring and other | (114) | 52 | 28 |
Amortization of intangibles | (163) | (159) | (165) |
Loss from early extinguishments of debt | (1) | (11) | (68) |
Other pension and postretirement | (49) | 16 | (1,515) |
Interest expense | (436) | (284) | (253) |
Interest income | 53 | 15 | 9 |
Foreign exchange | (41) | (16) | 45 |
Income / (loss) from continuing operations before income taxes and equity in net earnings of affiliates | 795 | 1,056 | (419) |
Intercompany profit related to non-reportable segments | 13 | 19 | 8 |
Operating segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment income | 1,560 | 1,318 | 1,480 |
Other | Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment income | 117 | 240 | 144 |
Corporate and unallocated items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Corporate and unallocated items | $ (131) | $ (115) | $ (124) |
Segment Information - Concentra
Segment Information - Concentration Risk (Details) - Revenue Benchmark - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customer A | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12% | 12% | 12% |
Customer B | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11% | 11% | 11% |
Segment Information - Summary o
Segment Information - Summary of Sales by Major Product (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue recognized | $ 12,010 | $ 12,943 | $ 11,394 |
Metal beverage cans and ends | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized | 7,514 | 8,096 | 6,982 |
Transit Packaging | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized | 2,256 | 2,545 | 2,530 |
Metal food cans and ends | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized | 1,013 | 1,099 | 789 |
Other products | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized | 701 | 598 | 580 |
Other metal packaging | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized | $ 526 | $ 605 | $ 513 |
Segment Information - Summary_2
Segment Information - Summary of Sales and Long-Lived Assets for The Major Countries (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 12,010 | $ 12,943 | $ 11,394 |
Long-Lived Assets | 5,062 | 4,540 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 4,482 | 4,740 | 4,182 |
Long-Lived Assets | 1,694 | 1,557 | |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,129 | 1,080 | 896 |
Long-Lived Assets | 560 | 464 | |
Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 991 | 1,011 | 933 |
Long-Lived Assets | 500 | 530 | |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 823 | 893 | 782 |
Long-Lived Assets | 99 | 95 | |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 494 | 521 | 412 |
Long-Lived Assets | 466 | 262 | |
Vietnam | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 423 | 547 | 342 |
Long-Lived Assets | 317 | 282 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 3,668 | 4,151 | $ 3,847 |
Long-Lived Assets | $ 1,426 | $ 1,350 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - Deferred tax assets - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 173 | $ 227 | $ 204 |
Charged to costs and expense | 7 | (49) | 38 |
Charged to other accounts | (1) | (3) | (3) |
Acquisitions | 7 | 0 | 0 |
Deductions – write-offs | (8) | (2) | (12) |
Balance at end of period | $ 178 | $ 173 | $ 227 |