Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-50189 | |
Entity Registrant Name | CROWN HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 75-3099507 | |
Entity Address, Address Line One | 14025 Riveredge Drive, Suite 300 | |
Entity Address, City or Town | Tampa | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33637 | |
City Area Code | 215 | |
Local Phone Number | 698-5100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 120,757,103 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001219601 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock $5.00 Par Value | |
Trading Symbol | CCK | |
Security Exchange Name | NYSE | |
7 3/8% Debentures Due 2026 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7 3/8% Debentures Due 2026 | |
Trading Symbol | CCK26 | |
Security Exchange Name | NYSE | |
7 1/2% Debentures Due 2096 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7 1/2% Debentures Due 2096 | |
Trading Symbol | CCK96 | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net sales | $ 2,784 | $ 2,974 |
Cost of products sold, excluding depreciation and amortization | 2,247 | 2,411 |
Depreciation and amortization | 115 | 123 |
Selling and administrative expense | 154 | 160 |
Restructuring and other, net | 23 | 11 |
Income from operations | 245 | 269 |
Other pension and postretirement | 11 | 11 |
Interest expense | 113 | 102 |
Interest income | (20) | (9) |
Foreign exchange | 7 | 4 |
Income before taxes and equity in net earnings of affiliates | 134 | 161 |
Provision for income taxes | 40 | 42 |
Equity in net earnings of affiliates | (1) | 3 |
Net income | 93 | 122 |
Net income attributable to noncontrolling interests | 26 | 20 |
Net income attributable to Crown Holdings | $ 67 | $ 102 |
Earnings per common share attributable to Crown Holdings: | ||
Basic (in dollars per share) | $ 0.56 | $ 0.86 |
Diluted (in dollars per share) | $ 0.56 | $ 0.85 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 93 | $ 122 |
Other comprehensive income / (loss), net of tax: | ||
Foreign currency translation adjustments | 8 | 89 |
Pension and other postretirement benefits | 10 | 10 |
Derivatives qualifying as hedges | (5) | 5 |
Total other comprehensive income | 13 | 104 |
Total comprehensive income | 106 | 226 |
Net income attributable to noncontrolling interests | 26 | 20 |
Translation adjustments attributable to noncontrolling interests | (3) | 1 |
Comprehensive income attributable to Crown Holdings | $ 83 | $ 205 |
CONSOLIDATED BALANCE SHEETS (Co
CONSOLIDATED BALANCE SHEETS (Condensed) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 1,123 | $ 1,310 |
Receivables, net | 1,637 | 1,719 |
Inventories | 1,610 | 1,613 |
Prepaid expenses and other current assets | 211 | 191 |
Total current assets | 4,581 | 4,833 |
Goodwill | 3,089 | 3,117 |
Intangible assets, net | 1,201 | 1,258 |
Property, plant and equipment, net | 5,049 | 5,062 |
Operating lease right-of-use assets, net | 213 | 211 |
Other non-current assets | 558 | 553 |
Total assets | 14,691 | 15,034 |
Current liabilities | ||
Short-term debt | 87 | 16 |
Current maturities of long-term debt | 743 | 759 |
Current portion of operating lease liabilities | 48 | 45 |
Accounts payable | 2,154 | 2,459 |
Accrued liabilities | 832 | 922 |
Total current liabilities | 3,864 | 4,201 |
Long-term debt, excluding current maturities | 6,623 | 6,699 |
Pension and postretirement liabilities | 411 | 414 |
Non-current portion of operating lease liabilities | 174 | 175 |
Other non-current liabilities | 687 | 681 |
Commitments and contingent liabilities (Note J) | ||
Noncontrolling interests | 462 | 454 |
Crown Holdings shareholders’ equity | 2,470 | 2,410 |
Total equity | 2,932 | 2,864 |
Total liabilities and equity | $ 14,691 | $ 15,034 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income | $ 93 | $ 122 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 115 | 123 |
Restructuring and other, net | 23 | 11 |
Pension and postretirement expense | 16 | 17 |
Pension contributions | 4 | 1 |
Stock-based compensation | 12 | 11 |
Equity earnings, net of distributions | 2 | 27 |
Working capital changes and other | (367) | (547) |
Net cash used for operating activities | (102) | (235) |
Cash flows from investing activities | ||
Capital expenditures | (94) | (233) |
Net investment hedge | 13 | 13 |
Distribution from equity method investment | 0 | 56 |
Other | 0 | 3 |
Net cash used for investing activities | (81) | (161) |
Cash flows from financing activities | ||
Net change in revolving credit facility and short-term debt | 0 | 249 |
Proceeds from short-term debt | 80 | 82 |
Payments of short-term debt | (8) | 0 |
Proceeds from long-term debt | 20 | 0 |
Payments of long-term debt | (32) | (24) |
Dividends paid to noncontrolling interests | (15) | (11) |
Dividends paid to shareholders | (30) | (29) |
Common stock repurchased | (5) | (6) |
Other | (1) | 1 |
Net cash provided by financing activities | 9 | 262 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (8) | (3) |
Net change in cash, cash equivalents and restricted cash | (182) | (137) |
Cash, cash equivalents and restricted cash at January 1 | 1,400 | 639 |
Cash, cash equivalents and restricted cash at March 31 | $ 1,218 | $ 502 |
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, 2022 | $ 2,287 | $ 1,849 | $ 600 | $ 0 | $ 3,141 | $ (1,892) | $ 438 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 122 | 102 | 102 | 20 | |||
Other comprehensive income | 104 | 103 | 103 | 1 | |||
Dividends declared | (36) | (29) | (29) | (7) | |||
Restricted stock awarded | 0 | 0 | 1 | (1) | |||
Stock-based compensation | 11 | 11 | 11 | ||||
Common stock repurchased | (6) | (6) | (6) | ||||
Balance at end of period at Mar. 31, 2023 | 2,482 | 2,030 | 601 | 4 | 3,214 | (1,789) | 452 |
Balance at beginning of period at Dec. 31, 2023 | 2,864 | 2,410 | 604 | 17 | 3,476 | (1,687) | 454 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 93 | 67 | 67 | 26 | |||
Other comprehensive income | 13 | 16 | 16 | (3) | |||
Dividends declared | (45) | (30) | (30) | (15) | |||
Restricted stock awarded | 0 | 0 | 1 | (1) | |||
Stock-based compensation | 12 | 12 | 12 | ||||
Common stock repurchased | (5) | (5) | (5) | ||||
Balance at end of period at Mar. 31, 2024 | $ 2,932 | $ 2,470 | $ 605 | $ 23 | $ 3,513 | $ (1,671) | $ 462 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Crown Holdings, Inc. and its consolidated subsidiaries (the “Company”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Form 10-Q instructions. In the opinion of management, these consolidated financial statements contain all adjustments of a normal and recurring nature necessary for a fair statement of the financial position of the Company as of March 31, 2024 and the results of its operations for the three months ended March 31, 2024 and 2023 and of its cash flows for the three months ended March 31, 2024 and 2023. The results reported in these consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. These results have been determined on the basis of accounting principles generally accepted in the United States of America (“GAAP”), the application of which requires management’s utilization of estimates, and actual results may differ materially from the estimates utilized. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. 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 in the European Beverage segment. Prior periods have been recast to conform to the new presentation. During the first quarter of 2024, the Company completed a review of the useful lives of its beverage machinery and equipment and buildings based on the Company’s experience with the duration over which equipment and buildings of its aluminum beverage can business can be utilized. The Company engaged a third-party appraiser to assist in this review and, as a result, effective January 1, 2024, the Company revised the estimated useful lives of buildings up to 50 years and machinery and equipment up to 23 years. The change in useful lives resulted in a net reduction in depreciation expense of approximately $16 or $0.10 per diluted share for the three months ended March 31, 2024, as compared to the amount of depreciation expense that would have been recorded by utilizing the prior depreciable lives. In the first quarter of 2024, the Company corrected its presentation of certain borrowings and repayments of short-term debt that did not qualify for net presentation in our previously issued Consolidated Statements of Cash Flows. The Company now presents these borrowings and repayments of short-term debt on a gross basis within cash flows from financing activities. The Company determined that the corrections, which had no impact to cash flows provided by (used for) financing activities, were not material to any prior annual or interim periods and therefore, amendments of previously filed reports are not required. The effects of the revisions on each of the impacted financial statement line items within the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2022 and 2023, as well as the three months ended March 31, 2023, the six months ended June 30, 2023 and the nine months ended September 30, 2023 were as follows: Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ 331 $ (82) $ 249 Proceeds from short-term debt — 82 82 Net cash provided by financing activities 262 — 262 Six Months Ended June 30, 2023 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ (311) $ (82) $ (393) Proceeds from short-term debt — 120 120 Payments of short-term debt — (38) (38) Net cash provided by financing activities 101 — 101 Nine Months Ended September 30, 2023 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ (362) $ (31) $ (393) Proceeds from short-term debt — 127 127 Payments of short-term debt — (96) (96) Net cash provided by financing activities 35 — 35 Year Ended December 31, 2023 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ (398) $ 2 $ (396) Proceeds from short-term debt — 129 129 Payments of short-term debt — (131) (131) Net cash provided by financing activities 116 — 116 Year Ended December 31, 2022 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ 268 $ — $ 268 Proceeds from short-term debt — 45 45 Payments of short-term debt — (45) (45) Net cash used for financing activities (25) — (25) Year Ended December 31, 2021 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ 12 $ 27 $ 39 Proceeds from short-term debt — 15 15 Payments of short-term debt — (42) (42) Net cash used for financing activities (2,944) — (2,944) |
Recent Accounting and Reporting
Recent Accounting and Reporting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Recent Accounting and Reporting Pronouncements | Recent Accounting and Reporting Pronouncements 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 mater ("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. As the guidance impacts disclosure only, it will not have an impact on the Company's financial results. These changes in disclosure will initially be reflected in the annual financial statement footnotes for the year ended December 31, 2024. In December 2023, the Financial Accounting Standards Board issue a final standard on improvements to income tax disclosures. The standard requires disclosure of specific categories within the effective tax rate reconciliation and details about significant reconciling items, subject to a quantitative threshold. The standard also requires information on income taxes paid disaggregated by federal, state and foreign based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption. The Company is currently evaluating the impact of adopting this standard on its disclosures. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash, cash equivalents, and restricted cash included in the Company's Consolidated Balance Sheets and Statement of Cash Flows were as follows: March 31, 2024 December 31, 2023 Cash and cash equivalents $ 1,123 $ 1,310 Restricted cash included in prepaid expenses and other current assets 95 90 Total cash, cash equivalents and restricted cash $ 1,218 $ 1,400 Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements. |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Receivables | Receivables March 31, 2024 December 31, 2023 Accounts receivable $ 1,031 $ 1,122 Less: allowance for credit losses (32) (29) Net trade receivables 999 1,093 Unbilled receivables 381 338 Miscellaneous receivables 257 288 $ 1,637 $ 1,719 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories March 31, 2024 December 31, 2023 Raw materials and supplies $ 983 $ 1,031 Work in process 143 139 Finished goods 484 443 $ 1,610 $ 1,613 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: March 31, 2024 December 31, 2023 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,405 $ (690) $ 715 $ 1,423 $ (670) $ 753 Trade names 532 (134) 398 539 (130) 409 Technology 158 (138) 20 159 (133) 26 Long term supply contracts 169 (103) 66 167 (99) 68 Patents 12 (10) 2 12 (10) $ 2 $ 2,276 $ (1,075) $ 1,201 $ 2,300 $ (1,042) $ 1,258 Net income for the three months ended March 31, 2024 and 2023 included amortization expense of $40. |
Supplier Finance Program Obliga
Supplier Finance Program Obligations | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Supplier Finance Program Obligations | Supplier Finance Program Obligations 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 $672 and $862 confirmed obligations outstanding under these supplier finance programs as of March 31, 2024 and December 31, 2023 included in Accounts Payable |
Restructuring and Other
Restructuring and Other | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other items as follows: Three Months Ended March 31, 2024 2023 Asset sales and impairments $ 3 $ 2 Restructuring 19 9 Other costs 1 — $ 23 $ 11 For the three months ended March 31, 2024 restructuring primarily included headcount reductions and other exit costs in the Company's European Beverage segment. For the three months ended March 31, 2023, restructuring primarily included headcount reductions in the Company's European Beverage and Other segments. During the first quarter of 2024, the Company made payments of $12 and had a restructuring accrual of $28, primarily related to previously announced restructuring actions and the items referenced above. The Company expects to pay these amounts over the next twelve months. The Company continues to review its costs structure and may record additional restructuring charges in the future. |
Asbestos-Related Liabilities
Asbestos-Related Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Asbestos-Related Liabilities | Asbestos-Related Liabilities Crown Cork & Seal Company, Inc. (“Crown Cork”) is one of many defendants in a substantial number of lawsuits filed throughout the U.S. by persons alleging bodily injury as a result of exposure to asbestos. These claims arose from the insulation operations of a U.S. company, the majority of whose stock Crown Cork purchased in 1963. Approximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. Prior to 1998, amounts paid to asbestos claimants were covered by a fund made available to Crown Cork under a 1985 settlement with carriers insuring Crown Cork through 1976, when Crown Cork became self-insured. The fund was depleted in 1998 and the Company has no remaining coverage for asbestos-related costs. In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld. In June 2003, the state of Texas enacted legislation that limits the asbestos-related liabilities in Texas courts of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The Texas legislation, which applies to future claims and pending claims, caps asbestos-related liabilities at the total gross value of the predecessor’s assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total adjusted value of its predecessor’s assets. In October 2010, the Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. The states of Alabama, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Michigan, Mississippi, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, West Virginia, Wisconsin and Wyoming have enacted legislation that limits asbestos-related liabilities under state law of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The legislation, which applies to future and, with the exception of Arkansas, Georgia, South Carolina, South Dakota, West Virginia and Wyoming, pending claims 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. The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. During the three months ended March 31, 2024, the Company paid $3 to settle asbestos claims and pay related legal and defense costs and had approximate claims activity as follows: Beginning claims 58,500 New claims 400 Settlements or dismissals (100) Ending claims 58,800 In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2023, the Company's outstanding claims were: Claimants alleging first exposure after 1964 18,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 Pennsylvania 1,500 Other states that have enacted asbestos legislation 6,000 Other states 20,000 Total claims outstanding 58,500 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 the Company's settlement experience with post-1964 claims, it does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. As of December 31, 2023 and 2022, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows: 2023 2022 Total claims 25 % 24 % Pre-1965 claims in states without asbestos legislation 44 % 43 % Crown Cork has entered into arrangements with plaintiffs’ counsel in certain jurisdictions with respect to claims which are not yet filed, or asserted, against it. However, Crown Cork expects claims under these arrangements to be filed or asserted against Crown Cork in the future. The projected value of these claims is included in the Company’s estimated liability as of March 31, 2024. As of March 31, 2024, the Company’s accrual for pending and future asbestos-related claims and related legal costs was $201, including $145 for unasserted claims. The Company determines its accrual without limitation to a specific time period. It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant (which was not specified for approximately 82% of the claims outstanding at the end of 2023), the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
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 $7 for remediation activities at various worldwide locations that are owned by the Company and for which the Company is not a member of a PRP group. Although the Company believes its accruals are adequate to cover its portion of future remediation costs, there can be no assurance that the ultimate payments will not exceed the amount of the Company’s accruals and will not have a material effect on its results of operations, financial position and cash flow. Any possible loss or range of potential loss that may be incurred in excess of the recorded accruals cannot be estimated. In March 2015, the Bundeskartellamt, or German Federal Cartel Office (“FCO”), conducted unannounced inspections of the premises of several metal packaging manufacturers, including a German subsidiary of the Company. The local court order authorizing the inspection cited FCO suspicions of anti-competitive agreements in the German market for the supply of metal packaging products. The Company conducted an internal investigation into the matter and discovered instances of inappropriate conduct by certain employees of German subsidiaries of the Company. The Company cooperated with the FCO and submitted a leniency application with the FCO which disclosed the findings of its internal investigation to date. In April 2018, the FCO discontinued its national investigation and referred the matter to the European Commission (the “Commission”). Following the referral, Commission officials conducted unannounced inspections of the premises of several metal packaging manufacturers, including Company subsidiaries in Germany, France and the 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 has appealed the decision of the FCA, however 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. |
Derivative and Other Financial
Derivative and Other Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Other Financial Instruments | Derivative and Other Financial Instruments Fair Value Measurements Under U.S. GAAP a framework exists for measuring fair value, providing a three-tier hierarchy of pricing inputs used to report assets and liabilities that are adjusted to fair value. Level 1 includes inputs such as quoted prices which are available in active markets for identical assets or liabilities as of the report date. Level 2 includes inputs other than those available in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 includes unobservable pricing inputs that are not corroborated by market data or other objective sources. The Company has no recurring items valued using Level 3 inputs other than certain pension plan assets. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities measured at fair value and their placement within the fair value hierarchy. The Company applies a market approach to value its commodity price hedge contracts. Prices from observable markets are used to develop the fair value of these financial instruments and they are reported under Level 2. The Company uses an income approach to value its foreign exchange forward contracts. These contracts are valued using a discounted cash flow model that calculates the present value of future cash flows under the terms of the contracts using market information as of the reporting date, such as foreign exchange spot and forward rates, and are reported under Level 2 of the fair value hierarchy. Fair value disclosures for financial assets and liabilities that were accounted for at fair value on a recurring basis are provided later in this note. In addition, see Note L for fair value disclosures related to debt. Derivative Financial Instruments In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to market and interest rate risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk, using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers and borrowing both fixed and floating debt instruments to manage interest rate risk. For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. When a forecasted transaction is reasonably possible, but not probable of occurring, the hedge no longer qualifies for hedge accounting and the change in fair value from the date of the last effectiveness test is recognized in earnings. Any gain or loss which has accumulated in other comprehensive income at the date of the last effectiveness test is reclassified into earnings at the same time of the underlying exposure or when the forecasted transaction becomes probable of not occurring. Cash Flow Hedges The Company designates certain derivative financial instruments as cash flow hedges. No components of the hedging instruments are excluded from the assessment of hedge effectiveness. Changes in fair value of outstanding derivatives accounted for as cash flow hedges are recorded in accumulated other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon reclassification from accumulated comprehensive income is the same as that of the underlying exposure. Contracts outstanding at March 31, 2024 mature between one The Company uses commodity forward contracts to hedge anticipated purchases of various commodities, primarily aluminum as well as 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 use interest rate swaps to convert interest on floating rate debt to a fixed-rate. The following tables set forth financial information about the impact on other comprehensive income ("OCI"), accumulated other comprehensive income ("AOCI") and earnings from changes in the fair value of derivative instruments. Amount of gain/(loss) recognized in OCI Three Months Ended March 31, Derivatives in cash flow hedges 2024 2023 Foreign exchange $ 1 $ 2 Commodities (8) 1 $ (7) $ 3 Amount of gain/(loss) reclassified from AOCI into income Three Months Ended March 31, Derivatives in cash flow hedges 2024 2023 Affected line items in the Statement of Operations Commodities $ (4) $ (2) Net sales Foreign exchange — 1 Cost of products sold, excluding depreciation and amortization Commodities 1 (3) Cost of products sold, excluding depreciation and amortization (3) (4) Income before taxes and equity in net earnings of affiliates 1 1 Provision for income taxes $ (2) $ (3) Net income For the twelve-month period ending March 31, 2025, a net loss of $5 ($4, net of tax) is expected to be reclassified to earnings for commodity and foreign exchange contracts. No material amounts were reclassified during the three months ended March 31, 2024 and 2023 in connection with anticipated transactions that were considered probable of not occurring. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. For the three months ended March 31, 2024 and 2023, the Company recorded a gain of $4 and a loss of $5, respectively, 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 arising from re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. Changes in fair value of these derivative instruments are immediately recognized in earnings as foreign exchange adjustments. The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain /(loss) recognized in earnings Three Months Ended March 31, Derivatives not designated as hedges 2024 2023 Affected line item in the Statement of Operations Foreign exchange $ — $ (1) Cost of products sold, excluding depreciation and amortization Foreign exchange 2 4 Foreign exchange $ 2 $ 3 Net Investment Hedges The Company designates certain debt and derivative instruments as net investment hedges to manage foreign currency risk relating to net investments in subsidiaries denominated in foreign currencies and reduce the variability in the functional currency equivalent cash flows. During the three months ended March 31, 2024 and 2023, the Company recorded a gain of $41 ($34, net of tax) and a loss of $16 ($14, net of tax) in other comprehensive income for certain debt instruments that are designated as hedges of its net investment in a euro-based subsidiary. As of March 31, 2024 and December 31, 2023, cumulative gains of $90 ($102, net of tax) and $49 ($68, 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 €1,629 ($1,758) at March 31, 2024. 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 $6 for the three months ended March 31, 2024 and 2023. The following tables set forth financial information about the impact on accumulated other comprehensive income from changes in the fair value of derivative instruments designated as net investment hedges. Amount of gain / (loss) recognized in AOCI Three Months Ended Derivatives designated as net investment hedges 2024 2023 Foreign exchange $ 12 $ (5) Gains and losses representing components excluded from the assessment of effectiveness on derivatives designated as net investment hedges are recognized in accumulated other comprehensive income. Gains or losses on net investment hedges remain in accumulated other comprehensive income until disposal of the underlying assets. Fair Values of Derivative Financial Instruments and Valuation Hierarchy The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy. Balance Sheet classification March 31, December 31, 2023 Balance Sheet classification March 31, December 31, 2023 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Prepaid expenses and other current assets $ 1 $ 1 Accrued liabilities $ 1 $ 2 Foreign exchange contracts fair value Prepaid expenses and other current assets 1 — Accrued liabilities 1 2 Commodities contracts cash flow Prepaid expenses and other current assets 7 13 Accrued liabilities 11 13 Net investment hedge Other non-current assets 62 47 Other non-current liabilities — — $ 71 $ 61 $ 13 $ 17 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 12 $ 3 Accrued liabilities $ 7 $ 3 Total derivatives $ 83 $ 64 $ 20 $ 20 Carrying amount of the hedged assets / liabilities March 31, December 31, Line item in the Balance Sheet in which the hedged item is included Cash and cash equivalents $ 2 $ 2 Receivables, net 10 12 Accounts payable 63 120 As of March 31, 2024 and December 31, 2023, the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged assets and liabilities were a net loss of less than $1 and a net gain of $2. 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 March 31, 2024 Derivative assets $83 4 79 Derivative liabilities 20 4 16 Balance at December 31, 2023 Derivative assets $64 7 57 Derivative liabilities 20 7 13 Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2022 were: March 31, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign exchange $ 353 $ 75 Commodities 113 160 Derivatives designated as fair value hedges: Foreign exchange 152 202 Derivatives designated as net investment hedges: Foreign exchange 875 875 Derivatives not designated as hedges: Foreign exchange 263 302 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt March 31, 2024 December 31, 2023 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 87 $ 87 $ 16 $ 16 Long-term debt Senior secured borrowings: Revolving credit facilities — — — — Term loan facilities U.S. dollar due 2027 1,575 1,570 1,575 1,569 Euro due 2027 1 572 572 589 589 Senior notes and debentures: €600 at 2.625% due 2024 647 647 663 662 €600 at 3.375% due 2025 647 646 663 662 U.S. dollar at 4.25% due 2026 400 398 400 398 U.S. dollar at 4.75% due 2026 875 871 875 871 U.S. dollar at 7.375% due 2026 350 350 350 350 €500 at 2.875% due 2026 539 537 552 550 €500 at 5.00% due 2028 539 532 552 544 €500 at 4.75% due 2029 539 533 552 544 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 176 176 185 185 Total long-term debt 7,399 7,366 7,496 7,458 Less current maturities (743) (743) (759) (759) Total long-term debt, less current maturities $ 6,656 $ 6,623 $ 6,737 $ 6,699 (1) €530 and €533 at March 31, 2024 and December 31, 2023 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 $7,441 at March 31, 2024 and $7,484 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% at March 31, 2024 and at December 31, 2023. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, Pension benefits – U.S. plans 2024 2023 Service cost $ 4 $ 3 Interest cost 13 12 Expected return on plan assets (15) (15) Recognized net loss 10 11 Net periodic cost $ 12 $ 11 Three Months Ended March 31, Pension benefits – Non-U.S. plans 2024 2023 Service cost $ 1 $ 3 Interest cost 5 5 Expected return on plan assets (6) (5) Recognized net loss 2 1 Net periodic cost $ 2 $ 4 Three Months Ended March 31, Other postretirement benefits 2024 2023 Interest cost $ 2 $ 2 Net periodic cost $ 2 $ 2 The components of net periodic cost other than the service cost component are included in other pension and postretirement in the Consolidated Statement of Operations. The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended March 31, Details about accumulated other comprehensive income components 2024 2023 Affected line items in the statement of operations Actuarial losses $ 12 $ 12 Other pension and postretirement 12 12 Income before taxes and equity in net earnings of affiliates (2) (2) Provision for income taxes Total reclassified $ 10 $ 10 Net income |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Capital Stock | Capital Stock 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 has remaining Board authorization to repurchase $2,300 of the Company's common stock under the program as of March 31, 2024. For the three months ended March 31, 2024 and 2023, the Company declared and paid cash dividends of $0.25 per share and $0.24 per share respectively. Additionally, on May 2, 2024, the Company's Board of Directors declared a dividend of $0.25 per share payable on June 27, 2024 to shareholders of record as of June 13, 2024. 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). Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2023 $ (686) $ (1,197) $ (9) $ (1,892) Other comprehensive income before reclassifications — 88 2 90 Amounts reclassified from accumulated other comprehensive income 10 — 3 13 Other comprehensive income 10 88 5 103 Balance at March 31, 2023 $ (676) $ (1,109) $ (4) $ (1,789) Balance at January 1, 2024 $ (664) $ (1,022) $ (1) $ (1,687) Other comprehensive income / (loss) before reclassifications — 11 (7) 4 Amounts reclassified from accumulated other comprehensive income 10 — 2 12 Other comprehensive income / (loss) 10 11 (5) 16 Balance at March 31, 2024 $ (654) $ (1,011) $ (6) $ (1,671) See Note K and Note M |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss Attributable to Crown Holdings | Capital Stock 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 has remaining Board authorization to repurchase $2,300 of the Company's common stock under the program as of March 31, 2024. For the three months ended March 31, 2024 and 2023, the Company declared and paid cash dividends of $0.25 per share and $0.24 per share respectively. Additionally, on May 2, 2024, the Company's Board of Directors declared a dividend of $0.25 per share payable on June 27, 2024 to shareholders of record as of June 13, 2024. 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). Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2023 $ (686) $ (1,197) $ (9) $ (1,892) Other comprehensive income before reclassifications — 88 2 90 Amounts reclassified from accumulated other comprehensive income 10 — 3 13 Other comprehensive income 10 88 5 103 Balance at March 31, 2023 $ (676) $ (1,109) $ (4) $ (1,789) Balance at January 1, 2024 $ (664) $ (1,022) $ (1) $ (1,687) Other comprehensive income / (loss) before reclassifications — 11 (7) 4 Amounts reclassified from accumulated other comprehensive income 10 — 2 12 Other comprehensive income / (loss) 10 11 (5) 16 Balance at March 31, 2024 $ (654) $ (1,011) $ (6) $ (1,671) See Note K and Note M |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company recognized revenue as follows: Three Months Ended March 31, 2024 2023 Revenue recognized over time $ 1,571 $ 1,664 Revenue recognized at a point in time 1,213 1,310 Total revenue $ 2,784 $ 2,974 See Note R 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 $14 and $8 as of March 31, 2024 and December 31, 2023, respectively, included in prepaid and other current assets. During the three months ended March 31, 2024, the Company satisfied performance obligations related to contract assets at December 31, 2023 and also recorded new contract assets primarily related to work in process for the equipment business. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes the computations of basic and diluted earnings per share attributable to the Company. Three Months Ended March 31, 2024 2023 Net income attributable to Crown Holdings $ 67 $ 102 Weighted average shares outstanding: Basic 119.6 119.2 Dilutive restricted stock 0.2 0.4 Diluted 119.8 119.6 Basic earnings per share $ 0.56 $ 0.86 Diluted earnings per share $ 0.56 $ 0.85 For the three months ended March 31, 2024 and 2023, 0.20 million and 0.08 million contingently issuable common shares were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company evaluates performance and allocates resources based on segment income, which is not a defined term under GAAP. The Company defines segment income as income from operations adjusted to exclude intangibles amortization charges, provisions for 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 prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. The tables below present information about the Company's operating segments. External Sales Three Months Ended March 31, 2024 2023 Americas Beverage $ 1,222 $ 1,261 European Beverage 482 479 Asia Pacific 279 338 Transit Packaging 520 564 Other 281 332 Total $ 2,784 $ 2,974 The primary sources of revenue included in Other are the Company's food can, aerosol can, and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K. Intersegment Sales Three Months Ended March 31, 2024 2023 Transit Packaging $ 5 $ 13 Other 21 38 Total $ 26 $ 51 Intersegment sales primarily include sales of equipment and parts used in the manufacturing process. Segment Income Three Months Ended March 31, 2024 2023 Americas Beverage $ 189 $ 178 European Beverage 51 39 Asia Pacific 42 36 Transit Packaging 68 78 Total reportable segments $ 350 $ 331 A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended March 31, 2024 2023 Segment income of reportable segments $ 350 $ 331 Segment income of other 8 27 Corporate and unallocated items (50) (38) Restructuring and other, net (23) (11) Amortization of intangibles (40) (40) Other pension and postretirement (11) (11) Interest expense (113) (102) Interest income 20 9 Foreign exchange (7) (4) Income from operations before taxes and equity in net earnings of affiliates $ 134 $ 161 For the three months ended March 31, 2023, intercompany profits of $1 were eliminated within segment income of other. Corporate and unallocated items include corporate and administrative costs, research and development, and unallocated items such as stock-based compensation and insurance costs. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 67 | $ 102 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Recent Accounting and Reporti_2
Recent Accounting and Reporting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The consolidated financial statements include the accounts of Crown Holdings, Inc. and its consolidated subsidiaries (the “Company”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Form 10-Q instructions. In the opinion of management, these consolidated financial statements contain all adjustments of a normal and recurring nature necessary for a fair statement of the financial position of the Company as of March 31, 2024 and the results of its operations for the three months ended March 31, 2024 and 2023 and of its cash flows for the three months ended March 31, 2024 and 2023. The results reported in these consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. These results have been determined on the basis of accounting principles generally accepted in the United States of America (“GAAP”), the application of which requires management’s utilization of estimates, and actual results may differ materially from the estimates utilized. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. 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 in the European Beverage segment. Prior periods have been recast to conform to the new presentation. |
Recent Accounting and Reporting Pronouncements | 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 mater ("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. As the guidance impacts disclosure only, it will not have an impact on the Company's financial results. These changes in disclosure will initially be reflected in the annual financial statement footnotes for the year ended December 31, 2024. In December 2023, the Financial Accounting Standards Board issue a final standard on improvements to income tax disclosures. The standard requires disclosure of specific categories within the effective tax rate reconciliation and details about significant reconciling items, subject to a quantitative threshold. The standard also requires information on income taxes paid disaggregated by federal, state and foreign based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption. The Company is currently evaluating the impact of adopting this standard on its disclosures. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Change in Accounting Estimate | The effects of the revisions on each of the impacted financial statement line items within the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2022 and 2023, as well as the three months ended March 31, 2023, the six months ended June 30, 2023 and the nine months ended September 30, 2023 were as follows: Three Months Ended March 31, 2023 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ 331 $ (82) $ 249 Proceeds from short-term debt — 82 82 Net cash provided by financing activities 262 — 262 Six Months Ended June 30, 2023 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ (311) $ (82) $ (393) Proceeds from short-term debt — 120 120 Payments of short-term debt — (38) (38) Net cash provided by financing activities 101 — 101 Nine Months Ended September 30, 2023 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ (362) $ (31) $ (393) Proceeds from short-term debt — 127 127 Payments of short-term debt — (96) (96) Net cash provided by financing activities 35 — 35 Year Ended December 31, 2023 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ (398) $ 2 $ (396) Proceeds from short-term debt — 129 129 Payments of short-term debt — (131) (131) Net cash provided by financing activities 116 — 116 Year Ended December 31, 2022 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ 268 $ — $ 268 Proceeds from short-term debt — 45 45 Payments of short-term debt — (45) (45) Net cash used for financing activities (25) — (25) Year Ended December 31, 2021 As Previously Reported Adjustments As Revised Net change in revolving credit facility and short-term debt $ 12 $ 27 $ 39 Proceeds from short-term debt — 15 15 Payments of short-term debt — (42) (42) Net cash used for financing activities (2,944) — (2,944) |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | Cash, cash equivalents, and restricted cash included in the Company's Consolidated Balance Sheets and Statement of Cash Flows were as follows: March 31, 2024 December 31, 2023 Cash and cash equivalents $ 1,123 $ 1,310 Restricted cash included in prepaid expenses and other current assets 95 90 Total cash, cash equivalents and restricted cash $ 1,218 $ 1,400 |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents, and restricted cash included in the Company's Consolidated Balance Sheets and Statement of Cash Flows were as follows: March 31, 2024 December 31, 2023 Cash and cash equivalents $ 1,123 $ 1,310 Restricted cash included in prepaid expenses and other current assets 95 90 Total cash, cash equivalents and restricted cash $ 1,218 $ 1,400 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Receivables | March 31, 2024 December 31, 2023 Accounts receivable $ 1,031 $ 1,122 Less: allowance for credit losses (32) (29) Net trade receivables 999 1,093 Unbilled receivables 381 338 Miscellaneous receivables 257 288 $ 1,637 $ 1,719 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | March 31, 2024 December 31, 2023 Raw materials and supplies $ 983 $ 1,031 Work in process 143 139 Finished goods 484 443 $ 1,610 $ 1,613 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Finite-lived Intangible Assets by Major Class | Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: March 31, 2024 December 31, 2023 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,405 $ (690) $ 715 $ 1,423 $ (670) $ 753 Trade names 532 (134) 398 539 (130) 409 Technology 158 (138) 20 159 (133) 26 Long term supply contracts 169 (103) 66 167 (99) 68 Patents 12 (10) 2 12 (10) $ 2 $ 2,276 $ (1,075) $ 1,201 $ 2,300 $ (1,042) $ 1,258 |
Restructuring and Other (Tables
Restructuring and Other (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Other Charges | The Company recorded restructuring and other items as follows: Three Months Ended March 31, 2024 2023 Asset sales and impairments $ 3 $ 2 Restructuring 19 9 Other costs 1 — $ 23 $ 11 |
Asbestos-Related Liabilities (T
Asbestos-Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Schedule of Claims Activity | During the three months ended March 31, 2024, the Company paid $3 to settle asbestos claims and pay related legal and defense costs and had approximate claims activity as follows: Beginning claims 58,500 New claims 400 Settlements or dismissals (100) Ending claims 58,800 |
Schedule of Outstanding Asbestos Claims by Years of Exposure and State Filed | In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2023, the Company's outstanding claims were: Claimants alleging first exposure after 1964 18,000 Claimants alleging first exposure before or during 1964 filed in: Texas 13,000 Pennsylvania 1,500 Other states that have enacted asbestos legislation 6,000 Other states 20,000 Total claims outstanding 58,500 |
Schedule of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases | As of December 31, 2023 and 2022, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows: 2023 2022 Total claims 25 % 24 % Pre-1965 claims in states without asbestos legislation 44 % 43 % |
Derivative and Other Financia_2
Derivative and Other Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following tables set forth financial information about the impact on other comprehensive income ("OCI"), accumulated other comprehensive income ("AOCI") and earnings from changes in the fair value of derivative instruments. Amount of gain/(loss) recognized in OCI Three Months Ended March 31, Derivatives in cash flow hedges 2024 2023 Foreign exchange $ 1 $ 2 Commodities (8) 1 $ (7) $ 3 Amount of gain/(loss) reclassified from AOCI into income Three Months Ended March 31, Derivatives in cash flow hedges 2024 2023 Affected line items in the Statement of Operations Commodities $ (4) $ (2) Net sales Foreign exchange — 1 Cost of products sold, excluding depreciation and amortization Commodities 1 (3) Cost of products sold, excluding depreciation and amortization (3) (4) Income before taxes and equity in net earnings of affiliates 1 1 Provision for income taxes $ (2) $ (3) Net income |
Schedule of Impact on Earnings from Derivatives Not Designated as Hedging Instruments | The following table sets forth the impact on earnings from derivatives not designated as hedges. Pre-tax amount of gain /(loss) recognized in earnings Three Months Ended March 31, Derivatives not designated as hedges 2024 2023 Affected line item in the Statement of Operations Foreign exchange $ — $ (1) Cost of products sold, excluding depreciation and amortization Foreign exchange 2 4 Foreign exchange $ 2 $ 3 |
Schedule of Derivative Instruments Included in Earnings | The following tables set forth financial information about the impact on accumulated other comprehensive income from changes in the fair value of derivative instruments designated as net investment hedges. Amount of gain / (loss) recognized in AOCI Three Months Ended Derivatives designated as net investment hedges 2024 2023 Foreign exchange $ 12 $ (5) |
Schedule of Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy. Balance Sheet classification March 31, December 31, 2023 Balance Sheet classification March 31, December 31, 2023 Derivatives designated as hedging instruments Foreign exchange contracts cash flow Prepaid expenses and other current assets $ 1 $ 1 Accrued liabilities $ 1 $ 2 Foreign exchange contracts fair value Prepaid expenses and other current assets 1 — Accrued liabilities 1 2 Commodities contracts cash flow Prepaid expenses and other current assets 7 13 Accrued liabilities 11 13 Net investment hedge Other non-current assets 62 47 Other non-current liabilities — — $ 71 $ 61 $ 13 $ 17 Derivatives not designated as hedging instruments Foreign exchange contracts Prepaid expenses and other current assets $ 12 $ 3 Accrued liabilities $ 7 $ 3 Total derivatives $ 83 $ 64 $ 20 $ 20 |
Schedule of Derivative Instruments Fair Value Hedge Carrying Amount | Carrying amount of the hedged assets / liabilities March 31, December 31, Line item in the Balance Sheet in which the hedged item is included Cash and cash equivalents $ 2 $ 2 Receivables, net 10 12 Accounts payable 63 120 |
Schedule of Offsetting Derivative Assets and Liabilities | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate. Gross amounts recognized in the Balance Sheet Gross amounts not offset in the Balance Sheet Net amount Balance at March 31, 2024 Derivative assets $83 4 79 Derivative liabilities 20 4 16 Balance at December 31, 2023 Derivative assets $64 7 57 Derivative liabilities 20 7 13 |
Schedule of Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2022 were: March 31, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Foreign exchange $ 353 $ 75 Commodities 113 160 Derivatives designated as fair value hedges: Foreign exchange 152 202 Derivatives designated as net investment hedges: Foreign exchange 875 875 Derivatives not designated as hedges: Foreign exchange 263 302 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of of Outstanding Debt | March 31, 2024 December 31, 2023 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 87 $ 87 $ 16 $ 16 Long-term debt Senior secured borrowings: Revolving credit facilities — — — — Term loan facilities U.S. dollar due 2027 1,575 1,570 1,575 1,569 Euro due 2027 1 572 572 589 589 Senior notes and debentures: €600 at 2.625% due 2024 647 647 663 662 €600 at 3.375% due 2025 647 646 663 662 U.S. dollar at 4.25% due 2026 400 398 400 398 U.S. dollar at 4.75% due 2026 875 871 875 871 U.S. dollar at 7.375% due 2026 350 350 350 350 €500 at 2.875% due 2026 539 537 552 550 €500 at 5.00% due 2028 539 532 552 544 €500 at 4.75% due 2029 539 533 552 544 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 176 176 185 185 Total long-term debt 7,399 7,366 7,496 7,458 Less current maturities (743) (743) (759) (759) Total long-term debt, less current maturities $ 6,656 $ 6,623 $ 6,737 $ 6,699 (1) €530 and €533 at March 31, 2024 and December 31, 2023 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Pension and Other Postretirement Benefits Costs | The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, Pension benefits – U.S. plans 2024 2023 Service cost $ 4 $ 3 Interest cost 13 12 Expected return on plan assets (15) (15) Recognized net loss 10 11 Net periodic cost $ 12 $ 11 Three Months Ended March 31, Pension benefits – Non-U.S. plans 2024 2023 Service cost $ 1 $ 3 Interest cost 5 5 Expected return on plan assets (6) (5) Recognized net loss 2 1 Net periodic cost $ 2 $ 4 Three Months Ended March 31, Other postretirement benefits 2024 2023 Interest cost $ 2 $ 2 Net periodic cost $ 2 $ 2 |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended March 31, Details about accumulated other comprehensive income components 2024 2023 Affected line items in the statement of operations Actuarial losses $ 12 $ 12 Other pension and postretirement 12 12 Income before taxes and equity in net earnings of affiliates (2) (2) Provision for income taxes Total reclassified $ 10 $ 10 Net income |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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). Defined benefit plans Foreign currency translation Gains and losses on cash flow hedges Total Balance at January 1, 2023 $ (686) $ (1,197) $ (9) $ (1,892) Other comprehensive income before reclassifications — 88 2 90 Amounts reclassified from accumulated other comprehensive income 10 — 3 13 Other comprehensive income 10 88 5 103 Balance at March 31, 2023 $ (676) $ (1,109) $ (4) $ (1,789) Balance at January 1, 2024 $ (664) $ (1,022) $ (1) $ (1,687) Other comprehensive income / (loss) before reclassifications — 11 (7) 4 Amounts reclassified from accumulated other comprehensive income 10 — 2 12 Other comprehensive income / (loss) 10 11 (5) 16 Balance at March 31, 2024 $ (654) $ (1,011) $ (6) $ (1,671) |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Recognized | The Company recognized revenue as follows: Three Months Ended March 31, 2024 2023 Revenue recognized over time $ 1,571 $ 1,664 Revenue recognized at a point in time 1,213 1,310 Total revenue $ 2,784 $ 2,974 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table summarizes the computations of basic and diluted earnings per share attributable to the Company. Three Months Ended March 31, 2024 2023 Net income attributable to Crown Holdings $ 67 $ 102 Weighted average shares outstanding: Basic 119.6 119.2 Dilutive restricted stock 0.2 0.4 Diluted 119.8 119.6 Basic earnings per share $ 0.56 $ 0.86 Diluted earnings per share $ 0.56 $ 0.85 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Information about Operating Segments | The tables below present information about the Company's operating segments. External Sales Three Months Ended March 31, 2024 2023 Americas Beverage $ 1,222 $ 1,261 European Beverage 482 479 Asia Pacific 279 338 Transit Packaging 520 564 Other 281 332 Total $ 2,784 $ 2,974 The primary sources of revenue included in Other are the Company's food can, aerosol can, and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K. Intersegment Sales Three Months Ended March 31, 2024 2023 Transit Packaging $ 5 $ 13 Other 21 38 Total $ 26 $ 51 Intersegment sales primarily include sales of equipment and parts used in the manufacturing process. Segment Income Three Months Ended March 31, 2024 2023 Americas Beverage $ 189 $ 178 European Beverage 51 39 Asia Pacific 42 36 Transit Packaging 68 78 Total reportable segments $ 350 $ 331 |
Schedule of Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes is as follows: Three Months Ended March 31, 2024 2023 Segment income of reportable segments $ 350 $ 331 Segment income of other 8 27 Corporate and unallocated items (50) (38) Restructuring and other, net (23) (11) Amortization of intangibles (40) (40) Other pension and postretirement (11) (11) Interest expense (113) (102) Interest income 20 9 Foreign exchange (7) (4) Income from operations before taxes and equity in net earnings of affiliates $ 134 $ 161 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Jan. 01, 2024 | |
Property, Plant and Equipment [Line Items] | |||
Diluted (in dollars per share) | $ 0.56 | $ 0.85 | |
Service Life | |||
Property, Plant and Equipment [Line Items] | |||
Reduction in depreciation expense | $ 16 | ||
Diluted (in dollars per share) | $ (0.10) | ||
Building | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 50 years | ||
Machinery and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives | 23 years |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Effect of Change in Estimate (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in Accounting Estimate [Line Items] | |||||||
Net change in revolving credit facility and short-term debt | $ 0 | $ 249 | $ (393) | $ (393) | $ (396) | $ 268 | $ 39 |
Proceeds from short-term debt | 80 | 82 | 120 | 127 | 129 | 45 | 15 |
Payments of short-term debt | (8) | 0 | (38) | (96) | (131) | (45) | (42) |
Net cash provided by financing activities | $ 9 | 262 | 101 | 35 | 116 | (25) | (2,944) |
As Previously Reported | |||||||
Change in Accounting Estimate [Line Items] | |||||||
Net change in revolving credit facility and short-term debt | 331 | (311) | (362) | (398) | 268 | 12 | |
Proceeds from short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | |
Payments of short-term debt | 0 | 0 | 0 | 0 | 0 | ||
Net cash provided by financing activities | 262 | 101 | 35 | 116 | (25) | (2,944) | |
Adjustments | |||||||
Change in Accounting Estimate [Line Items] | |||||||
Net change in revolving credit facility and short-term debt | (82) | (82) | (31) | 2 | 0 | 27 | |
Proceeds from short-term debt | 82 | 120 | 127 | 129 | 45 | 15 | |
Payments of short-term debt | (38) | (96) | (131) | (45) | (42) | ||
Net cash provided by financing activities | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 1,123 | $ 1,310 | ||
Restricted cash included in prepaid expenses and other current assets | 95 | 90 | ||
Total cash, cash equivalents and restricted cash | $ 1,218 | $ 1,400 | $ 502 | $ 639 |
Receivables - Schedule of Recei
Receivables - Schedule of Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Accounts receivable | $ 1,031 | $ 1,122 |
Less: allowance for credit losses | (32) | (29) |
Net trade receivables | 999 | 1,093 |
Unbilled receivables | 381 | 338 |
Miscellaneous receivables | 257 | 288 |
Receivables, net | $ 1,637 | $ 1,719 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 983 | $ 1,031 |
Work in process | 143 | 139 |
Finished goods | 484 | 443 |
Total inventories | $ 1,610 | $ 1,613 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Gross Carrying Amount and Accumulated Amortization of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,276 | $ 2,300 |
Accumulated amortization | (1,075) | (1,042) |
Net | 1,201 | 1,258 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,405 | 1,423 |
Accumulated amortization | (690) | (670) |
Net | 715 | 753 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 532 | 539 |
Accumulated amortization | (134) | (130) |
Net | 398 | 409 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 158 | 159 |
Accumulated amortization | (138) | (133) |
Net | 20 | 26 |
Long term supply contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 169 | 167 |
Accumulated amortization | (103) | (99) |
Net | 66 | 68 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 12 | 12 |
Accumulated amortization | (10) | (10) |
Net | $ 2 | $ 2 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangibles | $ 40 | $ 40 |
Supplier Finance Program Obli_2
Supplier Finance Program Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Supplier Finance Program [Line Items] | ||
Supplier finance program, payment timing, period (in days) | 150 days | |
Supplier finance program, obligation, current | $ 672 | $ 862 |
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable, Current | Accounts Payable, Current |
Minimum | ||
Supplier Finance Program [Line Items] | ||
Supplier finance program, agreement notice, period (in days) | 30 days |
Restructuring and Other - Sched
Restructuring and Other - Schedule of Restructuring and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | ||
Asset sales and impairments | $ 3 | $ 2 |
Restructuring | 19 | 9 |
Other costs | 1 | 0 |
Restructuring and other | $ 23 | $ 11 |
Restructuring and Other - Narra
Restructuring and Other - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Restructuring and Related Activities [Abstract] | |
Payments for restructuring | $ 12 |
Restructuring accrual | $ 28 |
Asbestos-Related Liabilities -
Asbestos-Related Liabilities - Narrative (Details) inactiveClaim in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) inactiveClaim | Dec. 31, 2023 | |
Liability for Asbestos and Environmental Claims [Abstract] | ||
Holding period for insulation operations (in days) | 90 days | |
Liability for asbestos and environmental claims net claims paid | $ 3 | |
Inactive claims (in claims) | inactiveClaim | 19 | |
Accrued asbestos claims and related legal costs | $ 201 | |
Unasserted claims | $ 145 | |
Claims that do not specify damages (as a percent) | 82% |
Asbestos-Related Liabilities _2
Asbestos-Related Liabilities - Schedule of Claims Activity (Details) | 3 Months Ended |
Mar. 31, 2024 claim | |
Loss Contingency Accrual [Roll Forward] | |
Beginning claims | 58,500 |
New claims | 400 |
Settlements or dismissals | (100) |
Ending claims | 58,800 |
Asbestos-Related Liabilities _3
Asbestos-Related Liabilities - Schedule of Outstanding Claims by Year of Exposure and State Filed (Details) - claim | Mar. 31, 2024 | Dec. 31, 2023 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 58,800 | 58,500 |
Asbestos After 1964 | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 18,000 | |
Asbestos Before Or During 1964 | Texas | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 13,000 | |
Asbestos Before Or During 1964 | Pennsylvania | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims outstanding | 1,500 | |
Asbestos 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 | |
Asbestos 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 |
Asbestos-Related Liabilities _4
Asbestos-Related Liabilities - Schedule of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims alleging serious diseases (as a percent) | 25% | 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 (as a percent) | 44% | 43% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) € in Millions, $ in Millions | 1 Months Ended | |||
Jul. 31, 2022 USD ($) | Mar. 31, 2024 USD ($) | 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] | ||||
Assessed penalty | € | € 4 | |||
CCK vs. FCO | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Fine amount | $ 8 | |||
PRP Sites | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Estimated future remediation costs | $ 12 | |||
Non- PRP Sites | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Estimated future remediation costs | $ 7 | |||
U.S. Customs and Border Protection (CBP) | Penalty Notification Alleging Misclassification of Importation of Certain Goods into U.S. During 2004-2009 | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Assessed penalty | $ 18 |
Derivative and Other Financia_3
Derivative and Other Financial Instruments - Narrative (Details) € in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Objective for using derivative instruments | The Company’s objective in managing exposure to market and interest rate risk is to limit the impact on earnings and cash flow. | |||
Loss expected to be reclassified to earnings | $ (5) | |||
Loss, net of tax, expected to be reclassified to earnings | (4) | |||
Reclassification of anticipated transactions that were no longer considered probable | 0 | $ 0 | ||
Other comprehensive income (loss), net investment hedge, gain (loss), before reclassification and tax | 41 | (16) | ||
Gain (loss) on net investment hedge settlements, net of tax | 34 | (14) | ||
Reduction in interest expense | 6 | 6 | ||
Cumulative amount of fair value hedging adjustment included in the carrying about of the hedged assets | (1) | $ 2 | ||
Hedged liability, fair value hedge, cumulative increase (decrease) | (1) | 2 | ||
Accumulated Other Comprehensive Gain | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on net investment hedge settlements | 90 | 49 | ||
Gain on net investment hedge settlements, net of tax | 102 | $ 68 | ||
Derivatives Designated as Net Investment Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Carrying amount of hedged net investment | 1,758 | € 1,629 | ||
Foreign Exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) from foreign exchange contracts designated as fair value hedges (less than) | 4 | $ (5) | ||
Cross Currency Interest Rate Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, notional amount | $ 875 | |||
Minimum | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, remaining maturity range (in months) | 1 month | 1 month | ||
Maximum | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, remaining maturity range (in months) | 33 months | 33 months |
Derivative and Other Financia_4
Derivative and Other Financial Instruments - Schedule of Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in OCI | $ (7) | $ 3 |
Net sales | 2,784 | 2,974 |
Cost of products sold, excluding depreciation and amortization | 2,247 | 2,411 |
Income from operations before taxes and equity in net earnings of affiliates | 134 | 161 |
Provision for income taxes | 40 | 42 |
Net income | 93 | 122 |
Derivatives in Cash Flow Hedges | Designated as Hedging Instrument | Reclassification out of Accumulated Other Comprehensive Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income from operations before taxes and equity in net earnings of affiliates | (3) | (4) |
Provision for income taxes | 1 | 1 |
Net income | (2) | (3) |
Foreign Exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in OCI | 1 | 2 |
Foreign Exchange | Derivatives in Cash Flow Hedges | Designated as Hedging Instrument | Reclassification out of Accumulated Other Comprehensive Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cost of products sold, excluding depreciation and amortization | 0 | 1 |
Commodities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in OCI | (8) | 1 |
Commodities | Derivatives in Cash Flow Hedges | Designated as Hedging Instrument | Reclassification out of Accumulated Other Comprehensive Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net sales | (4) | (2) |
Cost of products sold, excluding depreciation and amortization | $ 1 | $ (3) |
Derivative and Other Financia_5
Derivative and Other Financial Instruments - Schedule of Fair Value Hedges and Contracts Not Designated as Hedges (Details) - Derivatives not designated as hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Pre-tax amount of gain /(loss) recognized in earnings | $ 2 | $ 3 |
Foreign Exchange | Cost of products sold, excluding depreciation and amortization | ||
Derivative [Line Items] | ||
Pre-tax amount of gain /(loss) recognized in earnings | 0 | (1) |
Foreign Exchange | Foreign exchange | ||
Derivative [Line Items] | ||
Pre-tax amount of gain /(loss) recognized in earnings | $ 2 | $ 4 |
Derivative and Other Financia_6
Derivative and Other Financial Instruments - Schedule of Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Foreign Exchange | Derivatives designated as net investment hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of gain / (loss) recognized in AOCI | $ 12 | $ (5) |
Derivative and Other Financia_7
Derivative and Other Financial Instruments - Schedule of Fair Values of Derivative Instruments and Valuation Hierarchy (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative assets | ||
Total derivatives | $ 83 | $ 64 |
Derivative liabilities | ||
Total derivatives | 20 | 20 |
Fair Value, Inputs, Level 2 | ||
Derivative assets | ||
Total derivatives | 83 | 64 |
Derivative liabilities | ||
Total derivatives | 20 | 20 |
Prepaid expenses and other current assets | Foreign Exchange | Fair Value, Inputs, Level 2 | Derivatives not designated as hedges | ||
Derivative assets | ||
Derivatives not designated as hedging instruments | 12 | 3 |
Prepaid expenses and other current assets | Foreign Exchange | Cash Flow Hedging | Fair Value, Inputs, Level 2 | Derivatives designated as hedges | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 1 | 1 |
Prepaid expenses and other current assets | Foreign Exchange | Derivatives in Fair Value Hedges | Fair Value, Inputs, Level 2 | Derivatives designated as hedges | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 1 | 0 |
Prepaid expenses and other current assets | Commodities | Cash Flow Hedging | Fair Value, Inputs, Level 2 | Derivatives designated as hedges | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 7 | 13 |
Other non-current assets | Net Investment Hedge | Fair Value, Inputs, Level 2 | Derivatives designated as hedges | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 62 | 47 |
Other assets | Fair Value, Inputs, Level 2 | Derivatives designated as hedges | ||
Derivative assets | ||
Derivatives designated as hedging instruments | 71 | 61 |
Accrued liabilities | Foreign Exchange | Fair Value, Inputs, Level 2 | Derivatives not designated as hedges | ||
Derivative liabilities | ||
Derivatives not designated as hedging instruments | 7 | 3 |
Accrued liabilities | Foreign Exchange | Cash Flow Hedging | Fair Value, Inputs, Level 2 | Derivatives designated as hedges | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 1 | 2 |
Accrued liabilities | Foreign Exchange | Derivatives in Fair Value Hedges | Fair Value, Inputs, Level 2 | Derivatives designated as hedges | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 1 | 2 |
Accrued liabilities | Commodities | Cash Flow Hedging | Fair Value, Inputs, Level 2 | Derivatives designated as hedges | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 11 | 13 |
Other non-current liabilities | Net Investment Hedge | Fair Value, Inputs, Level 2 | Derivatives designated as hedges | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | 0 | 0 |
Other liabilities | Fair Value, Inputs, Level 2 | Derivatives designated as hedges | ||
Derivative liabilities | ||
Derivatives designated as hedging instruments | $ 13 | $ 17 |
Derivative and Other Financia_8
Derivative and Other Financial Instruments - Schedule of Fair Value Hedge Carrying Amounts (Details) - Derivatives in Fair Value Hedges - Designated as Hedging Instrument - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and cash equivalents | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | $ 2 | $ 2 |
Receivables, net | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 10 | 12 |
Accounts payable | ||
Derivative [Line Items] | ||
Accounts payable | $ 63 | $ 120 |
Derivative and Other Financia_9
Derivative and Other Financial Instruments - Schedule of Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative assets | ||
Gross amounts recognized in the Balance Sheet | $ 83 | $ 64 |
Gross amounts not offset in the Balance Sheet | 4 | 7 |
Net amount | 79 | 57 |
Derivative liabilities | ||
Gross amounts recognized in the Balance Sheet | 20 | 20 |
Gross amounts not offset in the Balance Sheet | 4 | 7 |
Net amount | $ 16 | $ 13 |
Derivative and Other Financi_10
Derivative and Other Financial Instruments - Schedule of Notional Values of Outstanding Derivative Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Foreign Exchange | Derivatives not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 263 | $ 302 |
Foreign Exchange | Derivatives in Cash Flow Hedges | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 353 | 75 |
Foreign Exchange | Derivatives in Fair Value Hedges | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 152 | 202 |
Foreign Exchange | Derivatives designated as net investment hedges | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 875 | 875 |
Commodities | Derivatives in Cash Flow Hedges | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 113 | $ 160 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Details) $ in Millions | Mar. 31, 2024 USD ($) | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) |
Principal outstanding | ||||
Short-term debt | $ 87 | $ 16 | ||
Total long-term debt | 7,399 | 7,496 | ||
Less current maturities | (743) | (759) | ||
Total long-term debt, less current maturities | 6,656 | 6,737 | ||
Carrying amount | ||||
Total long-term debt | 7,366 | 7,458 | ||
Less current maturities | (743) | (759) | ||
Total long-term debt, less current maturities | 6,623 | 6,699 | ||
Senior Secured Borrowings | U.S. dollar due 2027 | ||||
Principal outstanding | ||||
Total long-term debt | 1,575 | 1,575 | ||
Carrying amount | ||||
Total long-term debt | 1,570 | 1,569 | ||
Senior Secured Borrowings | Euro due 2027 | ||||
Principal outstanding | ||||
Total long-term debt | 572 | 589 | ||
Carrying amount | ||||
Total long-term debt | 572 | 589 | ||
Debt, face amount | € | € 530,000,000 | € 533,000,000 | ||
Senior Notes and Debentures | €600 at 2.625% due 2024 | ||||
Principal outstanding | ||||
Total long-term debt | 647 | 663 | ||
Carrying amount | ||||
Total long-term debt | $ 647 | 662 | ||
Debt, face amount | € | € 600,000,000 | |||
Debt instrument, stated percentage | 2.625% | 2.625% | ||
Senior Notes and Debentures | €600 at 3.375% due 2025 | ||||
Principal outstanding | ||||
Total long-term debt | $ 647 | 663 | ||
Carrying amount | ||||
Total long-term debt | $ 646 | 662 | ||
Debt, face amount | € | € 600,000,000 | |||
Debt instrument, stated percentage | 3.375% | 3.375% | ||
Senior Notes and Debentures | U.S. dollar at 4.25% due 2026 | ||||
Principal outstanding | ||||
Total long-term debt | $ 400 | 400 | ||
Carrying amount | ||||
Total long-term debt | $ 398 | 398 | ||
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 | 871 | ||
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 | 350 | ||
Debt instrument, stated percentage | 7.375% | 7.375% | ||
Senior Notes and Debentures | €500 at 2.875% due 2026 | ||||
Principal outstanding | ||||
Total long-term debt | $ 539 | 552 | ||
Carrying amount | ||||
Total long-term debt | $ 537 | 550 | ||
Debt, 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 | $ 539 | 552 | ||
Carrying amount | ||||
Total long-term debt | $ 532 | 544 | ||
Debt, face amount | € | € 500,000,000 | |||
Debt instrument, stated percentage | 5% | 5% | ||
Senior Notes and Debentures | €500 at 4.75% due 2029 | ||||
Principal outstanding | ||||
Total long-term debt | $ 539 | 552 | ||
Carrying amount | ||||
Total long-term debt | $ 533 | 544 | ||
Debt, 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 | $ 176 | 185 | ||
Carrying amount | ||||
Total long-term debt | 176 | 185 | ||
Revolving Credit Facility | Line of Credit | ||||
Principal outstanding | ||||
Total long-term debt | 0 | 0 | ||
Carrying amount | ||||
Total long-term debt | $ 0 | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Senior Secured Borrowings | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 1.35% | 1.35% |
Senior Secured Borrowings | EURIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 1.25% | 1.25% |
Fair Value, Inputs, Level 2 | ||
Debt Instrument [Line Items] | ||
Long-term debt fair value | $ 7,441 | $ 7,484 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Schedule of Components of Net Periodic Pension and Other Postretirement Benefits Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 2 | $ 2 |
Net periodic cost | 2 | 2 |
U.S. | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | 3 |
Interest cost | 13 | 12 |
Expected return on plan assets | (15) | (15) |
Recognized net loss | 10 | 11 |
Net periodic cost | 12 | 11 |
Non U.S. | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 3 |
Interest cost | 5 | 5 |
Expected return on plan assets | (6) | (5) |
Recognized net loss | 2 | 1 |
Net periodic cost | $ 2 | $ 4 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income before taxes and equity in net earnings of affiliates | $ 134 | $ 161 |
Provision for income taxes | (40) | (42) |
Net income | 93 | 122 |
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit plans adjustment | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income before taxes and equity in net earnings of affiliates | 12 | 12 |
Provision for income taxes | (2) | (2) |
Net income | 10 | 10 |
Reclassification out of Accumulated Other Comprehensive Income | Actuarial losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other pension and postretirement | $ 12 | $ 12 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | 3 Months Ended | |||
May 02, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 09, 2021 | |
Class of Stock [Line Items] | ||||
Stock repurchase program, authorized amount | $ 3,000,000,000 | |||
Remaining authorized repurchased amount | $ 2,300,000,000 | |||
Common stock, dividends, per share, paid (in dollars per share) | $ 0.25 | $ 0.24 | ||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.25 | $ 0.24 | ||
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 - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
AOCI Attributable To Parent Net Of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 2,932 | $ 2,482 | $ 2,864 | $ 2,287 |
Total other comprehensive income | 13 | 104 | ||
Balance at end of period | 2,932 | 2,482 | ||
Total | ||||
AOCI Attributable To Parent Net Of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,671) | (1,789) | (1,687) | (1,892) |
Other comprehensive income before reclassifications | 4 | 90 | ||
Amounts reclassified from accumulated other comprehensive income | 12 | 13 | ||
Total other comprehensive income | 16 | 103 | ||
Balance at end of period | (1,671) | (1,789) | ||
Defined benefit plans | ||||
AOCI Attributable To Parent Net Of Tax [Roll Forward] | ||||
Balance at beginning of period | (654) | (676) | (664) | (686) |
Other comprehensive income before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 10 | 10 | ||
Total other comprehensive income | 10 | 10 | ||
Balance at end of period | (654) | (676) | ||
Foreign currency translation | ||||
AOCI Attributable To Parent Net Of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,011) | (1,109) | (1,022) | (1,197) |
Other comprehensive income before reclassifications | 11 | 88 | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Total other comprehensive income | 11 | 88 | ||
Balance at end of period | (1,011) | (1,109) | ||
Gains and losses on cash flow hedges | ||||
AOCI Attributable To Parent Net Of Tax [Roll Forward] | ||||
Balance at beginning of period | (6) | (4) | $ (1) | $ (9) |
Other comprehensive income before reclassifications | (7) | 2 | ||
Amounts reclassified from accumulated other comprehensive income | 2 | 3 | ||
Total other comprehensive income | (5) | 5 | ||
Balance at end of period | $ (6) | $ (4) |
Revenue - Schedule of Revenue R
Revenue - Schedule of Revenue Recognized (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 2,784 | $ 2,974 |
Revenue recognized over time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 1,571 | 1,664 |
Revenue recognized at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 1,213 | $ 1,310 |
Revenue- Narrative (Details)
Revenue- Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Net contract assets | $ 14 | $ 8 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Crown Holdings | $ 67 | $ 102 |
Weighted average shares outstanding: | ||
Basic (in shares) | 119.6 | 119.2 |
Dilutive restricted stock (in shares) | 0.2 | 0.4 |
Diluted (in shares) | 119.8 | 119.6 |
Basic earnings per share (in dollars per share) | $ 0.56 | $ 0.86 |
Diluted earnings per share (in dollars per share) | $ 0.56 | $ 0.85 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Shares excluded from the computation of diluted earnings per share (in shares) | 200 | 80 |
Segment Information - Schedule
Segment Information - Schedule of Information about Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 2,784 | $ 2,974 |
Segment income | 245 | 269 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Segment income | 350 | 331 |
Operating Segments | Americas Beverage | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 1,222 | 1,261 |
Segment income | 189 | 178 |
Operating Segments | European Beverage | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 482 | 479 |
Segment income | 51 | 39 |
Operating Segments | Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 279 | 338 |
Segment income | 42 | 36 |
Operating Segments | Transit Packaging | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 520 | 564 |
Segment income | 68 | 78 |
Segment Reconciling Items | Other | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 281 | 332 |
Segment income | 8 | 27 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 26 | 51 |
Intersegment Eliminations | Transit Packaging | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 5 | 13 |
Intersegment Eliminations | Other | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 21 | $ 38 |
Segment Information - Schedul_2
Segment Information - Schedule of Reconciliation of Segment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income from operations | $ 245 | $ 269 |
Restructuring and other, net | (23) | (11) |
Amortization of intangibles | (40) | (40) |
Interest expense | (113) | (102) |
Interest income | 20 | 9 |
Foreign exchange | (7) | (4) |
Income before taxes and equity in net earnings of affiliates | 134 | 161 |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income from operations | 350 | 331 |
Segment Reconciling Items | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Restructuring and other, net | (23) | (11) |
Amortization of intangibles | (40) | (40) |
Other pension and postretirement | (11) | (11) |
Interest expense | (113) | (102) |
Interest income | 20 | 9 |
Foreign exchange | (7) | (4) |
Segment Reconciling Items | Other | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income from operations | 8 | 27 |
Corporate, Non-Segment | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Corporate and unallocated items | $ (50) | $ (38) |
Segment Information - Narrative
Segment Information - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Segment Reporting [Abstract] | |
Intercompany profit eliminated | $ 1 |