[X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2016 |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ |
Pennsylvania | 75-3099507 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
One Crown Way, Philadelphia, PA | 19154-4599 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Stock $5.00 Par Value | New York Stock Exchange | |
7 3/8% Debentures Due 2026 | New York Stock Exchange | |
7 1/2% Debentures Due 2096 | New York Stock Exchange |
Large accelerated filer | [X] | Accelerated filer | [ ] | |||
Non-accelerated filer | [ ] (Do not check if a smaller reporting company) | Smaller reporting company | [ ] |
Document | Parts Into Which Incorporated | |
Proxy Statement for the Annual Meeting of Shareholders to be held April 27, 2017 | Part III to the extent described therein |
PART I | |||
1 | |||
6 | |||
20 | |||
20 | |||
23 | |||
23 | |||
PART II | |||
23 | |||
25 | |||
26 | |||
41 | |||
42 | |||
103 | |||
103 | |||
104 | |||
PART III | |||
104 | |||
104 | |||
105 | |||
105 | |||
105 | |||
PART IV | |||
106 | |||
111 | |||
112 |
ITEM 1. | BUSINESS |
ITEM 1A. | RISK FACTORS |
• | foreign government's restrictive trade policies; |
• | inconsistent product regulation or policy changes by foreign agencies or governments; |
• | duties, taxes or government royalties, including the imposition or increase of withholding and other taxes on remittances and other payments by non-U.S. subsidiaries; |
• | customs, import/export and other trade compliance regulations; |
• | foreign exchange rate risks; |
• | difficulty in collecting international accounts receivable and potentially longer payment cycles; |
• | increased costs in maintaining international manufacturing and marketing efforts; |
• | non-tariff barriers and higher duty rates; |
• | difficulties associated with expatriating cash generated or held abroad in a tax-efficient manner and changes in tax laws; |
• | difficulties in enforcement of contractual obligations and intellectual property rights and difficulties in protecting intellectual property or sensitive commercial and operations data or information technology systems generally; |
• | exchange controls; |
• | national and regional labor strikes; |
• | geographic, language and cultural differences between personnel in different areas of the world; |
• | high social benefit costs for labor, including costs associated with restructurings; |
• | civil unrest or political, social, legal and economic instability, such as recent political turmoil in the Middle East; |
• | product boycotts, including with respect to the products of the Company's multi-national customers; |
• | customer, supplier, and investor concerns regarding operations in areas such as the Middle East; |
• | taking of property by nationalization or expropriation without fair compensation; |
• | imposition of limitations on conversions of foreign currencies into dollars or payment of dividends and other payments by non-U.S. subsidiaries; |
• | hyperinflation and currency devaluation in certain foreign countries where such currency devaluation could affect the amount of cash generated by operations in those countries and thereby affect the Company's ability to satisfy its obligations; |
• | war, civil disturbance, global or regional catastrophic events, natural disasters, including in emerging markets, and acts of terrorism; |
• | geographical concentration of the Company's factories and operations and regional shifts in its customer base; |
• | periodic health epidemic concerns; |
• | the complexity of managing global operations; and |
• | compliance with applicable anti-corruption or anti-bribery laws. |
• | increase the Company's vulnerability to general adverse economic and industry conditions, including rising interest rates; |
• | restrict the Company from making strategic acquisitions or exploiting business opportunities, including any planned expansion in emerging markets; |
• | limit the Company's ability to make capital expenditures both domestically and internationally in order to grow the Company's business or maintain manufacturing plants in good working order and repair; |
• | limit, along with the financial and other restrictive covenants under the Company's indebtedness, the Company's ability to obtain additional financing, dispose of assets or pay cash dividends; |
• | require the Company to dedicate a substantial portion of its cash flow from operations to service its indebtedness, thereby reducing the availability of its cash flow to fund future working capital, capital expenditures, research and development expenditures and other general corporate requirements; |
• | require the Company to sell assets used in its business; |
• | limit the Company's ability to refinance its existing indebtedness, particularly during periods of adverse credit market conditions when refinancing indebtedness may not be available under interest rates and other terms acceptable to the Company or at all; |
• | increase the Company's cost of borrowing; |
• | limit the Company's flexibility in planning for, or reacting to, changes in its business and the industry in which it operates; and |
• | place the Company at a competitive disadvantage compared to its competitors that have less debt. |
• | incur additional debt; |
• | pay dividends or make other distributions, repurchase capital stock, repurchase subordinated debt and make certain investments or loans; |
• | create liens and engage in sale and leaseback transactions; |
• | create restrictions on the payment of dividends and other amounts to the Company from subsidiaries; |
• | make loans, investments and capital expenditures; |
• | change accounting treatment and reporting practices; |
• | enter into agreements restricting the ability of a subsidiary to pay dividends to, make or repay loans to, transfer property to, or guarantee indebtedness of, the Company or any of its subsidiaries; |
• | sell or acquire assets, enter into leaseback transactions and merge or consolidate with or into other companies; and |
• | engage in transactions with affiliates. |
• | diversion of management time and attention; |
• | failures to identify material problems and liabilities of acquisition targets or to obtain sufficient indemnification rights to fully offset possible liabilities related to the acquired businesses; |
• | difficulties integrating the operations, technologies and personnel of the acquired businesses; |
• | inefficiencies and complexities that may arise due to unfamiliarity with new assets, businesses or markets; |
• | disruptions to the Company's ongoing business; |
• | inaccurate estimates of fair value made in the accounting for acquisitions and amortization of acquired intangible assets which would reduce future reported earnings; |
• | the inability to obtain required financing for the new acquisition or investment opportunities and the Company's existing business; |
• | the need or obligation to divest portions of an acquired business; |
• | challenges associated with operating in new geographic regions; |
• | difficulties in achieving anticipated cost savings, synergies, business opportunities and growth prospects; |
• | potential loss of key employees, contractual relationships, suppliers or customers of the acquired businesses or of the Company; and |
• | inability to obtain required regulatory approvals. |
• | provide that shareholders may not act by written consent in lieu of a shareholder meeting; |
• | do not permit shareholders to call a special meeting of shareholders; |
• | limit the ability of shareholders to modify the authority of the Company's Board of Directors or create a committee on the Board of Directors by amending the By-Laws; |
• | limit the size of the Company's Board of Directors; |
• | require advance notice for shareholder business and nominations at a shareholder meeting; |
• | do not provide for cumulative voting by shareholders; |
• | authorize the issuance of “blank check” preferred shares by the Company's Board of Directors; |
• | impose certain requirements on business combinations that could delay for five years and impose conditions upon business combinations between an interested shareholder and the Company, unless the transaction is approved by the Company's Board of Directors; |
• | include a statute regarding disgorgement of profits arising from the sale of Company common stock by certain controlling shareholders following attempts to acquire control; and |
• | require disinterested shareholder approval of certain business combinations with interested shareholders. |
• | downturns in the business or financial condition of any of the Company's key customers or suppliers, potentially resulting in customers' inability to pay the Company's invoices as they become due, or at all, or suppliers' failure to fulfill their commitments; |
• | potential losses associated with hedging activity by the Company for the benefit of the Company's customers including counterparty risk associated with such hedging activity, or costs associated with changing suppliers; |
• | a decline in the fair value of the Company's pension assets or a decline in discount rates used to measure the Company's pension obligations, potentially requiring the Company to make significant additional contributions to its pension plans to meet prescribed funding levels; |
• | the deterioration of any of the lending parties under the Company's senior secured revolving credit facilities or the creditworthiness of the counterparties to the Company's derivative transactions, which could result in such parties' failure to satisfy their obligations under their arrangements with the Company; |
• | noncompliance with the covenants under the Company's indebtedness as a result of a weakening of the Company's financial position or results of operations; and |
• | the lack of currently available funding sources, which could have a negative impact upon the liquidity of the Company as well as that of its customers and suppliers. |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
Americas | Europe | Asia Pacific | ||||
Beverage and Closures | Kankakee, IL | Estancia, Brazil | Custines, France | Sevilla, Spain | Phnom Penh, Cambodia (2) | |
Lawrence, MA | Manaus, Brazil | Korinthos, Greece | El Agba, Tunisia | Sihanoukville, Cambodia | ||
Mankato, MN | Ponta Grossa, Brazil | Patras, Greece | Izmit, Turkey | Beijing, China | ||
Batesville, MS | Calgary, Canada | Amman, Jordan | Osmaniye, Turkey | Huizhou, China | ||
Dayton, OH | Weston, Canada | Dammam, Saudi Arabia | Dubai, UAE | Hangzhou, China | ||
Cheraw, SC | Santafe de Bogota, | Jeddah, Saudi Arabia | Botcherby, UK | Heshan, China | ||
Conroe, TX | Colombia | Kosice, Slovakia | Braunstone, UK | Putian, China | ||
Fort Bend, TX | Ensenada, Mexico | Agoncillo, Spain | Ziyang, China | |||
Winchester, VA | Guadalajara, | Bangi, Malaysia | ||||
Olympia, WA | Mexico | Singapore | ||||
La Crosse, WI | Monterrey, Mexico (2) | Nong Khae, Thailand | ||||
Worland, WY | Orizaba, Mexico | Danang, Vietnam | ||||
Cabreuva, Brazil | Toluca, Mexico | Dong Nai, Vietnam | ||||
Teresina, Brazil | Hanoi, Vietnam | |||||
Ho Chi Minh City, Vietnam | ||||||
Winter Garden, FL | Hanover, PA | Carpentras, France | Abidjan, Ivory Coast | Bangpoo, Thailand | ||
Food and Closures | Crawfordsville, IN | Suffolk, VA | Chatillon-sur-Seine, France | Toamasina, Madagascar | Haadyai, Thailand | |
Owatonna, MN | Seattle, WA | Concarneau, France | Agadir, Morocco | Nakhon Pathom, Thailand | ||
Omaha, NE | Oshkosh, WI | Laon, France | Casablanca, Morocco | Samrong, Thailand | ||
Lancaster, OH | Kingston, Jamaica | Nantes, France | Pisco, Peru | Songkhla, Thailand | ||
Massillon, OH | La Villa, Mexico | Outreau, France | Goleniow, Poland | |||
Mill Park, OH | Barbados, West Indies | Perigueux, France | Pruszcz, Poland | |||
Connellsville, PA | Lubeck, Germany | Alcochete, Portugal | ||||
Mühldorf, Germany | Novotitarovskaya, | |||||
Seesen, Germany (2) | Russia | |||||
Thessaloniki, Greece | Timashevsk, Russia | |||||
Tema, Ghana | Aldeanuevra De Ebro, Spain | |||||
Kornye, Hungary | Las Torres De Cotillas, | |||||
Nagykoros, Hungary | Spain | |||||
Athy, Ireland | Llanera, Spain | |||||
Aprilia, Italy | Merida, Spain | |||||
Battipaglia, Italy | Osuna, Spain | |||||
Calerno S. Ilario d’Enza, | Pontavedra, Spain | |||||
Italy | Sevilla, Spain | |||||
Nocera Superiore, Italy | Karacabey, Turkey | |||||
Parma, Italy | Wisbech, UK | |||||
Aerosol | Alsip, IL | Faribault, MN | Spilamberto, Italy (2) | Sutton, UK | ||
Decatur, IL | Spartanburg, SC | Mijdrecht, Netherlands | ||||
Specialty | Belcamp, MD | Vourles, France | Carlisle, UK | Huizhou, China | ||
Packaging | Hoorn, Netherlands | Mansfield, UK | Kunshan, China | |||
Langfang, China | ||||||
Qingdao Chengyan, China | ||||||
Shanghai, China | ||||||
Tianjin, China | ||||||
Tongxiang, China | ||||||
Zhengzhou, China | ||||||
Singapore | ||||||
Binh Duong, Vietnam | ||||||
Canmaking | Norwalk, CT | Chippewa Falls, WI | Shipley, UK (2) | |||
Equipment | Trevose, PA | Acayucan, Mexico | ||||
and Other |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
(in millions) | 2016 | 2015 | ||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||
High | $ | 50.48 | $ | 55.44 | $ | 57.46 | $ | 57.49 | $ | 54.03 | $ | 57.08 | $ | 55.16 | $ | 54.39 | ||||||||||||||||
Low | 43.30 | 48.28 | 49.14 | 51.57 | 43.85 | 52.25 | 44.76 | 45.15 |
December 31, | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||||
Crown Holdings | $ | 100 | $ | 110 | $ | 133 | $ | 152 | $ | 151 | $ | 157 | ||||||||||||
S&P 500 Index | 100 | 116 | 154 | 175 | 177 | 198 | ||||||||||||||||||
Dow Jones “U.S. Containers & Packaging” Index | 100 | 114 | 161 | 184 | 176 | 210 |
(a) | The preceding Comparative Stock Performance Graph is not deemed filed with the SEC and shall not be incorporated by reference in any of the Company's filings under the Security Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. |
(b) | Assumes that the value of the investment in Crown Holdings common stock and each index was $100 on December 31, 2011 and that all dividends were reinvested. |
ITEM 6. | SELECTED FINANCIAL DATA |
(in millions, except per share, ratios and other statistics) | 2016 | 2015 (a) | 2014 (b) | 2013 (c) | 2012 (c) | |||||||||||||||
Summary of Operations | ||||||||||||||||||||
Net sales | $ | 8,284 | $ | 8,762 | $ | 9,097 | $ | 8,656 | $ | 8,470 | ||||||||||
Cost of products sold, excluding depreciation and amortization | 6,583 | 7,116 | 7,525 | 7,180 | 7,013 | |||||||||||||||
Depreciation and amortization | 247 | 237 | 190 | 134 | 180 | |||||||||||||||
Selling and administrative expense | 368 | 390 | 398 | 425 | 382 | |||||||||||||||
Provision for asbestos | 21 | 26 | 40 | 52 | 37 | |||||||||||||||
Restructuring and other | 44 | 66 | 129 | 34 | — | |||||||||||||||
Loss from early extinguishments of debt | 37 | 9 | 34 | 41 | — | |||||||||||||||
Interest expense, net of interest income | 231 | 259 | 246 | 231 | 219 | |||||||||||||||
Foreign exchange | (16 | ) | 20 | 14 | 3 | (1 | ) | |||||||||||||
Income before income taxes and equity earnings | 769 | 639 | 521 | 556 | 640 | |||||||||||||||
Provision for/(benefit from) income taxes | 186 | 178 | 43 | 141 | (18 | ) | ||||||||||||||
Equity earnings | — | — | — | — | 5 | |||||||||||||||
Net income | 583 | 461 | 478 | 415 | 663 | |||||||||||||||
Net income attributable to noncontrolling interests | (87 | ) | (68 | ) | (88 | ) | (104 | ) | (105 | ) | ||||||||||
Net income attributable to Crown Holdings | $ | 496 | $ | 393 | $ | 390 | $ | 311 | $ | 558 | ||||||||||
Financial Position at December 31 | ||||||||||||||||||||
Working capital | $ | (55 | ) | $ | 141 | $ | 695 | $ | 256 | $ | 224 | |||||||||
Total assets | 9,599 | 10,050 | 9,673 | 8,025 | 7,492 | |||||||||||||||
Total cash and cash equivalents | 559 | 717 | 965 | 689 | 350 | |||||||||||||||
Total debt | 4,911 | 5,518 | 5,194 | 3,805 | 3,633 | |||||||||||||||
Total equity | 668 | 385 | 337 | 236 | 88 | |||||||||||||||
Common Share Data (dollars per share) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Basic | $ | 3.58 | $ | 2.85 | $ | 2.84 | $ | 2.23 | $ | 3.85 | ||||||||||
Diluted | 3.56 | 2.82 | 2.82 | 2.21 | 3.79 | |||||||||||||||
Market price on December 31 | 52.57 | 50.70 | 50.90 | 44.57 | 36.81 | |||||||||||||||
Number of shares outstanding at year-end | 139.8 | 139.4 | 139.0 | 138.2 | 143.1 | |||||||||||||||
Average shares outstanding | ||||||||||||||||||||
Basic | 138.5 | 137.9 | 137.2 | 139.5 | 146.1 | |||||||||||||||
Diluted | 139.3 | 139.1 | 138.5 | 140.7 | 148.4 | |||||||||||||||
Other | ||||||||||||||||||||
Capital expenditures | $ | 473 | $ | 354 | $ | 328 | $ | 275 | $ | 324 |
ITEM 7. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 8,284 | $ | 8,762 | $ | 9,097 | |||||
Beverage cans and ends as a percentage of net sales | 58 | % | 57 | % | 53 | % | |||||
Food cans and ends as a percentage of net sales | 27 | % | 28 | % | 30 | % |
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 2,757 | $ | 2,771 | $ | 2,335 | |||||
Segment income | 456 | 427 | 334 |
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 652 | $ | 680 | $ | 809 | |||||
Segment income | 69 | 86 | 127 |
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 1,420 | $ | 1,504 | $ | 1,708 | |||||
Segment income | 243 | 228 | 265 |
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 1,855 | $ | 1,984 | $ | 2,197 | |||||
Segment income | 244 | 246 | 221 |
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 1,116 | $ | 1,202 | $ | 1,226 | |||||
Segment income | 152 | 145 | 142 |
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 484 | $ | 621 | $ | 822 | |||||
Segment income | 70 | 83 | 92 |
2016 | 2015 | 2014 | |||||||||
Corporate and unallocated | $ | (148 | ) | $ | (196 | ) | $ | (197 | ) |
2016 | 2015 | 2014 | |||||||||
Income before income taxes | $ | 769 | $ | 639 | $ | 521 | |||||
Provision for income taxes | 186 | 178 | 43 | ||||||||
Effective income tax rate | 24.1 | % | 27.9 | % | 8.3 | % |
Payments Due by Period | ||||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 & after | Total | ||||||||||||||||||||||
Long-term debt | $ | 162 | $ | 623 | $ | 364 | $ | 17 | $ | 18 | $ | 3,747 | $ | 4,931 | ||||||||||||||
Interest on long-term debt | 191 | 186 | 170 | 159 | 158 | 157 | 1,021 | |||||||||||||||||||||
Operating leases | 48 | 32 | 22 | 16 | 11 | 63 | 192 | |||||||||||||||||||||
Projected pension contributions | 60 | 61 | 61 | 86 | 99 | — | 367 | |||||||||||||||||||||
Postretirement obligations | 16 | 15 | 14 | 14 | 13 | 58 | 130 | |||||||||||||||||||||
Purchase obligations | 2,651 | 1,154 | 284 | 98 | 59 | — | 4,246 | |||||||||||||||||||||
Total contractual cash obligations | $ | 3,128 | $ | 2,071 | $ | 915 | $ | 390 | $ | 358 | $ | 4,025 | $ | 10,887 |
Buy/Sell | Contract amount | Contract fair value gain/(loss) | Average contractual exchange rate | ||||||||
U.S. dollars/Euro | $ | 32 | $ | 2 | 1.14 | ||||||
Sterling/Euro | 98 | 2 | 0.87 | ||||||||
Euro/Sterling | 342 | (4 | ) | 1.16 | |||||||
Euro/U.S. dollars | 231 | (2 | ) | 0.94 | |||||||
U.S. dollars/Sterling | 18 | 1 | 1.27 | ||||||||
Sterling/U.S. dollars | 10 | (2 | ) | 0.75 | |||||||
Singapore dollars/U.S. dollars | 58 | (3 | ) | 1.38 | |||||||
Polish Zloty/Euro | 76 | — | 4.48 | ||||||||
U.S. dollars/Turkish Lira | 61 | 8 | 0.31 | ||||||||
Turkish Lira/U.S. dollars | 93 | (13 | ) | 3.16 | |||||||
Euro/Singapore dollars | 84 | — | 0.66 | ||||||||
Euro/Polish Zloty | 133 | (1 | ) | 0.22 | |||||||
$ | 1,236 | $ | (12 | ) |
Year of Maturity | ||||||||||||||||||||||||
Debt | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | ||||||||||||||||||
Fixed rate | $ | 32 | $ | 29 | $ | 20 | $ | 17 | $ | 18 | $ | 3,747 | ||||||||||||
Average interest rate | 5.6 | % | 5.7 | % | 6.0 | % | 5.7 | % | 7.0 | % | 4.2 | % | ||||||||||||
Variable rate | $ | 130 | $ | 594 | $ | 344 | — | $ | — | — | ||||||||||||||
Average interest rate | 2.5 | % | 2.5 | % | 2.8 | % | — | — | — |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
INDEX TO FINANCIAL STATEMENTS | ||
Financial Statements | ||
Management’s Report on Internal Control Over Financial Reporting | 43 | |
Report of Independent Registered Public Accounting Firm | 44 | |
Consolidated Statements of Operations for the years ended December 31, 2016, 2015 and 2014 | 45 | |
Consolidated Statements of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014 | 46 | |
Consolidated Balance Sheets as of December 31, 2016 and 2015 | 47 | |
Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014 | 48 | |
Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2016, 2015 and 2014 | 49 | |
Notes to Consolidated Financial Statements | 50 | |
Supplementary Information | 102 | |
Financial Statement Schedule | ||
Schedule II – Valuation and Qualifying Accounts and Reserves | 103 |
For the Years Ended December 31 | 2016 | 2015 | 2014 | ||||||||
Net sales | $ | 8,284 | $ | 8,762 | $ | 9,097 | |||||
Cost of products sold, excluding depreciation and amortization | 6,583 | 7,116 | 7,525 | ||||||||
Depreciation and amortization | 247 | 237 | 190 | ||||||||
Selling and administrative expense | 368 | 390 | 398 | ||||||||
Provision for asbestos | 21 | 26 | 40 | ||||||||
Restructuring and other | 44 | 66 | 129 | ||||||||
Income from operations | 1,021 | 927 | 815 | ||||||||
Loss from early extinguishments of debt | 37 | 9 | 34 | ||||||||
Interest expense | 243 | 270 | 253 | ||||||||
Interest income | (12 | ) | (11 | ) | (7 | ) | |||||
Foreign exchange | (16 | ) | 20 | 14 | |||||||
Income before income taxes | 769 | 639 | 521 | ||||||||
Provision for income taxes | 186 | 178 | 43 | ||||||||
Net income | 583 | 461 | 478 | ||||||||
Net income attributable to noncontrolling interests | (87 | ) | (68 | ) | (88 | ) | |||||
Net income attributable to Crown Holdings | $ | 496 | $ | 393 | $ | 390 | |||||
Earnings per common share attributable to Crown Holdings: | |||||||||||
Basic | $ | 3.58 | $ | 2.85 | $ | 2.84 | |||||
Diluted | $ | 3.56 | $ | 2.82 | $ | 2.82 |
For the Years Ended December 31 | 2016 | 2015 | 2014 | ||||||||
Net income | $ | 583 | $ | 461 | $ | 478 | |||||
Other comprehensive income / (loss), net of tax | |||||||||||
Foreign currency translation adjustments | (435 | ) | (469 | ) | (323 | ) | |||||
Pension and other postretirement benefits | 166 | 91 | 47 | ||||||||
Derivatives qualifying as hedges | 23 | (15 | ) | 25 | |||||||
Total other comprehensive loss | (246 | ) | (393 | ) | (251 | ) | |||||
Total comprehensive income | 337 | 68 | 227 | ||||||||
Net income attributable to noncontrolling interests | (87 | ) | (68 | ) | (88 | ) | |||||
Translation adjustments attributable to noncontrolling interests | 2 | 3 | 1 | ||||||||
Derivatives qualifying as hedges attributable to noncontrolling interests | (2 | ) | 1 | (2 | ) | ||||||
Comprehensive income attributable to Crown Holdings | $ | 250 | $ | 4 | $ | 138 |
December 31 | 2016 | 2015 | |||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 559 | $ | 717 | |||
Receivables, net | 865 | 912 | |||||
Inventories | 1,245 | 1,213 | |||||
Prepaid expenses and other current assets | 172 | 207 | |||||
Total current assets | 2,841 | 3,049 | |||||
Goodwill and intangible assets | 3,263 | 3,580 | |||||
Property, plant and equipment, net | 2,820 | 2,699 | |||||
Other non-current assets | 675 | 722 | |||||
Total | $ | 9,599 | $ | 10,050 | |||
Liabilities and equity | |||||||
Current liabilities | |||||||
Short-term debt | $ | 33 | $ | 54 | |||
Current maturities of long-term debt | 161 | 209 | |||||
Accounts payable and accrued liabilities | 2,702 | 2,645 | |||||
Total current liabilities | 2,896 | 2,908 | |||||
Long-term debt, excluding current maturities | 4,717 | 5,255 | |||||
Postretirement and pension liabilities | 620 | 767 | |||||
Other non-current liabilities | 698 | 735 | |||||
Commitments and contingent liabilities (Note M) | |||||||
Equity | |||||||
Noncontrolling interests | 302 | 291 | |||||
Preferred stock, authorized: 30,000,000; none issued (Note O) | — | — | |||||
Common stock, par value: $5.00; authorized: 500,000,000 shares; issued: | |||||||
185,744,072 shares (Note O) | 929 | 929 | |||||
Additional paid-in capital | 446 | 426 | |||||
Accumulated earnings | 2,621 | 2,125 | |||||
Accumulated other comprehensive loss | (3,400 | ) | (3,154 | ) | |||
Treasury stock at par value (2016 - 45,903,844 shares; 2015 - 46,302,744 shares) | (230 | ) | (232 | ) | |||
Crown Holdings shareholders’ equity | 366 | 94 | |||||
Total equity | 668 | 385 | |||||
Total | $ | 9,599 | $ | 10,050 |
For the Years Ended December 31 | 2016 | 2015 | 2014 | ||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 583 | $ | 461 | $ | 478 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 247 | 237 | 190 | ||||||||
Restructuring and other | 44 | 66 | 129 | ||||||||
Pension expense | 28 | 48 | 56 | ||||||||
Pension contributions | (103 | ) | (79 | ) | (81 | ) | |||||
Stock-based compensation | 20 | 27 | 22 | ||||||||
Deferred income taxes | 16 | 25 | (81 | ) | |||||||
Changes in assets and liabilities: | |||||||||||
Receivables | 29 | 34 | 45 | ||||||||
Inventories | (85 | ) | 60 | (62 | ) | ||||||
Accounts payable and accrued liabilities | 163 | 59 | 214 | ||||||||
Other, net | (12 | ) | 18 | 2 | |||||||
Net cash provided by operating activities | 930 | 956 | 912 | ||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (473 | ) | (354 | ) | (328 | ) | |||||
Acquisition of businesses, net of cash acquired | — | (1,207 | ) | (733 | ) | ||||||
Proceeds from sale of businesses, net of cash sold | — | 33 | 22 | ||||||||
Proceeds from sale of property, plant and equipment | 10 | 7 | 16 | ||||||||
Net investment hedge settlements | — | (11 | ) | — | |||||||
Other | 21 | (16 | ) | 2 | |||||||
Net cash used for investing activities | (442 | ) | (1,548 | ) | (1,021 | ) | |||||
Cash flows from financing activities | |||||||||||
Proceeds from long-term debt | 1,380 | 1,435 | 2,742 | ||||||||
Payments of long-term debt | (1,914 | ) | (900 | ) | (1,752 | ) | |||||
Net change in revolving credit facility and short-term debt | (32 | ) | (7 | ) | (319 | ) | |||||
Debt issuance costs | (18 | ) | (18 | ) | (41 | ) | |||||
Common stock issued | 10 | 6 | 14 | ||||||||
Common stock repurchased | (8 | ) | (9 | ) | (2 | ) | |||||
Dividends paid to noncontrolling interests | (80 | ) | (48 | ) | (77 | ) | |||||
Purchase of noncontrolling interests | — | — | (93 | ) | |||||||
Contribution from noncontrolling interests | 4 | 5 | — | ||||||||
Foreign exchange derivatives related to debt | 42 | (58 | ) | (27 | ) | ||||||
Net cash provided by/(used for) financing activities | (616 | ) | 406 | 445 | |||||||
Effect of exchange rate changes on cash and cash equivalents | (30 | ) | (62 | ) | (60 | ) | |||||
Net change in cash and cash equivalents | (158 | ) | (248 | ) | 276 | ||||||
Cash and cash equivalents at January 1 | 717 | 965 | 689 | ||||||||
Cash and cash equivalents at December 31 | $ | 559 | $ | 717 | $ | 965 |
Crown Holdings, Inc. Shareholders’ Equity | |||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Accumulated Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Crown Equity | Noncontrolling Interests | Total | ||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 929 | $ | 431 | $ | 1,342 | $ | (2,513 | ) | $ | (238 | ) | $ | (49 | ) | $ | 285 | $ | 236 | ||||||||||||
Net income | 390 | 390 | 88 | 478 | |||||||||||||||||||||||||||
Other comprehensive income / (loss) | (252 | ) | (252 | ) | 1 | (251 | ) | ||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | (62 | ) | (62 | ) | ||||||||||||||||||||||||||
Stock-based compensation | 22 | 22 | 22 | ||||||||||||||||||||||||||||
Common stock issued | 10 | 4 | 14 | 14 | |||||||||||||||||||||||||||
Common stock repurchased | (2 | ) | (2 | ) | (2 | ) | |||||||||||||||||||||||||
Purchase of noncontrolling interests | (54 | ) | (54 | ) | (44 | ) | (98 | ) | |||||||||||||||||||||||
Balance at December 31, 2014 | $ | 929 | $ | 407 | $ | 1,732 | $ | (2,765 | ) | $ | (234 | ) | $ | 69 | $ | 268 | $ | 337 | |||||||||||||
Net income | 393 | 393 | 68 | 461 | |||||||||||||||||||||||||||
Other comprehensive income / (loss) | (389 | ) | (389 | ) | (4 | ) | (393 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | (48 | ) | (48 | ) | ||||||||||||||||||||||||||
Contribution from noncontrolling interests | — | 4 | 4 | ||||||||||||||||||||||||||||
Restricted stock awarded | (2 | ) | 2 | — | — | ||||||||||||||||||||||||||
Stock-based compensation | 27 | 27 | 27 | ||||||||||||||||||||||||||||
Common stock issued | 5 | 1 | 6 | 6 | |||||||||||||||||||||||||||
Common stock repurchased | (8 | ) | (1 | ) | (9 | ) | (9 | ) | |||||||||||||||||||||||
Purchase of noncontrolling interests | (3 | ) | (3 | ) | 3 | — | |||||||||||||||||||||||||
Balance at December 31, 2015 | $ | 929 | $ | 426 | $ | 2,125 | $ | (3,154 | ) | $ | (232 | ) | $ | 94 | $ | 291 | $ | 385 | |||||||||||||
Net income | 496 | 496 | 87 | 583 | |||||||||||||||||||||||||||
Other comprehensive income / (loss) | (246 | ) | (246 | ) | (246 | ) | |||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | (80 | ) | (80 | ) | ||||||||||||||||||||||||||
Contribution from noncontrolling interests | — | 4 | 4 | ||||||||||||||||||||||||||||
Restricted stock awarded | (1 | ) | 1 | — | — | ||||||||||||||||||||||||||
Stock-based compensation | 20 | 20 | 20 | ||||||||||||||||||||||||||||
Common stock issued | 8 | 2 | 10 | 10 | |||||||||||||||||||||||||||
Common stock repurchased | (7 | ) | (1 | ) | (8 | ) | (8 | ) | |||||||||||||||||||||||
Balance at December 31, 2016 | $ | 929 | $ | 446 | $ | 2,621 | $ | (3,400 | ) | $ | (230 | ) | $ | 366 | $ | 302 | $ | 668 |
A. | Summary of Significant Accounting Policies |
Land improvements | 25 |
Buildings and Building Improvements | 25 – 40 |
Machinery and Equipment | 3 – 18 |
December 31, 2015 | |||||||
As Reported | Adjustment | As Revised | |||||
Other non-current assets | 692 | 30 | 722 | ||||
Total assets | 10,020 | 30 | 10,050 | ||||
Other non-current liabilities | 655 | 80 | 735 | ||||
Accumulated earnings | 2,175 | (50 | ) | 2,125 | |||
Crown Holdings shareholders' equity | 144 | (50 | ) | 94 | |||
Total equity | 435 | (50 | ) | 385 | |||
Total liabilities and equity | 10,020 | 30 | 10,050 |
December 31, 2014 | ||||||||||
As Reported | Adjustment | As Revised | ||||||||
Provision for asbestos | 45 | (5 | ) | 40 | ||||||
Income from operations | 810 | 5 | 815 | |||||||
Income before income taxes | 516 | 5 | 521 | |||||||
Provision for income taxes | 41 | 2 | 43 | |||||||
Net income | 475 | 3 | 478 | |||||||
Net income attributable to Crown Holdings | 387 | 3 | 390 | |||||||
Earnings per share attributable to Crown Holdings | ||||||||||
Basic | $ | 2.82 | $ | 0.02 | $ | 2.84 | ||||
Diluted | $ | 2.79 | $ | 0.03 | $ | 2.82 |
Pro-forma data for the year ended December 31, | ||||||||
2015 | 2014 | |||||||
Net sales | $ | 8,837 | $ | 9,955 | ||||
Net income attributable to Crown Holdings | 415 | 426 |
Defined benefit plans | Foreign currency translation | Gains and losses on cash flow hedges | Total | |||||||||||||
Balance at January 1, 2015 | $ | (1,781 | ) | $ | (980 | ) | $ | (4 | ) | $ | (2,765 | ) | ||||
Other comprehensive income (loss) before reclassifications | 46 | (466 | ) | (33 | ) | (453 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 45 | — | 19 | 64 | ||||||||||||
Other comprehensive income (loss) | 91 | (466 | ) | (14 | ) | (389 | ) | |||||||||
Balance at December 31, 2015 | (1,690 | ) | (1,446 | ) | (18 | ) | (3,154 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 118 | (433 | ) | 18 | (297 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 48 | — | 3 | 51 | ||||||||||||
Other comprehensive income (loss) | 166 | (433 | ) | 21 | (246 | ) | ||||||||||
Balance at December 31, 2016 | $ | (1,524 | ) | $ | (1,879 | ) | $ | 3 | $ | (3,400 | ) |
Details about Accumulated Other Comprehensive Income Components | Amount reclassified from Accumulated Other Comprehensive Income | Affected line item in the Statement of Operations | ||||||||
2016 | 2015 | |||||||||
(Gains) losses on cash flow hedges | ||||||||||
Commodities | $ | 8 | $ | 23 | Cost of products sold | |||||
8 | 23 | Total before tax | ||||||||
(2 | ) | (5 | ) | Provision for income taxes | ||||||
6 | 18 | Net of tax | ||||||||
Foreign exchange | 10 | 2 | Net sales | |||||||
(14 | ) | (1 | ) | Cost of products sold | ||||||
(4 | ) | 1 | Total before tax | |||||||
1 | — | Provision for income taxes | ||||||||
(3 | ) | 1 | Net of tax | |||||||
Total losses on cash flow hedges | $ | 3 | $ | 19 | ||||||
Amortization of defined benefit plan items | ||||||||||
Actuarial losses | $ | 119 | $ | 109 | (a) | |||||
Prior service credit | (52 | ) | (50 | ) | (a) | |||||
67 | 59 | Total before tax | ||||||||
(19 | ) | (14 | ) | Provision for income taxes | ||||||
Total amortization of defined benefit plan items | $ | 48 | $ | 45 | Net of tax | |||||
Total reclassifications | $ | 51 | $ | 64 | Net of tax |
2016 | 2015 | ||||||
Accounts receivable | $ | 769 | $ | 827 | |||
Less: allowance for doubtful accounts | (76 | ) | (83 | ) | |||
Net trade receivables | 693 | 744 | |||||
Miscellaneous receivables | 172 | 168 | |||||
$ | 865 | $ | 912 |
2016 | 2015 | ||||||
Accounted for as secured borrowings | $ | 9 | $ | 10 | |||
Accounted for as sales | 816 | 716 |
2016 | 2015 | ||||||
Raw materials and supplies | $ | 658 | $ | 599 | |||
Work in process | 116 | 129 | |||||
Finished goods | 471 | 485 | |||||
$ | 1,245 | $ | 1,213 |
Americas Beverage | North America Food | European Beverage | European Food | Non-reportable segments | Total | |||||||||||||
Balance at January 1, 2015 | $ | 420 | $ | 152 | $ | 623 | $ | 1,347 | $ | 129 | $ | 2,671 | ||||||
Foreign currency translation | (94 | ) | (11 | ) | (51 | ) | (133 | ) | (4 | ) | (293 | ) | ||||||
Goodwill acquired | 618 | — | — | 7 | — | 625 | ||||||||||||
Disposals | — | — | — | 20 | (20 | ) | — | |||||||||||
Balance at December 31, 2015 | 944 | 141 | 572 | 1,241 | 105 | 3,003 | ||||||||||||
Foreign currency translation | (88 | ) | 2 | (61 | ) | (56 | ) | (14 | ) | (217 | ) | |||||||
Transfers and other adjustments | (36 | ) | 36 | — | 5 | — | 5 | |||||||||||
Balance at December 31, 2016 | $ | 820 | $ | 179 | $ | 511 | $ | 1,190 | $ | 91 | $ | 2,791 |
Americas Beverage | North America Food | European Beverage | European Food | Non-reportable Segments | Total | |||||||||||||
Accumulated impairments | $ | 29 | $ | — | $ | 73 | $ | 724 | $ | 150 | $ | 976 |
2016 | 2015 | ||||||||||||||||||||||
Gross | Accumulated amortization | Net | Gross | Accumulated amortization | Net | ||||||||||||||||||
Customer relationships | $ | 375 | $ | (71 | ) | $ | 304 | $ | 410 | $ | (46 | ) | $ | 364 | |||||||||
Long term supply contacts | 184 | (18 | ) | 166 | 221 | (10 | ) | $ | 211 | ||||||||||||||
$ | 559 | $ | (89 | ) | $ | 470 | $ | 631 | $ | (56 | ) | $ | 575 |
2016 | 2015 | ||||||
Buildings and improvements | $ | 1,001 | $ | 1,009 | |||
Machinery and equipment | 4,628 | 4,667 | |||||
Land and improvements | 168 | 180 | |||||
Construction in progress | 406 | 229 | |||||
6,203 | 6,085 | ||||||
Less: accumulated depreciation and amortization | (3,383 | ) | (3,386 | ) | |||
$ | 2,820 | $ | 2,699 |
2016 | 2015 | ||||||
Deferred taxes | $ | 593 | $ | 626 | |||
Debt issuance costs | 6 | 11 | |||||
Investments | 4 | 5 | |||||
Other | 72 | 80 | |||||
$ | 675 | $ | 722 |
2016 | 2015 | ||||||
Trade accounts payable | $ | 1,951 | $ | 1,838 | |||
Salaries, wages and other employee benefits, including pension and postretirement | 162 | 190 | |||||
Accrued taxes, other than on income | 107 | 109 | |||||
Accrued interest | 54 | 62 | |||||
Fair value of derivatives | 36 | 47 | |||||
Income taxes payable | 34 | 40 | |||||
Asbestos liabilities | 30 | 30 | |||||
Restructuring | 19 | 32 | |||||
Other | 309 | 297 | |||||
$ | 2,702 | $ | 2,645 |
2016 | 2015 | ||||||
Asbestos liabilities | $ | 312 | $ | 321 | |||
Deferred taxes | 203 | 223 | |||||
Postemployment benefits | 29 | 31 | |||||
Income taxes payable | 20 | 21 | |||||
Environmental | 12 | 13 | |||||
Other | 122 | 126 | |||||
$ | 698 | $ | 735 |
L. | Asbestos-Related Liabilities |
2016 | 2015 | 2014 | ||||||
Beginning claims | 54,500 | 54,000 | 53,000 | |||||
New claims | 2,500 | 2,500 | 3,000 | |||||
Settlements or dismissals | (1,500 | ) | (2,000 | ) | (2,000 | ) | ||
Ending claims | 55,500 | 54,500 | 54,000 |
2016 | 2015 | 2014 | |||||||||
Asbestos-related payments | $ | 30 | $ | 30 | $ | 30 | |||||
Settled claims payments (included in asbestos-related payments above) | 23 | 22 | 21 |
2016 | 2015 | ||||
Claimants alleging first exposure after 1964 | 16,000 | 16,000 | |||
Claimants alleging first exposure before or during 1964 filed in: | |||||
Texas | 13,000 | 13,000 | |||
Pennsylvania | 2,000 | 2,000 | |||
Other states that have enacted asbestos legislation | 6,000 | 6,000 | |||
Other states | 18,500 | 17,500 | |||
Total claims outstanding | 55,500 | 54,500 |
2016 | 2015 | 2014 | ||||||
Total claims | 22 | % | 22 | % | 22 | % | ||
Pre-1964 claims in states without asbestos legislation | 41 | % | 41 | % | 41 | % |
M. | Commitments and Contingent Liabilities |
N. | Restructuring and Other |
2016 | 2015 | 2014 | |||||||||
Asset impairments and sales | $ | 14 | $ | 22 | $ | 70 | |||||
Restructuring | 12 | 23 | 21 | ||||||||
Transaction costs | — | 15 | 17 | ||||||||
Other costs | 18 | 6 | 21 | ||||||||
$ | 44 | $ | 66 | $ | 129 |
2016 | 2015 | 2014 | |||||||||
Americas Beverage | $ | 1 | $ | — | $ | — | |||||
North America Food | 4 | 2 | 10 | ||||||||
European Food | 4 | 19 | 8 | ||||||||
Asia Pacific | 3 | — | — | ||||||||
Non-reportable segments | — | — | 3 | ||||||||
Corporate | — | 2 | — | ||||||||
$ | 12 | $ | 23 | $ | 21 |
2016 | 2015 | 2014 | |||||||||
Termination benefits | $ | 9 | $ | 20 | $ | 8 | |||||
Other exit costs | 3 | 3 | 13 | ||||||||
$ | 12 | $ | 23 | $ | 21 |
Termination benefits | Other exit costs | Total | |||||||||
Balance at December 31, 2015 | $ | 17 | $ | — | $ | 17 | |||||
Provisions | — | 3 | $ | 3 | |||||||
Payments | (6 | ) | (3 | ) | $ | (9 | ) | ||||
Foreign currency translation | (2 | ) | — | $ | (2 | ) | |||||
Releases | (1 | ) | — | $ | (1 | ) | |||||
Balance at December 31, 2016 | $ | 8 | $ | — | $ | 8 |
O. | Capital Stock |
2016 | 2015 | 2014 | |||||||
Common shares outstanding at January 1 | 139,441,298 | 139,000,471 | 138,207,889 | ||||||
Shares repurchased | (162,563 | ) | (165,138 | ) | (36,702 | ) | |||
Shares issued upon exercise of employee stock options | 348,640 | 207,890 | 744,431 | ||||||
Restricted stock issued to employees, net of forfeitures | 187,209 | 375,575 | 60,933 | ||||||
Shares issued to non-employee directors | 25,644 | 22,500 | 23,920 | ||||||
Common shares outstanding at December 31 | 139,840,228 | 139,441,298 | 139,000,471 |
Number of shares | ||
Non-vested shares outstanding at January 1, 2016 | 1,778,275 | |
Awarded: | ||
Time-vesting | 127,167 | |
Performance-based | 137,374 | |
Released: | ||
Time-vesting | (414,389 | ) |
Performance-based | (90,003 | ) |
Forfeitures: | ||
Time-vesting | (55,717 | ) |
Performance-based | (161,415 | ) |
Non-vested shares outstanding at December 31, 2016 | 1,321,292 |
2016 | 2015 | 2014 | |||||||||
Time-vested | $ | 51.04 | $ | 53.65 | $ | 46.69 | |||||
Performance-based | 51.18 | 49.50 | 48.31 |
2016 | 2015 | 2014 | ||||||
Risk-free interest rate | 1.2 | % | 1.1 | % | 0.8 | % | ||
Expected term (years) | 3 | 3 | 3 | |||||
Expected stock price volatility | 19.8 | % | 17.4 | % | 21.5 | % |
Q. | Debt |
2016 | 2015 | ||||||||||||||
Principal | Carrying | Principal | Carrying | ||||||||||||
outstanding | amount | outstanding | amount | ||||||||||||
Short-term debt | $ | 33 | $ | 33 | $ | 54 | $ | 54 | |||||||
Long-term debt | |||||||||||||||
Senior secured borrowings: | |||||||||||||||
Revolving credit facilities | |||||||||||||||
Term loan facilities | |||||||||||||||
U.S. dollar at LIBOR plus 1.75% due 2018 | 654 | 649 | 831 | 821 | |||||||||||
Euro at EURIBOR plus 1.75% due 20181 | 61 | 61 | 723 | 714 | |||||||||||
Farm credit facility at LIBOR plus 2.00% due 2019 | 351 | 347 | 355 | 350 | |||||||||||
Senior notes and debentures: | |||||||||||||||
U.S. dollar at 6.25% due 2021 | — | — | 700 | 694 | |||||||||||
€650 at 4.0% due 2022 | 684 | 676 | 706 | 697 | |||||||||||
U. S. dollar at 4.50% due 2023 | 1,000 | 991 | 1,000 | 989 | |||||||||||
€600 at 2.625% due 2024 | 631 | 623 | — | — | |||||||||||
€600 at 3.375% due 2025 | 631 | 622 | 652 | 642 | |||||||||||
U.S. dollar at 4.25% due 2026 | 400 | 393 | — | — | |||||||||||
U.S. dollar at 7.375% due 2026 | 350 | 347 | 350 | 346 | |||||||||||
U.S. dollar at 7.50% due 2096 | 45 | 45 | 45 | 45 | |||||||||||
Other indebtedness in various currencies | |||||||||||||||
Fixed rate with rates in 2016 from 3.94% to 8.5% due through 2036 | 122 | 122 | 146 | 146 | |||||||||||
Variable rate with average rates in 2016 of 2.15% due through 2018 | 2 | 2 | 20 | 20 | |||||||||||
Total long-term debt | 4,931 | 4,878 | 5,528 | 5,464 | |||||||||||
Less: current maturities | (162 | ) | (161 | ) | (211 | ) | (209 | ) | |||||||
Total long-term debt, less current maturities | $ | 4,769 | $ | 4,717 | $ | 5,317 | $ | 5,255 |
2016 | 2015 | 2014 | ||||||
Short-term debt | 2.7 | % | 3.0 | % | 2.7 | % | ||
Revolving credit facilities | 3.8 | % | 4.4 | % | 4.4 | % |
Amount of gain/(loss) | Amount of gain/(loss) | ||||||||||||||||
recognized in AOCI | reclassified from AOCI | ||||||||||||||||
(effective portion) | into earnings | ||||||||||||||||
Derivatives in cash flow hedges | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Foreign exchange | $ | (2 | ) | $ | (1 | ) | $ | 3 | $ | (1 | ) | (1) | |||||
Commodities | 20 | (32 | ) | (6 | ) | (18 | ) | (2) | |||||||||
Total | $ | 18 | $ | (33 | ) | $ | (3 | ) | $ | (19 | ) |
Derivative assets | Balance Sheet classification | Fair Value hierarchy | December 31, 2016 | December 31, 2015 | ||||||||
Derivatives designated as hedges: | ||||||||||||
Foreign exchange | Other current assets | 2 | $ | 24 | $ | 32 | ||||||
Commodities | Other current assets | 2 | 13 | 5 | ||||||||
Commodities | Other non-current assets | 2 | 3 | 2 | ||||||||
Derivatives not designated as hedges: | ||||||||||||
Commodities | Other current assets | 2 | 5 | 3 | ||||||||
Total | $ | 45 | $ | 42 | ||||||||
Derivative liabilities | ||||||||||||
Derivatives designated as hedges: | ||||||||||||
Foreign exchange | Accounts payable and accrued liabilities | 2 | $ | 28 | $ | 14 | ||||||
Commodities | Accounts payable and accrued liabilities | 2 | 3 | 26 | ||||||||
Foreign exchange | Other non-current liabilities | 2 | 1 | 5 | ||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign exchange | Accounts payable and accrued liabilities | 2 | 5 | 2 | ||||||||
Commodities | Accounts payable and accrued liabilities | 2 | — | 5 | ||||||||
Total | $ | 37 | $ | 52 |
Gross amounts recognized in the Balance Sheet | Gross amounts not offset in the Balance Sheet | Net amount | |||||||
Balance at December 31, 2016 | |||||||||
Derivative assets | $ | 45 | $ | 6 | $ | 39 | |||
Derivative liabilities | 37 | 6 | 31 | ||||||
Balance at December 31, 2015 | |||||||||
Derivative assets | $ | 42 | $ | 9 | $ | 33 | |||
Derivative liabilities | 52 | 9 | 43 |
December 31, 2016 | December 31, 2015 | ||||||
Derivatives in cash flow hedges: | |||||||
Foreign exchange | $ | 644 | $ | 922 | |||
Commodities | 180 | 324 | |||||
Derivatives in fair value hedges: | |||||||
Foreign exchange | 73 | 125 | |||||
Derivatives not designated as hedges: | |||||||
Foreign exchange | 618 | 674 | |||||
Commodities | 72 | 57 |
S. | Noncontrolling interests |
2016 | 2015 | 2014 | |||||||||
Net income attributable to Crown Holdings | $ | 496 | $ | 393 | $ | 390 | |||||
Transfers to noncontrolling interests – decrease in paid-in-capital for purchase of noncontrolling interests | — | (3 | ) | (54 | ) | ||||||
Net income attributable to Crown Holdings after transfers to noncontrolling interests | $ | 496 | $ | 390 | $ | 336 |
T. | Earnings Per Share |
2016 | 2015 | 2014 | |||||||||
Net income attributable to Crown Holdings | $ | 496 | $ | 393 | $ | 390 | |||||
Weighted average shares outstanding: | |||||||||||
Basic | 138.53 | 137.94 | 137.23 | ||||||||
Add: dilutive stock options and restricted stock | 0.78 | 1.20 | 1.31 | ||||||||
Diluted | 139.31 | 139.14 | 138.54 | ||||||||
Basic EPS | $ | 3.58 | $ | 2.85 | $ | 2.84 | |||||
Diluted EPS | $ | 3.56 | $ | 2.82 | $ | 2.82 | |||||
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive | 0.5 | 0.1 | 0.1 |
U. | Pension and Other Postretirement Benefits |
U.S. Plans | 2016 | 2015 | 2014 | ||||||||
Service cost | $ | 14 | $ | 14 | $ | 13 | |||||
Interest cost | 50 | 63 | 66 | ||||||||
Expected return on plan assets | (91 | ) | (100 | ) | (104 | ) | |||||
Amortization of actuarial loss | 50 | 50 | 41 | ||||||||
Amortization of prior service cost | 1 | — | — | ||||||||
Net periodic cost | $ | 24 | $ | 27 | $ | 16 |
Non-U.S. Plans | 2016 | 2015 | 2014 | ||||||||
Service cost | $ | 21 | $ | 24 | $ | 23 | |||||
Interest cost | 101 | 127 | 154 | ||||||||
Expected return on plan assets | (157 | ) | (172 | ) | (194 | ) | |||||
Amortization of actuarial loss | 50 | 55 | 73 | ||||||||
Amortization of prior service credit | (12 | ) | (13 | ) | (16 | ) | |||||
Net periodic cost | $ | 3 | $ | 21 | $ | 40 |
U.S. Plans | Non-U.S. Plans | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Projected Benefit Obligations | |||||||||||||||
Benefit obligations at January 1 | $ | 1,501 | $ | 1,601 | $ | 3,493 | $ | 3,750 | |||||||
Service cost | 14 | 14 | 21 | 24 | |||||||||||
Interest cost | 50 | 63 | 101 | 127 | |||||||||||
Plan participants’ contributions | — | — | 3 | 3 | |||||||||||
Amendments | 3 | — | — | — | |||||||||||
Settlements | (39 | ) | (5 | ) | — | — | |||||||||
Actuarial (gain) / loss | 54 | (69 | ) | 382 | (62 | ) | |||||||||
Acquisitions | — | — | — | 82 | |||||||||||
Benefits paid | (101 | ) | (103 | ) | (172 | ) | (190 | ) | |||||||
Foreign currency translation | — | — | (545 | ) | (241 | ) | |||||||||
Benefit obligations at December 31 | $ | 1,482 | $ | 1,501 | $ | 3,283 | $ | 3,493 | |||||||
Plan Assets | |||||||||||||||
Fair value of plan assets at January 1 | $ | 1,190 | $ | 1,300 | $ | 3,169 | $ | 3,410 | |||||||
Actual return on plan assets | 65 | (9 | ) | 611 | 48 | ||||||||||
Employer contributions | 41 | 7 | 62 | 72 | |||||||||||
Plan participants’ contributions | — | — | 3 | 3 | |||||||||||
Settlements | (39 | ) | (5 | ) | — | — | |||||||||
Acquisitions | — | — | — | 40 | |||||||||||
Benefits paid | (101 | ) | (103 | ) | (172 | ) | (190 | ) | |||||||
Foreign currency translation | — | — | (521 | ) | (214 | ) | |||||||||
Fair value of plan assets at December 31 | $ | 1,156 | $ | 1,190 | $ | 3,152 | $ | 3,169 | |||||||
Funded Status | $ | (326 | ) | $ | (311 | ) | $ | (131 | ) | $ | (324 | ) | |||
Accumulated benefit obligations at December 31 | $ | 1,446 | $ | 1,463 | $ | 3,191 | $ | 3,387 |
U.S. Plans | 2016 | 2015 | |||||
Projected benefit obligations | $ | 1,482 | $ | 1,501 | |||
Accumulated benefit obligations | 1,446 | 1,463 | |||||
Fair value of plan assets | 1,156 | 1,190 |
Non-U.S. Plans | 2016 | 2015 | |||||
Projected benefit obligations | $ | 224 | $ | 3,346 | |||
Accumulated benefit obligations | 200 | 3,241 | |||||
Fair value of plan assets | 85 | 3,015 |
U.S. equities | 30 | % | to | 40 | % |
International equities | 10 | % | to | 15 | % |
Fixed income | 15 | % | to | 25 | % |
Balanced funds | 10 | % | to | 20 | % |
Real estate | 5 | % | to | 10 | % |
Private equity | 5 | % | to | 10 | % |
Investment grade credit | 40 | % | to | 80 | % |
Equities | 0 | % | to | 30 | % |
Hedge funds | 0 | % | to | 10 | % |
Real estate | 0 | % | to | 5 | % |
Private equity | 0 | % | to | 15 | % |
Emerging market wealth | 0 | % | to | 15 | % |
Alternative credit | 0 | % | to | 15 | % |
Other | 0 | % | to | 5 | % |
2016 | ||||||||||||
U.S. plan assets | Non-U.S. plan assets | Total | ||||||||||
Level 1 | ||||||||||||
Cash and cash equivalents | $ | 15 | $ | 83 | $ | 98 | ||||||
Global large cap equity | — | 14 | 14 | |||||||||
U.S. large cap equity | 60 | 6 | 66 | |||||||||
Global mid/small cap equity | — | 5 | 5 | |||||||||
U.S. mid/small cap equity | 238 | 24 | 262 | |||||||||
Mutual funds – global equity | 149 | 2 | 151 | |||||||||
Mutual funds – U.S. equity | 214 | — | 214 | |||||||||
Mutual funds – fixed income | 92 | — | 92 | |||||||||
768 | 134 | 902 | ||||||||||
Level 2 | ||||||||||||
Government issued debt securities | 49 | 514 | 563 | |||||||||
Corporate debt securities | 75 | 61 | 136 | |||||||||
Asset backed securities | 11 | 2 | 13 | |||||||||
Structured debt | — | 695 | 695 | |||||||||
Insurance contracts | — | 16 | 16 | |||||||||
Derivatives | — | 98 | 98 | |||||||||
Investment funds – fixed income | 2 | 496 | 498 | |||||||||
Investment funds – global equity | — | 82 | 82 | |||||||||
Investment funds – emerging markets | — | — | — | |||||||||
137 | 1,964 | 2,101 | ||||||||||
Level 3 | ||||||||||||
Investment funds – real estate | 85 | 47 | 132 | |||||||||
Hedge funds | — | 207 | 207 | |||||||||
Private equity | 22 | 193 | 215 | |||||||||
Real estate – direct | 17 | 5 | 22 | |||||||||
124 | 452 | 576 | ||||||||||
Total assets in fair value hierarchy | 1,029 | 2,550 | 3,579 | |||||||||
Investments measured at NAV Practical Expedient (a) | ||||||||||||
Investment funds – fixed income | 77 | 110 | 187 | |||||||||
Investment funds – global equity | 26 | 243 | 269 | |||||||||
Investment funds – emerging markets | 23 | — | 23 | |||||||||
Hedge funds | — | 186 | 186 | |||||||||
Investment funds – real estate | — | 57 | 57 | |||||||||
126 | 596 | 722 | ||||||||||
Total investments at fair value | $ | 1,155 | $ | 3,146 | $ | 4,301 |
2015 | ||||||||||||
U.S. plan assets | Non-U.S. plan assets | Total | ||||||||||
Level 1 | ||||||||||||
Cash and cash equivalents | $ | 40 | $ | 132 | $ | 172 | ||||||
U.S. large cap equity | 62 | 7 | 69 | |||||||||
U.S. mid/small cap equity | 231 | 18 | 249 | |||||||||
Mutual funds – global equity | 164 | 2 | 166 | |||||||||
Mutual funds – U.S. equity | 194 | — | 194 | |||||||||
Mutual funds – fixed income | 134 | — | 134 | |||||||||
825 | 159 | 984 | ||||||||||
Level 2 | ||||||||||||
Government issued debt securities | 43 | 381 | 424 | |||||||||
Corporate debt securities | 71 | 86 | 157 | |||||||||
Asset backed securities | 15 | 4 | 19 | |||||||||
Structured debt | — | 697 | 697 | |||||||||
Insurance contracts | — | 17 | 17 | |||||||||
Derivatives | — | 84 | 84 | |||||||||
Investment funds – fixed income | 2 | 470 | 472 | |||||||||
Investment funds – global equity | — | 70 | 70 | |||||||||
Investment funds – emerging markets | — | 46 | 46 | |||||||||
131 | 1,855 | 1,986 | ||||||||||
Level 3 | ||||||||||||
Investment funds – real estate | 74 | 42 | 116 | |||||||||
Hedge funds | 2 | 223 | 225 | |||||||||
Private equity | 26 | 255 | 281 | |||||||||
Real estate – direct | 16 | 4 | 20 | |||||||||
118 | 524 | 642 | ||||||||||
Total assets in fair value hierarchy | 1,074 | 2,538 | 3,612 | |||||||||
Investments measured at NAV Practical Expedient (a) | ||||||||||||
Investment funds – fixed income | 69 | 115 | 184 | |||||||||
Investment funds – global equity | 25 | 266 | 291 | |||||||||
Investment funds – emerging markets | 21 | — | 21 | |||||||||
Hedge funds | — | 189 | 189 | |||||||||
Investment funds – real estate | — | 54 | 54 | |||||||||
115 | 624 | 739 | ||||||||||
Total investments at fair value | $ | 1,189 | $ | 3,162 | $ | 4,351 |
2016 | 2015 | ||||||
U.S. plan assets | $ | 1 | $ | 1 | |||
Non-U.S. plan assets | 6 | 7 |
Hedge funds | Private equity | Real estate | Total | |||||||||||||
Balance at January 1, 2015 | $ | 252 | $ | 333 | $ | 110 | $ | 695 | ||||||||
Foreign currency translation | (11 | ) | (16 | ) | (4 | ) | (31 | ) | ||||||||
Asset returns – assets held at reporting date | (7 | ) | (17 | ) | 11 | (13 | ) | |||||||||
Asset returns – assets sold during the period | 17 | 54 | — | 71 | ||||||||||||
Purchases, sales and settlements, net | (26 | ) | (73 | ) | 19 | (80 | ) | |||||||||
Balance at December 31, 2015 | 225 | 281 | 136 | 642 | ||||||||||||
Foreign currency translation | (37 | ) | (42 | ) | (4 | ) | (83 | ) | ||||||||
Asset returns – assets held at reporting date | 24 | 2 | 10 | 36 | ||||||||||||
Asset returns – assets sold during the period | 1 | 36 | — | 37 | ||||||||||||
Purchases, sales and settlements, net | (6 | ) | (62 | ) | 12 | (56 | ) | |||||||||
Balance at December 31, 2016 | $ | 207 | $ | 215 | $ | 154 | $ | 576 |
Fair Value | Redemption Frequency | Redemption Notice Period | |||
Balance at December 31, 2016 | |||||
Investment funds – fixed income | $ | 187 | Daily | 1 - 15 days | |
Investment funds – global equity | 269 | Monthly | 1 - 30 days | ||
Investment funds – emerging markets | 23 | Daily | 30 days | ||
Hedge funds | 186 | Monthly | 5 - 45 days | ||
Investment funds – real estate | 57 | Weekly | 2 days | ||
Balance at December 31, 2015 | |||||
Investment funds – fixed income | $ | 184 | Daily | 1 - 15 days | |
Investment funds – global equity | 291 | Monthly | 1 - 30 days | ||
Investment funds – emerging markets | 21 | Daily | 30 days | ||
Hedge funds | 189 | Monthly | 5 - 45 days | ||
Investment funds – real estate | 54 | Weekly | 2 days |
2016 | 2015 | |||||||
Non-current assets | $ | 14 | $ | 8 | ||||
Current liabilities | 8 | 39 | ||||||
Non-current liabilities | 469 | 609 |
2016 | 2015 | 2014 | ||||||||||||||||||||||
Net loss | Prior service | Net loss | Prior service | Net loss | Prior service | |||||||||||||||||||
Balance at January 1 | $ | 2,320 | $ | (54 | ) | $ | 2,423 | $ | (71 | ) | $ | 2,466 | $ | (94 | ) | |||||||||
Reclassification to net periodic benefit cost | (114 | ) | 11 | (105 | ) | 13 | (120 | ) | 16 | |||||||||||||||
Current year loss/(gain) | 13 | — | 95 | — | 174 | — | ||||||||||||||||||
Amendments | — | 3 | — | — | — | 3 | ||||||||||||||||||
Foreign currency translation | (187 | ) | 8 | (93 | ) | 4 | (97 | ) | 4 | |||||||||||||||
Balance at December 31 | $ | 2,032 | $ | (32 | ) | $ | 2,320 | $ | (54 | ) | $ | 2,423 | $ | (71 | ) |
U.S. plans | Non-U.S. plans | ||||||
2017 | $ | 117 | $ | 146 | |||
2018 | 114 | 150 | |||||
2019 | 117 | 153 | |||||
2020 | 115 | 156 | |||||
2021 | 108 | 156 | |||||
2022 - 2026 | 526 | 813 |
U.S. Plans | 2016 | 2015 | 2014 | ||||||
Discount rate | 4.2 | % | 4.4 | % | 4.0 | % | |||
Compensation increase | 4.6 | % | 4.6 | % | 4.6 | % |
Non-U.S. Plans | 2016 | 2015 | 2014 | ||||||
Discount rate | 2.7 | % | 3.7 | % | 3.4 | % | |||
Compensation increase | 3.3 | % | 2.9 | % | 2.7 | % |
U.S. Plans | 2016 | 2015 | 2014 | ||||||
Discount rate - service cost | 4.9 | % | 4.0 | % | 4.8 | % | |||
Discount rate - interest cost | 3.5 | % | 4.0 | % | 4.8 | % | |||
Compensation increase | 4.6 | % | 4.6 | % | 3.0 | % | |||
Long-term rate of return | 8.0 | % | 8.0 | % | 8.0 | % |
Non-U.S. Plans | 2016 | 2015 | 2014 | ||||||
Discount rate - service cost | 3.9 | % | 3.4 | % | 4.4 | % | |||
Discount rate - interest cost | 3.2 | % | 3.4 | % | 4.4 | % | |||
Compensation increase | 2.9 | % | 2.7 | % | 3.2 | % | |||
Long-term rate of return | 5.4 | % | 5.2 | % | 6.4 | % |
Other Postretirement Benefits | 2016 | 2015 | 2014 | ||||||||
Service cost | $ | — | $ | 1 | $ | 2 | |||||
Interest cost | 6 | 7 | 12 | ||||||||
Amortization of prior service credit | (41 | ) | (37 | ) | (34 | ) | |||||
Amortization of actuarial loss | 5 | 4 | 6 | ||||||||
Net periodic benefit credit | $ | (30 | ) | $ | (25 | ) | $ | (14 | ) |
2016 | 2015 | |||||||
Benefit obligations at January 1 | $ | 171 | $ | 241 | ||||
Service cost | — | 1 | ||||||
Interest cost | 6 | 7 | ||||||
Amendments | — | (52 | ) | |||||
Actuarial loss / (gain) | 7 | (19 | ) | |||||
Acquisitions | — | 20 | ||||||
Curtailment | — | (3 | ) | |||||
Benefits paid | (15 | ) | (17 | ) | ||||
Foreign currency translation | (2 | ) | (7 | ) | ||||
Benefit obligations at December 31 | $ | 167 | $ | 171 |
2016 | 2015 | 2014 | ||||||||||||||||||||||
Net loss | Prior service | Net loss | Prior service | Net loss | Prior service | |||||||||||||||||||
Balance at January 1 | $ | 47 | $ | (225 | ) | $ | 69 | $ | (211 | ) | $ | 97 | $ | (246 | ) | |||||||||
Reclassification to net periodic benefit cost | (5 | ) | 41 | (4 | ) | 37 | (6 | ) | 34 | |||||||||||||||
Current year loss | 7 | — | (18 | ) | — | (24 | ) | — | ||||||||||||||||
Amendments | — | — | — | (51 | ) | — | — | |||||||||||||||||
Foreign currency translation | — | 2 | — | — | 2 | 1 | ||||||||||||||||||
Balance at December 31 | $ | 49 | $ | (182 | ) | $ | 47 | $ | (225 | ) | $ | 69 | $ | (211 | ) |
Benefit Payments | |||
2017 | $ | 16 | |
2018 | 15 | ||
2019 | 14 | ||
2020 | 14 | ||
2021 | 13 | ||
2022 - 2026 | 58 |
Health care cost trend rate assumed for 2017 | 4.0 | % |
Rate that the cost trend rate gradually declines to | 3.1 | % |
Year that the rate reaches the rate it is assumed to remain | 2035 |
One percentage point | ||||||||
Increase | Decrease | |||||||
Effect on total service and interest cost | $ | 1 | $ | 1 | ||||
Effect on postretirement benefit obligation | $ | 8 | $ | 7 |
2016 | 2015 | 2014 | ||||||
Benefit obligations | 4.0 | % | 3.9 | % | 4.0 | % | ||
Service cost | 4.9 | % | 4.0 | % | 4.8 | % | ||
Interest cost | 3.6 | % | 4.0 | % | 4.8 | % |
V. | Income Taxes |
2016 | 2015 | 2014 | |||||||||
U.S. | $ | (3 | ) | $ | 18 | $ | 83 | ||||
Foreign | 772 | 621 | 438 | ||||||||
$ | 769 | $ | 639 | $ | 521 |
2016 | 2015 | 2014 | |||||||||
Current tax: | |||||||||||
U.S. federal | $ | (1 | ) | $ | 6 | $ | 11 | ||||
State and foreign | 171 | 147 | 113 | ||||||||
$ | 170 | $ | 153 | $ | 124 | ||||||
Deferred tax: | |||||||||||
U.S. federal | $ | 19 | $ | 12 | $ | 30 | |||||
State and foreign | (3 | ) | 13 | (111 | ) | ||||||
16 | 25 | (81 | ) | ||||||||
Total | $ | 186 | $ | 178 | $ | 43 |
2016 | 2015 | 2014 | |||||||||
U.S. statutory rate at 35% | $ | 269 | $ | 224 | $ | 182 | |||||
Tax on foreign income | (88 | ) | (74 | ) | (67 | ) | |||||
Valuation allowance | (14 | ) | 21 | (70 | ) | ||||||
Tax contingencies | 11 | 13 | (1 | ) | |||||||
Non-deductible impairment charges | — | — | 18 | ||||||||
Tax law changes | 3 | 4 | (17 | ) | |||||||
Other items, net | 5 | (10 | ) | (2 | ) | ||||||
Income tax provision | $ | 186 | $ | 178 | $ | 43 |
2016 | 2015 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Tax loss and credit carryforwards | $ | 480 | $ | — | $ | 535 | $ | — | |||||||
Postretirement and postemployment benefits | 63 | — | 65 | — | |||||||||||
Pensions | 220 | 62 | 223 | 38 | |||||||||||
Property, plant and equipment | 17 | 150 | 19 | 167 | |||||||||||
Intangible assets | — | 128 | — | 158 | |||||||||||
Asbestos | 128 | — | 132 | — | |||||||||||
Accruals and other | 125 | 78 | 131 | 98 | |||||||||||
Valuation allowances | (225 | ) | — | (241 | ) | — | |||||||||
Total | $ | 808 | $ | 418 | $ | 864 | $ | 461 |
Year | Amount | |||
2017 | $ | 5 | ||
2018 | 21 | |||
2019 | 30 | |||
2020 | 44 | |||
2021 | 48 | |||
Thereafter | 253 | |||
Unlimited | 79 |
2016 | 2015 | 2014 | |||||||||
Balance at January 1 | $ | 28 | $ | 26 | $ | 31 | |||||
Additions for prior year tax positions | 13 | 13 | — | ||||||||
Lapse of statute of limitations | (2 | ) | — | (1 | ) | ||||||
Settlements | (12 | ) | (9 | ) | — | ||||||
Foreign currency translation | — | (2 | ) | (4 | ) | ||||||
Balance at December 31 | $ | 27 | $ | 28 | $ | 26 |
W. | Segment Information |
2016 | Inter- | Depreciation | |||||||||||||||||||||
External | segment | Segment | and | Capital | Segment | ||||||||||||||||||
sales | sales | assets | amortization | expenditures | income | ||||||||||||||||||
Americas Beverage | $ | 2,757 | $ | 50 | $ | 2,886 | $ | 92 | $ | 220 | $ | 456 | |||||||||||
North America Food | 652 | 24 | 666 | 11 | 9 | 69 | |||||||||||||||||
European Beverage | 1,420 | 3 | 1,381 | 32 | 94 | 243 | |||||||||||||||||
European Food | 1,855 | 59 | 2,557 | 53 | 42 | 244 | |||||||||||||||||
Asia Pacific | 1,116 | — | 1,161 | 40 | 80 | 152 | |||||||||||||||||
Total reportable segments | 7,800 | 136 | 8,651 | 228 | 445 | $ | 1,164 | ||||||||||||||||
Non-reportable segments | 484 | 129 | 368 | 7 | 14 | ||||||||||||||||||
Corporate and unallocated items | — | — | 580 | 12 | 14 | ||||||||||||||||||
Total | $ | 8,284 | $ | 265 | $ | 9,599 | $ | 247 | $ | 473 |
2015 | Inter- | Depreciation | |||||||||||||||||||||
External | segment | Segment | and | Capital | Segment | ||||||||||||||||||
sales | sales | assets | amortization | expenditures | income | ||||||||||||||||||
Americas Beverage | $ | 2,771 | $ | 71 | $ | 2,977 | $ | 93 | $ | 119 | $ | 427 | |||||||||||
North America Food | 680 | 4 | 527 | 10 | 14 | 86 | |||||||||||||||||
European Beverage | 1,504 | 1 | 1,461 | 27 | 97 | 228 | |||||||||||||||||
European Food | 1,984 | 93 | 2,723 | 53 | 35 | 246 | |||||||||||||||||
Asia Pacific | 1,202 | 2 | 1,133 | 40 | 68 | 145 | |||||||||||||||||
Total reportable segments | 8,141 | 171 | 8,821 | 223 | 333 | $ | 1,132 | ||||||||||||||||
Non-reportable segments | 621 | 96 | 457 | 8 | 15 | ||||||||||||||||||
Corporate and unallocated items | — | — | 772 | 6 | 6 | ||||||||||||||||||
Total | $ | 8,762 | $ | 267 | $ | 10,050 | $ | 237 | $ | 354 |
2014 | Inter- | Depreciation | |||||||||||||||||||||
External | segment | Segment | and | Capital | Segment | ||||||||||||||||||
sales | sales | assets | amortization | expenditures | income | ||||||||||||||||||
Americas Beverage | $ | 2,335 | $ | 82 | $ | 1,752 | $ | 40 | $ | 114 | $ | 334 | |||||||||||
North America Food | 809 | 7 | 456 | 9 | 12 | 127 | |||||||||||||||||
European Beverage | 1,708 | 2 | 1,520 | 27 | 98 | 265 | |||||||||||||||||
European Food | 2,197 | 81 | 3,213 | 59 | 43 | 221 | |||||||||||||||||
Asia Pacific | 1,226 | — | 1,335 | 39 | 45 | 142 | |||||||||||||||||
Total reportable segments | 8,275 | 172 | 8,276 | 174 | 312 | $ | 1,089 | ||||||||||||||||
Non-reportable segments | 822 | 108 | 533 | 9 | 13 | ||||||||||||||||||
Corporate and unallocated items | — | — | 884 | 7 | 3 | ||||||||||||||||||
Total | $ | 9,097 | $ | 280 | $ | 9,693 | $ | 190 | $ | 328 |
2016 | 2015 | 2014 | |||||||||
Segment income of reportable segments | $ | 1,164 | $ | 1,132 | $ | 1,089 | |||||
Segment income of non-reportable segments | 70 | 83 | 92 | ||||||||
Corporate and unallocated items | (148 | ) | (196 | ) | (197 | ) | |||||
Provision for asbestos | (21 | ) | (26 | ) | (40 | ) | |||||
Restructuring and other | (44 | ) | (66 | ) | (129 | ) | |||||
Loss from early extinguishments of debt | (37 | ) | (9 | ) | (34 | ) | |||||
Interest expense | (243 | ) | (270 | ) | (253 | ) | |||||
Interest income | 12 | 11 | 7 | ||||||||
Foreign exchange | 16 | (20 | ) | (14 | ) | ||||||
Income before income taxes and equity earnings | $ | 769 | $ | 639 | $ | 521 |
2016 | 2015 | 2014 | |||||||||
Metal beverage cans and ends | $ | 4,834 | $ | 4,957 | $ | 4,863 | |||||
Metal food cans and ends | 2,213 | 2,410 | 2,735 | ||||||||
Other metal packaging | 877 | 977 | 1,173 | ||||||||
Other products | 360 | 418 | 326 | ||||||||
Consolidated net sales | $ | 8,284 | $ | 8,762 | $ | 9,097 |
Net Sales | Long-Lived Assets | ||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | |||||||||||||||
United States | $ | 1,918 | $ | 2,013 | $ | 2,163 | $ | 497 | $ | 391 | |||||||||
Mexico | 688 | 693 | 119 | 304 | 284 | ||||||||||||||
Spain | 645 | 669 | 728 | 203 | 224 | ||||||||||||||
United Kingdom | 559 | 712 | 783 | 136 | 144 | ||||||||||||||
Other | 4,474 | 4,675 | 5,304 | 1,680 | 1,656 | ||||||||||||||
Consolidated total | $ | 8,284 | $ | 8,762 | $ | 9,097 | $ | 2,820 | $ | 2,699 |
X. | Condensed Combining Financial Information |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2016 (in millions) | |||||||||||||||||||
Parent | Issuer | Non- Guarantors | Eliminations | Total Company | |||||||||||||||
Net sales | $ | 8,284 | $ | 8,284 | |||||||||||||||
Cost of products sold, excluding depreciation and amortization | 6,583 | 6,583 | |||||||||||||||||
Depreciation and amortization | 247 | 247 | |||||||||||||||||
Selling and administrative expense | $ | 7 | 361 | 368 | |||||||||||||||
Provision for asbestos | 21 | 21 | |||||||||||||||||
Restructuring and other | 13 | 31 | 44 | ||||||||||||||||
Income from operations | — | (41 | ) | 1,062 | — | 1,021 | |||||||||||||
Loss from early extinguishments of debt | 37 | 37 | |||||||||||||||||
Net interest expense | 106 | 125 | 231 | ||||||||||||||||
Foreign exchange | (16 | ) | (16 | ) | |||||||||||||||
Income/(loss) before income taxes | — | (147 | ) | 916 | — | 769 | |||||||||||||
Provision for / (benefit from) income taxes | (12 | ) | 198 | 186 | |||||||||||||||
Equity earnings in affiliates | $ | 496 | 529 | $ | (1,025 | ) | — | ||||||||||||
Net income | 496 | 394 | 718 | (1,025 | ) | 583 | |||||||||||||
Net income attributable to noncontrolling interests | (87 | ) | (87 | ) | |||||||||||||||
Net income attributable to Crown Holdings | $ | 496 | $ | 394 | $ | 631 | $ | (1,025 | ) | $ | 496 | ||||||||
Total comprehensive income | $ | 250 | $ | 348 | $ | 472 | $ | (733 | ) | $ | 337 | ||||||||
Comprehensive income attributable to noncontrolling interests | (87 | ) | (87 | ) | |||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 250 | $ | 348 | $ | 385 | $ | (733 | ) | $ | 250 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions) | |||||||||||||||||||
Parent | Issuer | Non- Guarantors | Eliminations | Total Company | |||||||||||||||
Net sales | $ | 8,762 | $ | 8,762 | |||||||||||||||
Cost of products sold, excluding depreciation and amortization | 7,116 | 7,116 | |||||||||||||||||
Depreciation and amortization | 237 | 237 | |||||||||||||||||
Selling and administrative expense | $ | 10 | 380 | 390 | |||||||||||||||
Provision for asbestos | 26 | 26 | |||||||||||||||||
Restructuring and other | (1 | ) | 67 | 66 | |||||||||||||||
Income from operations | — | (35 | ) | 962 | — | 927 | |||||||||||||
Loss from early extinguishments of debt | 9 | 9 | |||||||||||||||||
Net interest expense | 100 | 159 | 259 | ||||||||||||||||
Foreign exchange | 20 | 20 | |||||||||||||||||
Income/(loss) before income taxes | — | (135 | ) | 774 | — | 639 | |||||||||||||
Provision for / (benefit from) income taxes | (35 | ) | 213 | 178 | |||||||||||||||
Equity earnings in affiliates | $ | 393 | 385 | $ | (778 | ) | — | ||||||||||||
Net income | 393 | 285 | 561 | (778 | ) | 461 | |||||||||||||
Net income attributable to noncontrolling interests | (68 | ) | (68 | ) | |||||||||||||||
Net income attributable to Crown Holdings | $ | 393 | $ | 285 | $ | 493 | $ | (778 | ) | $ | 393 | ||||||||
Total comprehensive income | $ | 4 | $ | 3 | $ | 168 | $ | (107 | ) | $ | 68 | ||||||||
Comprehensive income attributable to noncontrolling interests | (64 | ) | (64 | ) | |||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 4 | $ | 3 | $ | 104 | $ | (107 | ) | $ | 4 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2014 (in millions) | |||||||||||||||||||
Parent | Issuer | Non- Guarantors | Eliminations | Total Company | |||||||||||||||
Net sales | $ | 9,097 | $ | 9,097 | |||||||||||||||
Cost of products sold, excluding depreciation and amortization | 7,525 | 7,525 | |||||||||||||||||
Depreciation and amortization | 190 | 190 | |||||||||||||||||
Selling and administrative expense | $ | 10 | 388 | 398 | |||||||||||||||
Provision for asbestos | 40 | 40 | |||||||||||||||||
Restructuring and other | 14 | 115 | 129 | ||||||||||||||||
Income from operations | — | (64 | ) | 879 | — | 815 | |||||||||||||
Loss from early extinguishments of debt | 34 | 34 | |||||||||||||||||
Net interest expense | 93 | 153 | 246 | ||||||||||||||||
Foreign exchange | 14 | 14 | |||||||||||||||||
Income/(loss) before income taxes | — | (157 | ) | 678 | — | 521 | |||||||||||||
Provision for / (benefit from) income taxes | (24 | ) | 67 | 43 | |||||||||||||||
Equity earnings in affiliates | $ | 390 | 500 | $ | (890 | ) | — | ||||||||||||
Net income | 390 | 367 | 611 | (890 | ) | 478 | |||||||||||||
Net income attributable to noncontrolling interests | (88 | ) | (88 | ) | |||||||||||||||
Net income attributable to Crown Holdings | $ | 390 | $ | 367 | $ | 523 | $ | (890 | ) | $ | 390 | ||||||||
Total comprehensive income | $ | 138 | $ | 115 | $ | 360 | $ | (386 | ) | $ | 227 | ||||||||
Comprehensive income attributable to noncontrolling interests | (89 | ) | (89 | ) | |||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 138 | $ | 115 | $ | 271 | $ | (386 | ) | $ | 138 |
Parent | Issuer | Non- Guarantors | Eliminations | Total Company | |||||||||||||||
Assets | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 559 | $ | 559 | |||||||||||||||
Receivables, net | 865 | 865 | |||||||||||||||||
Inventories | 1,245 | 1,245 | |||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | 171 | 172 | |||||||||||||||
Total current assets | 1 | — | 2,840 | — | 2,841 | ||||||||||||||
Intercompany debt receivables | 3,447 | $ | (3,447 | ) | — | ||||||||||||||
Investments | 2,857 | $ | 2,915 | (5,772 | ) | — | |||||||||||||
Goodwill and intangible assets | 3,263 | 3,263 | |||||||||||||||||
Property, plant and equipment, net | 2,820 | 2,820 | |||||||||||||||||
Other non-current assets | 447 | 228 | 675 | ||||||||||||||||
Total | $ | 2,858 | $ | 3,362 | $ | 12,598 | $ | (9,219 | ) | $ | 9,599 | ||||||||
Liabilities and equity | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Short-term debt | $ | 33 | $ | 33 | |||||||||||||||
Current maturities of long-term debt | 161 | 161 | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 23 | $ | 40 | 2,639 | 2,702 | |||||||||||||
Total current liabilities | 23 | 40 | 2,833 | — | 2,896 | ||||||||||||||
Long-term debt, excluding current maturities | 392 | 4,325 | 4,717 | ||||||||||||||||
Long-term intercompany debt | 2,469 | 978 | $ | (3,447 | ) | — | |||||||||||||
Postretirement and pension liabilities | 620 | 620 | |||||||||||||||||
Other non-current liabilities | 358 | 340 | 698 | ||||||||||||||||
Commitments and contingent liabilities | |||||||||||||||||||
Noncontrolling interests | 302 | 302 | |||||||||||||||||
Crown Holdings shareholders’ equity | 366 | 1,594 | 4,178 | (5,772 | ) | 366 | |||||||||||||
Total equity | 366 | 1,594 | 4,480 | (5,772 | ) | 668 | |||||||||||||
Total | $ | 2,858 | $ | 3,362 | $ | 12,598 | $ | (9,219 | ) | $ | 9,599 |
Parent | Issuer | Non- Guarantors | Eliminations | Total Company | |||||||||||||||
Assets | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 717 | $ | 717 | |||||||||||||||
Receivables, net | 912 | 912 | |||||||||||||||||
Inventories | 1,213 | 1,213 | |||||||||||||||||
Prepaid expenses and other current assets | $ | 2 | 205 | 207 | |||||||||||||||
Total current assets | — | 2 | 3,047 | 3,049 | |||||||||||||||
Intercompany debt receivables | 3,654 | $ | (3,654 | ) | — | ||||||||||||||
Investments | $ | 2,887 | 2,490 | (5,377 | ) | — | |||||||||||||
Goodwill and intangible assets | 3,580 | 3,580 | |||||||||||||||||
Property, plant and equipment, net | 2,699 | 2,699 | |||||||||||||||||
Other non-current assets | 460 | 262 | 722 | ||||||||||||||||
Total | $ | 2,887 | $ | 2,952 | $ | 13,242 | $ | (9,031 | ) | $ | 10,050 | ||||||||
Liabilities and equity | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Short-term debt | $ | 54 | $ | 54 | |||||||||||||||
Current maturities of long-term debt | 209 | 209 | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 24 | $ | 41 | 2,580 | 2,645 | |||||||||||||
Total current liabilities | 24 | 41 | 2,843 | 2,908 | |||||||||||||||
Long-term debt, excluding current maturities | 391 | 4,864 | 5,255 | ||||||||||||||||
Long-term intercompany debt | 2,769 | 885 | $ | (3,654 | ) | — | |||||||||||||
Postretirement and pension liabilities | 767 | 767 | |||||||||||||||||
Other non-current liabilities | 389 | 346 | 735 | ||||||||||||||||
Commitments and contingent liabilities | |||||||||||||||||||
Noncontrolling interests | 291 | 291 | |||||||||||||||||
Crown Holdings shareholders’ equity | 94 | 1,246 | 4,131 | (5,377 | ) | 94 | |||||||||||||
Total equity | 94 | 1,246 | 4,422 | (5,377 | ) | 385 | |||||||||||||
Total | $ | 2,887 | $ | 2,952 | $ | 13,242 | $ | (9,031 | ) | $ | 10,050 |
Parent | Issuer | Non- Guarantors | Eliminations | Total Company | |||||||||||||||
Net cash provided by/(used for) operating activities | $ | 63 | $ | (92 | ) | $ | 1,061 | (102 | ) | $ | 930 | ||||||||
Cash flows from investing activities | |||||||||||||||||||
Capital expenditures | (473 | ) | (473 | ) | |||||||||||||||
Proceeds from sale of property, plant and equipment | (1 | ) | 11 | 10 | |||||||||||||||
Intercompany investing activities | 235 | $ | (235 | ) | — | ||||||||||||||
Other | 21 | 21 | |||||||||||||||||
Net cash provided by/(used for) investing activities | 235 | (1 | ) | (441 | ) | (235 | ) | (442 | ) | ||||||||||
Cash flows from financing activities | |||||||||||||||||||
Proceeds from long-term debt | 1,380 | 1,380 | |||||||||||||||||
Payments of long-term debt | (1,914 | ) | (1,914 | ) | |||||||||||||||
Net change in revolving credit facility and short-term debt | (32 | ) | (32 | ) | |||||||||||||||
Net change in long-term intercompany balances | (300 | ) | 93 | 207 | — | ||||||||||||||
Debt issuance costs | (18 | ) | (18 | ) | |||||||||||||||
Common stock issued | 10 | 10 | |||||||||||||||||
Common stock repurchased | (8 | ) | (8 | ) | |||||||||||||||
Dividends paid | (337 | ) | 337 | — | |||||||||||||||
Dividend paid to noncontrolling interests | (80 | ) | (80 | ) | |||||||||||||||
Contribution from noncontrolling interests | 4 | 4 | |||||||||||||||||
Foreign exchange derivatives related to debt | 42 | 42 | |||||||||||||||||
Net cash provided by/(used for) financing activities | (298 | ) | 93 | (748 | ) | 337 | (616 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | (30 | ) | (30 | ) | |||||||||||||||
Net change in cash and cash equivalents | — | — | (158 | ) | — | (158 | ) | ||||||||||||
Cash and cash equivalents at January 1 | 717 | 717 | |||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 559 | $ | — | $ | 559 |
Parent | Issuer | Non- Guarantors | Eliminations | Total Company | |||||||||||||||
Net cash provided by/(used for) operating activities | $ | 33 | $ | (65 | ) | $ | 988 | $ | 956 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||
Capital expenditures | (354 | ) | (354 | ) | |||||||||||||||
Acquisition of businesses, net of cash acquired | (1,207 | ) | (1,207 | ) | |||||||||||||||
Proceeds from sale of businesses, net of cash sold | 33 | 33 | |||||||||||||||||
Proceeds from sale of property, plant and equipment | 7 | 7 | |||||||||||||||||
Intercompany investing activities | (738 | ) | 21 | 738 | $ | (21 | ) | — | |||||||||||
Net investment hedge settlements | (11 | ) | (11 | ) | |||||||||||||||
Other | (16 | ) | (16 | ) | |||||||||||||||
Net cash provided by/(used for) investing activities | (738 | ) | 21 | (810 | ) | (21 | ) | (1,548 | ) | ||||||||||
Cash flows from financing activities | |||||||||||||||||||
Proceeds from long-term debt | 1,435 | 1,435 | |||||||||||||||||
Payments of long-term debt | (17 | ) | (883 | ) | (900 | ) | |||||||||||||
Net change in revolving credit facility and short-term debt | (7 | ) | (7 | ) | |||||||||||||||
Net change in long-term intercompany balances | 708 | 61 | (769 | ) | — | ||||||||||||||
Debt issuance costs | (18 | ) | (18 | ) | |||||||||||||||
Common stock issued | 6 | 6 | |||||||||||||||||
Common stock repurchased | (9 | ) | (9 | ) | |||||||||||||||
Dividends paid | (21 | ) | 21 | — | |||||||||||||||
Dividend paid to noncontrolling interests | (48 | ) | (48 | ) | |||||||||||||||
Contribution from noncontrolling interests | 5 | 5 | |||||||||||||||||
Foreign exchange derivatives related to debt | (58 | ) | (58 | ) | |||||||||||||||
Net cash provided by/(used for) financing activities | 705 | 44 | (364 | ) | 21 | 406 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (62 | ) | (62 | ) | |||||||||||||||
Net change in cash and cash equivalents | — | — | (248 | ) | — | (248 | ) | ||||||||||||
Cash and cash equivalents at January 1 | 965 | 965 | |||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 717 | $ | — | $ | 717 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2014 (in millions) | |||||||||||||||||||
Parent | Issuer | Non- Guarantors | Eliminations | Total Company | |||||||||||||||
Net cash provided by/(used for) operating activities | $ | 25 | $ | (130 | ) | $ | 1,017 | $ | 912 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||
Capital expenditures | (328 | ) | (328 | ) | |||||||||||||||
Acquisition of businesses, net of cash acquired | (733 | ) | (733 | ) | |||||||||||||||
Proceeds from sale of business, net of cash sold | 22 | 22 | |||||||||||||||||
Proceeds from sale of property, plant and equipment | 16 | 16 | |||||||||||||||||
Intercompany investing activities | (941 | ) | 56 | 941 | $ | (56 | ) | — | |||||||||||
Other | 2 | 2 | |||||||||||||||||
Net cash provided by/(used for) investing activities | (941 | ) | 56 | (80 | ) | (56 | ) | (1,021 | ) | ||||||||||
Cash flows from financing activities | |||||||||||||||||||
Proceeds from long-term debt | 2,742 | 2,742 | |||||||||||||||||
Payments of long-term debt | (1,752 | ) | (1,752 | ) | |||||||||||||||
Net change in revolving credit facility and short-term debt | (319 | ) | (319 | ) | |||||||||||||||
Net change in long-term intercompany balances | 904 | 74 | (978 | ) | — | ||||||||||||||
Debt issuance costs | (41 | ) | (41 | ) | |||||||||||||||
Common stock issued | 14 | 14 | |||||||||||||||||
Common stock repurchased | (2 | ) | (2 | ) | |||||||||||||||
Dividends paid | (56 | ) | 56 | — | |||||||||||||||
Purchase of noncontrolling interests | (93 | ) | (93 | ) | |||||||||||||||
Dividend paid to noncontrolling interests | (77 | ) | (77 | ) | |||||||||||||||
Foreign exchange derivatives related to debt | (27 | ) | (27 | ) | |||||||||||||||
Net cash provided by/(used for) financing activities | 916 | 74 | (601 | ) | 56 | 445 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (60 | ) | (60 | ) | |||||||||||||||
Net change in cash and cash equivalents | — | — | 276 | — | 276 | ||||||||||||||
Cash and cash equivalents at January 1 | 689 | 689 | |||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | — | $ | 965 | $ | — | $ | 965 |
• | statements of comprehensive income and cash flows for the years ended December 31, 2016, 2015, 2014, and |
• | balance sheets as of December 31, 2016 and December 31, 2015 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2016 (in millions) | |||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- Guarantors | Eliminations | Total Company | ||||||||||||||||||
Net sales | $ | 1,918 | $ | 6,366 | $ | 8,284 | |||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,550 | 5,033 | 6,583 | ||||||||||||||||||||
Depreciation and amortization | 33 | 214 | 247 | ||||||||||||||||||||
Selling and administrative expense | $ | 10 | 135 | 223 | 368 | ||||||||||||||||||
Provision for asbestos | 21 | 21 | |||||||||||||||||||||
Restructuring and other | (5 | ) | 25 | 24 | 44 | ||||||||||||||||||
Income from operations | (5 | ) | 154 | 872 | 1,021 | ||||||||||||||||||
Loss from early extinguishments of debt | 32 | 5 | 37 | ||||||||||||||||||||
Net interest expense | 66 | 86 | 79 | 231 | |||||||||||||||||||
Technology royalty | (38 | ) | 38 | — | |||||||||||||||||||
Foreign exchange | (21 | ) | 1 | (17 | ) | $ | 21 | (16 | ) | ||||||||||||||
Income/(loss) before income taxes | (82 | ) | 105 | 767 | (21 | ) | 769 | ||||||||||||||||
Provision for / (benefit from) income taxes | (31 | ) | 81 | 143 | (7 | ) | 186 | ||||||||||||||||
Equity earnings in affiliates | $ | 496 | 207 | 370 | (1,073 | ) | — | ||||||||||||||||
Net income | 496 | 156 | 394 | 624 | (1,087 | ) | 583 | ||||||||||||||||
Net income attributable to noncontrolling interests | (87 | ) | (87 | ) | |||||||||||||||||||
Net income attributable to Crown Holdings | $ | 496 | $ | 156 | $ | 394 | $ | 537 | $ | (1,087 | ) | $ | 496 | ||||||||||
Total comprehensive income | $ | 250 | $ | 119 | $ | 348 | $ | 394 | $ | (774 | ) | $ | 337 | ||||||||||
Comprehensive income attributable to noncontrolling interests | (87 | ) | (87 | ) | |||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 250 | $ | 119 | $ | 348 | $ | 307 | $ | (774 | ) | $ | 250 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions) | |||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- Guarantors | Eliminations | Total Company | ||||||||||||||||||
Net sales | $ | 2,013 | $ | 6,749 | $ | 8,762 | |||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,611 | 5,505 | 7,116 | ||||||||||||||||||||
Depreciation and amortization | 32 | 205 | 237 | ||||||||||||||||||||
Selling and administrative expense | $ | 9 | 153 | 228 | 390 | ||||||||||||||||||
Provision for asbestos | 26 | 26 | |||||||||||||||||||||
Restructuring and other | 7 | 59 | 66 | ||||||||||||||||||||
Income from operations | (9 | ) | 184 | 752 | 927 | ||||||||||||||||||
Loss from early extinguishments of debt | 9 | 9 | |||||||||||||||||||||
Net interest expense | 91 | 90 | 78 | 259 | |||||||||||||||||||
Technology royalty | (42 | ) | 42 | — | |||||||||||||||||||
Foreign exchange | (8 | ) | 3 | 17 | $ | 8 | 20 | ||||||||||||||||
Income/(loss) before income taxes | (101 | ) | 133 | 615 | (8 | ) | 639 | ||||||||||||||||
Provision for / (benefit from) income taxes | (38 | ) | 79 | 140 | (3 | ) | 178 | ||||||||||||||||
Equity earnings in affiliates | $ | 393 | 183 | 231 | (807 | ) | — | ||||||||||||||||
Net income | 393 | 120 | 285 | 475 | (812 | ) | 461 | ||||||||||||||||
Net income attributable to noncontrolling interests | (68 | ) | (68 | ) | |||||||||||||||||||
Net income attributable to Crown Holdings | $ | 393 | $ | 120 | $ | 285 | $ | 407 | $ | (812 | ) | $ | 393 | ||||||||||
Total comprehensive income | $ | 4 | $ | 146 | $ | 64 | $ | 46 | $ | (192 | ) | $ | 68 | ||||||||||
Comprehensive income attributable to noncontrolling interests | (64 | ) | (64 | ) | |||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 4 | $ | 146 | $ | 64 | $ | (18 | ) | $ | (192 | ) | $ | 4 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2014 (in millions) | |||||||||||||||||||||||
Parent | Issuer | Guarantors | Non- Guarantors | Eliminations | Total Company | ||||||||||||||||||
Net sales | $ | 2,154 | $ | 6,943 | $ | 9,097 | |||||||||||||||||
Cost of products sold, excluding depreciation and amortization | 1,725 | 5,800 | 7,525 | ||||||||||||||||||||
Depreciation and amortization | 31 | 159 | 190 | ||||||||||||||||||||
Selling and administrative expense | $ | 9 | 144 | 245 | 398 | ||||||||||||||||||
Provision for asbestos | 40 | 40 | |||||||||||||||||||||
Restructuring and other | 5 | 44 | 80 | 129 | |||||||||||||||||||
Income from operations | (14 | ) | 170 | 659 | 815 | ||||||||||||||||||
Loss from early extinguishments of debt | 34 | 34 | |||||||||||||||||||||
Net interest expense | 58 | 90 | 98 | 246 | |||||||||||||||||||
Technology royalty | (48 | ) | 48 | — | |||||||||||||||||||
Foreign exchange | 14 | 14 | |||||||||||||||||||||
Income/(loss) before income taxes | (72 | ) | 128 | 465 | 521 | ||||||||||||||||||
Provision for / (benefit from) income taxes | (27 | ) | 88 | (18 | ) | 43 | |||||||||||||||||
Equity earnings in affiliates | $ | 390 | 222 | 327 | $ | (939 | ) | — | |||||||||||||||
Net income | 390 | 177 | 367 | 483 | (939 | ) | 478 | ||||||||||||||||
Net income attributable to noncontrolling interests | (88 | ) | (88 | ) | |||||||||||||||||||
Net income attributable to Crown Holdings | $ | 390 | $ | 177 | $ | 367 | $ | 395 | $ | (939 | ) | $ | 390 | ||||||||||
Total comprehensive income | $ | 138 | $ | 67 | $ | 115 | $ | 340 | $ | (433 | ) | $ | 227 | ||||||||||
Comprehensive income attributable to noncontrolling interests | (89 | ) | (89 | ) | |||||||||||||||||||
Comprehensive income attributable to Crown Holdings | $ | 138 | $ | 67 | $ | 115 | $ | 251 | $ | (433 | ) | $ | 138 |
Parent | Issuer | Guarantors | Non- Guarantors | Eliminations | Total Company | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 83 | $ | 476 | $ | 559 | |||||||||||||||||
Receivables, net | 3 | $ | 20 | 842 | 865 | ||||||||||||||||||
Intercompany receivables | 33 | 6 | $ | (39 | ) | — | |||||||||||||||||
Inventories | 313 | 932 | 1,245 | ||||||||||||||||||||
Prepaid expenses and other current assets | $ | 1 | 2 | 13 | 156 | 172 | |||||||||||||||||
Total current assets | 1 | 88 | 379 | 2,412 | (39 | ) | 2,841 | ||||||||||||||||
Intercompany debt receivables | 2,703 | 3,234 | 690 | (6,627 | ) | — | |||||||||||||||||
Investments | $ | 2,857 | 2,319 | 954 | (6,130 | ) | — | ||||||||||||||||
Goodwill and intangible assets | 469 | 2,794 | 3,263 | ||||||||||||||||||||
Property, plant and equipment, net | 1 | 496 | 2,323 | 2,820 | |||||||||||||||||||
Other non-current assets | 3 | 464 | 208 | 675 | |||||||||||||||||||
Total | $ | 2,858 | $ | 5,114 | $ | 5,996 | $ | 8,427 | $ | (12,796 | ) | $ | 9,599 | ||||||||||
Liabilities and equity | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Short-term debt | $ | 33 | $ | 33 | |||||||||||||||||||
Current maturities of long-term debt | $ | 118 | 43 | 161 | |||||||||||||||||||
Accounts payable and accrued liabilities | $ | 23 | 32 | $ | 577 | 2,070 | 2,702 | ||||||||||||||||
Intercompany payables | 6 | 33 | $ | (39 | ) | — | |||||||||||||||||
Total current liabilities | 23 | 150 | 583 | 2,179 | (39 | ) | 2,896 | ||||||||||||||||
Long-term debt, excluding current maturities | 2,258 | 392 | 2,067 | 4,717 | |||||||||||||||||||
Long-term intercompany debt | 2,469 | 1,328 | 2,624 | 206 | (6,627 | ) | — | ||||||||||||||||
Postretirement and pension liabilities | 422 | 198 | 620 | ||||||||||||||||||||
Other non-current liabilities | 381 | 317 | 698 | ||||||||||||||||||||
Commitments and contingent liabilities | |||||||||||||||||||||||
Noncontrolling interests | 302 | 302 | |||||||||||||||||||||
Crown Holdings shareholders’ equity | 366 | 1,378 | 1,594 | 3,158 | (6,130 | ) | 366 | ||||||||||||||||
Total equity | 366 | 1,378 | 1,594 | 3,460 | (6,130 | ) | 668 | ||||||||||||||||
Total | $ | 2,858 | $ | 5,114 | $ | 5,996 | $ | 8,427 | $ | (12,796 | ) | $ | 9,599 |
Parent | Issuer | Guarantors | Non- Guarantors | Eliminations | Total Company | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 104 | $ | 613 | $ | 717 | |||||||||||||||||
Receivables, net | $ | 23 | 889 | 912 | |||||||||||||||||||
Intercompany receivables | 30 | 2 | $ | (32 | ) | — | |||||||||||||||||
Inventories | 291 | 922 | 1,213 | ||||||||||||||||||||
Prepaid expenses and other current assets | 2 | 7 | 198 | 207 | |||||||||||||||||||
Total current assets | — | 106 | 351 | 2,624 | (32 | ) | 3,049 | ||||||||||||||||
Intercompany debt receivables | 3,111 | 3,471 | 681 | (7,263 | ) | — | |||||||||||||||||
Investments | $ | 2,887 | 2,199 | 804 | (5,890 | ) | — | ||||||||||||||||
Goodwill and intangible assets | 471 | 3,109 | 3,580 | ||||||||||||||||||||
Property, plant and equipment, net | 1 | 390 | 2,308 | 2,699 | |||||||||||||||||||
Other non-current assets | 6 | 487 | 229 | 722 | |||||||||||||||||||
Total | $ | 2,887 | $ | 5,423 | $ | 5,974 | $ | 8,951 | $ | (13,185 | ) | $ | 10,050 | ||||||||||
Liabilities and equity | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Short-term debt | $ | 54 | $ | 54 | |||||||||||||||||||
Current maturities of long-term debt | $ | 90 | 119 | 209 | |||||||||||||||||||
Accounts payable and accrued liabilities | $ | 24 | 47 | $ | 526 | 2,048 | 2,645 | ||||||||||||||||
Intercompany payables | 2 | 30 | $ | (32 | ) | — | |||||||||||||||||
Total current liabilities | 24 | 137 | 528 | 2,251 | (32 | ) | 2,908 | ||||||||||||||||
Long-term debt, excluding current maturities | 2,759 | 391 | 2,105 | 5,255 | |||||||||||||||||||
Long-term intercompany debt | 2,769 | 1,268 | 3,041 | 185 | (7,263 | ) | — | ||||||||||||||||
Postretirement and pension liabilities | 377 | 390 | 767 | ||||||||||||||||||||
Other non-current liabilities | 391 | 344 | 735 | ||||||||||||||||||||
Commitments and contingent liabilities | |||||||||||||||||||||||
Noncontrolling interests | 291 | 291 | |||||||||||||||||||||
Crown Holdings shareholders’ equity | 94 | 1,259 | 1,246 | 3,385 | (5,890 | ) | 94 | ||||||||||||||||
Total equity | 94 | 1,259 | 1,246 | 3,676 | (5,890 | ) | 385 | ||||||||||||||||
Total | $ | 2,887 | $ | 5,423 | $ | 5,974 | $ | 8,951 | $ | (13,185 | ) | $ | 10,050 |
Parent | Issuer | Guarantors | Non- Guarantors | Eliminations | Total Company | ||||||||||||||||||
Net provided by/(used for) operating activities | $ | 63 | $ | 1 | $ | 143 | $ | 875 | $ | (152 | ) | $ | 930 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Capital expenditures | (127 | ) | (346 | ) | (473 | ) | |||||||||||||||||
Proceeds from sale of property, plant and equipment | 4 | 6 | 10 | ||||||||||||||||||||
Intercompany investing activities | 235 | 150 | (385 | ) | — | ||||||||||||||||||
Other | 10 | 11 | 21 | ||||||||||||||||||||
Net cash provided by/(used for) investing activities | 235 | — | 37 | (329 | ) | (385 | ) | (442 | ) | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Proceeds from long-term debt | 700 | 680 | 1,380 | ||||||||||||||||||||
Payments of long-term debt | (1,181 | ) | (733 | ) | (1,914 | ) | |||||||||||||||||
Net change in revolving credit facility and short-term debt | (32 | ) | (32 | ) | |||||||||||||||||||
Net change in long-term intercompany balances | (300 | ) | 468 | (180 | ) | 12 | — | ||||||||||||||||
Debt issuance costs | (9 | ) | (9 | ) | (18 | ) | |||||||||||||||||
Common stock issued | 10 | 10 | |||||||||||||||||||||
Common stock repurchased | (8 | ) | (8 | ) | |||||||||||||||||||
Dividends paid | (537 | ) | 537 | — | |||||||||||||||||||
Dividends paid to noncontrolling interests | (80 | ) | (80 | ) | |||||||||||||||||||
Contribution from noncontrolling interests | 4 | 4 | |||||||||||||||||||||
Foreign exchange derivatives related to debt | 42 | 42 | |||||||||||||||||||||
Net cash provided by/(used for) financing activities | (298 | ) | (22 | ) | (180 | ) | (653 | ) | 537 | (616 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (30 | ) | (30 | ) | |||||||||||||||||||
Net change in cash and cash equivalents | — | (21 | ) | — | (137 | ) | — | (158 | ) | ||||||||||||||
Cash and cash equivalents at January 1 | 104 | 613 | 717 | ||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 83 | $ | — | $ | 476 | $ | — | $ | 559 |
Parent | Issuer | Guarantors | Non- Guarantors | Eliminations | Total Company | ||||||||||||||||||
Net provided by/(used for) operating activities | $ | 33 | $ | (34 | ) | $ | 6 | $ | 951 | $ | 956 | ||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Capital expenditures | (80 | ) | (274 | ) | (354 | ) | |||||||||||||||||
Acquisition of businesses, net of cash acquired | (1,207 | ) | (1,207 | ) | |||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 33 | 33 | |||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 2 | 5 | 7 | ||||||||||||||||||||
Intercompany investing activities | (738 | ) | 15 | 71 | 738 | $ | (86 | ) | — | ||||||||||||||
Net investment hedge settlements | (11 | ) | (11 | ) | |||||||||||||||||||
Other | (10 | ) | (6 | ) | (16 | ) | |||||||||||||||||
Net cash provided by/(used for) investing activities | (738 | ) | 4 | (17 | ) | (711 | ) | (86 | ) | (1,548 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Proceeds from long-term debt | 750 | 685 | 1,435 | ||||||||||||||||||||
Payments of long-term debt | (722 | ) | (178 | ) | (900 | ) | |||||||||||||||||
Net change in revolving credit facility and short-term debt | (7 | ) | (7 | ) | |||||||||||||||||||
Net change in long-term intercompany balances | 708 | (12 | ) | 11 | (707 | ) | — | ||||||||||||||||
Debt issuance costs | (10 | ) | (8 | ) | (18 | ) | |||||||||||||||||
Common stock issued | 6 | 6 | |||||||||||||||||||||
Common stock repurchased | (9 | ) | (9 | ) | |||||||||||||||||||
Dividends paid | (86 | ) | 86 | — | |||||||||||||||||||
Dividends paid to noncontrolling interests | (48 | ) | (48 | ) | |||||||||||||||||||
Contribution from noncontrolling interests | 5 | 5 | |||||||||||||||||||||
Foreign exchange derivatives related to debt | (58 | ) | (58 | ) | |||||||||||||||||||
Net cash provided by/(used for) financing activities | 705 | 6 | 11 | (402 | ) | 86 | 406 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (62 | ) | (62 | ) | |||||||||||||||||||
Net change in cash and cash equivalents | — | (24 | ) | — | (224 | ) | — | (248 | ) | ||||||||||||||
Cash and cash equivalents at January 1 | 128 | 837 | 965 | ||||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 104 | $ | — | $ | 613 | $ | — | $ | 717 |
Parent | Issuer | Guarantors | Non- Guarantors | Eliminations | Total Company | ||||||||||||||||||
Net provided by/(used for) operating activities | $ | 25 | $ | (38 | ) | $ | 52 | $ | 873 | $ | 912 | ||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Capital expenditures | (42 | ) | (286 | ) | (328 | ) | |||||||||||||||||
Acquisition of businesses, net of cash acquired | (733 | ) | (733 | ) | |||||||||||||||||||
Proceeds from sale of businesses, net of cash sold | 22 | 22 | |||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 6 | 10 | 16 | ||||||||||||||||||||
Intercompany investing activities | (941 | ) | 24 | 44 | 954 | $ | (81 | ) | — | ||||||||||||||
Other | 2 | 2 | |||||||||||||||||||||
Net cash provided by/(used for) investing activities | (941 | ) | 24 | 8 | (31 | ) | (81 | ) | (1,021 | ) | |||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Proceeds from long-term debt | 942 | 1,800 | 2,742 | ||||||||||||||||||||
Payments of long-term debt | (4 | ) | (1,748 | ) | (1,752 | ) | |||||||||||||||||
Net change in revolving credit facility and short-term debt | (319 | ) | (319 | ) | |||||||||||||||||||
Net change in long-term intercompany balances | 904 | (949 | ) | 14 | 31 | — | |||||||||||||||||
Debt issuance costs | (24 | ) | (17 | ) | (41 | ) | |||||||||||||||||
Common stock issued | 14 | 14 | |||||||||||||||||||||
Common stock repurchased | (2 | ) | (2 | ) | |||||||||||||||||||
Dividends paid | (81 | ) | 81 | — | |||||||||||||||||||
Purchase of noncontrolling interests | (76 | ) | (17 | ) | (93 | ) | |||||||||||||||||
Dividends paid to noncontrolling interests | (77 | ) | (77 | ) | |||||||||||||||||||
Foreign exchange derivatives related to debt | (27 | ) | (27 | ) | |||||||||||||||||||
Net cash provided by/(used for) financing activities | 916 | (35 | ) | (62 | ) | (455 | ) | 81 | 445 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (60 | ) | (60 | ) | |||||||||||||||||||
Net change in cash and cash equivalents | — | (49 | ) | (2 | ) | 327 | — | 276 | |||||||||||||||
Cash and cash equivalents at January 1 | 177 | 2 | 510 | 689 | |||||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 128 | $ | — | $ | 837 | $ | — | $ | 965 |
(in millions) | 2016 | 2015 | ||||||||||||||||||||||||||||||
First (1) | Second (2) | Third (3) | Fourth (4) | First (5) | Second (6) | Third (7) | Fourth (8) | |||||||||||||||||||||||||
Net sales | $ | 1,893 | $ | 2,142 | $ | 2,326 | $ | 1,923 | $ | 1,997 | $ | 2,278 | $ | 2,460 | $ | 2,027 | ||||||||||||||||
Gross profit * | 312 | 386 | 425 | 331 | 286 | 373 | 415 | 335 | ||||||||||||||||||||||||
Net income attributable to Crown Holdings | 79 | 169 | 183 | 65 | 44 | 142 | 141 | 66 | ||||||||||||||||||||||||
Earnings per average common share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.57 | $ | 1.22 | $ | 1.32 | $ | 0.47 | $ | 0.32 | $ | 1.03 | $ | 1.02 | $ | 0.48 | ||||||||||||||||
Diluted | 0.57 | 1.21 | 1.31 | 0.47 | 0.32 | 1.02 | 1.01 | 0.47 | ||||||||||||||||||||||||
Average common shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 138.1 | 138.5 | 138.7 | 138.8 | 137.7 | 137.9 | 138.1 | 138.1 | ||||||||||||||||||||||||
Diluted | 139.0 | 139.3 | 139.5 | 139.5 | 139.0 | 139.3 | 139.1 | 139.3 | ||||||||||||||||||||||||
Common stock price range: ** | ||||||||||||||||||||||||||||||||
High | $ | 50.48 | $ | 55.44 | $ | 57.46 | $ | 57.49 | $ | 54.03 | $ | 57.08 | $ | 55.16 | $ | 54.39 | ||||||||||||||||
Low | 43.30 | 48.28 | 49.14 | 51.57 | 43.85 | 52.25 | 44.76 | 45.15 | ||||||||||||||||||||||||
Close | 49.59 | 50.67 | 57.09 | 52.57 | 54.02 | 52.91 | 45.75 | 50.70 |
(1) | Includes pre-tax charges of $2 for restructuring and other and $27 for loss from early extinguishment of debt. |
(2) | Includes pre-tax benefits of $3 for restructuring and other and $4 for hedge ineffectiveness. |
(3) | Includes a pre-tax charge of $20 restructuring and other, $10 for loss from early extinguishment of debt, a pre-tax benefit of $2 for hedge ineffectiveness and an income tax benefit of $31 for a valuation allowance release partially offset by an income tax charge of $13 for tax contingencies and the impact of a corporate restructuring. |
(4) | Includes pre-tax charges of $21 for asbestos claims and $25 for restructuring and other, a pre-tax benefit of $2 for hedge ineffectiveness and an income tax charge of $2 for a tax law change. |
(5) | Includes pre-tax charges of $20 for restructuring and other and $6 for fair value adjustments in inventory, a pre-tax benefit of $2 for hedge ineffectiveness and an income tax charge of $7 for a potential liability arising from an unfavorable tax court ruling. |
(6) | Includes a pre-tax charge of $9 for loss from early extinguishment of debt and pre-tax benefits of $3 for restructuring and other and $2 for hedge ineffectiveness. |
(7) | Includes pre-tax charges of $40 for restructuring and other and $7 for hedge ineffectiveness. |
(8) | Includes pre-tax charges of $26 for asbestos claims and $9 for restructuring and other, a pre-tax benefit of $2 for hedge ineffectiveness and an income tax charge of $4 for a tax law change. |
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | |||||||||||
Additions | |||||||||||||||
Description | Balance at beginning of period | Charged to costs and expense | Charged to other accounts | Deductions – write-offs | Balance at end of period | ||||||||||
For the year ended December 31, 2016 | |||||||||||||||
Allowances deducted from assets to which they apply: | |||||||||||||||
Trade accounts receivable | $ | 83 | $ | 9 | $ | (1 | ) | $ | (15 | ) | $ | 76 | |||
Deferred tax assets | 241 | (14 | ) | 2 | (4 | ) | 225 | ||||||||
For the year ended December 31, 2015 | |||||||||||||||
Allowances deducted from assets to which they apply: | |||||||||||||||
Trade accounts receivable | 88 | 4 | (9 | ) | — | 83 | |||||||||
Deferred tax assets | 245 | 21 | (9 | ) | (16 | ) | 241 | ||||||||
For the year ended December 31, 2014 | |||||||||||||||
Allowances deducted from assets to which they apply: | |||||||||||||||
Trade accounts receivable | 78 | — | 10 | — | 88 | ||||||||||
Deferred tax assets | 343 | (70 | ) | (11 | ) | (17 | ) | 245 | |||||||
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
Year Assumed | |||||||
Name | Age | Title | Present Title | ||||
Timothy J. Donahue | 54 | President and Chief Executive Officer | 2016 | ||||
Djalma Novaes, Jr. | 56 | President – Americas Division | 2015 | ||||
Gerard H. Gifford | 61 | President – European Division | 2012 | ||||
Robert H. Bourque, Jr. | 47 | President – Asia Pacific Division | 2016 | ||||
Thomas A. Kelly | 57 | Senior Vice President and Chief Financial Officer | 2013 | ||||
David A. Beaver | 41 | Vice President and Corporate Controller | 2015 |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
Equity Compensation Plan Information | ||||||
Plan category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) | Weighted average Exercise Price of Outstanding Options, Warrants and Rights (b) | Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected In Column (a)) (c) | |||
Equity compensation plans approved by security holders | 669,350 (1) (2) | $26.74 (2) | 5,436,674 (3) | |||
Equity compensation plans not approved by security holders | N/A | |||||
Total | 669,350 | $26.74 | 5,436,674 |
(1) | Includes the 2006 and 2013 Stock-Based Incentive Compensation Plans. |
(2) | Includes 369,050 shares of deferred stock awarded from the 2013 Stock-Based Incentive Compensation Plan during each year from 2013 through 2016. The shares are time-vesting and will be issued up to four years from their grant date. The weighted-average exercise price in the table does not include these shares. |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
a) | The following documents are filed as part of this report: |
(1) | All Financial Statements (see Part II, Item 8) |
(3) | Exhibits |
3.a | Articles of Incorporation of Crown Holdings, Inc., as amended (incorporated by reference to Exhibit 3.a of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004 (File No. 000-50189)). |
3.b | Amended and Restated By-Laws of Crown Holdings, Inc. (incorporated by reference to Exhibit 3.ii of the Registrant's Current Report on Form 8-K dated January 29, 2016 (File No. 000-50189)). |
4.a | Specimen certificate of Registrant’s Common Stock (incorporated by reference to Exhibit 4.a of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1995 (File No. 1-2227)). |
4.b | Indenture, dated December 17, 1996, among Crown Cork & Seal Company, Inc., Crown Cork & Seal Finance PLC, Crown Cork & Seal Finance S.A. and the Bank of New York, as trustee (incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K dated December 17, 1996 (File No. 1-2227)). |
4.c | Form of the Registrant's 7-3/8% Debentures Due 2026 (incorporated by reference to Exhibit 99.1 of the Registrant's Current Report on Form 8-K dated December 17, 1996 (File No. 1-2227)). |
4.d | Officers' Certificate for 7-3/8% Debentures Due 2026 (incorporated by reference to Exhibit 99.6 of the Registrant's Current Report on Form 8-K dated December 17, 1996 (File No. 1-2227)). |
4.e | Form of the Registrant's 7-1/2% Debentures Due 2096 (incorporated by reference to Exhibit 99.2 of the Registrant's Current Report on Form 8-K dated December 17, 1996 (File No. 1-2227)). |
4.f | Officers' Certificate for 7-1/2% Debentures Due 2096 (incorporated by reference to Exhibit 99.7 of the Registrant's Current Report on From 8-K dated December 17, 1996 (File No. 1-2227)). |
4.g | Terms Agreement, dated December 12, 1996 (incorporated by reference to Exhibit 1.1 of the Registrant's Current Report on Form 8-K dated December 17, 1996 (File No. 1-2227)). |
4.h | Form of Bearer Security Depositary Agreement (incorporated by reference to Exhibit 4.2 of the Registrant's Registration Statement on Form S-3, dated November 26, 1996, amended December 5 and 10, 1996 (File No. 333-16869)). |
4.i | Supplemental Indenture to Indenture dated December 17, 1996, dated as of February 25, 2003, between Crown Cork & Seal Company, Inc., as Issuer and Guarantor, Crown Cork & Seal Finance PLC, as Issuer, Crown Cork & Seal Finance S.A., as Issuer, Crown Holdings, Inc., as Additional Guarantor and Bank One Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.5 of the Registrant’s Current Report on Form 8-K dated February 26, 2003 (File No. 000-50189)). |
4.j | Registration Rights Agreement, dated as of January 9, 2013, by and among the Company, Crown Americas LLC and Crown Americas Capital Corp. IV, Deutsche Bank Securities Inc., as Representative of the several Initial Purchasers named therein and the Guarantors (as defined therein), relating to the $800 million 4 1/2% Senior Notes due 2023 (incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K dated January 9, 2013 (File No. 000-50189)). |
4.k | Indenture, dated as of January 9, 2013, by and among Crown Americas LLC and Crown Americas Capital Corp. IV, as Issuers, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to the 4 1/2% Senior Notes due 2023 (incorporated by reference to Exhibit 4.2 of the Registrant's Current Report on Form 8-K dated January 9, 2013 (File No. 000-50189)). |
4.l | Form of 4 ½% Senior Notes due 2023 (included in Exhibit 4.m). |
4.m | Registration Rights Agreement, dated as of January 15, 2013, by and among the Company, Crown Americas LLC and Crown Americas Capital Corp. IV, Deutsche Bank Securities Inc., as the Initial Purchaser, and the Guarantors (as defined therein), relating to the $200 million 4 1/2% Senior Notes due 2023 (incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K dated January 15, 2013 (File No. 000-50189)). |
4.o | First Amendment to Credit Agreement, among Crown Americas LLC, as U.S. Borrower, Crown European Holdings SA, as European Borrower, CROWN Metal Packaging Canada LP, as Canadian Borrower, the Subsidiary Borrowers named therein, Crown Holdings, Inc., Crown International Holdings, Inc. and Crown Cork & Seal Company, Inc., as Parent Guarantors, Deutsche Bank AG New York Branch, as Administrative Agent, Deutsche Bank AG London |
4.p | Indenture, dated as of July 8, 2014, by and among Crown European Holdings S.A., as Issuer, the Guarantors named therein, U.S. Bank National Association, as Trustee, and the other parties thereto, relating to the €650 million 4% Senior Notes due 2022 (incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K dated July 11, 2014 (File No. 000-50189)). |
4.q | Form of 4% Senior Notes due 2022 (included in Exhibit 4.r). |
4.r | Incremental Amendment No. 1, among Crown Americas LLC, as U.S. Borrower, Deutsche Bank AG New York Branch, as administrative agent for the Term A Lenders, TD Bank, N.A., The Bank of Nova Scotia and The Bank of Tokyo-Mitsubishi UFJ, Ltd., to that certain Credit Agreement, dated as of December 19, 2013, as amended (incorporated by reference to Exhibit 4.u of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014 (File No. 000-50189)). |
4.s | Incremental Amendment No. 2, among Crown Americas LLC, as U.S. Borrower, Deutsche Bank AG New York Branch, as administrative agent for certain Term Lenders, and the Term Loan B Lenders party thereto, to that certain Credit Agreement, dated as of December 19, 2013, as amended (incorporated by reference to Exhibit 4.v of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014 (File No. 000-50189)). |
4.t | Incremental Amendment No. 3, among Crown Americas LLC, as U.S. Borrower, Deutsche Bank AG New York |
4.u | Indenture, dated as of September 15, 2016, by and among Crown European Holdings, S.A., as Issuer, the Guarantors named therein, U.S.. Bank National Association, as Trustee, and the other parties thereto, relating to the €600 million 2.625% Senior Notes due 2024 (incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K dated September 19, 2016 (File No. 000-50189)). |
4.v | Indenture, dated as of September 15, 2016, by and among Crown Americas LLC and Crown Americas Capital Corp. V, as Issuers, the Guarantors named therein and U.S. Bank National Association, as Trustee, relating to the $400 million 4.250% Senior Notes due 2026 (incorporated by reference to Exhibit 4.2 of the Registrant's Current Report on Form 8-K dated September 19, 2016 (File No. 000-50189)). |
4.w | Registration Rights Agreement, dated as of September 15, 2016, by and among the Company, Crown Americas LLC and Crown Americas Capital Corp. V, Citigroup Capital Markets Inc., as representative of the initial purchasers, and the Guarantors (as defined therein), relating to the $400 million 4.250% Senior Notes due 2026 (incorporated by reference to Exhibit 4.3 of the Registrant's Current Report on Form 8-K dated September 19, 2016 (File No. 000-50189)). |
4.x | Second Amendment, dated September 19, 2016, to Credit Agreement, among Crown Americas LLC, as U.S. Borrower, Crown European Holdings SA, as European Borrower, CROWN Metal Packaging Canada LP, as Canadian Borrower, the Subsidiary Borrowers named therein, the Company, Crown International Holdings, Inc. and Crown Cork & Seal Company, Inc., as Parent Guarantors, Deutsche Bank AG New York Branch, as Administrative Agent, Deutsche Bank AG London Branch, as U.K. Administrative Agent, Deutsche Bank AG Canada Branch, as Canadian Administrative Agent, and various Lending Institutions referred to therein (incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K dated September 23, 2016 (File No. 000-50189)). |
4.y | Indenture, dated as of May 5, 2015, among Crown European Holdings S.A., the Guarantors (as defined therein), U.S. Bank National Association, as trustee, Elavon Financial Services Limited, UK Branch, as paying agent, and Elavon Financial Services Limited, as registrar and transfer agent (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q dated July 30, 2015 (File No. 000-50189)). |
10.a | Employment Contracts: |
(2) | First amendment to the employment contract, effective June 1, 2012, between Crown Holdings, Inc. and Gerard Gifford, dated as of July 24, 2013 (incorporated by reference to Exhibit 10.3 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 (File No 000-50189)). |
(3) | Executive Employment Agreement, effective June 1, 2012, between Crown Holdings, Inc. and Gerard Gifford (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (File No 000-50189)). |
(4) | Employment contract between Crown Holdings, Inc. and Thomas A. Kelly, dated July 24, 2013 (incorporated by reference to Exhibit 10 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 (File No. 000-50189)). |
(5) | Employment contract between Crown Holdings, Inc. and Jozef Salaerts, dated November 5, 2012 (incorporated by reference to Exhibit 10 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 (File No 000-50189)). |
(6) | Employment contract between Crown Holdings, Inc. and Djalma Novaes Jr., dated February 26, 2015 (incorporated by reference to Exhibit 10.c(11) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014 (File No. 000-50189)). |
(7) | First Amendment to Executive Employment Agreement, dated November 5, 2012, between Crown Holdings, Inc. and Jozef Salaerts, effective as of April 30, 2016 (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 (File No. 000-50189)). |
(8) | Executive Employment Agreement, effective May 1, 2016, between Crown Holdings, Inc. and Robert Bourque, Jr. (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 (File No. 000-50189)). |
10.b | Crown Holdings, Inc. Economic Profit Incentive Plan, effective as of January 1, 2007 (incorporated by reference to Exhibit 10.i of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 000-50189)). |
10.c | Crown Holdings, Inc. Senior Executive Retirement Plan, as amended and restated as of January 1, 2008 (incorporated by reference to Exhibit 10.l of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 (File No. 000-50189)). |
10.d | Senior Executive Retirement Agreements: |
(2) | Senior Executive Retirement Agreement between Crown Holdings, Inc. and Jozef Salaerts, effective January 1, 2008 (incorporated by reference to Exhibit 10.m(8) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 (File No. 000-50189)). |
(3) | Senior Executive Retirement Agreement, effective June 1, 2012, between Crown Holdings, Inc. and Gerard Gifford (incorporated by reference to Exhibit 10.2 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (File No 000-50189)). |
(4) | Amendment No. 1 to the Senior Executive Retirement Agreement, effective June 1, 2012, between Crown Holdings, Inc. and Gerard Gifford dated December 28, 2012 (incorporated by reference to Exhibit 10.m(7) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 000-50189)). |
(5) | Senior Executive Retirement Agreement, effective July 24, 2013, between Crown Holdings, Inc. and Thomas A. Kelly (incorporated by reference to Exhibit 10.2 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 (File No 000-50189)). |
(6) | Senior Executive Retirement Agreement between Crown Holdings, Inc. and Djalma Novaes Jr., dated February 26, 2015 (incorporated by reference to Exhibit 10.f(9) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014 (File No. 000-50189)). |
(7) | Senior Executive Retirement Agreement, effective May 1, 2016, between Crown Holdings, Inc. and Robert Bourque, Jr. (incorporated by reference to Exhibit 10.3 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 (File No. 000-50189)). |
(8) | Amendment No. 2 to the Senior Executive Retirement Agreement, effective as of May 17, 2016, between Crown Holdings, Inc. and Gerard Gifford (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K dated May 18, 2016 (File No. 000-50189)). |
10.e | Form of Agreement for Restricted Stock Awards under Crown Holdings, Inc. 2004 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.x of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004 (File No. 000-50189)). |
10.f | Form of Agreement for Restricted Stock Awards under Crown Holdings, Inc. 2006 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.dd of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 000-50189)). |
10.g | Crown Holdings, Inc. 2004 Stock-Based Incentive Compensation Plan, dated as of April 22, 2004 (incorporated by reference to the Registrant’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 19, 2004 (File No. 000-50189)). |
10.h | Amendment No. 1, effective December 14, 2006, to the Crown Holdings, Inc. 2004 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.ff of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 000-50189)). |
10.i | Form of Agreement for Non-Qualified Stock Option Awards under Crown Holdings, Inc. 2004 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.6 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 (File No. 000-51089)). |
10.j | Crown Holdings, Inc. Deferred Compensation Plan for Directors, as Amended and Restated, effective January 1, 2008 (incorporated by reference to Exhibit 10.w of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 000-50189)). |
10.k | Crown Holdings, Inc. Stock Compensation Plan for Non-Employee Directors, dated as of April 22, 2004 (incorporated by reference to the Registrant’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 19, 2004 (File No. 000-50189)). |
10.l | Crown Cork & Seal Company, Inc. Pension Plan for Outside Directors, dated as of October 27, 1994 (incorporated by reference to Exhibit 10.c of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1995 (File No. 1-2227)). |
10.m | Amendment No. 1, effective April 1, 2005, to the Crown Holdings, Inc. Stock Compensation Plan for Non-Employee Directors, dated as of April 22, 2004 (incorporated by reference to Exhibit 10 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 (File No. 000-50189)). |
10.n | Crown Holdings, Inc. 2006 Stock-Based Incentive Compensation Plan (incorporated by reference to the Registrant’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 24, 2006 (File No. 000-50189)). |
10.o | Amendment No. 1, effective December 14, 2006, to the Crown Holdings, Inc. 2006 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.pp of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 000-50189)). |
10.p | Amendment No. 2, effective July 28, 2010, to the Crown Holdings, Inc. 2006 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (File No. 000-50189)). |
10.q | Form of Agreement for Non-Qualified Stock Option Awards under Crown Holdings, Inc. 2006 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 (File No. 000-50189)). |
10.r | Crown Holdings, Inc. 2013 Stock-Based Incentive Compensation Plan (incorporated by reference to the Registrant's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 18, 2013 (File No. 000-50189)). |
10.s | Form of Agreement for Restricted Stock Awards under Crown Holdings, Inc. 2013 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 (File No. 000-50189)). |
10.t | Form of Agreement for Deferred Stock Awards under Crown Holdings, Inc. 2013 Stock-Based Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 (File No. 000-50189)). |
10.u | Crown Cork & Seal Company, Inc. Restoration Plan, dated July 28, 2010 (incorporated by reference to Exhibit 10.3 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (File No. 000-50189)). |
10.v | Amendment No. 1, effective July 1, 2011, to the Crown Cork & Seal Company, Inc. Restoration Plan (incorporated by reference to Exhibit 10.4 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (File No. 000-50189)). |
12 | Computation of ratio of earnings to fixed charges. |
21 | Subsidiaries of Registrant. |
23 | Consent of Independent Registered Public Accounting Firm. |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, executed by Timothy J. Donahue, President and Chief Executive Officer of Crown Holdings, Inc. and Thomas A. Kelly, Senior Vice President and Chief Financial Officer of Crown Holdings, Inc. |
101 | The following financial information from the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the twelve months ended December 31, 2016, 2015 and 2014, (ii) Consolidated Statements of Comprehensive Income for the twelve months ended December 31, 2016, 2015 and 2014; (iii) Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015, (iv) Consolidated Statements of Cash Flows for the twelve months ended December 31, 2016, 2015 and 2014, (v) Consolidated Statements of Changes in Shareholders' Equity for the twelve months ended December 31, 2016, 2015 and 2014 and (vi) Notes to Consolidated Financial Statements. |
ITEM 16. | FORM 10-K SUMMARY |
Crown Holdings, Inc. Registrant | ||
By: | /s/ David A. Beaver | |
David A. Beaver | ||
Vice President and Corporate Controller |
SIGNATURE | TITLE | |
/s/ Timothy J. Donahue | ||
Timothy J. Donahue | Director, President and Chief Executive Officer | |
/s/ Thomas A. Kelly | ||
Thomas A. Kelly | Senior Vice President and Chief Financial Officer | |
/s/ David A. Beaver | ||
David A. Beaver | Vice President and Corporate Controller |
/s/ John W. Conway | /s/ James H. Miller | |||
John W. Conway, Chairman of the Board | James H. Miller | |||
/s/ Jenne K. Britell | /s/ Josef M. Müller | |||
Jenne K. Britell | Josef M. Müller | |||
/s/ Arnold W. Donald | /s/ Thomas A. Ralph | |||
Arnold W. Donald | Thomas A. Ralph | |||
/s/ Rose Lee | /s/ Caesar F. Sweitzer | |||
Rose Lee | Caesar F. Sweitzer | |||
/s/ William G. Little | /s/ Jim L. Turner | |||
William G. Little | Jim L. Turner | |||
/s/ Hans J. Löliger | /s/ William S. Urkiel | |||
Hans J. Löliger | William S. Urkiel |
Twelve months ended | Twelve months ended | |||
12/31/2016 | 12/31/2015 | |||
Computation of Earnings: | ||||
Income before income taxes, minority interests and equity earnings | $769 | $639 | ||
Adjustments to income | ||||
Add: Distributed income from less than 50% owned companies | — | |||
Add: Fixed charges as presented below | 270 | 290 | ||
Subtract: Interest capitalized | (9) | (2) | ||
Add: Amortization of interest previously capitalized | 3 | 2 | ||
Earnings | $1,033 | $929 | ||
Computation of fixed charges: | ||||
Interest incurred | $227 | $253 | ||
Interest capitalized | 9 | 2 | ||
Amortization of debt related costs | 16 | 17 | ||
Portion of rental expense representative of interest (1) | 18 | 18 | ||
Total fixed charges | $270 | $290 | ||
Ratio of earnings to fixed charges | 3.8 | 3.2 |
(1) | One-third of net rent expense is the portion deemed representative of the interest factor. |
NAME | STATE OR COUNTRY OF INCORPORATION OR ORGANIZATION |
Crown Cork & Seal Company, Inc. | Pennsylvania |
Crown Consultants, Inc. | Pennsylvania |
CROWN Americas LLC | Pennsylvania |
Crown Americas Capital Corp. | Delaware |
Crown Americas Capital Corp. II | Delaware |
Crown Americas Capital Corp. III | Delaware |
Crown Americas Capital Corp. IV | Delaware |
Crown Americas Capital Corp. V | Delaware |
CROWN Beverage Packaging, LLC | Delaware |
Crown Cork & Seal Company (DE), LLC | Delaware |
Crown Cork & Seal Receivables (DE) Corporation | Delaware |
Crown Cork and Seal Receivables II LLC | Delaware |
CROWN Cork & Seal USA, Inc. | Delaware |
Crown International Holdings, Inc. | Delaware |
CROWN Packaging Holdings LLC | Delaware |
CROWN Packaging Technology, Inc. | Delaware |
CROWN Beverage Packaging Puerto Rico, Inc. | Delaware |
Crownway Insurance Company | Vermont |
CROWN Packaging (Barbados) Limited | Barbados |
CROWN Commercial Belgium BVBA | Belgium |
CROWN Verpakking België NV | Belgium |
Crown Brasil Holdings Ltda. | Brazil |
CROWN Embalagens Métalicas da Amazonia S.A. | Brazil |
CROWN Asia Pacific Investments (T) Limited | British Virgin Islands |
CROWN Beverage Cans (Cambodia) Limited | Cambodia |
CROWN Beverage Cans Sihanoukville Limited | Cambodia |
CROWN Khmer Beverage Cans Limited | Cambodia |
CROWN Metal Packaging Canada Inc. | Canada |
CROWN Metal Packaging Canada LP | Canada |
CMB Machinery and Technology (Shanghai) Co Ltd | China |
CROWN Beverage Cans Beijing Limited | China |
CROWN Beverage Cans Changchun Limited | China |
CROWN Beverage Cans Hangzhou Limited | China |
CROWN Beverage Cans Heshan Limited | China |
CROWN Beverage Cans Huizhou Limited | China |
CROWN Beverage Cans Nanning Limited | China |
CROWN Beverage Cans Putian Limited | China |
NAME | STATE OR COUNTRY OF INCORPORATION OR ORGANIZATION |
CROWN Beverage Cans Shanghai Limited | China |
CROWN Beverage Cans Ziyang Limited | China |
Foshan Continental Can Co. Limited | China |
Foshan Crown Easy-Opening End Co. Limited | China |
Crown Colombiana, S.A. | Colombia |
Butimove | France |
CROWN Commercial France SAS | France |
Crown Developpement SAS | France |
CROWN Europe Group Services | France |
Crown European Holdings SA | France |
CROWN Emballage France SAS | France |
CROWN Bevcan France SAS | France |
Crown Packaging European Division Services SAS | France |
Société de Participations CarnaudMetalbox SAS | France |
CROWN Commercial Germany GmbH & Co. KG | Germany |
CROWN Commercial Vermögensverwaltung GmbH | Germany |
Crown Cork & Seal Deutschland Holdings GmbH | Germany |
CROWN Foodcan Germany GmbH | Germany |
CROWN Foodcan GmbH | Germany |
CROWN Cans Ghana Limited | Ghana |
Crown Hellas Can Packaging SA | Greece |
CROWN Beverage Cans Hong Kong Limited | Hong Kong |
CROWN China Holdings (Hong Kong) Limited | Hong Kong |
CROWN Packaging Investment (H.K.) Limited | Hong Kong |
CROWN Commercial Hungary Kft | Hungary |
CROWN Magyarorszag Csomagoloipari KFT | Hungary |
PT CROWN Beverage Cans Indonesia | Indonesia |
CROWN Packaging Ireland Ltd | Ireland |
CROWN Imgallaggi Italia Srl | Italy |
CROWN Aerosols Italia Srl | Italy |
Crown Holdings Italia Srl | Italy |
CROWN Italy Finance srl | Italy |
CROWN SIEM | Ivory Coast |
CROWN Packaging Jamaica Limited | Jamaica |
CROWN Middle East Can Co. Ltd. | Jordan |
Crown Luxembourg Holdings SARL | Luxembourg |
Crown Packaging Lux I S.à.r.l. | Luxembourg |
NAME | STATE OR COUNTRY OF INCORPORATION OR ORGANIZATION |
Crown Packaging Lux II S.à.r.l. | Luxembourg |
Crown Packaging Lux III S.à.r.l. | Luxembourg |
CROWN Société Malgache d'Emballages Métalliques | Madagascar |
CROWN Beverage Cans Malaysia Sdn Bhd | Malaysia |
Cierres Hermeticos, S.A. DE C.V. | Mexico |
CROWN Envases Mexico, S.A. de C.V. | Mexico |
CROWN Famosa, S.A. de C.V. | Mexico |
Crown Mexican Holdings, S. de R.L. de C.V. | Mexico |
Fabricas Monterrey, S.A. de C.V. | Mexico |
Glass & Silice, S.A. DE C.V. | Mexico |
Prolatamex, S.A. DE C.V. | Mexico |
Silice De Veracruz, S.A. DE C. V. | Mexico |
Silice Del Istmo, S.A. DE C.V. | Mexico |
Vichisa, S.A. de C.V. | Mexico |
Crown Packaging Maroc | Morocco |
CROWN Aerosols Nederland BV | Netherlands |
CROWN Commercial Netherlands B.V. | Netherlands |
Crown International Holdings B.V. | Netherlands |
Crown Overseas Investments B.V. | Netherlands |
CROWN Speciality Packaging BV | Netherlands |
CROWN Verpakking Nederland B.V. | Netherlands |
Crown Canadian Holdings ULC | Nova Scotia |
Crown Commercial Polska Sp. z.o.o. | Poland |
CROWN Packaging Polska Sp.z.o.o. | Poland |
Crown Cork & Seal de Portugal Embalagens S.A. | Portugal |
Crown Cork Kuban | Russia |
CROWN Arabia Can Company Ltd | Saudi Arabia |
CROWN Senegal | Senegal |
CROWN Asia Pacific Holdings Pte. Ltd. | Singapore |
CROWN Beverage Cans Singapore Pte. Ltd. | Singapore |
CROWN Speciality Packaging Investment Pte. Ltd. | Singapore |
Superior Investment Holdings Pte. Ltd. | Singapore |
Superior Multi-Packaging Limited | Singapore |
CROWN Bevcan Slovakia s.r.o. | Slovakia |
CarnaudMetalbox Food South Africa (Pty) Limited | South Africa |
Adularia Inversiones 2010 S.L. | Spain |
CROWN Bevcan Espana S.L. | Spain |
NAME | STATE OR COUNTRY OF INCORPORATION OR ORGANIZATION |
Crown Closures Spain, S.L. | Spain |
Crown Comercial de Envases, S.L. | Spain |
Crown Food España, S.A.U. | Spain |
Crown Holdings Spain, S.L. | Spain |
Crown Packaging European Division GmbH | Switzerland |
Crown Packaging European Holdings GmbH | Switzerland |
CROWN AP (Thailand) Company Limited | Thailand |
CROWN Foodcan (Hat Yai) Company Limited | Thailand |
CROWN Foodcan (Nakhon Pathom) Company Limited | Thailand |
CROWN Food Packaging (Thailand) Public Company Limited | Thailand |
CROWN Bevcan and Closures (Thailand) Company Limited | Thailand |
CROWN Packaging Trinidad Limited | Trinidad |
CROWN Maghreb Can | Tunisia |
CROWN Bevcan Türkiye Ambalaj Sanayi Ve Ticaret Limited Sirketi | Turkey |
Crown Foodcan Turkey Ambalaj Sanayi Ve Ticaret Limited Sirketi | Turkey |
CROWN Emirates Company Limited | United Arab Emirates |
CarnaudMetalbox Engineering Ltd | United Kingdom |
CarnaudMetalbox Group UK Limited | United Kingdom |
CarnaudMetalbox Overeseas Limited | United Kingdom |
CROWN Aerosols UK Limited | United Kingdom |
Crown Packaging Commercial UK Limited | United Kingdom |
Crown Packaging Distribution UK Limited | United Kingdom |
Crown Packaging Manufacturing UK Limited | United Kingdom |
CROWN Specialty Packaging UK Ltd | United Kingdom |
CROWN Packaging UK Limited | United Kingdom |
Crown UK Holdings Limited | United Kingdom |
CROWN Beverage Cans (Dong Nai) Limited | Vietnam |
CROWN Beverage Cans Danang Limited | Vietnam |
CROWN Beverage Cans Hanoi Limited | Vietnam |
CROWN Beverage Cans Saigon Limited | Vietnam |
(1) | The list includes only consolidated subsidiaries which are directly owned or indirectly owned by the Registrant. |
(2) | In accordance with Regulation S-K, Item 601(b)(ii), the names of certain subsidiaries have been omitted from the foregoing list. The unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary, as defined in Regulation S-X, Rule 1-02(w). |
1. | I have reviewed this annual report on Form 10-K of Crown Holdings, Inc. (“the registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 24, 2017 | /s/ Timothy J. Donahue | |
Timothy J. Donahue | |||
Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K of Crown Holdings, Inc. (“the registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 24, 2017 | /s/ Thomas A. Kelly | |
Thomas A. Kelly | |||
Chief Financial Officer |
Date: | February 24, 2017 | /s/ Timothy J. Donahue | |
Timothy J. Donahue | |||
Chief Executive Officer | |||
Date: | February 24, 2017 | /s/ Thomas A. Kelly | |
Thomas A. Kelly | |||
Chief Financial Officer |
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Feb. 22, 2017 |
Jun. 30, 2016 |
|
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Registrant Name | CROWN HOLDINGS INC | ||
Entity Central Index Key | 0001219601 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 139,541,152 | ||
Entity Public Float | $ 7,077,064,206 |
Consolidated Statements of Operations - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Statement [Abstract] | |||
Net sales | $ 8,284 | $ 8,762 | $ 9,097 |
Cost of products sold, excluding depreciation and amortization | 6,583 | 7,116 | 7,525 |
Depreciation and amortization | 247 | 237 | 190 |
Selling and administrative expense | 368 | 390 | 398 |
Provision for asbestos | 21 | 26 | 40 |
Restructuring and other | 44 | 66 | 129 |
Income from operations | 1,021 | 927 | 815 |
Loss from early extinguishments of debt | 37 | 9 | 34 |
Interest expense | 243 | 270 | 253 |
Interest income | (12) | (11) | (7) |
Foreign exchange | (16) | 20 | 14 |
Income before income taxes | 769 | 639 | 521 |
Provision for income taxes | 186 | 178 | 43 |
Net income | 583 | 461 | 478 |
Net income attributable to noncontrolling interests | (87) | (68) | (88) |
Net income attributable to Crown Holdings | $ 496 | $ 393 | $ 390 |
Earnings per common share attributable to Crown Holdings: | |||
Basic (in usd per share) | $ 3.58 | $ 2.85 | $ 2.84 |
Diluted (in usd per share) | $ 3.56 | $ 2.82 | $ 2.82 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 583 | $ 461 | $ 478 |
Other comprehensive income / (loss), net of tax | |||
Foreign currency translation adjustments | (435) | (469) | (323) |
Pension and other postretirement benefits | 166 | 91 | 47 |
Derivatives qualifying as hedges | 23 | (15) | 25 |
Total other comprehensive loss | (246) | (393) | (251) |
Total comprehensive income | 337 | 68 | 227 |
Net income attributable to noncontrolling interests | (87) | (68) | (88) |
Translation adjustments attributable to noncontrolling interests | 2 | 3 | 1 |
Derivatives qualifying as hedges attributable to noncontrolling interests | (2) | 1 | (2) |
Comprehensive income attributable to Crown Holdings | $ 250 | $ 4 | $ 138 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 185,744,072 | 185,744,072 |
Treasury stock (in shares) | 45,903,844 | 46,302,744 |
Summary of Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business and Principles of Consolidation. The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). The Company manufactures and sells metal and glass packaging containers, metal closures, and canmaking equipment. These products are manufactured in the Company’s plants both within and outside the U.S. and are sold through the Company’s sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. Other investments are carried at cost. Foreign Currency Translation. For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. Revenue Recognition. Revenue is recognized from product sales when the goods are shipped and the title and risk of loss pass to the customer. Provisions for discounts and rebates to customers, returns, and other adjustments are estimated and provided for in the period that the related sales are recorded. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold. Stock-Based Compensation. Compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. The Company’s plans provide for stock awards which may include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals, or over the period from the grant date to the date that retirement eligibility is achieved if less than the stated vesting period. Cash and Cash Equivalents. Cash equivalents represent investments with maturities of three months or less from the time of purchase and are carried at cost, which approximates fair value because of the short maturity of those instruments. Outstanding checks in excess of funds on deposit are included in accounts payable. Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on a review of individual accounts for collectability, generally focusing on those accounts that are past due or experiencing financial difficulties. The current year expense to adjust the allowance for doubtful accounts is recorded within selling and administrative expense in the consolidated statements of operations. Inventory Valuation. Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method and for non-U.S. inventories under the FIFO or average cost method. Property, Plant and Equipment. Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively.
Goodwill and Intangible Assets. Goodwill is carried at cost and reviewed for impairment annually or when facts and circumstances indicate goodwill may be impaired. In 2016, the Company changed its annual impairment testing from December 31 to October 1. The Company made the change to better align the timing of the goodwill impairment test with the timing of the Company's annual planning and budgeting processes and to provide the Company with adequate time to evaluate goodwill for impairment. This change did not result in the delay, acceleration or avoidance of an impairment charge. The Company completed its annual impairment testing in the fourth quarter of 2016 and determined that no adjustments to the carrying value of goodwill were necessary. Goodwill was allocated to the reporting units at the time of each acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that an impairment is more likely than not, it will perform the two-step quantitative impairment test using a combination of market values for comparable businesses and discounted cash flow projections compared to the reporting unit's carrying value including goodwill. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit’s goodwill to its implied fair value. Definite-lived intangible assets are tested for impairment when facts and circumstances indicate the carrying value may not be recoverable from their undiscounted cash flows. If impaired, the assets are written down to fair value based on either discounted cash flows or appraised values. Impairment or Disposal of Long-Lived Assets. In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. Taxes on Income. The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. The with-and-without approach is used to account for utilization of windfall tax benefits arising from the Company’s stock-based compensation plans and only the direct impact of awards is considered when calculating the amount of windfalls or shortfalls. Income tax-related interest and penalties are reported as income tax expense. Derivatives and Hedging. All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the anticipated transactions are no longer probable. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Any amounts excluded from the assessment of hedge effectiveness, and any ineffective portion of designated hedges, are reported currently in earnings. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. Treasury Stock. Treasury stock is reported at par value. The excess of fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. Research and Development. Research, development and engineering costs of $41 in 2016 and $39 in 2015 and 2014 were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. Revisions. In 2016, the Company corrected the calculation of its estimated asbestos liability under Accounting Standards Codification (ASC) 450, Contingencies. The Company now calculates its estimated liability without limitation to a specified time period. The Company assessed the materiality of this correction to prior periods’ financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. (SAB) 99, Materiality, and SAB 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, codified in ASC 250, Presentation of Financial Statements. The Company concluded that the correction was not material to prior periods and therefore, amendments of previously filed reports are not required. The effects of the revision on the Company’s Consolidated Balance Sheets were as follows:
The effects of the revision on the Company's Consolidated Statements of Operations were as follows:
The impact of the correction on the Company's Consolidated Statement of Operations for the year ended December 31, 2015 was less than $1. As this correction originated in periods prior to those presented, Accumulated Earnings and Total Crown Equity as of January 1, 2014 has been reduced by $53 from $4 to ($49). In addition, Accumulated Earnings and Total Crown Equity as of December 31, 2014 have been reduced from $1,782 and $119 to $1,732 and $69. The revision did not impact cash flows from operating activities in the Company's Consolidated Statement of Cash Flows. In addition, the Company revised certain previously reported amounts in Note X Condensed Combining Financial Information to correct for the impact of the above adjustments. Reclassifications. Certain reclassifications of prior years’ data have been made to conform to the current year presentation. Recent Accounting and Reporting Pronouncements. Recently Adopted Accounting Standards In May 2015, the FASB issued guidance to remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance impacts disclosure of certain pension plan assets and does not have an impact on the Company's consolidated financial statements. The Company adopted this guidance effective January 1, 2016 on a retrospective basis. Recently Issued Accounting Standards In May 2014, the FASB issued new guidance which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new guidance, revenue will either be recognized at a point in time or over time. Certain products that the Company manufactures for customers may have no alternative use and follow an over-time revenue recognition model. As a result, timing of revenue recognition for certain products, under the new guidance, may be accelerated compared to current guidance. The guidance is effective for the Company on January 1, 2018. The Company continues to make progress towards implementation of the new guidance and to evaluate the adoption impact on its financial position and results of operations. In July 2015, the FASB issued new guidance related to the subsequent measurement of inventory. Under existing guidance, inventory was measured at the lower of cost or market, where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin. The new guidance requires an entity to subsequently measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The guidance will be effective for the Company on January 1, 2017 and is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued new guidance on lease accounting. Under the new guidance lease classification criteria and income statement recognition is similar to current guidance; however, all leases with a term longer than one year will be recorded on the balance sheet through a right-of-use asset and a corresponding lease liability. The guidance will be effective for the Company on January 1, 2019. The Company is currently evaluating the impact of adopting this guidance on its financial position and results of operations. In March 2016, the FASB issued new guidance on share-based payments. The new guidance includes provisions to simplify various aspects of how share-based payments are accounted for and presented in the financial statements. Under current guidance, upon settlement, tax benefits in excess of compensation costs ("windfalls") are recorded in equity and tax deficiencies ("shortfalls") are recorded in equity to the extent of previous windfalls. Under the new guidance, all of the tax effects related to share-based payments at settlement will be recorded through the income statement which may increase volatility in the Company's results of operations. The guidance will be effective for the Company on January 1, 2017. Upon adoption, the Company expects to recognize a deferred tax asset of approximately $60 related to excess tax benefits that were not previously recognized as they had not reduced current taxes payable in previous years. In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and payments on the statement of cash flows. Under the new guidance, cash payments resulting from debt prepayment or extinguishment will be classified as cash outflows from financing activities. In addition, beneficial interests obtained in a securitization of financial assets should be disclosed as a noncash activity and cash receipts from the beneficial interests should be classified as cash inflows from investing activities. Under existing guidance, the Company classifies cash receipts from beneficial interests in securitized receivables and cash payments resulting from debt prepayment or extinguishment as cash flows from operating activities. The guidance will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of adopting this guidance, which may have a material impact on its cash flows from operating activities. In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. The amount of goodwill impaired will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance is effective for the Company on January 1, 2020 but early adoption is permitted. |
Acquisitions |
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Acquisitions | Acquisitions Empaque On February 18, 2015, the Company completed its acquisition of Empaque, a leading manufacturer of beverage packaging in Mexico, from Heineken N.V., for $1.2 billion. The addition of Empaque significantly increases the Company's presence in the growing Mexican market and substantially enhances the Company's strategic position in beverage cans and its presence in the growing Mexican market. In conjunction with the acquisition the Company acquired intangible assets which included $254 of customer relationships that will be amortized over 18 years and $189 for long-term supply contracts that will be amortized over 15 years, and assigned goodwill of $618 to the Americas Beverage segment. Mivisa On April 23, 2014 , the Company completed its acquisition of Mivisa Envases, S.A.U. (“Mivisa”) for $733, net of $28 in cash acquired, plus $977 of debt assumed. Mivisa, based in Murcia, Spain, primarily serves the vegetable, fruit, fish and meat markets and is the largest food can producer in both the Iberian Peninsula and Morocco. In conjunction with the acquisition the Company acquired intangible assets which included $14 of acquired trademarks that were fully amortized in 2014 and $281 of customer relationships that will be amortized over 13 years, and assigned goodwill of $938 to the European Food segment. Pro-forma data The following unaudited supplemental pro-forma data presents consolidated information as if the Empaque and Mivisa acquisitions had been completed on January 1, 2014. These amounts were calculated after conversion to U.S. GAAP, applying the Company's accounting policies and adjusting Empaque's and Mivisa's results to reflect the additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment, inventory and intangible assets had been applied from the assumed completion dates. These adjustments also reflect interest expense incurred on the debt to finance the acquisition and related transaction costs.
Pro-forma results exclude the potential realization of cost savings relating to integration of the companies and the impact of divestitures required to obtain regulatory approval for the Mivisa acqusition. Further, the pro-forma data should not be considered indicative of the results that would have occurred if the acquisition and related financing had been consummated on the assumed completion dates, nor are they indicative of future results. |
Accumulated Other Comprehensive Loss Attributable to Crown Holdings |
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Accumulated Other Comprehensive Loss Attributable to Crown Holdings | Accumulated Other Comprehensive Loss Attributable to Crown Holdings The following table provides information about the changes in each component of accumulated other comprehensive income for the years ended December 31, 2016 and 2015.
The following table provides information about the amounts reclassified out of accumulated other comprehensive income in 2016 and 2015.
(a) These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note U for further details. |
Receivables |
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Receivables | Receivables
The Company uses receivables securitization and factoring facilities in the normal course of business as part of managing its cash flows. The Company accounts for transfers under its securitization facilities as sales because the Company sells full title and ownership in the underlying receivables and has met the criteria for control of the receivables to be considered transferred. The Company accounts for its factoring arrangements as either sales or secured borrowing based on whether it has transferred control over the factored receivables. The Company’s continuing involvement in factored receivables accounted for as sales is limited to servicing the receivables. The Company receives adequate compensation for servicing the receivables and no servicing asset or liability is recorded. At December 31, amounts securitized or factored were as follows:
Certain of the Company’s securitization facilities include a deferred purchase price component. As consideration for the sale of its receivables, the Company receives a cash payment and a new asset, the deferred purchase price receivable from the purchaser, which will be paid to the Company as payments on the receivables are collected from the account debtors. As the criteria for sale accounting have been met, the Company derecognizes the entire amount of receivables sold from its balance sheet and recognizes an asset at fair value for the deferred purchase price receivable as well as the cash received. As the deferred purchase price is not a trade receivable, it is reported in prepaid expenses and other current assets in the Company’s balance sheet. As receipt of the deferred purchase price coincides with collections of the underlying receivables, the collection period is short in duration. As of December 31, 2016 and 2015, the amount of deferred purchase price included in prepaid expenses and other current assets was $83 and $105. The net change in the deferred purchase price receivable is reflected in the receivables line item in the Company’s Consolidated Statement of Cash Flows. This activity is reflected as an operating cash flow because the related customer receivables are the result of an operating activity with an insignificant, short-term interest rate risk. The Company recorded expenses related to securitization and factoring facilities of $13 in 2016 and $12 in 2015 and 2014 and as interest expense. |
Inventories |
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Inventories | Inventories
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2016 and 2015 were as follows:
In 2015, goodwill acquired relates to the acquisition of Empaque. The carrying amount of goodwill at December 31, 2016 and 2015 is net of the following accumulated impairments:
Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class at December 31 are as follows:
The table above excludes other intangible assets with net balances of $3 and $2 at December 31, 2016 and 2015. Amortization expense for the years ended December 31, 2016, 2015, and 2014 was $41, $40 and $31. Annual amortization expense for each of the five years subsequent to 2016 is estimated to be $41. |
Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment
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Other Non-Current Assets |
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Non-Current Assets | Other Non-Current Assets
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Accounts Payable and Accrued Liabilities |
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Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities
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Other Non-Current Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Non-Current Liabilities | Other Non-Current Liabilities
Income taxes payable includes unrecognized tax benefits as discussed in Note V. |
Lease Commitments |
12 Months Ended |
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Dec. 31, 2016 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments The Company leases manufacturing, warehouse and office facilities and certain equipment. Certain of the leases contain renewal or purchase options, but the leases do not contain significant contingent rental payments, escalation clauses, rent holidays, rent concessions or leasehold improvement incentives. Under long-term operating leases, minimum annual rentals are $48 in 2017, $32 in 2018, $22 in 2019, $16 in 2020, $11 in 2021 and $63 thereafter. Such rental commitments have been reduced by minimum sublease rentals of $4 due under non-cancelable subleases. Rental expense (net of sublease rental income) was $53 in 2016 and 2015 and $60 in 2014. The Company did not have any significant capital leases at December 31, 2016. |
Asbestos-Related Liabilities |
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Liability for Asbestos and Environmental Claims [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asbestos-Related Liabilities | Asbestos-Related Liabilities Crown Cork & Seal Company, Inc. (“Crown Cork”) is one of many defendants in a substantial number of lawsuits filed throughout the United States by persons alleging bodily injury as a result of exposure to asbestos. These claims arose from the insulation operations of a U.S. company, the majority of whose stock Crown Cork purchased in 1963. Approximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. Prior to 1998, amounts paid to asbestos claimants were covered by a fund made available to Crown Cork under a 1985 settlement with carriers insuring Crown Cork through 1976, when Crown Cork became self-insured. The fund was depleted in 1998 and the Company has no remaining coverage for asbestos-related costs. In recent years, the states of Alabama, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Kansas, Michigan, Mississippi, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, West Virginia, Wisconsin and Wyoming enacted legislation that limits asbestos-related liabilities under state law of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The legislation, which applies to future and, with the exception of Arkansas, Georgia, South Carolina, South Dakota, West Virginia and Wyoming, pending claims at the time of enactment, caps asbestos-related liabilities at the fair market value of the predecessor's total gross assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total value of its predecessor's assets adjusted for inflation. Crown Cork has integrated the legislation into its claims defense strategy. The Company cautions, however, that the legislation may be challenged and there can be no assurance regarding the ultimate effect of the legislation on Crown Cork. In June 2003, the State of Texas enacted legislation that limits the asbestos-related liabilities in Texas courts of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The Texas legislation, which applies to future 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 reversed a lower court decision, Barbara Robinson v. Crown Cork & Seal Company, Inc., No. 14-04-00658-CV, Fourteenth Court of Appeals, Texas, which had upheld the dismissal of an asbestos-related case against Crown Cork. The Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June of 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld. The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. The Company's approximate claims activity for the years ended 2016, 2015 and 2014 were as follows:
The Company's cash payments during the years ended 2016, 2015, and 2014 were as follows:
In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes by year of exposure and state filed. As of December 31, 2016 and December 31, 2015, the Company's outstanding claims are:
The outstanding claims in each period exclude approximately 19,000 inactive claims. Due to the passage of time, the Company considers it unlikely that the plaintiffs in these cases will pursue further action against the Company. The exclusion of these inactive claims had no effect on the calculation of the Company’s accrual as the claims were filed in states, as described above, where the Company’s liability is limited by statute. With respect to claimants alleging first exposure to asbestos before or during 1964, the Company does not include in its accrual any amounts for settlements in states where the Company’s liability is limited by statute except for certain pending claims in Texas as described earlier. With respect to post-1964 claims, regardless of the existence of asbestos legislation, the Company does not include in its accrual any amounts for settlement of these claims because of increased difficulty of establishing identification of relevant insulation products as the cause of injury. Given its settlement experience with post-1964 claims, the Company does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) are as follows:
Crown Cork has entered into arrangements with plaintiffs’ counsel in certain jurisdictions with respect to claims which are not yet filed, or asserted, against it. However, Crown Cork expects claims under these arrangements to be filed or asserted against Crown Cork in the future. The projected value of these claims is included in the Company’s estimated liability as of December 31, 2016. Approximately 82% of the claims outstanding at the end of 2016 were filed by plaintiffs who do not claim a specific amount of damages or claim a minimum amount as established by court rules relating to jurisdiction; approximately 15% were filed by plaintiffs who claim damages of less than $5; approximately 3% were filed by plaintiffs who claim damages from $5 to less than $100 (40% of whom claim damages less than $25) and 5 were filed by plaintiffs who claim damages in excess of $100. As of December 31, 2016, the Company’s accrual for pending and future asbestos-related claims and related legal costs was $342, including $300 for unasserted claims. The Company’s determines its accrual without limitation to a specified time period. It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant, the Company and claimant’s willingness to negotiate a settlement, the terms of settlements of other defendants with asbestos-related liabilities, the bankruptcy filings of other defendants (which may result in additional claims and higher settlements for non-bankrupt defendants), the nature of pending and future claims (including the seriousness of alleged disease, whether claimants allege first exposure to asbestos before or during 1964 and the claimant’s ability to demonstrate the alleged link to Crown Cork), the volatility of the litigation environment, the defense strategies available to the Company, the level of future claims, the rate of receipt of claims, the jurisdiction in which claims are filed, and the effect of state asbestos legislation (including the validity and applicability of the Pennsylvania legislation to non-Pennsylvania jurisdictions, where the substantial majority of the Company’s asbestos cases are filed). |
Commitments and Contingent Liabilities |
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Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company, along with others in most cases, has been identified by the EPA or a comparable state environmental agency as a Potentially Responsible Party (“PRP”) at a number of sites and has recorded aggregate accruals of $7 for its share of estimated future remediation costs at these sites. The Company has been identified as having either directly or indirectly disposed of commercial or industrial waste at the sites subject to the accrual, and where appropriate and supported by available information, generally has agreed to be responsible for a percentage of future remediation costs based on an estimated volume of materials disposed in proportion to the total materials disposed at each site. The Company has not had monetary sanctions imposed nor has the Company been notified of any potential monetary sanctions at any of the sites. The Company has also recorded aggregate accruals of $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 market for the supply of metal packaging products. The FCO’s investigation is ongoing. To date, the FCO has not officially charged the Company or any of its subsidiaries with any violations of competition law. The Company has commenced an internal investigation into the matter and has discovered instances of inappropriate conduct by certain employees of German subsidiaries of the Company. The Company is cooperating with the FCO and submitted a leniency application which disclosed the findings of its internal investigation to date and which may lead to the reduction of penalties that the FCO may impose. If the FCO finds that the Company or any of its subsidiaries violated competition law, the FCO has wide discretion to levy fines. At this stage of the investigation the Company believes that a loss is probable. However, the Company is unable to predict the ultimate outcome of the FCO’s investigation and is unable to estimate the loss or possible range of any additional losses that could be incurred, which could be material to the Company’s operating results and cash flows for the periods in which they are resolved or become reasonably estimable. The Company and its subsidiaries are also subject to various other lawsuits and claims with respect to labor, environmental, securities, vendor and other matters arising out of the Company’s normal course of business. While the impact on future financial results is not subject to reasonable estimation because considerable uncertainty exists, management believes that the ultimate liabilities resulting from such lawsuits and claims will not materially affect the Company’s consolidated earnings, financial position or cash flow.The Company has various commitments to purchase materials, supplies and utilities as part of the ordinary conduct of business. The Company’s basic raw materials for its products are steel and aluminum, both of which are purchased from multiple sources. The Company is subject to fluctuations in the cost of these raw materials and has periodically adjusted its selling prices to reflect these movements. There can be no assurance, however, that the Company will be able to fully recover any increases or fluctuations in raw material costs from its customers. The Company also has commitments for standby letters of credit and for purchases of capital assets. At December 31, 2016, the Company was party to certain indemnification agreements covering environmental remediation, lease payments and other potential costs associated with properties sold or businesses divested. For agreements with defined liability limits the maximum potential amount of future liability was $6. The Company accrues for costs related to these items when it is probable that a liability has been incurred and the amount can be reasonably estimated. At December 31, 2016, the Company also had guarantees of $20 related to the residual values of leased assets. |
Restructuring and Other |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other charges as follows:
In 2016, the Company recorded an impairment charge of $9 to write down the carrying value of fixed assets and $3 for termination benefits related to the announced closure of a beverage can plant in the Company's Asia Pacific segment. The Company announced plans to close the plant in an effort to reduce cost by consolidating manufacturing processes in China. The Company had $9 of additional restructuring actions across various segments as summarized in the table below. Other costs primarily related to pension settlement charges. In 2015, asset impairments and sales and restructuring primarily related to the closure of two plants in the Company's North America Food segment and two plants in its European Food segment. Transaction costs related to the acquisition of Empaque. In 2014, asset impairments and sales included charges of $44 related to the divestment of certain operations in connection with the Company's acquisition of Mivisa and $24 related to the divestment of certain operations in the Company's European Specialty Packaging business. Transaction costs were incurred in connection with the acquisitions of Mivisa and Empaque. Other costs primarily included incremental costs associated with the temporary relocation of production due to a labor dispute in the Company's Americas Beverage segment. Restructuring charges by segment were as follows:
Restructuring charges by type were as follows:
2015 European Division Actions Through December 31, 2016, the Company incurred costs of $19 related to the closure of two facilities in the Company's European Food segment. The closures are expected to reduce costs by eliminating excess capacity and consolidating manufacturing processes. This action is expected to result in the reduction of approximately 280 employees when completed in 2017. The Company does not expect to incur any additional charges related to this action. The table below summarizes the termination benefits accrual balances and utilization by cost type for this action. There were no other exit costs.
Other Actions At December 31, 2016, the Company had an additional restructuring accrual of $11, primarily related to current year actions in the European Food business and prior year actions to reduce manufacturing capacity and headcount in its European Aerosol and Specialty Packaging businesses. The Company expects to pay the European Aerosol and Specialty Packaging liability through 2024 as certain employees have elected to receive payment as a fixed monthly sum over future years. The Company continues to review its supply and demand profile and long-term plans in its businesses, and it is possible that the Company may record additional restructuring charges in the future. |
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Capital Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock | Capital Stock A summary of common share activity for the years ended December 31 follows (in shares):
In December 2016, the Company's Board of Directors authorized the repurchase of an aggregate amount of $1 billion of Company common stock through the end of 2019. 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 is not obligated to acquire any shares of its common stock and the share repurchase program may be suspended or terminated at any time at the Company's discretion. Share repurchases are subject to the terms of the Company's debt agreements, market conditions and other factors. The repurchased shares, if any, are expected to be used for the Company's stock-based benefit plans, as required, and to offset dilution resulting from the issuance of shares thereunder. The Board of Directors has the authority to issue, at any time or from time to time, up to 30 million shares of preferred stock and has authority to fix the designations, number and voting rights, preferences, privileges, limitations, restrictions, conversion rights and other special or relative rights, if any, of any class or series of any class of preferred stock that may be desired, provided the shares of any such class or series of preferred stock shall not be entitled to more than one vote per share when voting as a class with holders of the Company's common stock. The Company’s ability to pay dividends and repurchase its common stock is limited by certain restrictions in its debt agreements. These restrictions are subject to a number of exceptions, however, allowing the Company to make otherwise restricted payments. The amount of restricted payments permitted to be made, including dividends and repurchases of the Company’s common stock, may be limited to the cumulative excess of $200 plus 50% of adjusted net income plus proceeds from the exercise of employee stock options over the aggregate of restricted payments made since July 2004. Adjustments to net income may include, but are not limited to, items such as asset impairments, gains and losses from asset sales and early extinguishments of debt. |
Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company’s shareholder-approved stock-based incentive compensation plans provide for the granting of awards in the form of stock options, deferred stock, restricted stock or stock appreciation rights (“SARs”). The awards may be subject to the achievement of certain performance goals, generally based on market conditions, as determined by the Plan Committee designated by the Company’s Board of Directors. There have been no awards of SARs. At December 31, 2016, there were 4.4 million authorized shares available for future awards. Stock Options At December 31, 2016 and 2015 there were 369,050 and 721,690 options outstanding with weighted average exercise prices of $26.74 and $25.32. There were no stock options granted in 2016, 2015 or 2014. The aggregate intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $8, $5 and $12. At December 31, 2016 options outstanding had an aggregate intrinsic value of $10, a weighted-average remaining contractual term of 0.4 years. and less than $1 of unrecognized compensation expense. Restricted and Deferred Stock Annually, the Company awards shares of restricted stock to certain senior executives in the form of time-vested restricted stock and performance-based shares. The time-vested restricted stock vests ratably over three years. The performance-based shares cliff vest at the end of three years. The number of performance-based shares that will ultimately vest is based on the level of performance achieved, ranging between 0% and 200% of the shares originally awarded and will be settled in shares of common stock. The market performance criteria is the Company’s Total Shareholder Return (“TSR”), which includes share price appreciation and dividends paid, during the three-year term of the award measured against the TSR of a peer group of companies. Participants who terminate employment because of retirement, disability or death receive accelerated vesting of their time-vested awards to the date of termination. However, restrictions will lapse on performance-based awards, if at all, on the original vesting date. The Company also issues shares of time-vesting restricted stock to U.S. employees and deferred stock to non-U.S. employees which vest ratably up to four years commencing one year after the grant date. A summary of restricted and deferred stock activity follows:
The average grant-date fair value of restricted stock awarded in 2016, 2015 and 2014 follows:
The fair values of the performance-based shares awarded were calculated using a Monte Carlo valuation model and the following weighted average assumptions:
At December 31, 2016, unrecognized compensation cost related to outstanding restricted and deferred stock was $30. The weighted average period over which the expense is expected to be recognized is 1.8 years. The aggregate market value of the shares released on the vesting dates was $26 in 2016. The Company maintains a Stock-Based Compensation Plan for Non-Employee Directors. Under the plan a portion of the non-employee directors' quarterly compensation is provided in the form of restricted stock. During 2016, $1 of stock-based compensation was recognized under this plan. |
Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt
(1) €58 and €665 at December 31, 2016 and 2015. The estimated fair value of the Company’s long-term borrowings, using a market approach incorporating level 2 inputs such as quoted market prices for the same or similar issues, was $5,043 at December 31, 2016 and $5,540 at December 31, 2015. The revolving credit facilities include provisions for letters of credit up to $210 that reduce the amount of borrowing capacity otherwise available. At December 31, 2016, the Company’s available borrowing capacity under the credit facilities was $1,158, equal to the facilities’ aggregate capacity of $1,200 less $42 of outstanding letters of credit. The interest rate on the facilities can vary from LIBOR or EURIBOR plus a margin of 1.50% up to 2.00% based on the Company's total net leverage ratio. The revolving credit facilities and term loans contain financial covenants including an interest coverage ratio and a total net leverage ratio. The weighted average interest rates were as follows:
Aggregate maturities of long-term debt for the five years subsequent to 2016, excluding unamortized discounts and debt issuance costs, are $162, $623, $364, $17 and $18. Cash payments for interest during 2016, 2015 and 2014 were $217, $249 and $231. 2016 Activity In February 2016, the Company amended its credit agreement to provide for an additional $300 of term loan borrowings, the proceeds of which, along with borrowings under the revolving credit facilities and cash on hand were used to redeem the Company's $700 6.25% senior notes due 2021. In connection with the redemption, the Company recorded a loss from early extinguishment of debt of $27 for premiums paid and the write-off of deferred financing fees. In September 2016, the Company issued €600 ($631 at December 31, 2016) principal amount of 2.625% senior unsecured notes due 2024. The notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used the proceeds to repay a portion of the Euro term loan facility. In connection with the repayment, the Company recorded a loss from early extinguishment of debt of $7 for the write-off of deferred financing fees. In September 2016, the Company also issued $400 principal amount of 4.25% senior unsecured notes due 2026. The notes were issued at par by Crown Americas LLC, a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used the proceeds to repay a portion of the U.S dollar term loan facility. In connection with the repayment, the Company recorded a loss from early extinguishment of debt of $3 for the write-off of deferred financing fees. 2015 Activity In February 2015, to fund the acquisition of Empaque as described in Note B, the Company borrowed an additional $75 under its U.S. dollar term loan facility due in December 2018 and $675 under a U.S. dollar term loan facility. In May 2015, the Company issued €600 ($652 at December 31, 2015) principal amount of 3.375% senior unsecured notes due 2025. The notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries. The Company used these proceeds to repay the U.S. dollar term loan facility due in February 2022. In connection with the repayment of the term loan facility, the Company recorded a loss from early extinguishment of debt of $9 for the write off of deferred financing fees. |
Derivative and Other Financial Instruments |
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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 quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 includes unobservable pricing inputs that are not corroborated by market data or other objective sources. The Company has no items valued using Level 3 inputs other than certain pension plan assets. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities measured at fair value and their placement within the fair value hierarchy. The Company applies a market approach to value its commodity price hedge contracts. Prices from observable markets are used to develop the fair value of these financial instruments and they are reported under Level 2. The Company uses an income approach to value its foreign exchange forward contracts. These contracts are valued using a discounted cash flow model that calculates the present value of future cash flows under the terms of the contracts using market information as of the reporting date, such as foreign exchange spot and forward rates, and are reported under Level 2 of the fair value hierarchy. Fair value disclosures for financial assets and liabilities that were accounted for at fair value on a recurring basis are provided later in this note. In addition, see Note Q for fair value disclosures related to debt. Derivative Financial Instruments In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk and using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers. For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. When a hedge no longer qualifies for hedge accounting, the change in fair value from the date of the last effectiveness test is recognized in earnings. Any gain or loss which has accumulated in other comprehensive income at the date of the last effectiveness test is reclassified into earnings at the same time of the underlying exposure. Cash Flow Hedges The Company designates certain derivative financial instruments as cash flow hedges. No components of the hedging instruments are excluded from the assessment of hedge effectiveness. Changes in fair value of outstanding derivatives accounted for as cash flow hedges, except any ineffective portion, are recorded in other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon release from comprehensive income is the same as that of the underlying exposure. Contracts outstanding at December 31, 2016 mature between one and thirty-four months. When the Company discontinues hedge accounting because it is no longer probable that an anticipated transaction will occur in the originally specified period, changes to fair value accumulated in other comprehensive income are recognized immediately in earnings. The Company uses commodity forwards to hedge anticipated purchases of various commodities, including aluminum, fuel oil and natural gas and these exposures are hedged by a central treasury unit. The Company also designates certain foreign exchange contracts as cash flow hedges of anticipated foreign currency denominated sales or purchases. The Company manages these risks at the operating unit level. The following table sets forth financial information about the impact on Accumulated Other Comprehensive Income (“AOCI”) and earnings from changes in fair value related to derivative instruments.
(1) In 2016, a loss of $10 ($8, net of tax) was recognized in net sales and a gain of $14 ($11, net of tax) was recognized in cost of products sold. In 2015, a loss of $2 ($2, net of tax) was recognized in net sale and a gain of $1 ($1, net of tax) was recognized in cost of products sold. (2) In 2016, a loss of $8, including a gain of $1 ($1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $2 was recognized in income tax expense. In 2015, a loss of $23, including a loss of $2 ($1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $5 was recognized in income tax expense. For the twelve-month period ending December 31, 2017, a net gain of $4 ($3, net of tax) is expected to be reclassified to earnings. No amounts were reclassified during the twelve months ended December 31, 2016 and 2015 in connection with anticipated transactions that were no longer considered probable. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. Other than for firm commitments, amounts related to time value are excluded from the assessment and measurement of hedge effectiveness and are reported in earnings. Less than $1 was reported in earnings for the twelve months ended December 31, 2016. Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated or did not qualify for hedge accounting; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes from re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. Changes in fair value of these derivative instruments are immediately recognized in earnings as foreign exchange adjustments. The impact on earnings from foreign exchange contracts designated as fair value hedges was a loss of $8 for the twelve months ended December 31, 2016 and a loss of $1 for the twelve months ended December 31, 2015. The impact on earnings from foreign exchange contracts not designated as hedges was a gain of $11 for the twelve months ended December 31, 2016 and a loss of $29 for the same period in 2015. These adjustments were reported within translation and foreign exchange in the Consolidated Statements of Operations and were offset by changes in the fair values of the related hedged item. During the twelve months ended December 31, 2016 and 2015, certain commodity hedges did not meet the criteria for hedge accounting and therefore the change in their fair value during the quarter was recognized in earnings. For the twelve months ended December 31, 2016 and 2015, the Company recognized a gain of $7 ($5, net of tax) and a loss of $2 ($1, net of tax) related to these ineffective hedges. Net Investment Hedges During the twelve months ended December 31, 2016 and 2015, the Company recorded gains of $35 ($23, net of tax) and $13 ($10, net of tax) in accumulated other comprehensive income for certain debt instruments that are designated as hedges of the Company's net investment in a euro-based subsidiary. Fair Values of Derivative Financial Instruments and Valuation Hierarchy The following table sets forth the fair value hierarchy for the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis.
Offsetting of Derivative Assets and Liabilities Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the statement of financial position. In the table below, the aggregate fair values of the the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.
Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets are:
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Noncontrolling interests |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Noncontrolling interests Changes in noncontrolling interests that do not result in a change of control, and where there is a difference between fair value and carrying value, are required to be accounted for as equity transactions. The effect on net income attributable to the Company had the purchases of noncontrolling interests been recorded through net income follows:
In 2014, the Company paid an aggregate of $93 to purchase the ownership interests of its partner in certain non-wholly owned subsidiaries in the Middle East. |
Earnings Per Share |
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Earnings Per Share | Earnings Per Share The following table summarizes basic and diluted earnings per share (EPS). Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of stock options and restricted stock as calculated under the treasury stock method.
For purposes of calculating assumed proceeds under the treasury stock method when determining the diluted weighted average shares outstanding, the Company excludes the impact of windfall tax benefits unless the deduction reduces cash taxes payable. |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits In 2016, the Company changed the method used to estimate the service and interest cost components of net periodic pension and postretirement benefits cost. The new method uses the spot yield curve approach to estimate the service and interest cost by applying the specific spot rates along the yield curve used to determine the benefit plan obligations to relevant projected cash outflows. Previously, the service and interest cost components were determined using a single weighted-average discount rate. The change does not affect the measurement of the total benefit plan obligation. The spot yield curve approach provides a more precise measure of service and interest cost by improving the correlation between the projected benefit cash flows and the discrete spot yield curve rates. The company accounted for this change as a change in estimate prospectively beginning in 2016. Pensions. The Company sponsors various pension plans covering certain U.S. and non-U.S. employees, and participates in certain multi-employer pension plans. The benefits under the Company plans are based primarily on years of service and either the employees’ remuneration near retirement or a fixed dollar multiple. A measurement date of December 31 was used for all plans presented below. The components of pension expense were as follows:
Additional pension expense of $5 was recognized in each of 2016, 2015 and 2014 for multi-employer plans. Also, in 2016, the Company recorded pension settlement charges of $14, which were included in restructuring and other in the Consolidated Statement of Operations. The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans is as follows:
Information for pension plans with accumulated benefit obligations in excess of plan assets is as follows:
The Company’s investment strategy in its U.S. plan is designed to generate returns that are consistent with providing benefits to plan participants within the risk tolerance of the plan. Asset allocation is the primary determinant of return levels and investment risk exposure. The assets of the plan are broadly diversified in terms of securities and security types in order to limit the potential of large losses from any one security. The strategic ranges for asset allocation in the U.S. plan are as follows:
The Company’s investment strategy in its U.K. plan, the largest non-U.S. plan, is designed to achieve a funding level of 100% within the next 11 years by targeting an expected return of 2.0% annually in excess of the expected growth in the liabilities. The Company seeks to achieve this return with a risk level commensurate with a 5% chance of the funding level falling between 4% and 8% in any one year. The strategic ranges for asset allocation in the U.K. plan are as follows:
Pension assets are classified into three levels. Level 1 asset values are derived from quoted prices which are available in active markets as of the report date. Level 2 asset values are derived from other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the report date. Level 3 asset values are derived from unobservable pricing inputs that are not corroborated by market data or other objective sources. Level 1 Investments Equity securities are valued at the latest quoted prices taken from the primary exchange on which the security trades. Mutual funds are valued at the net asset value (NAV) of shares held at year-end. Level 2 Investments Fixed income securities, including government issued debt, corporate debt,asset-backed and structured debt securities are valued using the latest bid prices or valuations based on a matrix system (which considers such factors as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and other reference data including market research publications. Derivatives, which consist mainly of interest rate swaps, are valued using a discounted cash flow pricing model based on observable market data. Level 3 Investments Hedge funds and private equity funds are valued at the NAV at year-end. The values assigned to private equity funds are based upon assessments of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, and performance multiples among other factors. Real estate investments are based on third party appraisals. Investments Measured Using NAV per Share Practical Expedient The investment funds’ portfolio invested in the following: Global Equity, that invests in equity securities of various market sectors including industrial materials, consumer discretionary goods and services, financial infrastructure, technology, and health care; Emerging Markets that invest in equity markets within financial services, consumer goods and services, energy, and technology; and Fixed Income. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair value. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurements at the reporting date. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and their placement within the fair value hierarchy. The levels assigned to the defined benefit plan assets as of December 31, 2016 and 2015 are summarized in the tables below:
(a) In accordance with ASU No. 2015-07, certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Accrued income excluded from the tables above is as follows:
Plan assets include $177 and $171 of the Company’s common stock at December 31, 2016 and 2015. The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3).
The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient:
The pension plan assets valued using net asset value as a practical expedient do not have any unfunded commitments. Pension assets and liabilities included in the Consolidated Balance Sheets are:
The Company’s current liability at December 31, 2016, represents the expected required payments to be made for unfunded plans over the next twelve months. Total estimated 2017 employer contributions are $60 for the Company’s pension plans. Changes in the net loss and prior service credit for the Company’s pension plans were:
The estimated portions of the net losses and net prior service that are expected to be recognized as components of net periodic benefit cost / (credit) in 2017 are $93 and $(11). Expected future benefit payments as of December 31, 2016 are:
The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 are:
The weighted average actuarial assumptions used to calculate pension expense for each year were:
The expected long-term rates of return are determined at each measurement date based on a review of the actual plan assets, the target allocation, and the historical returns of the capital markets. The U.S. plan’s 2016 assumed asset rate of return was based on a calculation using underlying assumed rates of return of 9.8% for equity securities and alternative investments, 4.4% for debt securities and 5.0% for real estate. The rate of return used for equity securities and alternative investments was based on the total return of the S&P 500 for the 25 year period ended December 31, 2015. The Company believes that the equity securities included in the S&P 500 are representative of the equity securities and alternative investments held by its U.S. plan, and that this period provides a sufficient time horizon as a basis for estimating future returns. The rate of return used for debt securities is consistent with the U.S. plan discount rate and the return on AA corporate bonds with duration equal to the plan’s liabilities. The underlying debt securities in the plan are primarily invested in various corporate and government agency securities and are benchmarked against returns on AA corporate bonds. The U.K. plan’s 2016 assumed asset rate of return was based on a calculation using underlying assumed rates of return of 9.0% for equity securities and alternative investments, 3.7% for debt securities and 5.0% for real estate. The assumed rate of return for equity securities and alternative investments represents the weighted average 25 year return of equity securities in the related markets. The Company believes that the equity securities included in the related market indexes are representative of the equity securities and alternative investments held by its U.K. plan, and that this period provides a sufficient time horizon as a basis for estimating future returns. Other Postretirement Benefit Plans. The Company sponsors unfunded plans to provide health care and life insurance benefits to pensioners and survivors. Generally, the medical plans pay a stated percentage of medical expenses reduced by deductibles and other coverages. Life insurance benefits are generally provided by insurance contracts. The Company reserves the right, subject to existing agreements, to change, modify or discontinue the plans. A measurement date of December 31 was used for the plans presented below. The components of net postretirement benefits cost are as follows:
Changes in the benefit obligations were:
Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were:
The estimated portions of the net losses and prior service credits that are expected to be recognized as components of net periodic benefit cost/(credit) in 2017 are $5 and $(41). In 2015, the U.S. plan was amended to eliminate or reduce certain health and life insurance coverage benefits. Expected future benefit payments, as of December 31, 2016, net of expected Medicare Part D subsidies of $4 in the aggregate are:
The assumed health care cost trend rates at December 31, 2016 are as follows:
A one-percentage-point change in assumed health care cost trend rates would have the following effects:
Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below.
Employee Savings Plan. The Company sponsors a Savings Investment Plan which covers substantially all U.S. salaried employees who are at least 21 years of age. The Company matches up to 50% of 3% of a participant’s compensation and the total Company contributions were $2 in each of the last three years. Employee Stock Purchase Plan. The Company sponsors an Employee Stock Purchase Plan which covers all U.S. employees with one or more years of service who are non-officers and non-highly compensated as defined by the Internal Revenue Code. Eligible participants contribute 85% of the quarter-ending market price towards the purchase of each common share. The Company’s contribution is equivalent to 15% of the quarter-ending market price. Total shares purchased under the plan in 2016 and 2015 were 26,299 and 25,917 and the Company’s contributions were less than $1 in both years. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of income before income taxes were as follows:
The provision for income taxes consisted of the following:
The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items:
The Company benefits from certain incentives in Brazil which allow it pay reduced income taxes. The incentives expire at various dates beginning in 2018. These incentives increased net income attributable to the Company by $13, $8 and $12 in 2016, 2015 and 2014. The Company paid taxes of $158, $137 and $109 in 2016, 2015 and 2014. The components of deferred taxes at December 31 are:
Tax loss and credit carryforwards expire as follows:
Tax loss and credit carryforwards expiring after 2021 include $135 of U.S. state tax loss carryforwards and $92 of U.S. federal foreign tax credits. The unlimited category includes $59 of French tax loss carryforwards. The carryforwards presented above exclude $60 of windfall tax benefits that have not been realized. Realization of any portion of the Company’s deferred tax assets is dependent upon the availability of taxable income in the relevant jurisdictions. The Company considers all sources of taxable income, including (i) taxable income in any available carry back period, (ii) the reversal of taxable temporary differences, (iii) tax-planning strategies, and (iv) taxable income expected to be generated in the future other than from reversing temporary differences. The Company also considers whether there have been cumulative losses in recent years. The Company records a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company’s valuation allowances at December 31, 2016 include $204 related to the portion of U.S. state tax loss carryforwards that the Company does not believe are more likely than not to be utilized prior to their expiration. The Company’s ability to utilize state tax loss carryforwards is impacted by several factors including taxable income, expiration dates, limitations imposed by certain states on the amount of loss carryforwards that can be used in a given year to offset taxable income and whether the state permits the Company to file a combined return. In 2016, the Company recorded a net benefit of $31 to release the valuation allowance against its net deferred tax assets in Canada. The Company's operations in Canada recently returned to profitability in part due to benefits from recent restructuring actions and improved cost performance. Based on current projections, the Company believes it is more likely than not that it will realize the deferred tax assets. The Company's loss carryforwards in Canada expire at various dates beginning in 2026. If future changes impact the Company's profitability in Canada, it is possible that the Company may record an additional valuation allowance in the future. In 2014, the Company recognized an income tax benefit of $86 to fully release the valuation allowance against its net deferred tax assets in France. In recent years, the Company's operating profits in France were offset by interest expense. In the third quarter of 2014, the Company refinanced bonds issued by a French subsidiary resulting in significant interest savings. The impact of the refinancing and current low interest rate environment has significantly lowered the Company's interest expense in France. As the Company is currently generating taxable income in France and is projecting future taxable income in France, the Company fully released its valuation allowance. Due to the Company's high level of debt in France, a significant increase in interest rates could cause the Company to incur losses which may result in recording additional valuation allowance in the future. The Company's loss carryforwards in France do not expire. Management’s estimates of the appropriate valuation allowance in any jurisdictions involve a number of assumptions and judgments, including the amount and timing of future taxable income. Should future results differ from management’s estimates, it is possible there could be future adjustments to the valuation allowances that would result in an increase or decrease in tax expense in the period such changes in estimates are made. The Company has not provided deferred taxes on approximately $1,000 of earnings in certain non-U.S. subsidiaries because such earnings are indefinitely reinvested in its international operations. Upon distribution of such earnings in the form of dividends or otherwise, the Company would be subject to incremental tax. It is not practicable to estimate the amount of tax that might be payable. A reconciliation of unrecognized tax benefits follows:
The Company’s unrecognized tax benefits include potential liabilities related to transfer pricing, foreign withholding taxes, and non-deductibility of expenses and exclude $1 of interest and penalties as of December 31, 2016. In 2016, the Spanish tax authorities concluded audits of Mivisa's Spanish tax operations for the years 2009 to 2014. In connection with the audits, the Company recognized a charge of $8 to settle certain tax contingencies. In 2015, the increase for prior year positions related to an unfavorable tax court ruling in Spain. The total interest and penalties recorded in income tax expense was less than $1 in 2016, $3 in 2015 and less than $1 in 2014. As of December 31, 2016, unrecognized tax benefits of $27, if recognized, would affect the Company's effective tax rate. The Company’s unrecognized tax benefits are not expected to increase over the next twelve months and are expected to decrease as open tax years lapse or claims are settled. The Company is unable to estimate a range of reasonably possible changes in its unrecognized tax benefits in the next twelve months as it is unable to predict when, or if, the tax authorities will commence their audits, the time needed for the audits, and the audit findings that will require settlement with the applicable tax authorities, if any. The tax years that remained subject to examination by major tax jurisdictions as of December 31, 2016 were, 2006 and subsequent years for the U.K.; 2009 and subsequent years for Spain; 2010 and subsequent years for Germany; 2011 and subsequent years for Mexico; 2012 and subsequent years for Italy and Brazil; 2013 and subsequent years for Canada; and 2014 and subsequent years for France and the U.S.. In addition, tax authorities in certain jurisdictions, including France and the U.S., may examine earlier years when tax carryforwards that were generated in those years are subsequently utilized. |
Segment Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company’s business is organized geographically within three divisions, Americas, Europe and Asia Pacific. Within the Americas and European divisions, the Company has determined that it has the following reportable segments organized along a combination of product lines and geographic areas: Americas Beverage and North America Food within the Americas, and European Beverage and European Food within Europe. The Company's Asia Pacific division is a reportable segment. Non-reportable segments include the Company’s aerosol can businesses in North America and Europe, the Company’s specialty packaging business in Europe and the Company’s tooling and equipment operations in the U.S. and United Kingdom. The Company evaluates performance and allocates resources based on segment income. Segment income, which is not a defined term under GAAP, is defined by the Company as income from operations adjusted to add back provisions for asbestos and restructuring and other, the impact of fair value adjustments related to the sale of inventory acquired in an acquisition and the timing impact of hedge ineffectiveness. Segment income should not be considered in isolation or as a substitute for net income data prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. The tables below present information about operating segments for the three years ended December 31, 2016, 2015 and 2014:
Intersegment sales primarily include sales of ends and components used to manufacture cans, such as printed and coated metal, as well as parts and equipment used in the manufacturing process. Corporate and unallocated items include corporate and division administrative costs, technology costs, and unallocated items such as the U.S. and U.K. pension plan costs. A reconciliation of segment income of reportable segments to income before income taxes and equity earnings for the three years ended December 31, 2016, 2015 and 2014 follows:
For the three years ended December 31, 2016, 2015 and 2014, intercompany profit of $13, $2 and $4 was eliminated within segment income of non-reportable segments. For the three years ended December 31, 2016, 2015 and 2014, no one customer accounted for more than 10% of the Company's consolidated net sales. Sales by major product were:
Sales and long-lived assets for the major countries in which the Company operates follows:
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Condensed Combining Financial Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Combining Financial Information | Condensed Combining Financial Information Crown Cork & Seal Company, Inc. (Issuer), a wholly owned subsidiary, has $350 principal amount of 7.375% senior notes due 2026 and $45 principal amount of 7.5% senior notes due 2096 outstanding that are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt. The following condensed combining financial statements: •statements of comprehensive income and cash flows for the years ended December 31, 2016, 2015, 2014, and •balance sheets as of December 31, 2016 and December 31, 2015 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X.
CONDENSED COMBINING BALANCE SHEET As of December 31, 2016 (in millions)
CONDENSED COMBINING BALANCE SHEET As of December 31, 2015 (in millions)
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2016 (in millions)
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in millions)
Crown Americas, LLC, Crown Americas Capital Corp. II, Crown Americas Capital Corp. III and Crown Americas Capital Corp. V (collectively, the Issuers), wholly owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023 and $400 principal amount of 4.25% senior notes due 2026 which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all subsidiaries in the United States. The guarantors are wholly owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements:
are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X.
CONDENSED COMBINING BALANCE SHEET As of December 31, 2016 (in millions)
CONDENSED COMBINING BALANCE SHEET As of December 31, 2015 (in millions)
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2016 (in millions)
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in millions)
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2014 (in millions)
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Schedule II - Valuation and Qualifying Accounts and Reserves |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (In millions)
Amounts charged to other accounts primarily relates to foreign currency translation. |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||
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Dec. 31, 2016 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Business and Principles of Consolidation | Business and Principles of Consolidation. The consolidated financial statements include the accounts of Crown Holdings, Inc. (the “Company”) and its consolidated subsidiary companies (where the context requires, the “Company” shall include reference to the Company and its consolidated subsidiary companies). The Company manufactures and sells metal and glass packaging containers, metal closures, and canmaking equipment. These products are manufactured in the Company’s plants both within and outside the U.S. and are sold through the Company’s sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and reflect management’s estimates and assumptions. Actual results could differ from those estimates, impacting reported results of operations and financial position. All intercompany accounts and transactions are eliminated in consolidation. In deciding which entities should be reported on a consolidated basis, the Company first determines whether the entity is a variable interest entity (“VIE”). If an entity is a VIE, the Company determines whether it is the primary beneficiary. If an entity is not a VIE, the Company consolidates those entities in which it has control, including certain subsidiaries that are not majority-owned. Certain of the Company’s agreements with noncontrolling interests contain provisions in which the Company would surrender certain decision-making rights upon a change in control of the Company. Accordingly, consolidation of these operations may no longer be appropriate subsequent to a change in control of the Company, as defined in the agreements. Investments in companies in which the Company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for by the equity method. Other investments are carried at cost. |
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Foreign Currency Translation | Foreign Currency Translation. For non-U.S. subsidiaries which operate in a local currency environment, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income, expense and cash flow items are translated at average exchange rates prevailing during the year. Translation adjustments for these subsidiaries are accumulated as a separate component of accumulated other comprehensive income in equity. For non-U.S. subsidiaries that use a U.S. dollar functional currency, local currency inventories and property, plant and equipment are translated into U.S. dollars at approximate rates prevailing when acquired; all other assets and liabilities are translated at year-end exchange rates. Inventories charged to cost of sales and depreciation are remeasured at historical rates; all other income and expense items are translated at average exchange rates prevailing during the year. Gains and losses which result from remeasurement are included in earnings. |
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Revenue Recognition | Revenue Recognition. Revenue is recognized from product sales when the goods are shipped and the title and risk of loss pass to the customer. Provisions for discounts and rebates to customers, returns, and other adjustments are estimated and provided for in the period that the related sales are recorded. Taxes collected from customers and remitted to governmental authorities are excluded from net sales. Shipping and handling fees and costs from product sales are reported as cost of products sold. |
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Stock-Based Compensation | Stock-Based Compensation. Compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. The Company’s plans provide for stock awards which may include accelerated vesting upon retirement, disability, or death of eligible employees. The Company considers a stock-based award to be vested when the service period is no longer contingent on the employee providing future service. Accordingly, the related compensation cost is recognized immediately for awards granted to retirement-eligible individuals, or over the period from the grant date to the date that retirement eligibility is achieved if less than the stated vesting period. |
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Cash and Cash Equivalents | Cash and Cash Equivalents. Cash equivalents represent investments with maturities of three months or less from the time of purchase and are carried at cost, which approximates fair value because of the short maturity of those instruments. Outstanding checks in excess of funds on deposit are included in accounts payable. |
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Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on a review of individual accounts for collectability, generally focusing on those accounts that are past due or experiencing financial difficulties. The current year expense to adjust the allowance for doubtful accounts is recorded within selling and administrative expense in the consolidated statements of operations. |
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Inventory Valuation | Inventory Valuation. Inventories are stated at the lower of cost or market, with cost for U.S. inventories principally determined under the first-in, first-out (“FIFO”) method and for non-U.S. inventories under the FIFO or average cost method. |
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Property, Plant And Equipment | Property, Plant and Equipment. Property, plant and equipment (“PP&E”) is carried at cost less accumulated depreciation and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction and development period. Maintenance and repairs, including labor and material costs for planned major maintenance such as annual production line overhauls, are expensed as incurred. When PP&E is retired or otherwise disposed, the net carrying amount is eliminated with any gain or loss on disposition recognized in earnings at that time. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively.
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Goodwill and Intangible Assets | Goodwill and Intangible Assets. Goodwill is carried at cost and reviewed for impairment annually or when facts and circumstances indicate goodwill may be impaired. In 2016, the Company changed its annual impairment testing from December 31 to October 1. The Company made the change to better align the timing of the goodwill impairment test with the timing of the Company's annual planning and budgeting processes and to provide the Company with adequate time to evaluate goodwill for impairment. This change did not result in the delay, acceleration or avoidance of an impairment charge. The Company completed its annual impairment testing in the fourth quarter of 2016 and determined that no adjustments to the carrying value of goodwill were necessary. Goodwill was allocated to the reporting units at the time of each acquisition based on the relative fair values of the reporting units. In assessing goodwill for impairment, the Company may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that an impairment is more likely than not, it will perform the two-step quantitative impairment test using a combination of market values for comparable businesses and discounted cash flow projections compared to the reporting unit's carrying value including goodwill. If the carrying value of a reporting unit exceeds its fair value, any impairment loss is measured by comparing the carrying value of the reporting unit’s goodwill to its implied fair value. Definite-lived intangible assets are tested for impairment when facts and circumstances indicate the carrying value may not be recoverable from their undiscounted cash flows. If impaired, the assets are written down to fair value based on either discounted cash flows or appraised values. |
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Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets. In the event that facts and circumstances indicate that the carrying value of long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, may be impaired, the Company performs a recoverability evaluation. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value, based on discounted cash flows. Long-lived assets classified as held for sale are presented in the balance sheet at the lower of their carrying value or fair value less cost to sell. |
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Taxes on Income | Taxes on Income. The provision for income taxes is determined using the asset and liability approach. Deferred taxes represent the future expected tax consequences of differences between the financial reporting and tax bases of assets and liabilities based upon enacted tax rates and laws. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Investment tax credits are accounted for using the deferral method. The with-and-without approach is used to account for utilization of windfall tax benefits arising from the Company’s stock-based compensation plans and only the direct impact of awards is considered when calculating the amount of windfalls or shortfalls. Income tax-related interest and penalties are reported as income tax expense. |
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Derivatives and Hedging | Derivatives and Hedging. All outstanding derivative financial instruments are recognized in the balance sheet at their fair values. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Changes in the fair values of instruments designated to reduce or eliminate adverse fluctuations in the fair values of recognized assets and liabilities are reported currently in earnings along with changes in the fair values of the hedged items. Changes in the effective portions of the fair values of instruments used to reduce or eliminate adverse fluctuations in cash flows of anticipated or forecasted transactions are reported in equity as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified to earnings when the related hedged items impact earnings or the anticipated transactions are no longer probable. Changes in the fair values of derivative instruments that are not designated as hedges or do not qualify for hedge accounting treatment are reported currently in earnings. Amounts reported in earnings are classified consistent with the item being hedged. The effectiveness of derivative instruments in reducing risks associated with the hedged exposures is assessed at inception and on an ongoing basis. Any amounts excluded from the assessment of hedge effectiveness, and any ineffective portion of designated hedges, are reported currently in earnings. Time value, a component of an instrument’s fair value, is excluded in assessing effectiveness for fair value hedges, except hedges of firm commitments, and included for cash flow hedges. Hedge accounting is discontinued prospectively when (i) the instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the instrument expires, is sold, terminated or exercised, or (iii) designating the instrument as a hedge is no longer appropriate. The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the Consolidated Statements of Cash Flows consistent with the items being hedged. |
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Treasury Stock | Treasury Stock. Treasury stock is reported at par value. The excess of fair value over par value is first charged to paid-in capital, if any, and then to retained earnings. |
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Research and Development | Research and Development. Research, development and engineering costs of $41 in 2016 and $39 in 2015 and 2014 were expensed as incurred and reported in selling and administrative expense in the Consolidated Statements of Operations. Substantially all engineering and development costs are related to developing new products or designing significant improvements to existing products or processes. Costs primarily include employee salaries and benefits and facility costs. |
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Revisions | Revisions. In 2016, the Company corrected the calculation of its estimated asbestos liability under Accounting Standards Codification (ASC) 450, Contingencies. The Company now calculates its estimated liability without limitation to a specified time period. The Company assessed the materiality of this correction to prior periods’ financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. (SAB) 99, Materiality, and SAB 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, codified in ASC 250, Presentation of Financial Statements. The Company concluded that the correction was not material to prior periods and therefore, amendments of previously filed reports are not required. |
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Reclassifications | Reclassifications. Certain reclassifications of prior years’ data have been made to conform to the current year presentation. |
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Recent Accounting and Reporting Pronouncements | Recent Accounting and Reporting Pronouncements. Recently Adopted Accounting Standards In May 2015, the FASB issued guidance to remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance impacts disclosure of certain pension plan assets and does not have an impact on the Company's consolidated financial statements. The Company adopted this guidance effective January 1, 2016 on a retrospective basis. Recently Issued Accounting Standards In May 2014, the FASB issued new guidance which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under the new guidance, revenue will either be recognized at a point in time or over time. Certain products that the Company manufactures for customers may have no alternative use and follow an over-time revenue recognition model. As a result, timing of revenue recognition for certain products, under the new guidance, may be accelerated compared to current guidance. The guidance is effective for the Company on January 1, 2018. The Company continues to make progress towards implementation of the new guidance and to evaluate the adoption impact on its financial position and results of operations. In July 2015, the FASB issued new guidance related to the subsequent measurement of inventory. Under existing guidance, inventory was measured at the lower of cost or market, where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin. The new guidance requires an entity to subsequently measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The guidance will be effective for the Company on January 1, 2017 and is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued new guidance on lease accounting. Under the new guidance lease classification criteria and income statement recognition is similar to current guidance; however, all leases with a term longer than one year will be recorded on the balance sheet through a right-of-use asset and a corresponding lease liability. The guidance will be effective for the Company on January 1, 2019. The Company is currently evaluating the impact of adopting this guidance on its financial position and results of operations. In March 2016, the FASB issued new guidance on share-based payments. The new guidance includes provisions to simplify various aspects of how share-based payments are accounted for and presented in the financial statements. Under current guidance, upon settlement, tax benefits in excess of compensation costs ("windfalls") are recorded in equity and tax deficiencies ("shortfalls") are recorded in equity to the extent of previous windfalls. Under the new guidance, all of the tax effects related to share-based payments at settlement will be recorded through the income statement which may increase volatility in the Company's results of operations. The guidance will be effective for the Company on January 1, 2017. Upon adoption, the Company expects to recognize a deferred tax asset of approximately $60 related to excess tax benefits that were not previously recognized as they had not reduced current taxes payable in previous years. In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and payments on the statement of cash flows. Under the new guidance, cash payments resulting from debt prepayment or extinguishment will be classified as cash outflows from financing activities. In addition, beneficial interests obtained in a securitization of financial assets should be disclosed as a noncash activity and cash receipts from the beneficial interests should be classified as cash inflows from investing activities. Under existing guidance, the Company classifies cash receipts from beneficial interests in securitized receivables and cash payments resulting from debt prepayment or extinguishment as cash flows from operating activities. The guidance will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of adopting this guidance, which may have a material impact on its cash flows from operating activities. In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. The amount of goodwill impaired will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance is effective for the Company on January 1, 2020 but early adoption is permitted. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Useful Lives of PP&E | Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively.
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Schedule of Effects of Revision on the Company's Consolidated Balance Sheets and Statements of Operations | The effects of the revision on the Company’s Consolidated Balance Sheets were as follows:
The effects of the revision on the Company's Consolidated Statements of Operations were as follows:
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Acquisitions (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pro Forma Data | The following unaudited supplemental pro-forma data presents consolidated information as if the Empaque and Mivisa acquisitions had been completed on January 1, 2014. These amounts were calculated after conversion to U.S. GAAP, applying the Company's accounting policies and adjusting Empaque's and Mivisa's results to reflect the additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment, inventory and intangible assets had been applied from the assumed completion dates. These adjustments also reflect interest expense incurred on the debt to finance the acquisition and related transaction costs.
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Accumulated Other Comprehensive Loss Attributable to Crown Holdings (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | The following table provides information about the changes in each component of accumulated other comprehensive income for the years ended December 31, 2016 and 2015.
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Reclassification out of Accumulated Other Comprehensive Income | The following table provides information about the amounts reclassified out of accumulated other comprehensive income in 2016 and 2015.
(a) These accumulated other comprehensive income components are included in the computation of net period pension and postretirement cost. See Note U for further details. |
Receivables (Tables) |
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Schedule of Receivables |
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Schedule of Amounts Securitized or Factored | At December 31, amounts securitized or factored were as follows:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories |
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Goodwill and Intangible Assets (Tables) |
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Schedule of Goodwill | The carrying amount of goodwill at December 31, 2016 and 2015 is net of the following accumulated impairments:
Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2016 and 2015 were as follows:
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Schedule of Finite-Lived Intangible Assets | Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class at December 31 are as follows:
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Property, Plant and Equipment (Tables) |
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Summary of Property, Plant and Equipment | Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively.
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Other Non-Current Assets (Tables) |
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Non-Current Assets |
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Accounts Payable and Accrued Liabilities (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accounts Payable and Accrued Liabilities |
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Other Non-Current Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Non-Current Liabilities |
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Asbestos-Related Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Asbestos and Environmental Claims [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Claims Activity | The Company's approximate claims activity for the years ended 2016, 2015 and 2014 were as follows:
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Schedule of Asbestos Claims Cash Payments | The Company's cash payments during the years ended 2016, 2015, and 2014 were as follows:
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Summary of Outstanding Asbestos Claims by Year of Exposure and State Filed | In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes by year of exposure and state filed. As of December 31, 2016 and December 31, 2015, the Company's outstanding claims are:
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Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases | As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) are as follows:
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Restructuring and Other (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Charges | The Company recorded restructuring and other charges as follows:
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Restructuring Charges by Segment | Restructuring charges by segment were as follows:
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Restructuring Charges by Type | Restructuring charges by type were as follows:
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Summary of Restructuring Accrual Balances and Utilization by Cost Type | The table below summarizes the termination benefits accrual balances and utilization by cost type for this action. There were no other exit costs.
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Capital Stock (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Common Share Activity | A summary of common share activity for the years ended December 31 follows (in shares):
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted and Deferred Stock Activity | A summary of restricted and deferred stock activity follows:
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Summary of Average Grant-Date Fair Value of Restricted Stock | The average grant-date fair value of restricted stock awarded in 2016, 2015 and 2014 follows:
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Schedule of Weighted Average Assumptions on Performance-Based Shares | The fair values of the performance-based shares awarded were calculated using a Monte Carlo valuation model and the following weighted average assumptions:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Outstanding Debt |
(1) €58 and €665 at December 31, 2016 and 2015. |
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Schedule of Weighted Average Interest Rates | The weighted average interest rates were as follows:
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Derivative and Other Financial Instruments (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (AOCI) and Earnings from Changes in Fair Value Related to Derivative Instruments | The following table sets forth financial information about the impact on Accumulated Other Comprehensive Income (“AOCI”) and earnings from changes in fair value related to derivative instruments.
(1) In 2016, a loss of $10 ($8, net of tax) was recognized in net sales and a gain of $14 ($11, net of tax) was recognized in cost of products sold. In 2015, a loss of $2 ($2, net of tax) was recognized in net sale and a gain of $1 ($1, net of tax) was recognized in cost of products sold. (2) In 2016, a loss of $8, including a gain of $1 ($1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $2 was recognized in income tax expense. In 2015, a loss of $23, including a loss of $2 ($1 net of tax) related to hedge ineffectiveness caused primarily by volatility in the metal premium component of aluminum prices, was recognized in cost of products sold and a tax benefit of $5 was recognized in income tax expense. |
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Fair Value of Financial Assets and Liabilities on Recurring Basis | The following table sets forth the fair value hierarchy for the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis.
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Offsetting Assets | In the table below, the aggregate fair values of the the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.
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Offsetting Liabilities | In the table below, the aggregate fair values of the the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.
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Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets are:
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Noncontrolling interests (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect on Net Income Attributable to Company for Purchases of Noncontrolling Interests | The effect on net income attributable to the Company had the purchases of noncontrolling interests been recorded through net income follows:
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Earnings Per Share (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Basic and Diluted Earnings Per Share | The following table summarizes basic and diluted earnings per share (EPS). Basic EPS excludes all potentially dilutive securities and is computed by dividing net income attributable to Crown Holdings by the weighted average number of common shares outstanding during the period. Diluted EPS includes the effect of stock options and restricted stock as calculated under the treasury stock method.
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Pension and Other Postretirement Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Pension Expense and Benefits Cost | The components of pension expense were as follows:
The components of net postretirement benefits cost are as follows:
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Schedule of Projected Benefit Obligations, Accumulated Benefit Obligations, Plan Assets and Funded Status | The projected benefit obligations, accumulated benefit obligations, plan assets and funded status of the Company's U.S. and non-U.S. plans is as follows:
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Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets |
Information for pension plans with accumulated benefit obligations in excess of plan assets is as follows:
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Schedule of Ranges for Asset Allocation and Summary of Defined Benefit Plan Assets and Accrued Income | The strategic ranges for asset allocation in the U.S. plan are as follows:
The strategic ranges for asset allocation in the U.K. plan are as follows:
The levels assigned to the defined benefit plan assets as of December 31, 2016 and 2015 are summarized in the tables below:
(a) In accordance with ASU No. 2015-07, certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Accrued income excluded from the tables above is as follows:
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Reconciliation of Plan Assets Using Level 3 | The following tables reconcile the beginning and ending balances of plan assets measured using significant unobservable inputs (Level 3).
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Additional Information About Pension Plan Assets Valued Using Net Asset Value | The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient:
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Schedule of Pension Assets and Liabilities | Pension assets and liabilities included in the Consolidated Balance Sheets are:
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Schedule of Changes in Net Loss and Prior Service Cost/(Credit) | Changes in the net loss and prior service credit for the Company’s pension plans were:
Changes in the net loss and prior service credit for the Company’s postretirement benefit plans were:
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Schedule of Expected Future Benefit Payments | Expected future benefit payments, as of December 31, 2016, net of expected Medicare Part D subsidies of $4 in the aggregate are:
Expected future benefit payments as of December 31, 2016 are:
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Schedule of Benefit Obligations Weighted Average Actuarial Assumptions | The weighted average actuarial assumptions used to calculate pension expense for each year were:
The weighted average actuarial assumptions used to calculate the benefit obligations at December 31 are:
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Schedule of Changes in Benefit Obligations | Changes in the benefit obligations were:
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Schedule of Assumed Health Care Cost Trend Rates | The assumed health care cost trend rates at December 31, 2016 are as follows:
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Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects:
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Schedule of Weighted Average Discount Rates Used in Benefit Obligations Calculation | Weighted average discount rates used to calculate the benefit obligations at the end of each year and the cost for each year are presented below.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income Before Income Taxes and Equity Earnings | The components of income before income taxes were as follows:
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Provision for Income Taxes | The provision for income taxes consisted of the following:
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Schedule of U.S. Statutory Federal Income Tax Rate to Pre-tax Income | The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pre-tax income as a result of the following items:
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Components of Deferred Taxes | The components of deferred taxes at December 31 are:
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Schedule of Tax Loss and Credit Carryforwards Expiration | Tax loss and credit carryforwards expire as follows:
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Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits follows:
|
Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information on Operating Segments | The tables below present information about operating segments for the three years ended December 31, 2016, 2015 and 2014:
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Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes and equity earnings for the three years ended December 31, 2016, 2015 and 2014 follows:
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Summary of Sales by Major Product | Sales by major product were:
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Summary of Sales and Long-Lived Assets for the Major Countries | Sales and long-lived assets for the major countries in which the Company operates follows:
|
Condensed Combining Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Crown Cork & Seal Company, Inc [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Combining Statement of Comprehensive Income |
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Condensed Combining Balance Sheet |
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Condensed Combining Statement of Cash Flows |
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Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Combining Statement of Comprehensive Income |
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Condensed Combining Balance Sheet |
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Condensed Combining Statement of Cash Flows |
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Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 40 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 18 years |
Summary of Significant Accounting Policies (Research and Development) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accounting Policies [Abstract] | |||
Research, development and engineering costs | $ 41 | $ 39 | $ 39 |
Summary of Significant Accounting Policies (Recent Accounting and Reporting Pronouncements) (Details) $ in Millions |
Jan. 01, 2017
USD ($)
|
---|---|
Expected recognized amount [Member] | Adjustments for new accounting guidance [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred tax asset | $ 60 |
Acquisitions (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Feb. 18, 2015 |
Apr. 23, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Business Acquisition [Line Items] | |||||
Goodwill | $ 2,791 | $ 3,003 | $ 2,671 | ||
Empaque [Member] | |||||
Business Acquisition [Line Items] | |||||
Total consideration | $ 1,200 | ||||
Customer relationships | 254 | ||||
Long-term supply contract | 189 | ||||
Goodwill | $ 618 | ||||
Empaque [Member] | Customer relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangibles, amortization period | 18 years | ||||
Empaque [Member] | Contractual Rights [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangibles, amortization period | 15 years | ||||
Mivisa [Member] | |||||
Business Acquisition [Line Items] | |||||
Total consideration | $ 733 | ||||
Customer relationships | 281 | ||||
Effective date of acquisition | Apr. 23, 2014 | ||||
Cash acquired | 28 | ||||
Debt assumed | (977) | ||||
Acquired trademarks | 14 | ||||
Goodwill | $ 938 | ||||
Mivisa [Member] | Customer relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangibles, amortization period | 13 years |
Acquisitions (Pro Forma Information) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Business Combinations [Abstract] | ||
Net sales | $ 8,837 | $ 9,955 |
Net income attributable to Crown Holdings | $ 415 | $ 426 |
Receivables (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Receivables [Abstract] | |||
Deferred purchase price | $ 83 | $ 105 | |
Interest expense securitization and factoring facilities | $ 13 | $ 12 | $ 12 |
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Receivables [Abstract] | ||
Accounts receivable | $ 769 | $ 827 |
Less: allowance for doubtful accounts | (76) | (83) |
Net trade receivables | 693 | 744 |
Miscellaneous receivables | 172 | 168 |
Receivables, net | $ 865 | $ 912 |
Receivables (Schedule of Amounts Securitized or Factored) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Receivables [Abstract] | ||
Accounted for as secured borrowings | $ 9 | $ 10 |
Accounted for as sales | $ 816 | $ 716 |
Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 658 | $ 599 |
Work in process | 116 | 129 |
Finished goods | 471 | 485 |
Total inventories | $ 1,245 | $ 1,213 |
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 559 | $ 631 | |
Accumulated amortization | (89) | (56) | |
Net | 470 | 575 | |
Amortization expense | 41 | 40 | $ 31 |
Amortization expense, 2017 | 41 | ||
Amortization expense, 2018 | 41 | ||
Amortization expense, 2019 | 41 | ||
Amortization expense, 2020 | 41 | ||
Amortization expense, 2021 | 41 | ||
Customer relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 375 | 410 | |
Accumulated amortization | (71) | (46) | |
Net | 304 | 364 | |
Long term supply contacts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 184 | 221 | |
Accumulated amortization | (18) | (10) | |
Net | 166 | 211 | |
Other intangible assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net | $ 3 | $ 2 |
Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Buildings and improvements | $ 1,001 | $ 1,009 |
Machinery and equipment | 4,628 | 4,667 |
Land and improvements | 168 | 180 |
Construction in progress | 406 | 229 |
Property, plant and equipment, gross | 6,203 | 6,085 |
Less: accumulated depreciation and amortization | (3,383) | (3,386) |
Property, plant and equipment, net | $ 2,820 | $ 2,699 |
Other Non-Current Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Investments, All Other Investments [Abstract] | ||
Deferred taxes | $ 593 | $ 626 |
Debt issuance costs | 6 | 11 |
Investments | 4 | 5 |
Other | 72 | 80 |
Other non-current assets | $ 675 | $ 722 |
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Trade accounts payable | $ 1,951 | $ 1,838 |
Salaries, wages and other employee benefits, including pension and postretirement | 162 | 190 |
Accrued taxes, other than on income | 107 | 109 |
Accrued interest | 54 | 62 |
Fair value of derivatives | 36 | 47 |
Income taxes payable | 34 | 40 |
Asbestos liabilities | 30 | 30 |
Restructuring | 19 | 32 |
Other | 309 | 297 |
Accounts payable and accrued liabilities | $ 2,702 | $ 2,645 |
Other Non-Current Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Asbestos liabilities | $ 312 | $ 321 |
Deferred taxes | 203 | 223 |
Postemployment benefits | 29 | 31 |
Income taxes payable | 20 | 21 |
Environmental | 12 | 13 |
Other | 122 | 126 |
Other non-current liabilities | $ 698 | $ 735 |
Lease Commitments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Leases [Abstract] | |||
Operating leases, minimum annual rentals in 2017 | $ 48 | ||
Operating leases, minimum annual rentals in 2018 | 32 | ||
Operating leases, minimum annual rentals in 2019 | 22 | ||
Operating leases, minimum annual rentals in 2020 | 16 | ||
Operating leases, minimum annual rentals in 2021 | 11 | ||
Operating leases, minimum annual rentals, thereafter | 63 | ||
Minimum sublease rentals | 4 | ||
Rental expense (net of sublease rental income) | $ 53 | $ 53 | $ 60 |
Asbestos-Related Liabilities (Summary of Claims Activity) (Details) - Claim |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Loss Contingency, Pending Claims [Roll Forward] | |||
Beginning claims | 54,500 | 54,000 | 53,000 |
New claims | 2,500 | 2,500 | 3,000 |
Settlements or dismissals | (1,500) | (2,000) | (2,000) |
Ending claims | 55,500 | 54,500 | 54,000 |
Asbestos-Related Liabilities (Summary of Asbestos Claims Cash Payments by Company) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Liability for Asbestos and Environmental Claims [Abstract] | |||
Asbestos-related payments | $ 30 | $ 30 | $ 30 |
Settled claims payments (included in asbestos-related payments above) | $ 23 | $ 22 | $ 21 |
Asbestos-Related Liabilities (Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases) (Details) |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Total claims [Member] | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims alleging serious diseases | 22.00% | 22.00% | 22.00% |
Pre-1964 claims in states without asbestos legislation [Member] | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims alleging serious diseases | 41.00% | 41.00% | 41.00% |
Restructuring and Other (Restructuring and Other Charges) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Restructuring and Related Activities [Abstract] | |||
Asset impairments and sales | $ 14 | $ 22 | $ 70 |
Restructuring | 12 | 23 | 21 |
Transaction costs | 0 | 15 | 17 |
Other costs | 18 | 6 | 21 |
Restructuring and other | $ 44 | $ 66 | $ 129 |
Capital Stock (Summary of Common Stock Activity) (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares outstanding at beginning of period (in shares) | 139,441,298 | 139,000,471 | 138,207,889 |
Shares repurchased (in shares) | (162,563) | (165,138) | (36,702) |
Shares issued upon exercise of employee stock options (in shares) | 348,640 | 207,890 | 744,431 |
Restricted stock issued to employees, net of forfeitures (in shares) | 187,209 | 375,575 | 60,933 |
Shares issued to non-employee directors (in shares) | 25,644 | 22,500 | 23,920 |
Common shares outstanding at end of period (in shares) | 139,840,228 | 139,441,298 | 139,000,471 |
Capital Stock (Narrative) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Capital Stock [Abstract] | ||
Authorized amount of shares repurchase | $ 1,000,000,000 | |
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Debt restrictions on Company's ability to pay dividends and repurchase its common stock | The amount of restricted payments permitted to be made, including dividends and repurchases of the Company’s common stock, may be limited to the cumulative excess of $200 plus 50% of adjusted net income plus proceeds from the exercise of employee stock options over the aggregate of restricted payments made since July 2004. | |
Limited cumulative excess amount, maximum | $ 200,000,000 | |
Debt restrictions on payment of dividends and repurchase of common stock, percentage adjustment | 50.00% |
Stock-Based Compensation (Schedule of Grant Date Fair Value of Restricted Stock) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Time-vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in usd per share) | $ 51.04 | $ 53.65 | $ 46.69 |
Performance-based [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average grant-date fair value of restricted stock awarded (in usd per share) | $ 51.18 | $ 49.50 | $ 48.31 |
Stock-Based Compensation (Fair Value Assumptions) (Details) - Performance-based shares [Member] |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.20% | 1.10% | 0.80% |
Expected term (years) | 3 years | 3 years | 3 years |
Expected stock price volatility | 19.80% | 17.40% | 21.50% |
Debt (Schedule of Weighted Average Interest Rates) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt Disclosure [Abstract] | |||
Short-term debt | 2.70% | 3.00% | 2.70% |
Revolving credit facilities | 3.80% | 4.40% | 4.40% |
Derivative and Other Financial Instruments (Schedule of Offsetting Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivative assets | ||
Gross amounts recognized in the Balance Sheet | $ 45 | $ 42 |
Gross amounts not offset in the Balance Sheet | 6 | 9 |
Net amount | 39 | 33 |
Derivative liabilities | ||
Gross amounts recognized in the Balance Sheet | 37 | 52 |
Gross amounts not offset in the Balance Sheet | 6 | 9 |
Net amount | $ 31 | $ 43 |
Derivative and Other Financial Instruments (Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivatives designated as hedges [Member] | Cash flow hedges [Member] | Foreign exchange [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | $ 644 | $ 922 |
Derivatives designated as hedges [Member] | Cash flow hedges [Member] | Commodities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 180 | 324 |
Derivatives designated as hedges [Member] | Fair value hedges [Member] | Foreign exchange [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 73 | 125 |
Derivatives not designated as hedges [Member] | Foreign exchange [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 618 | 674 |
Derivatives not designated as hedges [Member] | Commodities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | $ 72 | $ 57 |
Noncontrolling interests (Effect on Net Income Attributable to Company for Purchases of Noncontrolling Interests) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Noncontrolling Interest [Abstract] | |||
Net income attributable to Crown Holdings | $ 496 | $ 393 | $ 390 |
Transfers to noncontrolling interests – decrease in paid-in-capital for purchase of noncontrolling interests | 0 | (3) | (54) |
Net income attributable to Crown Holdings after transfers to noncontrolling interests | $ 496 | $ 390 | $ 336 |
Noncontrolling interests (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Noncontrolling Interest [Abstract] | |||
Purchase of noncontrolling interests | $ 0 | $ 0 | $ 93 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Earnings Per Share [Abstract] | |||
Net income attributable to Crown Holdings | $ 496 | $ 393 | $ 390 |
Weighted average shares outstanding: | |||
Basic (in shares) | 138,530 | 137,940 | 137,230 |
Add: dilutive stock options and restricted stock (in shares) | 780 | 1,200 | 1,310 |
Diluted (in shares) | 139,310 | 139,140 | 138,540 |
Basic EPS (in usd per share) | $ 3.58 | $ 2.85 | $ 2.84 |
Diluted EPS (in usd per share) | $ 3.56 | $ 2.82 | $ 2.82 |
Contingently issuable shares excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive (in shares) | 500 | 100 | 100 |
Pension and Other Postretirement Benefits (Schedule of Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
U.S. Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | $ 1,482 | $ 1,501 |
Accumulated benefit obligations | 1,446 | 1,463 |
Fair value of plan assets | 1,156 | 1,190 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | 224 | 3,346 |
Accumulated benefit obligations | 200 | 3,241 |
Fair value of plan assets | $ 85 | $ 3,015 |
Pension and Other Postretirement Benefits (Schedule of Pension Assets/(Liabilities)) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Compensation and Retirement Disclosure [Abstract] | ||
Non-current assets | $ 14 | $ 8 |
Current liabilities | 8 | 39 |
Non-current liabilities | $ 469 | $ 609 |
Pension and Other Postretirement Benefits (Schedule of Expected Future Benefit Payments) (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2017 | $ 117 |
2018 | 114 |
2019 | 117 |
2020 | 115 |
2021 | 108 |
2022 - 2026 | 526 |
Non-U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2017 | 146 |
2018 | 150 |
2019 | 153 |
2020 | 156 |
2021 | 156 |
2022 - 2026 | 813 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2017 | 16 |
2018 | 15 |
2019 | 14 |
2020 | 14 |
2021 | 13 |
2022 - 2026 | $ 58 |
Pension and Other Postretirement Benefits (Schedule of Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits [Member] |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Health care cost trend rate assumed for 2017 | 4.00% |
Rate that the cost trend rate gradually declines to | 3.10% |
Year that the rate reaches the rate it is assumed to remain | 2035 |
Pension and Other Postretirement Benefits (Schedule of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits [Member] $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect on total service and interest cost, Increase | $ 1 |
Effect on total service and interest cost, Decrease | 1 |
Effect on postretirement benefit obligation, Increase | 8 |
Effect on postretirement benefit obligation, Decrease | $ 7 |
Income Taxes (Components of Income Before Income Taxes and Equity Earnings) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ (3) | $ 18 | $ 83 |
Foreign | 772 | 621 | 438 |
Income before income taxes | $ 769 | $ 639 | $ 521 |
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Current tax: | |||
U.S. federal | $ (1) | $ 6 | $ 11 |
State and foreign | 171 | 147 | 113 |
Current tax, total | 170 | 153 | 124 |
Deferred tax: | |||
U.S. federal | 19 | 12 | 30 |
State and foreign | (3) | 13 | (111) |
Deferred tax, total | 16 | 25 | (81) |
Total | $ 186 | $ 178 | $ 43 |
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. statutory rate at 35% | $ 269 | $ 224 | $ 182 |
Tax on foreign income | (88) | (74) | (67) |
Valuation allowance | (14) | 21 | (70) |
Tax contingencies | 11 | 13 | (1) |
Non-deductible impairment charges | 0 | 0 | 18 |
Tax law changes | 3 | 4 | (17) |
Other items, net | 5 | (10) | (2) |
Total | $ 186 | $ 178 | $ 43 |
Income Taxes (Components of Deferred Taxes) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Assets | ||
Tax loss and credit carryforwards | $ 480 | $ 535 |
Postretirement and postemployment benefits | 63 | 65 |
Pensions | 220 | 223 |
Property, plant and equipment | 17 | 19 |
Intangible assets | 0 | 0 |
Asbestos | 128 | 132 |
Accruals and other | 125 | 131 |
Valuation allowances | (225) | (241) |
Total | 808 | 864 |
Liabilities | ||
Tax loss and credit carryforwards | 0 | 0 |
Postretirement and postemployment benefits | 0 | 0 |
Pensions | 62 | 38 |
Property, plant and equipment | 150 | 167 |
Intangible assets | 128 | 158 |
Asbestos | 0 | 0 |
Accruals and other | 78 | 98 |
Total | $ 418 | $ 461 |
Income Taxes (Tax Loss and Credit Carryforwards Expirations) (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
Income Tax Disclosure [Abstract] | |
2017 | $ 5 |
2018 | 21 |
2019 | 30 |
2020 | 44 |
2021 | 48 |
Thereafter | 253 |
Unlimited | $ 79 |
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 28 | $ 26 | $ 31 |
Additions for prior year tax positions | 13 | 13 | 0 |
Lapse of statute of limitations | (2) | 0 | (1) |
Settlements | (12) | (9) | 0 |
Foreign currency translation | 0 | (2) | (4) |
Balance at end of period | $ 27 | $ 28 | $ 26 |
Segment Information (Summary of Sales by Major Product) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment Reporting Information [Line Items] | |||
Net sales | $ 8,284 | $ 8,762 | $ 9,097 |
Metal beverage cans and ends [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,834 | 4,957 | 4,863 |
Metal food cans and ends [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,213 | 2,410 | 2,735 |
Other metal packaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 877 | 977 | 1,173 |
Other products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 360 | $ 418 | $ 326 |
Segment Information (Summary of Sales and Long-Lived Assets for The Major Countries) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment Reporting Information [Line Items] | |||
Net Sales | $ 8,284 | $ 8,762 | $ 9,097 |
Long-Lived Assets | 2,820 | 2,699 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 1,918 | 2,013 | 2,163 |
Long-Lived Assets | 497 | 391 | |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 688 | 693 | 119 |
Long-Lived Assets | 304 | 284 | |
Spain [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 645 | 669 | 728 |
Long-Lived Assets | 203 | 224 | |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 559 | 712 | 783 |
Long-Lived Assets | 136 | 144 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 4,474 | 4,675 | $ 5,304 |
Long-Lived Assets | $ 1,680 | $ 1,656 |
Condensed Combining Financial Information (Narrative) (Details) |
Dec. 31, 2016
USD ($)
|
---|---|
Crown Cork & Seal Company, Inc [Member] | U.S. Dollar 7.375% due 2026 [Member] | |
Senior notes, principal amount | $ 350,000,000 |
Debt instrument stated percentage | 7.375% |
Crown Cork & Seal Company, Inc [Member] | U.S. Dollar 7.50% due 2096 [Member] | |
Senior notes, principal amount | $ 45,000,000 |
Debt instrument stated percentage | 7.50% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | U.S. Dollar 4.50% due 2023 [Member] | |
Senior notes, principal amount | $ 1,000,000,000 |
Debt instrument stated percentage | 4.50% |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] | U.S. Dollar 4.25% due 2026 [Member] | |
Senior notes, principal amount | $ 400,000,000 |
Debt instrument stated percentage | 4.25% |
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Trade accounts receivable [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 83 | $ 88 | $ 78 |
Charged to costs and expense | 9 | 4 | 0 |
Charged to other accounts | (1) | (9) | 10 |
Deductions – write-offs | (15) | 0 | 0 |
Balance at end of period | 76 | 83 | 88 |
Deferred tax assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 241 | 245 | 343 |
Charged to costs and expense | (14) | 21 | (70) |
Charged to other accounts | 2 | (9) | (11) |
Deductions – write-offs | (4) | (16) | (17) |
Balance at end of period | $ 225 | $ 241 | $ 245 |
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