QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | $ | |||||||||
Cost of products sold, excluding depreciation and amortization | |||||||||||
Depreciation and amortization | |||||||||||
Selling and administrative expense | |||||||||||
Restructuring and other | |||||||||||
Income from operations | |||||||||||
Other pension and postretirement | ( | ||||||||||
Interest expense | |||||||||||
Interest income | ( | ( | |||||||||
Foreign exchange | ( | ( | |||||||||
Income before taxes | |||||||||||
Provision for income taxes | |||||||||||
Equity earnings in affiliates | |||||||||||
Net income | |||||||||||
Net income attributable to noncontrolling interests | ( | ( | |||||||||
Net income attributable to Crown Holdings | $ | $ | |||||||||
Earnings per common share attributable to Crown Holdings: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive (loss) / income, net of tax: | |||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||
Pension and other postretirement benefits | |||||||||||
Derivatives qualifying as hedges | ( | ||||||||||
Total other comprehensive loss | ( | ( | |||||||||
Total comprehensive income | |||||||||||
Net income attributable to noncontrolling interests | ( | ( | |||||||||
Translation adjustments attributable to noncontrolling interests | |||||||||||
Derivatives qualifying as hedges attributable to noncontrolling interests | ( | ||||||||||
Comprehensive income / (loss) attributable to Crown Holdings | $ | $ | ( |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets, net | |||||||||||
Other non-current assets | |||||||||||
Total | $ | $ | |||||||||
Liabilities and equity | |||||||||||
Current liabilities | |||||||||||
Short-term debt | $ | $ | |||||||||
Current maturities of long-term debt | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Accounts payable | |||||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, excluding current maturities | |||||||||||
Non-current portion of operating lease liabilities | |||||||||||
Postretirement and pension liabilities | |||||||||||
Other non-current liabilities | |||||||||||
Noncontrolling interests | |||||||||||
Crown Holdings shareholders’ equity | |||||||||||
Total equity | |||||||||||
Total | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Restructuring and other | |||||||||||
Pension expense | |||||||||||
Pension contributions | ( | ( | |||||||||
Stock-based compensation | |||||||||||
Working capital changes and other | ( | ( | |||||||||
Net cash used for operating activities | ( | ( | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Net investment hedge | |||||||||||
Proceeds from sale of property, plant and equipment | |||||||||||
Net cash used for investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Net change in revolving credit facility and short-term debt | ( | ||||||||||
Proceeds from long-term debt | |||||||||||
Payments of long-term debt | ( | ( | |||||||||
Foreign exchange derivatives related to debt | ( | ( | |||||||||
Payments of finance leases | ( | ( | |||||||||
Contributions from noncontrolling interests | |||||||||||
Dividends paid to noncontrolling interests | ( | ( | |||||||||
Dividends paid to shareholders | ( | ||||||||||
Common stock issued | |||||||||||
Common stock repurchased | ( | ( | |||||||||
Net cash (used for) / provided by financing activities | ( | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | |||||||||
Net change in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at January 1 | |||||||||||
Cash, cash equivalents and restricted cash at March 31 | $ | $ |
Crown Holdings, Inc. Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Accumulated Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Crown Equity | Noncontrolling Interests | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to shareholders | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awarded | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awarded | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash included in prepaid expenses and other current assets | |||||||||||
Restricted cash included in other non-current assets | |||||||||||
Total restricted cash | |||||||||||
Total cash, cash equivalents and restricted cash | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Accounts receivable | $ | $ | |||||||||
Less: allowance for credit losses | ( | ( | |||||||||
Net trade receivables | |||||||||||
Unbilled receivables | |||||||||||
Miscellaneous receivables | |||||||||||
Receivables, net | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Raw materials and supplies | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
$ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross | Accumulated amortization | Net | Gross | Accumulated amortization | Net | ||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Trade names | ( | ( | |||||||||||||||||||||||||||||||||
Technology | ( | ( | |||||||||||||||||||||||||||||||||
Long term supply contracts | ( | ( | |||||||||||||||||||||||||||||||||
Patents | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Restructuring | $ | $ | |||||||||
Other (income) / costs | ( | ||||||||||
Transaction costs | 2 | — | |||||||||
Asset impairments and sales | |||||||||||
$ | $ |
Beginning claims | |||||
New claims | |||||
Settlements or dismissals | ( | ||||
Ending claims |
Claimants alleging first exposure after 1964 | |||||
Claimants alleging first exposure before or during 1964 filed in: | |||||
Texas | |||||
Pennsylvania | |||||
Other states that have enacted asbestos legislation | |||||
Other states | |||||
Total claims outstanding |
2020 | 2019 | ||||||||||
Total claims | % | % | |||||||||
Pre-1964 claims in states without asbestos legislation | % | % |
Amount of gain/(loss) recognized in OCI | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
Derivatives in cash flow hedges | 2021 | 2020 | ||||||||||||||||||
Foreign exchange | $ | ( | $ | |||||||||||||||||
Interest Rate | ( | |||||||||||||||||||
Commodities | ( | |||||||||||||||||||
$ | $ | ( | ||||||||||||||||||
Amount of gain/(loss) reclassified from AOCI into income | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
Derivatives in cash flow hedges | 2021 | 2020 | Affected line items in the Statement of Operations | |||||||||||||||||
Foreign exchange | $ | $ | ( | Net sales | ||||||||||||||||
Commodities | Net sales | |||||||||||||||||||
Foreign exchange | ( | Cost of products sold | ||||||||||||||||||
Commodities | ( | ( | Cost of products sold | |||||||||||||||||
( | ( | Income before taxes | ||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||
Total reclassified | $ | ( | $ | ( | Net income | |||||||||||||||
Pre-tax amounts of gain/(loss) recognized in income on derivative | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
Derivatives not designated as hedges | 2021 | 2020 | Affected line item in the Statement of Operations | |||||||||||||||||
Foreign exchange | $ | ( | $ | ( | Net sales | |||||||||||||||
Foreign exchange | Cost of products sold | |||||||||||||||||||
Foreign exchange | ( | Foreign exchange | ||||||||||||||||||
$ | ( | $ |
Amount of gain / (loss) recognized in AOCI | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
Derivatives designated as net investment hedges | 2021 | 2020 | |||||||||||||||
Foreign exchange | $ | $ | |||||||||||||||
Balance Sheet classification | March 31, 2021 | December 31, 2020 | Balance Sheet classification | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts cash flow | Other current assets | $ | $ | Accrued liabilities | $ | $ | ||||||||||||||||||||||||||||||||
Other non-current assets | Other non-current liabilities | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts fair value | Other current assets | Accrued liabilities | ||||||||||||||||||||||||||||||||||||
Commodities contracts cash flow | Other current assets | Accrued liabilities | ||||||||||||||||||||||||||||||||||||
Other non-current assets | Other non-current liabilities | |||||||||||||||||||||||||||||||||||||
Interest rate contracts cash flow | Other non-current assets | Other non-current liabilities | ||||||||||||||||||||||||||||||||||||
Net investment hedge | Other non-current assets | Other non-current liabilities | ||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Other current assets | $ | $ | Accrued liabilities | $ | $ | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ |
Carrying amount of the hedged assets / liabilities | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Line item in the Balance Sheet in which the hedged item is included | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net | |||||||||||
Accounts payable | |||||||||||
Gross amounts recognized in the Balance Sheet | Gross amounts not offset in the Balance Sheet | Net amount | |||||||||
Balance at March 31, 2021 | |||||||||||
Derivative assets | $ | $ | $ | ||||||||
Derivative liabilities | |||||||||||
Balance at December 31, 2020 | |||||||||||
Derivative assets | |||||||||||
Derivative liabilities |
March 31, 2021 | December 31, 2020 | ||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Foreign exchange | $ | $ | |||||||||
Commodities | |||||||||||
Interest rate | |||||||||||
Derivatives designated as fair value hedges: | |||||||||||
Foreign exchange | |||||||||||
Derivatives designated as net investment hedges: | |||||||||||
Foreign exchange | |||||||||||
Derivatives not designated as hedges: | |||||||||||
Foreign exchange | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Principal | Carrying | Principal | Carrying | ||||||||||||||||||||
outstanding | amount | outstanding | amount | ||||||||||||||||||||
Short-term debt | $ | $ | $ | $ | |||||||||||||||||||
Long-term debt | |||||||||||||||||||||||
Senior secured borrowings: | |||||||||||||||||||||||
Revolving credit facilities | |||||||||||||||||||||||
Term loan facilities | |||||||||||||||||||||||
U.S. dollar at LIBOR + | |||||||||||||||||||||||
Euro at EURIBOR + | |||||||||||||||||||||||
Senior notes and debentures: | |||||||||||||||||||||||
€ | |||||||||||||||||||||||
U. S. dollar at | |||||||||||||||||||||||
€ | |||||||||||||||||||||||
€ | |||||||||||||||||||||||
€ | |||||||||||||||||||||||
€ | |||||||||||||||||||||||
U.S. dollar at | |||||||||||||||||||||||
U.S. dollar at | |||||||||||||||||||||||
U.S. dollar at | |||||||||||||||||||||||
€ | |||||||||||||||||||||||
U.S. dollar at | |||||||||||||||||||||||
Other indebtedness in various currencies | |||||||||||||||||||||||
Total long-term debt | |||||||||||||||||||||||
Less current maturities | ( | ( | ( | ( | |||||||||||||||||||
Total long-term debt, less current maturities | $ | $ | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
Pension benefits – U.S. plans | 2021 | 2020 | |||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on plan assets | ( | ( | |||||||||
Recognized net loss | |||||||||||
Net periodic cost | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
Pension benefits – Non-U.S. plans | 2021 | 2020 | |||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on plan assets | ( | ( | |||||||||
Settlement loss | |||||||||||
Recognized net loss | |||||||||||
Net periodic cost | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
Other postretirement benefits | 2021 | 2020 | |||||||||
Interest cost | $ | $ | |||||||||
Recognized prior service credit | ( | ( | |||||||||
Recognized net loss | |||||||||||
Net periodic benefit | $ | ( | $ | ( |
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
Details about accumulated other comprehensive income components | 2021 | 2020 | Affected line items in the statement of operations | |||||||||||||||||
Actuarial losses | $ | $ | Other pension and postretirement | |||||||||||||||||
Settlements | Other pension and postretirement | |||||||||||||||||||
Prior service credit | ( | ( | Other pension and postretirement | |||||||||||||||||
Income before taxes | ||||||||||||||||||||
( | ( | Provision for income taxes | ||||||||||||||||||
Total reclassified | $ | $ | Net income | |||||||||||||||||
Defined benefit plans | Foreign currency translation | Gains and losses on cash flow hedges | Total | |||||||||||||||||||||||
Balance at January 1, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income / (loss) before reclassifications | ( | ( | ( | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ||||||||||||||||||||||||||
Other comprehensive income / (loss) | ( | ( | ( | |||||||||||||||||||||||
Balance at March 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Balance at January 1, 2021 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Other comprehensive (loss) / income before reclassifications | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | |||||||||||||||||||||||||
Other comprehensive income / (loss) | ( | ( | ||||||||||||||||||||||||
Balance at March 31, 2021 | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenue recognized over time | $ | $ | |||||||||
Revenue recognized at a point in time | |||||||||||
Total revenue | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income attributable to Crown Holdings | $ | $ | |||||||||
Weighted average shares outstanding: | |||||||||||
Basic | |||||||||||
Dilutive restricted stock | |||||||||||
Diluted | |||||||||||
Basic earnings per share | $ | $ | |||||||||
Diluted earnings per share | $ | $ |
External Sales | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Americas Beverage | $ | $ | |||||||||
European Beverage | |||||||||||
European Food | |||||||||||
Asia Pacific | |||||||||||
Transit Packaging | |||||||||||
Total reportable segments | |||||||||||
Other segments | |||||||||||
Total | $ | $ |
Intersegment Sales | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Americas Beverage | $ | $ | |||||||||
European Beverage | |||||||||||
European Food | |||||||||||
Transit Packaging | |||||||||||
Total reportable segments | |||||||||||
Other segments | |||||||||||
Total | $ | $ |
Segment Income | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Americas Beverage | $ | $ | |||||||||
European Beverage | |||||||||||
European Food | |||||||||||
Asia Pacific | |||||||||||
Transit Packaging | |||||||||||
Total reportable segments | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Segment income of reportable segments | $ | $ | |||||||||
Segment income of other segments | |||||||||||
Corporate and unallocated items | ( | ( | |||||||||
Restructuring and other | ( | ( | |||||||||
Amortization of intangibles | ( | ( | |||||||||
Other pension and postretirement | ( | ||||||||||
Interest expense | ( | ( | |||||||||
Interest income | |||||||||||
Foreign exchange | |||||||||||
Income before income taxes | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | 3,078 | $ | 2,757 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | 993 | $ | 871 | |||||||
Segment income | 188 | 134 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | 389 | $ | 346 | |||||||
Segment income | 62 | 39 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | 460 | $ | 402 | |||||||
Segment income | 63 | 33 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | 331 | $ | 301 | |||||||
Segment income | 52 | 45 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | 557 | $ | 522 | |||||||
Segment income | 70 | 66 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales | $ | 348 | $ | 315 | |||||||
Segment income | 37 | 19 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Corporate and unallocated expense | $ | (39) | $ | (38) |
Three Months Ended | |||||||||||
March 31, 2021 | |||||||||||
Net sales | $ | — | |||||||||
Gross Profit | — | ||||||||||
Income from operations | (3) | ||||||||||
Net income1 | (18) | ||||||||||
Net income attributable to Crown Holdings1 | (18) |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Current assets | $ | 14 | $ | 12 | |||||||||||||||||||
Non-current assets | 104 | 118 | |||||||||||||||||||||
Current liabilities | 53 | 63 | |||||||||||||||||||||
Non-current liabilities1 | 4,345 | 4,305 |
Three Months Ended | |||||||||||
March 31, 2021 | |||||||||||
Net sales1 | $ | 1,017 | |||||||||
Gross profit2 | 172 | ||||||||||
Income from operations2 | 64 | ||||||||||
Net income3 | 8 | ||||||||||
Net income attributable to Crown Holdings3 | 8 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Current assets1 | $ | 921 | $ | 917 | |||||||||||||||||||
Non-current assets2 | 3,307 | 3,248 | |||||||||||||||||||||
Current liabilities3 | 1,028 | 1,081 | |||||||||||||||||||||
Non-current liabilities4 | 4,561 | 4,491 |
Total number of shares purchased | Average price per share | Total number of shares purchased as part of publicly announced programs | Approximate dollar value of shares that may yet be purchased under the programs as of the end of the period (millions of dollars) | ||||||||||||||||||||
February | — | — | — | $ | 1,500 | ||||||||||||||||||
March | — | — | — | 1,500 | |||||||||||||||||||
— | — |
Directors | Votes For | Votes Withheld | Broker Non-Vote | |||||||||||||||||
John W. Conway | 109,708,730 | 2,045,739 | 4,553,436 | |||||||||||||||||
Timothy J. Donahue | 110,698,696 | 1,055,773 | 4,553,436 | |||||||||||||||||
Richard H. Fearon | 110,582,131 | 1,172,338 | 4,553,436 | |||||||||||||||||
Andrea J. Funk | 110,805,454 | 949,015 | 4,553,436 | |||||||||||||||||
Stephen J. Hagge | 110,663,553 | 1,090,916 | 4,553,436 | |||||||||||||||||
Rose Lee | 110,623,770 | 1,130,699 | 4,553,436 | |||||||||||||||||
James H. Miller | 105,149,913 | 6,604,556 | 4,553,436 | |||||||||||||||||
Josef M. Müller | 110,284,493 | 1,469,976 | 4,553,436 | |||||||||||||||||
B. Craig Owens | 111,066,059 | 688,410 | 4,553,436 | |||||||||||||||||
Caesar F. Sweitzer | 110,346,109 | 1,408,360 | 4,553,436 | |||||||||||||||||
Jim L. Turner | 106,250,758 | 5,503,711 | 4,553,436 | |||||||||||||||||
William S. Urkiel | 107,682,585 | 4,071,884 | 4,553,436 | |||||||||||||||||
Dwayne A. Wilson | 111,361,209 | 393,260 | 4,553,436 |
Votes For | Votes Against | Votes Abstaining | Broker Non-Vote | |||||||||||||||||
108,816,878 | 7,355,330 | 135,697 | — |
Votes For | Votes Against | Votes Abstaining | Broker Non-Vote | |||||||||||||||||
103,795,888 | 7,776,515 | 182,066 | 4,553,436 |
10.w | |||||
10(d) (11) | |||||
22 | |||||
31.1 | |||||
31.2 | |||||
32 | |||||
101 | The following financial information from the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 formatted in inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, (ii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020, (iii) Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, (iv) Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020, (v) Consolidated Statements of Changes in Equity for the three months ended March 31, 2021 and 2020 and (vi) Notes to Consolidated Financial Statements. | ||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
Crown Holdings, Inc. Registrant | ||||||||
By: | /s/ David A. Beaver | |||||||
David A. Beaver | ||||||||
Vice President and Corporate Controller | ||||||||
(Chief Accounting Officer) |
NAME | STATE OR COUNTRY OF INCORPORATION OR ORGANIZATION | ||||
Crown Cork & Seal Company, Inc. | Pennsylvania |
NAME | STATE OR COUNTRY OF INCORPORATION OR ORGANIZATION | ||||
Crown Cork & Seal Company, Inc. | Pennsylvania | ||||
CROWN Americas LLC | Pennsylvania | ||||
Crown Consultants, Inc. | Pennsylvania | ||||
Crown Americas Capital Corp. | Delaware | ||||
Crown Americas Capital Corp. IV | Delaware | ||||
Crown Americas Capital Corp. V | Delaware | ||||
Crown Americas Capital Corp. VI | Delaware | ||||
CROWN Beverage Packaging, LLC | Delaware | ||||
CROWN Beverage Packaging Puerto Rico, Inc. | Delaware | ||||
Crown Cork & Seal Company (DE), LLC | Delaware | ||||
CROWN Cork & Seal USA, Inc. | Delaware | ||||
Crown International Holdings, Inc. | Delaware | ||||
CROWN Packaging Technology, Inc. | Delaware | ||||
Foreign Manufacturers Finance Corporation | Delaware | ||||
Signode Industrial Group Holdings US Inc | Delaware | ||||
Signode Industrial Group LLC | Delaware | ||||
Signode Industrial Group US Inc | Delaware | ||||
Signode International IP Holdings LLC | Delaware | ||||
Signode Pickling Holding LLC | Delaware | ||||
Signode US IP Holdings LLC | Delaware | ||||
TopFrame LLC | Delaware | ||||
Package Design and Manufacturing, Inc. | Michigan | ||||
Kiwiplan Inc. | Ohio |
Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Statement [Abstract] | ||
Net sales | $ 3,078 | $ 2,757 |
Cost of products sold, excluding depreciation and amortization | 2,401 | 2,220 |
Depreciation and amortization | 127 | 122 |
Selling and administrative expense | 164 | 162 |
Restructuring and other | 2 | 7 |
Income from operations | 384 | 246 |
Other pension and postretirement | (1) | 31 |
Interest expense | 71 | 80 |
Interest income | (2) | (4) |
Foreign exchange | (2) | (12) |
Income before taxes | 318 | 151 |
Provision for income taxes | 75 | 38 |
Equity earnings in affiliates | 2 | 1 |
Net income | 245 | 114 |
Net income attributable to noncontrolling interests | (34) | (26) |
Net income attributable to Crown Holdings | $ 211 | $ 88 |
Earnings Per Share [Abstract] | ||
Basic | $ 1.58 | $ 0.66 |
Diluted | $ 1.57 | $ 0.65 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 245 | $ 114 |
Other comprehensive (loss) / income, net of tax: | ||
Foreign currency translation adjustments | (35) | (319) |
Pension and other postretirement benefits | 15 | 257 |
Derivatives qualifying as hedges | 15 | (34) |
Total other comprehensive loss | (5) | (96) |
Total comprehensive income | 240 | 18 |
Net income attributable to noncontrolling interests | (34) | (26) |
Translation adjustments attributable to noncontrolling interests | 1 | 3 |
Derivatives qualifying as hedges attributable to noncontrolling interests | (1) | 2 |
Comprehensive income / (loss) attributable to Crown Holdings | $ 206 | $ (3) |
Statement of Information Furnished |
3 Months Ended |
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Mar. 31, 2021 | |
Quarterly Financial Data [Abstract] | |
Statement of Information Furnished | Statement of Information FurnishedThe consolidated financial statements include the accounts of Crown Holdings, Inc. and its consolidated subsidiaries (the “Company”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Form 10-Q instructions. In the opinion of management, these consolidated financial statements contain all adjustments of a normal and recurring nature necessary for a fair statement of the financial position of the Company as of March 31, 2021 and the results of its operations for the three months ended March 31, 2021 and 2020 and of its cash flows for the three months ended March 31, 2021 and 2020. The results reported in these consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. These results have been determined on the basis of accounting principles generally accepted in the United States of America (“GAAP”), the application of which requires management’s utilization of estimates, and actual results may differ materially from the estimates utilized. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. |
Accounting and Reporting Developments |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting and Reporting Developments | Accounting and Reporting DevelopmentsOn January 1, 2021, the Company adopted new guidance to simplify the accounting for income taxes by, among other things, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws. The guidance did not have a material impact on the Company's consolidated financial statements. |
Subsequent Event |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On April 8, 2021, the Company entered into a Share and Asset Purchase Agreement which provides for the sale (the “Transaction”) of its European Tinplate business (the “Business”) to Kouti B.V., an affiliate of KPS Capital Partners LP. The Business comprises the Company’s European Food segment and its European Aerosol and Promotional Packaging reporting unit which is reported in the Company's other segments. In 2020, the Business had net sales of $2,183. The Company expects to receive pre-tax proceeds of approximately €1.9 billion ($2.2 billion at March 31, 2021) from the Transaction and retain a 20% minority interest in the Business. The completion of the Transaction is subject to the fulfillment of various conditions, including, among others, receipt of approvals from antitrust regulators in certain jurisdictions. Completion of the Transaction is expected to occur during the third quarter of 2021. However, given the number of jurisdictions in which antitrust approval is required, there is no assurance that the Transaction can be completed on that timeframe. Beginning with the quarterly period ended June 30, 2021, the assets and liabilities of the Business will be presented as held for sale in the Company's Consolidated Balance Sheet and the results of operations will be reported as discontinued operations in the Consolidated Statement of Operations.
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Cash, Cash Equivalents and Restricted Cash |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash, cash equivalents, and restricted cash included in the Company's Consolidated Balance Sheets and Statement of Cash Flows were as follows:
Amounts included in restricted cash primarily represent amounts required to be segregated by certain of the Company's receivables securitization agreements.
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Receivables |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables | Receivables
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories are stated at the lower of cost or market, with cost principally determined under the first-in first-out ("FIFO") or average cost method.
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Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows:
Total amortization expense of intangible assets for the three ended March 31, 2021 and 2020 was $47 and $45.
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Restructuring and Other |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other | Restructuring and Other The Company recorded restructuring and other items as follows:
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Asbestos-Related Liabilities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 U.S. by persons alleging bodily injury as a result of exposure to asbestos. These claims arose from the insulation operations of a U.S. company, the majority of whose stock Crown Cork purchased in 1963. Approximately days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork.r Prior to 1998, amounts paid to asbestos claimants were covered by a fund made available to Crown Cork under a 1985 settlement with carriers insuring Crown Cork through 1976, when Crown Cork became self-insured. The fund was depleted in 1998 and the Company has no remaining coverage for asbestos-related costs. In December 2001, the Commonwealth of Pennsylvania enacted legislation that limits the asbestos-related liabilities of Pennsylvania corporations that are successors by corporate merger to companies involved with asbestos. The legislation limits the successor’s liability for asbestos to the acquired company’s asset value adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the acquired company’s adjusted asset value. In November 2004, the legislation was amended to address a Pennsylvania Supreme Court decision (Ieropoli v. AC&S Corporation, et. al., No. 117 EM 2002) which held that the statute violated the Pennsylvania Constitution due to retroactive application. The Company cautions that the limitations of the statute, as amended, are subject to litigation and may not be upheld. In June 2003, the state of Texas enacted legislation that limits the asbestos-related liabilities in Texas courts of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The Texas legislation, which applies to future claims and pending claims, caps asbestos-related liabilities at the total gross value of the predecessor’s assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total adjusted value of its predecessor’s assets. In October 2010, the Texas Supreme Court held that the Texas legislation was unconstitutional under the Texas Constitution when applied to asbestos-related claims pending against Crown Cork when the legislation was enacted in June 2003. The Company believes that the decision of the Texas Supreme Court is limited to retroactive application of the Texas legislation to asbestos-related cases that were pending against Crown Cork in Texas on June 11, 2003 and therefore, in its accrual, continues to assign no value to claims filed after June 11, 2003. In recent years, the states of Alabama, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Michigan, Mississippi, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, West Virginia, Wisconsin and Wyoming enacted legislation that limits asbestos-related liabilities under state law of companies such as Crown Cork that allegedly incurred these liabilities because they are successors by corporate merger to companies that had been involved with asbestos. The legislation, which applies to future and, with the exception of Arkansas, Georgia, South Carolina, South Dakota, West Virginia and Wyoming, pending claims, caps asbestos-related liabilities at the fair market value of the predecessor's total gross assets adjusted for inflation. Crown Cork has paid significantly more for asbestos-related claims than the total value of its predecessor's assets adjusted for inflation. Crown Cork has integrated the legislation into its claims defense strategy. The Company further cautions that an adverse ruling in any litigation relating to the constitutionality or applicability to Crown Cork of one or more statutes that limits the asbestos-related liability of alleged defendants like Crown Cork could have a material impact on the Company. During the three months ended March 31, 2021, the Company paid $2 to settle asbestos claims and pay related legal and defense costs and had claims activity as follows:
In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2020, the Company's outstanding claims were:
The outstanding claims in each period exclude approximately 19,000 inactive claims. Due to the passage of time, the Company considers it unlikely that the plaintiffs in these cases will pursue further action against the Company. The exclusion of these inactive claims had no effect on the calculation of the Company’s accrual as the claims were filed in states, as described above, where the Company’s liability is limited by statute. With respect to claimants alleging first exposure to asbestos before or during 1964, the Company does not include in its accrual any amounts for settlements in states where the Company’s liability is limited by statute except for certain pending claims in Texas as described earlier. With respect to post-1964 claims, regardless of the existence of asbestos legislation, the Company does not include in its accrual any amounts for settlement of these claims because of increased difficulty of establishing identification of relevant insulation products as the cause of injury. Given the Company's settlement experience with post-1964 claims, it does not believe that an adverse ruling in the Texas or Pennsylvania asbestos litigation cases, or in any other state that has enacted asbestos legislation, would have a material impact on the Company with respect to such claims. As of December 31, the percentage of outstanding claims related to claimants alleging serious diseases (primarily mesothelioma and other malignancies) were as follows:
Crown Cork has entered into arrangements with plaintiffs’ counsel in certain jurisdictions with respect to claims which are not yet filed, or asserted, against it. However, Crown Cork expects claims under these arrangements to be filed or asserted against Crown Cork in the future. The projected value of these claims is included in the Company’s estimated liability as of March 31, 2021. As of March 31, 2021, the Company’s accrual for pending and future asbestos-related claims and related legal costs was $249, including $207 for unasserted claims. The Company determines its accrual without limitation to a specific time period. It is reasonably possible that the actual loss could be in excess of the Company’s accrual. However, the Company is unable to estimate the reasonably possible loss in excess of its accrual due to uncertainty in the following assumptions that underlie the Company’s accrual and the possibility of losses in excess of such accrual: the amount of damages sought by the claimant (which was not specified for approximately 81% of the claims outstanding at the end of 2020), 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 |
3 Months Ended |
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Mar. 31, 2021 | |
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 U.S. Environmental Protection Agency or a comparable state environmental agency as a Potentially Responsible Party (“PRP”) at a number of sites and has recorded aggregate accruals of $8 for its share of estimated future remediation costs at these sites. The Company has been identified as having either directly or indirectly disposed of commercial or industrial waste at the sites subject to the accrual, and where appropriate and supported by available information, generally has agreed to be responsible for a percentage of future remediation costs based on an estimated volume of materials disposed in proportion to the total materials disposed at each site. The Company has not had monetary sanctions imposed nor has the Company been notified of any potential monetary sanctions at any of the sites. The Company has also recorded aggregate accruals of $7 for remediation activities at various worldwide locations that are owned by the Company and for which the Company is not a member of a PRP group. Although the Company believes its accruals are adequate to cover its portion of future remediation costs, there can be no assurance that the ultimate payments will not exceed the amount of the Company’s accruals and will not have a material effect on its results of operations, financial position and cash flow. Any possible loss or range of potential loss that may be incurred in excess of the recorded accruals cannot be estimated. In March 2015, the Bundeskartellamt, or German Federal Cartel Office (“FCO”), conducted unannounced inspections of the premises of several metal packaging manufacturers, including a German subsidiary of the Company. The local court order authorizing the inspection cited FCO suspicions of anti-competitive agreements in the German market for the supply of metal packaging products. The Company conducted an internal investigation into the matter and discovered instances of inappropriate conduct by certain employees of German subsidiaries of the Company. The Company cooperated with the FCO and submitted a leniency application with the FCO which disclosed the findings of its internal investigation to date. In April 2018, the FCO discontinued its national investigation and referred the matter to the European Commission (the “Commission”). Following the referral, Commission officials conducted unannounced inspections of the premises of several metal packaging manufacturers, including Company subsidiaries in Germany, France and the United Kingdom. The Commission's investigation is ongoing and, to date, the Commission has not officially charged the Company or any of its subsidiaries with violations of competition law. The Company is cooperating with the Commission and submitted a leniency application with the Commission with respect to the findings of the investigation in Germany referenced above. This application may lead to the reduction of possible future penalties. At this stage of the investigation the Company believes that a loss is probable but is unable to predict the ultimate outcome of the Commission’s investigation and is unable to estimate the loss or possible range of losses that could be incurred, and has therefore not recorded a charge in connection with the actions by the Commission. If the Commission finds that the Company or any of its subsidiaries violated competition law, fines levied by the Commission could be material to the Company's operating results and cash flows for the periods in which they are resolved or become reasonably estimable. In March 2017, U.S. Customs and Border Protection (“CBP”) at the Port of Milwaukee issued a penalty notification alleging that certain of the Company’s subsidiaries intentionally misclassified the importation of certain goods into the U.S. during the period 2004-2009. CBP initially assessed a penalty of $18 and subsequently mitigated to $6. The Company has acknowledged to CBP that the goods were misclassified and has paid all related duties. The Company has asserted that the misclassification was unintentional and disputes the penalty assessment. At the present time, based on the information available, the Company does not believe that a loss for the alleged intentional misclassification is probable. There can be no assurance the Company will be successful in contesting the assessed penalty. The Company and its subsidiaries are also subject to various other lawsuits and claims with respect to governmental, 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 course 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 (including in connection with tariffs recently imposed in the U.S., which may increase costs) and has periodically adjusted its selling prices to reflect these movements. There can be no assurance 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 March 31, 2021, the Company was party to certain indemnification agreements covering environmental remediation, lease payments and other potential costs associated with properties sold or businesses divested. 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.
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Derivative and Other Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | Derivative and Other Financial Instruments Fair Value Measurements Under GAAP a framework exists for measuring fair value, providing a three-tier hierarchy of pricing inputs used to report assets and liabilities that are adjusted to fair value. Level 1 includes inputs such as quoted prices which are available in active markets for identical assets or liabilities as of the report date. Level 2 includes inputs other than those available in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 includes unobservable pricing inputs that are not corroborated by market data or other objective sources. The Company has no recurring items valued using Level 3 inputs other than certain pension plan assets. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities measured at fair value and their placement within the fair value hierarchy. The Company applies a market approach to value its commodity price hedge contracts. Prices from observable markets are used to develop the fair value of these financial instruments and they are reported under Level 2. The Company uses an income approach to value its foreign exchange forward contracts. These contracts are valued using a discounted cash flow model that calculates the present value of future cash flows under the terms of the contracts using market information as of the reporting date, such as foreign exchange spot and forward rates, and are reported under Level 2 of the fair value hierarchy. Fair value disclosures for financial assets and liabilities that were accounted for at fair value on a recurring basis are provided later in this note. In addition, see Note L for fair value disclosures related to debt. Derivative Financial Instruments In the normal course of business the Company is subject to risk from adverse fluctuations in currency exchange rates, interest rates and commodity prices. The Company manages these risks through a program that includes the use of derivative financial instruments, primarily swaps and forwards. Counterparties to these contracts are major financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company does not use derivative instruments for trading or speculative purposes. The Company’s objective in managing exposure to market and interest rate risk is to limit the impact on earnings and cash flow. The extent to which the Company uses such instruments is dependent upon its access to these contracts in the financial markets and its success using other methods, such as netting exposures in the same currencies to mitigate foreign exchange risk, using sales agreements that permit the pass-through of commodity price and foreign exchange rate risk to customers and borrowing both fixed and floating debt instruments to manage interest rate risk. For derivative financial instruments accounted for in hedging relationships, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the manner in which effectiveness will be assessed. The Company formally assesses, both at inception and at least quarterly thereafter, whether the hedging relationships are effective in offsetting changes in fair value or cash flows of the related underlying exposures. When a 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 are recorded in accumulated other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Operations upon reclassification from accumulated comprehensive income is the same as that of the underlying exposure. Contracts outstanding at March 31, 2021 mature between and twenty-two 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 the fair value accumulated in other comprehensive income are recognized immediately in earnings. The Company uses commodity forward contracts 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. Foreign currency risk is generally hedged with the related commodity price risk. The Company also uses interest rate swaps to convert interest on floating rate debt to a fixed-rate. The following tables set forth financial information about the impact on other comprehensive income ("OCI"), accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments.
For the twelve-month period ending March 31, 2022, a net gain of $49 ($39, net of tax) is expected to be reclassified to earnings for commodity and foreign exchange contracts. No amounts were reclassified during the three months ended March 31, 2021 and 2020 in connection with anticipated transactions that were no longer considered probable. Fair Value Hedges and Contracts Not Designated as Hedges The Company designates certain derivative financial instruments as fair value hedges of recognized foreign-denominated assets and liabilities, generally trade accounts receivable and payable and unrecognized firm commitments. The notional values and maturity dates of the derivative instruments coincide with those of the hedged items. Changes in fair value of the derivative financial instruments, excluding time value, are offset by changes in fair value of the related hedged items. For the three months ended March 31, 2021 and 2020, the Company recorded a gain of $7 and loss of less than $1 from foreign exchange contracts designated as fair value hedges. These adjustments were reported within foreign exchange in the Consolidated Statements of Operations. Certain derivative financial instruments, including foreign exchange contracts related to intercompany debt, were not designated or did not quality for hedge accounting; however, they are effective economic hedges as the changes in their fair value, except for time value, are offset by changes arising from re-measurement of the related hedged items. The Company’s primary use of these derivative instruments is to offset the earnings impact that fluctuations in foreign exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. Changes in fair value of these derivative instruments are immediately recognized in earnings as foreign exchange adjustments. The following table sets forth the impact on earnings from derivatives not designated as hedges.
Net Investment Hedges The Company designates certain debt and derivative instruments as net investment hedges to manage foreign currency risk relating to net investments in subsidiaries denominated in foreign currencies and reduce the variability in the functional currency equivalent cash flows. During the three months ended March 31, 2021 and 2020, the Company recorded a gain of $54 ($54, net of tax) and a gain of $26 ($26, net of tax) in other comprehensive income for certain debt instruments that are designated as hedges of its net investment in a euro-based subsidiary. As of March 31, 2021 and December 31, 2020, cumulative gains of $21 ($44, net of tax) and losses of $33 ($10, net of tax) were recognized in accumulated other comprehensive income related to these net investment hedges and the carrying amount of the hedged net investment was €1,115 ($1,308) at March 31, 2021. The following tables set forth the impact on AOCI from changes in the fair value of derivative instruments designated as net investment hedges.
Gains and losses representing components excluded from the assessment of effectiveness on derivatives designated as net investment hedges are recognized in accumulated other comprehensive income. Gains or losses on net investment hedges remain in accumulated other comprehensive income until disposal of the underlying assets. Fair Values of Derivative Financial Instruments and Valuation Hierarchy The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.
Fair Value Hedge Carrying Amounts
As of March 31, 2021, the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedge assets and liabilities was a loss of $3. As of December 31, 2020, the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedge assets and liabilities was a gain of $4. Offsetting of Derivative Assets and Liabilities Certain derivative financial instruments are subject to agreements with counterparties similar to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the statement of financial position. In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.
Notional Values of Outstanding Derivative Instruments The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2021 and December 31, 2020 were:
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The Company's outstanding debt was as follows:
(1) €314 and €317 at March 31, 2021 and December 31, 2020 |
Pension and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2021 and 2020 were as follows:
In the three months ended March 31, 2020, the Company recorded settlement charges related to the payment of lump sum buy-outs to settle certain non-U.S. pension obligations using plan assets. The components of net periodic cost / (benefit) other than the service cost component are included in other pension and postretirement in the Consolidated Statement of Operations. The following table provides information about amounts reclassified from accumulated other comprehensive income.
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Accumulated Other Comprehensive Income |
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table provides information about the changes in each component of accumulated other comprehensive income.
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Revenue |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue For the three months ended March 31, 2021 and 2020, the Company recognized revenue as follows:
The Company has applied the practical expedient to exclude disclosure of remaining performance obligations as its binding orders typically have a term of one year or less. Contract Assets The Company recorded contract assets of $52 and $37 in prepaid and other current assets as of March 31, 2021 and December 31, 2020. For the three months ended March 31, 2021, the Company recorded new contract assets related to customized work-in-process inventory in the Company's equipment business.
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Earnings Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table summarizes the computations of basic and diluted earnings per share attributable to the Company.
For the three months ended March 31, 2020, 0.4 million contingently issuable common shares were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. The Company declared and paid cash dividends of $.20 per share for the three months ended March 31, 2021. Additionally, on April 22, 2021, the Company's Board of Directors declared a dividend of $.20 per share payable on May 20, 2021 to shareholders of record on May 6, 2021.
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Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company evaluates performance and allocates resources based on segment income, which is not a defined term under GAAP. The Company defines segment income as income from operations adjusted to exclude intangibles amortization charges, provisions for asbestos and restructuring and other, and the impact of fair value adjustments to inventory acquired in an acquisition. Segment income should not be considered in isolation or as a substitute for net income prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. The tables below present information about the Company's operating segments.
The primary sources of revenue included in other segments are the Company's food can and closures business in North America, aerosol can businesses in North America and Europe, its promotional packaging business in Europe, and its tooling and equipment operations in the U.S. and U.K.
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.
A reconciliation of segment income of reportable segments to income before income taxes is as follows:
For the three months ended March 31, 2021 and 2020, intercompany profits of $2 and less than $1 were eliminated within segment income of other segments. Corporate and unallocated items includes corporate and division administrative costs, technology costs, and unallocated items such as stock-based compensation.
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Accounting and Reporting Developments (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted and Recently Issued Accounting Standards | On January 1, 2021, the Company adopted new guidance to simplify the accounting for income taxes by, among other things, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws. The guidance did not have a material impact on the Company's consolidated financial statements. |
Cash, Cash Equivalents and Restricted Cash Cash (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash, Cash equivalents, and Restricted Cash | Cash, cash equivalents, and restricted cash included in the Company's Consolidated Balance Sheets and Statement of Cash Flows were as follows:
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Receivables (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Receivables |
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Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories |
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Intangible Assets (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Carrying Amounts and Accumulated Amortization of Finite-lived Intangible Assets by Major Class | Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows:
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Restructuring and Other (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Charges (Benefits) | The Company recorded restructuring and other items as follows:
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Asbestos-Related Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Asbestos and Environmental Claims [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Claims Activity | During the three months ended March 31, 2021, the Company paid $2 to settle asbestos claims and pay related legal and defense costs and had claims activity as follows:
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Summary of Outstanding Asbestos Claims by Years of Exposure and State Filed | In the fourth quarter of each year, the Company performs an analysis of outstanding claims and categorizes these claims by year of exposure and state filed. As of December 31, 2020, the Company's outstanding claims were:
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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) were as follows:
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Derivative and Other Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (AOCI) and Earnings From Changes In Fair Value Related To Derivative Instruments | The following tables set forth financial information about the impact on other comprehensive income ("OCI"), accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments.
The following tables set forth the impact on AOCI from changes in the fair value of derivative instruments designated as net investment hedges.
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Schedule of Impact on Earnings from Derivatives Not Designated as Hedging Instruments | The following table sets forth the impact on earnings from derivatives not designated as hedges.
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Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets | The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.
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Schedule of Derivative Instruments Fair Value Hedge Carrying Amount | Fair Value Hedge Carrying Amounts
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Schedule of Offsetting Derivative Assets and Liabilities | In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.
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Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet | The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2021 and December 31, 2020 were:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Outstanding Debt | The Company's outstanding debt was as follows:
(1) €314 and €317 at March 31, 2021 and December 31, 2020
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Pension and Other Postretirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table provides information about amounts reclassified from accumulated other comprehensive income.
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Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Pension and Other Postretirement Benefits Costs |
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U.S. | Pension Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Pension and Other Postretirement Benefits Costs | The components of net periodic pension and other postretirement benefits costs for the three months ended March 31, 2021 and 2020 were as follows:
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Pension Benefits - Non-U.S. Plans | Pension Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Pension and Other Postretirement Benefits Costs |
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Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table provides information about the changes in each component of accumulated other comprehensive income.
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Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognized |
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings per Share | The following table summarizes the computations of basic and diluted earnings per share attributable to the Company.
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about Operating Segments | The tables below present information about the Company's operating segments.
The primary sources of revenue included in other segments are the Company's food can and closures business in North America, aerosol can businesses in North America and Europe, its promotional packaging business in Europe, and its tooling and equipment operations in the U.S. and U.K.
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.
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Reconciliation of Segment Income | A reconciliation of segment income of reportable segments to income before income taxes is as follows:
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Subsequent Event (Details) - European Tinplate - Discontinued Operations, Disposed of by Sale $ in Millions, € in Billions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2021
EUR (€)
|
Dec. 31, 2020
USD ($)
|
|
Subsequent Event [Line Items] | |||
Disposal group, revenue | $ 2,183 | ||
Subsequent Event | Forecast | |||
Subsequent Event [Line Items] | |||
Proceeds from divestiture of businesses | $ 2,200 | € 1.9 | |
Equity method investment retained after disposal, percent | 20.00% | 20.00% |
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 588 | $ 1,173 | ||
Restricted cash included in prepaid expenses and other current assets | 78 | 64 | ||
Restricted cash included in other non-current assets | 1 | 1 | ||
Total restricted cash | 79 | 65 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 667 | $ 1,238 | $ 821 | $ 663 |
Receivables (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Receivables [Abstract] | ||
Accounts receivable | $ 1,316 | $ 1,297 |
Less: allowance for credit losses | (62) | (59) |
Net trade receivables | 1,254 | 1,238 |
Unbilled receivables | 338 | 294 |
Miscellaneous receivables | 276 | 251 |
Receivables, net | $ 1,868 | $ 1,783 |
Inventories (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 1,018 | $ 1,003 |
Work in process | 185 | 164 |
Finished goods | 614 | 506 |
Total inventories | $ 1,817 | $ 1,673 |
Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,492 | $ 2,549 |
Accumulated amortization | (699) | (669) |
Net | 1,793 | 1,880 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,623 | 1,661 |
Accumulated amortization | (488) | (470) |
Net | 1,135 | 1,191 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 553 | 565 |
Accumulated amortization | (70) | (65) |
Net | 483 | 500 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 162 | 165 |
Accumulated amortization | (72) | (67) |
Net | 90 | 98 |
Long term supply contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 137 | 142 |
Accumulated amortization | (57) | (55) |
Net | 80 | 87 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 17 | 16 |
Accumulated amortization | (12) | (12) |
Net | $ 5 | $ 4 |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 47 | $ 45 |
Restructuring and Other - Charges/ (Benefits) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Restructuring and Related Activities [Abstract] | ||
Restructuring | $ 8 | $ 3 |
Other Restructuring Costs | (8) | 3 |
Asset impairments and sales | 0 | 1 |
Restructuring and other | $ 2 | $ 7 |
Restructuring and Other - Narrative (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Restructuring and Related Activities [Abstract] | |
Restructuring accrual | $ 18 |
Asbestos-Related Liabilities - Narrative (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
inactive_claim
|
Dec. 31, 2020 |
|
Liability for Asbestos and Environmental Claims [Abstract] | ||
Holding period for insulation operations (in days) | 90 days | |
Liability for asbestos and environmental claims net claims paid | $ 2 | |
Inactive claims (in claims) | inactive_claim | 19,000 | |
Accrued asbestos claims and related legal costs | $ 249 | |
Unasserted claims | $ 207 | |
Percentage of claims that do not specify damages | 81.00% |
Asbestos-Related Liabilities - Summary of Claims Activity (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
Claim
| |
Loss Contingency Accrual [Roll Forward] | |
Beginning claims | 56,000 |
New claims | 500 |
Settlements or dismissals | (100) |
Ending claims | 56,400 |
Asbestos-Related Liabilities - Summary of Percentage of Outstanding Claims Related to Claimants Alleging Serious Diseases (Details) |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims alleging serious diseases | 23.00% | 22.00% |
Pre-1964 claims in states without asbestos legislation | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Claims alleging serious diseases | 41.00% | 41.00% |
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Mar. 31, 2017 |
---|---|---|
PRP site | ||
Commitments And Contingent Liabilities [Line Items] | ||
Estimated future remediation costs | $ 8 | |
Non- PRP sites | ||
Commitments And Contingent Liabilities [Line Items] | ||
Estimated future remediation costs | 7 | |
Penalty Notification Alleging Misclassification of Importation of Certain Goods into U.S. During 2004-2009 | U.S. Customs and Border Protection (CBP) | ||
Commitments And Contingent Liabilities [Line Items] | ||
Assessed penalty | $ 6 | $ 18 |
Derivative and Other Financial Instruments - Fair Value Hedges and Contracts Not Designated as Hedges (Details) - Derivatives not designated as hedges - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | $ (13) | $ 6 |
Net sales | Foreign exchange | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | (1) | (1) |
Cost of products sold | Foreign exchange | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | 1 | 1 |
Foreign exchange | Foreign exchange | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net, pretax | $ (13) | $ 6 |
Derivative and Other Financial Instruments - Net Investment Hedges (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivatives designated as net investment hedges | Designated as Hedging Instrument | Foreign exchange | ||
Derivative [Line Items] | ||
Amount of gain/(loss) recognized in AOCI | $ 22 | $ 61 |
Derivative and Other Financial Instruments - Fair Value Hedge Carrying Amounts (Details) - Derivatives in fair value hedges - Designated as Hedging Instrument - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Cash and cash equivalents | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | $ 23 | $ 22 |
Receivables, net | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 35 | 11 |
Accounts payable | ||
Derivative [Line Items] | ||
Accounts payable | $ 136 | $ 100 |
Derivative and Other Financial Instruments - Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized in the Balance Sheet, Derivative Assets | $ 135 | $ 76 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Assets | 22 | 11 |
Net Amount, Derivative Assets | 113 | 65 |
Gross Amounts Recognized in the Balance Sheet, Derivative Liabilities | 72 | 52 |
Gross Amounts Not Offset in the Balance Sheet, Derivative Liabilities | 22 | 11 |
Net Amount, Derivative Liabilities | $ 50 | $ 41 |
Derivative and Other Financial Instruments - Notional Values of Outstanding Derivative Instruments (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Foreign exchange | Derivatives not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 723 | $ 722 |
Foreign exchange | Derivatives in cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 932 | 1,127 |
Foreign exchange | Derivatives in fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 280 | 183 |
Foreign exchange | Derivatives designated as net investment hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 1,075 | 1,075 |
Commodities | Derivatives in cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 216 | 248 |
Interest Rate Swap | Derivatives in cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 200 | $ 200 |
Debt - Narrative (Details) $ in Millions |
Mar. 31, 2021
EUR (€)
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2020
EUR (€)
|
Dec. 31, 2020
USD ($)
|
---|---|---|---|---|
Fair Value, Inputs, Level 2 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, fair value | $ | $ 8,414 | $ 8,617 | ||
Senior Secured Borrowings | Euro at EURIBOR Plus One Point Five Percentage Due Two Thousand and Twenty Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, face amount | € | € 314,000,000 | € 317,000,000 |
Pension and Other Postretirement Benefits - Components (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 1 | $ 1 |
Recognized prior service credit | (7) | (6) |
Recognized net loss | 1 | 1 |
Net periodic cost (benefit) | (5) | (4) |
U.S. | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 5 | 5 |
Interest cost | 6 | 10 |
Expected return on plan assets | (15) | (18) |
Recognized net loss | 15 | 14 |
Net periodic cost (benefit) | 11 | 11 |
Pension Benefits - Non-U.S. Plans | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 3 | 3 |
Interest cost | 9 | 14 |
Expected return on plan assets | (20) | (31) |
Settlement loss | 0 | 37 |
Recognized net loss | 9 | 9 |
Net periodic cost (benefit) | $ 1 | $ 32 |
Pension and Other Postretirement Benefits - Amounts reclassified from accumulated other comprehensive income (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income before taxes | $ 318 | $ 151 |
Income Tax Expense (Benefit) | (75) | (38) |
Net income | 245 | 114 |
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Actuarial losses | 25 | 24 |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 37 |
Prior service credit | (7) | (6) |
Income before taxes | 18 | 55 |
Income Tax Expense (Benefit) | (3) | (4) |
Net income | $ 15 | $ 51 |
Revenue - Recognized (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | $ 3,078 | $ 2,757 | |
Total revenue | 3,078 | 2,757 | |
Contract with Customer, Asset, after Allowance for Credit Loss | 52 | $ 37 | |
Over time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | 1,628 | 1,475 | |
Point in time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | $ 1,450 | $ 1,282 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | ||
---|---|---|---|
Apr. 22, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | |||
Net income attributable to Crown Holdings | $ 211 | $ 88 | |
Weighted average shares outstanding: | |||
Basic (in shares) | 133.6 | 134.1 | |
Add: dilutive stock options and restricted stock (in shares) | 1.0 | 0.9 | |
Diluted (in shares) | 134.6 | 135.0 | |
Basic earnings per share (in usd per share) | $ 1.58 | $ 0.66 | |
Diluted earnings per share (in usd per share) | 1.57 | $ 0.65 | |
Value of shares excluded from the computation of diluted earnings per share | 0.4 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.20 | ||
Subsequent Event | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.20 |
Segment Information - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting Information [Line Items] | ||
Intercompany profit eliminated | $ 2 | $ 1 |
Other segments | ||
Segment Reporting Information [Line Items] | ||
Segment description | The primary sources of revenue included in other segments are the Company's food can and closures business in North America, aerosol can businesses in North America and Europe, its promotional packaging business in Europe, and its tooling and equipment operations in the U.S. and U.K. |
Label | Element | Value |
---|---|---|
Treasury Stock [Member] | ||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation |
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