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Accounting and Reporting Developments (Policies) | 3 Months Ended
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Mar. 31, 2018
Accounting Policies [Abstract] |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Statement of Cash Flows In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and payments on the statement of cash flows. Under the new guidance, cash payments resulting from debt prepayment or extinguishment are classified as cash outflows from financing activities. In addition, beneficial interests obtained in a securitization of financial assets are disclosed as a noncash activity and cash receipts from the beneficial interests are classified as cash inflows from investing activities. Under previous guidance, the Company classified cash receipts from beneficial interests in securitized receivables and cash payments resulting from debt prepayment or extinguishment as cash flows from operating activities. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to conform to the current year presentation. For the period ended March 31, 2017, the Company reclassified $257 from net cash used for operating activities to net cash provided by investing activities. Additionally, for the three months ended March 31, 2018 and 2017, beneficial interests obtained in securitized receivables included in noncash investing activities were $199 and $265. In November 2016, new accounting guidance was issued that requires the statement of cash flows to explain the change in the total of cash, cash equivalents and restricted cash. In addition, restricted cash is included in a cash reconciliation of beginning-of-period and end-of-period total amounts shown on the statements of cash flows. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to confirm to current year presentation. Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows:
| March 31, 2018 |  | December 31, 2017
Cash and cash equivalents | $ | 2,201 |  |  | $ | 424 |
Restricted cash, included in prepaid expenses and other current assets | 1 |  |  | 2 |
Restricted cash, included in other non-current assets | 9 |  |  | 9 |
Total cash, cash equivalents and restricted cash | $ | 2,211 |  |  | $ | 435 |
| March 31, 2017 |  | December 31, 2016
Cash and cash equivalents | $ | 338 |  |  | $ | 559 |
Restricted cash, included in prepaid expenses and other current assets | 8 |  |  | 8 |
Restricted cash, included in other non-current assets | 9 |  |  | 9 |
Total cash, cash equivalents and restricted cash | $ | 355 |  |  | $ | 576 |
Amounts included in restricted cash primarily represent those required to be set aside by the Company's receivables securitization agreement in Europe. Pension and other postretirement benefit costs In March 2017, the FASB issued new guidance on the presentation of pension and other postretirement benefit costs. Under the new guidance, only the service cost component of pension and other postretirement benefit costs is presented with other employee compensation costs within income from operations or capitalized in assets. The other components are reported separately outside of income from operations and are not eligible for capitalization. The Company adopted this guidance on January 1, 2018 and recast prior period amounts to conform to current year presentation. A net benefit of $12 was reclassified from cost of products sold, excluding depreciation and amortization, to other pension and postretirement on the Company's Consolidated Statement of Operations for the period ended March 31, 2017. Revenue recognition In May 2014, the FASB issued new guidance which outlined a single comprehensive model to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. Under previous guidance, the Company generally recognized revenue upon shipment or delivery. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services which is either at a point in time or over time. In addition to accelerating the timing of revenue recognition, an unbilled receivable is recognized with an offsetting decrease to inventory. The new guidance is not expected to have a material impact on the Company's annual income from operations but could impact income from operations in certain quarters as the Company may recognize revenue from certain products as it builds inventory in anticipation of seasonal demands. On January 1, 2018, the Company adopted the new revenue standard using the modified retrospective method applied to those contracts which were outstanding as of January 1, 2018. The Company recognized the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. Results from reporting periods beginning after January 1, 2018 are presented under the new revenue standard, while prior period amounts are not adjusted and continue to be reported in accordance with accounting standards in effect for those periods. The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2018 for the adoption of the new revenue standard was as follows:
| As reported |  | As revised
| December 31, |  | January 1,
| 2017 | Adjustment | 2018
Receivables, net | $ | 1,041 |  | $ | 154 |  | $ | 1,195 |
Inventories | 1,385 |  | (144 | ) | 1,241 |
Prepaid and other current assets | 224 |  | 26 |  | 250 |
Total current assets | 3,074 |  | 36 |  | 3,110 |
Other non-current assets | 832 |  | 1 |  | 833 |
Total assets | 10,663 |  | 37 |  | 10,700 |
Accrued liabilities | 757 |  | 17 |  | 774 |
Total current liabilities | 3,250 |  | 17 |  | 3,267 |
Other non-current liabilities | 685 |  | 10 |  | 695 |
Noncontrolling interests | 322 |  | 1 |  | 323 |
Accumulated earnings | 3,004 |  | 9 |  | 3,013 |
Crown Holdings shareholders' equity | 601 |  | 9 |  | 610 |
Total equity | 923 |  | 10 |  | 933 |
Total liabilities and equity | 10,663 |  | 37 |  | 10,700 |
In accordance with the new revenue standard, the impact of adoption on the Company’s Consolidated Balance Sheet and Statement of Operations was as follows:
| As reported |  | Balances
| March 31, | Effects of | without adoption
Consolidated Balance Sheet | 2018 | Change | of new standard
Receivables, net | $ | 1,386 |  | $ | (245 | ) | $ | 1,141 |
Inventories | 1,431 |  | 210 |  | 1,641 |
Prepaid and other current assets | 243 |  | (20 | ) | 223 |
Total current assets | 5,261 |  | (55 | ) | 5,206 |
Other non-current assets | 875 |  | 2 |  | 877 |
Total assets | 13,079 |  | (53 | ) | 13,026 |
Accrued liabilities | 759 |  | (22 | ) | 737 |
Total current liabilities | 2,861 |  | (22 | ) | 2,839 |
Other non-current liabilities | 744 |  | (10 | ) | 734 |
Noncontrolling interests | 347 |  | (1 | ) | 346 |
Accumulated earnings | 3,100 |  | (20 | ) | 3,080 |
Crown Holdings shareholders' equity | 765 |  | (20 | ) | 745 |
Total equity | 1,112 |  | (21 | ) | 1,091 |
Total liabilities and equity | 13,079 |  | (53 | ) | 13,026 |
| As reported |  | Balances
| March 31, | Effects of | without adoption
Statement of Operations | 2018 | Change | of new standard
Net Sales | $ | 2,197 |  | $ | (82 | ) | $ | 2,115 |
Cost of products sold, excluding depreciation and amortization | 1,808 |  | (69 | ) | 1,739 |
Income from operations | 221 |  | (13 | ) | 208 |
Income before taxes | 152 |  | (13 | ) | 139 |
Provision for income taxes | 39 |  | (3 | ) | 36 |
Net income | 113 |  | (10 | ) | 103 |
Net income attributable to Crown Holdings | 90 |  | (10 | ) | 80 |
Earnings per common share attributable to Crown Holdings: |  |  |
Basic | $ | 0.67 |  | $ | (0.07 | ) | $ | 0.60 |
Diluted | $ | 0.67 |  | $ | (0.07 | ) | $ | 0.60 |
Hedge Accounting In August 2017, the FASB issued new guidance on hedge accounting. The new guidance allows contractually-specified price components of a commodity purchase or sale to be eligible for hedge accounting. Additionally, the new standard permits qualitative effectiveness assessments for certain hedges after the initial hedge qualification analysis. The Company adopted this guidance on January 1, 2018 using the modified retrospective approach for hedges of contractually-specified price components of commodity purchases and sales that existed on the adoption date. Upon adoption, the Company reclassified a net charge of $3 for the cumulative ineffectiveness of these contracts from retained earnings to accumulated other comprehensive income as a cumulative-effect adjustment. Intercompany transfers In October 2016, the FASB issued new guidance related to intercompany transfers of assets other than inventory. Under previous guidance, income tax expense associated with intercompany profits in an intercompany sale or transfer of assets was deferred until the assets left the consolidated group. Similarly, deferred tax assets were not recognized for any increase in tax bases due to the intercompany sale or transfer. The new guidance allows for the recognition of income tax expense and deferred tax benefits on increases in tax bases when an intercompany sale or transfer occurs. Income tax effects of intercompany inventory transactions continue to be deferred until the assets leave the consolidated group. The guidance became effective for the Company on January 1, 2018 and did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In February 2016, the FASB issued new guidance on lease accounting. Under the new guidance, lease classification criteria and income statement recognition are similar to current guidance; however, all leases with a term longer than one year will be recorded on the balance sheet through a right-of-use asset and a corresponding lease liability. The guidance will be effective for the Company on January 1, 2019. The Company is currently evaluating the impact of adopting this guidance, which may have a material impact on its financial position.

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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. + References No definition available. + Details
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