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Accounting and Reporting Developments (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

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

The impact of adoption on the Company’s Consolidated Balance Sheet and Statements of Operations was as follows:

	As reported						Balances
	June 30			Effects of			without adoption
Consolidated Balance Sheet	2018			change			of new standard
Receivables, net	$	1,790		$	(229	)	$	1,561
Inventories	1,737			197			1,934
Prepaid and other current assets	330			(19		)	311
Total current assets	4,155			(51		)	4,104
Other non-current assets	776			2			778
Total assets	15,360			(49		)	15,311
Accrued liabilities	962			(22		)	940
Total current liabilities	3,529			(22		)	3,507
Other non-current liabilities	844			(9		)	835
Noncontrolling interests	353			(1		)	352
Accumulated earnings	3,232			(17		)	3,215
Crown Holdings shareholders' equity	784			(17		)	767
Total equity	1,137			(18		)	1,119
Total liabilities and equity	15,360			(49		)	15,311

	As reported For the three months ended
				Effects of			Balances without adoption
Statement of Operations	June 30, 2018			change			of new standard
Net sales	$	3,046		$	5		$	3,051
Cost of products sold, excluding depreciation and amortization	2,466			6			2,472
Income from operations	292			(1		)	291
Foreign exchange	10			(3		)	7
Income before income taxes	201			2			203
Net income	147			2			149
Net income attributable to Crown Holdings	132			2			134
Earnings per common share attributable to Crown Holdings:
Basic	$	0.99		$	0.01		$	1.00
Diluted	$	0.99		$	0.01		$	1.00

	As reported For the six months ended
				Effects of			Balances without adoption
Statement of Operations	June 30, 2018			change			of new standard
Net sales	$	5,243		$	(77	)	$	5,166
Cost of products sold, excluding depreciation and amortization	4,274			(63		)	4,211
Income from operations	513			(14		)	499
Foreign exchange	28			(3		)	25
Income before taxes	353			(11		)	342
Provision for income taxes	94			(3		)	91
Net income	260			(8		)	252
Net income attributable to Crown Holdings	222			(8		)	214
Earnings per common share attributable to Crown Holdings:
Basic	$	1.66		$	(0.06	)	$	1.60
Diluted	$	1.66		$	(0.06	)	$	1.60

Schedule of Cash and Cash Equivalents

Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows:

	June 30, 2018				December 31, 2017
Cash and cash equivalents	$	298			$	424
Restricted cash included in prepaid expenses and other current assets	—				2
Restricted cash included in other non-current assets	9				9
Total cash, cash equivalents and restricted cash	$	307			$	435

	June 30, 2017				December 31, 2016
Cash and cash equivalents	$	301			$	559
Restricted cash included in prepaid expenses and other current assets	2				8
Restricted cash included in other non-current assets	10				9
Total cash, cash equivalents and restricted cash	$	313			$	576

Schedule of Restricted Cash

Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows:

	June 30, 2018				December 31, 2017
Cash and cash equivalents	$	298			$	424
Restricted cash included in prepaid expenses and other current assets	—				2
Restricted cash included in other non-current assets	9				9
Total cash, cash equivalents and restricted cash	$	307			$	435

	June 30, 2017				December 31, 2016
Cash and cash equivalents	$	301			$	559
Restricted cash included in prepaid expenses and other current assets	2				8
Restricted cash included in other non-current assets	10				9
Total cash, cash equivalents and restricted cash	$	313			$	576

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