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Accounting and Reporting Developments (Tables)

9 Months Ended

Sep. 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, 2017				Adjustment				January 1, 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 as of September 30, 2018 and Statements of Operations for the three and nine months ended September 30, 2018 was as follows:

	As reported								Balances without adoption of new standard
Consolidated Balance Sheet	September 30, 2018				Effects of change
Receivables, net	$	1,968			$	(226	)		$	1,742
Inventories	1,639				199				1,838
Prepaid and other current assets	193				(28		)		165
Total current assets	4,098				(55		)		4,043
Other non-current assets	762				2				764
Total assets	15,335				(53		)		15,282
Accrued liabilities	952				(24		)		928
Total current liabilities	3,601				(24		)		3,577
Other non-current liabilities	880				(11		)		869
Noncontrolling interests	369				(2		)		367
Accumulated earnings	3,396				(16		)		3,380
Crown Holdings shareholders' equity	941				(16		)		925
Total equity	1,310				(18		)		1,292
Total liabilities and equity	15,335				(53		)		15,282

	As reported For the three months ended
					Effects of change				Balances without adoption of new standard
Statement of Operations	September 30, 2018
Net sales	$	3,174			$	(6	)		$	3,168
Cost of products sold, excluding depreciation and amortization	2,530				(6		)		2,524
Income from operations	365				—				365
Foreign exchange	(14		)		(1		)		(15		)
Income before income taxes	293				1				294
Provision for income taxes	102				—				102
Net income	193				1				194
Net income attributable to Crown Holdings	164				1				165
Earnings per common share attributable to Crown Holdings:
Basic	$	1.23			$	0.01			$	1.24
Diluted	$	1.23			$	—			$	1.23

	As reported For the nine months ended
					Effects of change				Balances without adoption of new standard
Statement of Operations	September 30, 2018
Net sales	$	8,417			$	(83	)		$	8,334
Cost of products sold, excluding depreciation and amortization	6,804				(69		)		6,735
Income from operations	878				(14		)		864
Foreign exchange	14				(4		)		10
Income before taxes	646				(10		)		636
Provision for income taxes	196				(3		)		193
Net income	453				(7		)		446
Net income attributable to Crown Holdings	386				(7		)		379
Earnings per common share attributable to Crown Holdings:
Basic	$	2.89			$	(0.05	)		$	2.84
Diluted	$	2.88			$	(0.05	)		$	2.83

The Company reclassified the following net (benefits) charges on the Statement of Operations for the three and nine months ended September 30, 2017 to conform to current year presentation:

	Three Months Ended				Nine Months Ended
	September 30, 2017				September 30, 2017
Cost of products sold, excluding depreciation and amortization	$	(16	)		$	(41	)
Selling and administrative expense	1				2
Restructuring and other	(4		)		(4		)
Other pension and postretirement	(19		)		(43		)

Schedule of Cash and Cash Equivalents

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

	September 30, 2018				December 31, 2017
Cash and cash equivalents	$	298			$	424
Restricted cash included in prepaid expenses and other current assets	48				2
Restricted cash included in other non-current assets	8				9
Total cash, cash equivalents and restricted cash	$	354			$	435

	September 30, 2017				December 31, 2016
Cash and cash equivalents	$	374			$	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	$	386			$	576

Schedule of Restricted Cash

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

	September 30, 2018				December 31, 2017
Cash and cash equivalents	$	298			$	424
Restricted cash included in prepaid expenses and other current assets	48				2
Restricted cash included in other non-current assets	8				9
Total cash, cash equivalents and restricted cash	$	354			$	435

	September 30, 2017				December 31, 2016
Cash and cash equivalents	$	374			$	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	$	386			$	576

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