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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Estimated Useful Lives of PP&E | Depreciation is provided on a straight-line basis over the estimated useful lives of the assets described below (in years). The Company periodically reviews the estimated useful lives of its PP&E and, where appropriate, changes are made prospectively.
Land improvements | 25
Buildings and Building Improvements | 25 – 40
Machinery and Equipment | 3 – 18
| 2018 |  | 2017
Buildings and improvements | $ | 1,352 |  |  | $ | 1,214 |
Machinery and equipment | 5,562 |  |  | 5,131 |
Land and improvements | 280 |  |  | 204 |
Construction in progress | 323 |  |  | 369 |
| 7,517 |  |  | 6,918 |
Less: accumulated depreciation and amortization | (3,772 | ) |  | (3,679 | )
| $ | 3,745 |  |  | $ | 3,239 |
Schedule of Recently Adopted Accounting Standards | 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 guidance was as follows:
| As reported |  |  |  | As revised
Consolidated Balance Sheet | 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 December 31, 2018 and Statement of Operations for the year ended December 31, 2018 was as follows:
| As reported December 31, 2018 |  |  |  | Balances without adoption of new standard
Consolidated Balance Sheet |  | Effects of change |
Receivables, net | $ | 1,602 |  |  | $ | (181 | ) |  | $ | 1,421 |
Inventories | 1,690 |  |  | 155 |  |  | 1,845 |
Prepaid and other current assets | 180 |  |  | (16 | ) |  | 164 |
Total current assets | 4,079 |  |  | (42 | ) |  | 4,037 |
Total assets | 15,262 |  |  | (42 | ) |  | 15,220 |
Accrued liabilities | 1,006 |  |  | (21 | ) |  | 985 |
Total current liabilities | 3,913 |  |  | (21 | ) |  | 3,892 |
Other non-current liabilities | 863 |  |  | (9 | ) |  | 854 |
Noncontrolling interests | 349 |  |  | (1 | ) |  | 348 |
Accumulated earnings | 3,449 |  |  | (11 | ) |  | 3,438 |
Crown Holdings shareholders' equity | 937 |  |  | (11 | ) |  | 926 |
Total equity | 1,286 |  |  | (12 | ) |  | 1,274 |
Total liabilities and equity | 15,262 |  |  | (42 | ) |  | 15,220 |
| As reported For the year ended |  |  |  |
|  | Effects of change |  | Amounts without adoption of new standard
Statement of Operations | December 31, 2018 |  |
Net sales | $ | 11,151 |  |  | $ | (27 | ) |  | $ | 11,124 |
Cost of products sold, excluding depreciation and amortization | 9,028 |  |  | (21 | ) |  | 9,007 |
Income from operations | 1,096 |  |  | (6 | ) |  | 1,090 |
Foreign exchange | 18 |  |  | (3 | ) |  | 15 |
Income before taxes | 740 |  |  | (3 | ) |  | 737 |
Provision for income taxes | 216 |  |  | (1 | ) |  | 215 |
Net income | 528 |  |  | (2 | ) |  | 526 |
Net income attributable to Crown Holdings | 439 |  |  | (2 | ) |  | 437 |
Earnings per common share attributable to Crown Holdings: |  |  |  |  | — |
Basic | $ | 3.28 |  |  | $ | (0.02 | ) |  | $ | 3.26 |
Diluted | $ | 3.28 |  |  | $ | (0.01 | ) |  | $ | 3.27 |
The Company reclassified the following net (benefits) charges on the Statement of Operations to conform to current year presentation:
| 2017 |  | 2016
Cost of products sold, excluding depreciation and amortization | $ | 54 |  |  | $ | 40 |
Selling and administrative expense | (4 | ) |  | (2 | )
Restructuring and other | 3 |  |  | (14 | )
Other pension and postretirement | (53 | ) |  | (24 | )
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash included in the Company's Consolidated Balance Sheets were as follows:
| 2018 |  | 2017
Cash and cash equivalents | $ | 607 |  |  | $ | 424 |
Restricted cash included in prepaid expenses and other current assets | 45 |  |  | 2 |
Restricted cash included in other non-current assets | 7 |  |  | 9 |
Total cash, cash equivalents and restricted cash | $ | 659 |  |  | $ | 435 |

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