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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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