XML 43 R31.htm IDEA: XBRL DOCUMENT v3.21.1

Derivative and Other Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Accumulated Other Comprehensive Income (AOCI) and Earnings From Changes In Fair Value Related To Derivative Instruments

The following tables set forth financial information about the impact on other comprehensive income ("OCI"), accumulated other comprehensive income (“AOCI”) and earnings from changes in the fair value of derivative instruments.

												Amount of gain/(loss) recognized in OCI
												Three Months Ended March 31,
Derivatives in cash flow hedges																		2021						2020
Foreign exchange																		$	(1)					$	1
Interest Rate																		1						(1)
Commodities																		25						(39)
																		$	25					$	(39)
												Amount of gain/(loss) reclassified from AOCI into income
												Three Months Ended March 31,
Derivatives in cash flow hedges																		2021						2020						Affected line items in the Statement of Operations
Foreign exchange																		$	—					$	(1)					Net sales
Commodities																		4						3						Net sales
Foreign exchange																		—						(1)						Cost of products sold
Commodities																		(19)						(10)						Cost of products sold
																		(15)						(9)						Income before taxes
																		4						2						Provision for income taxes
Total reclassified																		$	(11)					$	(7)					Net income

The following tables set forth the impact on AOCI from changes in the fair value of derivative instruments designated as net investment hedges.

												Amount of gain / (loss) recognized in AOCI
												Three months ended March 31,
Derivatives designated as net investment hedges																		2021						2020
Foreign exchange																		$	22					$	61

Schedule of Impact on Earnings from Derivatives Not Designated as Hedging Instruments

The following table sets forth the impact on earnings from derivatives not designated as hedges.

												Pre-tax amounts of gain/(loss) recognized in income on derivative
												Three Months Ended March 31,
Derivatives not designated as hedges																		2021						2020						Affected line item in the Statement of Operations
Foreign exchange																		$	(1)					$	(1)					Net sales
Foreign exchange																		1						1						Cost of products sold
Foreign exchange																		(13)						6						Foreign exchange
																		$	(13)					$	6

Fair Value of Outstanding Derivative Instruments in the Consolidated Balance Sheets

The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.

						Balance Sheet classification						March 31, 2021						December 31, 2020						Balance Sheet classification						March 31, 2021						December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts cash flow						Other current assets						$	20					$	9					Accrued liabilities						$	22					$	8
						Other non-current assets						—						—						Other non-current liabilities						—						1
Foreign exchange contracts fair value						Other current assets						5						2						Accrued liabilities						2						6
Commodities contracts cash flow						Other current assets						69						45						Accrued liabilities						21						11
						Other non-current assets						6						4						Other non-current liabilities						1						—
Interest rate contracts cash flow						Other non-current assets						—						—						Other non-current liabilities						1						2
Net investment hedge						Other non-current assets						26						7						Other non-current liabilities						11						20
												$	126					$	67											$	58					$	48
Derivatives not designated as hedging instruments
Foreign exchange contracts						Other current assets						$	9					$	9					Accrued liabilities						$	14					$	4
												$	9					$	9											$	14					$	4
Total derivatives												$	135					$	76											$	72					$	52

Schedule of Derivative Instruments Fair Value Hedge Carrying Amount

Fair Value Hedge Carrying Amounts

			Carrying amount of the hedged assets / liabilities
			March 31, 2021						December 31, 2020
Line item in the Balance Sheet in which the hedged item is included
Cash and cash equivalents			$	23					$	22
Receivables, net			35						11
Accounts payable			136						100

Schedule of Offsetting Derivative Assets and Liabilities

In the table below, the aggregate fair values of the Company's derivative assets and liabilities are presented on both a gross and net basis, where appropriate.

			Gross amounts recognized in the Balance Sheet			Gross amounts not offset in the Balance Sheet			Net amount
Balance at March 31, 2021
Derivative assets			$135			$22			$113
Derivative liabilities			72			22			50
Balance at December 31, 2020
Derivative assets			76			11			65
Derivative liabilities			52			11			41

Notional Values of Outstanding Derivative Instruments in the Consolidated Balance Sheet

The aggregate U.S. dollar-equivalent notional values of outstanding derivative instruments in the Consolidated Balance Sheets at March 31, 2021 and December 31, 2020 were:

			March 31, 2021						December 31, 2020
Derivatives designated as cash flow hedges:
Foreign exchange			$	932					$	1,127
Commodities			216						248
Interest rate			200						200
Derivatives designated as fair value hedges:
Foreign exchange			280						183
Derivatives designated as net investment hedges:
Foreign exchange			1,075						1,075
Derivatives not designated as hedges:
Foreign exchange			723						722

X

- Definition

Schedule of Derivative Instruments Fair Value Hedge Carrying Amount

+ References

No definition available.

+ Details

Name:	cck_ScheduleOfDerivativeInstrumentsFairValueHedgeCarryingAmountTableTextBlock
Namespace Prefix:	cck_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of Offsetting Derivative Assets and Liabilities [Table Text Block]

+ References

No definition available.

+ Details

Name:	cck_ScheduleOfOffsettingDerivativeAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	cck_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4CC
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL109998890-113959

+ Details

Name:	us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration