XML 43 R32.htm IDEA: XBRL DOCUMENT
v3.22.2

Derivative and Other Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | 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 |  | Amount of gain/(loss) recognized in OCI |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
Derivatives in cash flow hedges |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Foreign exchange |  | $ | — |  |  | $ | — |  |  | $ | (5) |  |  | $ | (1) |  |  |
Interest Rate |  | — |  |  | 1 |  |  | — |  |  | 2 |  |  |
Commodities |  | (66) |  |  | 30 |  |  | (16) |  |  | 55 |  |  |
|  | $ | (66) |  |  | $ | 31 |  |  | $ | (21) |  |  | $ | 56 |  |  |
|  | Amount of gain/(loss) reclassified from AOCI into income |  | Amount of gain/(loss) reclassified from AOCI into income |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
Derivatives in cash flow hedges |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | Affected line items in the Statement of Operations
Foreign exchange |  | $ | (1) |  |  | $ | — |  |  | $ | (6) |  |  | $ | (1) |  |  | Net sales
Commodities |  | (3) |  |  | $ | (16) |  |  | (14) |  |  | (20) |  |  | Net sales
Foreign exchange |  | — |  |  | — |  |  | (1) |  |  | — |  |  | Cost of products sold, excluding depreciation and amortization
Commodities |  | 22 |  |  | 36 |  |  | 48 |  |  | 55 |  |  | Cost of products sold, excluding depreciation and amortization
|  | 18 |  |  | 20 |  |  | 27 |  |  | 34 |  |  | Income from continuing operations before taxes and equity in net earnings of affiliates
|  | (4) |  |  | (5) |  |  | (7) |  |  | (9) |  |  | Provision for income taxes
|  | 14 |  |  | 15 |  |  | 20 |  |  | 25 |  |  | Net income from continuing operations
Foreign exchange |  | — |  |  | (1) |  |  | — |  |  | — |  |  | Net income / (loss) from discontinued operations
Commodities |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | Net income / (loss) from discontinued operations
Total reclassified |  | $ | 14 |  |  | $ | 15 |  |  | $ | 20 |  |  | $ | 26 |  |  | Net income
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 |  | Pre-tax amounts of gain/(loss) recognized in income on derivative |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
Derivatives not designated as hedges |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | Affected line item in the Statement of Operations
Foreign exchange |  | $ | 1 |  |  | $ | — |  |  | $ | (3) |  |  | $ | (1) |  |  | Net sales
Foreign exchange |  | 3 |  |  | (1) |  |  | 4 |  |  | — |  |  | Cost of products sold
Foreign exchange |  | (4) |  |  | 2 |  |  | (14) |  |  | (11) |  |  | Foreign exchange
|  | $ | — |  |  | $ | 1 |  |  | $ | (13) |  |  | $ | (12) |  |  |
Schedule of Derivative Instruments Included in Earnings | 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 |  | Amount of gain / (loss) recognized in AOCI |  |
|  | Three Months ended June 30, |  | Six months ended June 30, |  |
Derivatives designated as net investment hedges |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Foreign exchange |  | $ | 37 |  |  | $ | 4 |  |  | $ | 39 |  |  | $ | 26 |  |  |
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 June 30, 2022 and December 31, 2021, respectively. The fair values of these financial instruments were reported under Level 2 of the fair value hierarchy.
|  | Balance Sheet classification |  | June 30, 2022 |  | December 31, 2021 |  | Balance Sheet classification |  | June 30, 2022 |  | December 31, 2021
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts cash flow |  | Prepaid expenses and other current assets |  | $ | 4 |  |  | $ | 3 |  |  | Accrued liabilities |  | $ | 2 |  |  | $ | 10 |
Foreign exchange contracts fair value |  | Prepaid expenses and other current assets |  | 7 |  |  | 1 |  |  | Accrued liabilities |  | 4 |  |  | 2 |
Commodities contracts cash flow |  | Prepaid expenses and other current assets |  | 24 |  |  | 53 |  |  | Accrued liabilities |  | 38 |  |  | 17 |
|  | Other non-current assets |  | 2 |  |  | 2 |  |  | Other non-current liabilities |  | 7 |  |  | 1 |
Net investment hedge |  | Other non-current assets |  | 99 |  |  | 49 |  |  | Other non-current liabilities |  | — |  |  | — |
|  | $ | 136 |  |  | $ | 108 |  |  |  |  | $ | 51 |  |  | $ | 30 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Prepaid expenses and other current assets |  | $ | 10 |  |  | $ | 3 |  |  | Accrued liabilities |  | $ | 13 |  |  | $ | 3 |
|  | $ | 10 |  |  | $ | 3 |  |  |  |  | $ | 13 |  |  | $ | 3 |
Total derivatives |  |  |  | $ | 146 |  |  | $ | 111 |  |  |  |  | $ | 64 |  |  | $ | 33 |
Schedule of Derivative Instruments Fair Value Hedge Carrying Amount |
| Carrying amount of the hedged assets / liabilities |  |
| June 30, 2022 |  | December 31, 2021 |  |  |  |
Line item in the Balance Sheet in which the hedged item is included |  |  |
Cash and cash equivalents | $ | 38 |  |  | $ | 38 |  |  |  |  |
Receivables, net | 11 |  |  | 21 |  |  |  |  |
Accounts payable | 115 |  |  | 116 |  |  |  |  |
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 June 30, 2022 |  |  |
Derivative assets | $146 | $20 | $126
Derivative liabilities | 64 | 20 | 44
Balance at December 31, 2021 |  |  |
Derivative assets | 111 | 19 | 92
Derivative liabilities | 33 | 19 | 14
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 June 30, 2022 and December 31, 2021 were:
| June 30, 2022 |  | December 31, 2021
Derivatives designated as cash flow hedges: |  |  |
Foreign exchange | $ | 231 |  |  | $ | 241 |
Commodities | 328 |  |  | 261 |
Derivatives designated as fair value hedges: |  |  |
Foreign exchange | 234 |  |  | 229 |
Derivatives designated as net investment hedges: |  |  |
Foreign exchange | 875 |  |  | 875 |
Derivatives not designated as hedges: |  |  |
Foreign exchange | 590 |  |  | 617 |

X
- Definition Schedule of Derivative Instruments Fair Value Hedge Carrying Amount + References No definition available. + Details
Name: | cck_ScheduleOfDerivativeInstrumentsFairValueHedgeCarryingAmountTableTextBlock
Namespace Prefix: | cck_
Data Type: | dtr-types: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: | dtr-types: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 gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + 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 (c) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration