XML 56 R41.htm IDEA: XBRL DOCUMENT v3.25.0.1

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of 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). During the first quarter of 2024, the Company completed a review of the useful lives of its beverage machinery and equipment and buildings based on the Company’s experience with the duration over which equipment and buildings of its aluminum beverage can business can be utilized. The Company engaged a third-party appraiser to assist in this review and, as a result, effective January 1, 2024, the Company revised the estimated useful lives of its buildings up to 50 years, and machinery and equipment up to 23 years. The change in useful lives resulted in a net reduction in depreciation expense of approximately $64 or $0.40 per diluted share for the year ended December 31, 2024, respectively, as compared to the amount of depreciation expense that would have been recorded by utilizing the prior depreciable lives.

Land improvements			25
Buildings and building improvements			25 – 50
Machinery and equipment			3– 23

			2024						2023
Buildings and improvements			$	1,898					$	1,888
Machinery and equipment			5,940						6,153
Land and improvements			265						269
Construction in progress			469						589
			8,572						8,899
Less: accumulated depreciation and amortization			(3,645)						(3,837)
			$	4,927					$	5,062

Schedule of Gross Carrying Amounts and Accumulated Amortization of Finite-Lived Intangible Assets

Finite-lived intangibles are amortized on a straight-line basis over their estimated useful lives described below (in years).

Customer relationships			10 - 18
Trade names			8 - 27
Technology			6 - 8
Long-term supply contracts			15
Patents			8

Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows:

			December 31, 2024																		December 31, 2023
			Gross						Accumulated amortization						Net						Gross						Accumulated amortization						Net
Customer relationships			$	1,342					$	(734)					$	608					$	1,423					$	(670)					$	753
Trade names			522						(148)						374						539						(130)						409
Technology			153						(140)						13						159						(133)						26
Long term supply contracts			139						(92)						47						167						(99)						68
Patents			12						(10)						2						12						(10)						2
			$	2,168					$	(1,124)					$	1,044					$	2,300					$	(1,042)					$	1,258

Schedule of Change in Accounting Estimate

The effects of the revisions on each of the impacted financial statement line items within the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022 were as follows:

			Year Ended December 31, 2023
			As Previously Reported			Adjustments			As Revised
Net change in revolving credit facility and short-term debt			$	(398)		$	2		$	(396)
Proceeds from short-term debt			—			129			129
Payments of short-term debt			—			(131)			(131)
Net cash provided by financing activities			116			—			116
			Year Ended December 31, 2022
			As Previously Reported			Adjustments			As Revised
Net change in revolving credit facility and short-term debt			$	268		$	—		$	268
Proceeds from short-term debt			—			45			45
Payments of short-term debt			—			(45)			$	(45)
Net cash used for financing activities			(25)			—			(25)

X

- References

No definition available.

+ Details

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

X

- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

+ Details

Name:	us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in an accounting estimate, including a change that occurs in an interim period. If a change in accounting estimate affects several future periods (for example, a change in the service life of a depreciable asset) disclose the effect on income from continuing operations, net income (or other appropriate captions of changes in the applicable net assets or performance indicator), and any related per-share amounts of the current period. Disclosure of the effects of a change in an accounting estimate that occurs in the ordinary course of business (such as uncollectible accounts or inventory obsolescence) is not required, unless the effect is material.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482989/270-10-45-14

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

+ Details

Name:	us-gaap_ScheduleOfChangeInAccountingEstimateTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

+ Details

Name:	us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration