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Condensed Combining Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2016
Crown Cork & Seal Company Inc [Member] |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 2,142 |  |  |  |  | $ | 2,142 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,691 |  |  |  |  | 1,691 |
Depreciation and amortization |  |  |  |  | 65 |  |  |  |  | 65 |
Selling and administrative expense |  |  | $ | 3 |  |  | 91 |  |  |  |  | 94 |
Restructuring and other |  |  |  |  | (3 | ) |  |  |  | (3 | )
Income from operations |  |  | (3 | ) |  | 298 |  |  |  |  | 295 |
Net interest expense |  |  | 25 |  |  | 31 |  |  |  |  | 56 |
Foreign exchange |  |  |  |  | (11 | ) |  |  |  | (11 | )
Income/(loss) before income taxes |  |  | (28 | ) |  | 278 |  |  |  |  | 250 |
Provision for / (benefit from) income taxes |  |  | (14 | ) |  | 79 |  |  |  |  | 65 |
Equity earnings / (loss) in affiliates | $ | 169 |  |  | 145 |  |  |  |  | $ | (314 | ) |  | — |
Net income | 169 |  |  | 131 |  |  | 199 |  |  | (314 | ) |  | 185 |
Net income attributable to noncontrolling interests |  |  |  |  | (16 | ) |  |  |  | (16 | )
Net income attributable to Crown Holdings | $ | 169 |  |  | $ | 131 |  |  | $ | 183 |  |  | $ | (314 | ) |  | $ | 169 |
Comprehensive income | $ | 65 |  |  | $ | 41 |  |  | $ | 118 |  |  | $ | (141 | ) |  | $ | 83 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (18 | ) |  |  |  | (18 | )
Comprehensive income attributable to Crown Holdings | $ | 65 |  |  | $ | 41 |  |  | $ | 100 |  |  | $ | (141 | ) |  | $ | 65 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 2,278 |  |  |  |  | $ | 2,278 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,843 |  |  |  |  | 1,843 |
Depreciation and amortization |  |  |  |  | 62 |  |  |  |  | 62 |
Selling and administrative expense |  |  | $ | 3 |  |  | 96 |  |  |  |  | 99 |
Restructuring and other |  |  |  |  | (3 | ) |  |  |  | (3 | )
Income from operations |  |  | (3 | ) |  | 280 |  |  |  |  | 277 |
Loss from early extinguishment of debt |  |  |  |  | 9 |  |  |  |  | 9 |
Net interest expense |  |  | 25 |  |  | 42 |  |  |  |  | 67 |
Foreign exchange |  |  |  |  | (1 | ) |  |  |  | (1 | )
Income/(loss) before income taxes |  |  | (28 | ) |  | 230 |  |  |  |  | 202 |
Provision for / (benefit from) income taxes |  |  | (8 | ) |  | 57 |  |  |  |  | 49 |
Equity earnings / (loss) in affiliates | $ | 142 |  |  | 131 |  |  |  |  | $ | (273 | ) |  | — |
Net income | 142 |  |  | 111 |  |  | 173 |  |  | (273 | ) |  | 153 |
Net income attributable to noncontrolling interests |  |  |  |  | (11 | ) |  |  |  | (11 | )
Net income attributable to Crown Holdings | $ | 142 |  |  | $ | 111 |  |  | $ | 162 |  |  | $ | (273 | ) |  | $ | 142 |
Comprehensive income | $ | 150 |  |  | $ | 116 |  |  | $ | 181 |  |  | $ | (286 | ) |  | $ | 161 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (11 | ) |  |  |  | (11 | )
Comprehensive income attributable to Crown Holdings | $ | 150 |  |  | $ | 116 |  |  | $ | 170 |  |  | $ | (286 | ) |  | $ | 150 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 4,035 |  |  |  |  | $ | 4,035 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 3,212 |  |  |  |  | 3,212 |
Depreciation and amortization |  |  |  |  | 125 |  |  |  |  | 125 |
Selling and administrative expense |  |  | $ | 5 |  |  | 180 |  |  |  |  | 185 |
Restructuring and other |  |  |  |  | (1 | ) |  |  |  | (1 | )
Income from operations |  |  | (5 | ) |  | 519 |  |  |  |  | 514 |
Loss from early extinguishment of debt |  |  |  |  | 27 |  |  |  |  | 27 |
Net interest expense |  |  | 52 |  |  | 65 |  |  |  |  | 117 |
Foreign exchange |  |  |  |  | (17 | ) |  |  |  | (17 | )
Income/(loss) before income taxes |  |  | (57 | ) |  | 444 |  |  |  |  | 387 |
Provision for / (benefit from) income taxes |  |  | (21 | ) |  | 124 |  |  |  |  | 103 |
Equity earnings / (loss) in affiliates | $ | 248 |  |  | 222 |  |  |  |  | $ | (470 | ) |  | — |
Net income | 248 |  |  | 186 |  |  | 320 |  |  | (470 | ) |  | 284 |
Net income attributable to noncontrolling interests |  |  |  |  | (36 | ) |  |  |  | (36 | )
Net income attributable to Crown Holdings | $ | 248 |  |  | $ | 186 |  |  | $ | 284 |  |  | $ | (470 | ) |  | $ | 248 |
Comprehensive income | $ | 167 |  |  | $ | 186 |  |  | $ | 263 |  |  | $ | (410 | ) |  | $ | 206 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (39 | ) |  |  |  | (39 | )
Comprehensive income attributable to Crown Holdings | $ | 167 |  |  | $ | 186 |  |  | $ | 224 |  |  | $ | (410 | ) |  | $ | 167 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 4,275 |  |  |  |  | $ | 4,275 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 3,503 |  |  |  |  | 3,503 |
Depreciation and amortization |  |  |  |  | 113 |  |  |  |  | 113 |
Selling and administrative expense |  |  | $ | 5 |  |  | 192 |  |  |  |  | 197 |
Restructuring and other |  |  |  |  | 17 |  |  |  |  | 17 |
Income from operations |  |  | (5 | ) |  | 450 |  |  |  |  | 445 |
Loss from early extinguishment of debt |  |  |  |  | 9 |  |  |  |  | 9 |
Net interest expense |  |  | 51 |  |  | 79 |  |  |  |  | 130 |
Foreign exchange |  |  |  |  | 5 |  |  |  |  | 5 |
Income/(loss) before income taxes |  |  | (56 | ) |  | 357 |  |  |  |  | 301 |
Provision for / (benefit from) income taxes |  |  | (9 | ) |  | 95 |  |  |  |  | 86 |
Equity earnings / (loss) in affiliates | $ | 186 |  |  | 188 |  |  |  |  | $ | (374 | ) |  | — |
Net income | 186 |  |  | 141 |  |  | 262 |  |  | (374 | ) |  | 215 |
Net income attributable to noncontrolling interests |  |  |  |  | (29 | ) |  |  |  | (29 | )
Net income attributable to Crown Holdings | $ | 186 |  |  | $ | 141 |  |  | $ | 233 |  |  | $ | (374 | ) |  | $ | 186 |
Comprehensive Income | $ | (6 | ) |  | $ | 38 |  |  | $ | 68 |  |  | $ | (79 | ) |  | $ | 21 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (27 | ) |  |  |  | (27 | )
Comprehensive income attributable to Crown Holdings | $ | (6 | ) |  | $ | 38 |  |  | $ | 41 |  |  | $ | (79 | ) |  | $ | (6 | )
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of June 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 370 |  |  |  |  | $ | 370 |
Receivables, net |  |  |  |  | 929 |  |  |  |  | 929 |
Inventories |  |  |  |  | 1,419 |  |  |  |  | 1,419 |
Prepaid expenses and other current assets | $ | 1 |  |  |  |  |  | 239 |  |  |  |  | 240 |
Total current assets | 1 |  |  | — |  |  | 2,957 |  |  |  |  | 2,958 |
Intercompany debt receivables |  |  |  |  | 3,563 |  |  | $ | (3,563 | ) |  | — |
Investments | 2,955 |  |  | $ | 2,708 |  |  |  |  | (5,663 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 3,472 |  |  |  |  | 3,472 |
Property, plant and equipment, net |  |  |  |  | 2,700 |  |  |  |  | 2,700 |
Other non-current assets |  |  | 430 |  |  | 216 |  |  |  |  | 646 |
Total | $ | 2,956 |  |  | $ | 3,138 |  |  | $ | 12,908 |  |  | $ | (9,226 | ) |  | $ | 9,776 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 37 |  |  |  |  | $ | 37 |
Current maturities of long-term debt |  |  |  |  | 236 |  |  |  |  | 236 |
Accounts payable and accrued liabilities | $ | 12 |  |  | $ | 35 |  |  | 2,507 |  |  |  |  | 2,554 |
Total current liabilities | 12 |  |  | 35 |  |  | 2,780 |  |  |  |  | 2,827 |
Long-term debt, excluding current maturities |  |  | 391 |  |  | 4,620 |  |  |  |  | 5,011 |
Long-term intercompany debt | 2,626 |  |  | 937 |  |  |  |  | $ | (3,563 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 672 |  |  |  |  | 672 |
Other non-current liabilities |  |  | 292 |  |  | 351 |  |  |  |  | 643 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 305 |  |  |  |  | 305 |
Crown Holdings shareholders’ equity/(deficit) | 318 |  |  | 1,483 |  |  | 4,180 |  |  | (5,663 | ) |  | 318 |
Total equity/(deficit) | 318 |  |  | 1,483 |  |  | 4,485 |  |  | (5,663 | ) |  | 623 |
Total | $ | 2,956 |  |  | $ | 3,138 |  |  | $ | 12,908 |  |  | $ | (9,226 | ) |  | $ | 9,776 |
CONDENSED COMBINING BALANCE SHEET As of December 31, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 717 |  |  |  |  | $ | 717 |
Receivables, net |  |  |  |  | 912 |  |  |  |  | 912 |
Inventories |  |  |  |  | 1,213 |  |  |  |  | 1,213 |
Prepaid expenses and other current assets |  |  | $ | 2 |  |  | 205 |  |  |  |  | 207 |
Total current assets | — |  |  | 2 |  |  | 3,047 |  |  |  |  | 3,049 |
Intercompany debt receivables |  |  |  |  | 3,654 |  |  | $ | (3,654 | ) |  | — |
Investments | $ | 2,937 |  |  | 2,490 |  |  |  |  | (5,427 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 3,580 |  |  |  |  | 3,580 |
Property, plant and equipment, net |  |  |  |  | 2,699 |  |  |  |  | 2,699 |
Other non-current assets |  |  | 430 |  |  | 262 |  |  |  |  | 692 |
Total | $ | 2,937 |  |  | $ | 2,922 |  |  | $ | 13,242 |  |  | $ | (9,081 | ) |  | $ | 10,020 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 54 |  |  |  |  | $ | 54 |
Current maturities of long-term debt |  |  |  |  | 209 |  |  |  |  | 209 |
Accounts payable and accrued liabilities | $ | 24 |  |  | $ | 41 |  |  | 2,580 |  |  |  |  | 2,645 |
Total current liabilities | 24 |  |  | 41 |  |  | 2,843 |  |  |  |  | 2,908 |
Long-term debt, excluding current maturities |  |  | 391 |  |  | 4,864 |  |  |  |  | 5,255 |
Long-term intercompany debt | 2,769 |  |  | 885 |  |  |  |  | $ | (3,654 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 767 |  |  |  |  | 767 |
Other non-current liabilities |  |  | 309 |  |  | 346 |  |  |  |  | 655 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 291 |  |  |  |  | 291 |
Crown Holdings shareholders’ equity/(deficit) | 144 |  |  | 1,296 |  |  | 4,131 |  |  | (5,427 | ) |  | 144 |
Total equity/(deficit) | 144 |  |  | 1,296 |  |  | 4,422 |  |  | (5,427 | ) |  | 435 |
Total | $ | 2,937 |  |  | $ | 2,922 |  |  | $ | 13,242 |  |  | $ | (9,081 | ) |  | $ | 10,020 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | (4 | ) |  | $ | (52 | ) |  | $ | 124 |  |  | (5 | ) |  | $ | 63 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (143 | ) |  |  |  | (143 | )
Intercompany investing activities | 150 |  |  |  |  |  |  |  | $ | (150 | ) |  | — |
Other |  |  |  |  | 18 |  |  |  |  | 18 |
Net cash provided by/(used for) investing activities | 150 |  |  | — |  |  | (125 | ) |  | (150 | ) |  | (125 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 304 |  |  |  |  | 304 |
Payments of long-term debt |  |  |  |  | (725 | ) |  |  |  | (725 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 138 |  |  |  |  | 138 |
Net change in long-term intercompany balances | (143 | ) |  | 52 |  |  | 91 |  |  |  |  | — |
Debt issue costs |  |  |  |  | (2 | ) |  |  |  | (2 | )
Common stock issued | 5 |  |  |  |  |  |  |  |  | 5 |
Common stock repurchased | (8 | ) |  |  |  |  |  |  |  | (8 | )
Dividends paid |  |  |  |  | (155 | ) |  | 155 |  |  | — |
Contributions from noncontrolling interests |  |  |  |  | 1 |  |  |  |  | 1 |
Dividend paid to noncontrolling interests |  |  |  |  | (26 | ) |  |  |  | (26 | )
Foreign exchange derivatives related to debt |  |  |  |  | 32 |  |  |  |  | 32 |
Net cash provided by/(used for) financing activities | (146 | ) |  | 52 |  |  | (342 | ) |  | 155 |  |  | (281 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | (4 | ) |  |  |  | (4 | )
Net change in cash and cash equivalents | — |  |  | — |  |  | (347 | ) |  | — |  |  | (347 | )
Cash and cash equivalents at January 1 |  |  |  |  | 717 |  |  |  |  | 717 |
Cash and cash equivalents at June 30 | $ | — |  |  | $ | — |  |  | $ | 370 |  |  | $ | — |  |  | $ | 370 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | 10 |  |  | $ | (56 | ) |  | $ | 31 |  |  |  |  | $ | (15 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (111 | ) |  |  |  | (111 | )
Purchase of business |  |  |  |  | (1,207 | ) |  |  |  | (1,207 | )
Proceeds from sale of business |  |  |  |  | 30 |  |  |  |  | 30 |
Intercompany investing activities | (862 | ) |  | 5 |  |  | 862 |  |  | $ | (5 | ) |  | — |
Other |  |  |  |  | (14 | ) |  |  |  | (14 | )
Net cash provided by/(used for) investing activities | (862 | ) |  | 5 |  |  | (440 | ) |  | (5 | ) |  | (1,302 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 1,421 |  |  |  |  | 1,421 |
Payments of long-term debt |  |  |  |  | (752 | ) |  |  |  | (752 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 96 |  |  |  |  | 96 |
Net change in long-term intercompany balances | 856 |  |  | 51 |  |  | (907 | ) |  |  |  | — |
Debt issue costs |  |  |  |  | (17 | ) |  |  |  | (17 | )
Common stock issued | 5 |  |  |  |  |  |  |  |  | 5 |
Common stock repurchased | (9 | ) |  |  |  |  |  |  |  | (9 | )
Dividends paid |  |  |  |  | (5 | ) |  | 5 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (17 | ) |  |  |  | (17 | )
Foreign exchange derivatives related to debt |  |  |  |  | (48 | ) |  |  |  | (48 | )
Net cash provided by/(used for) financing activities | 852 |  |  | 51 |  |  | (229 | ) |  | 5 |  |  | 679 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | (39 | ) |  |  |  | (39 | )
Net change in cash and cash equivalents | — |  |  | — |  |  | (677 | ) |  | — |  |  | (677 | )
Cash and cash equivalents at January 1 |  |  |  |  | 965 |  |  |  |  | 965 |
Cash and cash equivalents at June 30 | $ | — |  |  | $ | — |  |  | $ | 288 |  |  | $ | — |  |  | $ | 288 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member] |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 508 |  |  | $ | 1,634 |  |  |  |  | $ | 2,142 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 407 |  |  | 1,284 |  |  |  |  | 1,691 |
Depreciation and amortization |  |  |  |  | 8 |  |  | 57 |  |  |  |  | 65 |
Selling and administrative expense |  |  | $ | 2 |  |  | 33 |  |  | 59 |  |  |  |  | 94 |
Restructuring and other |  |  | (5 | ) |  |  |  |  | 2 |  |  |  |  | (3 | )
Income from operations |  |  | 3 |  |  | 60 |  |  | 232 |  |  |  |  | 295 |
Net interest expense |  |  | 15 |  |  | 21 |  |  | 20 |  |  |  |  | 56 |
Technology royalty |  |  |  |  | (10 | ) |  | 10 |  |  |  |  | — |
Foreign exchange |  |  | (17 | ) |  |  |  | (11 | ) |  | $ | 17 |  |  | (11 | )
Income/(loss) before income taxes |  |  | 5 |  |  | 49 |  |  | 213 |  |  | (17 | ) |  | 250 |
Provision for / (benefit from) income taxes |  |  | 2 |  |  | 15 |  |  | 54 |  |  | (6 | ) |  | 65 |
Equity earnings / (loss) in affiliates | $ | 169 |  |  | 33 |  |  | 97 |  |  |  |  | (299 | ) |  | — |
Net income | 169 |  |  | 36 |  |  | 131 |  |  | 159 |  |  | (310 | ) |  | 185 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (16 | ) |  |  |  | (16 | )
Net income attributable to Crown Holdings | $ | 169 |  |  | $ | 36 |  |  | $ | 131 |  |  | $ | 143 |  |  | $ | (310 | ) |  | $ | 169 |
Comprehensive income | $ | 65 |  |  | $ | 39 |  |  | $ | 41 |  |  | $ | 37 |  |  | $ | (99 | ) |  | $ | 83 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (18 | ) |  |  |  | (18 | )
Comprehensive income attributable to Crown Holdings | $ | 65 |  |  | $ | 39 |  |  | $ | 41 |  |  | $ | 19 |  |  | $ | (99 | ) |  | $ | 65 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2015 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 542 |  |  | $ | 1,736 |  |  |  |  | $ | 2,278 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 433 |  |  | 1,410 |  |  |  |  | 1,843 |
Depreciation and amortization |  |  |  |  | 8 |  |  | 54 |  |  |  |  | 62 |
Selling and administrative expense |  |  | $ | 3 |  |  | 36 |  |  | 60 |  |  |  |  | 99 |
Restructuring and other |  |  |  |  | 2 |  |  | (5 | ) |  |  |  | (3 | )
Income from operations |  |  | (3 | ) |  | 63 |  |  | 217 |  |  |  |  | 277 |
Loss from early extinguishment of debt |  |  | 9 |  |  |  |  |  |  |  |  |  | 9 |
Net interest expense |  |  | 24 |  |  | 23 |  |  | 20 |  |  |  |  | 67 |
Technology royalty |  |  |  |  | (10 | ) |  | 10 |  |  |  |  | — |
Foreign exchange |  |  | 8 |  |  |  |  | (1 | ) |  | (8 | ) |  | (1 | )
Income/(loss) before income taxes |  |  | (44 | ) |  | 50 |  |  | 188 |  |  | 8 |  |  | 202 |
Provision for / (benefit from) income taxes |  |  | (17 | ) |  | 23 |  |  | 40 |  |  | 3 |  |  | 49 |
Equity earnings / (loss) in affiliates | $ | 142 |  |  | 38 |  |  | 84 |  |  |  |  | $ | (264 | ) |  | — |
Net income | 142 |  |  | 11 |  |  | 111 |  |  | 148 |  |  | (259 | ) |  | 153 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (11 | ) |  |  |  | (11 | )
Net income attributable to Crown Holdings | $ | 142 |  |  | $ | 11 |  |  | $ | 111 |  |  | $ | 137 |  |  | $ | (259 | ) |  | $ | 142 |
Comprehensive income | $ | 150 |  |  | $ | 13 |  |  | $ | 116 |  |  | $ | 162 |  |  | $ | (280 | ) |  | $ | 161 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (11 | ) |  |  |  | (11 | )
Comprehensive income attributable to Crown Holdings | $ | 150 |  |  | $ | 13 |  |  | $ | 116 |  |  | $ | 151 |  |  | $ | (280 | ) |  | $ | 150 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 955 |  |  | $ | 3,080 |  |  |  |  | $ | 4,035 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 770 |  |  | 2,442 |  |  |  |  | 3,212 |
Depreciation and amortization |  |  |  |  | 16 |  |  | 109 |  |  |  |  | 125 |
Selling and administrative expense |  |  | $ | 5 |  |  | 68 |  |  | 112 |  |  |  |  | 185 |
Restructuring and other |  |  | (5 | ) |  | 4 |  |  |  |  |  |  |  | (1 | )
Income from operations |  |  | — |  |  | 97 |  |  | 417 |  |  |  |  | 514 |
Loss from early extinguishment of debt |  |  | 27 |  |  |  |  |  |  |  |  | 27 |
Net interest expense |  |  | 35 |  |  | 43 |  |  | 39 |  |  |  |  | 117 |
Technology royalty |  |  |  |  | (19 | ) |  | 19 |  |  |  |  | — |
Foreign exchange |  |  | 15 |  |  |  |  | (17 | ) |  | $ | (15 | ) |  | (17 | )
Income/(loss) before income taxes |  |  | (77 | ) |  | 73 |  |  | 376 |  |  | 15 |  |  | 387 |
Provision for / (benefit from) income taxes |  |  | (29 | ) |  | 29 |  |  | 98 |  |  | 5 |  |  | 103 |
Equity earnings / (loss) in affiliates | $ | 248 |  |  | 97 |  |  | 142 |  |  |  |  | (487 | ) |  | — |
Net income | 248 |  |  | 49 |  |  | 186 |  |  | 278 |  |  | (477 | ) |  | 284 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (36 | ) |  |  |  | (36 | )
Net income attributable to Crown Holdings | $ | 248 |  |  | $ | 49 |  |  | $ | 186 |  |  | $ | 242 |  |  | $ | (477 | ) |  | $ | 248 |
Comprehensive Income | $ | 167 |  |  | $ | 55 |  |  | $ | 186 |  |  | $ | 209 |  |  | $ | (411 | ) |  | $ | 206 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (39 | ) |  |  |  | (39 | )
Comprehensive income attributable to Crown Holdings | $ | 167 |  |  | $ | 55 |  |  | $ | 186 |  |  | $ | 170 |  |  | $ | (411 | ) |  | $ | 167 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2015 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 1,028 |  |  | $ | 3,247 |  |  |  |  | $ | 4,275 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 820 |  |  | 2,683 |  |  |  |  | 3,503 |
Depreciation and amortization |  |  |  |  | 16 |  |  | 97 |  |  |  |  | 113 |
Selling and administrative expense |  |  | $ | 5 |  |  | 78 |  |  | 114 |  |  |  |  | 197 |
Restructuring and other |  |  |  |  | 2 |  |  | 15 |  |  |  |  | 17 |
Income from operations |  |  | (5 | ) |  | 112 |  |  | 338 |  |  |  |  | 445 |
Loss from early extinguishment of debt |  |  | 9 |  |  |  |  |  |  |  |  |  | 9 |
Net interest expense |  |  | 44 |  |  | 46 |  |  | 40 |  |  |  |  | 130 |
Technology royalty |  |  |  |  | (19 | ) |  | 19 |  |  |  |  | — |
Foreign exchange |  |  | 8 |  |  |  |  | 5 |  |  | $ | (8 | ) |  | 5 |
Income/(loss) before income taxes |  |  | (66 | ) |  | 85 |  |  | 274 |  |  | 8 |  |  | 301 |
Provision for / (benefit from) income taxes |  |  | (25 | ) |  | 46 |  |  | 62 |  |  | 3 |  |  | 86 |
Equity earnings / (loss) in affiliates | $ | 186 |  |  | 88 |  |  | 102 |  |  |  |  | (376 | ) |  | — |
Net income | 186 |  |  | 47 |  |  | 141 |  |  | 212 |  |  | (371 | ) |  | 215 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (29 | ) |  |  |  | (29 | )
Net income attributable to Crown Holdings | $ | 186 |  |  | $ | 47 |  |  | $ | 141 |  |  | $ | 183 |  |  | $ | (371 | ) |  | $ | 186 |
Comprehensive income | $ | (6 | ) |  | $ | 53 |  |  | $ | 38 |  |  | $ | 20 |  |  | $ | (84 | ) |  | $ | 21 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (27 | ) |  |  |  | (27 | )
Comprehensive income attirbutable to Crown Holdings | $ | (6 | ) |  | $ | 53 |  |  | $ | 38 |  |  | $ | (7 | ) |  | $ | (84 | ) |  | $ | (6 | )
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of June 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 69 |  |  |  |  | $ | 301 |  |  |  |  | $ | 370 |
Receivables, net |  |  | 4 |  |  | $ | 9 |  |  | 916 |  |  |  |  | 929 |
Intercompany receivables |  |  |  |  | 19 |  |  | 8 |  |  | $ | (27 | ) |  | — |
Inventories |  |  |  |  | 316 |  |  | 1,103 |  |  |  |  | 1,419 |
Prepaid expenses and other current assets | $ | 1 |  |  | 1 |  |  | 10 |  |  | 228 |  |  |  |  | 240 |
Total current assets | 1 |  |  | 74 |  |  | 354 |  |  | 2,556 |  |  | (27 | ) |  | 2,958 |
Intercompany debt receivables |  |  | 2,800 |  |  | 3,401 |  |  | 682 |  |  | (6,883 | ) |  | — |
Investments | 2,955 |  |  | 2,293 |  |  | 787 |  |  |  |  | (6,035 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 469 |  |  | 3,003 |  |  |  |  | 3,472 |
Property, plant and equipment, net |  |  | 1 |  |  | 415 |  |  | 2,284 |  |  |  |  | 2,700 |
Other non-current assets |  |  | 5 |  |  | 445 |  |  | 196 |  |  |  |  | 646 |
Total | $ | 2,956 |  |  | $ | 5,173 |  |  | $ | 5,871 |  |  | $ | 8,721 |  |  | $ | (12,945 | ) |  | $ | 9,776 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | $ | 37 |  |  |  |  | $ | 37 |
Current maturities of long-term debt |  |  | $ | 122 |  |  |  |  | 114 |  |  |  |  | 236 |
Accounts payable and accrued liabilities | $ | 12 |  |  | 29 |  |  | $ | 578 |  |  | 1,935 |  |  |  |  | 2,554 |
Intercompany payables |  |  |  |  | 8 |  |  | 19 |  |  | $ | (27 | ) |  | — |
Total current liabilities | 12 |  |  | 151 |  |  | 586 |  |  | 2,105 |  |  | (27 | ) |  | 2,827 |
Long-term debt, excluding current maturities |  |  | 2,410 |  |  | 391 |  |  | 2,210 |  |  |  |  | 5,011 |
Long-term intercompany debt | 2,626 |  |  | 1,298 |  |  | 2,769 |  |  | 190 |  |  | (6,883 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 341 |  |  | 331 |  |  |  |  | 672 |
Other non-current liabilities |  |  |  |  | 301 |  |  | 342 |  |  |  |  | 643 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 305 |  |  |  |  | 305 |
Crown Holdings shareholders’ equity/(deficit) | 318 |  |  | 1,314 |  |  | 1,483 |  |  | 3,238 |  |  | (6,035 | ) |  | 318 |
Total equity/(deficit) | 318 |  |  | 1,314 |  |  | 1,483 |  |  | 3,543 |  |  | (6,035 | ) |  | 623 |
Total | $ | 2,956 |  |  | $ | 5,173 |  |  | $ | 5,871 |  |  | $ | 8,721 |  |  | $ | (12,945 | ) |  | $ | 9,776 |
CONDENSED COMBINING BALANCE SHEET As of December 31, 2015 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 104 |  |  |  |  | $ | 613 |  |  |  |  | $ | 717 |
Receivables, net |  |  |  |  | $ | 23 |  |  | 889 |  |  |  |  | 912 |
Intercompany receivables |  |  |  |  | 30 |  |  | 2 |  |  | $ | (32 | ) |  | — |
Inventories |  |  |  |  | 291 |  |  | 922 |  |  |  |  | 1,213 |
Prepaid expenses and other current assets |  |  | 2 |  |  | 7 |  |  | 198 |  |  |  |  | 207 |
Total current assets |  |  |  | 106 |  |  | 351 |  |  | 2,624 |  |  | (32 | ) |  | 3,049 |
Intercompany debt receivables |  |  | 3,111 |  |  | 3,471 |  |  | 681 |  |  | (7,263 | ) |  | — |
Investments | $ | 2,937 |  |  | 2,199 |  |  | 804 |  |  |  |  | (5,940 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 471 |  |  | 3,109 |  |  |  |  | 3,580 |
Property, plant and equipment, net |  |  | 1 |  |  | 390 |  |  | 2,308 |  |  |  |  | 2,699 |
Other non-current assets |  |  | 6 |  |  | 457 |  |  | 229 |  |  |  |  | 692 |
Total | $ | 2,937 |  |  | $ | 5,423 |  |  | $ | 5,944 |  |  | $ | 8,951 |  |  | $ | (13,235 | ) |  | $ | 10,020 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | $ | 54 |  |  |  |  | $ | 54 |
Current maturities of long-term debt |  |  | $ | 90 |  |  |  |  | 119 |  |  |  |  | 209 |
Accounts payable and accrued liabilities | $ | 24 |  |  | 47 |  |  | $ | 526 |  |  | 2,048 |  |  |  |  | 2,645 |
Intercompany payables |  |  |  |  | 2 |  |  | 30 |  |  | $ | (32 | ) |  | — |
Total current liabilities | 24 |  |  | 137 |  |  | 528 |  |  | 2,251 |  |  | (32 | ) |  | 2,908 |
Long-term debt, excluding current maturities |  |  | 2,759 |  |  | 391 |  |  | 2,105 |  |  |  |  | 5,255 |
Long-term intercompany debt | 2,769 |  |  | 1,268 |  |  | 3,041 |  |  | 185 |  |  | (7,263 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 377 |  |  | 390 |  |  |  |  | 767 |
Other non-current liabilities |  |  |  |  | 311 |  |  | 344 |  |  |  |  | 655 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 291 |  |  |  |  | 291 |
Crown Holdings shareholders’ equity/(deficit) | 144 |  |  | 1,259 |  |  | 1,296 |  |  | 3,385 |  |  | (5,940 | ) |  | 144 |
Total equity/(deficit) | 144 |  |  | 1,259 |  |  | 1,296 |  |  | 3,676 |  |  | (5,940 | ) |  | 435 |
Total | $ | 2,937 |  |  | $ | 5,423 |  |  | $ | 5,944 |  |  | $ | 8,951 |  |  | $ | (13,235 | ) |  | $ | 10,020 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | (4 | ) |  | $ | (49 | ) |  | $ | 92 |  |  | $ | 38 |  |  | $ | (14 | ) |  | $ | 63 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (50 | ) |  | (93 | ) |  |  |  | (143 | )
Intercompany investing activities | 150 |  |  |  |  | 150 |  |  |  |  |  | (300 | ) |  | — |
Other |  |  |  |  | 10 |  |  | 8 |  |  |  |  | 18 |
Net cash provided by/(used for) investing activities | 150 |  |  | — |  |  | 110 |  |  | (85 | ) |  | (300 | ) |  | (125 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 300 |  |  |  |  | 4 |  |  |  |  | 304 |
Payments of long-term debt |  |  | (700 | ) |  |  |  | (25 | ) |  |  |  | (725 | )
Net change in revolving credit facility and short-term debt |  |  | 75 |  |  |  |  | 63 |  |  |  |  | 138 |
Net change in long-term intercompany balances | (143 | ) |  | 341 |  |  | (202 | ) |  | 4 |  |  |  |  | — |
Debt issue costs |  |  | (2 | ) |  |  |  |  |  |  |  |  | (2 | )
Common stock issued | 5 |  |  |  |  |  |  |  |  |  |  | 5 |
Common stock repurchased | (8 | ) |  |  |  |  |  |  |  |  |  | (8 | )
Dividends paid |  |  |  |  |  |  | (314 | ) |  | 314 |  |  | — |
Contributions from noncontrolling interests |  |  |  |  |  |  | 1 |  |  |  |  | 1 |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (26 | ) |  |  |  | (26 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  | 32 |  |  |  |  | 32 |
Net cash provided by/(used for) financing activities | (146 | ) |  | 14 |  |  | (202 | ) |  | (261 | ) |  | 314 |  |  | (281 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (4 | ) |  |  |  | (4 | )
Net change in cash and cash equivalents | — |  |  | (35 | ) |  | — |  |  | (312 | ) |  | — |  |  | (347 | )
Cash and cash equivalents at January 1 |  |  | 104 |  |  |  |  | 613 |  |  |  |  | 717 |
Cash and cash equivalents at June 30 | $ | — |  |  | $ | 69 |  |  | $ | — |  |  | $ | 301 |  |  | $ | — |  |  | $ | 370 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2015 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | 10 |  |  | $ | (29 | ) |  | $ | 64 |  |  | $ | (60 | ) |  |  |  | $ | (15 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (21 | ) |  | (90 | ) |  |  |  | (111 | )
Purchase of business |  |  |  |  |  |  | (1,207 | ) |  |  |  | (1,207 | )
Proceeds from sale of business |  |  |  |  |  |  | 30 |  |  |  |  | 30 |
Intercompany investing activities | (862 | ) |  | 2 |  |  | 9 |  |  | 862 |  |  | $ | (11 | ) |  | — |
Other |  |  |  |  | (10 | ) |  | (4 | ) |  |  |  | (14 | )
Net cash provided by/(used for) investing activities | (862 | ) |  | 2 |  |  | (22 | ) |  | (409 | ) |  | (11 | ) |  | (1,302 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 750 |  |  |  |  | 671 |  |  |  |  | 1,421 |
Payments of long-term debt |  |  | (675 | ) |  |  |  | (77 | ) |  |  |  | (752 | )
Net change in revolving credit facility and short-term debt |  |  | 40 |  |  |  |  | 56 |  |  |  |  | 96 |
Net change in long-term intercompany balances | 856 |  |  | (150 | ) |  | (42 | ) |  | (664 | ) |  |  |  | — |
Debt issue costs |  |  | (9 | ) |  |  |  | (8 | ) |  |  |  | (17 | )
Common stock issued | 5 |  |  |  |  |  |  |  |  |  |  | 5 |
Common stock repurchased | (9 | ) |  |  |  |  |  |  |  |  |  | (9 | )
Dividends paid |  |  |  |  |  |  | (11 | ) |  | 11 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (17 | ) |  |  |  | (17 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  |  | (48 | ) |  |  |  | (48 | )
Net cash provided by/(used for) financing activities | 852 |  |  | (44 | ) |  | (42 | ) |  | (98 | ) |  | 11 |  |  | 679 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (39 | ) |  |  |  | (39 | )
Net change in cash and cash equivalents | — |  |  | (71 | ) |  | — |  |  | (606 | ) |  | — |  |  | (677 | )
Cash and cash equivalents at January 1 |  |  | 128 |  |  |  |  | 837 |  |  |  |  | 965 |
Cash and cash equivalents at June 30 | $ | — |  |  | $ | 57 |  |  | $ | — |  |  | $ | 231 |  |  | $ | — |  |  | $ | 288 |

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