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Condensed Combining Financial Information | 9 Months Ended
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Sep. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Combining Financial Information | Condensed Combining Financial Information Crown Cork & Seal Company, Inc. (Issuer), a 100% owned subsidiary of the Company, has $350 principal amount of 7.375% senior notes due 2026 and $45 principal amount of 7.5% senior notes due 2096 outstanding that are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt. The following condensed combining financial statements: •statements of comprehensive income for the three and nine months ended September 30, 2016 and 2015, •balance sheets as of September 30, 2016 and December 31, 2015, and •statements of cash flows for the nine months ended September 30, 2016 and 2015 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended September 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 2,326 |  |  |  |  | $ | 2,326 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,838 |  |  |  |  | 1,838 |
Depreciation and amortization |  |  |  |  | 63 |  |  |  |  | 63 |
Selling and administrative expense |  |  | $ | 3 |  |  | 87 |  |  |  |  | 90 |
Restructuring and other |  |  | 9 |  |  | 11 |  |  |  |  | 20 |
Income from operations |  |  | (12 | ) |  | 327 |  |  |  |  | 315 |
Loss on early extinguishments of debt |  |  |  |  |  | 10 |  |  |  |  | 10 |
Net interest expense |  |  | 27 |  |  | 29 |  |  |  |  | 56 |
Foreign exchange |  |  |  |  | (5 | ) |  |  |  | (5 | )
Income/(loss) before income taxes |  |  | (39 | ) |  | 293 |  |  |  |  | 254 |
Provision for / (benefit from) income taxes |  |  | (19 | ) |  | 67 |  |  |  |  | 48 |
Equity earnings / (loss) in affiliates | $ | 183 |  |  | 180 |  |  |  |  | $ | (363 | ) |  | — |
Net income | 183 |  |  | 160 |  |  | 226 |  |  | (363 | ) |  | 206 |
Net income attributable to noncontrolling interests |  |  |  |  | (23 | ) |  |  |  | (23 | )
Net income attributable to Crown Holdings | $ | 183 |  |  | $ | 160 |  |  | $ | 203 |  |  | $ | (363 | ) |  | $ | 183 |
Comprehensive income | $ | 143 |  |  | $ | 113 |  |  | $ | 165 |  |  | $ | (256 | ) |  | $ | 165 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (22 | ) |  |  |  | (22 | )
Comprehensive income attributable to Crown Holdings | $ | 143 |  |  | $ | 113 |  |  | $ | 143 |  |  | $ | (256 | ) |  | $ | 143 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended September 30, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 2,460 |  |  |  |  | $ | 2,460 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,984 |  |  |  |  | 1,984 |
Depreciation and amortization |  |  |  |  | 61 |  |  |  |  | 61 |
Selling and administrative expense |  |  | $ | 3 |  |  | 91 |  |  |  |  | 94 |
Restructuring and other |  |  |  |  | 40 |  |  |  |  | 40 |
Income from operations |  |  | (3 | ) |  | 284 |  |  |  |  | 281 |
Net interest expense |  |  | 25 |  |  | 39 |  |  |  |  | 64 |
Foreign exchange |  |  |  |  | 9 |  |  |  |  | 9 |
Income/(loss) before income taxes |  |  | (28 | ) |  | 236 |  |  |  |  | 208 |
Provision for / (benefit from) income taxes |  |  | (15 | ) |  | 63 |  |  |  |  | 48 |
Equity earnings / (loss) in affiliates | $ | 141 |  |  | 110 |  |  |  |  | $ | (251 | ) |  | — |
Net income | 141 |  |  | 97 |  |  | 173 |  |  | (251 | ) |  | 160 |
Net income attributable to noncontrolling interests |  |  |  |  | (19 | ) |  |  |  | (19 | )
Net income attributable to Crown Holdings | $ | 141 |  |  | $ | 97 |  |  | $ | 154 |  |  | $ | (251 | ) |  | $ | 141 |
Comprehensive income | $ | 9 |  |  | $ | 35 |  |  | $ | 38 |  |  | $ | (57 | ) |  | $ | 25 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (16 | ) |  |  |  | (16 | )
Comprehensive income attributable to Crown Holdings | $ | 9 |  |  | $ | 35 |  |  | $ | 22 |  |  | $ | (57 | ) |  | $ | 9 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 6,361 |  |  |  |  | $ | 6,361 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 5,050 |  |  |  |  | 5,050 |
Depreciation and amortization |  |  |  |  | 188 |  |  |  |  | 188 |
Selling and administrative expense |  |  | $ | 8 |  |  | 267 |  |  |  |  | 275 |
Restructuring and other |  |  | 12 |  |  | 7 |  |  |  |  | 19 |
Income from operations |  |  | (20 | ) |  | 849 |  |  |  |  | 829 |
Loss from early extinguishment of debt |  |  |  |  | 37 |  |  |  |  | 37 |
Net interest expense |  |  | 79 |  |  | 94 |  |  |  |  | 173 |
Foreign exchange |  |  |  |  | (22 | ) |  |  |  | (22 | )
Income/(loss) before income taxes |  |  | (99 | ) |  | 740 |  |  |  |  | 641 |
Provision for / (benefit from) income taxes |  |  | (42 | ) |  | 193 |  |  |  |  | 151 |
Equity earnings / (loss) in affiliates | $ | 431 |  |  | 403 |  |  |  |  | $ | (834 | ) |  | — |
Net income | 431 |  |  | 346 |  |  | 547 |  |  | (834 | ) |  | 490 |
Net income attributable to noncontrolling interests |  |  |  |  | (59 | ) |  |  |  | (59 | )
Net income attributable to Crown Holdings | $ | 431 |  |  | $ | 346 |  |  | $ | 488 |  |  | $ | (834 | ) |  | $ | 431 |
Comprehensive income | $ | 310 |  |  | $ | 299 |  |  | $ | 428 |  |  | $ | (666 | ) |  | $ | 371 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (61 | ) |  |  |  | (61 | )
Comprehensive income attributable to Crown Holdings | $ | 310 |  |  | $ | 299 |  |  | $ | 367 |  |  | $ | (666 | ) |  | $ | 310 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 6,735 |  |  |  |  | $ | 6,735 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 5,487 |  |  |  |  | 5,487 |
Depreciation and amortization |  |  |  |  | 174 |  |  |  |  | 174 |
Selling and administrative expense |  |  | $ | 8 |  |  | 283 |  |  |  |  | 291 |
Restructuring and other |  |  |  |  | 57 |  |  |  |  | 57 |
Income from operations |  |  | (8 | ) |  | 734 |  |  |  |  | 726 |
Loss from early extinguishment of debt |  |  |  |  | 9 |  |  |  |  | 9 |
Net interest expense |  |  | 76 |  |  | 118 |  |  |  |  | 194 |
Foreign exchange |  |  |  |  | 14 |  |  |  |  | 14 |
Income/(loss) before income taxes |  |  | (84 | ) |  | 593 |  |  |  |  | 509 |
Provision for / (benefit from) income taxes |  |  | (24 | ) |  | 158 |  |  |  |  | 134 |
Equity earnings / (loss) in affiliates | $ | 327 |  |  | 298 |  |  |  |  | $ | (625 | ) |  | — |
Net income | 327 |  |  | 238 |  |  | 435 |  |  | (625 | ) |  | 375 |
Net income attributable to noncontrolling interests |  |  |  |  | (48 | ) |  |  |  | (48 | )
Net income attributable to Crown Holdings | $ | 327 |  |  | $ | 238 |  |  | $ | 387 |  |  | $ | (625 | ) |  | $ | 327 |
Comprehensive Income | $ | 3 |  |  | $ | 73 |  |  | $ | 106 |  |  | $ | (136 | ) |  | $ | 46 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (43 | ) |  |  |  | (43 | )
Comprehensive income attributable to Crown Holdings | $ | 3 |  |  | $ | 73 |  |  | $ | 63 |  |  | $ | (136 | ) |  | $ | 3 |
CONDENSED COMBINING BALANCE SHEET As of September 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 526 |  |  |  |  | $ | 526 |
Receivables, net |  |  |  |  | 1,047 |  |  |  |  | 1,047 |
Inventories |  |  |  |  | 1,300 |  |  |  |  | 1,300 |
Prepaid expenses and other current assets | $ | 1 |  |  |  |  |  | 216 |  |  |  |  | 217 |
Total current assets | 1 |  |  | — |  |  | 3,089 |  |  |  |  | 3,090 |
Intercompany debt receivables |  |  |  |  | 3,583 |  |  | $ | (3,583 | ) |  | — |
Investments | 3,098 |  |  | $ | 2,835 |  |  |  |  | (5,933 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 3,450 |  |  |  |  | 3,450 |
Property, plant and equipment, net |  |  |  |  | 2,746 |  |  |  |  | 2,746 |
Other non-current assets |  |  | 427 |  |  | 250 |  |  |  |  | 677 |
Total | $ | 3,099 |  |  | $ | 3,262 |  |  | $ | 13,118 |  |  | $ | (9,516 | ) |  | $ | 9,963 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 49 |  |  |  |  | $ | 49 |
Current maturities of long-term debt |  |  |  |  | 121 |  |  |  |  | 121 |
Accounts payable and accrued liabilities | $ | 17 |  |  | $ | 40 |  |  | 2,570 |  |  |  |  | 2,627 |
Total current liabilities | 17 |  |  | 40 |  |  | 2,740 |  |  |  |  | 2,797 |
Long-term debt, excluding current maturities |  |  | 392 |  |  | 4,705 |  |  |  |  | 5,097 |
Long-term intercompany debt | 2,613 |  |  | 970 |  |  |  |  | $ | (3,583 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 638 |  |  |  |  | 638 |
Other non-current liabilities |  |  | 265 |  |  | 387 |  |  |  |  | 652 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 310 |  |  |  |  | 310 |
Crown Holdings shareholders’ equity/(deficit) | 469 |  |  | 1,595 |  |  | 4,338 |  |  | (5,933 | ) |  | 469 |
Total equity/(deficit) | 469 |  |  | 1,595 |  |  | 4,648 |  |  | (5,933 | ) |  | 779 |
Total | $ | 3,099 |  |  | $ | 3,262 |  |  | $ | 13,118 |  |  | $ | (9,516 | ) |  | $ | 9,963 |
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 For the nine months ended September 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | 6 |  |  | $ | (86 | ) |  | $ | 466 |  |  | $ | (10 | ) |  | $ | 376 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (244 | ) |  |  |  | (244 | )
Intercompany investing activities | 150 |  |  |  |  |  |  |  | (150 | ) |  | — |
Other |  |  |  |  | 16 |  |  |  |  | 16 |
Net cash provided by/(used for) investing activities | 150 |  |  | — |  |  | (228 | ) |  | (150 | ) |  | (228 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 1,379 |  |  |  |  | 1,379 |
Payments of long-term debt |  |  |  |  | (1,810 | ) |  |  |  | (1,810 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 108 |  |  |  |  | 108 |
Net change in long-term intercompany balances | (156 | ) |  | 86 |  |  | 70 |  |  |  |  | — |
Debt issue costs |  |  |  |  | (16 | ) |  |  |  | (16 | )
Common stock issued | 8 |  |  |  |  |  |  |  |  | 8 |
Common stock repurchased | (8 | ) |  |  |  |  |  |  |  | (8 | )
Dividends paid |  |  |  |  | (160 | ) |  | 160 |  |  | — |
Contributions from noncontrolling interests |  |  |  |  | 1 |  |  |  |  | 1 |
Dividend paid to noncontrolling interests |  |  |  |  | (43 | ) |  |  |  | (43 | )
Foreign exchange derivatives related to debt |  |  |  |  | 53 |  |  |  |  | 53 |
Net cash provided by/(used for) financing activities | (156 | ) |  | 86 |  |  | (418 | ) |  | 160 |  |  | (328 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | (11 | ) |  |  |  | (11 | )
Net change in cash and cash equivalents | — |  |  | — |  |  | (191 | ) |  | — |  |  | (191 | )
Cash and cash equivalents at January 1 |  |  |  |  | 717 |  |  |  |  | 717 |
Cash and cash equivalents at September 30 | $ | — |  |  | $ | — |  |  | $ | 526 |  |  | $ | — |  |  | $ | 526 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | 24 |  |  | $ | (65 | ) |  | $ | 356 |  |  |  |  | $ | 315 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (176 | ) |  |  |  | (176 | )
Purchase of business |  |  |  |  | (1,207 | ) |  |  |  | (1,207 | )
Proceeds from sale of business |  |  |  |  | 33 |  |  |  |  | 33 |
Intercompany investing activities | (865 | ) |  | 9 |  |  | 865 |  |  | $ | (9 | ) |  | — |
Net investment hedge settlements |  |  |  |  | (11 | ) |  |  |  | (11 | )
Other |  |  |  |  | (13 | ) |  |  |  | (13 | )
Net cash provided by/(used for) investing activities | (865 | ) |  | 9 |  |  | (509 | ) |  | (9 | ) |  | (1,374 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 1,435 |  |  |  |  | 1,435 |
Payments of long-term debt |  |  |  |  | (780 | ) |  |  |  | (780 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 34 |  |  |  |  | 34 |
Net change in long-term intercompany balances | 845 |  |  | 56 |  |  | (901 | ) |  |  |  | — |
Debt issue costs |  |  |  |  | (18 | ) |  |  |  | (18 | )
Common stock issued | 5 |  |  |  |  |  |  |  |  | 5 |
Common stock repurchased | (9 | ) |  |  |  |  |  |  |  | (9 | )
Dividends paid |  |  |  |  | (9 | ) |  | 9 |  |  | — |
Contributions from noncontrolling interests |  |  |  |  | 3 |  |  |  |  | 3 |
Dividend paid to noncontrolling interests |  |  |  |  | (21 | ) |  |  |  | (21 | )
Foreign exchange derivatives related to debt |  |  |  |  | (38 | ) |  |  |  | (38 | )
Net cash provided by/(used for) financing activities | 841 |  |  | 56 |  |  | (295 | ) |  | 9 |  |  | 611 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | (51 | ) |  |  |  | (51 | )
Net change in cash and cash equivalents | — |  |  | — |  |  | (499 | ) |  | — |  |  | (499 | )
Cash and cash equivalents at January 1 |  |  |  |  | 965 |  |  |  |  | 965 |
Cash and cash equivalents at September 30 | $ | — |  |  | $ | — |  |  | $ | 466 |  |  | $ | — |  |  | $ | 466 |
Crown Americas, LLC, Crown Americas Capital Corp. II and Crown Americas Capital Corp. III (collectively, the Issuer), 100% owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023 and $400 principal amount of 4.25% senior notes due 2026, which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all of its subsidiaries in the United States. The guarantors are 100% owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements:
• | statements of comprehensive income for the three and nine months ended September 30, 2016 and 2015,
• | balance sheets as of September 30, 2016 and December 31, 2015, and
• | statements of cash flows for the nine months ended September 30, 2016 and 2015
are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended September 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 513 |  |  | $ | 1,813 |  |  |  |  | $ | 2,326 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 404 |  |  | 1,434 |  |  |  |  | 1,838 |
Depreciation and amortization |  |  |  |  | 9 |  |  | 54 |  |  |  |  | 63 |
Selling and administrative expense |  |  | $ | 2 |  |  | 34 |  |  | 54 |  |  |  |  | 90 |
Restructuring and other |  |  |  |  | 10 |  |  | 10 |  |  |  |  | 20 |
Income from operations |  |  | (2 | ) |  | 56 |  |  | 261 |  |  |  |  | 315 |
Loss from early extinguishments of debt |  |  | 5 |  |  |  |  | 5 |  |  |  |  | 10 |
Net interest expense |  |  | 15 |  |  | 22 |  |  | 19 |  |  |  |  | 56 |
Technology royalty |  |  |  |  | (13 | ) |  | 13 |  |  |  |  | — |
Foreign exchange |  |  | 9 |  |  |  |  | (5 | ) |  | $ | (9 | ) |  | (5 | )
Income/(loss) before income taxes |  |  | (31 | ) |  | 47 |  |  | 229 |  |  | 9 |  |  | 254 |
Provision for / (benefit from) income taxes |  |  | (12 | ) |  | 13 |  |  | 44 |  |  | 3 |  |  | 48 |
Equity earnings / (loss) in affiliates | $ | 183 |  |  | 68 |  |  | 126 |  |  |  |  | (377 | ) |  | — |
Net income | 183 |  |  | 49 |  |  | 160 |  |  | 185 |  |  | (371 | ) |  | 206 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (23 | ) |  |  |  | (23 | )
Net income attributable to Crown Holdings | $ | 183 |  |  | $ | 49 |  |  | $ | 160 |  |  | $ | 162 |  |  | $ | (371 | ) |  | $ | 183 |
Comprehensive income | $ | 143 |  |  | $ | 33 |  |  | $ | 113 |  |  | $ | 169 |  |  | $ | (293 | ) |  | $ | 165 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (22 | ) |  |  |  | (22 | )
Comprehensive income attributable to Crown Holdings | $ | 143 |  |  | $ | 33 |  |  | $ | 113 |  |  | $ | 147 |  |  | $ | (293 | ) |  | $ | 143 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended September 30, 2015 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 527 |  |  | $ | 1,933 |  |  |  |  | $ | 2,460 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 415 |  |  | 1,569 |  |  |  |  | 1,984 |
Depreciation and amortization |  |  |  |  | 8 |  |  | 53 |  |  |  |  | 61 |
Selling and administrative expense |  |  | $ | 2 |  |  | 37 |  |  | 55 |  |  |  |  | 94 |
Restructuring and other |  |  |  |  | 3 |  |  | 37 |  |  |  |  | 40 |
Income from operations |  |  | (2 | ) |  | 64 |  |  | 219 |  |  |  |  | 281 |
Net interest expense |  |  | 23 |  |  | 23 |  |  | 18 |  |  |  |  | 64 |
Technology royalty |  |  |  |  | (13 | ) |  | 13 |  |  |  |  | — |
Foreign exchange |  |  | 3 |  |  |  |  | 9 |  |  | $ | (3 | ) |  | 9 |
Income/(loss) before income taxes |  |  | (28 | ) |  | 54 |  |  | 179 |  |  | 3 |  |  | 208 |
Provision for / (benefit from) income taxes |  |  | (11 | ) |  | 15 |  |  | 43 |  |  | 1 |  |  | 48 |
Equity earnings / (loss) in affiliates | $ | 141 |  |  | 70 |  |  | 58 |  |  |  |  | (269 | ) |  | — |
Net income | 141 |  |  | 53 |  |  | 97 |  |  | 136 |  |  | (267 | ) |  | 160 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (19 | ) |  |  |  | (19 | )
Net income attributable to Crown Holdings | $ | 141 |  |  | $ | 53 |  |  | $ | 97 |  |  | $ | 117 |  |  | $ | (267 | ) |  | $ | 141 |
Comprehensive income | $ | 9 |  |  | $ | 48 |  |  | $ | 35 |  |  | $ | (25 | ) |  | $ | (42 | ) |  | $ | 25 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (16 | ) |  |  |  | (16 | )
Comprehensive income attributable to Crown Holdings | $ | 9 |  |  | $ | 48 |  |  | $ | 35 |  |  | $ | (41 | ) |  | $ | (42 | ) |  | $ | 9 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 1,468 |  |  | $ | 4,893 |  |  |  |  | $ | 6,361 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,174 |  |  | 3,876 |  |  |  |  | 5,050 |
Depreciation and amortization |  |  |  |  | 25 |  |  | 163 |  |  |  |  | 188 |
Selling and administrative expense |  |  | $ | 7 |  |  | 102 |  |  | 166 |  |  |  |  | 275 |
Restructuring and other |  |  | (5 | ) |  | 14 |  |  | 10 |  |  |  |  | 19 |
Income from operations |  |  | (2 | ) |  | 153 |  |  | 678 |  |  |  |  | 829 |
Loss from early extinguishment of debt |  |  | 32 |  |  |  |  | 5 |  |  |  |  | 37 |
Net interest expense |  |  | 50 |  |  | 65 |  |  | 58 |  |  |  |  | 173 |
Technology royalty |  |  |  |  | (32 | ) |  | 32 |  |  |  |  | — |
Foreign exchange |  |  | 24 |  |  |  |  | (22 | ) |  | $ | (24 | ) |  | (22 | )
Income/(loss) before income taxes |  |  | (108 | ) |  | 120 |  |  | 605 |  |  | 24 |  |  | 641 |
Provision for / (benefit from) income taxes |  |  | (41 | ) |  | 42 |  |  | 142 |  |  | 8 |  |  | 151 |
Equity earnings / (loss) in affiliates | $ | 431 |  |  | 165 |  |  | 268 |  |  |  |  | (864 | ) |  | — |
Net income | 431 |  |  | 98 |  |  | 346 |  |  | 463 |  |  | (848 | ) |  | 490 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (59 | ) |  |  |  | (59 | )
Net income attributable to Crown Holdings | $ | 431 |  |  | $ | 98 |  |  | $ | 346 |  |  | $ | 404 |  |  | $ | (848 | ) |  | $ | 431 |
Comprehensive Income | $ | 310 |  |  | $ | 88 |  |  | $ | 299 |  |  | $ | 378 |  |  | $ | (704 | ) |  | $ | 371 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (61 | ) |  |  |  | (61 | )
Comprehensive income attributable to Crown Holdings | $ | 310 |  |  | $ | 88 |  |  | $ | 299 |  |  | $ | 317 |  |  | $ | (704 | ) |  | $ | 310 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the nine months ended September 30, 2015 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 1,555 |  |  | $ | 5,180 |  |  |  |  | $ | 6,735 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,235 |  |  | 4,252 |  |  |  |  | 5,487 |
Depreciation and amortization |  |  |  |  | 24 |  |  | 150 |  |  |  |  | 174 |
Selling and administrative expense |  |  | $ | 7 |  |  | 115 |  |  | 169 |  |  |  |  | 291 |
Restructuring and other |  |  |  |  | 5 |  |  | 52 |  |  |  |  | 57 |
Income from operations |  |  | (7 | ) |  | 176 |  |  | 557 |  |  |  |  | 726 |
Loss from early extinguishment of debt |  |  | 9 |  |  |  |  |  |  |  |  |  | 9 |
Net interest expense |  |  | 67 |  |  | 69 |  |  | 58 |  |  |  |  | 194 |
Technology royalty |  |  |  |  | (32 | ) |  | 32 |  |  |  |  | — |
Foreign exchange |  |  | 11 |  |  |  |  | 14 |  |  | $ | (11 | ) |  | 14 |
Income/(loss) before income taxes |  |  | (94 | ) |  | 139 |  |  | 453 |  |  | 11 |  |  | 509 |
Provision for / (benefit from) income taxes |  |  | (36 | ) |  | 61 |  |  | 105 |  |  | 4 |  |  | 134 |
Equity earnings / (loss) in affiliates | $ | 327 |  |  | 158 |  |  | 160 |  |  |  |  | (645 | ) |  | — |
Net income | 327 |  |  | 100 |  |  | 238 |  |  | 348 |  |  | (638 | ) |  | 375 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (48 | ) |  |  |  | (48 | )
Net income attributable to Crown Holdings | $ | 327 |  |  | $ | 100 |  |  | $ | 238 |  |  | $ | 300 |  |  | $ | (638 | ) |  | $ | 327 |
Comprehensive income | $ | 3 |  |  | $ | 101 |  |  | $ | 73 |  |  | $ | (5 | ) |  | $ | (126 | ) |  | $ | 46 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (43 | ) |  |  |  | (43 | )
Comprehensive income attirbutable to Crown Holdings | $ | 3 |  |  | $ | 101 |  |  | $ | 73 |  |  | $ | (48 | ) |  | $ | (126 | ) |  | $ | 3 |
CONDENSED COMBINING BALANCE SHEET As of September 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 48 |  |  | $ | 1 |  |  | $ | 477 |  |  |  |  | $ | 526 |
Receivables, net |  |  | 3 |  |  | 11 |  |  | 1,033 |  |  |  |  | 1,047 |
Intercompany receivables |  |  |  |  | 35 |  |  | 6 |  |  | $ | (41 | ) |  | — |
Inventories |  |  |  |  | 304 |  |  | 996 |  |  |  |  | 1,300 |
Prepaid expenses and other current assets | $ | 1 |  |  | 2 |  |  | 8 |  |  | 206 |  |  |  |  | 217 |
Total current assets | 1 |  |  | 53 |  |  | 359 |  |  | 2,718 |  |  | (41 | ) |  | 3,090 |
Intercompany debt receivables |  |  | 2,815 |  |  | 3,412 |  |  | 697 |  |  | (6,924 | ) |  | — |
Investments | 3,098 |  |  | 2,335 |  |  | 883 |  |  |  |  | (6,316 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 469 |  |  | 2,981 |  |  |  |  | 3,450 |
Property, plant and equipment, net |  |  | 1 |  |  | 450 |  |  | 2,295 |  |  |  |  | 2,746 |
Other non-current assets |  |  | 3 |  |  | 450 |  |  | 224 |  |  |  |  | 677 |
Total | $ | 3,099 |  |  | $ | 5,207 |  |  | $ | 6,023 |  |  | $ | 8,915 |  |  | $ | (13,281 | ) |  | $ | 9,963 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | $ | 49 |  |  |  |  | $ | 49 |
Current maturities of long-term debt |  |  | $ | 80 |  |  |  |  | 41 |  |  |  |  | 121 |
Accounts payable and accrued liabilities | $ | 17 |  |  | 19 |  |  | $ | 596 |  |  | 1,995 |  |  |  |  | 2,627 |
Intercompany payables |  |  |  |  | 6 |  |  | 35 |  |  | $ | (41 | ) |  | — |
Total current liabilities | 17 |  |  | 99 |  |  | 602 |  |  | 2,120 |  |  | (41 | ) |  | 2,797 |
Long-term debt, excluding current maturities |  |  | 2,437 |  |  | 392 |  |  | 2,268 |  |  |  |  | 5,097 |
Long-term intercompany debt | 2,613 |  |  | 1,324 |  |  | 2,795 |  |  | 192 |  |  | (6,924 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 344 |  |  | 294 |  |  |  |  | 638 |
Other non-current liabilities |  |  |  |  | 295 |  |  | 357 |  |  |  |  | 652 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 310 |  |  |  |  | 310 |
Crown Holdings shareholders’ equity/(deficit) | 469 |  |  | 1,347 |  |  | 1,595 |  |  | 3,374 |  |  | (6,316 | ) |  | 469 |
Total equity/(deficit) | 469 |  |  | 1,347 |  |  | 1,595 |  |  | 3,684 |  |  | (6,316 | ) |  | 779 |
Total | $ | 3,099 |  |  | $ | 5,207 |  |  | $ | 6,023 |  |  | $ | 8,915 |  |  | $ | (13,281 | ) |  | $ | 9,963 |
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 For the nine months ended September 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | 6 |  |  | $ | (61 | ) |  | $ | 108 |  |  | $ | 353 |  |  | $ | (30 | ) |  | $ | 376 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (81 | ) |  | (163 | ) |  |  |  | (244 | )
Intercompany investing activities | 150 |  |  |  |  | 150 |  |  |  |  |  | (300 | ) |  | — |
Other |  |  |  |  | 11 |  |  | 5 |  |  |  |  | 16 |
Net cash provided by/(used for) investing activities | 150 |  |  | — |  |  | 80 |  |  | (158 | ) |  | (300 | ) |  | (228 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 700 |  |  |  |  | 679 |  |  |  |  | 1,379 |
Payments of long-term debt |  |  | (1,100 | ) |  |  |  | (710 | ) |  |  |  | (1,810 | )
Net change in revolving credit facility and short-term debt |  |  | 60 |  |  |  |  | 48 |  |  |  |  | 108 |
Net change in long-term intercompany balances | (156 | ) |  | 352 |  |  | (187 | ) |  | (9 | ) |  |  |  | — |
Debt issue costs |  |  | (7 | ) |  |  |  | (9 | ) |  |  |  | (16 | )
Common stock issued | 8 |  |  |  |  |  |  |  |  |  |  | 8 |
Common stock repurchased | (8 | ) |  |  |  |  |  |  |  |  |  | (8 | )
Dividends paid |  |  |  |  |  |  | (330 | ) |  | 330 |  |  | — |
Contributions from noncontrolling interests |  |  |  |  |  |  | 1 |  |  |  |  | 1 |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (43 | ) |  |  |  | (43 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  | 53 |  |  |  |  | 53 |
Net cash provided by/(used for) financing activities | (156 | ) |  | 5 |  |  | (187 | ) |  | (320 | ) |  | 330 |  |  | (328 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (11 | ) |  |  |  | (11 | )
Net change in cash and cash equivalents | — |  |  | (56 | ) |  | 1 |  |  | (136 | ) |  | — |  |  | (191 | )
Cash and cash equivalents at January 1 |  |  | 104 |  |  |  |  | 613 |  |  |  |  | 717 |
Cash and cash equivalents at September 30 | $ | — |  |  | $ | 48 |  |  | $ | 1 |  |  | $ | 477 |  |  | $ | — |  |  | $ | 526 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2015 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | 24 |  |  | $ | (53 | ) |  | $ | 76 |  |  | $ | 268 |  |  |  |  | $ | 315 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (30 | ) |  | (146 | ) |  |  |  | (176 | )
Purchase of business |  |  |  |  |  |  | (1,207 | ) |  |  |  | (1,207 | )
Proceeds from sale of business |  |  |  |  |  |  | 33 |  |  |  |  | 33 |
Intercompany investing activities | (865 | ) |  | 7 |  |  | 9 |  |  | 865 |  |  | $ | (16 | ) |  | — |
Net investment hedge settlements |  |  | (11 | ) |  |  |  |  |  |  |  | (11 | )
Other |  |  |  |  | (9 | ) |  | (4 | ) |  |  |  | (13 | )
Net cash provided by/(used for) investing activities | (865 | ) |  | (4 | ) |  | (30 | ) |  | (459 | ) |  | (16 | ) |  | (1,374 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 750 |  |  |  |  | 685 |  |  |  |  | 1,435 |
Payments of long-term debt |  |  | (675 | ) |  |  |  | (105 | ) |  |  |  | (780 | )
Net change in revolving credit facility and short-term debt |  |  |  |  |  |  |  | 34 |  |  |  |  | 34 |
Net change in long-term intercompany balances | 845 |  |  | (104 | ) |  | (46 | ) |  | (695 | ) |  |  |  | — |
Debt issue costs |  |  | (10 | ) |  |  |  | (8 | ) |  |  |  | (18 | )
Common stock issued | 5 |  |  |  |  |  |  |  |  |  |  | 5 |
Common stock repurchased | (9 | ) |  |  |  |  |  |  |  |  |  | (9 | )
Dividends paid |  |  |  |  |  |  | (16 | ) |  | 16 |  |  | — |
Contributions from noncontrolling interests |  |  |  |  |  |  | 3 |  |  |  |  | 3 |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (21 | ) |  |  |  | (21 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  |  | (38 | ) |  |  |  | (38 | )
Net cash provided by/(used for) financing activities | 841 |  |  | (39 | ) |  | (46 | ) |  | (161 | ) |  | 16 |  |  | 611 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (51 | ) |  |  |  | (51 | )
Net change in cash and cash equivalents | — |  |  | (96 | ) |  | — |  |  | (403 | ) |  | — |  |  | (499 | )
Cash and cash equivalents at January 1 |  |  | 128 |  |  |  |  | 837 |  |  |  |  | 965 |
Cash and cash equivalents at September 30 | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | 434 |  |  | $ | — |  |  | $ | 466 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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