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Condensed Combining Financial Information (Tables) | 9 Months Ended
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Sep. 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 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 | 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 | 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. And Crown Americas Capital Corp. II [Member] |
Condensed Combining Statement of Comprehensive Income | 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 | 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 | 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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