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Condensed Combining Financial Information | 12 Months Ended
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Dec. 31, 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 wholly owned subsidiary, 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 and cash flows for the years ended December 31, 2016, 2015, 2014, and •balance sheets as of December 31, 2016 and December 31, 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 year ended December 31, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 8,284 |  |  |  |  | $ | 8,284 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 6,583 |  |  |  |  | 6,583 |
Depreciation and amortization |  |  |  |  | 247 |  |  |  |  | 247 |
Selling and administrative expense |  |  | $ | 7 |  |  | 361 |  |  |  |  | 368 |
Provision for asbestos |  |  | 21 |  |  |  |  |  |  | 21 |
Restructuring and other |  |  | 13 |  |  | 31 |  |  |  |  | 44 |
Income from operations | — |  |  | (41 | ) |  | 1,062 |  |  | — |  |  | 1,021 |
Loss from early extinguishments of debt |  |  |  |  | 37 |  |  |  |  | 37 |
Net interest expense |  |  | 106 |  |  | 125 |  |  |  |  | 231 |
Foreign exchange |  |  |  |  | (16 | ) |  |  |  | (16 | )
Income/(loss) before income taxes | — |  |  | (147 | ) |  | 916 |  |  | — |  |  | 769 |
Provision for / (benefit from) income taxes |  |  | (12 | ) |  | 198 |  |  |  |  | 186 |
Equity earnings in affiliates | $ | 496 |  |  | 529 |  |  |  |  | $ | (1,025 | ) |  | — |
Net income | 496 |  |  | 394 |  |  | 718 |  |  | (1,025 | ) |  | 583 |
Net income attributable to noncontrolling interests |  |  |  |  | (87 | ) |  |  |  | (87 | )
Net income attributable to Crown Holdings | $ | 496 |  |  | $ | 394 |  |  | $ | 631 |  |  | $ | (1,025 | ) |  | $ | 496 |
Total comprehensive income | $ | 250 |  |  | $ | 348 |  |  | $ | 472 |  |  | $ | (733 | ) |  | $ | 337 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (87 | ) |  |  |  | (87 | )
Comprehensive income attributable to Crown Holdings | $ | 250 |  |  | $ | 348 |  |  | $ | 385 |  |  | $ | (733 | ) |  | $ | 250 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 8,762 |  |  |  |  | $ | 8,762 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 7,116 |  |  |  |  | 7,116 |
Depreciation and amortization |  |  |  |  | 237 |  |  |  |  | 237 |
Selling and administrative expense |  |  | $ | 10 |  |  | 380 |  |  |  |  | 390 |
Provision for asbestos |  |  | 26 |  |  |  |  |  |  | 26 |
Restructuring and other |  |  | (1 | ) |  | 67 |  |  |  |  | 66 |
Income from operations | — |  |  | (35 | ) |  | 962 |  |  | — |  |  | 927 |
Loss from early extinguishments of debt |  |  |  |  | 9 |  |  |  |  | 9 |
Net interest expense |  |  | 100 |  |  | 159 |  |  |  |  | 259 |
Foreign exchange |  |  |  |  | 20 |  |  |  |  | 20 |
Income/(loss) before income taxes | — |  |  | (135 | ) |  | 774 |  |  | — |  |  | 639 |
Provision for / (benefit from) income taxes |  |  | (35 | ) |  | 213 |  |  |  |  | 178 |
Equity earnings in affiliates | $ | 393 |  |  | 385 |  |  |  |  | $ | (778 | ) |  | — |
Net income | 393 |  |  | 285 |  |  | 561 |  |  | (778 | ) |  | 461 |
Net income attributable to noncontrolling interests |  |  |  |  | (68 | ) |  |  |  | (68 | )
Net income attributable to Crown Holdings | $ | 393 |  |  | $ | 285 |  |  | $ | 493 |  |  | $ | (778 | ) |  | $ | 393 |
Total comprehensive income | $ | 4 |  |  | $ | 3 |  |  | $ | 168 |  |  | $ | (107 | ) |  | $ | 68 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (64 | ) |  |  |  | (64 | )
Comprehensive income attributable to Crown Holdings | $ | 4 |  |  | $ | 3 |  |  | $ | 104 |  |  | $ | (107 | ) |  | $ | 4 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2014 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 9,097 |  |  |  |  | $ | 9,097 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 7,525 |  |  |  |  | 7,525 |
Depreciation and amortization |  |  |  |  | 190 |  |  |  |  | 190 |
Selling and administrative expense |  |  | $ | 10 |  |  | 388 |  |  |  |  | 398 |
Provision for asbestos |  |  | 40 |  |  |  |  |  |  | 40 |
Restructuring and other |  |  | 14 |  |  | 115 |  |  |  |  | 129 |
Income from operations | — |  |  | (64 | ) |  | 879 |  |  | — |  |  | 815 |
Loss from early extinguishments of debt |  |  |  |  | 34 |  |  |  |  | 34 |
Net interest expense |  |  | 93 |  |  | 153 |  |  |  |  | 246 |
Foreign exchange |  |  |  |  | 14 |  |  |  |  | 14 |
Income/(loss) before income taxes | — |  |  | (157 | ) |  | 678 |  |  | — |  |  | 521 |
Provision for / (benefit from) income taxes |  |  | (24 | ) |  | 67 |  |  |  |  | 43 |
Equity earnings in affiliates | $ | 390 |  |  | 500 |  |  |  |  | $ | (890 | ) |  | — |
Net income | 390 |  |  | 367 |  |  | 611 |  |  | (890 | ) |  | 478 |
Net income attributable to noncontrolling interests |  |  |  |  | (88 | ) |  |  |  | (88 | )
Net income attributable to Crown Holdings | $ | 390 |  |  | $ | 367 |  |  | $ | 523 |  |  | $ | (890 | ) |  | $ | 390 |
Total comprehensive income | $ | 138 |  |  | $ | 115 |  |  | $ | 360 |  |  | $ | (386 | ) |  | $ | 227 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (89 | ) |  |  |  | (89 | )
Comprehensive income attributable to Crown Holdings | $ | 138 |  |  | $ | 115 |  |  | $ | 271 |  |  | $ | (386 | ) |  | $ | 138 |
CONDENSED COMBINING BALANCE SHEET As of December 31, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 559 |  |  |  |  | $ | 559 |
Receivables, net |  |  |  |  | 865 |  |  |  |  | 865 |
Inventories |  |  |  |  | 1,245 |  |  |  |  | 1,245 |
Prepaid expenses and other current assets | $ | 1 |  |  |  |  | 171 |  |  |  |  | 172 |
Total current assets | 1 |  |  | — |  |  | 2,840 |  |  | — |  |  | 2,841 |
Intercompany debt receivables |  |  |  |  | 3,447 |  |  | $ | (3,447 | ) |  | — |
Investments | 2,857 |  |  | $ | 2,915 |  |  |  |  | (5,772 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 3,263 |  |  |  |  | 3,263 |
Property, plant and equipment, net |  |  |  |  | 2,820 |  |  |  |  | 2,820 |
Other non-current assets |  |  | 447 |  |  | 228 |  |  |  |  | 675 |
Total | $ | 2,858 |  |  | $ | 3,362 |  |  | $ | 12,598 |  |  | $ | (9,219 | ) |  | $ | 9,599 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 33 |  |  |  |  | $ | 33 |
Current maturities of long-term debt |  |  |  |  | 161 |  |  |  |  | 161 |
Accounts payable and accrued liabilities | $ | 23 |  |  | $ | 40 |  |  | 2,639 |  |  |  |  | 2,702 |
Total current liabilities | 23 |  |  | 40 |  |  | 2,833 |  |  | — |  |  | 2,896 |
Long-term debt, excluding current maturities |  |  | 392 |  |  | 4,325 |  |  |  |  | 4,717 |
Long-term intercompany debt | 2,469 |  |  | 978 |  |  |  |  | $ | (3,447 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 620 |  |  |  |  | 620 |
Other non-current liabilities |  |  | 358 |  |  | 340 |  |  |  |  | 698 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 302 |  |  |  |  | 302 |
Crown Holdings shareholders’ equity | 366 |  |  | 1,594 |  |  | 4,178 |  |  | (5,772 | ) |  | 366 |
Total equity | 366 |  |  | 1,594 |  |  | 4,480 |  |  | (5,772 | ) |  | 668 |
Total | $ | 2,858 |  |  | $ | 3,362 |  |  | $ | 12,598 |  |  | $ | (9,219 | ) |  | $ | 9,599 |
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 | $ | 2,887 |  |  | 2,490 |  |  |  |  | (5,377 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 3,580 |  |  |  |  | 3,580 |
Property, plant and equipment, net |  |  |  |  | 2,699 |  |  |  |  | 2,699 |
Other non-current assets |  |  | 460 |  |  | 262 |  |  |  |  | 722 |
Total | $ | 2,887 |  |  | $ | 2,952 |  |  | $ | 13,242 |  |  | $ | (9,031 | ) |  | $ | 10,050 |
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 |  |  | 389 |  |  | 346 |  |  |  |  | 735 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 291 |  |  |  |  | 291 |
Crown Holdings shareholders’ equity | 94 |  |  | 1,246 |  |  | 4,131 |  |  | (5,377 | ) |  | 94 |
Total equity | 94 |  |  | 1,246 |  |  | 4,422 |  |  | (5,377 | ) |  | 385 |
Total | $ | 2,887 |  |  | $ | 2,952 |  |  | $ | 13,242 |  |  | $ | (9,031 | ) |  | $ | 10,050 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | 63 |  |  | $ | (92 | ) |  | $ | 1,061 |  |  | (102 | ) |  | $ | 930 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (473 | ) |  |  |  | (473 | )
Proceeds from sale of property, plant and equipment |  |  | (1 | ) |  | 11 |  |  |  |  | 10 |
Intercompany investing activities | 235 |  |  |  |  |  |  | $ | (235 | ) |  | — |
Other |  |  |  |  | 21 |  |  |  |  | 21 |
Net cash provided by/(used for) investing activities | 235 |  |  | (1 | ) |  | (441 | ) |  | (235 | ) |  | (442 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 1,380 |  |  |  |  | 1,380 |
Payments of long-term debt |  |  |  |  | (1,914 | ) |  |  |  | (1,914 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | (32 | ) |  |  |  | (32 | )
Net change in long-term intercompany balances | (300 | ) |  | 93 |  |  | 207 |  |  |  |  | — |
Debt issuance costs |  |  |  |  | (18 | ) |  |  |  | (18 | )
Common stock issued | 10 |  |  |  |  |  |  |  |  | 10 |
Common stock repurchased | (8 | ) |  |  |  |  |  |  |  | (8 | )
Dividends paid |  |  |  |  | (337 | ) |  | 337 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (80 | ) |  |  |  | (80 | )
Contribution from noncontrolling interests |  |  |  |  | 4 |  |  |  |  | 4 |
Foreign exchange derivatives related to debt |  |  |  |  | 42 |  |  |  |  | 42 |
Net cash provided by/(used for) financing activities | (298 | ) |  | 93 |  |  | (748 | ) |  | 337 |  |  | (616 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | (30 | ) |  |  |  | (30 | )
Net change in cash and cash equivalents | — |  |  | — |  |  | (158 | ) |  | — |  |  | (158 | )
Cash and cash equivalents at January 1 |  |  |  |  | 717 |  |  |  |  | 717 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | — |  |  | $ | 559 |  |  | $ | — |  |  | $ | 559 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | 33 |  |  | $ | (65 | ) |  | $ | 988 |  |  |  |  | $ | 956 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (354 | ) |  |  |  | (354 | )
Acquisition of businesses, net of cash acquired |  |  |  |  | (1,207 | ) |  |  |  | (1,207 | )
Proceeds from sale of businesses, net of cash sold |  |  |  |  | 33 |  |  |  |  | 33 |
Proceeds from sale of property, plant and equipment |  |  |  |  | 7 |  |  |  |  | 7 |
Intercompany investing activities | (738 | ) |  | 21 |  |  | 738 |  |  | $ | (21 | ) |  | — |
Net investment hedge settlements |  |  |  |  | (11 | ) |  |  |  | (11 | )
Other |  |  |  |  | (16 | ) |  |  |  | (16 | )
Net cash provided by/(used for) investing activities | (738 | ) |  | 21 |  |  | (810 | ) |  | (21 | ) |  | (1,548 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 1,435 |  |  |  |  | 1,435 |
Payments of long-term debt |  |  | (17 | ) |  | (883 | ) |  |  |  | (900 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | (7 | ) |  |  |  | (7 | )
Net change in long-term intercompany balances | 708 |  |  | 61 |  |  | (769 | ) |  |  |  | — |
Debt issuance costs |  |  |  |  | (18 | ) |  |  |  | (18 | )
Common stock issued | 6 |  |  |  |  |  |  |  |  | 6 |
Common stock repurchased | (9 | ) |  |  |  |  |  |  |  | (9 | )
Dividends paid |  |  |  |  | (21 | ) |  | 21 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (48 | ) |  |  |  | (48 | )
Contribution from noncontrolling interests |  |  |  |  | 5 |  |  |  |  | 5 |
Foreign exchange derivatives related to debt |  |  |  |  | (58 | ) |  |  |  | (58 | )
Net cash provided by/(used for) financing activities | 705 |  |  | 44 |  |  | (364 | ) |  | 21 |  |  | 406 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | (62 | ) |  |  |  | (62 | )
Net change in cash and cash equivalents | — |  |  | — |  |  | (248 | ) |  | — |  |  | (248 | )
Cash and cash equivalents at January 1 |  |  |  |  | 965 |  |  |  |  | 965 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | — |  |  | $ | 717 |  |  | $ | — |  |  | $ | 717 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2014 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | 25 |  |  | $ | (130 | ) |  | $ | 1,017 |  |  |  |  | $ | 912 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (328 | ) |  |  |  | (328 | )
Acquisition of businesses, net of cash acquired |  |  |  |  | (733 | ) |  |  |  | (733 | )
Proceeds from sale of business, net of cash sold |  |  |  |  | 22 |  |  |  |  | 22 |
Proceeds from sale of property, plant and equipment |  |  |  |  | 16 |  |  |  |  | 16 |
Intercompany investing activities | (941 | ) |  | 56 |  |  | 941 |  |  | $ | (56 | ) |  | — |
Other |  |  |  |  | 2 |  |  |  |  | 2 |
Net cash provided by/(used for) investing activities | (941 | ) |  | 56 |  |  | (80 | ) |  | (56 | ) |  | (1,021 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 2,742 |  |  |  |  | 2,742 |
Payments of long-term debt |  |  |  |  | (1,752 | ) |  |  |  | (1,752 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | (319 | ) |  |  |  | (319 | )
Net change in long-term intercompany balances | 904 |  |  | 74 |  |  | (978 | ) |  |  |  | — |
Debt issuance costs |  |  |  |  | (41 | ) |  |  |  | (41 | )
Common stock issued | 14 |  |  |  |  |  |  |  |  | 14 |
Common stock repurchased | (2 | ) |  |  |  |  |  |  |  | (2 | )
Dividends paid |  |  |  |  | (56 | ) |  | 56 |  |  | — |
Purchase of noncontrolling interests |  |  |  |  | (93 | ) |  |  |  | (93 | )
Dividend paid to noncontrolling interests |  |  |  |  | (77 | ) |  |  |  | (77 | )
Foreign exchange derivatives related to debt |  |  |  |  | (27 | ) |  |  |  | (27 | )
Net cash provided by/(used for) financing activities | 916 |  |  | 74 |  |  | (601 | ) |  | 56 |  |  | 445 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | (60 | ) |  |  |  | (60 | )
Net change in cash and cash equivalents | — |  |  | — |  |  | 276 |  |  | — |  |  | 276 |
Cash and cash equivalents at January 1 |  |  |  |  | 689 |  |  |  |  | 689 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | — |  |  | $ | 965 |  |  | $ | — |  |  | $ | 965 |
Crown Americas, LLC, Crown Americas Capital Corp. II, Crown Americas Capital Corp. III and Crown Americas Capital Corp. V (collectively, the Issuers), wholly 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 subsidiaries in the United States. The guarantors are wholly 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 and cash flows for the years ended December 31, 2016, 2015, 2014, and
• | balance sheets as of December 31, 2016 and December 31, 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 year ended December 31, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 1,918 |  |  | $ | 6,366 |  |  |  |  | $ | 8,284 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,550 |  |  | 5,033 |  |  |  |  | 6,583 |
Depreciation and amortization |  |  |  |  | 33 |  |  | 214 |  |  |  |  | 247 |
Selling and administrative expense |  |  | $ | 10 |  |  | 135 |  |  | 223 |  |  |  |  | 368 |
Provision for asbestos |  |  |  |  | 21 |  |  |  |  |  |  | 21 |
Restructuring and other |  |  | (5 | ) |  | 25 |  |  | 24 |  |  |  |  | 44 |
Income from operations |  |  | (5 | ) |  | 154 |  |  | 872 |  |  |  |  | 1,021 |
Loss from early extinguishments of debt |  |  | 32 |  |  |  |  | 5 |  |  |  |  | 37 |
Net interest expense |  |  | 66 |  |  | 86 |  |  | 79 |  |  |  |  | 231 |
Technology royalty |  |  |  |  | (38 | ) |  | 38 |  |  |  |  | — |
Foreign exchange |  |  | (21 | ) |  | 1 |  |  | (17 | ) |  | $ | 21 |  |  | (16 | )
Income/(loss) before income taxes |  |  | (82 | ) |  | 105 |  |  | 767 |  |  | (21 | ) |  | 769 |
Provision for / (benefit from) income taxes |  |  | (31 | ) |  | 81 |  |  | 143 |  |  | (7 | ) |  | 186 |
Equity earnings in affiliates | $ | 496 |  |  | 207 |  |  | 370 |  |  |  |  | (1,073 | ) |  | — |
Net income | 496 |  |  | 156 |  |  | 394 |  |  | 624 |  |  | (1,087 | ) |  | 583 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (87 | ) |  |  |  | (87 | )
Net income attributable to Crown Holdings | $ | 496 |  |  | $ | 156 |  |  | $ | 394 |  |  | $ | 537 |  |  | $ | (1,087 | ) |  | $ | 496 |
Total comprehensive income | $ | 250 |  |  | $ | 119 |  |  | $ | 348 |  |  | $ | 394 |  |  | $ | (774 | ) |  | $ | 337 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (87 | ) |  |  |  | (87 | )
Comprehensive income attributable to Crown Holdings | $ | 250 |  |  | $ | 119 |  |  | $ | 348 |  |  | $ | 307 |  |  | $ | (774 | ) |  | $ | 250 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 2,013 |  |  | $ | 6,749 |  |  |  |  | $ | 8,762 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,611 |  |  | 5,505 |  |  |  |  | 7,116 |
Depreciation and amortization |  |  |  |  | 32 |  |  | 205 |  |  |  |  | 237 |
Selling and administrative expense |  |  | $ | 9 |  |  | 153 |  |  | 228 |  |  |  |  | 390 |
Provision for asbestos |  |  |  |  | 26 |  |  |  |  |  |  | 26 |
Restructuring and other |  |  |  |  | 7 |  |  | 59 |  |  |  |  | 66 |
Income from operations |  |  | (9 | ) |  | 184 |  |  | 752 |  |  |  |  | 927 |
Loss from early extinguishments of debt |  |  | 9 |  |  |  |  |  |  |  |  | 9 |
Net interest expense |  |  | 91 |  |  | 90 |  |  | 78 |  |  |  |  | 259 |
Technology royalty |  |  |  |  | (42 | ) |  | 42 |  |  |  |  | — |
Foreign exchange |  |  | (8 | ) |  | 3 |  |  | 17 |  |  | $ | 8 |  |  | 20 |
Income/(loss) before income taxes |  |  | (101 | ) |  | 133 |  |  | 615 |  |  | (8 | ) |  | 639 |
Provision for / (benefit from) income taxes |  |  | (38 | ) |  | 79 |  |  | 140 |  |  | (3 | ) |  | 178 |
Equity earnings in affiliates | $ | 393 |  |  | 183 |  |  | 231 |  |  |  |  | (807 | ) |  | — |
Net income | 393 |  |  | 120 |  |  | 285 |  |  | 475 |  |  | (812 | ) |  | 461 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (68 | ) |  |  |  | (68 | )
Net income attributable to Crown Holdings | $ | 393 |  |  | $ | 120 |  |  | $ | 285 |  |  | $ | 407 |  |  | $ | (812 | ) |  | $ | 393 |
Total comprehensive income | $ | 4 |  |  | $ | 146 |  |  | $ | 64 |  |  | $ | 46 |  |  | $ | (192 | ) |  | $ | 68 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (64 | ) |  |  |  | (64 | )
Comprehensive income attributable to Crown Holdings | $ | 4 |  |  | $ | 146 |  |  | $ | 64 |  |  | $ | (18 | ) |  | $ | (192 | ) |  | $ | 4 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2014 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 2,154 |  |  | $ | 6,943 |  |  |  |  | $ | 9,097 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,725 |  |  | 5,800 |  |  |  |  | 7,525 |
Depreciation and amortization |  |  |  |  | 31 |  |  | 159 |  |  |  |  | 190 |
Selling and administrative expense |  |  | $ | 9 |  |  | 144 |  |  | 245 |  |  |  |  | 398 |
Provision for asbestos |  |  |  |  | 40 |  |  |  |  |  |  | 40 |
Restructuring and other |  |  | 5 |  |  | 44 |  |  | 80 |  |  |  |  | 129 |
Income from operations |  |  | (14 | ) |  | 170 |  |  | 659 |  |  |  |  | 815 |
Loss from early extinguishments of debt |  |  |  |  |  |  | 34 |  |  |  |  | 34 |
Net interest expense |  |  | 58 |  |  | 90 |  |  | 98 |  |  |  |  | 246 |
Technology royalty |  |  |  |  | (48 | ) |  | 48 |  |  |  |  | — |
Foreign exchange |  |  |  |  |  |  | 14 |  |  |  |  | 14 |
Income/(loss) before income taxes |  |  | (72 | ) |  | 128 |  |  | 465 |  |  |  |  | 521 |
Provision for / (benefit from) income taxes |  |  | (27 | ) |  | 88 |  |  | (18 | ) |  |  |  | 43 |
Equity earnings in affiliates | $ | 390 |  |  | 222 |  |  | 327 |  |  |  |  | $ | (939 | ) |  | — |
Net income | 390 |  |  | 177 |  |  | 367 |  |  | 483 |  |  | (939 | ) |  | 478 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (88 | ) |  |  |  | (88 | )
Net income attributable to Crown Holdings | $ | 390 |  |  | $ | 177 |  |  | $ | 367 |  |  | $ | 395 |  |  | $ | (939 | ) |  | $ | 390 |
Total comprehensive income | $ | 138 |  |  | $ | 67 |  |  | $ | 115 |  |  | $ | 340 |  |  | $ | (433 | ) |  | $ | 227 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (89 | ) |  |  |  | (89 | )
Comprehensive income attributable to Crown Holdings | $ | 138 |  |  | $ | 67 |  |  | $ | 115 |  |  | $ | 251 |  |  | $ | (433 | ) |  | $ | 138 |
CONDENSED COMBINING BALANCE SHEET As of December 31, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 83 |  |  |  |  | $ | 476 |  |  |  |  | $ | 559 |
Receivables, net |  |  | 3 |  |  | $ | 20 |  |  | 842 |  |  |  |  | 865 |
Intercompany receivables |  |  |  |  | 33 |  |  | 6 |  |  | $ | (39 | ) |  | — |
Inventories |  |  |  |  | 313 |  |  | 932 |  |  |  |  | 1,245 |
Prepaid expenses and other current assets | $ | 1 |  |  | 2 |  |  | 13 |  |  | 156 |  |  |  |  | 172 |
Total current assets | 1 |  |  | 88 |  |  | 379 |  |  | 2,412 |  |  | (39 | ) |  | 2,841 |
Intercompany debt receivables |  |  | 2,703 |  |  | 3,234 |  |  | 690 |  |  | (6,627 | ) |  | — |
Investments | $ | 2,857 |  |  | 2,319 |  |  | 954 |  |  |  |  | (6,130 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 469 |  |  | 2,794 |  |  |  |  | 3,263 |
Property, plant and equipment, net |  |  | 1 |  |  | 496 |  |  | 2,323 |  |  |  |  | 2,820 |
Other non-current assets |  |  | 3 |  |  | 464 |  |  | 208 |  |  |  |  | 675 |
Total | $ | 2,858 |  |  | $ | 5,114 |  |  | $ | 5,996 |  |  | $ | 8,427 |  |  | $ | (12,796 | ) |  | $ | 9,599 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | $ | 33 |  |  |  |  | $ | 33 |
Current maturities of long-term debt |  |  | $ | 118 |  |  |  |  | 43 |  |  |  |  | 161 |
Accounts payable and accrued liabilities | $ | 23 |  |  | 32 |  |  | $ | 577 |  |  | 2,070 |  |  |  |  | 2,702 |
Intercompany payables |  |  |  |  | 6 |  |  | 33 |  |  | $ | (39 | ) |  | — |
Total current liabilities | 23 |  |  | 150 |  |  | 583 |  |  | 2,179 |  |  | (39 | ) |  | 2,896 |
Long-term debt, excluding current maturities |  |  | 2,258 |  |  | 392 |  |  | 2,067 |  |  |  |  | 4,717 |
Long-term intercompany debt | 2,469 |  |  | 1,328 |  |  | 2,624 |  |  | 206 |  |  | (6,627 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 422 |  |  | 198 |  |  |  |  | 620 |
Other non-current liabilities |  |  |  |  | 381 |  |  | 317 |  |  |  |  | 698 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 302 |  |  |  |  | 302 |
Crown Holdings shareholders’ equity | 366 |  |  | 1,378 |  |  | 1,594 |  |  | 3,158 |  |  | (6,130 | ) |  | 366 |
Total equity | 366 |  |  | 1,378 |  |  | 1,594 |  |  | 3,460 |  |  | (6,130 | ) |  | 668 |
Total | $ | 2,858 |  |  | $ | 5,114 |  |  | $ | 5,996 |  |  | $ | 8,427 |  |  | $ | (12,796 | ) |  | $ | 9,599 |
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 | $ | 2,887 |  |  | 2,199 |  |  | 804 |  |  |  |  | (5,890 | ) |  | — |
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 |  |  | 487 |  |  | 229 |  |  |  |  | 722 |
Total | $ | 2,887 |  |  | $ | 5,423 |  |  | $ | 5,974 |  |  | $ | 8,951 |  |  | $ | (13,185 | ) |  | $ | 10,050 |
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 |  |  |  |  | 391 |  |  | 344 |  |  |  |  | 735 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 291 |  |  |  |  | 291 |
Crown Holdings shareholders’ equity | 94 |  |  | 1,259 |  |  | 1,246 |  |  | 3,385 |  |  | (5,890 | ) |  | 94 |
Total equity | 94 |  |  | 1,259 |  |  | 1,246 |  |  | 3,676 |  |  | (5,890 | ) |  | 385 |
Total | $ | 2,887 |  |  | $ | 5,423 |  |  | $ | 5,974 |  |  | $ | 8,951 |  |  | $ | (13,185 | ) |  | $ | 10,050 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | 63 |  |  | $ | 1 |  |  | $ | 143 |  |  | $ | 875 |  |  | $ | (152 | ) |  | $ | 930 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (127 | ) |  | (346 | ) |  |  |  | (473 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 4 |  |  | 6 |  |  |  |  | 10 |
Intercompany investing activities | 235 |  |  |  |  | 150 |  |  |  |  | (385 | ) |  | — |
Other |  |  |  |  | 10 |  |  | 11 |  |  |  |  | 21 |
Net cash provided by/(used for) investing activities | 235 |  |  | — |  |  | 37 |  |  | (329 | ) |  | (385 | ) |  | (442 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 700 |  |  |  |  | 680 |  |  |  |  | 1,380 |
Payments of long-term debt |  |  | (1,181 | ) |  |  |  | (733 | ) |  |  |  | (1,914 | )
Net change in revolving credit facility and short-term debt |  |  |  |  |  |  | (32 | ) |  |  |  | (32 | )
Net change in long-term intercompany balances | (300 | ) |  | 468 |  |  | (180 | ) |  | 12 |  |  |  |  | — |
Debt issuance costs |  |  | (9 | ) |  |  |  | (9 | ) |  |  |  | (18 | )
Common stock issued | 10 |  |  |  |  |  |  |  |  |  |  | 10 |
Common stock repurchased | (8 | ) |  |  |  |  |  |  |  |  |  | (8 | )
Dividends paid |  |  |  |  |  |  | (537 | ) |  | 537 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (80 | ) |  |  |  | (80 | )
Contribution from noncontrolling interests |  |  |  |  |  |  | 4 |  |  |  |  | 4 |
Foreign exchange derivatives related to debt |  |  |  |  |  |  | 42 |  |  |  |  | 42 |
Net cash provided by/(used for) financing activities | (298 | ) |  | (22 | ) |  | (180 | ) |  | (653 | ) |  | 537 |  |  | (616 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (30 | ) |  |  |  | (30 | )
Net change in cash and cash equivalents | — |  |  | (21 | ) |  | — |  |  | (137 | ) |  | — |  |  | (158 | )
Cash and cash equivalents at January 1 |  |  | 104 |  |  |  |  |  | 613 |  |  |  |  | 717 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | 83 |  |  | $ | — |  |  | $ | 476 |  |  | $ | — |  |  | $ | 559 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | 33 |  |  | $ | (34 | ) |  | $ | 6 |  |  | $ | 951 |  |  |  |  | $ | 956 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (80 | ) |  | (274 | ) |  |  |  | (354 | )
Acquisition of businesses, net of cash acquired |  |  |  |  |  |  | (1,207 | ) |  |  |  | (1,207 | )
Proceeds from sale of businesses, net of cash sold |  |  |  |  |  |  | 33 |  |  |  |  | 33 |
Proceeds from sale of property, plant and equipment |  |  |  |  | 2 |  |  | 5 |  |  |  |  | 7 |
Intercompany investing activities | (738 | ) |  | 15 |  |  | 71 |  |  | 738 |  |  | $ | (86 | ) |  | — |
Net investment hedge settlements |  |  | (11 | ) |  |  |  |  |  |  |  | (11 | )
Other |  |  |  |  | (10 | ) |  | (6 | ) |  |  |  | (16 | )
Net cash provided by/(used for) investing activities | (738 | ) |  | 4 |  |  | (17 | ) |  | (711 | ) |  | (86 | ) |  | (1,548 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 750 |  |  |  |  | 685 |  |  |  |  | 1,435 |
Payments of long-term debt |  |  | (722 | ) |  |  |  | (178 | ) |  |  |  | (900 | )
Net change in revolving credit facility and short-term debt |  |  |  |  |  |  | (7 | ) |  |  |  | (7 | )
Net change in long-term intercompany balances | 708 |  |  | (12 | ) |  | 11 |  |  | (707 | ) |  |  |  | — |
Debt issuance costs |  |  | (10 | ) |  |  |  | (8 | ) |  |  |  | (18 | )
Common stock issued | 6 |  |  |  |  |  |  |  |  |  |  | 6 |
Common stock repurchased | (9 | ) |  |  |  |  |  |  |  |  |  | (9 | )
Dividends paid |  |  |  |  |  |  | (86 | ) |  | 86 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (48 | ) |  |  |  | (48 | )
Contribution from noncontrolling interests |  |  |  |  |  |  | 5 |  |  |  |  | 5 |
Foreign exchange derivatives related to debt |  |  |  |  |  |  | (58 | ) |  |  |  | (58 | )
Net cash provided by/(used for) financing activities | 705 |  |  | 6 |  |  | 11 |  |  | (402 | ) |  | 86 |  |  | 406 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (62 | ) |  |  |  | (62 | )
Net change in cash and cash equivalents | — |  |  | (24 | ) |  | — |  |  | (224 | ) |  | — |  |  | (248 | )
Cash and cash equivalents at January 1 |  |  | 128 |  |  |  |  | 837 |  |  |  |  | 965 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | 104 |  |  | $ | — |  |  | $ | 613 |  |  | $ | — |  |  | $ | 717 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2014 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | 25 |  |  | $ | (38 | ) |  | $ | 52 |  |  | $ | 873 |  |  |  |  | $ | 912 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (42 | ) |  | (286 | ) |  |  |  | (328 | )
Acquisition of businesses, net of cash acquired |  |  |  |  |  |  | (733 | ) |  |  |  | (733 | )
Proceeds from sale of businesses, net of cash sold |  |  |  |  |  |  | 22 |  |  |  |  | 22 |
Proceeds from sale of property, plant and equipment |  |  |  |  | 6 |  |  | 10 |  |  |  |  | 16 |
Intercompany investing activities | (941 | ) |  | 24 |  |  | 44 |  |  | 954 |  |  | $ | (81 | ) |  | — |
Other |  |  |  |  |  |  | 2 |  |  |  |  | 2 |
Net cash provided by/(used for) investing activities | (941 | ) |  | 24 |  |  | 8 |  |  | (31 | ) |  | (81 | ) |  | (1,021 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 942 |  |  |  |  | 1,800 |  |  |  |  | 2,742 |
Payments of long-term debt |  |  | (4 | ) |  |  |  | (1,748 | ) |  |  |  | (1,752 | )
Net change in revolving credit facility and short-term debt |  |  |  |  |  |  | (319 | ) |  |  |  | (319 | )
Net change in long-term intercompany balances | 904 |  |  | (949 | ) |  | 14 |  |  | 31 |  |  |  |  | — |
Debt issuance costs |  |  | (24 | ) |  |  |  | (17 | ) |  |  |  | (41 | )
Common stock issued | 14 |  |  |  |  |  |  |  |  |  |  | 14 |
Common stock repurchased | (2 | ) |  |  |  |  |  |  |  |  |  | (2 | )
Dividends paid |  |  |  |  |  |  | (81 | ) |  | 81 |  |  | — |
Purchase of noncontrolling interests |  |  |  |  | (76 | ) |  | (17 | ) |  |  |  | (93 | )
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (77 | ) |  |  |  | (77 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  | (27 | ) |  |  |  | (27 | )
Net cash provided by/(used for) financing activities | 916 |  |  | (35 | ) |  | (62 | ) |  | (455 | ) |  | 81 |  |  | 445 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (60 | ) |  |  |  | (60 | )
Net change in cash and cash equivalents | — |  |  | (49 | ) |  | (2 | ) |  | 327 |  |  | — |  |  | 276 |
Cash and cash equivalents at January 1 |  |  | 177 |  |  | 2 |  |  | 510 |  |  |  |  | 689 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | 128 |  |  | $ | — |  |  | $ | 837 |  |  | $ | — |  |  | $ | 965 |

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- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
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