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Condensed Combining Financial Information
12 Months Ended
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