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Condensed Combining Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2017
Crown Cork & Seal Company Inc [Member] |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2017 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 1,901 |  |  |  |  | $ | 1,901 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,519 |  |  |  |  | 1,519 |
Depreciation and amortization |  |  |  |  | 59 |  |  |  |  | 59 |
Selling and administrative expense |  |  | $ | 2 |  |  | 88 |  |  |  |  | 90 |
Restructuring and other |  |  |  |  | (4 | ) |  |  |  | (4 | )
Income from operations |  |  | (2 | ) |  | 239 |  |  |  |  | 237 |
Net interest expense |  |  | 20 |  |  | 39 |  |  |  |  | 59 |
Foreign exchange |  |  |  |  | (1 | ) |  |  |  | (1 | )
Income/(loss) before income taxes |  |  | (22 | ) |  | 201 |  |  |  |  | 179 |
Provision for / (benefit from) income taxes |  |  | (10 | ) |  | 56 |  |  |  |  | 46 |
Equity earnings / (loss) in affiliates | $ | 107 |  |  | 99 |  |  |  |  | $ | (206 | ) |  | — |
Net income | 107 |  |  | 87 |  |  | 145 |  |  | (206 | ) |  | 133 |
Net income attributable to noncontrolling interests |  |  |  |  | (26 | ) |  |  |  | (26 | )
Net income attributable to Crown Holdings | $ | 107 |  |  | $ | 87 |  |  | $ | 119 |  |  | $ | (206 | ) |  | $ | 107 |
Comprehensive income | $ | 246 |  |  | $ | 130 |  |  | $ | 285 |  |  | $ | (388 | ) |  | $ | 273 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (27 | ) |  |  |  | (27 | )
Comprehensive income attributable to Crown Holdings | $ | 246 |  |  | $ | 130 |  |  | $ | 258 |  |  | $ | (388 | ) |  | $ | 246 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 1,893 |  |  |  |  | $ | 1,893 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,521 |  |  |  |  | 1,521 |
Depreciation and amortization |  |  |  |  | 60 |  |  |  |  | 60 |
Selling and administrative expense |  |  | $ | 2 |  |  | 89 |  |  |  |  | 91 |
Restructuring and other |  |  |  |  | 2 |  |  |  |  | 2 |
Income from operations |  |  | (2 | ) |  | 221 |  |  |  |  | 219 |
Loss from early extinguishment of debt |  |  |  |  | 27 |  |  |  |  | 27 |
Net interest expense |  |  | 27 |  |  | 34 |  |  |  |  | 61 |
Foreign exchange |  |  |  |  | (6 | ) |  |  |  | (6 | )
Income/(loss) before income taxes |  |  | (29 | ) |  | 166 |  |  |  |  | 137 |
Provision for / (benefit from) income taxes |  |  | (7 | ) |  | 45 |  |  |  |  | 38 |
Equity earnings / (loss) in affiliates | $ | 79 |  |  | 77 |  |  |  |  | $ | (156 | ) |  | — |
Net income | 79 |  |  | 55 |  |  | 121 |  |  | (156 | ) |  | 99 |
Net income attributable to noncontrolling interests |  |  |  |  | (20 | ) |  |  |  | (20 | )
Net income attributable to Crown Holdings | $ | 79 |  |  | $ | 55 |  |  | $ | 101 |  |  | $ | (156 | ) |  | $ | 79 |
Comprehensive income | $ | 102 |  |  | $ | 145 |  |  | $ | 145 |  |  | $ | (269 | ) |  | $ | 123 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (21 | ) |  |  |  | (21 | )
Comprehensive income attributable to Crown Holdings | $ | 102 |  |  | $ | 145 |  |  | $ | 124 |  |  | $ | (269 | ) |  | $ | 102 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2017 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 338 |  |  |  |  | $ | 338 |
Receivables, net |  |  |  |  | 899 |  |  |  |  | 899 |
Inventories |  |  |  |  | 1,417 |  |  |  |  | 1,417 |
Prepaid expenses and other current assets | $ | 2 |  |  |  |  | 232 |  |  |  |  | 234 |
Total current assets | 2 |  |  | — |  |  | 2,886 |  |  |  |  | 2,888 |
Intercompany debt receivables |  |  |  |  | 3,592 |  |  | $ | (3,592 | ) |  | — |
Investments | 3,103 |  |  | $ | 3,053 |  |  |  |  | (6,156 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 3,357 |  |  |  |  | 3,357 |
Property, plant and equipment, net |  |  |  |  | 2,898 |  |  |  |  | 2,898 |
Other non-current assets |  |  | 505 |  |  | 222 |  |  |  |  | 727 |
Total | $ | 3,105 |  |  | $ | 3,558 |  |  | $ | 12,955 |  |  | $ | (9,748 | ) |  | $ | 9,870 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 37 |  |  |  |  | $ | 37 |
Current maturities of long-term debt |  |  |  |  | 57 |  |  |  |  | 57 |
Accounts payable and accrued liabilities | $ | 18 |  |  | $ | 39 |  |  | 2,345 |  |  |  |  | 2,402 |
Total current liabilities | 18 |  |  | 39 |  |  | 2,439 |  |  |  |  | 2,496 |
Long-term debt, excluding current maturities |  |  | 392 |  |  | 4,814 |  |  |  |  | 5,206 |
Long-term intercompany debt | 2,544 |  |  | 1,048 |  |  |  |  | $ | (3,592 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 596 |  |  |  |  | 596 |
Other non-current liabilities |  |  | 355 |  |  | 358 |  |  |  |  | 713 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 316 |  |  |  |  | 316 |
Crown Holdings shareholders’ equity/(deficit) | 543 |  |  | 1,724 |  |  | 4,432 |  |  | (6,156 | ) |  | 543 |
Total equity/(deficit) | 543 |  |  | 1,724 |  |  | 4,748 |  |  | (6,156 | ) |  | 859 |
Total | $ | 3,105 |  |  | $ | 3,558 |  |  | $ | 12,955 |  |  | $ | (9,748 | ) |  | $ | 9,870 |
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/(deficit) | 366 |  |  | 1,594 |  |  | 4,178 |  |  | (5,772 | ) |  | 366 |
Total equity/(deficit) | 366 |  |  | 1,594 |  |  | 4,480 |  |  | (5,772 | ) |  | 668 |
Total | $ | 2,858 |  |  | $ | 3,362 |  |  | $ | 12,598 |  |  | $ | (9,219 | ) |  | $ | 9,599 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2017 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | (9 | ) |  | $ | (14 | ) |  | $ | (293 | ) |  | $ | (4 | ) |  | $ | (320 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (107 | ) |  |  |  | (107 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 3 |  |  |  |  | 3 |
Net cash provided by/(used for) investing activities | — |  |  | — |  |  | (104 | ) |  | — |  |  | (104 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 4 |  |  |  |  | 4 |
Payments of long-term debt |  |  |  |  | (12 | ) |  |  |  | (12 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 351 |  |  |  |  | 351 |
Net change in long-term intercompany balances | 135 |  |  | 14 |  |  | (149 | ) |  |  |  | — |
Common stock issued | 7 |  |  |  |  |  |  |  |  | 7 |
Common stock repurchased | (133 | ) |  |  |  |  |  |  |  | (133 | )
Dividends paid |  |  |  |  | (4 | ) |  | 4 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (13 | ) |  |  |  | (13 | )
Foreign exchange derivatives related to debt |  |  |  |  | (5 | ) |  |  |  | (5 | )
Net cash provided by/(used for) financing activities | 9 |  |  | 14 |  |  | 172 |  |  | 4 |  |  | 199 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | 4 |  |  |  |  | 4 |
Net change in cash and cash equivalents | — |  |  | — |  |  | (221 | ) |  | — |  |  | (221 | )
Cash and cash equivalents at January 1 |  |  |  |  | 559 |  |  |  |  | 559 |
Cash and cash equivalents at March 31 | $ | — |  |  | $ | — |  |  | $ | 338 |  |  | $ | — |  |  | $ | 338 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | (10 | ) |  | $ | (31 | ) |  | $ | (364 | ) |  | $ | (3 | ) |  | $ | (408 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (51 | ) |  |  |  | (51 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 4 |  |  |  |  | 4 |
Intercompany investing activities | 150 |  |  |  |  |  |  | (150 | ) |  | — |
Other |  |  |  |  | (1 | ) |  |  |  | (1 | )
Net cash provided by/(used for) investing activities | 150 |  |  | — |  |  | (48 | ) |  | (150 | ) |  | (48 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 303 |  |  |  |  | 303 |
Payments of long-term debt |  |  |  |  | (709 | ) |  |  |  | (709 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 383 |  |  |  |  | 383 |
Net change in long-term intercompany balances | (137 | ) |  | 31 |  |  | 106 |  |  |  |  | — |
Debt issue costs |  |  |  |  | (2 | ) |  |  |  | (2 | )
Common stock issued | 1 |  |  |  |  |  |  |  |  | 1 |
Common stock repurchased | (4 | ) |  |  |  |  |  |  |  | (4 | )
Dividends paid |  |  |  |  | (153 | ) |  | 153 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (8 | ) |  |  |  | (8 | )
Foreign exchange derivatives related to debt |  |  |  |  | 32 |  |  |  |  | 32 |
Net cash provided by/(used for) financing activities | (140 | ) |  | 31 |  |  | (48 | ) |  | 153 |  |  | (4 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  |  |  | — |
Net change in cash and cash equivalents | — |  |  | — |  |  | (460 | ) |  | — |  |  | (460 | )
Cash and cash equivalents at January 1 |  |  |  |  | 717 |  |  |  |  | 717 |
Cash and cash equivalents at March 31 | $ | — |  |  | $ | — |  |  | $ | 257 |  |  | $ | — |  |  | $ | 257 |
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 March 31, 2017 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 445 |  |  | $ | 1,456 |  |  |  |  | $ | 1,901 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 361 |  |  | 1,158 |  |  |  |  | 1,519 |
Depreciation and amortization |  |  |  |  | 10 |  |  | 49 |  |  |  |  | 59 |
Selling and administrative expense |  |  | $ | 2 |  |  | 33 |  |  | 55 |  |  |  |  | 90 |
Restructuring and other |  |  |  |  | 1 |  |  | (5 | ) |  |  |  | (4 | )
Income from operations |  |  | (2 | ) |  | 40 |  |  | 199 |  |  |  |  | 237 |
Net interest expense |  |  | 17 |  |  | 21 |  |  | 21 |  |  |  |  | 59 |
Technology royalty |  |  |  |  | (9 | ) |  | 9 |  |  |  |  | — |
Foreign exchange |  |  | 10 |  |  |  |  | (1 | ) |  | $ | (10 | ) |  | (1 | )
Income/(loss) before income taxes |  |  | (29 | ) |  | 28 |  |  | 170 |  |  | 10 |  |  | 179 |
Provision for / (benefit from) income taxes |  |  | (11 | ) |  | 8 |  |  | 45 |  |  | 4 |  |  | 46 |
Equity earnings / (loss) in affiliates | $ | 107 |  |  | 49 |  |  | 67 |  |  |  |  | (223 | ) |  | — |
Net income | 107 |  |  | 31 |  |  | 87 |  |  | 125 |  |  | (217 | ) |  | 133 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (26 | ) |  |  |  | (26 | )
Net income attributable to Crown Holdings | $ | 107 |  |  | $ | 31 |  |  | $ | 87 |  |  | $ | 99 |  |  | $ | (217 | ) |  | $ | 107 |
Comprehensive income | $ | 246 |  |  | $ | 35 |  |  | $ | 130 |  |  | $ | 271 |  |  | $ | (409 | ) |  | $ | 273 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (27 | ) |  |  |  | (27 | )
Comprehensive income attributable to Crown Holdings | $ | 246 |  |  | $ | 35 |  |  | $ | 130 |  |  | $ | 244 |  |  | $ | (409 | ) |  | $ | 246 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 447 |  |  | $ | 1,446 |  |  |  |  | $ | 1,893 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 363 |  |  | 1,158 |  |  |  |  | 1,521 |
Depreciation and amortization |  |  |  |  | 8 |  |  | 52 |  |  |  |  | 60 |
Selling and administrative expense |  |  | $ | 3 |  |  | 35 |  |  | 53 |  |  |  |  | 91 |
Restructuring and other |  |  |  |  | 4 |  |  | (2 | ) |  |  |  | 2 |
Income from operations |  |  | (3 | ) |  | 37 |  |  | 185 |  |  |  |  | 219 |
Loss from early extinguishment of debt |  |  | 27 |  |  |  |  |  |  |  |  |  | 27 |
Net interest expense |  |  | 20 |  |  | 22 |  |  | 19 |  |  |  |  | 61 |
Technology royalty |  |  |  |  | (9 | ) |  | 9 |  |  |  |  | — |
Foreign exchange |  |  | 32 |  |  |  |  | (6 | ) |  | $ | (32 | ) |  | (6 | )
Income/(loss) before income taxes |  |  | (82 | ) |  | 24 |  |  | 163 |  |  | 32 |  |  | 137 |
Provision for / (benefit from) income taxes |  |  | (31 | ) |  | 14 |  |  | 44 |  |  | 11 |  |  | 38 |
Equity earnings / (loss) in affiliates | $ | 79 |  |  | 64 |  |  | 45 |  |  |  |  | (188 | ) |  | — |
Net income | 79 |  |  | 13 |  |  | 55 |  |  | 119 |  |  | (167 | ) |  | 99 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (20 | ) |  |  |  | (20 | )
Net income attributable to Crown Holdings | $ | 79 |  |  | $ | 13 |  |  | $ | 55 |  |  | $ | 99 |  |  | $ | (167 | ) |  | $ | 79 |
Comprehensive income | $ | 102 |  |  | $ | 16 |  |  | $ | 145 |  |  | $ | 172 |  |  | $ | (312 | ) |  | $ | 123 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (21 | ) |  |  |  | (21 | )
Comprehensive income attributable to Crown Holdings | $ | 102 |  |  | $ | 16 |  |  | $ | 145 |  |  | $ | 151 |  |  | $ | (312 | ) |  | $ | 102 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2017 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 79 |  |  |  |  |  | $ | 259 |  |  |  |  | $ | 338 |
Receivables, net |  |  |  |  | $ | 10 |  |  | 889 |  |  |  |  | 899 |
Intercompany receivables |  |  |  |  | 32 |  |  | 14 |  |  | $ | (46 | ) |  | — |
Inventories |  |  |  |  | 386 |  |  | 1,031 |  |  |  |  | 1,417 |
Prepaid expenses and other current assets | $ | 2 |  |  | 2 |  |  | 23 |  |  | 207 |  |  |  |  | 234 |
Total current assets | 2 |  |  | 81 |  |  | 451 |  |  | 2,400 |  |  | (46 | ) |  | 2,888 |
Intercompany debt receivables |  |  | 2,885 |  |  | 3,346 |  |  | 675 |  |  | (6,906 | ) |  | — |
Investments | 3,103 |  |  | 2,366 |  |  | 1,058 |  |  |  |  | (6,527 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 468 |  |  | 2,889 |  |  |  |  | 3,357 |
Property, plant and equipment, net |  |  | 1 |  |  | 505 |  |  | 2,392 |  |  |  |  | 2,898 |
Other non-current assets |  |  | 3 |  |  | 516 |  |  | 208 |  |  |  |  | 727 |
Total | $ | 3,105 |  |  | $ | 5,336 |  |  | $ | 6,344 |  |  | $ | 8,564 |  |  | $ | (13,479 | ) |  | $ | 9,870 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | $ | 37 |  |  |  |  | $ | 37 |
Current maturities of long-term debt |  |  | $ | 18 |  |  |  |  | 39 |  |  |  |  | 57 |
Accounts payable and accrued liabilities | $ | 18 |  |  | 15 |  |  | $ | 576 |  |  | 1,793 |  |  |  |  | 2,402 |
Intercompany payables |  |  |  |  | 14 |  |  | 32 |  |  | $ | (46 | ) |  | — |
Total current liabilities | 18 |  |  | 33 |  |  | 590 |  |  | 1,901 |  |  | (46 | ) |  | 2,496 |
Long-term debt, excluding current maturities |  |  | 2,565 |  |  | 392 |  |  | 2,249 |  |  |  |  | 5,206 |
Long-term intercompany debt | 2,544 |  |  | 1,325 |  |  | 2,855 |  |  | 182 |  |  | (6,906 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 408 |  |  | 188 |  |  |  |  | 596 |
Other non-current liabilities |  |  |  |  | 375 |  |  | 338 |  |  |  |  | 713 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 316 |  |  |  |  | 316 |
Crown Holdings shareholders’ equity/(deficit) | 543 |  |  | 1,413 |  |  | 1,724 |  |  | 3,390 |  |  | (6,527 | ) |  | 543 |
Total equity/(deficit) | 543 |  |  | 1,413 |  |  | 1,724 |  |  | 3,706 |  |  | (6,527 | ) |  | 859 |
Total | $ | 3,105 |  |  | $ | 5,336 |  |  | $ | 6,344 |  |  | $ | 8,564 |  |  | $ | (13,479 | ) |  | $ | 9,870 |
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/(deficit) | 366 |  |  | 1,378 |  |  | 1,594 |  |  | 3,158 |  |  | (6,130 | ) |  | 366 |
Total equity/(deficit) | 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 Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2017 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | (9 | ) |  | $ | (24 | ) |  | $ | (69 | ) |  | $ | (208 | ) |  | $ | (10 | ) |  | $ | (320 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (50 | ) |  | (57 | ) |  |  |  | (107 | )
Proceeds from sale of property, plant and equipment |  |  |  |  |  |  | 3 |  |  |  |  | 3 |
Net cash provided by/(used for) investing activities | — |  |  | — |  |  | (50 | ) |  | (54 | ) |  | — |  |  | (104 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  |  |  |  | 4 |  |  |  |  | 4 |
Payments of long-term debt |  |  |  |  |  |  |  | (12 | ) |  |  |  | (12 | )
Net change in revolving credit facility and short-term debt |  |  | 205 |  |  |  |  | 146 |  |  |  |  | 351 |
Net change in long-term intercompany balances | 135 |  |  | (185 | ) |  | 119 |  |  | (69 | ) |  |  |  | — |
Common stock issued | 7 |  |  |  |  |  |  |  |  |  |  | 7 |
Common stock repurchased | (133 | ) |  |  |  |  |  |  |  |  |  | (133 | )
Dividends paid |  |  |  |  |  |  | (10 | ) |  | 10 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (13 | ) |  |  |  | (13 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  | (5 | ) |  |  |  | (5 | )
Net cash provided by/(used for) financing activities | 9 |  |  | 20 |  |  | 119 |  |  | 41 |  |  | 10 |  |  | 199 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | 4 |  |  |  |  | 4 |
Net change in cash and cash equivalents | — |  |  | (4 | ) |  | — |  |  | (217 | ) |  | — |  |  | (221 | )
Cash and cash equivalents at January 1 |  |  | 83 |  |  |  |  | 476 |  |  |  |  | 559 |
Cash and cash equivalents at March 31 | $ | — |  |  | $ | 79 |  |  | $ | — |  |  | $ | 259 |  |  | $ | — |  |  | $ | 338 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | (10 | ) |  | $ | (66 | ) |  | $ | (2 | ) |  | $ | (323 | ) |  | $ | (7 | ) |  | $ | (408 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (21 | ) |  | (30 | ) |  |  |  | (51 | )
Proceeds from sale of property, plant and equipment |  |  |  |  |  |  | 4 |  |  |  |  | 4 |
Intercompany investing activities | 150 |  |  |  |  |  | 150 |  |  |  |  |  | (300 | ) |  | — |
Other |  |  |  |  |  |  |  | (1 | ) |  |  |  | (1 | )
Net cash provided by/(used for) investing activities | 150 |  |  | — |  |  | 129 |  |  | (27 | ) |  | (300 | ) |  | (48 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 300 |  |  |  |  | 3 |  |  |  |  | 303 |
Payments of long-term debt |  |  | (700 | ) |  |  |  | (9 | ) |  |  |  | (709 | )
Net change in revolving credit facility and short-term debt |  |  | 75 |  |  |  |  | 308 |  |  |  |  | 383 |
Net change in long-term intercompany balances | (137 | ) |  | 335 |  |  | (127 | ) |  | (71 | ) |  |  |  | — |
Debt issue costs |  |  | (2 | ) |  |  |  |  |  |  |  | (2 | )
Common stock issued | 1 |  |  |  |  |  |  |  |  |  |  | 1 |
Common stock repurchased | (4 | ) |  |  |  |  |  |  |  |  |  | (4 | )
Dividends paid |  |  |  |  |  |  | (307 | ) |  | 307 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (8 | ) |  |  |  | (8 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  |  | 32 |  |  |  |  | 32 |
Net cash provided by/(used for) financing activities | (140 | ) |  | 8 |  |  | (127 | ) |  | (52 | ) |  | 307 |  |  | (4 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | — |  |  |  |  | — |
Net change in cash and cash equivalents | — |  |  | (58 | ) |  | — |  |  | (402 | ) |  | — |  |  | (460 | )
Cash and cash equivalents at January 1 |  |  | 104 |  |  |  |  | 613 |  |  |  |  | 717 |
Cash and cash equivalents at March 31 | $ | — |  |  | $ | 46 |  |  | $ | — |  |  | $ | 211 |  |  | $ | — |  |  | $ | 257 |

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