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Condensed Combining Financial Information | 3 Months Ended
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Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Combining Financial Information | Condensed Combining Financial Information Crown Cork & Seal Company, Inc. (Issuer), a 100% owned subsidiary of the Company, has $350 principal amount of 7.375% senior notes due 2026 and $45 principal amount of 7.5% senior notes due 2096 outstanding that are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt and the guarantees are made on a joint and several basis. The following condensed combining financial statements: •statements of comprehensive income for the three months ended March 31, 2017 and 2016, •balance sheets as of March 31, 2017 and December 31, 2016, and •statements of cash flows for the three months ended March 31, 2017 and 2016 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended 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 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 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. IV and Crown Americas Capital Corp. V (collectively, the Issuer), 100% owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023 and $400 principal amount of 4.25% senior notes due 2026, which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all of its subsidiaries in the United States. The guarantors are 100% owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements:
• | statements of comprehensive income for the three months ended March 31, 2017 and 2016,
• | balance sheets as of March 31, 2017 and December 31, 2016, and
• | statements of cash flows for the three months ended March 31, 2017 and 2016
are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended 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 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 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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