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Condensed Combining Financial Information (Tables)

3 Months Ended

Mar. 31, 2017

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