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Condensed Combining Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2017
Crown Cork & Seal Company Inc [Member] |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2017 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 2,161 |  |  |  |  | $ | 2,161 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,719 |  |  |  |  | 1,719 |
Depreciation and amortization |  |  |  |  | 61 |  |  |  |  | 61 |
Selling and administrative expense |  |  | $ | 2 |  |  | 90 |  |  |  |  | 92 |
Restructuring and other |  |  | (1 | ) |  | 19 |  |  |  |  | 18 |
Income from operations |  |  | (1 | ) |  | 272 |  |  |  |  | 271 |
Loss on early extinguishments of debt |  |  |  |  | 7 |  |  |  |  | 7 |
Net interest expense |  |  | 26 |  |  | 32 |  |  |  |  | 58 |
Foreign exchange |  |  |  |  | 5 |  |  |  |  | 5 |
Income/(loss) before income taxes |  |  | (27 | ) |  | 228 |  |  |  |  | 201 |
Provision for / (benefit from) income taxes |  |  | (8 | ) |  | 61 |  |  |  |  | 53 |
Equity earnings / (loss) in affiliates | $ | 128 |  |  | 130 |  |  |  |  | $ | (258 | ) |  | — |
Net income | 128 |  |  | 111 |  |  | 167 |  |  | (258 | ) |  | 148 |
Net income attributable to noncontrolling interests |  |  |  |  | (20 | ) |  |  |  | (20 | )
Net income attributable to Crown Holdings | $ | 128 |  |  | $ | 111 |  |  | $ | 147 |  |  | $ | (258 | ) |  | $ | 128 |
Comprehensive income | $ | 221 |  |  | $ | 115 |  |  | $ | 261 |  |  | $ | (355 | ) |  | $ | 242 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (21 | ) |  |  |  | (21 | )
Comprehensive income attributable to Crown Holdings | $ | 221 |  |  | $ | 115 |  |  | $ | 240 |  |  | $ | (355 | ) |  | $ | 221 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 2,142 |  |  |  |  | $ | 2,142 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,691 |  |  |  |  | 1,691 |
Depreciation and amortization |  |  |  |  | 65 |  |  |  |  | 65 |
Selling and administrative expense |  |  | $ | 3 |  |  | 91 |  |  |  |  | 94 |
Restructuring and other |  |  |  |  | (3 | ) |  |  |  | (3 | )
Income from operations |  |  | (3 | ) |  | 298 |  |  |  |  | 295 |
Net interest expense |  |  | 25 |  |  | 31 |  |  |  |  | 56 |
Foreign exchange |  |  |  |  | (11 | ) |  |  |  | (11 | )
Income/(loss) before income taxes |  |  | (28 | ) |  | 278 |  |  |  |  | 250 |
Provision for / (benefit from) income taxes |  |  | (14 | ) |  | 79 |  |  |  |  | 65 |
Equity earnings / (loss) in affiliates | $ | 169 |  |  | 145 |  |  |  |  | $ | (314 | ) |  | — |
Net income | 169 |  |  | 131 |  |  | 199 |  |  | (314 | ) |  | 185 |
Net income attributable to noncontrolling interests |  |  |  |  | (16 | ) |  |  |  | (16 | )
Net income attributable to Crown Holdings | $ | 169 |  |  | $ | 131 |  |  | $ | 183 |  |  | $ | (314 | ) |  | $ | 169 |
Comprehensive income | $ | 65 |  |  | $ | 41 |  |  | $ | 118 |  |  | $ | (141 | ) |  | $ | 83 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (18 | ) |  |  |  | (18 | )
Comprehensive income attributable to Crown Holdings | $ | 65 |  |  | $ | 41 |  |  | $ | 100 |  |  | $ | (141 | ) |  | $ | 65 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2017 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 4,062 |  |  |  |  | $ | 4,062 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 3,238 |  |  |  |  | 3,238 |
Depreciation and amortization |  |  |  |  | 120 |  |  |  |  | 120 |
Selling and administrative expense |  |  | $ | 4 |  |  | 178 |  |  |  |  | 182 |
Restructuring and other |  |  | (1 | ) |  | 15 |  |  |  |  | 14 |
Income from operations |  |  | (3 | ) |  | 511 |  |  |  |  | 508 |
Loss from early extinguishment of debt |  |  |  |  | 7 |  |  |  |  | 7 |
Net interest expense |  |  | 46 |  |  | 71 |  |  |  |  | 117 |
Foreign exchange |  |  |  |  | 4 |  |  |  |  | 4 |
Income/(loss) before income taxes |  |  | (49 | ) |  | 429 |  |  |  |  | 380 |
Provision for / (benefit from) income taxes |  |  | (18 | ) |  | 117 |  |  |  |  | 99 |
Equity earnings / (loss) in affiliates | $ | 235 |  |  | 229 |  |  |  |  | $ | (464 | ) |  | — |
Net income | 235 |  |  | 198 |  |  | 312 |  |  | (464 | ) |  | 281 |
Net income attributable to noncontrolling interests |  |  |  |  | (46 | ) |  |  |  | (46 | )
Net income attributable to Crown Holdings | $ | 235 |  |  | $ | 198 |  |  | $ | 266 |  |  | $ | (464 | ) |  | $ | 235 |
Comprehensive income | $ | 467 |  |  | $ | 245 |  |  | $ | 546 |  |  | $ | (743 | ) |  | $ | 515 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (48 | ) |  |  |  | (48 | )
Comprehensive income attributable to Crown Holdings | $ | 467 |  |  | $ | 245 |  |  | $ | 498 |  |  | $ | (743 | ) |  | $ | 467 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 4,035 |  |  |  |  | $ | 4,035 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 3,212 |  |  |  |  | 3,212 |
Depreciation and amortization |  |  |  |  | 125 |  |  |  |  | 125 |
Selling and administrative expense |  |  | $ | 5 |  |  | 180 |  |  |  |  | 185 |
Restructuring and other |  |  |  |  | (1 | ) |  |  |  | (1 | )
Income from operations |  |  | (5 | ) |  | 519 |  |  |  |  | 514 |
Loss from early extinguishment of debt |  |  |  |  | 27 |  |  |  |  | 27 |
Net interest expense |  |  | 52 |  |  | 65 |  |  |  |  | 117 |
Foreign exchange |  |  |  |  | (17 | ) |  |  |  | (17 | )
Income/(loss) before income taxes |  |  | (57 | ) |  | 444 |  |  |  |  | 387 |
Provision for / (benefit from) income taxes |  |  | (21 | ) |  | 124 |  |  |  |  | 103 |
Equity earnings / (loss) in affiliates | $ | 248 |  |  | 222 |  |  |  |  | $ | (470 | ) |  | — |
Net income | 248 |  |  | 186 |  |  | 320 |  |  | (470 | ) |  | 284 |
Net income attributable to noncontrolling interests |  |  |  |  | (36 | ) |  |  |  | (36 | )
Net income attributable to Crown Holdings | $ | 248 |  |  | $ | 186 |  |  | $ | 284 |  |  | $ | (470 | ) |  | $ | 248 |
Comprehensive Income | $ | 167 |  |  | $ | 186 |  |  | $ | 263 |  |  | $ | (410 | ) |  | $ | 206 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (39 | ) |  |  |  | (39 | )
Comprehensive income attributable to Crown Holdings | $ | 167 |  |  | $ | 186 |  |  | $ | 224 |  |  | $ | (410 | ) |  | $ | 167 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of June 30, 2017 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 301 |  |  |  |  | $ | 301 |
Receivables, net |  |  |  |  | 1,005 |  |  |  |  | 1,005 |
Inventories |  |  |  |  | 1,490 |  |  |  |  | 1,490 |
Prepaid expenses and other current assets | $ | 2 |  |  |  |  | 222 |  |  |  |  | 224 |
Total current assets | 2 |  |  |  |  |  | 3,018 |  |  |  |  | 3,020 |
Intercompany debt receivables |  |  |  |  | 3,534 |  |  | $ | (3,534 | ) |  | — |
Investments | 3,103 |  |  | $ | 3,183 |  |  |  |  | (6,286 | ) |  | — |
Goodwill and intangible assets, net |  |  |  |  | 3,512 |  |  |  |  | 3,512 |
Property, plant and equipment, net |  |  |  |  | 3,020 |  |  |  |  | 3,020 |
Other non-current assets |  |  | 509 |  |  | 205 |  |  |  |  | 714 |
Total | $ | 3,105 |  |  | $ | 3,692 |  |  | $ | 13,289 |  |  | $ | (9,820 | ) |  | $ | 10,266 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 39 |  |  |  |  | $ | 39 |
Current maturities of long-term debt |  |  |  |  | 58 |  |  |  |  | 58 |
Accounts payable and accrued liabilities | $ | 27 |  |  | $ | 34 |  |  | 2,636 |  |  |  |  | 2,697 |
Total current liabilities | 27 |  |  | 34 |  |  | 2,733 |  |  |  |  | 2,794 |
Long-term debt, excluding current maturities |  |  | 392 |  |  | 4,870 |  |  |  |  | 5,262 |
Long-term intercompany debt | 2,456 |  |  | 1,078 |  |  |  |  | $ | (3,534 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 572 |  |  |  |  | 572 |
Other non-current liabilities |  |  | 349 |  |  | 354 |  |  |  |  | 703 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 313 |  |  |  |  | 313 |
Crown Holdings shareholders’ equity/(deficit) | 622 |  |  | 1,839 |  |  | 4,447 |  |  | (6,286 | ) |  | 622 |
Total equity/(deficit) | 622 |  |  | 1,839 |  |  | 4,760 |  |  | (6,286 | ) |  | 935 |
Total | $ | 3,105 |  |  | $ | 3,692 |  |  | $ | 13,289 |  |  | $ | (9,820 | ) |  | $ | 10,266 |
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, net |  |  |  |  | 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 six months ended June 30, 2017 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | (13 | ) |  | $ | (41 | ) |  | $ | 94 |  |  | $ | (8 | ) |  | $ | 32 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (200 | ) |  |  |  | (200 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 5 |  |  |  |  | 5 |
Intercompany investing activities | 235 |  |  |  |  |  |  | (235 | ) |  | — |
Other |  |  |  |  | 5 |  |  |  |  | 5 |
Net cash provided by/(used for) investing activities | 235 |  |  |  |  |  | (190 | ) |  | (235 | ) |  | (190 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 1,053 |  |  |  |  | 1,053 |
Payments of long-term debt |  |  |  |  | (1,103 | ) |  |  |  | (1,103 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 249 |  |  |  |  | 249 |
Net change in long-term intercompany balances | 47 |  |  | 41 |  |  | (88 | ) |  |  |  | — |
Debt issue costs |  |  |  |  | (15 | ) |  |  |  | (15 | )
Common stock issued | 8 |  |  |  |  |  |  |  |  | 8 |
Common stock repurchased | (277 | ) |  |  |  |  |  |  |  | (277 | )
Dividends paid |  |  |  |  | (243 | ) |  | 243 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (37 | ) |  |  |  | (37 | )
Foreign exchange derivatives related to debt |  |  |  |  | 11 |  |  |  |  | 11 |
Net cash provided by/(used for) financing activities | (222 | ) |  | 41 |  |  | (173 | ) |  | 243 |  |  | (111 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | 11 |  |  |  |  | 11 |
Net change in cash and cash equivalents | — |  |  | — |  |  | (258 | ) |  | — |  |  | (258 | )
Cash and cash equivalents at January 1 |  |  |  |  | 559 |  |  |  |  | 559 |
Cash and cash equivalents at June 30 | $ | — |  |  | $ | — |  |  | $ | 301 |  |  | $ | — |  |  | $ | 301 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | (4 | ) |  | $ | (52 | ) |  | $ | 124 |  |  | $ | (5 | ) |  | $ | 63 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (143 | ) |  |  |  | (143 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 5 |  |  |  |  | 5 |
Intercompany investing activities | 150 |  |  |  |  |  |  | (150 | ) |  | — |
Other |  |  |  |  | 13 |  |  |  |  | 13 |
Net cash provided by/(used for) investing activities | 150 |  |  |  |  | (125 | ) |  | (150 | ) |  | (125 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 304 |  |  |  |  | 304 |
Payments of long-term debt |  |  |  |  | (725 | ) |  |  |  | (725 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 138 |  |  |  |  | 138 |
Net change in long-term intercompany balances | (143 | ) |  | 52 |  |  | 91 |  |  |  |  | — |
Debt issue costs |  |  |  |  | (2 | ) |  |  |  | (2 | )
Common stock issued | 5 |  |  |  |  |  |  |  |  | 5 |
Common stock repurchased | (8 | ) |  |  |  |  |  |  |  | (8 | )
Dividends paid |  |  |  |  | (155 | ) |  | 155 |  |  | — |
Contribution from noncontrolling interests |  |  |  |  | 1 |  |  |  |  | 1 |
Dividend paid to noncontrolling interests |  |  |  |  | (26 | ) |  |  |  | (26 | )
Foreign exchange derivatives related to debt |  |  |  |  | 32 |  |  |  |  | 32 |
Net cash provided by/(used for) financing activities | (146 | ) |  | 52 |  |  | (342 | ) |  | 155 |  |  | (281 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | (4 | ) |  |  |  | (4 | )
Net change in cash and cash equivalents | — |  |  | — |  |  | (347 | ) |  | — |  |  | (347 | )
Cash and cash equivalents at January 1 |  |  |  |  | 717 |  |  |  |  | 717 |
Cash and cash equivalents at June 30 | $ | — |  |  | $ | — |  |  | $ | 370 |  |  | $ | — |  |  | $ | 370 |
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 June 30, 2017 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 505 |  |  | $ | 1,656 |  |  |  |  | $ | 2,161 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 413 |  |  | 1,306 |  |  |  |  | 1,719 |
Depreciation and amortization |  |  |  |  | 10 |  |  | 51 |  |  |  |  | 61 |
Selling and administrative expense |  |  | $ | 3 |  |  | 35 |  |  | 54 |  |  |  |  | 92 |
Restructuring and other |  |  |  |  | 1 |  |  | 17 |  |  |  |  | 18 |
Income from operations |  |  |  | (3 | ) |  | 46 |  |  | 228 |  |  |  |  | 271 |
Loss from early extinguishments of debt |  |  | 6 |  |  |  |  | 1 |  |  |  |  | 7 |
Net interest expense |  |  | 16 |  |  | 23 |  |  | 19 |  |  |  |  | 58 |
Technology royalty |  |  |  |  | (9 | ) |  | 9 |  |  |  |  | — |
Foreign exchange |  |  | 45 |  |  | (1 | ) |  | 6 |  |  | $ | (45 | ) |  | 5 |
Income/(loss) before income taxes |  |  | (70 | ) |  | 33 |  |  | 193 |  |  | 45 |  |  | 201 |
Provision for / (benefit from) income taxes |  |  | (27 | ) |  | 12 |  |  | 53 |  |  | 15 |  |  | 53 |
Equity earnings / (loss) in affiliates | $ | 128 |  |  | 51 |  |  | 90 |  |  |  |  | (269 | ) |  | — |
Net income | 128 |  |  | 8 |  |  | 111 |  |  | 140 |  |  | (239 | ) |  | 148 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (20 | ) |  |  |  | (20 | )
Net income attributable to Crown Holdings | $ | 128 |  |  | $ | 8 |  |  | $ | 111 |  |  | $ | 120 |  |  | $ | (239 | ) |  | $ | 128 |
Comprehensive income | $ | 221 |  |  | $ | 11 |  |  | $ | 115 |  |  | $ | 271 |  |  | $ | (376 | ) |  | $ | 242 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (21 | ) |  |  |  | (21 | )
Comprehensive income attributable to Crown Holdings | $ | 221 |  |  | $ | 11 |  |  | $ | 115 |  |  | $ | 250 |  |  | $ | (376 | ) |  | $ | 221 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 508 |  |  | $ | 1,634 |  |  |  |  | $ | 2,142 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 407 |  |  | 1,284 |  |  |  |  | 1,691 |
Depreciation and amortization |  |  |  |  | 8 |  |  | 57 |  |  |  |  | 65 |
Selling and administrative expense |  |  | $ | 2 |  |  | 33 |  |  | 59 |  |  |  |  | 94 |
Restructuring and other |  |  | (5 | ) |  |  |  | 2 |  |  |  |  | (3 | )
Income from operations |  |  | 3 |  |  | 60 |  |  | 232 |  |  |  |  | 295 |
Loss from early extinguishment of debt |  |  |  |  |  |  |  |  |  |  | — |
Net interest expense |  |  | 15 |  |  | 21 |  |  | 20 |  |  |  |  | 56 |
Technology royalty |  |  |  |  | (10 | ) |  | 10 |  |  |  |  | — |
Foreign exchange |  |  | (17 | ) |  |  |  | (11 | ) |  | $ | 17 |  |  | (11 | )
Income/(loss) before income taxes |  |  | 5 |  |  | 49 |  |  | 213 |  |  | (17 | ) |  | 250 |
Provision for / (benefit from) income taxes |  |  | 2 |  |  | 15 |  |  | 54 |  |  | (6 | ) |  | 65 |
Equity earnings / (loss) in affiliates | $ | 169 |  |  | 33 |  |  | 97 |  |  |  |  | (299 | ) |  | — |
Net income | 169 |  |  | 36 |  |  | 131 |  |  | 159 |  |  | (310 | ) |  | 185 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (16 | ) |  |  |  | (16 | )
Net income attributable to Crown Holdings | $ | 169 |  |  | $ | 36 |  |  | $ | 131 |  |  | $ | 143 |  |  | $ | (310 | ) |  | $ | 169 |
Comprehensive income | $ | 65 |  |  | $ | 39 |  |  | $ | 41 |  |  | $ | 37 |  |  | $ | (99 | ) |  | $ | 83 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (18 | ) |  |  |  | (18 | )
Comprehensive income attributable to Crown Holdings | $ | 65 |  |  | $ | 39 |  |  | $ | 41 |  |  | $ | 19 |  |  | $ | (99 | ) |  | $ | 65 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2017 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 950 |  |  | $ | 3,112 |  |  |  |  | 4,062 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 774 |  |  | 2,464 |  |  |  |  | 3,238 |
Depreciation and amortization |  |  |  |  | 20 |  |  | 100 |  |  |  |  | 120 |
Selling and administrative expense |  |  | $ | 5 |  |  | 68 |  |  | 109 |  |  |  |  | 182 |
Restructuring and other |  |  |  |  | 2 |  |  | 12 |  |  |  |  | 14 |
Income from operations |  |  | (5 | ) |  | 86 |  |  | 427 |  |  |  |  | 508 |
Loss from early extinguishment of debt |  |  | 6 |  |  |  |  | 1 |  |  |  |  | 7 |
Net interest expense |  |  | 33 |  |  | 44 |  |  | 40 |  |  |  |  | 117 |
Technology royalty |  |  |  |  | (18 | ) |  | 18 |  |  |  |  | — |
Foreign exchange |  |  | 55 |  |  | (1 | ) |  | 5 |  |  | $ | (55 | ) |  | 4 |
Income/(loss) before income taxes |  |  | (99 | ) |  | 61 |  |  | 363 |  |  | 55 |  |  | 380 |
Provision for / (benefit from) income taxes |  |  | (38 | ) |  | 20 |  |  | 98 |  |  | 19 |  |  | 99 |
Equity earnings / (loss) in affiliates | $ | 235 |  |  | 100 |  |  | 157 |  |  |  |  | (492 | ) |  | — |
Net income | 235 |  |  | 39 |  |  | 198 |  |  | 265 |  |  | (456 | ) |  | 281 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (46 | ) |  |  |  | (46 | )
Net income attributable to Crown Holdings | 235 |  |  | 39 |  |  | 198 |  |  | 219 |  |  | (456 | ) |  | 235 |
Comprehensive Income | $ | 467 |  |  | $ | 46 |  |  | $ | 245 |  |  | $ | 542 |  |  | $ | (785 | ) |  | $ | 515 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (48 | ) |  |  |  | (48 | )
Comprehensive income attributable to Crown Holdings | $ | 467 |  |  | $ | 46 |  |  | $ | 245 |  |  | $ | 494 |  |  | $ | (785 | ) |  | $ | 467 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 955 |  |  | $ | 3,080 |  |  |  |  | $ | 4,035 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 770 |  |  | 2,442 |  |  |  |  | 3,212 |
Depreciation and amortization |  |  |  |  | 16 |  |  | 109 |  |  |  |  | 125 |
Selling and administrative expense |  |  | $ | 5 |  |  | 68 |  |  | 112 |  |  |  |  | 185 |
Restructuring and other |  |  | (5 | ) |  | 4 |  |  |  |  |  |  | (1 | )
Income from operations |  |  | — |  |  | 97 |  |  | 417 |  |  |  |  | 514 |
Loss from early extinguishment of debt |  |  | 27 |  |  |  |  |  |  |  |  | 27 |
Net interest expense |  |  | 35 |  |  | 43 |  |  | 39 |  |  |  |  | 117 |
Technology royalty |  |  |  |  | (19 | ) |  | 19 |  |  |  |  | — |
Foreign exchange |  |  | 15 |  |  |  |  | (17 | ) |  | $ | (15 | ) |  | (17 | )
Income/(loss) before income taxes |  |  | (77 | ) |  | 73 |  |  | 376 |  |  | 15 |  |  | 387 |
Provision for / (benefit from) income taxes |  |  | (29 | ) |  | 29 |  |  | 98 |  |  | 5 |  |  | 103 |
Equity earnings / (loss) in affiliates | $ | 248 |  |  | 97 |  |  | 142 |  |  |  |  | (487 | ) |  | — |
Net income | 248 |  |  | 49 |  |  | 186 |  |  | 278 |  |  | (477 | ) |  | 284 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (36 | ) |  |  |  | (36 | )
Net income attributable to Crown Holdings | $ | 248 |  |  | $ | 49 |  |  | $ | 186 |  |  | $ | 242 |  |  | $ | (477 | ) |  | $ | 248 |
Comprehensive income | $ | 167 |  |  | $ | 55 |  |  | $ | 186 |  |  | $ | 209 |  |  | $ | (411 | ) |  | $ | 206 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (39 | ) |  |  |  | (39 | )
Comprehensive income attirbutable to Crown Holdings | $ | 167 |  |  | $ | 55 |  |  | $ | 186 |  |  | $ | 170 |  |  | $ | (411 | ) |  | $ | 167 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of June 30, 2017 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 38 |  |  | $ | 2 |  |  | $ | 261 |  |  |  |  | $ | 301 |
Receivables, net |  |  |  |  | 22 |  |  | 983 |  |  |  |  | 1,005 |
Intercompany receivables |  |  |  |  | 36 |  |  | 15 |  |  | $ | (51 | ) |  | — |
Inventories |  |  |  |  | 354 |  |  | 1,136 |  |  |  |  | 1,490 |
Prepaid expenses and other current assets | $ | 2 |  |  | 1 |  |  | 15 |  |  | 206 |  |  |  |  | 224 |
Total current assets | 2 |  |  | 39 |  |  | 429 |  |  | 2,601 |  |  | (51 | ) |  | 3,020 |
Intercompany debt receivables |  |  | 2,796 |  |  | 3,293 |  |  | 782 |  |  | (6,871 | ) |  | — |
Investments | 3,103 |  |  | 2,405 |  |  | 1,143 |  |  |  |  | (6,651 | ) |  | — |
Goodwill and intangible assets, net |  |  |  |  | 467 |  |  | 3,045 |  |  |  |  | 3,512 |
Property, plant and equipment, net |  |  | 1 |  |  | 528 |  |  | 2,491 |  |  |  |  | 3,020 |
Other non-current assets |  |  | 11 |  |  | 519 |  |  | 184 |  |  |  |  | 714 |
Total | $ | 3,105 |  |  | $ | 5,252 |  |  | $ | 6,379 |  |  | $ | 9,103 |  |  | $ | (13,573 | ) |  | $ | 10,266 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 3 |  |  | $ | 36 |  |  |  |  | $ | 39 |
Current maturities of long-term debt |  |  | $ | 18 |  |  |  |  | 40 |  |  |  |  | 58 |
Accounts payable and accrued liabilities | $ | 27 |  |  | 30 |  |  | 578 |  |  | 2,062 |  |  |  |  | 2,697 |
Intercompany payables |  |  |  |  | 15 |  |  | 36 |  |  | $ | (51 | ) |  | — |
Total current liabilities | 27 |  |  | 48 |  |  | 596 |  |  | 2,174 |  |  | (51 | ) |  | 2,794 |
Long-term debt, excluding current maturities |  |  | 2,337 |  |  | 414 |  |  | 2,511 |  |  |  |  | 5,262 |
Long-term intercompany debt | 2,456 |  |  | 1,443 |  |  | 2,777 |  |  | 195 |  |  | (6,871 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 394 |  |  | 178 |  |  |  |  | 572 |
Other non-current liabilities |  |  |  |  | 359 |  |  | 344 |  |  |  |  | 703 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 313 |  |  |  |  | 313 |
Crown Holdings shareholders’ equity/(deficit) | 622 |  |  | 1,424 |  |  | 1,839 |  |  | 3,388 |  |  | (6,651 | ) |  | 622 |
Total equity/(deficit) | 622 |  |  | 1,424 |  |  | 1,839 |  |  | 3,701 |  |  | (6,651 | ) |  | 935 |
Total | $ | 3,105 |  |  | $ | 5,252 |  |  | $ | 6,379 |  |  | $ | 9,103 |  |  | $ | (13,573 | ) |  | $ | 10,266 |
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, net |  |  |  |  | 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 six months ended June 30, 2017 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | (13 | ) |  | $ | (28 | ) |  | $ | (23 | ) |  | $ | 124 |  |  | $ | (28 | ) |  | $ | 32 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (78 | ) |  | (122 | ) |  |  |  | (200 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 1 |  |  | 4 |  |  |  |  | 5 |
Intercompany investing activities | 235 |  |  |  |  |  |  |  |  | (235 | ) |  | — |
Other |  |  |  |  |  |  | 5 |  |  |  |  | 5 |
Net cash provided by/(used for) investing activities | 235 |  |  | — |  |  | (77 | ) |  | (113 | ) |  | (235 | ) |  | (190 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 750 |  |  | 8 |  |  | 295 |  |  |  |  | 1,053 |
Payments of long-term debt |  |  | (1,010 | ) |  |  |  | (93 | ) |  |  |  | (1,103 | )
Net change in revolving credit facility and short-term debt |  |  | 235 |  |  |  |  | 14 |  |  |  |  | 249 |
Net change in long-term intercompany balances | 47 |  |  | 22 |  |  | 94 |  |  | (163 | ) |  |  |  | — |
Debt issue costs |  |  | (14 | ) |  |  |  | (1 | ) |  |  |  | (15 | )
Common stock issued | 8 |  |  |  |  |  |  |  |  |  |  | 8 |
Common stock repurchased | (277 | ) |  |  |  |  |  |  |  |  |  | (277 | )
Dividends paid |  |  |  |  |  |  | (263 | ) |  | 263 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (37 | ) |  |  |  | (37 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  | 11 |  |  |  |  | 11 |
Net cash provided by/(used for) financing activities | (222 | ) |  | (17 | ) |  | 102 |  |  | (237 | ) |  | 263 |  |  | (111 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | 11 |  |  |  |  | 11 |
Net change in cash and cash equivalents | — |  |  | (45 | ) |  | 2 |  |  | (215 | ) |  | — |  |  | (258 | )
Cash and cash equivalents at January 1 |  |  | 83 |  |  |  |  | 476 |  |  |  |  | 559 |
Cash and cash equivalents at June 30 | $ | — |  |  | $ | 38 |  |  | $ | 2 |  |  | $ | 261 |  |  | $ | — |  |  | $ | 301 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | $ | (4 | ) |  | $ | (49 | ) |  | $ | 92 |  |  | $ | 38 |  |  | $ | (14 | ) |  | $ | 63 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (50 | ) |  | (93 | ) |  |  |  | (143 | )
Proceeds from sale of property, plant and equipment |  |  |  |  |  |  | 5 |  |  |  |  | 5 |
Intercompany investing activities | 150 |  |  |  |  | 150 |  |  |  |  | (300 | ) |  | — |
Other |  |  |  |  | 10 |  |  | 3 |  |  |  |  | 13 |
Net cash provided by/(used for) investing activities | 150 |  |  | — |  |  | 110 |  |  | (85 | ) |  | (300 | ) |  | (125 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 300 |  |  |  |  | 4 |  |  |  |  | 304 |
Payments of long-term debt |  |  | (700 | ) |  |  |  | (25 | ) |  |  |  | (725 | )
Net change in revolving credit facility and short-term debt |  |  | 75 |  |  |  |  | 63 |  |  |  |  | 138 |
Net change in long-term intercompany balances | (143 | ) |  | 341 |  |  | (202 | ) |  | 4 |  |  |  |  | — |
Debt issue costs |  |  | (2 | ) |  |  |  |  |  |  |  | (2 | )
Common stock issued | 5 |  |  |  |  |  |  |  |  |  |  | 5 |
Common stock repurchased | (8 | ) |  |  |  |  |  |  |  |  |  | (8 | )
Dividends paid |  |  |  |  |  |  | (314 | ) |  | 314 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (26 | ) |  |  |  | (26 | )
Contributions from noncontrolling interests |  |  |  |  |  |  | 1 |  |  |  |  | 1 |
Foreign exchange derivatives related to debt |  |  |  |  |  |  | 32 |  |  |  |  | 32 |
Net cash provided by/(used for) financing activities | (146 | ) |  | 14 |  |  | (202 | ) |  | (261 | ) |  | 314 |  |  | (281 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (4 | ) |  |  |  | (4 | )
Net change in cash and cash equivalents | — |  |  | (35 | ) |  | — |  |  | (312 | ) |  | — |  |  | (347 | )
Cash and cash equivalents at January 1 |  |  | 104 |  |  |  |  | 613 |  |  |  |  | 717 |
Cash and cash equivalents at June 30 | $ | — |  |  | $ | 69 |  |  | $ | — |  |  | $ | 301 |  |  | $ | — |  |  | $ | 370 |

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