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Condensed Combining Financial Information (Tables)

6 Months Ended

Jun. 30, 2017

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