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Condensed Combining Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2017
Crown Cork & Seal Company, Inc. |
Condensed Combining Statement of Comprehensive Income |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2017 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | 8,698 |  |  |  |  | $ | 8,698 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 6,952 |  |  |  |  | 6,952 |
Depreciation and amortization |  |  |  |  | 247 |  |  |  |  | 247 |
Selling and administrative expense |  |  | 9 |  |  | 362 |  |  |  |  | 371 |
Provision for asbestos |  |  | 3 |  |  |  |  |  |  | 3 |
Restructuring and other |  |  | (1 | ) |  | 49 |  |  |  |  | 48 |
Income from operations | — |  |  | (11 | ) |  | 1,088 |  |  | — |  |  | 1,077 |
Loss from early extinguishments of debt |  |  |  |  | 7 |  |  |  |  | 7 |
Net interest expense |  |  | 91 |  |  | 146 |  |  |  |  | 237 |
Foreign exchange |  |  |  |  | 4 |  |  |  |  | 4 |
Income/(loss) before income taxes | — |  |  | (102 | ) |  | 931 |  |  | — |  |  | 829 |
Provision for / (benefit from) income taxes |  |  | 194 |  |  | 207 |  |  |  |  | 401 |
Equity earnings in affiliates | 323 |  |  | 531 |  |  |  |  | (854 | ) |  | — |
Net income | 323 |  |  | 235 |  |  | 724 |  |  | (854 | ) |  | 428 |
Net income attributable to noncontrolling interests |  |  |  |  | (105 | ) |  |  |  | (105 | )
Net income attributable to Crown Holdings | $ | 323 |  |  | $ | 235 |  |  | $ | 619 |  |  | $ | (854 | ) |  | $ | 323 |
Total comprehensive income | 482 |  |  | 275 |  |  | 886 |  |  | (1,053 | ) |  | 590 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (108 | ) |  |  |  | (108 | )
Comprehensive income attributable to Crown Holdings | $ | 482 |  |  | $ | 275 |  |  | $ | 778 |  |  | $ | (1,053 | ) |  | $ | 482 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2016 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | 8,284 |  |  |  |  | $ | 8,284 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 6,583 |  |  |  |  | 6,583 |
Depreciation and amortization |  |  |  |  | 247 |  |  |  |  | 247 |
Selling and administrative expense |  |  | 7 |  |  | 361 |  |  |  |  | 368 |
Provision for asbestos |  |  | 21 |  |  |  |  |  |  | 21 |
Restructuring and other |  |  | 13 |  |  | 31 |  |  |  |  | 44 |
Income from operations | — |  |  | (41 | ) |  | 1,062 |  |  | — |  |  | 1,021 |
Loss from early extinguishments of debt |  |  |  |  | 37 |  |  |  |  | 37 |
Net interest expense |  |  | 106 |  |  | 125 |  |  |  |  | 231 |
Foreign exchange |  |  |  |  | (16 | ) |  |  |  | (16 | )
Income/(loss) before income taxes | — |  |  | (147 | ) |  | 916 |  |  | — |  |  | 769 |
Provision for / (benefit from) income taxes |  |  | (12 | ) |  | 198 |  |  |  |  | 186 |
Equity earnings in affiliates | 496 |  |  | 529 |  |  |  |  | (1,025 | ) |  | — |
Net income | 496 |  |  | 394 |  |  | 718 |  |  | (1,025 | ) |  | 583 |
Net income attributable to noncontrolling interests |  |  |  |  | (87 | ) |  |  |  | (87 | )
Net income attributable to Crown Holdings | $ | 496 |  |  | $ | 394 |  |  | $ | 631 |  |  | $ | (1,025 | ) |  | $ | 496 |
Total comprehensive income | 250 |  |  | 348 |  |  | 472 |  |  | (733 | ) |  | 337 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (87 | ) |  |  |  | (87 | )
Comprehensive income attributable to Crown Holdings | $ | 250 |  |  | $ | 348 |  |  | $ | 385 |  |  | $ | (733 | ) |  | $ | 250 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | 8,762 |  |  |  |  | $ | 8,762 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 7,116 |  |  |  |  | 7,116 |
Depreciation and amortization |  |  |  |  | 237 |  |  |  |  | 237 |
Selling and administrative expense |  |  | 10 |  |  | 380 |  |  |  |  | 390 |
Provision for asbestos |  |  | 26 |  |  |  |  |  |  | 26 |
Restructuring and other |  |  | (1 | ) |  | 67 |  |  |  |  | 66 |
Income from operations | — |  |  | (35 | ) |  | 962 |  |  | — |  |  | 927 |
Loss from early extinguishments of debt |  |  |  |  | 9 |  |  |  |  | 9 |
Net interest expense |  |  | 100 |  |  | 159 |  |  |  |  | 259 |
Foreign exchange |  |  |  |  | 20 |  |  |  |  | 20 |
Income/(loss) before income taxes | — |  |  | (135 | ) |  | 774 |  |  | — |  |  | 639 |
Provision for / (benefit from) income taxes |  |  | (35 | ) |  | 213 |  |  |  |  | 178 |
Equity earnings in affiliates | 393 |  |  | 385 |  |  |  |  | (778 | ) |  | — |
Net income | 393 |  |  | 285 |  |  | 561 |  |  | (778 | ) |  | 461 |
Net income attributable to noncontrolling interests |  |  |  |  | (68 | ) |  |  |  | (68 | )
Net income attributable to Crown Holdings | $ | 393 |  |  | $ | 285 |  |  | $ | 493 |  |  | $ | (778 | ) |  | $ | 393 |
Total comprehensive income | 4 |  |  | 3 |  |  | 168 |  |  | (107 | ) |  | 68 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (64 | ) |  |  |  | (64 | )
Comprehensive income attributable to Crown Holdings | $ | 4 |  |  | $ | 3 |  |  | $ | 104 |  |  | $ | (107 | ) |  | $ | 4 |
Condensed Combining Balance Sheet |
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | 424 |  |  |  |  | $ | 424 |
Receivables, net |  |  | 9 |  |  | 1,032 |  |  |  |  | 1,041 |
Inventories |  |  |  |  | 1,385 |  |  |  |  | 1,385 |
Prepaid expenses and other current assets |  |  |  |  | 224 |  |  |  |  | 224 |
Total current assets | — |  |  | 9 |  |  | 3,065 |  |  | — |  |  | 3,074 |
Intercompany debt receivables |  |  |  |  | 3,604 |  |  | (3,604 | ) |  | — |
Investments | 3,120 |  |  | 3,448 |  |  |  |  | (6,568 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 3,518 |  |  |  |  | 3,518 |
Property, plant and equipment, net |  |  |  |  | 3,239 |  |  |  |  | 3,239 |
Other non-current assets |  |  | 283 |  |  | 549 |  |  |  |  | 832 |
Total | $ | 3,120 |  |  | $ | 3,740 |  |  | $ | 13,975 |  |  | $ | (10,172 | ) |  | $ | 10,663 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | 62 |  |  |  |  | $ | 62 |
Current maturities of long-term debt |  |  |  |  | 64 |  |  |  |  | 64 |
Accounts payable and accrued liabilities | 22 |  |  | 41 |  |  | 3,061 |  |  |  |  | 3,124 |
Total current liabilities | 22 |  |  | 41 |  |  | 3,187 |  |  | — |  |  | 3,250 |
Long-term debt, excluding current maturities |  |  | 387 |  |  | 4,830 |  |  |  |  | 5,217 |
Long-term intercompany debt | 2,497 |  |  | 1,107 |  |  |  |  | (3,604 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 588 |  |  |  |  | 588 |
Other non-current liabilities |  |  | 336 |  |  | 349 |  |  |  |  | 685 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 322 |  |  |  |  | 322 |
Crown Holdings shareholders’ equity | 601 |  |  | 1,869 |  |  | 4,699 |  |  | (6,568 | ) |  | 601 |
Total equity | 601 |  |  | 1,869 |  |  | 5,021 |  |  | (6,568 | ) |  | 923 |
Total | $ | 3,120 |  |  | $ | 3,740 |  |  | $ | 13,975 |  |  | $ | (10,172 | ) |  | $ | 10,663 |
| 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 | 366 |  |  | 1,594 |  |  | 4,178 |  |  | (5,772 | ) |  | 366 |
Total equity | 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 |
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | 7 |  |  | (58 | ) |  | 849 |  |  | (38 | ) |  | $ | 760 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (498 | ) |  |  |  | (498 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 8 |  |  |  |  | 8 |
Intercompany investing activities | 235 |  |  |  |  |  |  | (235 | ) |  | — |
Other |  |  |  |  | (19 | ) |  |  |  | (19 | )
Net cash provided by/(used for) investing activities | 235 |  |  | — |  |  | (509 | ) |  | (235 | ) |  | (509 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 1,054 |  |  |  |  | 1,054 |
Payments of long-term debt |  |  | (5 | ) |  | (1,132 | ) |  |  |  | (1,137 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 95 |  |  |  |  | 95 |
Net change in long-term intercompany balances | 88 |  |  | 63 |  |  | (151 | ) |  |  |  | — |
Debt issuance costs |  |  |  |  | (16 | ) |  |  |  | (16 | )
Common stock issued | 9 |  |  |  |  |  |  |  |  | 9 |
Common stock repurchased | (339 | ) |  |  |  |  |  |  |  | (339 | )
Dividends paid |  |  |  |  | (273 | ) |  | 273 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (93 | ) |  |  |  | (93 | )
Foreign exchange derivatives related to debt |  |  |  |  | 27 |  |  |  |  | 27 |
Net cash provided by/(used for) financing activities | (242 | ) |  | 58 |  |  | (489 | ) |  | 273 |  |  | (400 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | 14 |  |  |  |  | 14 |
Net change in cash and cash equivalents | — |  |  | — |  |  | (135 | ) |  | — |  |  | (135 | )
Cash and cash equivalents at January 1 |  |  |  |  | 559 |  |  |  |  | 559 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | — |  |  | $ | 424 |  |  | $ | — |  |  | $ | 424 |
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | 63 |  |  | (92 | ) |  | 1,061 |  |  | (102 | ) |  | $ | 930 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (473 | ) |  |  |  | (473 | )
Proceeds from sale of property, plant and equipment |  |  | (1 | ) |  | 11 |  |  |  |  | 10 |
Intercompany investing activities | 235 |  |  |  |  |  |  | (235 | ) |  | — |
Other |  |  |  |  | 21 |  |  |  |  | 21 |
Net cash provided by/(used for) investing activities | 235 |  |  | (1 | ) |  | (441 | ) |  | (235 | ) |  | (442 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 1,380 |  |  |  |  | 1,380 |
Payments of long-term debt |  |  |  |  | (1,914 | ) |  |  |  | (1,914 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | (32 | ) |  |  |  | (32 | )
Net change in long-term intercompany balances | (300 | ) |  | 93 |  |  | 207 |  |  |  |  | — |
Debt issuance costs |  |  |  |  | (18 | ) |  |  |  | (18 | )
Common stock issued | 10 |  |  |  |  |  |  |  |  | 10 |
Common stock repurchased | (8 | ) |  |  |  |  |  |  |  | (8 | )
Dividends paid |  |  |  |  | (337 | ) |  | 337 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (80 | ) |  |  |  | (80 | )
Contribution from noncontrolling interests |  |  |  |  | 4 |  |  |  |  | 4 |
Foreign exchange derivatives related to debt |  |  |  |  | 42 |  |  |  |  | 42 |
Net cash provided by/(used for) financing activities | (298 | ) |  | 93 |  |  | (748 | ) |  | 337 |  |  | (616 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | (30 | ) |  |  |  | (30 | )
Net change in cash and cash equivalents | — |  |  | — |  |  | (158 | ) |  | — |  |  | (158 | )
Cash and cash equivalents at January 1 |  |  |  |  | 717 |  |  |  |  | 717 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | — |  |  | $ | 559 |  |  | $ | — |  |  | $ | 559 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | 33 |  |  | (65 | ) |  | 988 |  |  |  |  | $ | 956 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (354 | ) |  |  |  | (354 | )
Acquisition of businesses, net of cash acquired |  |  |  |  | (1,207 | ) |  |  |  | (1,207 | )
Proceeds from sale of business, net of cash sold |  |  |  |  | 33 |  |  |  |  | 33 |
Proceeds from sale of property, plant and equipment |  |  |  |  | 7 |  |  |  |  | 7 |
Intercompany investing activities | (738 | ) |  | 21 |  |  | 738 |  |  | (21 | ) |  | — |
Net investment hedge settlements |  |  |  |  | (11 | ) |  |  |  | (11 | )
Other |  |  |  |  | (16 | ) |  |  |  | (16 | )
Net cash provided by/(used for) investing activities | (738 | ) |  | 21 |  |  | (810 | ) |  | (21 | ) |  | (1,548 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 1,435 |  |  |  |  | 1,435 |
Payments of long-term debt |  |  | (17 | ) |  | (883 | ) |  |  |  | (900 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | (7 | ) |  |  |  | (7 | )
Net change in long-term intercompany balances | 708 |  |  | 61 |  |  | (769 | ) |  |  |  | — |
Debt issuance costs |  |  |  |  | (18 | ) |  |  |  | (18 | )
Common stock issued | 6 |  |  |  |  |  |  |  |  | 6 |
Common stock repurchased | (9 | ) |  |  |  |  |  |  |  | (9 | )
Dividends paid |  |  |  |  | (21 | ) |  | 21 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (48 | ) |  |  |  | (48 | )
Contribution from noncontrolling interests |  |  |  |  | 5 |  |  |  |  | 5 |
Foreign exchange derivatives related to debt |  |  |  |  | (58 | ) |  |  |  | (58 | )
Net cash provided by/(used for) financing activities | 705 |  |  | 44 |  |  | (364 | ) |  | 21 |  |  | 406 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | (62 | ) |  |  |  | (62 | )
Net change in cash and cash equivalents | — |  |  | — |  |  | (248 | ) |  | — |  |  | (248 | )
Cash and cash equivalents at January 1 |  |  |  |  | 965 |  |  |  |  | 965 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | — |  |  | $ | 717 |  |  | $ | — |  |  | $ | 717 |
Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II |
Condensed Combining Statement of Comprehensive Income |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2017 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | 1,931 |  |  | 6,767 |  |  |  |  | $ | 8,698 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,594 |  |  | 5,358 |  |  |  |  | 6,952 |
Depreciation and amortization |  |  |  |  | 40 |  |  | 207 |  |  |  |  | 247 |
Selling and administrative expense |  |  | 10 |  |  | 135 |  |  | 226 |  |  |  |  | 371 |
Provision for asbestos |  |  |  |  | 3 |  |  |  |  |  |  | 3 |
Restructuring and other |  |  | 2 |  |  | 8 |  |  | 38 |  |  |  |  | 48 |
Income from operations |  |  | (12 | ) |  | 151 |  |  | 938 |  |  |  |  | 1,077 |
Loss from early extinguishments of debt |  |  | 6 |  |  |  |  | 1 |  |  |  |  | 7 |
Net interest expense |  |  | 65 |  |  | 95 |  |  | 77 |  |  |  |  | 237 |
Technology royalty |  |  |  |  | (42 | ) |  | 42 |  |  |  |  | — |
Foreign exchange |  |  | 90 |  |  | (2 | ) |  | 6 |  |  | (90 | ) |  | 4 |
Income/(loss) before income taxes |  |  | (173 | ) |  | 100 |  |  | 812 |  |  | 90 |  |  | 829 |
Provision for / (benefit from) income taxes |  |  | (66 | ) |  | 271 |  |  | 164 |  |  | 32 |  |  | 401 |
Equity earnings in affiliates | 323 |  |  | 194 |  |  | 406 |  |  |  |  | (923 | ) |  | — |
Net income | 323 |  |  | 87 |  |  | 235 |  |  | 648 |  |  | (865 | ) |  | 428 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (105 | ) |  |  |  | (105 | )
Net income attributable to Crown Holdings | $ | 323 |  |  | $ | 87 |  |  | $ | 235 |  |  | $ | 543 |  |  | $ | (865 | ) |  | $ | 323 |
Total comprehensive income | 482 |  |  | 115 |  |  | 275 |  |  | 854 |  |  | (1,136 | ) |  | $ | 590 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (108 | ) |  |  |  | (108 | )
Comprehensive income attributable to Crown Holdings | $ | 482 |  |  | $ | 115 |  |  | $ | 275 |  |  | $ | 746 |  |  | $ | (1,136 | ) |  | $ | 482 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2016 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | 1,918 |  |  | 6,366 |  |  |  |  | $ | 8,284 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,550 |  |  | 5,033 |  |  |  |  | 6,583 |
Depreciation and amortization |  |  |  |  | 33 |  |  | 214 |  |  |  |  | 247 |
Selling and administrative expense |  |  | 10 |  |  | 135 |  |  | 223 |  |  |  |  | 368 |
Provision for asbestos |  |  |  |  | 21 |  |  |  |  |  |  | 21 |
Restructuring and other |  |  | (5 | ) |  | 25 |  |  | 24 |  |  |  |  | 44 |
Income from operations |  |  | (5 | ) |  | 154 |  |  | 872 |  |  |  |  | 1,021 |
Loss from early extinguishments of debt |  |  | 32 |  |  |  |  | 5 |  |  |  |  | 37 |
Net interest expense |  |  | 66 |  |  | 86 |  |  | 79 |  |  |  |  | 231 |
Technology royalty |  |  |  |  | (38 | ) |  | 38 |  |  |  |  | — |
Foreign exchange |  |  | (21 | ) |  | 1 |  |  | (17 | ) |  | 21 |  |  | (16 | )
Income/(loss) before income taxes |  |  | (82 | ) |  | 105 |  |  | 767 |  |  | (21 | ) |  | 769 |
Provision for / (benefit from) income taxes |  |  | (31 | ) |  | 81 |  |  | 143 |  |  | (7 | ) |  | 186 |
Equity earnings in affiliates | 496 |  |  | 207 |  |  | 370 |  |  |  |  | (1,073 | ) |  | — |
Net income | 496 |  |  | 156 |  |  | 394 |  |  | 624 |  |  | (1,087 | ) |  | 583 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (87 | ) |  |  |  | (87 | )
Net income attributable to Crown Holdings | $ | 496 |  |  | $ | 156 |  |  | $ | 394 |  |  | $ | 537 |  |  | $ | (1,087 | ) |  | $ | 496 |
Total comprehensive income | 250 |  |  | 119 |  |  | 348 |  |  | 394 |  |  | (774 | ) |  | $ | 337 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (87 | ) |  |  |  | (87 | )
Comprehensive income attributable to Crown Holdings | $ | 250 |  |  | $ | 119 |  |  | $ | 348 |  |  | $ | 307 |  |  | $ | (774 | ) |  | $ | 250 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2015 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | 2,013 |  |  | 6,749 |  |  |  |  | $ | 8,762 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,611 |  |  | 5,505 |  |  |  |  | 7,116 |
Depreciation and amortization |  |  |  |  | 32 |  |  | 205 |  |  |  |  | 237 |
Selling and administrative expense |  |  | 9 |  |  | 153 |  |  | 228 |  |  |  |  | 390 |
Provision for asbestos |  |  |  |  | 26 |  |  |  |  |  |  | 26 |
Restructuring and other |  |  |  |  | 7 |  |  | 59 |  |  |  |  | 66 |
Income from operations |  |  | (9 | ) |  | 184 |  |  | 752 |  |  |  |  | 927 |
Loss from early extinguishments of debt |  |  | 9 |  |  |  |  |  |  |  |  | 9 |
Net interest expense |  |  | 91 |  |  | 90 |  |  | 78 |  |  |  |  | 259 |
Technology royalty |  |  |  |  | (42 | ) |  | 42 |  |  |  |  | — |
Foreign exchange |  |  | (8 | ) |  | 3 |  |  | 17 |  |  | 8 |  |  | 20 |
Income/(loss) before income taxes |  |  | (101 | ) |  | 133 |  |  | 615 |  |  | (8 | ) |  | 639 |
Provision for / (benefit from) income taxes |  |  | (38 | ) |  | 79 |  |  | 140 |  |  | (3 | ) |  | 178 |
Equity earnings in affiliates | 393 |  |  | 183 |  |  | 231 |  |  |  |  | (807 | ) |  | — |
Net income | 393 |  |  | 120 |  |  | 285 |  |  | 475 |  |  | (812 | ) |  | 461 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (68 | ) |  |  |  | (68 | )
Net income attributable to Crown Holdings | $ | 393 |  |  | $ | 120 |  |  | $ | 285 |  |  | $ | 407 |  |  | $ | (812 | ) |  | $ | 393 |
Total comprehensive income | 4 |  |  | 146 |  |  | 64 |  |  | 46 |  |  | (192 | ) |  | $ | 68 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (64 | ) |  |  |  | (64 | )
Comprehensive income attributable to Crown Holdings | $ | 4 |  |  | $ | 146 |  |  | $ | 64 |  |  | $ | (18 | ) |  | $ | (192 | ) |  | $ | 4 |
Condensed Combining Balance Sheet |
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 36 |  |  | 3 |  |  | 385 |  |  |  |  | $ | 424 |
Receivables, net |  |  |  |  | 29 |  |  | 1,012 |  |  |  |  | 1,041 |
Intercompany receivables |  |  |  |  | 32 |  |  | 13 |  |  | (45 | ) |  | — |
Inventories |  |  |  |  | 347 |  |  | 1,038 |  |  |  |  | 1,385 |
Prepaid expenses and other current assets |  |  | 2 |  |  | 17 |  |  | 205 |  |  |  |  | 224 |
Total current assets | — |  |  | 38 |  |  | 428 |  |  | 2,653 |  |  | (45 | ) |  | 3,074 |
Intercompany debt receivables |  |  | 2,523 |  |  | 3,325 |  |  | 732 |  |  | (6,580 | ) |  | — |
Investments | 3,120 |  |  | 2,479 |  |  | 1,032 |  |  |  |  | (6,631 | ) |  | — |
Goodwill and intangible assets |  |  |  |  | 466 |  |  | 3,052 |  |  |  |  | 3,518 |
Property, plant and equipment, net |  |  | 1 |  |  | 515 |  |  | 2,723 |  |  |  |  | 3,239 |
Other non-current assets |  |  | 11 |  |  | 311 |  |  | 510 |  |  |  |  | 832 |
Total | $ | 3,120 |  |  | $ | 5,052 |  |  | $ | 6,077 |  |  | $ | 9,670 |  |  | $ | (13,256 | ) |  | $ | 10,663 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | 62 |  |  |  |  | $ | 62 |
Current maturities of long-term debt |  |  | 23 |  |  | 3 |  |  | 38 |  |  |  |  | 64 |
Accounts payable and accrued liabilities | 22 |  |  | 31 |  |  | 619 |  |  | 2,452 |  |  |  |  | 3,124 |
Intercompany payables |  |  |  |  | 13 |  |  | 32 |  |  | (45 | ) |  | — |
Total current liabilities | 22 |  |  | 54 |  |  | 635 |  |  | 2,584 |  |  | (45 | ) |  | 3,250 |
Long-term debt, excluding current maturities |  |  | 2,094 |  |  | 408 |  |  | 2,715 |  |  |  |  | 5,217 |
Long-term intercompany debt | 2,497 |  |  | 1,411 |  |  | 2,454 |  |  | 218 |  |  | (6,580 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 373 |  |  | 215 |  |  |  |  | 588 |
Other non-current liabilities |  |  |  |  | 338 |  |  | 347 |  |  |  |  | 685 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 322 |  |  |  |  | 322 |
Crown Holdings shareholders’ equity | 601 |  |  | 1,493 |  |  | 1,869 |  |  | 3,269 |  |  | (6,631 | ) |  | 601 |
Total equity | 601 |  |  | 1,493 |  |  | 1,869 |  |  | 3,591 |  |  | (6,631 | ) |  | 923 |
Total | $ | 3,120 |  |  | $ | 5,052 |  |  | $ | 6,077 |  |  | $ | 9,670 |  |  | $ | (13,256 | ) |  | $ | 10,663 |
| 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 | 366 |  |  | 1,378 |  |  | 1,594 |  |  | 3,158 |  |  | (6,130 | ) |  | 366 |
Total equity | 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 |
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | 7 |  |  | (30 | ) |  | 83 |  |  | 800 |  |  | (100 | ) |  | $ | 760 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (102 | ) |  | (396 | ) |  |  |  | (498 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 1 |  |  | 7 |  |  |  |  | 8 |
Intercompany investing activities | 235 |  |  |  |  | 300 |  |  |  |  | (535 | ) |  | — |
Other |  |  |  |  | (20 | ) |  | 1 |  |  |  |  | (19 | )
Net cash provided by/(used for) investing activities | 235 |  |  | — |  |  | 179 |  |  | (388 | ) |  | (535 | ) |  | (509 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 750 |  |  | 9 |  |  | 295 |  |  |  |  | 1,054 |
Payments of long-term debt |  |  | (1,015 | ) |  | (7 | ) |  | (115 | ) |  |  |  | (1,137 | )
Net change in revolving credit facility and short-term debt |  |  |  |  |  |  | 95 |  |  |  |  | 95 |
Net change in long-term intercompany balances | 88 |  |  | 263 |  |  | (261 | ) |  | (90 | ) |  |  |  | — |
Debt issuance costs |  |  | (15 | ) |  |  |  | (1 | ) |  |  |  | (16 | )
Common stock issued | 9 |  |  |  |  |  |  |  |  |  |  | 9 |
Common stock repurchased | (339 | ) |  |  |  |  |  |  |  |  |  | (339 | )
Dividends paid |  |  |  |  |  |  | (635 | ) |  | 635 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (93 | ) |  |  |  | (93 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  | 27 |  |  |  |  | 27 |
Net cash provided by/(used for) financing activities | (242 | ) |  | (17 | ) |  | (259 | ) |  | (517 | ) |  | 635 |  |  | (400 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | 14 |  |  |  |  | 14 |
Net change in cash and cash equivalents | — |  |  | (47 | ) |  | 3 |  |  | (91 | ) |  | — |  |  | (135 | )
Cash and cash equivalents at January 1 |  |  | 83 |  |  |  |  | 476 |  |  |  |  | 559 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | 36 |  |  | $ | 3 |  |  | $ | 385 |  |  | $ | — |  |  | $ | 424 |
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | 63 |  |  | 1 |  |  | 143 |  |  | 875 |  |  | (152 | ) |  | $ | 930 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (127 | ) |  | (346 | ) |  |  |  | (473 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 4 |  |  | 6 |  |  |  |  | 10 |
Intercompany investing activities | 235 |  |  |  |  | 150 |  |  |  |  | (385 | ) |  | — |
Other |  |  |  |  | 10 |  |  | 11 |  |  |  |  | 21 |
Net cash provided by/(used for) investing activities | 235 |  |  | — |  |  | 37 |  |  | (329 | ) |  | (385 | ) |  | (442 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 700 |  |  |  |  | 680 |  |  |  |  | 1,380 |
Payments of long-term debt |  |  | (1,181 | ) |  |  |  | (733 | ) |  |  |  | (1,914 | )
Net change in revolving credit facility and short-term debt |  |  |  |  |  |  | (32 | ) |  |  |  | (32 | )
Net change in long-term intercompany balances | (300 | ) |  | 468 |  |  | (180 | ) |  | 12 |  |  |  |  | — |
Debt issuance costs |  |  | (9 | ) |  |  |  | (9 | ) |  |  |  | (18 | )
Common stock issued | 10 |  |  |  |  |  |  |  |  |  |  | 10 |
Common stock repurchased | (8 | ) |  |  |  |  |  |  |  |  |  | (8 | )
Dividends paid |  |  |  |  |  |  | (537 | ) |  | 537 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (80 | ) |  |  |  | (80 | )
Contribution from noncontrolling interests |  |  |  |  |  |  | 4 |  |  |  |  | 4 |
Foreign exchange derivatives related to debt |  |  |  |  |  |  | 42 |  |  |  |  | 42 |
Net cash provided by/(used for) financing activities | (298 | ) |  | (22 | ) |  | (180 | ) |  | (653 | ) |  | 537 |  |  | (616 | )
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (30 | ) |  |  |  | (30 | )
Net change in cash and cash equivalents | — |  |  | (21 | ) |  | — |  |  | (137 | ) |  | — |  |  | (158 | )
Cash and cash equivalents at January 1 |  |  | 104 |  |  |  |  | 613 |  |  |  |  | 717 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | 83 |  |  | $ | — |  |  | $ | 476 |  |  | $ | — |  |  | $ | 559 |
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net provided by/(used for) operating activities | 33 |  |  | (34 | ) |  | 6 |  |  | 951 |  |  |  |  | $ | 956 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (80 | ) |  | (274 | ) |  |  |  | (354 | )
Acquisition of businesses, net of cash acquired |  |  |  |  |  |  | (1,207 | ) |  |  |  | (1,207 | )
Proceeds from sale of businesses, net of cash sold |  |  |  |  |  |  | 33 |  |  |  |  | 33 |
Proceeds from sale of property, plant and equipment |  |  |  |  | 2 |  |  | 5 |  |  |  |  | 7 |
Intercompany investing activities | (738 | ) |  | 15 |  |  | 71 |  |  | 738 |  |  | (86 | ) |  | — |
Net investment hedge settlements |  |  | (11 | ) |  |  |  |  |  |  |  | (11 | )
Other |  |  |  |  | (10 | ) |  | (6 | ) |  |  |  | (16 | )
Net cash provided by/(used for) investing activities | (738 | ) |  | 4 |  |  | (17 | ) |  | (711 | ) |  | (86 | ) |  | (1,548 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 750 |  |  |  |  | 685 |  |  |  |  | 1,435 |
Payments of long-term debt |  |  | (722 | ) |  |  |  | (178 | ) |  |  |  | (900 | )
Net change in revolving credit facility and short-term debt |  |  |  |  |  |  | (7 | ) |  |  |  | (7 | )
Net change in long-term intercompany balances | 708 |  |  | (12 | ) |  | 11 |  |  | (707 | ) |  |  |  | — |
Debt issuance costs |  |  | (10 | ) |  |  |  | (8 | ) |  |  |  | (18 | )
Common stock issued | 6 |  |  |  |  |  |  |  |  |  |  | 6 |
Common stock repurchased | (9 | ) |  |  |  |  |  |  |  |  |  | (9 | )
Dividends paid |  |  |  |  |  |  | (86 | ) |  | 86 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (48 | ) |  |  |  | (48 | )
Contribution from noncontrolling interests |  |  |  |  |  |  | 5 |  |  |  |  | 5 |
Foreign exchange derivatives related to debt |  |  |  |  |  |  | (58 | ) |  |  |  | (58 | )
Net cash provided by/(used for) financing activities | 705 |  |  | 6 |  |  | 11 |  |  | (402 | ) |  | 86 |  |  | 406 |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  | (62 | ) |  |  |  | (62 | )
Net change in cash and cash equivalents | — |  |  | (24 | ) |  | — |  |  | (224 | ) |  | — |  |  | (248 | )
Cash and cash equivalents at January 1 |  |  | 128 |  |  |  |  | 837 |  |  |  |  | 965 |
Cash and cash equivalents at December 31 | $ | — |  |  | $ | 104 |  |  | $ | — |  |  | $ | 613 |  |  | $ | — |  |  | $ | 717 |

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