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Condensed Combining Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2018
Crown Cork & Seal Company Inc |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 2,197 |  |  |  |  | $ | 2,197 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,808 |  |  |  |  | 1,808 |
Depreciation and amortization |  |  |  |  | 65 |  |  |  |  | 65 |
Selling and administrative expense |  |  | $ | 2 |  |  | 88 |  |  |  |  | 90 |
Restructuring and other |  |  |  |  | 13 |  |  |  |  | 13 |
Income from operations |  |  | (2 | ) |  | 223 |  |  |  |  | 221 |
Other pension and postretirement |  |  |  |  | (17 | ) |  |  |  | (17 | )
Net interest expense |  |  | 19 |  |  | 49 |  |  |  |  | 68 |
Foreign exchange |  |  |  |  | 18 |  |  |  |  | 18 |
Income/(loss) before income taxes |  |  | (21 | ) |  | 173 |  |  |  |  | 152 |
Provision for / (benefit from) income taxes |  |  | (4 | ) |  | 43 |  |  |  |  | 39 |
Equity earnings / (loss) in affiliates | $ | 90 |  |  | 95 |  |  |  |  | $ | (185 | ) |  | — |
Net income | 90 |  |  | 78 |  |  | 130 |  |  | (185 | ) |  | 113 |
Net income attributable to noncontrolling interests |  |  |  |  | (23 | ) |  |  |  | (23 | )
Net income attributable to Crown Holdings | $ | 90 |  |  | $ | 78 |  |  | $ | 107 |  |  | $ | (185 | ) |  | $ | 90 |
Total comprehensive income | $ | 150 |  |  | $ | 47 |  |  | $ | 191 |  |  | $ | (214 | ) |  | $ | 174 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (24 | ) |  |  |  | (24 | )
Comprehensive income attributable to Crown Holdings | $ | 150 |  |  | $ | 47 |  |  | $ | 167 |  |  | $ | (214 | ) |  | $ | 150 |
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 |  |  |  |  | 1,531 |  |  |  |  | 1,531 |
Depreciation and amortization |  |  |  |  | 59 |  |  |  |  | 59 |
Selling and administrative expense |  |  | $ | 2 |  |  | 88 |  |  |  |  | 90 |
Restructuring and other |  |  |  |  | (4 | ) |  |  |  | (4 | )
Income from operations |  |  | (2 | ) |  | 227 |  |  |  |  | 225 |
Other pension and postretirement |  |  |  |  | (12 | ) |  |  |  | (12 | )
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 |
Total 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 Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2018 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 2,201 |  |  |  |  | $ | 2,201 |
Receivables, net |  |  | $ | 9 |  |  | 1,377 |  |  |  |  | 1,386 |
Inventories |  |  |  |  | 1,431 |  |  |  |  | 1,431 |
Prepaid expenses and other current assets | $ | 2 |  |  |  |  | 241 |  |  |  |  | 243 |
Total current assets | 2 |  |  | 9 |  |  | 5,250 |  |  |  |  | 5,261 |
Intercompany debt receivables |  |  |  |  | 3,648 |  |  | $ | (3,648 | ) |  | — |
Investments | 3,296 |  |  | 3,519 |  |  |  |  | (6,815 | ) |  | — |
Goodwill |  |  |  |  | 3,134 |  |  |  |  | 3,134 |
Intangible assets, net |  |  |  |  | 487 |  |  |  |  | 487 |
Property, plant and equipment, net |  |  |  |  | 3,322 |  |  |  |  | 3,322 |
Other non-current assets |  |  | 285 |  |  | 590 |  |  |  |  | 875 |
Total | $ | 3,298 |  |  | $ | 3,813 |  |  | $ | 16,431 |  |  | $ | (10,463 | ) |  | $ | 13,079 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 32 |  |  |  |  | $ | 32 |
Current maturities of long-term debt |  |  |  |  | 61 |  |  |  |  | 61 |
Accounts payable |  |  |  |  | 2,009 |  |  |  |  | 2,009 |
Accrued liabilities | $ | 13 |  |  | $ | 40 |  |  | 706 |  |  |  |  | 759 |
Total current liabilities | 13 |  |  | 40 |  |  | 2,808 |  |  |  |  | 2,861 |
Long-term debt, excluding current maturities |  |  | 387 |  |  | 7,391 |  |  |  |  | 7,778 |
Long-term intercompany debt | 2,520 |  |  | 1,128 |  |  |  |  | $ | (3,648 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 584 |  |  |  |  | 584 |
Other non-current liabilities |  |  | 335 |  |  | 409 |  |  |  |  | 744 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 347 |  |  |  |  | 347 |
Crown Holdings shareholders’ equity/(deficit) | 765 |  |  | 1,923 |  |  | 4,892 |  |  | (6,815 | ) |  | 765 |
Total equity/(deficit) | 765 |  |  | 1,923 |  |  | 5,239 |  |  | (6,815 | ) |  | 1,112 |
Total | $ | 3,298 |  |  | $ | 3,813 |  |  | $ | 16,431 |  |  | $ | (10,463 | ) |  | $ | 13,079 |
CONDENSED COMBINING BALANCE SHEET As of December 31, 2017 (in millions)
| 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 |  |  |  |  | 3,046 |  |  |  |  | 3,046 |
Intangible assets, net |  |  |  |  | 472 |  |  |  |  | 472 |
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 |  |  |  |  | 2,367 |  |  |  |  | 2,367 |
Accrued liabilities | $ | 22 |  |  | $ | 41 |  |  | 694 |  |  |  |  | 757 |
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/(deficit) | 601 |  |  | 1,869 |  |  | 4,699 |  |  | (6,568 | ) |  | 601 |
Total equity/(deficit) | 601 |  |  | 1,869 |  |  | 5,021 |  |  | (6,568 | ) |  | 923 |
Total | $ | 3,120 |  |  | $ | 3,740 |  |  | $ | 13,975 |  |  | $ | (10,172 | ) |  | $ | 10,663 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | (22 | ) |  | $ | (21 | ) |  | $ | (708 | ) |  | $ | — |  |  | $ | (751 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (92 | ) |  |  |  | (92 | )
Beneficial interests in transferred receivables |  |  |  |  | 175 |  |  |  |  | 175 |
Other |  |  |  |  | (25 | ) |  |  |  | (25 | )
Net cash provided by/(used for) investing activities | — |  |  |  |  |  | 58 |  |  | — |  |  | 58 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 1,912 |  |  |  |  | 1,912 |
Payments of long-term debt |  |  |  |  | (13 | ) |  |  |  | (13 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 576 |  |  |  |  | 576 |
Net change in long-term intercompany balances | 23 |  |  | 21 |  |  | (44 | ) |  |  |  | — |
Debt issue costs |  |  |  |  | (29 | ) |  |  |  | (29 | )
Common stock repurchased | (1 | ) |  |  |  |  |  |  |  | (1 | )
Foreign exchange derivatives related to debt |  |  |  |  | 10 |  |  |  |  | 10 |
Net cash provided by/(used for) financing activities | 22 |  |  | 21 |  |  | 2,412 |  |  | — |  |  | 2,455 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  |  |  |  | 14 |  |  |  |  | 14 |
Net change in cash, cash equivalents and restricted cash | — |  |  | — |  |  | 1,776 |  |  | — |  |  | 1,776 |
Cash, cash equivalents and restricted cash at January 1 |  |  |  |  | 435 |  |  |  |  | 435 |
Cash, cash equivalents and restricted cash at March 31 | $ | — |  |  | $ | — |  |  | $ | 2,211 |  |  | $ | — |  |  | $ | 2,211 |
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 | ) |  | $ | (550 | ) |  | $ | (4 | ) |  | $ | (577 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (107 | ) |  |  |  | (107 | )
Beneficial interests in transferred receivables |  |  |  |  | 257 |  |  |  |  | 257 |
Proceeds from sale of property, plant and equipment |  |  |  |  | 3 |  |  |  |  | 3 |
Net cash provided by/(used for) investing activities | — |  |  |  |  | 153 |  |  | — |  |  | 153 |
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, cash equivalents and restricted cash |  |  |  |  | 4 |  |  |  |  | 4 |
Net change in cash, cash equivalents and restricted cash | — |  |  | — |  |  | (221 | ) |  | — |  |  | (221 | )
Cash, cash equivalents and restricted cash at January 1 |  |  |  |  | 576 |  |  |  |  | 576 |
Cash, cash equivalents and restricted cash at March 31 | $ | — |  |  | $ | — |  |  | $ | 355 |  |  | $ | — |  |  | $ | 355 |
Crown Americas, LLC |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 514 |  |  | $ | 1,683 |  |  |  |  | $ | 2,197 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 432 |  |  | 1,376 |  |  |  |  | 1,808 |
Depreciation and amortization |  |  |  |  | 11 |  |  | 54 |  |  |  |  | 65 |
Selling and administrative expense |  |  | $ | 2 |  |  | 33 |  |  | 55 |  |  |  |  | 90 |
Restructuring and other |  |  | 3 |  |  | 2 |  |  | 8 |  |  |  |  | 13 |
Income from operations |  |  |  | (5 | ) |  | 36 |  |  | 190 |  |  |  |  | 221 |
Other pension and postretirement |  |  |  |  | (5 | ) |  | (12 | ) |  |  |  | (17 | )
Net interest expense |  |  | 23 |  |  | 21 |  |  | 24 |  |  |  |  | 68 |
Technology royalty |  |  |  |  | (11 | ) |  | 11 |  |  |  |  | — |
Foreign exchange |  |  | 56 |  |  | (1 | ) |  | 19 |  |  | $ | (56 | ) |  | 18 |
Income/(loss) before income taxes |  |  | (84 | ) |  | 32 |  |  | 148 |  |  | 56 |  |  | 152 |
Provision for / (benefit from) income taxes |  |  | (20 | ) |  | 9 |  |  | 37 |  |  | 13 |  |  | 39 |
Equity earnings / (loss) in affiliates | $ | 90 |  |  | 56 |  |  | 55 |  |  |  |  | (201 | ) |  | — |
Net income | 90 |  |  | (8 | ) |  | 78 |  |  | 111 |  |  | (158 | ) |  | 113 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (23 | ) |  |  |  | (23 | )
Net income attributable to Crown Holdings | $ | 90 |  |  | $ | (8 | ) |  | $ | 78 |  |  | $ | 88 |  |  | $ | (158 | ) |  | $ | 90 |
Total comprehensive income | $ | 150 |  |  | $ | (7 | ) |  | $ | 47 |  |  | $ | 214 |  |  | $ | (230 | ) |  | $ | 174 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (24 | ) |  |  |  | (24 | )
Comprehensive income attributable to Crown Holdings | $ | 150 |  |  | $ | (7 | ) |  | $ | 47 |  |  | $ | 190 |  |  | $ | (230 | ) |  | $ | 150 |
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 |  |  |  |  | 371 |  |  | 1,160 |  |  |  |  | 1,531 |
Depreciation and amortization |  |  |  |  | 10 |  |  | 49 |  |  |  |  | 59 |
Selling and administrative expense |  |  | $ | 2 |  |  | 33 |  |  | 55 |  |  |  |  | 90 |
Restructuring and other |  |  |  |  | 1 |  |  | (5 | ) |  |  |  | (4 | )
Income from operations |  |  | (2 | ) |  | 30 |  |  | 197 |  |  |  |  | 225 |
Other pension and postretirement |  |  |  |  | (10 | ) |  | (2 | ) |  |  |  | (12 | )
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 |
Total 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 Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2018 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 676 |  |  | $ | 2 |  |  | $ | 1,523 |  |  |  |  | $ | 2,201 |
Receivables, net |  |  | 3 |  |  | 78 |  |  | 1,305 |  |  |  |  | 1,386 |
Intercompany receivables |  |  |  |  | 28 |  |  | 10 |  |  | $ | (38 | ) |  | — |
Inventories |  |  |  |  | 350 |  |  | 1,081 |  |  |  |  | 1,431 |
Prepaid expenses and other current assets | $ | 2 |  |  | 2 |  |  | 15 |  |  | 224 |  |  |  |  | 243 |
Total current assets | 2 |  |  | 681 |  |  | 473 |  |  | 4,143 |  |  | (38 | ) |  | 5,261 |
Intercompany debt receivables |  |  | 2,931 |  |  | 3,708 |  |  | 778 |  |  | (7,417 | ) |  | — |
Investments | 3,296 |  |  | 2,537 |  |  | 1,041 |  |  |  |  | (6,874 | ) |  | — |
Goodwill |  |  |  |  | 453 |  |  | 2,681 |  |  |  |  | 3,134 |
Intangible assets, net |  |  |  |  | 13 |  |  | 474 |  |  |  |  | 487 |
Property, plant and equipment, net |  |  | 1 |  |  | 524 |  |  | 2,797 |  |  |  |  | 3,322 |
Other non-current assets |  |  | 11 |  |  | 331 |  |  | 533 |  |  |  |  | 875 |
Total | $ | 3,298 |  |  | $ | 6,161 |  |  | $ | 6,543 |  |  | $ | 11,406 |  |  | $ | (14,329 | ) |  | $ | 13,079 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | $ | 32 |  |  |  |  | $ | 32 |
Current maturities of long-term debt |  |  | $ | 23 |  |  | $ | 3 |  |  | 35 |  |  |  |  | 61 |
Accounts payable |  |  |  |  | 502 |  |  | 1,507 |  |  |  |  | 2,009 |
Accrued liabilities | $ | 13 |  |  | 32 |  |  | 85 |  |  | 629 |  |  |  |  | 759 |
Intercompany payables |  |  |  |  | 10 |  |  | 28 |  |  | $ | (38 | ) |  | — |
Total current liabilities | 13 |  |  | 55 |  |  | 600 |  |  | 2,231 |  |  | (38 | ) |  | 2,861 |
Long-term debt, excluding current maturities |  |  | 3,113 |  |  | 407 |  |  | 4,258 |  |  |  |  | 7,778 |
Long-term intercompany debt | 2,520 |  |  | 1,470 |  |  | 2,912 |  |  | 515 |  |  | (7,417 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 368 |  |  | 216 |  |  |  |  | 584 |
Other non-current liabilities |  |  | 37 |  |  | 333 |  |  | 374 |  |  |  |  | 744 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 347 |  |  |  |  | 347 |
Crown Holdings shareholders’ equity/(deficit) | 765 |  |  | 1,486 |  |  | 1,923 |  |  | 3,465 |  |  | (6,874 | ) |  | 765 |
Total equity/(deficit) | 765 |  |  | 1,486 |  |  | 1,923 |  |  | 3,812 |  |  | (6,874 | ) |  | 1,112 |
Total | $ | 3,298 |  |  | $ | 6,161 |  |  | $ | 6,543 |  |  | $ | 11,406 |  |  | $ | (14,329 | ) |  | $ | 13,079 |
CONDENSED COMBINING BALANCE SHEET As of December 31, 2017 (in millions)
| 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 |  |  |  |  | 453 |  |  | 2,593 |  |  |  |  | 3,046 |
Intangible assets, net |  |  |  |  | 13 |  |  | 459 |  |  |  |  | 472 |
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 |  |  |  |  | 547 |  |  | 1,820 |  |  |  |  | 2,367 |
Accrued liabilities | $ | 22 |  |  | 31 |  |  | 72 |  |  | 632 |  |  |  |  | 757 |
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/(deficit) | 601 |  |  | 1,493 |  |  | 1,869 |  |  | 3,269 |  |  | (6,631 | ) |  | 601 |
Total equity/(deficit) | 601 |  |  | 1,493 |  |  | 1,869 |  |  | 3,591 |  |  | (6,631 | ) |  | 923 |
Total | $ | 3,120 |  |  | $ | 5,052 |  |  | $ | 6,077 |  |  | $ | 9,670 |  |  | $ | (13,256 | ) |  | $ | 10,663 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | (22 | ) |  | $ | (29 | ) |  | $ | (55 | ) |  | $ | (645 | ) |  |  |  | $ | (751 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (20 | ) |  | (72 | ) |  |  |  | (92 | )
Beneficial interests in transferred receivables |  |  |  |  |  |  | 175 |  |  |  |  | 175 |
Other |  |  |  |  |  |  | (25 | ) |  |  |  | (25 | )
Net cash provided by/(used for) investing activities | — |  |  | — |  |  | (20 | ) |  | 78 |  |  | — |  |  | 58 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 875 |  |  |  |  | 1,037 |  |  |  |  | 1,912 |
Payments of long-term debt |  |  | (4 | ) |  | (1 | ) |  | (8 | ) |  |  |  | (13 | )
Net change in revolving credit facility and short-term debt |  |  | 160 |  |  |  |  | 416 |  |  |  |  | 576 |
Net change in long-term intercompany balances | 23 |  |  | (349 | ) |  | 75 |  |  | 251 |  |  |  |  | — |
Debt issue costs |  |  | (13 | ) |  |  |  | (16 | ) |  |  |  | (29 | )
Common stock repurchased | (1 | ) |  |  |  |  |  |  |  |  |  | (1 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  | 10 |  |  |  |  | 10 |
Net cash provided by/(used for) financing activities | 22 |  |  | 669 |  |  | 74 |  |  | 1,690 |  |  | — |  |  | 2,455 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  |  |  |  |  |  | 14 |  |  |  |  | 14 |
Net change in cash, cash equivalents and restricted cash | — |  |  | 640 |  |  | (1 | ) |  | 1,137 |  |  | — |  |  | 1,776 |
Cash, cash equivalents and restricted cash at January 1 |  |  | 36 |  |  | 3 |  |  | 396 |  |  |  |  | 435 |
Cash, cash equivalents and restricted cash at March 31 | $ | — |  |  | $ | 676 |  |  | $ | 2 |  |  | $ | 1,533 |  |  | $ | — |  |  | $ | 2,211 |
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 cash provided by/(used for) operating activities | $ | (9 | ) |  | $ | (24 | ) |  | $ | (69 | ) |  | $ | (465 | ) |  | $ | (10 | ) |  | $ | (577 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (50 | ) |  | (57 | ) |  |  |  | (107 | )
Beneficial interests in transferred receivables |  |  |  |  |  |  | 257 |  |  |  |  | 257 |
Proceeds from sale of property, plant and equipment |  |  |  |  |  |  | 3 |  |  |  |  | 3 |
Net cash provided by/(used for) investing activities | — |  |  | — |  |  | (50 | ) |  | 203 |  |  | — |  |  | 153 |
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, cash equivalents and restricted cash |  |  |  |  |  |  | 4 |  |  |  |  | 4 |
Net change in cash, cash equivalents and restricted cash | — |  |  | (4 | ) |  | — |  |  | (217 | ) |  | — |  |  | (221 | )
Cash, cash equivalents and restricted cash at January 1 |  |  | 83 |  |  |  |  | 493 |  |  |  |  | 576 |
Cash, cash equivalents and restricted cash at March 31 | $ | — |  |  | $ | 79 |  |  | $ | — |  |  | $ | 276 |  |  | $ | — |  |  | $ | 355 |

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