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Condensed Combining Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2019
Crown Cork & Seal Company Inc. |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2019 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 2,755 |  |  |  |  | $ | 2,755 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 2,210 |  |  |  |  | 2,210 |
Depreciation and amortization |  |  |  |  | 122 |  |  |  |  | 122 |
Selling and administrative expense |  |  | $ | 1 |  |  | 156 |  |  |  |  | 157 |
Restructuring and other |  |  |  |  | 4 |  |  |  |  | 4 |
Income from operations | — |  |  | (1 | ) |  | 263 |  |  |  |  | 262 |
Loss from early extinguishments of debt |  |  |  |  | 6 |  |  |  |  | 6 |
Other pension and postretirement |  |  | 2 |  |  | (20 | ) |  |  |  | (18 | )
Net interest expense |  |  | 18 |  |  | 77 |  |  |  |  | 95 |
Foreign exchange |  |  |  |  | 1 |  |  |  |  | 1 |
Income/(loss) before income taxes | — |  |  | (21 | ) |  | 199 |  |  |  |  | 178 |
Provision for / (benefit from) income taxes |  |  | (4 | ) |  | 52 |  |  |  |  | 48 |
Equity earnings / (loss) in affiliates | $ | 103 |  |  | 104 |  |  | 1 |  |  | $ | (207 | ) |  | 1 |
Net income | 103 |  |  | 87 |  |  | 148 |  |  | (207 | ) |  | 131 |
Net income attributable to noncontrolling interests |  |  |  |  | (28 | ) |  |  |  | (28 | )
Net income attributable to Crown Holdings | $ | 103 |  |  | $ | 87 |  |  | $ | 120 |  |  | $ | (207 | ) |  | $ | 103 |
Total comprehensive income | $ | 188 |  |  | $ | 170 |  |  | $ | 233 |  |  | $ | (375 | ) |  | $ | 216 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (28 | ) |  |  |  | (28 | )
Comprehensive income attributable to Crown Holdings | $ | 188 |  |  | $ | 170 |  |  | $ | 205 |  |  | $ | (375 | ) |  | $ | 188 |
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 Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2019 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 301 |  |  |  |  | $ | 301 |
Receivables, net |  |  | $ | 9 |  |  | 1,677 |  |  |  |  | 1,686 |
Inventories |  |  |  |  | 1,851 |  |  |  |  | 1,851 |
Prepaid expenses and other current assets | $ | 2 |  |  | 1 |  |  | 183 |  |  |  |  | 186 |
Total current assets | 2 |  |  | 10 |  |  | 4,012 |  |  |  |  | 4,024 |
Intercompany debt receivables |  |  |  |  | 3,562 |  |  | $ | (3,562 | ) |  | — |
Investments | 3,647 |  |  | 3,950 |  |  |  |  | (7,597 | ) |  | — |
Goodwill |  |  |  |  | 4,418 |  |  |  |  | 4,418 |
Intangible assets, net |  |  |  |  | 2,136 |  |  |  |  | 2,136 |
Property, plant and equipment, net |  |  |  |  | 3,734 |  |  |  |  | 3,734 |
Operating lease right-of-use assets, net |  |  |  |  | 213 |  |  |  |  | 213 |
Other non-current assets |  |  | 147 |  |  | 685 |  |  |  |  | 832 |
Total | $ | 3,649 |  |  | $ | 4,107 |  |  | $ | 18,760 |  |  | $ | (11,159 | ) |  | $ | 15,357 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 125 |  |  |  |  | $ | 125 |
Current maturities of long-term debt |  |  |  |  | 83 |  |  |  |  | 83 |
Current portion of operating lease liabilities |  |  |  |  | 47 |  |  |  |  | 47 |
Accounts payable |  |  |  |  | 2,223 |  |  |  |  | 2,223 |
Accrued liabilities | $ | 8 |  |  | $ | 34 |  |  | 822 |  |  |  |  | 864 |
Total current liabilities | 8 |  |  | 34 |  |  | 3,300 |  |  |  |  | 3,342 |
Long-term debt, excluding current maturities |  |  | 388 |  |  | 8,426 |  |  |  |  | 8,814 |
Long-term intercompany debt | 2,507 |  |  | 1,055 |  |  |  |  | $ | (3,562 | ) |  | — |
Non-current portion of operating lease liabilities |  |  |  |  | 167 |  |  |  |  | 167 |
Postretirement and pension liabilities |  |  |  |  | 671 |  |  |  |  | 671 |
Other non-current liabilities |  |  | 325 |  |  | 536 |  |  |  |  | 861 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 368 |  |  |  |  | 368 |
Crown Holdings shareholders’ equity/(deficit) | 1,134 |  |  | 2,305 |  |  | 5,292 |  |  | (7,597 | ) |  | 1,134 |
Total equity/(deficit) | 1,134 |  |  | 2,305 |  |  | 5,660 |  |  | (7,597 | ) |  | 1,502 |
Total | $ | 3,649 |  |  | $ | 4,107 |  |  | $ | 18,760 |  |  | $ | (11,159 | ) |  | $ | 15,357 |
CONDENSED COMBINING BALANCE SHEET As of December 31, 2018 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 607 |  |  |  |  | $ | 607 |
Receivables, net |  |  | $ | 9 |  |  | 1,593 |  |  |  |  | 1,602 |
Inventories |  |  |  |  | 1,690 |  |  |  |  | 1,690 |
Prepaid expenses and other current assets | $ | 1 |  |  | 1 |  |  | 178 |  |  |  |  | 180 |
Total current assets | 1 |  |  | 10 |  |  | 4,068 |  |  |  |  | 4,079 |
Intercompany debt receivables |  |  |  |  | 3,561 |  |  | $ | (3,561 | ) |  | — |
Investments | $ | 3,458 |  |  | $ | 3,764 |  |  |  |  | (7,222 | ) |  | — |
Goodwill |  |  |  |  | 4,442 |  |  |  |  | 4,442 |
Intangible assets, net |  |  |  |  | 2,193 |  |  |  |  | 2,193 |
Property, plant and equipment, net |  |  |  |  | 3,745 |  |  |  |  | 3,745 |
Other non-current assets |  |  | 156 |  |  | 647 |  |  |  |  | 803 |
Total | $ | 3,459 |  |  | $ | 3,930 |  |  | $ | 18,656 |  |  | $ | (10,783 | ) |  | $ | 15,262 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 89 |  |  |  |  | $ | 89 |
Current maturities of long-term debt |  |  |  |  | 81 |  |  |  |  | 81 |
Accounts payable |  |  |  |  | 2,732 |  |  |  |  | 2,732 |
Accrued liabilities | $ | 14 |  |  | $ | 30 |  |  | 967 |  |  |  |  | 1,011 |
Total current liabilities | 14 |  |  | 30 |  |  | 3,869 |  |  |  |  | 3,913 |
Long-term debt, excluding current maturities |  |  | 388 |  |  | 8,105 |  |  |  |  | 8,493 |
Long-term intercompany debt | 2,508 |  |  | 1,053 |  |  |  |  | $ | (3,561 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 683 |  |  |  |  | 683 |
Other non-current liabilities |  |  | 325 |  |  | 562 |  |  |  |  | 887 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 349 |  |  |  |  | 349 |
Crown Holdings shareholders’ equity/(deficit) | 937 |  |  | 2,134 |  |  | 5,088 |  |  | (7,222 | ) |  | 937 |
Total equity/(deficit) | 937 |  |  | 2,134 |  |  | 5,437 |  |  | (7,222 | ) |  | 1,286 |
Total | $ | 3,459 |  |  | $ | 3,930 |  |  | $ | 18,656 |  |  | $ | (10,783 | ) |  | $ | 15,262 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | — |  |  | $ | (2 | ) |  | $ | (662 | ) |  | $ | (2 | ) |  | $ | (666 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (75 | ) |  |  |  | (75 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 5 |  |  |  |  | 5 |
Net investment hedge |  |  |  |  | 6 |  |  |  |  | 6 |
Net cash provided by/(used for) investing activities | — |  |  |  |  |  | (64 | ) |  | — |  |  | (64 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Payments of long-term debt |  |  |  |  | (281 | ) |  |  |  | (281 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 731 |  |  |  |  | 731 |
Net change in long-term intercompany balances | (1 | ) |  | 2 |  |  | (2 | ) |  |  |  | (1 | )
Payments of finance leases |  |  |  |  | (14 | ) |  |  |  | (14 | )
Common stock issued | 2 |  |  |  |  |  |  |  |  | 2 |
Common stock repurchased | (1 | ) |  |  |  |  |  |  |  | (1 | )
Dividends paid |  |  |  |  | (2 | ) |  | 2 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (9 | ) |  |  |  | (9 | )
Foreign exchange derivatives related to debt |  |  |  |  | (11 | ) |  |  |  | (11 | )
Net cash provided by/(used for) financing activities | — |  |  | 2 |  |  | 412 |  |  | 2 |  |  | 416 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  |  |  |  | 2 |  |  |  |  | 2 |
Net change in cash, cash equivalents and restricted cash | — |  |  | — |  |  | (312 | ) |  | — |  |  | (312 | )
Cash, cash equivalents and restricted cash at January 1 |  |  |  |  | 659 |  |  |  |  | 659 |
Cash, cash equivalents and restricted cash at March 31 | $ | — |  |  | $ | — |  |  | $ | 347 |  |  | $ | — |  |  | $ | 347 |
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 |
Foreign exchange derivatives related to acquisitions |  |  |  |  | (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 |
Crown Americas, LLC |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended March 31, 2019 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 892 |  |  | $ | 1,979 |  |  | $ | (116 | ) |  | $ | 2,755 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 740 |  |  | 1,586 |  |  | (116 | ) |  | 2,210 |
Depreciation and amortization |  |  |  |  | 35 |  |  | 87 |  |  |  |  | 122 |
Selling and administrative expense |  |  | $ | 3 |  |  | 66 |  |  | 88 |  |  |  |  | 157 |
Restructuring and other |  |  |  |  |  |  | 4 |  |  |  |  | 4 |
Income from operations | — |  |  | (3 | ) |  | 51 |  |  | 214 |  |  |  |  | 262 |
Loss from early extinguishments of debt |  |  | 6 |  |  |  |  |  |  |  |  | 6 |
Other pension and postretirement |  |  |  |  | (5 | ) |  | (13 | ) |  |  |  | (18 | )
Net interest expense |  |  | 19 |  |  | 33 |  |  | 43 |  |  |  |  | 95 |
Technology royalty |  |  |  |  | (9 | ) |  | 9 |  |  |  |  | — |
Foreign exchange |  |  | (34 | ) |  |  |  | 1 |  |  | 34 |  |  | 1 |
Income/(loss) before income taxes | — |  |  | 6 |  |  | 32 |  |  | 174 |  |  | (34 | ) |  | 178 |
Provision for / (benefit from) income taxes |  |  | 2 |  |  | 8 |  |  | 46 |  |  | (8 | ) |  | 48 |
Equity earnings / (loss) in affiliates | $ | 103 |  |  | 63 |  |  | 62 |  |  |  |  | (227 | ) |  | 1 |
Net income | 103 |  |  | 67 |  |  | 86 |  |  | 128 |  |  | (253 | ) |  | 131 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (28 | ) |  |  |  | (28 | )
Net income attributable to Crown Holdings | $ | 103 |  |  | $ | 67 |  |  | $ | 86 |  |  | $ | 100 |  |  | $ | (253 | ) |  | $ | 103 |
Total comprehensive income | $ | 188 |  |  | $ | 73 |  |  | $ | 169 |  |  | $ | 193 |  |  | $ | (407 | ) |  | $ | 216 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (28 | ) |  |  |  | (28 | )
Comprehensive income attributable to Crown Holdings | $ | 188 |  |  | $ | 73 |  |  | $ | 169 |  |  | $ | 165 |  |  | $ | (407 | ) |  | $ | 188 |
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 |  |  |  |  | $ | 602 |  |  | $ | 1,692 |  |  | $ | (97 | ) |  | $ | 2,197 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 520 |  |  | 1,385 |  |  | (97 | ) |  | 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 Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of March 31, 2019 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 28 |  |  | $ | 5 |  |  | $ | 268 |  |  |  |  | $ | 301 |
Receivables, net |  |  | 4 |  |  | 194 |  |  | 1,488 |  |  |  |  | 1,686 |
Intercompany receivables |  |  |  |  | 30 |  |  | 17 |  |  | $ | (47 | ) |  | — |
Inventories |  |  |  |  | 565 |  |  | 1,286 |  |  |  |  | 1,851 |
Prepaid expenses and other current assets | $ | 2 |  |  | 2 |  |  | 24 |  |  | 158 |  |  |  |  | 186 |
Total current assets | 2 |  |  | 34 |  |  | 818 |  |  | 3,217 |  |  | (47 | ) |  | 4,024 |
Intercompany debt receivables |  |  | 3,004 |  |  | 3,368 |  |  | 12 |  |  | (6,384 | ) |  | — |
Investments | 3,647 |  |  | 2,720 |  |  | 1,394 |  |  |  |  | (7,761 | ) |  | — |
Goodwill |  |  |  |  | 1,178 |  |  | 3,240 |  |  |  |  | 4,418 |
Intangible assets, net |  |  |  |  | 880 |  |  | 1,256 |  |  |  |  | 2,136 |
Property, plant and equipment, net |  |  | 1 |  |  | 701 |  |  | 3,032 |  |  |  |  | 3,734 |
Operating lease right-of-use assets, net |  |  | 4 |  |  | 74 |  |  | 135 |  |  |  |  | 213 |
Other non-current assets |  |  | 46 |  |  | 189 |  |  | 597 |  |  |  |  | 832 |
Total | $ | 3,649 |  |  | $ | 5,809 |  |  | $ | 8,602 |  |  | $ | 11,489 |  |  | $ | (14,192 | ) |  | $ | 15,357 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | $ | 125 |  |  |  |  | $ | 125 |
Current maturities of long-term debt |  |  | $ | 42 |  |  |  |  | 41 |  |  |  |  | 83 |
Current portion of operating lease liabilities |  |  |  |  | $ | 18 |  |  | 29 |  |  |  |  | 47 |
Accounts payable |  |  |  |  | 630 |  |  | 1,593 |  |  |  |  | 2,223 |
Accrued liabilities | $ | 8 |  |  | 24 |  |  | 137 |  |  | 695 |  |  |  |  | 864 |
Intercompany payables |  |  |  |  | 17 |  |  | 30 |  |  | $ | (47 | ) |  | — |
Total current liabilities | 8 |  |  | 66 |  |  | 802 |  |  | 2,513 |  |  | (47 | ) |  | 3,342 |
Long-term debt, excluding current maturities |  |  | 3,372 |  |  | 1,004 |  |  | 4,438 |  |  |  |  | 8,814 |
Long-term intercompany debt | 2,507 |  |  | 739 |  |  | 3,057 |  |  | 81 |  |  | (6,384 | ) |  | — |
Non-current portion of operating lease liabilities |  |  | 4 |  |  | 58 |  |  | 105 |  |  |  |  | 167 |
Postretirement and pension liabilities |  |  |  |  | 416 |  |  | 255 |  |  |  |  | 671 |
Other non-current liabilities |  |  |  |  | 318 |  |  | 543 |  |  |  |  | 861 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 368 |  |  |  |  | 368 |
Crown Holdings shareholders’ equity/(deficit) | 1,134 |  |  | 1,628 |  |  | 2,947 |  |  | 3,186 |  |  | (7,761 | ) |  | 1,134 |
Total equity/(deficit) | 1,134 |  |  | 1,628 |  |  | 2,947 |  |  | 3,554 |  |  | (7,761 | ) |  | 1,502 |
Total | $ | 3,649 |  |  | $ | 5,809 |  |  | $ | 8,602 |  |  | $ | 11,489 |  |  | $ | (14,192 | ) |  | $ | 15,357 |
CONDENSED COMBINING BALANCE SHEET As of December 31, 2018 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 117 |  |  | $ | 19 |  |  | $ | 471 |  |  |  |  | $ | 607 |
Receivables, net |  |  | 4 |  |  | 182 |  |  | 1,416 |  |  |  |  | 1,602 |
Intercompany receivables |  |  |  |  | 33 |  |  | 13 |  |  | $ | (46 | ) |  | — |
Inventories |  |  |  |  | 485 |  |  | 1,205 |  |  |  |  | 1,690 |
Prepaid expenses and other current assets | $ | 1 |  |  | 1 |  |  | 17 |  |  | 161 |  |  |  |  | 180 |
Total current assets | 1 |  |  | 122 |  |  | 736 |  |  | 3,266 |  |  | (46 | ) |  | 4,079 |
Intercompany debt receivables |  |  | 2,577 |  |  | 3,449 |  |  | 12 |  |  | (6,038 | ) |  | — |
Investments | $ | 3,458 |  |  | 2,657 |  |  | 1,248 |  |  |  |  | (7,363 | ) |  | — |
Goodwill |  |  |  |  | 1,178 |  |  | 3,264 |  |  |  |  | 4,442 |
Intangible assets, net |  |  |  |  | 901 |  |  | 1,292 |  |  |  |  | 2,193 |
Property, plant and equipment, net |  |  | 1 |  |  | 693 |  |  | 3,051 |  |  |  |  | 3,745 |
Other non-current assets |  |  | 29 |  |  | 192 |  |  | 582 |  |  |  |  | 803 |
Total | $ | 3,459 |  |  | $ | 5,386 |  |  | $ | 8,397 |  |  | $ | 11,467 |  |  | $ | (13,447 | ) |  | $ | 15,262 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | $ | 89 |  |  |  |  | $ | 89 |
Current maturities of long-term debt |  |  | $ | 37 |  |  |  |  | 44 |  |  |  |  | 81 |
Accounts payable |  |  |  |  | $ | 725 |  |  | 2,007 |  |  |  |  | 2,732 |
Accrued liabilities | $ | 14 |  |  | 49 |  |  | 144 |  |  | 804 |  |  |  |  | 1,011 |
Intercompany payables |  |  |  |  | 13 |  |  | 33 |  |  | $ | (46 | ) |  | — |
Total current liabilities | 14 |  |  | 86 |  |  | 882 |  |  | 2,977 |  |  | (46 | ) |  | 3,913 |
Long-term debt, excluding current maturities |  |  | 2,999 |  |  | 1,274 |  |  | 4,220 |  |  |  |  | 8,493 |
Long-term intercompany debt | 2,508 |  |  | 746 |  |  | 2,700 |  |  | 84 |  |  | (6,038 | ) |  | — |
Postretirement and pension liabilities |  |  |  |  | 432 |  |  | 251 |  |  |  |  | 683 |
Other non-current liabilities |  |  |  |  | 332 |  |  | 555 |  |  |  |  | 887 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 349 |  |  |  |  | 349 |
Crown Holdings shareholders’ equity/(deficit) | 937 |  |  | 1,555 |  |  | 2,777 |  |  | 3,031 |  |  | (7,363 | ) |  | 937 |
Total equity/(deficit) | 937 |  |  | 1,555 |  |  | 2,777 |  |  | 3,380 |  |  | (7,363 | ) |  | 1,286 |
Total | $ | 3,459 |  |  | $ | 5,386 |  |  | $ | 8,397 |  |  | $ | 11,467 |  |  | $ | (13,447 | ) |  | $ | 15,262 |
Condensed Combining Statement of Cash Flows | CONDENSED COMBINING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | — |  |  | $ | (31 | ) |  | $ | (154 | ) |  | $ | (473 | ) |  | $ | (8 | ) |  | $ | (666 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (16 | ) |  | (59 | ) |  |  |  | (75 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 1 |  |  | 4 |  |  |  |  | 5 |
Net investment hedge |  |  | 6 |  |  |  |  |  |  |  |  | 6 |
Net cash provided by/(used for) investing activities | — |  |  | 6 |  |  | (15 | ) |  | (55 | ) |  | — |  |  | (64 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Payments of long-term debt |  |  | (5 | ) |  | (270 | ) |  | (6 | ) |  |  |  | (281 | )
Net change in revolving credit facility and short-term debt |  |  | 375 |  |  |  |  | 356 |  |  |  |  | 731 |
Net change in long-term intercompany balances | (1 | ) |  | (434 | ) |  | 438 |  |  | (3 | ) |  |  |  | — |
Payments of finance leases |  |  |  |  | (13 | ) |  | (1 | ) |  |  |  | (14 | )
Common stock issued | 2 |  |  |  |  |  |  |  |  |  |  | 2 |
Common stock repurchased | (1 | ) |  |  |  |  |  |  |  |  |  | (1 | )
Dividends paid |  |  |  |  |  |  | (8 | ) |  | 8 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (9 | ) |  |  |  | (9 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  | (11 | ) |  |  |  | (11 | )
Net cash provided by/(used for) financing activities | — |  |  | (64 | ) |  | 155 |  |  | 318 |  |  | 8 |  |  | 417 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  |  |  |  |  |  | 2 |  |  |  |  | 2 |
Net change in cash, cash equivalents and restricted cash | — |  |  | (89 | ) |  | (14 | ) |  | (208 | ) |  | — |  |  | (311 | )
Cash, cash equivalents and restricted cash at January 1 |  |  | 117 |  |  | 19 |  |  | 523 |  |  |  |  | 659 |
Cash, cash equivalents and restricted cash at March 31 | $ | — |  |  | $ | 28 |  |  | $ | 5 |  |  | $ | 315 |  |  | $ | — |  |  | $ | 348 |
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 |
Foreign exchange derivatives related to acquisitions |  |  |  |  |  |  | (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 |

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