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Condensed Combining Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2019
Crown Cork & Seal Company Inc. |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2019 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 3,035 |  |  |  |  | $ | 3,035 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 2,417 |  |  |  |  | 2,417 |
Depreciation and amortization |  |  |  |  | 123 |  |  |  |  | 123 |
Selling and administrative expense |  |  |  |  | 157 |  |  |  |  | 157 |
Restructuring and other |  |  |  |  | (45 | ) |  |  |  | (45 | )
Income from operations | — |  |  | — |  |  | 383 |  |  |  |  | 383 |
Other pension and postretirement |  |  | $ | 2 |  |  | 27 |  |  |  |  | 29 |
Net interest expense |  |  | 19 |  |  | 74 |  |  |  |  | 93 |
Foreign exchange |  |  |  |  | 1 |  |  |  |  | 1 |
Income/(loss) before income taxes | — |  |  | (21 | ) |  | 281 |  |  |  |  | 260 |
Provision for / (benefit from) income taxes |  |  | (6 | ) |  | 94 |  |  |  |  | 88 |
Equity earnings / (loss) in affiliates | $ | 137 |  |  | 129 |  |  | 2 |  |  | $ | (266 | ) |  | 2 |
Net income | 137 |  |  | 114 |  |  | 189 |  |  | (266 | ) |  | 174 |
Net income attributable to noncontrolling interests |  |  |  |  | (37 | ) |  |  |  | (37 | )
Net income attributable to Crown Holdings | $ | 137 |  |  | $ | 114 |  |  | $ | 152 |  |  | $ | (266 | ) |  | $ | 137 |
Total comprehensive income | $ | 152 |  |  | $ | 109 |  |  | $ | 204 |  |  | $ | (276 | ) |  | $ | 189 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (37 | ) |  |  |  | (37 | )
Comprehensive income attributable to Crown Holdings | $ | 152 |  |  | $ | 109 |  |  | $ | 167 |  |  | $ | (276 | ) |  | $ | 152 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2018 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 3,046 |  |  |  |  | $ | 3,046 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 2,466 |  |  |  |  | 2,466 |
Depreciation and amortization |  |  |  |  | 113 |  |  |  |  | 113 |
Selling and administrative expense |  |  | $ | 3 |  |  | 156 |  |  |  |  | 159 |
Restructuring and other | $ | 9 |  |  |  |  | 7 |  |  |  |  | 16 |
Income from operations | (9 | ) |  | (3 | ) |  | 304 |  |  |  |  | 292 |
Other pension and postretirement |  |  |  |  | (17 | ) |  |  |  | (17 | )
Net interest expense |  |  | 19 |  |  | 79 |  |  |  |  | 98 |
Foreign exchange |  |  |  |  | 10 |  |  |  |  | 10 |
Income/(loss) before income taxes | (9 | ) |  | (22 | ) |  | 232 |  |  |  |  | 201 |
Provision for / (benefit from) income taxes | (2 | ) |  | (5 | ) |  | 62 |  |  |  |  | 55 |
Equity earnings / (loss) in affiliates | 139 |  |  | 131 |  |  | 1 |  |  | $ | (270 | ) |  | 1 |
Net income | 132 |  |  | 114 |  |  | 171 |  |  | (270 | ) |  | 147 |
Net income attributable to noncontrolling interests |  |  |  |  | (15 | ) |  |  |  | (15 | )
Net income attributable to Crown Holdings | $ | 132 |  |  | $ | 114 |  |  | $ | 156 |  |  | $ | (270 | ) |  | $ | 132 |
Total comprehensive income | $ | 16 |  |  | $ | 115 |  |  | $ | 52 |  |  | $ | (155 | ) |  | $ | 28 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (12 | ) |  |  |  | (12 | )
Comprehensive income attributable to Crown Holdings | $ | 16 |  |  | $ | 115 |  |  | $ | 40 |  |  | $ | (155 | ) |  | $ | 16 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2019 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 5,790 |  |  |  |  | $ | 5,790 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 4,627 |  |  |  |  | 4,627 |
Depreciation and amortization |  |  |  |  | 245 |  |  |  |  | 245 |
Selling and administrative expense |  |  | $ | 1 |  |  | 313 |  |  |  |  | 314 |
Restructuring and other |  |  |  |  | (41 | ) |  |  |  | (41 | )
Income from operations | — |  |  | (1 | ) |  | 646 |  |  |  |  | 645 |
Loss from early extinguishments of debt |  |  |  |  | 6 |  |  |  |  | 6 |
Other pension and postretirement |  |  | 4 |  |  | 7 |  |  |  |  | 11 |
Net interest expense |  |  | 37 |  |  | 151 |  |  |  |  | 188 |
Foreign exchange |  |  |  |  | 2 |  |  |  |  | 2 |
Income/(loss) before income taxes | — |  |  | (42 | ) |  | 480 |  |  |  |  | 438 |
Provision for / (benefit from) income taxes |  |  | (10 | ) |  | 146 |  |  |  |  | 136 |
Equity earnings / (loss) in affiliates | $ | 240 |  |  | 233 |  |  | 3 |  |  | $ | (473 | ) |  | 3 |
Net income | 240 |  |  | 201 |  |  | 337 |  |  | (473 | ) |  | 305 |
Net income attributable to noncontrolling interests |  |  |  |  | (65 | ) |  |  |  | (65 | )
Net income attributable to Crown Holdings | $ | 240 |  |  | $ | 201 |  |  | $ | 272 |  |  | $ | (473 | ) |  | $ | 240 |
Total comprehensive income | $ | 340 |  |  | $ | 279 |  |  | $ | 437 |  |  | $ | (651 | ) |  | $ | 405 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (65 | ) |  |  |  | (65 | )
Comprehensive income attributable to Crown Holdings | $ | 340 |  |  | $ | 279 |  |  | $ | 372 |  |  | $ | (651 | ) |  | $ | 340 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2018 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 5,243 |  |  |  |  | $ | 5,243 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 4,274 |  |  |  |  | 4,274 |
Depreciation and amortization |  |  |  |  | 178 |  |  |  |  | 178 |
Selling and administrative expense |  |  | $ | 5 |  |  | 244 |  |  |  |  | 249 |
Restructuring and other | $ | 9 |  |  |  |  | 20 |  |  |  |  | 29 |
Income from operations | (9 | ) |  | (5 | ) |  | 527 |  |  |  |  | 513 |
Other pension and postretirement |  |  |  |  | (34 | ) |  |  |  | (34 | )
Net interest expense |  |  | 38 |  |  | 128 |  |  |  |  | 166 |
Foreign exchange |  |  |  |  | 28 |  |  |  |  | 28 |
Income/(loss) before income taxes | (9 | ) |  | (43 | ) |  | 405 |  |  |  |  | 353 |
Provision for / (benefit from) income taxes | (2 | ) |  | (9 | ) |  | 105 |  |  |  |  | 94 |
Equity earnings / (loss) in affiliates | 229 |  |  | 226 |  |  | 1 |  |  | $ | (455 | ) |  | 1 |
Net income | 222 |  |  | 192 |  |  | 301 |  |  | (455 | ) |  | 260 |
Net income attributable to noncontrolling interests |  |  |  |  | (38 | ) |  |  |  | (38 | )
Net income attributable to Crown Holdings | $ | 222 |  |  | $ | 192 |  |  | $ | 263 |  |  | $ | (455 | ) |  | $ | 222 |
Total comprehensive Income | $ | 166 |  |  | $ | 162 |  |  | $ | 243 |  |  | $ | (369 | ) |  | $ | 202 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  | (36 | ) |  |  |  | (36 | )
Comprehensive income attributable to Crown Holdings | $ | 166 |  |  | $ | 162 |  |  | $ | 207 |  |  | $ | (369 | ) |  | $ | 166 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of June 30, 2019 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 342 |  |  |  |  | $ | 342 |
Receivables, net |  |  | $ | 9 |  |  | 1,821 |  |  |  |  | 1,830 |
Inventories |  |  |  |  | 1,837 |  |  |  |  | 1,837 |
Prepaid expenses and other current assets | $ | 1 |  |  |  |  | 204 |  |  |  |  | 205 |
Total current assets | 1 |  |  | 9 |  |  | 4,204 |  |  |  |  | 4,214 |
Intercompany debt receivables |  |  |  |  | 3,544 |  |  | $ | (3,544 | ) |  | — |
Investments | 3,799 |  |  | 4,072 |  |  |  |  | (7,871 | ) |  | — |
Goodwill |  |  |  |  | 4,448 |  |  |  |  | 4,448 |
Intangible assets, net |  |  |  |  | 2,106 |  |  |  |  | 2,106 |
Property, plant and equipment, net |  |  |  |  | 3,761 |  |  |  |  | 3,761 |
Operating lease right-of-use assets, net |  |  |  |  | 209 |  |  |  |  | 209 |
Other non-current assets |  |  | 125 |  |  | 702 |  |  |  |  | 827 |
Total | $ | 3,800 |  |  | $ | 4,206 |  |  | $ | 18,974 |  |  | $ | (11,415 | ) |  | $ | 15,565 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  | $ | 135 |  |  |  |  | $ | 135 |
Current maturities of long-term debt |  |  |  |  | 88 |  |  |  |  | 88 |
Current portion of operating lease liabilities |  |  |  |  | 47 |  |  |  |  | 47 |
Accounts payable |  |  |  |  | 2,355 |  |  |  |  | 2,355 |
Accrued liabilities | $ | 11 |  |  | $ | 33 |  |  | 939 |  |  |  |  | 983 |
Total current liabilities | 11 |  |  | 33 |  |  | 3,564 |  |  |  |  | 3,608 |
Long-term debt, excluding current maturities |  |  | 388 |  |  | 8,161 |  |  |  |  | 8,549 |
Long-term intercompany debt | 2,495 |  |  | 1,049 |  |  |  |  | $ | (3,544 | ) |  | — |
Non-current portion of operating lease liabilities |  |  |  |  | 165 |  |  |  |  | 165 |
Postretirement and pension liabilities |  |  |  |  | 663 |  |  |  |  | 663 |
Other non-current liabilities |  |  | 323 |  |  | 557 |  |  |  |  | 880 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  | 406 |  |  |  |  | 406 |
Crown Holdings shareholders’ equity/(deficit) | 1,294 |  |  | 2,413 |  |  | 5,458 |  |  | (7,871 | ) |  | 1,294 |
Total equity/(deficit) | 1,294 |  |  | 2,413 |  |  | 5,864 |  |  | (7,871 | ) |  | 1,700 |
Total | $ | 3,800 |  |  | $ | 4,206 |  |  | $ | 18,974 |  |  | $ | (11,415 | ) |  | $ | 15,565 |
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 six months ended June 30, 2019 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | 12 |  |  | $ | 4 |  |  | $ | (239 | ) |  | $ | (4 | ) |  | $ | (227 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (154 | ) |  |  |  | (154 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 11 |  |  |  |  | 11 |
Net investment hedge |  |  |  |  | 6 |  |  |  |  | 6 |
Net cash provided by/(used for) investing activities | — |  |  |  |  |  | (137 | ) |  | — |  |  | (137 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Payments of long-term debt |  |  |  |  | (305 | ) |  |  |  | (305 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 435 |  |  |  |  | 435 |
Net change in long-term intercompany balances | (13 | ) |  | (4 | ) |  | 17 |  |  |  |  | — |
Payments of finance leases |  |  |  |  | (14 | ) |  |  |  | (14 | )
Common stock issued | 3 |  |  |  |  |  |  |  |  | 3 |
Common stock repurchased | (2 | ) |  |  |  |  |  |  |  | (2 | )
Dividends paid |  |  |  |  | (4 | ) |  | 4 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (11 | ) |  |  |  | (11 | )
Contribution from noncontrolling interests |  |  |  |  | 3 |  |  |  |  | 3 |
Foreign exchange derivatives related to debt |  |  |  |  | (10 | ) |  |  |  | (10 | )
Net cash provided by/(used for) financing activities | (12 | ) |  | (4 | ) |  | 111 |  |  | 4 |  |  | 99 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  |  |  |  | 3 |  |  |  |  | 3 |
Net change in cash, cash equivalents and restricted cash | — |  |  | — |  |  | (262 | ) |  | — |  |  | (262 | )
Cash, cash equivalents and restricted cash at January 1 |  |  |  |  | 659 |  |  |  |  | 659 |
Cash, cash equivalents and restricted cash at June 30 | $ | — |  |  | $ | — |  |  | $ | 397 |  |  | $ | — |  |  | $ | 397 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2018 (in millions)
| Parent |  | Issuer |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | (24 | ) |  | $ | (44 | ) |  | $ | (423 | ) |  | $ | (1 | ) |  | $ | (492 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (200 | ) |  |  |  | (200 | )
Beneficial interests in transferred receivables |  |  |  |  | 335 |  |  |  |  | 335 |
Acquisition of businesses, net of cash acquired |  |  |  |  | (3,907 | ) |  |  |  | (3,907 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 5 |  |  |  |  | 5 |
Foreign exchange derivatives related to acquisitions |  |  |  |  | (25 | ) |  |  |  | (25 | )
Net cash provided by/(used for) investing activities | — |  |  |  |  | (3,792 | ) |  | — |  |  | (3,792 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  |  |  | 4,082 |  |  |  |  | 4,082 |
Payments of long-term debt |  |  |  |  | (37 | ) |  |  |  | (37 | )
Net change in revolving credit facility and short-term debt |  |  |  |  | 201 |  |  |  |  | 201 |
Net change in long-term intercompany balances | 27 |  |  | 44 |  |  | (71 | ) |  |  |  | — |
Debt issue costs |  |  |  |  | (70 | ) |  |  |  | (70 | )
Common stock issued | 1 |  |  |  |  |  |  |  |  | 1 |
Common stock repurchased | (4 | ) |  |  |  |  |  |  |  | (4 | )
Dividends paid |  |  |  |  | (1 | ) |  | 1 |  |  | — |
Dividend paid to noncontrolling interests |  |  |  |  | (6 | ) |  |  |  | (6 | )
Foreign exchange derivatives related to debt |  |  |  |  | (5 | ) |  |  |  | (5 | )
Net cash provided by/(used for) financing activities | 24 |  |  | 44 |  |  | 4,093 |  |  | 1 |  |  | 4,162 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  |  |  |  | (6 | ) |  |  |  | (6 | )
Net change in cash, cash equivalents and restricted cash | — |  |  | — |  |  | (128 | ) |  | — |  |  | (128 | )
Cash, cash equivalents and restricted cash at January 1 |  |  |  |  | 435 |  |  |  |  | 435 |
Cash, cash equivalents and restricted cash at June 30 | $ | — |  |  | $ | — |  |  | $ | 307 |  |  | $ | — |  |  | $ | 307 |
Crown Americas, LLC |
Condensed Combining Statement of Comprehensive Income | CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2019 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 994 |  |  | $ | 2,164 |  |  | $ | (123 | ) |  | $ | 3,035 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 819 |  |  | 1,721 |  |  | (123 | ) |  | 2,417 |
Depreciation and amortization |  |  |  |  | 35 |  |  | 88 |  |  |  |  | 123 |
Selling and administrative expense |  |  | $ | 2 |  |  | 63 |  |  | 92 |  |  |  |  | 157 |
Restructuring and other |  |  |  |  | 3 |  |  | (48 | ) |  |  |  | (45 | )
Income from operations | — |  |  | (2 | ) |  | 74 |  |  | 311 |  |  |  |  | 383 |
Other pension and postretirement |  |  |  |  | (4 | ) |  | 33 |  |  |  |  | 29 |
Net interest expense |  |  | 22 |  |  | 31 |  |  | 40 |  |  |  |  | 93 |
Technology royalty |  |  |  |  | (12 | ) |  | 12 |  |  |  |  | — |
Foreign exchange |  |  | 9 |  |  |  |  | 1 |  |  | (9 | ) |  | 1 |
Income/(loss) before income taxes | — |  |  | (33 | ) |  | 59 |  |  | 225 |  |  | 9 |  |  | 260 |
Provision for / (benefit from) income taxes |  |  | (8 | ) |  | 26 |  |  | 64 |  |  | 6 |  |  | 88 |
Equity earnings / (loss) in affiliates | $ | 137 |  |  | 77 |  |  | 73 |  |  | 2 |  |  | (287 | ) |  | 2 |
Net income | 137 |  |  | 52 |  |  | 106 |  |  | 163 |  |  | (284 | ) |  | 174 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (37 | ) |  |  |  | (37 | )
Net income attributable to Crown Holdings | $ | 137 |  |  | $ | 52 |  |  | $ | 106 |  |  | $ | 126 |  |  | $ | (284 | ) |  | $ | 137 |
Total comprehensive income | $ | 152 |  |  | $ | 42 |  |  | $ | 101 |  |  | $ | 184 |  |  | $ | (290 | ) |  | $ | 189 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (37 | ) |  |  |  | (37 | )
Comprehensive income attributable to Crown Holdings | $ | 152 |  |  | $ | 42 |  |  | $ | 101 |  |  | $ | 147 |  |  | $ | (290 | ) |  | $ | 152 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the three months ended June 30, 2018 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 975 |  |  | $ | 2,224 |  |  | $ | (153 | ) |  | $ | 3,046 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 834 |  |  | 1,785 |  |  | (153 | ) |  | 2,466 |
Depreciation and amortization |  |  |  |  | 32 |  |  | 81 |  |  |  |  | 113 |
Selling and administrative expense |  |  | $ | 3 |  |  | 63 |  |  | 93 |  |  |  |  | 159 |
Restructuring and other | $ | 9 |  |  |  |  | 3 |  |  | 4 |  |  |  |  | 16 |
Income from operations | (9 | ) |  | (3 | ) |  | 43 |  |  | 261 |  |  |  |  | 292 |
Other pension and postretirement |  |  |  |  | (6 | ) |  | (11 | ) |  |  |  | (17 | )
Net interest expense |  |  | 22 |  |  | 33 |  |  | 43 |  |  |  |  | 98 |
Technology royalty |  |  |  |  | (12 | ) |  | 12 |  |  |  |  | — |
Foreign exchange |  |  | (49 | ) |  |  |  | 11 |  |  | 48 |  |  | 10 |
Income/(loss) before income taxes | (9 | ) |  | 24 |  |  | 28 |  |  | 206 |  |  | (48 | ) |  | 201 |
Provision for / (benefit from) income taxes | (2 | ) |  | 6 |  |  | 8 |  |  | 54 |  |  | (11 | ) |  | 55 |
Equity earnings / (loss) in affiliates | 139 |  |  | 46 |  |  | 94 |  |  |  |  | (278 | ) |  | 1 |
Net income | 132 |  |  | 64 |  |  | 114 |  |  | 152 |  |  | (315 | ) |  | 147 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (15 | ) |  |  |  | (15 | )
Net income attributable to Crown Holdings | $ | 132 |  |  | $ | 64 |  |  | $ | 114 |  |  | $ | 137 |  |  | $ | (315 | ) |  | $ | 132 |
Total comprehensive income | $ | 16 |  |  | $ | 69 |  |  | $ | 115 |  |  | $ | (9 | ) |  | $ | (163 | ) |  | $ | 28 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (12 | ) |  |  |  | (12 | )
Comprehensive income attributable to Crown Holdings | $ | 16 |  |  | $ | 69 |  |  | $ | 115 |  |  | $ | (21 | ) |  | $ | (163 | ) |  | $ | 16 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2019 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 1,886 |  |  | $ | 4,143 |  |  | $ | (239 | ) |  | $ | 5,790 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,559 |  |  | 3,307 |  |  | (239 | ) |  | 4,627 |
Depreciation and amortization |  |  |  |  | 70 |  |  | 175 |  |  |  |  | 245 |
Selling and administrative expense |  |  | $ | 5 |  |  | 129 |  |  | 180 |  |  |  |  | 314 |
Restructuring and other |  |  |  |  | 3 |  |  | (44 | ) |  |  |  | (41 | )
Income from operations | — |  |  | (5 | ) |  | 125 |  |  | 525 |  |  |  |  | 645 |
Loss from early extinguishments of debt |  |  | 6 |  |  |  |  |  |  |  |  | 6 |
Other pension and postretirement |  |  |  |  | (9 | ) |  | 20 |  |  |  |  | 11 |
Net interest expense |  |  | 41 |  |  | 64 |  |  | 83 |  |  |  |  | 188 |
Technology royalty |  |  |  |  | (21 | ) |  | 21 |  |  |  |  | — |
Foreign exchange |  |  | (9 | ) |  |  |  | 2 |  |  | 9 |  |  | 2 |
Income/(loss) before income taxes | — |  |  | (43 | ) |  | 91 |  |  | 399 |  |  | (9 | ) |  | 438 |
Provision for / (benefit from) income taxes |  |  | (10 | ) |  | 34 |  |  | 110 |  |  | 2 |  |  | 136 |
Equity earnings / (loss) in affiliates | $ | 240 |  |  | 140 |  |  | 135 |  |  | 2 |  |  | (514 | ) |  | 3 |
Net income | 240 |  |  | 107 |  |  | 192 |  |  | 291 |  |  | (525 | ) |  | 305 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (65 | ) |  |  |  | (65 | )
Net income attributable to Crown Holdings | $ | 240 |  |  | $ | 107 |  |  | $ | 192 |  |  | $ | 226 |  |  | $ | (525 | ) |  | $ | 240 |
Total comprehensive Income | $ | 340 |  |  | $ | 115 |  |  | $ | 270 |  |  | $ | 377 |  |  | $ | (697 | ) |  | $ | 405 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (65 | ) |  |  |  | (65 | )
Comprehensive income attributable to Crown Holdings | $ | 340 |  |  | $ | 115 |  |  | $ | 270 |  |  | $ | 312 |  |  | $ | (697 | ) |  | $ | 340 |
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME For the six months ended June 30, 2018 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net sales |  |  |  |  | $ | 1,577 |  |  | $ | 3,916 |  |  | $ | (250 | ) |  | $ | 5,243 |
Cost of products sold, excluding depreciation and amortization |  |  |  |  | 1,354 |  |  | 3,170 |  |  | (250 | ) |  | 4,274 |
Depreciation and amortization |  |  |  |  | 43 |  |  | 135 |  |  |  |  | 178 |
Selling and administrative expense |  |  | $ | 5 |  |  | 96 |  |  | 148 |  |  |  |  | 249 |
Restructuring and other | $ | 9 |  |  | 3 |  |  | 5 |  |  | 12 |  |  |  |  | 29 |
Income from operations | (9 | ) |  | (8 | ) |  | 79 |  |  | 451 |  |  |  |  | 513 |
Other pension and postretirement |  |  |  |  | (11 | ) |  | (23 | ) |  |  |  | (34 | )
Net interest expense |  |  | 45 |  |  | 54 |  |  | 67 |  |  |  |  | 166 |
Technology royalty |  |  |  |  | (23 | ) |  | 23 |  |  |  |  | — |
Foreign exchange |  |  | 7 |  |  | (1 | ) |  | 30 |  |  | (8 | ) |  | 28 |
Income/(loss) before income taxes | (9 | ) |  | (60 | ) |  | 60 |  |  | 354 |  |  | 8 |  |  | 353 |
Provision for / (benefit from) income taxes | (2 | ) |  | (14 | ) |  | 17 |  |  | 91 |  |  | 2 |  |  | 94 |
Equity earnings / (loss) in affiliates | 229 |  |  | 102 |  |  | 149 |  |  |  |  | (479 | ) |  | 1 |
Net income | 222 |  |  | 56 |  |  | 192 |  |  | 263 |  |  | (473 | ) |  | 260 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  | (38 | ) |  |  |  | (38 | )
Net income attributable to Crown Holdings | $ | 222 |  |  | $ | 56 |  |  | $ | 192 |  |  | $ | 225 |  |  | $ | (473 | ) |  | $ | 222 |
Total comprehensive income | $ | 166 |  |  | $ | 62 |  |  | $ | 162 |  |  | $ | 205 |  |  | $ | (393 | ) |  | $ | 202 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  | (36 | ) |  |  |  | (36 | )
Comprehensive income attributable to Crown Holdings | $ | 166 |  |  | $ | 62 |  |  | $ | 162 |  |  | $ | 169 |  |  | $ | (393 | ) |  | $ | 166 |
Condensed Combining Balance Sheet | CONDENSED COMBINING BALANCE SHEET As of June 30, 2019 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 15 |  |  | $ | 2 |  |  | $ | 325 |  |  |  |  | $ | 342 |
Receivables, net |  |  | 12 |  |  | 195 |  |  | 1,623 |  |  |  |  | 1,830 |
Intercompany receivables |  |  |  |  | 30 |  |  | 23 |  |  | $ | (53 | ) |  | — |
Inventories |  |  |  |  | 532 |  |  | 1,305 |  |  |  |  | 1,837 |
Prepaid expenses and other current assets | $ | 1 |  |  | 1 |  |  | 20 |  |  | 183 |  |  |  |  | 205 |
Total current assets | 1 |  |  | 28 |  |  | 779 |  |  | 3,459 |  |  | (53 | ) |  | 4,214 |
Intercompany debt receivables |  |  | 2,916 |  |  | 3,407 |  |  | 16 |  |  | (6,339 | ) |  | — |
Investments | 3,799 |  |  | 2,799 |  |  | 1,449 |  |  |  |  | (8,047 | ) |  | — |
Goodwill |  |  |  |  | 1,182 |  |  | 3,266 |  |  |  |  | 4,448 |
Intangible assets, net |  |  |  |  | 862 |  |  | 1,244 |  |  |  |  | 2,106 |
Property, plant and equipment, net |  |  | 1 |  |  | 699 |  |  | 3,061 |  |  |  |  | 3,761 |
Operating lease right-of-use assets, net |  |  | 4 |  |  | 72 |  |  | 133 |  |  |  |  | 209 |
Other non-current assets |  |  | 42 |  |  | 166 |  |  | 619 |  |  |  |  | 827 |
Total | $ | 3,800 |  |  | $ | 5,790 |  |  | $ | 8,616 |  |  | $ | 11,798 |  |  | $ | (14,439 | ) |  | $ | 15,565 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  | $ | 135 |  |  |  |  | $ | 135 |
Current maturities of long-term debt |  |  | $ | 43 |  |  |  |  | 45 |  |  |  |  | 88 |
Current portion of operating lease liabilities |  |  |  |  | $ | 17 |  |  | 30 |  |  |  |  | 47 |
Accounts payable |  |  |  |  | 638 |  |  | 1,717 |  |  |  |  | 2,355 |
Accrued liabilities | $ | 11 |  |  | 49 |  |  | 123 |  |  | 800 |  |  |  |  | 983 |
Intercompany payables |  |  |  |  | 23 |  |  | 30 |  |  | $ | (53 | ) |  | — |
Total current liabilities | 11 |  |  | 92 |  |  | 801 |  |  | 2,757 |  |  | (53 | ) |  | 3,608 |
Long-term debt, excluding current maturities |  |  | 3,268 |  |  | 1,005 |  |  | 4,276 |  |  |  |  | 8,549 |
Long-term intercompany debt | 2,495 |  |  | 750 |  |  | 2,985 |  |  | 109 |  |  | (6,339 | ) |  | — |
Non-current portion of operating lease liabilities |  |  | 4 |  |  | 56 |  |  | 105 |  |  |  |  | 165 |
Postretirement and pension liabilities |  |  |  |  | 405 |  |  | 258 |  |  |  |  | 663 |
Other non-current liabilities |  |  | 6 |  |  | 316 |  |  | 558 |  |  |  |  | 880 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests |  |  |  |  |  |  | 406 |  |  |  |  | 406 |
Crown Holdings shareholders’ equity/(deficit) | 1,294 |  |  | 1,670 |  |  | 3,048 |  |  | 3,329 |  |  | (8,047 | ) |  | 1,294 |
Total equity/(deficit) | 1,294 |  |  | 1,670 |  |  | 3,048 |  |  | 3,735 |  |  | (8,047 | ) |  | 1,700 |
Total | $ | 3,800 |  |  | $ | 5,790 |  |  | $ | 8,616 |  |  | $ | 11,798 |  |  | $ | (14,439 | ) |  | $ | 15,565 |
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 six months ended June 30, 2019 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | 12 |  |  | $ | (37 | ) |  | $ | (25 | ) |  | $ | (167 | ) |  | $ | (10 | ) |  | $ | (227 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (37 | ) |  | (117 | ) |  |  |  | (154 | )
Proceeds from sale of property, plant and equipment |  |  |  |  | 1 |  |  | 10 |  |  |  |  | 11 |
Net investment hedge |  |  | 6 |  |  |  |  |  |  |  |  | 6 |
Net cash provided by/(used for) investing activities | — |  |  | 6 |  |  | (36 | ) |  | (107 | ) |  | — |  |  | (137 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Payments of long-term debt |  |  | (16 | ) |  | (270 | ) |  | (19 | ) |  |  |  | (305 | )
Net change in revolving credit facility and short-term debt |  |  | 280 |  |  |  |  | 155 |  |  |  |  | 435 |
Net change in long-term intercompany balances | (13 | ) |  | (335 | ) |  | 327 |  |  | 21 |  |  |  |  | — |
Payments of finance leases |  |  |  |  | (13 | ) |  | (1 | ) |  |  |  | (14 | )
Common stock issued | 3 |  |  |  |  |  |  |  |  |  |  | 3 |
Common stock repurchased | (2 | ) |  |  |  |  |  |  |  |  |  | (2 | )
Dividends paid |  |  |  |  |  |  | (10 | ) |  | 10 |  |  | — |
Contributions from noncontrolling interests |  |  |  |  |  |  | 3 |  |  |  |  | 3 |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (11 | ) |  |  |  | (11 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  | (10 | ) |  |  |  | (10 | )
Net cash provided by/(used for) financing activities | (12 | ) |  | (71 | ) |  | 44 |  |  | 128 |  |  | 10 |  |  | 99 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  |  |  |  |  |  | 3 |  |  |  |  | 3 |
Net change in cash, cash equivalents and restricted cash | — |  |  | (102 | ) |  | (17 | ) |  | (143 | ) |  | — |  |  | (262 | )
Cash, cash equivalents and restricted cash at January 1 |  |  | 117 |  |  | 19 |  |  | 523 |  |  |  |  | 659 |
Cash, cash equivalents and restricted cash at June 30 | $ | — |  |  | $ | 15 |  |  | $ | 2 |  |  | $ | 380 |  |  | $ | — |  |  | $ | 397 |
CONDENSED COMBINING STATEMENT OF CASH FLOWS For the six months ended June 30, 2018 (in millions)
| Parent |  | Issuer |  | Guarantors |  | Non- Guarantors |  | Eliminations |  | Total Company
Net cash provided by/(used for) operating activities | $ | (24 | ) |  | $ | (45 | ) |  | $ | 32 |  |  | $ | (454 | ) |  | $ | (1 | ) |  | $ | (492 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  |  |  | (36 | ) |  | (164 | ) |  |  |  | (200 | )
Beneficial interests in transferred receivables |  |  |  |  |  |  | 335 |  |  |  |  | 335 |
Acquisition of businesses, net of cash acquired |  |  |  |  |  |  | (3,907 | ) |  |  |  | (3,907 | )
Proceeds from sale of property, plant and equipment |  |  |  |  |  |  | 5 |  |  |  |  | 5 |
Intercompany investing activities |  |  | (80 | ) |  |  |  |  |  | 80 |  |  | — |
Foreign exchange derivatives related to acquisitions |  |  |  |  |  |  | (25 | ) |  |  |  | (25 | )
Net cash provided by/(used for) investing activities | — |  |  | (80 | ) |  | (36 | ) |  | (3,756 | ) |  | 80 |  |  | (3,792 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 975 |  |  | 1,150 |  |  | 1,957 |  |  |  |  | 4,082 |
Payments of long-term debt |  |  | (15 | ) |  | (1 | ) |  | (21 | ) |  |  |  | (37 | )
Net change in revolving credit facility and short-term debt |  |  | 160 |  |  |  |  | 41 |  |  |  |  | 201 |
Net change in long-term intercompany balances | 27 |  |  | (973 | ) |  | (1,147 | ) |  | 2,093 |  |  |  |  | — |
Debt issue costs |  |  | (40 | ) |  |  |  | (30 | ) |  |  |  | (70 | )
Common stock issued | 1 |  |  |  |  |  |  |  |  |  |  | 1 |
Common stock repurchased | (4 | ) |  |  |  |  |  |  |  |  |  | (4 | )
Capital contribution |  |  |  |  |  |  | 80 |  |  | (80 | ) |  | — |
Dividends paid |  |  |  |  |  |  | (1 | ) |  | 1 |  |  | — |
Dividends paid to noncontrolling interests |  |  |  |  |  |  | (6 | ) |  |  |  | (6 | )
Foreign exchange derivatives related to debt |  |  |  |  |  |  | (5 | ) |  |  |  | (5 | )
Net cash provided by/(used for) financing activities | 24 |  |  | 107 |  |  | 2 |  |  | 4,108 |  |  | (79 | ) |  | 4,162 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  |  |  |  |  |  | (6 | ) |  |  |  | (6 | )
Net change in cash, cash equivalents and restricted cash | — |  |  | (18 | ) |  | (2 | ) |  | (108 | ) |  | — |  |  | (128 | )
Cash, cash equivalents and restricted cash at January 1 |  |  | 36 |  |  | 3 |  |  | 396 |  |  |  |  | 435 |
Cash, cash equivalents and restricted cash at June 30 | $ | — |  |  | $ | 18 |  |  | $ | 1 |  |  | $ | 288 |  |  | $ | — |  |  | $ | 307 |

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