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Condensed Combining Financial Information | 6 Months Ended
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Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Combining Financial Information | Condensed Combining Financial Information Crown Cork & Seal Company, Inc. (Issuer), a 100% owned subsidiary of the Company, has $350 principal amount of 7.375% senior notes due 2026 and $40 principal amount of 7.5% senior notes due 2096 outstanding that are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt and the guarantees are made on a joint and several basis. The following condensed combining financial statements: •statements of comprehensive income for the three and six months ended June 30, 2019 and 2018, •balance sheets as of June 30, 2019 and December 31, 2018, and •statements of cash flows for the six months ended June 30, 2019 and 2018 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. 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 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 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, Crown Americas Capital Corp. IV, Crown Americas Capital Corp. V and Crown Americas Capital Corp. VI (collectively, the Issuer), 100% owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023, $400 principal amount of 4.25% senior notes due 2026, and $875 principal amount of 4.75% senior notes due 2026, which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all of its subsidiaries in the United States. The guarantors are 100% owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements:
• | statements of comprehensive income for the three and six months ended June 30, 2019 and 2018,
• | balance sheets as of June 30, 2019 and December 31, 2018, and
• | statements of cash flows for the six months ended June 30, 2019 and 2018
are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. 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 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 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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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