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.



	Parent		Issuer			Non- Guarantors			Eliminations			Total Company
Net sales						$	3,084					$	3,084
Cost of products sold, excluding depreciation and amortization						2,455						2,455
Depreciation and amortization						121						121
Selling and administrative expense			1			155						156
Restructuring and other												—
Income from operations	—		(1		)	353						352
Other pension and postretirement			$	2		(1		)				1
Net interest expense			17			73						90
Foreign exchange						4						4
Income/(loss) before income taxes	—		(20		)	277						257
Provision for / (benefit from) income taxes			(4		)	58						54
Equity earnings / (loss) in affiliates	$	183	161			1			$	(344	)	1
Net income	183		145			220			(344		)	204
Net income attributable to noncontrolling interests						(21		)				(21		)
Net income attributable to Crown Holdings	$	183	$	145		$	199		$	(344	)	$	183

Total comprehensive income	$	317	$	331		$	352		$	(664	)	$	336
Comprehensive income attributable to noncontrolling interests						(19		)				(19		)
Comprehensive income attributable to Crown Holdings	$	317	$	331		$	333		$	(664	)	$	317



	Parent		Issuer				Non- Guarantors			Eliminations				Total Company
Net sales							$	3,174						$	3,174
Cost of products sold, excluding depreciation and amortization							2,530							2,530
Depreciation and amortization							127							127
Selling and administrative expense			$	2			151							153
Restructuring and other						(1		)					(1		)
Income from operations	—		(2		)		367							365
Other pension and postretirement							(13		)					(13		)
Net interest expense			18				81							99
Foreign exchange							(14		)					(14		)
Income/(loss) before income taxes	—		(20		)		313							293
Provision for / (benefit from) income taxes			(1		)		103							102
Equity earnings / (loss) in affiliates	164		147				2			$	(311	)		2
Net income	164		128				212			(311		)		193
Net income attributable to noncontrolling interests							(29		)					(29		)
Net income attributable to Crown Holdings	$	164	$	128			$	183		$	(311	)		$	164

Total comprehensive income	$	151	$	62			$	198		$	(232	)		$	179
Comprehensive income attributable to noncontrolling interests							(28		)					(28		)
Comprehensive income attributable to Crown Holdings	$	151	$	62			$	170		$	(232	)		$	151



	Parent		Issuer			Non- Guarantors			Eliminations			Total Company
Net sales						$	8,874					$	8,874
Cost of products sold, excluding depreciation and amortization						7,082						7,082
Depreciation and amortization						366						366
Selling and administrative expense			$	2		468						470
Restructuring and other						(41		)				(41		)
Income from operations	—		(2		)	999						997
Loss from early extinguishments of debt						6						6
Other pension and postretirement			6			6						12
Net interest expense			54			224						278
Foreign exchange						6						6
Income/(loss) before income taxes	—		(62		)	757						695
Provision for / (benefit from) income taxes			(14		)	204						190
Equity earnings / (loss) in affiliates	$	423	394			4			$	(817	)	4
Net income	423		346			557			(817		)	509
Net income attributable to noncontrolling interests						(86		)				(86		)
Net income attributable to Crown Holdings	$	423	$	346		$	471		$	(817	)	$	423

Total comprehensive income	$	657	$	610		$	789		$	(1,315	)	$	741
Comprehensive income attributable to noncontrolling interests						(84		)				(84		)
Comprehensive income attributable to Crown Holdings	$	657	$	610		$	705		$	(1,315	)	$	657



	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net sales							$	8,417					$	8,417
Cost of products sold, excluding depreciation and amortization							6,804						6,804
Depreciation and amortization							305						305
Selling and administrative expense				$	7		395						402
Restructuring and other	$	9					19						28
Income from operations	(9		)	(7		)	894						878
Other pension and postretirement							(47		)				(47		)
Net interest expense				56			209						265
Foreign exchange							14						14
Income/(loss) before income taxes	(9		)	(63		)	718						646
Provision for / (benefit from) income taxes	(2		)	(10		)	208						196
Equity earnings / (loss) in affiliates	393			373			3			$	(766	)	3
Net income	386			320			513			(766		)	453
Net income attributable to noncontrolling interests							(67		)				(67		)
Net income attributable to Crown Holdings	$	386		$	320		$	446		$	(766	)	$	386

Total comprehensive Income	$	317		$	224		$	441		$	(601	)	$	381
Comprehensive income attributable to noncontrolling interests							(64		)				(64		)
Comprehensive income attributable to Crown Holdings	$	317		$	224		$	377		$	(601	)	$	317



	Parent		Issuer		Non- Guarantors		Eliminations			Total Company
Assets
Current assets
Cash and cash equivalents					$	339				$	339
Receivables, net			$	9	1,786					1,795
Inventories					1,740					1,740
Prepaid expenses and other current assets	$	1			207					208
Total current assets	1		9		4,072					4,082

Intercompany debt receivables					3,509		$	(3,509	)	—
Investments	4,117		4,413				(8,530		)	—
Goodwill					4,342					4,342
Intangible assets, net					2,025					2,025
Property, plant and equipment, net					3,739					3,739
Operating lease right-of-use assets, net					200					200
Other non-current assets			92		857					949
Total	$	4,118	$	4,514	$	18,744	$	(12,039	)	$	15,337

Liabilities and equity
Current liabilities
Short-term debt					$	134				$	134
Current maturities of long-term debt					87					87
Current portion of operating lease liabilities					46					46
Accounts payable					2,409					2,409
Accrued liabilities	$	18	$	34	904					956
Total current liabilities	18		34		3,580					3,632

Long-term debt, excluding current maturities			388		7,654					8,042
Long-term intercompany debt	2,481		1,028				$	(3,509	)	—
Non-current portion of operating lease liabilities					158					158
Postretirement and pension liabilities					620					620
Other non-current liabilities			320		544					864
Commitments and contingent liabilities
Noncontrolling interests					402					402
Crown Holdings shareholders’ equity/(deficit)	1,619		2,744		5,786		(8,530		)	1,619
Total equity/(deficit)	1,619		2,744		6,188		(8,530		)	2,021
Total	$	4,118	$	4,514	$	18,744	$	(12,039	)	$	15,337



	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



	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net cash provided by/(used for) operating activities	$	25		$	25		$	161		$	(10	)	$	201
Cash flows from investing activities
Capital expenditures							(242		)				(242		)
Acquisition of business, net of cash acquired							(11		)				(11		)
Proceeds from sale of property, plant and equipment							17						17
Net investment hedge							21						21
Other							(1		)				(1		)
Net cash provided by/(used for) investing activities	—						(216		)	—			(216		)
Cash flows from financing activities
Payments of long-term debt							(323		)				(323		)
Net change in revolving credit facility and short-term debt							131						131
Net change in long-term intercompany balances	(27		)	(25		)	52						—
Payments of finance leases							(15		)				(15		)
Common stock issued	4												4
Common stock repurchased	(2		)										(2		)
Dividends paid							(10		)	10			—
Dividend paid to noncontrolling interests							(36		)				(36		)
Contribution from noncontrolling interests							5						5
Foreign exchange derivatives related to debt							(9		)				(9		)
Net cash provided by/(used for) financing activities	(25		)	(25		)	(205		)	10			(245		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash							(1		)				(1		)
Net change in cash, cash equivalents and restricted cash	—			—			(261		)	—			(261		)
Cash, cash equivalents and restricted cash at January 1							659						659
Cash, cash equivalents and restricted cash at September 30	$	—		$	—		$	398		$	—		$	398



	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net cash provided by/(used for) operating activities	$	(15	)	$	(67	)	$	(145	)	$	(5	)	$	(232	)
Cash flows from investing activities
Capital expenditures							(305		)				(305		)
Beneficial interests in transferred receivables							490						490
Acquisition of businesses, net of cash acquired							(3,912		)				(3,912		)
Proceeds from sale of property, plant and equipment							27						27
Net investment hedge							10						10
Foreign exchange derivatives related to acquisitions							(25		)				(25		)
Other							(4		)				(4		)
Net cash provided by/(used for) investing activities	—						(3,719		)	—			(3,719		)
Cash flows from financing activities
Proceeds from long-term debt							4,082						4,082
Payments of long-term debt							(56		)				(56		)
Net change in revolving credit facility and short-term debt							(27		)				(27		)
Net change in long-term intercompany balances	18			67			(85		)				—
Debt issue costs							(70		)				(70		)
Common stock issued	1												1
Common stock repurchased	(4		)										(4		)
Dividends paid							(5		)	5			—
Dividend paid to noncontrolling interests							(18		)				(18		)
Foreign exchange derivatives related to debt							(6		)				(6		)
Net cash provided by/(used for) financing activities	15			67			3,815			5			3,902
Effect of exchange rate changes on cash, cash equivalents and restricted cash							(32		)				(32		)
Net change in cash, cash equivalents and restricted cash	—			—			(81		)	—			(81		)
Cash, cash equivalents and restricted cash at January 1							435						435
Cash, cash equivalents and restricted cash at September 30	$	—		$	—		$	354		$	—		$	354

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.



	Parent		Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales						$	982		$	2,226		$	(124	)	$	3,084
Cost of products sold, excluding depreciation and amortization						819			1,760			(124		)	2,455
Depreciation and amortization						36			85						121
Selling and administrative expense			$	3		67			86						156
Restructuring and other						2			(2		)				—
Income from operations	—		(3		)	58			297						352
Other pension and postretirement						(5		)	6						1
Net interest expense			19			31			40						90
Technology royalty						(13		)	13						—
Foreign exchange			(52		)	1			3			52			4
Income/(loss) before income taxes	—		30			44			235			(52		)	257
Provision for / (benefit from) income taxes			7			11			52			(16		)	54
Equity earnings / (loss) in affiliates	$	183	64			110						(356		)	1
Net income	183		87			143			183			(392		)	204
Net income attributable to noncontrolling interests									(21		)				(21		)
Net income attributable to Crown Holdings	$	183	$	87		$	143		$	162		$	(392	)	$	183

Total comprehensive income	$	317	$	122		$	329		$	239		$	(671	)	$	336
Comprehensive income attributable to noncontrolling interests									(19		)				(19		)
Comprehensive income attributable to Crown Holdings	$	317	$	122		$	329		$	220		$	(671	)	$	317



	Parent		Issuer				Guarantors				Non- Guarantors			Eliminations				Total Company
Net sales							$	973			$	2,335		$	(134	)		$	3,174
Cost of products sold, excluding depreciation and amortization							826				1,838			(134		)		2,530
Depreciation and amortization							38				89							127
Selling and administrative expense			$	3			60				90							153
Restructuring and other						10				(11		)					(1		)
Income from operations	—		(3		)		39				329							365
Other pension and postretirement							(6		)		(7		)					(13		)
Net interest expense			24				33				42							99
Technology royalty							(14		)		14							—
Foreign exchange			3				1				(15		)	(3		)		(14		)
Income/(loss) before income taxes	—		(30		)		25				295			3				293
Provision for / (benefit from) income taxes			(7		)		13				96							102
Equity earnings / (loss) in affiliates	164		52				109				1			(324		)		2
Net income	164		29				121				200			(321		)		193
Net income attributable to noncontrolling interests											(29		)					(29		)
Net income attributable to Crown Holdings	$	164	$	29			$	121			$	171		$	(321	)		$	164

Total comprehensive income	$	151	$	22			$	55			$	196		$	(245	)		$	179
Comprehensive income attributable to noncontrolling interests											(28		)					(28		)
Comprehensive income attributable to Crown Holdings	$	151	$	22			$	55			$	168		$	(245	)		$	151



	Parent		Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales						$	2,868		$	6,369		$	(363	)	$	8,874
Cost of products sold, excluding depreciation and amortization						2,378			5,067			(363		)	7,082
Depreciation and amortization						106			260						366
Selling and administrative expense			$	8		196			266						470
Restructuring and other						5			(46		)				(41		)
Income from operations	—		(8		)	183			822						997
Loss from early extinguishments of debt			6												6
Other pension and postretirement						(14		)	26						12
Net interest expense			60			95			123						278
Technology royalty						(34		)	34						—
Foreign exchange			(61		)	1			5			61			6
Income/(loss) before income taxes	—		(13		)	135			634			(61		)	695
Provision for / (benefit from) income taxes			(3		)	45			162			(14		)	190
Equity earnings / (loss) in affiliates	$	423	204			245			2			(870		)	4
Net income	423		194			335			474			(917		)	509
Net income attributable to noncontrolling interests									(86		)				(86		)
Net income attributable to Crown Holdings	$	423	$	194		$	335		$	388		$	(917	)	$	423

Total comprehensive Income	$	657	$	237		$	599		$	616		$	(1,368	)	$	741
Comprehensive income attributable to noncontrolling interests									(84		)				(84		)
Comprehensive income attributable to Crown Holdings	$	657	$	237		$	599		$	532		$	(1,368	)	$	657



	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales							$	2,550		$	6,251		$	(384	)	$	8,417
Cost of products sold, excluding depreciation and amortization							2,180			5,008			(384		)	6,804
Depreciation and amortization							81			224						305
Selling and administrative expense				$	8		156			238						402
Restructuring and other	$	9		3			15			1						28
Income from operations	(9		)	(11		)	118			780						878
Other pension and postretirement							(17		)	(30		)				(47		)
Net interest expense				69			87			109						265
Technology royalty							(37		)	37						—
Foreign exchange				10						15			(11		)	14
Income/(loss) before income taxes	(9		)	(90		)	85			649			11			646
Provision for / (benefit from) income taxes	(2		)	(21		)	30			187			2			196
Equity earnings / (loss) in affiliates	393			154			258			1			(803		)	3
Net income	386			85			313			463			(794		)	453
Net income attributable to noncontrolling interests										(67		)				(67		)
Net income attributable to Crown Holdings	$	386		$	85		$	313		$	396		$	(794	)	$	386

Total comprehensive income	$	317		$	84		$	217		$	401		$	(638	)	$	381
Comprehensive income attributable to noncontrolling interests										(64		)				(64		)
Comprehensive income attributable to Crown Holdings	$	317		$	84		$	217		$	337		$	(638	)	$	317



	Parent		Issuer		Guarantors		Non- Guarantors		Eliminations			Total Company
Assets
Current assets
Cash and cash equivalents			$	21	$	11	$	307				$	339
Receivables, net			5		205		1,585					1,795
Intercompany receivables					27		13		$	(40	)	—
Inventories					501		1,239					1,740
Prepaid expenses and other current assets	$	1	1		19		187					208
Total current assets	1		27		763		3,331		(40		)	4,082

Intercompany debt receivables			2,856		3,433		246		(6,535		)	—
Investments	4,117		2,891		1,695				(8,703		)	—
Goodwill					1,186		3,156					4,342
Intangible assets, net					850		1,175					2,025
Property, plant and equipment, net			1		708		3,030					3,739
Operating lease right-of-use assets, net			4		70		126					200
Other non-current assets			86		138		725					949
Total	$	4,118	$	5,865	$	8,843	$	11,789	$	(15,278	)	$	15,337

Liabilities and equity
Current liabilities
Short-term debt							$	134				$	134
Current maturities of long-term debt			$	43			44					87
Current portion of operating lease liabilities					$	17	29					46
Accounts payable					663		1,746					2,409
Accrued liabilities	$	18	22		130		786					956
Intercompany payables					13		27		$	(40	)	—
Total current liabilities	18		65		823		2,766		(40		)	3,632

Long-term debt, excluding current maturities			3,015		1,004		4,023					8,042
Long-term intercompany debt	2,481		990		2,920		144		(6,535		)	—
Non-current portion of operating lease liabilities			3		56		99					158
Postretirement and pension liabilities					351		269					620
Other non-current liabilities					312		552					864
Commitments and contingent liabilities
Noncontrolling interests							402					402
Crown Holdings shareholders’ equity/(deficit)	1,619		1,792		3,377		3,534		(8,703		)	1,619
Total equity/(deficit)	1,619		1,792		3,377		3,936		(8,703		)	2,021
Total	$	4,118	$	5,865	$	8,843	$	11,789	$	(15,278	)	$	15,337



	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



	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net cash provided by/(used for) operating activities	$	25		$	(90	)	$	103		$	190		$	(27	)	$	201
Cash flows from investing activities
Capital expenditures							(55		)	(187		)				(242		)
Acquisition of business, net of cash acquired							(11		)							(11		)
Proceeds from sale of property, plant and equipment							2			15						17
Net investment hedge				21												21
Other										(1		)				(1		)
Net cash provided by/(used for) investing activities	—			21			(64		)	(173		)	—			(216		)
Cash flows from financing activities
Payments of long-term debt				(27		)	(270		)	(26		)				(323		)
Net change in revolving credit facility and short-term debt				35						96						131
Net change in long-term intercompany balances	(27		)	(35		)	236			(174		)				—
Payments of finance leases							(13		)	(2		)				(15		)
Common stock issued	4															4
Common stock repurchased	(2		)													(2		)
Dividends paid										(27		)	27			—
Contributions from noncontrolling interests										5						5
Dividends paid to noncontrolling interests										(36		)				(36		)
Foreign exchange derivatives related to debt										(9		)				(9		)
Net cash provided by/(used for) financing activities	(25		)	(27		)	(47		)	(173		)	27			(245		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash										(1		)				(1		)
Net change in cash, cash equivalents and restricted cash	—			(96		)	(8		)	(157		)	—			(261		)
Cash, cash equivalents and restricted cash at January 1				117			19			523						659
Cash, cash equivalents and restricted cash at September 30	$	—		$	21		$	11		$	366		$	—		$	398



	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net cash provided by/(used for) operating activities	$	(15	)	$	(81	)	$	91		$	(216	)	$	(11	)	$	(232	)
Cash flows from investing activities
Capital expenditures							(39		)	(266		)				(305		)
Beneficial interests in transferred receivables										490						490
Acquisition of businesses, net of cash acquired										(3,912		)				(3,912		)
Proceeds from sale of property, plant and equipment							9			18						27
Intercompany investing activities				(100		)							100			—
Foreign exchange derivatives related to acquisitions										(25		)				(25		)
Net investment hedge				10												10
Other										(4		)				(4		)
Net cash provided by/(used for) investing activities	—			(90		)	(30		)	(3,699		)	100			(3,719		)
Cash flows from financing activities
Proceeds from long-term debt				975			1,150			1,957						4,082
Payments of long-term debt				(20		)	(5		)	(31		)				(56		)
Net change in revolving credit facility and short-term debt				40						(67		)				(27		)
Net change in long-term intercompany balances	18			(796		)	(1,205		)	1,983						—
Debt issue costs				(40		)				(30		)				(70		)
Common stock issued	1															1
Common stock repurchased	(4		)													(4		)
Capital contribution										100			(100		)	—
Dividends paid										(11		)	11			—
Dividends paid to noncontrolling interests										(18		)				(18		)
Foreign exchange derivatives related to debt										(6		)				(6		)
Net cash provided by/(used for) financing activities	15			159			(60		)	3,877			(89		)	3,902
Effect of exchange rate changes on cash, cash equivalents and restricted cash										(32		)				(32		)
Net change in cash, cash equivalents and restricted cash	—			(12		)	1			(70		)	—			(81		)
Cash, cash equivalents and restricted cash at January 1				36			3			396						435
Cash, cash equivalents and restricted cash at September 30	$	—		$	24		$	4		$	326		$	—		$	354