Condensed Combining Financial Information (Tables)

3 Months Ended

Mar. 31, 2016

Crown Cork & Seal Company Inc [Member]

Condensed Combining Statement of Comprehensive Income

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended March 31, 2016

(in millions)

	Parent		Issuer			Non- Guarantors			Eliminations			Total Company
Net sales						$	1,893					$	1,893
Cost of products sold, excluding depreciation and amortization						1,521						1,521
Depreciation and amortization						60						60
Selling and administrative expense			$	2		89						91
Restructuring and other						2						2
Income from operations			(2		)	221						219
Loss on early extinguishments of debt						27						27
Net interest expense			27			34						61
Foreign exchange						(6		)				(6		)
Income/(loss) before income taxes			(29		)	166						137
Provision for / (benefit from) income taxes			(7		)	45						38
Equity earnings / (loss) in affiliates	$	79	77						$	(156	)	—
Net income	79		55			121			(156		)	99
Net income attributable to noncontrolling interests						(20		)				(20		)
Net income attributable to Crown Holdings	$	79	$	55		$	101		$	(156	)	$	79
Comprehensive income	$	102	$	145		$	145		$	(269	)	$	123
Comprehensive income attributable to noncontrolling interests						(21		)				(21		)
Comprehensive income attributable to Crown Holdings	$	102	$	145		$	124		$	(269	)	$	102

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended March 31, 2015

(in millions)

	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net sales							$	1,997					$	1,997
Cost of products sold, excluding depreciation and amortization							1,660						1,660
Depreciation and amortization							51						51
Selling and administrative expense				$	2		96						98
Restructuring and other							20						20
Income from operations				(2		)	170						168
Net interest expense				26			37						63
Foreign exchange							6						6
Income/(loss) before income taxes				(28		)	127						99
Provision for / (benefit from) income taxes				(1		)	38						37
Equity earnings / (loss) in affiliates	$	44		57						$	(101	)	—
Net income	44			30			89			(101		)	62
Net income attributable to noncontrolling interests							(18		)				(18		)
Net income attributable to Crown Holdings	$	44		$	30		$	71		$	(101	)	$	44
Comprehensive income	$	(156	)	$	(78	)	$	(113	)	$	207		$	(140	)
Comprehensive income attributable to noncontrolling interests							(16		)				(16		)
Comprehensive income attributable to Crown Holdings	$	(156	)	$	(78	)	$	(129	)	$	207		$	(156	)

Condensed Combining Balance Sheet

CONDENSED COMBINING BALANCE SHEET

As of March 31, 2016

(in millions)

	Parent		Issuer		Non- Guarantors		Eliminations			Total Company
Assets
Current assets
Cash and cash equivalents					$	257				$	257
Receivables, net					980					980
Inventories					1,413					1,413
Prepaid expenses and other current assets	$	1	$	2	251					254
Total current assets	1		2		2,901					2,904
Intercompany debt receivables					3,548		$	(3,548	)	—
Investments	2,890		2,653				(5,543		)	—
Goodwill and intangible assets					3,627					3,627
Property, plant and equipment, net					2,727					2,727
Other non-current assets			430		252					682
Total	$	2,891	$	3,085	$	13,055	$	(9,091	)	$	9,940
Liabilities and equity
Current liabilities
Short-term debt					$	67				$	67
Current maturities of long-term debt					239					239
Accounts payable and accrued liabilities	$	10	$	41	2,361					2,412
Total current liabilities	10		41		2,667					2,718
Long-term debt, excluding current maturities			391		4,902					5,293
Long-term intercompany debt	2,632		916				$	(3,548	)	—
Postretirement and pension liabilities					720					720
Other non-current liabilities			296		360					656
Commitments and contingent liabilities
Noncontrolling interests					304					304
Crown Holdings shareholders’ equity/(deficit)	249		1,441		4,102		(5,543		)	249
Total equity/(deficit)	249		1,441		4,406		(5,543		)	553
Total	$	2,891	$	3,085	$	13,055	$	(9,091	)	$	9,940

CONDENSED COMBINING BALANCE SHEET

As of December 31, 2015

(in millions)

	Parent		Issuer		Non- Guarantors		Eliminations			Total Company
Assets
Current assets
Cash and cash equivalents					$	717				$	717
Receivables, net					912					912
Inventories					1,213					1,213
Prepaid expenses and other current assets			$	2	205					207
Total current assets	—		2		3,047					3,049
Intercompany debt receivables					3,654		$	(3,654	)	—
Investments	$	2,937	2,490				(5,427		)	—
Goodwill and intangible assets					3,580					3,580
Property, plant and equipment, net					2,699					2,699
Other non-current assets			430		262					692
Total	$	2,937	$	2,922	$	13,242	$	(9,081	)	$	10,020
Liabilities and equity
Current liabilities
Short-term debt					$	54				$	54
Current maturities of long-term debt					209					209
Accounts payable and accrued liabilities	$	24	$	41	2,580					2,645
Total current liabilities	24		41		2,843					2,908
Long-term debt, excluding current maturities			391		4,864					5,255
Long-term intercompany debt	2,769		885				$	(3,654	)	—
Postretirement and pension liabilities					767					767
Other non-current liabilities			309		346					655
Commitments and contingent liabilities
Noncontrolling interests					291					291
Crown Holdings shareholders’ equity/(deficit)	144		1,296		4,131		(5,427		)	144
Total equity/(deficit)	144		1,296		4,422		(5,427		)	435
Total	$	2,937	$	2,922	$	13,242	$	(9,081	)	$	10,020

Condensed Combining Statement of Cash Flows

CONDENSED COMBINING STATEMENT OF CASH FLOWS

For the three months ended March 31, 2016

(in millions)

	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net cash provided by/(used for) operating activities	$	(10	)	$	(31	)	$	(364	)	(3		)	$	(408	)
Cash flows from investing activities
Capital expenditures							(51		)				(51		)
Intercompany investing activities	150									$	(150	)	—
Other							3						3
Net cash provided by/(used for) investing activities	150			—			(48		)	(150		)	(48		)
Cash flows from financing activities
Proceeds from long-term debt							303						303
Payments of long-term debt							(709		)				(709		)
Net change in revolving credit facility and short-term debt							383						383
Net change in long-term intercompany balances	(137		)	31			106						—
Debt issue costs							(2		)				(2		)
Common stock issued	1												1
Common stock repurchased	(4		)										(4		)
Dividends paid							(153		)	153			—
Dividend paid to noncontrolling interests							(8		)				(8		)
Foreign exchange derivatives related to debt							32						32
Net cash provided by/(used for) financing activities	(140		)	31			(48		)	153			(4		)
Effect of exchange rate changes on cash and cash equivalents													—
Net change in cash and cash equivalents	—			—			(460		)	—			(460		)
Cash and cash equivalents at January 1							717						717
Cash and cash equivalents at March 31	$	—		$	—		$	257		$	—		$	257

CONDENSED COMBINING STATEMENT OF CASH FLOWS

For the three months ended March 31, 2015

(in millions)

	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net cash provided by/(used for) operating activities	$	(2	)	$	(35	)	$	(250	)				$	(287	)
Cash flows from investing activities
Capital expenditures							(52		)				(52		)
Purchase of business							(1,206		)				(1,206		)
Proceeds from sale of business							21						21
Intercompany investing activities	(1,006		)	4			1,006			$	(4	)	—
Other							(9		)				(9		)
Net cash provided by/(used for) investing activities	(1,006		)	4			(240		)	(4		)	(1,246		)
Cash flows from financing activities
Proceeds from long-term debt							750						750
Payments of long-term debt							(41		)				(41		)
Net change in revolving credit facility and short-term debt							234						234
Net change in long-term intercompany balances	1,009			31			(1,040		)				—
Common stock issued	3												3
Common stock repurchased	(4		)										(4		)
Dividends paid							(4		)	4			—
Purchase of noncontrolling interests							—						—
Dividend paid to noncontrolling interests							(9		)				(9		)
Foreign exchange derivatives related to debt							(47		)				(47		)
Net cash provided by/(used for) financing activities	1,008			31			(157		)	4			886
Effect of exchange rate changes on cash and cash equivalents							(38		)				(38		)
Net change in cash and cash equivalents	—			—			(685		)	—			(685		)
Cash and cash equivalents at January 1							965						965
Cash and cash equivalents at March 31	$	—		$	—		$	280		$	—		$	280

Crown Americas, LLC, Crown Americas Capital Corp. And Crown Americas Capital Corp. II [Member]

Condensed Combining Statement of Comprehensive Income

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended March 31, 2016

(in millions)

	Parent		Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales						$	447		$	1,446					$	1,893
Cost of products sold, excluding depreciation and amortization						363			1,158						1,521
Depreciation and amortization						8			52						60
Selling and administrative expense			$	3		35			53						91
Restructuring and other						4			(2		)				2
Income from operations			(3		)	37			185						219
Loss from early extinguishments of debt			27												27
Net interest expense			20			22			19						61
Technology royalty						(9		)	9						—
Foreign exchange			32						(6		)	$	(32	)	(6		)
Income/(loss) before income taxes			(82		)	24			163			32			137
Provision for / (benefit from) income taxes			(31		)	14			44			11			38
Equity earnings / (loss) in affiliates	$	79	64			45						(188		)	—
Net income	79		13			55			119			(167		)	99
Net income attributable to noncontrolling interests									(20		)				(20		)
Net income attributable to Crown Holdings	$	79	$	13		$	55		$	99		$	(167	)	$	79
Comprehensive income	$	102	$	16		$	145		$	172		$	(312	)	$	123
Comprehensive income attributable to noncontrolling interests									(21		)				(21		)
Comprehensive income attributable to Crown Holdings	$	102	$	16		$	145		$	151		$	(312	)	$	102

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended March 31, 2015

(in millions)

	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales							$	486		$	1,511					$	1,997
Cost of products sold, excluding depreciation and amortization							387			1,273						1,660
Depreciation and amortization							8			43						51
Selling and administrative expense				$	2		42			54						98
Restructuring and other										20						20
Income from operations				(2		)	49			121						168
Net interest expense				20			23			20						63
Technology royalty							(9		)	9						—
Foreign exchange										6						6
Income/(loss) before income taxes				(22		)	35			86						99
Provision for / (benefit from) income taxes				(8		)	23			22						37
Equity earnings / (loss) in affiliates	$	44		50			18						$	(112	)	—
Net income	44			36			30			64			(112		)	62
Net income attributable to noncontrolling interests										(18		)				(18		)
Net income attributable to Crown Holdings	$	44		$	36		$	30		$	46		$	(112	)	$	44
Comprehensive income	$	(156	)	$	40		$	(78	)	$	(142	)	$	196		$	(140	)
Comprehensive income attributable to noncontrolling interests										(16		)				(16		)
Comprehensive income attributable to Crown Holdings	$	(156	)	$	40		$	(78	)	$	(158	)	$	196		$	(156	)

Condensed Combining Balance Sheet

CONDENSED COMBINING BALANCE SHEET

As of March 31, 2016

(in millions)

	Parent		Issuer		Guarantors		Non- Guarantors		Eliminations			Total Company
Assets
Current assets
Cash and cash equivalents			$	46			$	211				$	257
Receivables, net					$	7	973					980
Intercompany receivables					33		10		$	(43	)	—
Inventories					343		1,070					1,413
Prepaid expenses and other current assets	$	1	2		10		241					254
Total current assets	1		48		393		2,505		(43		)	2,904
Intercompany debt receivables			2,847		3,374		719		(6,940		)	—
Investments	2,890		2,261		794				(5,945		)	—
Goodwill and intangible assets					470		3,157					3,627
Property, plant and equipment, net			1		391		2,335					2,727
Other non-current assets			5		463		214					682
Total	$	2,891	$	5,162	$	5,885	$	8,930	$	(12,928	)	$	9,940
Liabilities and equity
Current liabilities
Short-term debt							$	67				$	67
Current maturities of long-term debt			$	122			117					239
Accounts payable and accrued liabilities	$	10	18		$	566	1,818					2,412
Intercompany payables					10		33		$	(43	)	—
Total current liabilities	10		140		576		2,035		(43		)	2,718
Long-term debt, excluding current maturities			2,408		391		2,494					5,293
Long-term intercompany debt	2,632		1,339		2,817		152		(6,940		)	—
Postretirement and pension liabilities					354		366					720
Other non-current liabilities					306		350					656
Commitments and contingent liabilities
Noncontrolling interests							304					304
Crown Holdings shareholders’ equity/(deficit)	249		1,275		1,441		3,229		(5,945		)	249
Total equity/(deficit)	249		1,275		1,441		3,533		(5,945		)	553
Total	$	2,891	$	5,162	$	5,885	$	8,930	$	(12,928	)	$	9,940

CONDENSED COMBINING BALANCE SHEET

As of December 31, 2015

(in millions)

	Parent		Issuer		Guarantors		Non- Guarantors		Eliminations			Total Company
Assets
Current assets
Cash and cash equivalents			$	104			$	613				$	717
Receivables, net					$	23	889					912
Intercompany receivables					30		2		$	(32	)	—
Inventories					291		922					1,213
Prepaid expenses and other current assets			2		7		198					207
Total current assets			106		351		2,624		(32		)	3,049
Intercompany debt receivables			3,111		3,471		681		(7,263		)	—
Investments	$	2,937	2,199		804				(5,940		)	—
Goodwill and intangible assets					471		3,109					3,580
Property, plant and equipment, net			1		390		2,308					2,699
Other non-current assets			6		457		229					692
Total	$	2,937	$	5,423	$	5,944	$	8,951	$	(13,235	)	$	10,020
Liabilities and equity
Current liabilities
Short-term debt							$	54				$	54
Current maturities of long-term debt			$	90			119					209
Accounts payable and accrued liabilities	$	24	47		$	526	2,048					2,645
Intercompany payables					2		30		$	(32	)	—
Total current liabilities	24		137		528		2,251		(32		)	2,908
Long-term debt, excluding current maturities			2,759		391		2,105					5,255
Long-term intercompany debt	2,769		1,268		3,041		185		(7,263		)	—
Postretirement and pension liabilities					377		390					767
Other non-current liabilities					311		344					655
Commitments and contingent liabilities
Noncontrolling interests							291					291
Crown Holdings shareholders’ equity/(deficit)	144		1,259		1,296		3,385		(5,940		)	144
Total equity/(deficit)	144		1,259		1,296		3,676		(5,940		)	435
Total	$	2,937	$	5,423	$	5,944	$	8,951	$	(13,235	)	$	10,020

Condensed Combining Statement of Cash Flows

CONDENSED COMBINING STATEMENT OF CASH FLOWS

For the three months ended March 31, 2016

(in millions)

	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net provided by/(used for) operating activities	$	(10	)	$	(66	)	$	(2	)	$	(323	)	(7		)	$	(408	)
Cash flows from investing activities
Capital expenditures							(21		)	(30		)				(51		)
Intercompany investing activities	150						150						$	(300	)	—
Other										3						3
Net cash provided by/(used for) investing activities	150			—			129			(27		)	(300		)	(48		)
Cash flows from financing activities
Proceeds from long-term debt				300						3						303
Payments of long-term debt				(700		)				(9		)				(709		)
Net change in revolving credit facility and short-term debt				75						308						383
Net change in long-term intercompany balances	(137		)	335			(127		)	(71		)				—
Debt issue costs				(2		)										(2		)
Common stock issued	1															1
Common stock repurchased	(4		)													(4		)
Dividends paid										(307		)	307			—
Dividends paid to noncontrolling interests										(8		)				(8		)
Foreign exchange derivatives related to debt										32						32
Net cash provided by/(used for) financing activities	(140		)	8			(127		)	(52		)	307			(4		)
Effect of exchange rate changes on cash and cash equivalents										—						—
Net change in cash and cash equivalents	—			(58		)	—			(402		)	—			(460		)
Cash and cash equivalents at January 1				104						613						717
Cash and cash equivalents at March 31	$	—		$	46		$	—		$	211		$	—		$	257

CONDENSED COMBINING STATEMENT OF CASH FLOWS

For the three months ended March 31, 2015

(in millions)

	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net provided by/(used for) operating activities	$	(2	)	$	(42	)	$	25		$	(268	)				$	(287	)
Cash flows from investing activities
Capital expenditures							(13		)	(39		)				(52		)
Purchase of business										(1,206		)				(1,206		)
Proceeds from sale of business										21						21
Intercompany investing activities	(1,006		)	2			4			1,006			$	(6	)	—
Other										(9		)				(9		)
Net cash provided by/(used for) investing activities	(1,006		)	2			(9		)	(227		)	(6		)	(1,246		)
Cash flows from financing activities
Proceeds from long-term debt				750												750
Payments of long-term debt				(2		)				(39		)				(41		)
Net change in revolving credit facility and short-term debt				155						79						234
Net change in long-term intercompany balances	1,009			(953		)	(16		)	(40		)				—
Common stock issued	3															3
Common stock repurchased	(4		)													(4		)
Dividends paid										(6		)	6			—
Dividends paid to noncontrolling interests										(9		)				(9		)
Foreign exchange derivatives related to debt				(8		)				(39		)				(47		)
Net cash provided by/(used for) financing activities	1,008			(58		)	(16		)	(54		)	6			886
Effect of exchange rate changes on cash and cash equivalents										(38		)				(38		)
Net change in cash and cash equivalents	—			(98		)	—			(587		)	—			(685		)
Cash and cash equivalents at January 1				128						837						965
Cash and cash equivalents at March 31	$	—		$	30		$	—		$	250		$	—		$	280