Condensed Combining Financial Information (Tables)

6 Months Ended

Jun. 30, 2016

Crown Cork & Seal Company Inc [Member]

Condensed Combining Statement of Comprehensive Income

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended June 30, 2016

(in millions)

	Parent		Issuer			Non- Guarantors			Eliminations			Total Company
Net sales						$	2,142					$	2,142
Cost of products sold, excluding depreciation and amortization						1,691						1,691
Depreciation and amortization						65						65
Selling and administrative expense			$	3		91						94
Restructuring and other						(3		)				(3		)
Income from operations			(3		)	298						295
Net interest expense			25			31						56
Foreign exchange						(11		)				(11		)
Income/(loss) before income taxes			(28		)	278						250
Provision for / (benefit from) income taxes			(14		)	79						65
Equity earnings / (loss) in affiliates	$	169	145						$	(314	)	—
Net income	169		131			199			(314		)	185
Net income attributable to noncontrolling interests						(16		)				(16		)
Net income attributable to Crown Holdings	$	169	$	131		$	183		$	(314	)	$	169
Comprehensive income	$	65	$	41		$	118		$	(141	)	$	83
Comprehensive income attributable to noncontrolling interests						(18		)				(18		)
Comprehensive income attributable to Crown Holdings	$	65	$	41		$	100		$	(141	)	$	65

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended June 30, 2015

(in millions)

	Parent		Issuer			Non- Guarantors			Eliminations			Total Company
Net sales						$	2,278					$	2,278
Cost of products sold, excluding depreciation and amortization						1,843						1,843
Depreciation and amortization						62						62
Selling and administrative expense			$	3		96						99
Restructuring and other						(3		)				(3		)
Income from operations			(3		)	280						277
Loss from early extinguishment of debt						9						9
Net interest expense			25			42						67
Foreign exchange						(1		)				(1		)
Income/(loss) before income taxes			(28		)	230						202
Provision for / (benefit from) income taxes			(8		)	57						49
Equity earnings / (loss) in affiliates	$	142	131						$	(273	)	—
Net income	142		111			173			(273		)	153
Net income attributable to noncontrolling interests						(11		)				(11		)
Net income attributable to Crown Holdings	$	142	$	111		$	162		$	(273	)	$	142
Comprehensive income	$	150	$	116		$	181		$	(286	)	$	161
Comprehensive income attributable to noncontrolling interests						(11		)				(11		)
Comprehensive income attributable to Crown Holdings	$	150	$	116		$	170		$	(286	)	$	150

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the six months ended June 30, 2016

(in millions)

	Parent		Issuer			Non- Guarantors			Eliminations			Total Company
Net sales						$	4,035					$	4,035
Cost of products sold, excluding depreciation and amortization						3,212						3,212
Depreciation and amortization						125						125
Selling and administrative expense			$	5		180						185
Restructuring and other						(1		)				(1		)
Income from operations			(5		)	519						514
Loss from early extinguishment of debt						27						27
Net interest expense			52			65						117
Foreign exchange						(17		)				(17		)
Income/(loss) before income taxes			(57		)	444						387
Provision for / (benefit from) income taxes			(21		)	124						103
Equity earnings / (loss) in affiliates	$	248	222						$	(470	)	—
Net income	248		186			320			(470		)	284
Net income attributable to noncontrolling interests						(36		)				(36		)
Net income attributable to Crown Holdings	$	248	$	186		$	284		$	(470	)	$	248
Comprehensive income	$	167	$	186		$	263		$	(410	)	$	206
Comprehensive income attributable to noncontrolling interests						(39		)				(39		)
Comprehensive income attributable to Crown Holdings	$	167	$	186		$	224		$	(410	)	$	167

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the six months ended June 30, 2015

(in millions)

	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net sales							$	4,275					$	4,275
Cost of products sold, excluding depreciation and amortization							3,503						3,503
Depreciation and amortization							113						113
Selling and administrative expense				$	5		192						197
Restructuring and other							17						17
Income from operations				(5		)	450						445
Loss from early extinguishment of debt							9						9
Net interest expense				51			79						130
Foreign exchange							5						5
Income/(loss) before income taxes				(56		)	357						301
Provision for / (benefit from) income taxes				(9		)	95						86
Equity earnings / (loss) in affiliates	$	186		188						$	(374	)	—
Net income	186			141			262			(374		)	215
Net income attributable to noncontrolling interests							(29		)				(29		)
Net income attributable to Crown Holdings	$	186		$	141		$	233		$	(374	)	$	186
Comprehensive Income	$	(6	)	$	38		$	68		$	(79	)	$	21
Comprehensive income attributable to noncontrolling interests							(27		)				(27		)
Comprehensive income attributable to Crown Holdings	$	(6	)	$	38		$	41		$	(79	)	$	(6	)

Condensed Combining Balance Sheet

CONDENSED COMBINING BALANCE SHEET

As of June 30, 2016

(in millions)

	Parent		Issuer		Non- Guarantors		Eliminations			Total Company
Assets
Current assets
Cash and cash equivalents					$	370				$	370
Receivables, net					929					929
Inventories					1,419					1,419
Prepaid expenses and other current assets	$	1			239					240
Total current assets	1		—		2,957					2,958
Intercompany debt receivables					3,563		$	(3,563	)	—
Investments	2,955		$	2,708			(5,663		)	—
Goodwill and intangible assets					3,472					3,472
Property, plant and equipment, net					2,700					2,700
Other non-current assets			430		216					646
Total	$	2,956	$	3,138	$	12,908	$	(9,226	)	$	9,776
Liabilities and equity
Current liabilities
Short-term debt					$	37				$	37
Current maturities of long-term debt					236					236
Accounts payable and accrued liabilities	$	12	$	35	2,507					2,554
Total current liabilities	12		35		2,780					2,827
Long-term debt, excluding current maturities			391		4,620					5,011
Long-term intercompany debt	2,626		937				$	(3,563	)	—
Postretirement and pension liabilities					672					672
Other non-current liabilities			292		351					643
Commitments and contingent liabilities
Noncontrolling interests					305					305
Crown Holdings shareholders’ equity/(deficit)	318		1,483		4,180		(5,663		)	318
Total equity/(deficit)	318		1,483		4,485		(5,663		)	623
Total	$	2,956	$	3,138	$	12,908	$	(9,226	)	$	9,776

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 six months ended June 30, 2016

(in millions)

	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net cash provided by/(used for) operating activities	$	(4	)	$	(52	)	$	124		(5		)	$	63
Cash flows from investing activities
Capital expenditures							(143		)				(143		)
Intercompany investing activities	150									$	(150	)	—
Other							18						18
Net cash provided by/(used for) investing activities	150			—			(125		)	(150		)	(125		)
Cash flows from financing activities
Proceeds from long-term debt							304						304
Payments of long-term debt							(725		)				(725		)
Net change in revolving credit facility and short-term debt							138						138
Net change in long-term intercompany balances	(143		)	52			91						—
Debt issue costs							(2		)				(2		)
Common stock issued	5												5
Common stock repurchased	(8		)										(8		)
Dividends paid							(155		)	155			—
Contributions from noncontrolling interests							1						1
Dividend paid to noncontrolling interests							(26		)				(26		)
Foreign exchange derivatives related to debt							32						32
Net cash provided by/(used for) financing activities	(146		)	52			(342		)	155			(281		)
Effect of exchange rate changes on cash and cash equivalents							(4		)				(4		)
Net change in cash and cash equivalents	—			—			(347		)	—			(347		)
Cash and cash equivalents at January 1							717						717
Cash and cash equivalents at June 30	$	—		$	—		$	370		$	—		$	370

CONDENSED COMBINING STATEMENT OF CASH FLOWS

For the six months ended June 30, 2015

(in millions)

	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net cash provided by/(used for) operating activities	$	10		$	(56	)	$	31					$	(15	)
Cash flows from investing activities
Capital expenditures							(111		)				(111		)
Purchase of business							(1,207		)				(1,207		)
Proceeds from sale of business							30						30
Intercompany investing activities	(862		)	5			862			$	(5	)	—
Other							(14		)				(14		)
Net cash provided by/(used for) investing activities	(862		)	5			(440		)	(5		)	(1,302		)
Cash flows from financing activities
Proceeds from long-term debt							1,421						1,421
Payments of long-term debt							(752		)				(752		)
Net change in revolving credit facility and short-term debt							96						96
Net change in long-term intercompany balances	856			51			(907		)				—
Debt issue costs							(17		)				(17		)
Common stock issued	5												5
Common stock repurchased	(9		)										(9		)
Dividends paid							(5		)	5			—
Dividend paid to noncontrolling interests							(17		)				(17		)
Foreign exchange derivatives related to debt							(48		)				(48		)
Net cash provided by/(used for) financing activities	852			51			(229		)	5			679
Effect of exchange rate changes on cash and cash equivalents							(39		)				(39		)
Net change in cash and cash equivalents	—			—			(677		)	—			(677		)
Cash and cash equivalents at January 1							965						965
Cash and cash equivalents at June 30	$	—		$	—		$	288		$	—		$	288

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 June 30, 2016

(in millions)

	Parent		Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales						$	508		$	1,634					$	2,142
Cost of products sold, excluding depreciation and amortization						407			1,284						1,691
Depreciation and amortization						8			57						65
Selling and administrative expense			$	2		33			59						94
Restructuring and other			(5		)				2						(3		)
Income from operations			3			60			232						295
Net interest expense			15			21			20						56
Technology royalty						(10		)	10						—
Foreign exchange			(17		)				(11		)	$	17		(11		)
Income/(loss) before income taxes			5			49			213			(17		)	250
Provision for / (benefit from) income taxes			2			15			54			(6		)	65
Equity earnings / (loss) in affiliates	$	169	33			97						(299		)	—
Net income	169		36			131			159			(310		)	185
Net income attributable to noncontrolling interests									(16		)				(16		)
Net income attributable to Crown Holdings	$	169	$	36		$	131		$	143		$	(310	)	$	169
Comprehensive income	$	65	$	39		$	41		$	37		$	(99	)	$	83
Comprehensive income attributable to noncontrolling interests									(18		)				(18		)
Comprehensive income attributable to Crown Holdings	$	65	$	39		$	41		$	19		$	(99	)	$	65

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended June 30, 2015

(in millions)

	Parent		Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales						$	542		$	1,736					$	2,278
Cost of products sold, excluding depreciation and amortization						433			1,410						1,843
Depreciation and amortization						8			54						62
Selling and administrative expense			$	3		36			60						99
Restructuring and other						2			(5		)				(3		)
Income from operations			(3		)	63			217						277
Loss from early extinguishment of debt			9												9
Net interest expense			24			23			20						67
Technology royalty						(10		)	10						—
Foreign exchange			8						(1		)	(8		)	(1		)
Income/(loss) before income taxes			(44		)	50			188			8			202
Provision for / (benefit from) income taxes			(17		)	23			40			3			49
Equity earnings / (loss) in affiliates	$	142	38			84						$	(264	)	—
Net income	142		11			111			148			(259		)	153
Net income attributable to noncontrolling interests									(11		)				(11		)
Net income attributable to Crown Holdings	$	142	$	11		$	111		$	137		$	(259	)	$	142
Comprehensive income	$	150	$	13		$	116		$	162		$	(280	)	$	161
Comprehensive income attributable to noncontrolling interests									(11		)				(11		)
Comprehensive income attributable to Crown Holdings	$	150	$	13		$	116		$	151		$	(280	)	$	150

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the six months ended June 30, 2016

(in millions)

	Parent		Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales						$	955		$	3,080					$	4,035
Cost of products sold, excluding depreciation and amortization						770			2,442						3,212
Depreciation and amortization						16			109						125
Selling and administrative expense			$	5		68			112						185
Restructuring and other			(5		)	4									(1		)
Income from operations			—			97			417						514
Loss from early extinguishment of debt			27												27
Net interest expense			35			43			39						117
Technology royalty						(19		)	19						—
Foreign exchange			15						(17		)	$	(15	)	(17		)
Income/(loss) before income taxes			(77		)	73			376			15			387
Provision for / (benefit from) income taxes			(29		)	29			98			5			103
Equity earnings / (loss) in affiliates	$	248	97			142						(487		)	—
Net income	248		49			186			278			(477		)	284
Net income attributable to noncontrolling interests									(36		)				(36		)
Net income attributable to Crown Holdings	$	248	$	49		$	186		$	242		$	(477	)	$	248
Comprehensive Income	$	167	$	55		$	186		$	209		$	(411	)	$	206
Comprehensive income attributable to noncontrolling interests									(39		)				(39		)
Comprehensive income attributable to Crown Holdings	$	167	$	55		$	186		$	170		$	(411	)	$	167

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the six months ended June 30, 2015

(in millions)

	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales							$	1,028		$	3,247					$	4,275
Cost of products sold, excluding depreciation and amortization							820			2,683						3,503
Depreciation and amortization							16			97						113
Selling and administrative expense				$	5		78			114						197
Restructuring and other							2			15						17
Income from operations				(5		)	112			338						445
Loss from early extinguishment of debt				9												9
Net interest expense				44			46			40						130
Technology royalty							(19		)	19						—
Foreign exchange				8						5			$	(8	)	5
Income/(loss) before income taxes				(66		)	85			274			8			301
Provision for / (benefit from) income taxes				(25		)	46			62			3			86
Equity earnings / (loss) in affiliates	$	186		88			102						(376		)	—
Net income	186			47			141			212			(371		)	215
Net income attributable to noncontrolling interests										(29		)				(29		)
Net income attributable to Crown Holdings	$	186		$	47		$	141		$	183		$	(371	)	$	186
Comprehensive income	$	(6	)	$	53		$	38		$	20		$	(84	)	$	21
Comprehensive income attributable to noncontrolling interests										(27		)				(27		)
Comprehensive income attirbutable to Crown Holdings	$	(6	)	$	53		$	38		$	(7	)	$	(84	)	$	(6	)

Condensed Combining Balance Sheet

CONDENSED COMBINING BALANCE SHEET

As of June 30, 2016

(in millions)

	Parent		Issuer		Guarantors		Non- Guarantors		Eliminations			Total Company
Assets
Current assets
Cash and cash equivalents			$	69			$	301				$	370
Receivables, net			4		$	9	916					929
Intercompany receivables					19		8		$	(27	)	—
Inventories					316		1,103					1,419
Prepaid expenses and other current assets	$	1	1		10		228					240
Total current assets	1		74		354		2,556		(27		)	2,958
Intercompany debt receivables			2,800		3,401		682		(6,883		)	—
Investments	2,955		2,293		787				(6,035		)	—
Goodwill and intangible assets					469		3,003					3,472
Property, plant and equipment, net			1		415		2,284					2,700
Other non-current assets			5		445		196					646
Total	$	2,956	$	5,173	$	5,871	$	8,721	$	(12,945	)	$	9,776
Liabilities and equity
Current liabilities
Short-term debt							$	37				$	37
Current maturities of long-term debt			$	122			114					236
Accounts payable and accrued liabilities	$	12	29		$	578	1,935					2,554
Intercompany payables					8		19		$	(27	)	—
Total current liabilities	12		151		586		2,105		(27		)	2,827
Long-term debt, excluding current maturities			2,410		391		2,210					5,011
Long-term intercompany debt	2,626		1,298		2,769		190		(6,883		)	—
Postretirement and pension liabilities					341		331					672
Other non-current liabilities					301		342					643
Commitments and contingent liabilities
Noncontrolling interests							305					305
Crown Holdings shareholders’ equity/(deficit)	318		1,314		1,483		3,238		(6,035		)	318
Total equity/(deficit)	318		1,314		1,483		3,543		(6,035		)	623
Total	$	2,956	$	5,173	$	5,871	$	8,721	$	(12,945	)	$	9,776

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 six months ended June 30, 2016

(in millions)

	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net provided by/(used for) operating activities	$	(4	)	$	(49	)	$	92		$	38		$	(14	)	$	63
Cash flows from investing activities
Capital expenditures							(50		)	(93		)				(143		)
Intercompany investing activities	150						150						(300		)	—
Other							10			8						18
Net cash provided by/(used for) investing activities	150			—			110			(85		)	(300		)	(125		)
Cash flows from financing activities
Proceeds from long-term debt				300						4						304
Payments of long-term debt				(700		)				(25		)				(725		)
Net change in revolving credit facility and short-term debt				75						63						138
Net change in long-term intercompany balances	(143		)	341			(202		)	4						—
Debt issue costs				(2		)										(2		)
Common stock issued	5															5
Common stock repurchased	(8		)													(8		)
Dividends paid										(314		)	314			—
Contributions from noncontrolling interests										1						1
Dividends paid to noncontrolling interests										(26		)				(26		)
Foreign exchange derivatives related to debt										32						32
Net cash provided by/(used for) financing activities	(146		)	14			(202		)	(261		)	314			(281		)
Effect of exchange rate changes on cash and cash equivalents										(4		)				(4		)
Net change in cash and cash equivalents	—			(35		)	—			(312		)	—			(347		)
Cash and cash equivalents at January 1				104						613						717
Cash and cash equivalents at June 30	$	—		$	69		$	—		$	301		$	—		$	370

CONDENSED COMBINING STATEMENT OF CASH FLOWS

For the six months ended June 30, 2015

(in millions)

	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net provided by/(used for) operating activities	$	10		$	(29	)	$	64		$	(60	)				$	(15	)
Cash flows from investing activities
Capital expenditures							(21		)	(90		)				(111		)
Purchase of business										(1,207		)				(1,207		)
Proceeds from sale of business										30						30
Intercompany investing activities	(862		)	2			9			862			$	(11	)	—
Other							(10		)	(4		)				(14		)
Net cash provided by/(used for) investing activities	(862		)	2			(22		)	(409		)	(11		)	(1,302		)
Cash flows from financing activities
Proceeds from long-term debt				750						671						1,421
Payments of long-term debt				(675		)				(77		)				(752		)
Net change in revolving credit facility and short-term debt				40						56						96
Net change in long-term intercompany balances	856			(150		)	(42		)	(664		)				—
Debt issue costs				(9		)				(8		)				(17		)
Common stock issued	5															5
Common stock repurchased	(9		)													(9		)
Dividends paid										(11		)	11			—
Dividends paid to noncontrolling interests										(17		)				(17		)
Foreign exchange derivatives related to debt										(48		)				(48		)
Net cash provided by/(used for) financing activities	852			(44		)	(42		)	(98		)	11			679
Effect of exchange rate changes on cash and cash equivalents										(39		)				(39		)
Net change in cash and cash equivalents	—			(71		)	—			(606		)	—			(677		)
Cash and cash equivalents at January 1				128						837						965
Cash and cash equivalents at June 30	$	—		$	57		$	—		$	231		$	—		$	288