Condensed Combining Financial Information (Tables)

9 Months Ended

Sep. 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 September 30, 2016

(in millions)

	Parent		Issuer			Non- Guarantors			Eliminations			Total Company
Net sales						$	2,326					$	2,326
Cost of products sold, excluding depreciation and amortization						1,838						1,838
Depreciation and amortization						63						63
Selling and administrative expense			$	3		87						90
Restructuring and other			9			11						20
Income from operations			(12		)	327						315
Loss on early extinguishments of debt						10						10
Net interest expense			27			29						56
Foreign exchange						(5		)				(5		)
Income/(loss) before income taxes			(39		)	293						254
Provision for / (benefit from) income taxes			(19		)	67						48
Equity earnings / (loss) in affiliates	$	183	180						$	(363	)	—
Net income	183		160			226			(363		)	206
Net income attributable to noncontrolling interests						(23		)				(23		)
Net income attributable to Crown Holdings	$	183	$	160		$	203		$	(363	)	$	183
Comprehensive income	$	143	$	113		$	165		$	(256	)	$	165
Comprehensive income attributable to noncontrolling interests						(22		)				(22		)
Comprehensive income attributable to Crown Holdings	$	143	$	113		$	143		$	(256	)	$	143

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended September 30, 2015

(in millions)

	Parent		Issuer			Non- Guarantors			Eliminations			Total Company
Net sales						$	2,460					$	2,460
Cost of products sold, excluding depreciation and amortization						1,984						1,984
Depreciation and amortization						61						61
Selling and administrative expense			$	3		91						94
Restructuring and other						40						40
Income from operations			(3		)	284						281
Net interest expense			25			39						64
Foreign exchange						9						9
Income/(loss) before income taxes			(28		)	236						208
Provision for / (benefit from) income taxes			(15		)	63						48
Equity earnings / (loss) in affiliates	$	141	110						$	(251	)	—
Net income	141		97			173			(251		)	160
Net income attributable to noncontrolling interests						(19		)				(19		)
Net income attributable to Crown Holdings	$	141	$	97		$	154		$	(251	)	$	141
Comprehensive income	$	9	$	35		$	38		$	(57	)	$	25
Comprehensive income attributable to noncontrolling interests						(16		)				(16		)
Comprehensive income attributable to Crown Holdings	$	9	$	35		$	22		$	(57	)	$	9

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the nine months ended September 30, 2016

(in millions)

	Parent		Issuer			Non- Guarantors			Eliminations			Total Company
Net sales						$	6,361					$	6,361
Cost of products sold, excluding depreciation and amortization						5,050						5,050
Depreciation and amortization						188						188
Selling and administrative expense			$	8		267						275
Restructuring and other			12			7						19
Income from operations			(20		)	849						829
Loss from early extinguishment of debt						37						37
Net interest expense			79			94						173
Foreign exchange						(22		)				(22		)
Income/(loss) before income taxes			(99		)	740						641
Provision for / (benefit from) income taxes			(42		)	193						151
Equity earnings / (loss) in affiliates	$	431	403						$	(834	)	—
Net income	431		346			547			(834		)	490
Net income attributable to noncontrolling interests						(59		)				(59		)
Net income attributable to Crown Holdings	$	431	$	346		$	488		$	(834	)	$	431
Comprehensive income	$	310	$	299		$	428		$	(666	)	$	371
Comprehensive income attributable to noncontrolling interests						(61		)				(61		)
Comprehensive income attributable to Crown Holdings	$	310	$	299		$	367		$	(666	)	$	310

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the nine months ended September 30, 2015

(in millions)

	Parent		Issuer			Non- Guarantors			Eliminations			Total Company
Net sales						$	6,735					$	6,735
Cost of products sold, excluding depreciation and amortization						5,487						5,487
Depreciation and amortization						174						174
Selling and administrative expense			$	8		283						291
Restructuring and other						57						57
Income from operations			(8		)	734						726
Loss from early extinguishment of debt						9						9
Net interest expense			76			118						194
Foreign exchange						14						14
Income/(loss) before income taxes			(84		)	593						509
Provision for / (benefit from) income taxes			(24		)	158						134
Equity earnings / (loss) in affiliates	$	327	298						$	(625	)	—
Net income	327		238			435			(625		)	375
Net income attributable to noncontrolling interests						(48		)				(48		)
Net income attributable to Crown Holdings	$	327	$	238		$	387		$	(625	)	$	327
Comprehensive Income	$	3	$	73		$	106		$	(136	)	$	46
Comprehensive income attributable to noncontrolling interests						(43		)				(43		)
Comprehensive income attributable to Crown Holdings	$	3	$	73		$	63		$	(136	)	$	3

Condensed Combining Balance Sheet

CONDENSED COMBINING BALANCE SHEET

As of September 30, 2016

(in millions)

	Parent		Issuer		Non- Guarantors		Eliminations			Total Company
Assets
Current assets
Cash and cash equivalents					$	526				$	526
Receivables, net					1,047					1,047
Inventories					1,300					1,300
Prepaid expenses and other current assets	$	1			216					217
Total current assets	1		—		3,089					3,090
Intercompany debt receivables					3,583		$	(3,583	)	—
Investments	3,098		$	2,835			(5,933		)	—
Goodwill and intangible assets					3,450					3,450
Property, plant and equipment, net					2,746					2,746
Other non-current assets			427		250					677
Total	$	3,099	$	3,262	$	13,118	$	(9,516	)	$	9,963
Liabilities and equity
Current liabilities
Short-term debt					$	49				$	49
Current maturities of long-term debt					121					121
Accounts payable and accrued liabilities	$	17	$	40	2,570					2,627
Total current liabilities	17		40		2,740					2,797
Long-term debt, excluding current maturities			392		4,705					5,097
Long-term intercompany debt	2,613		970				$	(3,583	)	—
Postretirement and pension liabilities					638					638
Other non-current liabilities			265		387					652
Commitments and contingent liabilities
Noncontrolling interests					310					310
Crown Holdings shareholders’ equity/(deficit)	469		1,595		4,338		(5,933		)	469
Total equity/(deficit)	469		1,595		4,648		(5,933		)	779
Total	$	3,099	$	3,262	$	13,118	$	(9,516	)	$	9,963

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 nine months ended September 30, 2016

(in millions)

	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net cash provided by/(used for) operating activities	$	6		$	(86	)	$	466		$	(10	)	$	376
Cash flows from investing activities
Capital expenditures							(244		)				(244		)
Intercompany investing activities	150									(150		)	—
Other							16						16
Net cash provided by/(used for) investing activities	150			—			(228		)	(150		)	(228		)
Cash flows from financing activities
Proceeds from long-term debt							1,379						1,379
Payments of long-term debt							(1,810		)				(1,810		)
Net change in revolving credit facility and short-term debt							108						108
Net change in long-term intercompany balances	(156		)	86			70						—
Debt issue costs							(16		)				(16		)
Common stock issued	8												8
Common stock repurchased	(8		)										(8		)
Dividends paid							(160		)	160			—
Contributions from noncontrolling interests							1						1
Dividend paid to noncontrolling interests							(43		)				(43		)
Foreign exchange derivatives related to debt							53						53
Net cash provided by/(used for) financing activities	(156		)	86			(418		)	160			(328		)
Effect of exchange rate changes on cash and cash equivalents							(11		)				(11		)
Net change in cash and cash equivalents	—			—			(191		)	—			(191		)
Cash and cash equivalents at January 1							717						717
Cash and cash equivalents at September 30	$	—		$	—		$	526		$	—		$	526

CONDENSED COMBINING STATEMENT OF CASH FLOWS

For the nine months ended September 30, 2015

(in millions)

	Parent			Issuer			Non- Guarantors			Eliminations			Total Company
Net cash provided by/(used for) operating activities	$	24		$	(65	)	$	356					$	315
Cash flows from investing activities
Capital expenditures							(176		)				(176		)
Purchase of business							(1,207		)				(1,207		)
Proceeds from sale of business							33						33
Intercompany investing activities	(865		)	9			865			$	(9	)	—
Net investment hedge settlements							(11		)				(11		)
Other							(13		)				(13		)
Net cash provided by/(used for) investing activities	(865		)	9			(509		)	(9		)	(1,374		)
Cash flows from financing activities
Proceeds from long-term debt							1,435						1,435
Payments of long-term debt							(780		)				(780		)
Net change in revolving credit facility and short-term debt							34						34
Net change in long-term intercompany balances	845			56			(901		)				—
Debt issue costs							(18		)				(18		)
Common stock issued	5												5
Common stock repurchased	(9		)										(9		)
Dividends paid							(9		)	9			—
Contributions from noncontrolling interests							3						3
Dividend paid to noncontrolling interests							(21		)				(21		)
Foreign exchange derivatives related to debt							(38		)				(38		)
Net cash provided by/(used for) financing activities	841			56			(295		)	9			611
Effect of exchange rate changes on cash and cash equivalents							(51		)				(51		)
Net change in cash and cash equivalents	—			—			(499		)	—			(499		)
Cash and cash equivalents at January 1							965						965
Cash and cash equivalents at September 30	$	—		$	—		$	466		$	—		$	466

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 September 30, 2016

(in millions)

	Parent		Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales						$	513		$	1,813					$	2,326
Cost of products sold, excluding depreciation and amortization						404			1,434						1,838
Depreciation and amortization						9			54						63
Selling and administrative expense			$	2		34			54						90
Restructuring and other						10			10						20
Income from operations			(2		)	56			261						315
Loss from early extinguishments of debt			5						5						10
Net interest expense			15			22			19						56
Technology royalty						(13		)	13						—
Foreign exchange			9						(5		)	$	(9	)	(5		)
Income/(loss) before income taxes			(31		)	47			229			9			254
Provision for / (benefit from) income taxes			(12		)	13			44			3			48
Equity earnings / (loss) in affiliates	$	183	68			126						(377		)	—
Net income	183		49			160			185			(371		)	206
Net income attributable to noncontrolling interests									(23		)				(23		)
Net income attributable to Crown Holdings	$	183	$	49		$	160		$	162		$	(371	)	$	183
Comprehensive income	$	143	$	33		$	113		$	169		$	(293	)	$	165
Comprehensive income attributable to noncontrolling interests									(22		)				(22		)
Comprehensive income attributable to Crown Holdings	$	143	$	33		$	113		$	147		$	(293	)	$	143

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the three months ended September 30, 2015

(in millions)

	Parent		Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales						$	527		$	1,933					$	2,460
Cost of products sold, excluding depreciation and amortization						415			1,569						1,984
Depreciation and amortization						8			53						61
Selling and administrative expense			$	2		37			55						94
Restructuring and other						3			37						40
Income from operations			(2		)	64			219						281
Net interest expense			23			23			18						64
Technology royalty						(13		)	13						—
Foreign exchange			3						9			$	(3	)	9
Income/(loss) before income taxes			(28		)	54			179			3			208
Provision for / (benefit from) income taxes			(11		)	15			43			1			48
Equity earnings / (loss) in affiliates	$	141	70			58						(269		)	—
Net income	141		53			97			136			(267		)	160
Net income attributable to noncontrolling interests									(19		)				(19		)
Net income attributable to Crown Holdings	$	141	$	53		$	97		$	117		$	(267	)	$	141
Comprehensive income	$	9	$	48		$	35		$	(25	)	$	(42	)	$	25
Comprehensive income attributable to noncontrolling interests									(16		)				(16		)
Comprehensive income attributable to Crown Holdings	$	9	$	48		$	35		$	(41	)	$	(42	)	$	9

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the nine months ended September 30, 2016

(in millions)

	Parent		Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales						$	1,468		$	4,893					$	6,361
Cost of products sold, excluding depreciation and amortization						1,174			3,876						5,050
Depreciation and amortization						25			163						188
Selling and administrative expense			$	7		102			166						275
Restructuring and other			(5		)	14			10						19
Income from operations			(2		)	153			678						829
Loss from early extinguishment of debt			32						5						37
Net interest expense			50			65			58						173
Technology royalty						(32		)	32						—
Foreign exchange			24						(22		)	$	(24	)	(22		)
Income/(loss) before income taxes			(108		)	120			605			24			641
Provision for / (benefit from) income taxes			(41		)	42			142			8			151
Equity earnings / (loss) in affiliates	$	431	165			268						(864		)	—
Net income	431		98			346			463			(848		)	490
Net income attributable to noncontrolling interests									(59		)				(59		)
Net income attributable to Crown Holdings	$	431	$	98		$	346		$	404		$	(848	)	$	431
Comprehensive Income	$	310	$	88		$	299		$	378		$	(704	)	$	371
Comprehensive income attributable to noncontrolling interests									(61		)				(61		)
Comprehensive income attributable to Crown Holdings	$	310	$	88		$	299		$	317		$	(704	)	$	310

CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME

For the nine months ended September 30, 2015

(in millions)

	Parent		Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net sales						$	1,555		$	5,180					$	6,735
Cost of products sold, excluding depreciation and amortization						1,235			4,252						5,487
Depreciation and amortization						24			150						174
Selling and administrative expense			$	7		115			169						291
Restructuring and other						5			52						57
Income from operations			(7		)	176			557						726
Loss from early extinguishment of debt			9												9
Net interest expense			67			69			58						194
Technology royalty						(32		)	32						—
Foreign exchange			11						14			$	(11	)	14
Income/(loss) before income taxes			(94		)	139			453			11			509
Provision for / (benefit from) income taxes			(36		)	61			105			4			134
Equity earnings / (loss) in affiliates	$	327	158			160						(645		)	—
Net income	327		100			238			348			(638		)	375
Net income attributable to noncontrolling interests									(48		)				(48		)
Net income attributable to Crown Holdings	$	327	$	100		$	238		$	300		$	(638	)	$	327
Comprehensive income	$	3	$	101		$	73		$	(5	)	$	(126	)	$	46
Comprehensive income attributable to noncontrolling interests									(43		)				(43		)
Comprehensive income attirbutable to Crown Holdings	$	3	$	101		$	73		$	(48	)	$	(126	)	$	3

Condensed Combining Balance Sheet

CONDENSED COMBINING BALANCE SHEET

As of September 30, 2016

(in millions)

	Parent		Issuer		Guarantors		Non- Guarantors		Eliminations			Total Company
Assets
Current assets
Cash and cash equivalents			$	48	$	1	$	477				$	526
Receivables, net			3		11		1,033					1,047
Intercompany receivables					35		6		$	(41	)	—
Inventories					304		996					1,300
Prepaid expenses and other current assets	$	1	2		8		206					217
Total current assets	1		53		359		2,718		(41		)	3,090
Intercompany debt receivables			2,815		3,412		697		(6,924		)	—
Investments	3,098		2,335		883				(6,316		)	—
Goodwill and intangible assets					469		2,981					3,450
Property, plant and equipment, net			1		450		2,295					2,746
Other non-current assets			3		450		224					677
Total	$	3,099	$	5,207	$	6,023	$	8,915	$	(13,281	)	$	9,963
Liabilities and equity
Current liabilities
Short-term debt							$	49				$	49
Current maturities of long-term debt			$	80			41					121
Accounts payable and accrued liabilities	$	17	19		$	596	1,995					2,627
Intercompany payables					6		35		$	(41	)	—
Total current liabilities	17		99		602		2,120		(41		)	2,797
Long-term debt, excluding current maturities			2,437		392		2,268					5,097
Long-term intercompany debt	2,613		1,324		2,795		192		(6,924		)	—
Postretirement and pension liabilities					344		294					638
Other non-current liabilities					295		357					652
Commitments and contingent liabilities
Noncontrolling interests							310					310
Crown Holdings shareholders’ equity/(deficit)	469		1,347		1,595		3,374		(6,316		)	469
Total equity/(deficit)	469		1,347		1,595		3,684		(6,316		)	779
Total	$	3,099	$	5,207	$	6,023	$	8,915	$	(13,281	)	$	9,963

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 nine months ended September 30, 2016

(in millions)

	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net provided by/(used for) operating activities	$	6		$	(61	)	$	108		$	353		$	(30	)	$	376
Cash flows from investing activities
Capital expenditures							(81		)	(163		)				(244		)
Intercompany investing activities	150						150						(300		)	—
Other							11			5						16
Net cash provided by/(used for) investing activities	150			—			80			(158		)	(300		)	(228		)
Cash flows from financing activities
Proceeds from long-term debt				700						679						1,379
Payments of long-term debt				(1,100		)				(710		)				(1,810		)
Net change in revolving credit facility and short-term debt				60						48						108
Net change in long-term intercompany balances	(156		)	352			(187		)	(9		)				—
Debt issue costs				(7		)				(9		)				(16		)
Common stock issued	8															8
Common stock repurchased	(8		)													(8		)
Dividends paid										(330		)	330			—
Contributions from noncontrolling interests										1						1
Dividends paid to noncontrolling interests										(43		)				(43		)
Foreign exchange derivatives related to debt										53						53
Net cash provided by/(used for) financing activities	(156		)	5			(187		)	(320		)	330			(328		)
Effect of exchange rate changes on cash and cash equivalents										(11		)				(11		)
Net change in cash and cash equivalents	—			(56		)	1			(136		)	—			(191		)
Cash and cash equivalents at January 1				104						613						717
Cash and cash equivalents at September 30	$	—		$	48		$	1		$	477		$	—		$	526

CONDENSED COMBINING STATEMENT OF CASH FLOWS

For the nine months ended September 30, 2015

(in millions)

	Parent			Issuer			Guarantors			Non- Guarantors			Eliminations			Total Company
Net provided by/(used for) operating activities	$	24		$	(53	)	$	76		$	268					$	315
Cash flows from investing activities
Capital expenditures							(30		)	(146		)				(176		)
Purchase of business										(1,207		)				(1,207		)
Proceeds from sale of business										33						33
Intercompany investing activities	(865		)	7			9			865			$	(16	)	—
Net investment hedge settlements				(11		)										(11		)
Other							(9		)	(4		)				(13		)
Net cash provided by/(used for) investing activities	(865		)	(4		)	(30		)	(459		)	(16		)	(1,374		)
Cash flows from financing activities
Proceeds from long-term debt				750						685						1,435
Payments of long-term debt				(675		)				(105		)				(780		)
Net change in revolving credit facility and short-term debt										34						34
Net change in long-term intercompany balances	845			(104		)	(46		)	(695		)				—
Debt issue costs				(10		)				(8		)				(18		)
Common stock issued	5															5
Common stock repurchased	(9		)													(9		)
Dividends paid										(16		)	16			—
Contributions from noncontrolling interests										3						3
Dividends paid to noncontrolling interests										(21		)				(21		)
Foreign exchange derivatives related to debt										(38		)				(38		)
Net cash provided by/(used for) financing activities	841			(39		)	(46		)	(161		)	16			611
Effect of exchange rate changes on cash and cash equivalents										(51		)				(51		)
Net change in cash and cash equivalents	—			(96		)	—			(403		)	—			(499		)
Cash and cash equivalents at January 1				128						837						965
Cash and cash equivalents at September 30	$	—		$	32		$	—		$	434		$	—		$	466