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Condensed Combining Financial Information (Tables)
 9 Months Ended
Sep. 30, 2019
Crown Cork & Seal Company Inc.  
Condensed Combining Statement of Comprehensive Income
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the three months ended September 30, 2019
(in millions)

 
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


CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the three months ended September 30, 2018
(in millions)

 
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


CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2019
(in millions)

 
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


CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2018
(in millions)

 
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
Condensed Combining Balance Sheet
CONDENSED COMBINING BALANCE SHEET
As of September 30, 2019
(in millions)
 
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


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
CONDENSED COMBINING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2019
(in millions)
 
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


CONDENSED COMBINING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2018
(in millions)

 
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  
Condensed Combining Statement of Comprehensive Income
CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the three months ended September 30, 2019
(in millions)

 
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


CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the three months ended September 30, 2018
(in millions)

 
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


CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2019
(in millions)

 
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


CONDENSED COMBINING STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2018
(in millions)

 
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
Condensed Combining Balance Sheet
CONDENSED COMBINING BALANCE SHEET
As of September 30, 2019
(in millions)

 
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


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
CONDENSED COMBINING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2019
(in millions)

 
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


CONDENSED COMBINING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2018
(in millions)

 
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