Condensed Combining Financial Information | Condensed Combining Financial Information Crown Cork & Seal Company, Inc. (Issuer), a 100% owned subsidiary of the Company, has $350 principal amount of 7.375% senior notes due 2026 and $40 principal amount of 7.5% senior notes due 2096 outstanding that are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt and the guarantees are made on a joint and several basis. The following condensed combining financial statements: • statements of comprehensive income for the three and nine months ended September 30, 2019 and 2018 , • balance sheets as of September 30, 2019 and December 31, 2018 , and • statements of cash flows for the nine months ended September 30, 2019 and 2018 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. 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- Eliminations Total 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- Eliminations Total 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 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 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, Crown Americas Capital Corp. IV, Crown Americas Capital Corp. V and Crown Americas Capital Corp. VI (collectively, the Issuer), 100% owned subsidiaries of the Company, have outstanding $1,000 principal amount of 4.5% senior notes due 2023, $400 principal amount of 4.25% senior notes due 2026, and $875 principal amount of 4.75% senior notes due 2026, which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent) and substantially all of its subsidiaries in the United States. The guarantors are 100% owned by the Company and the guarantees are made on a joint and several basis. The following condensed combining financial statements: • statements of comprehensive income for the three and nine months ended September 30, 2019 and 2018 , • balance sheets as of September 30, 2019 and December 31, 2018 , and • statements of cash flows for the nine months ended September 30, 2019 and 2018 are presented on the following pages to comply with the Company’s requirements under Rule 3-10 of Regulation S-X. 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- Eliminations Total 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- Eliminations Total 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 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 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 |