Exhibit 20

 
Subsidiary Guarantees of Debt

The company’s Senior Notes, Senior Subordinated Notes and senior credit facilities are guaranteed on a full, unconditional and joint and several basis by certain of the company’s wholly owned domestic subsidiaries. The following is condensed, consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of October 2, 2005, and December 31, 2004 (in millions of dollars). The presentation of certain prior-year amounts has been changed in order to conform to the current-year presentation. Separate financial statements for the guarantor subsidiaries and the non-guarantor subsidiaries are not presented because management has determined that such financial statements would not be material to investors.

Page 1 of 7

Exhibit 20 (continued)
 
   
CONSOLIDATED BALANCE SHEET
 
   
October 2, 2005
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
ASSETS
                               
Current assets
                               
Cash and cash equivalents
 
$
11.0
 
$
1.2
 
$
78.2
 
$
-
 
$
90.4
 
Receivables, net
   
-
   
150.1
   
411.4
   
-
   
561.5
 
Inventories, net
   
-
   
377.0
   
201.2
   
-
   
578.2
 
Deferred taxes, prepaids and other current assets
   
365.8
   
156.6
   
17.3
   
(443.7
)
 
96.0
 
  Total current assets
   
376.8
   
684.9
   
708.1
   
(443.7
)
 
1,326.1
 
                                 
Property, plant and equipment, at cost
   
43.4
   
2,021.4
   
1,003.1
   
-
   
3,067.9
 
Accumulated depreciation
   
(16.3
)
 
(1,217.9
)
 
(326.4
)
 
-
   
(1,560.6
)
     
27.1
   
803.5
   
676.7
   
-
   
1,507.3
 
Investments in subsidiaries
   
2,062.4
   
616.9
   
9.8
   
(2,689.1
)
 
-
 
Investments in affiliates
   
2.9
   
19.6
   
43.9
   
-
   
66.4
 
Goodwill
   
-
   
340.8
   
931.9
   
-
   
1,272.7
 
Intangibles and other assets, net
   
80.4
   
55.7
   
67.8
   
-
   
203.9
 
  Total Assets
 
$
2,549.6
 
$
2,521.4
 
$
2,438.2
 
$
(3,132.8
)
$
4,376.4
 
                                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
                               
Current liabilities
                               
Short-term debt and current portion of long-term debt
 
$
54.0
 
$
3.3
 
$
138.9
 
$
-
 
$
196.2
 
Accounts payable
   
44.4
   
259.3
   
205.0
   
-
   
508.7
 
Accrued employee costs
   
19.0
   
125.9
   
30.7
   
-
   
175.6
 
Income taxes payable
   
-
   
486.5
   
101.9
   
(443.7
)
 
144.7
 
Other current liabilities
   
47.8
   
50.8
   
39.9
   
-
   
138.5
 
  Total current liabilities
   
165.2
   
925.8
   
516.4
   
(443.7
)
 
1,163.7
 
                                 
Long-term debt
   
1,165.1
   
20.8
   
369.7
   
-
   
1,555.6
 
Intercompany borrowings
   
217.5
   
176.9
   
304.5
   
(698.9
)
 
-
 
Employee benefit obligations
   
152.0
   
184.8
   
387.0
   
-
   
723.8
 
Deferred taxes and other liabilities
   
(25.4
)
 
5.7
   
72.8
   
-
   
53.1
 
  Total liabilities
   
1,674.4
   
1,314.0
   
1,650.4
   
(1,142.6
)
 
3,496.2
 
                                 
Contingencies
                               
Minority interests
   
-
   
-
   
5.0
   
-
   
5.0
 
                                 
Shareholders’ equity:
                               
Convertible preferred stock
   
-
   
-
   
179.6
   
(179.6
)
 
-
 
Preferred shareholders’ equity
   
-
   
-
   
179.6
   
(179.6
)
 
-
 
                                 
Common stock
   
623.5
   
726.0
   
609.8
   
(1,335.8
)
 
623.5
 
Retained earnings (deficit)
   
1,192.1
   
631.6
   
(76.7
)
 
(554.9
)
 
1,192.1
 
Accumulated other comprehensive earnings (loss)
   
(47.5
)
 
(150.2
)
 
70.1
   
80.1
   
(47.5
)
Treasury stock, at cost
   
(892.9
)
 
-
   
-
   
-
   
(892.9
)
Common shareholders’ equity
   
875.2
   
1,207.4
   
603.2
   
(1810.6
)
 
875.2
 
Total shareholders’ equity
   
875.2
   
1,207.4
   
782.8
   
(1,990.2
)
 
875.2
 
Total Liabilities and Shareholders’ Equity
 
$
2,549.6
 
$
2,521.4
 
$
2,438.2
 
$
(3,132.8
)
$
4,376.4
 

Page 2 of 7

Exhibit 20 (continued)

   
CONSOLIDATED BALANCE SHEET
 
   
December 31, 2004
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
ASSETS
                               
Current assets
                               
Cash and cash equivalents
 
$
113.8
 
$
0.6
 
$
84.3
 
$
-
 
$
198.7
 
Receivables, net
   
0.5
   
87.0
   
259.3
   
-
   
346.8
 
Inventories, net
   
-
   
402.8
   
226.7
   
-
   
629.5
 
Deferred taxes and prepaid expenses
   
323.2
   
167.6
   
17.8
   
(438.0
)
 
70.6
 
  Total current assets
   
437.5
   
658.0
   
588.1
   
(438.0
)
 
1,245.6
 
                                 
Property, plant and equipment, at cost
   
39.3
   
1,932.4
   
1,002.8
   
-
   
2,974.5
 
Accumulated depreciation
   
(14.2
)
 
(1,140.2
)
 
(287.7
)
 
-
   
(1,442.1
)
     
25.1
   
792.2
   
715.1
   
-
   
1,532.4
 
Investment in subsidiaries
   
1,995.9
   
680.1
   
9.8
   
(2,685.8
)
 
-
 
Investment in affiliates
   
2.8
   
32.9
   
47.4
   
-
   
83.1
 
Goodwill
   
-
   
338.1
   
1,071.9
   
-
   
1,410.0
 
Intangibles and other assets, net
   
74.6
   
53.8
   
78.2
   
-
   
206.6
 
   
$
2,535.9
 
$
2,555.1
 
$
2,510.5
 
$
(3,123.8
)
$
4,477.7
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
                               
Current liabilities
                               
Short-term debt and current portion of long-term debt
 
$
9.8
 
$
3.3
 
$
109.9
 
$
-
 
$
123.0
 
Accounts payable
   
55.2
   
218.5
   
179.3
   
-
   
453.0
 
Accrued employee costs
   
15.6
   
168.7
   
37.9
   
-
   
222.2
 
Income taxes payable
   
-
   
450.9
   
67.7
   
(438.2
)
 
80.4
 
Other current liabilities
   
31.9
   
30.3
   
55.5
   
-
   
117.7
 
  Total current liabilities
   
112.5
   
871.7
   
450.3
   
(438.2
)
 
996.3
 
                                 
Long-term debt
   
1,045.2
   
22.7
   
469.8
   
-
   
1,537.7
 
Intercompany borrowings
   
165.8
   
382.6
   
150.5
   
(698.9
)
 
-
 
Employee benefit obligations
   
144.1
   
150.8
   
439.4
   
-
   
734.3
 
Deferred taxes and other liabilities
   
(18.3
)
 
21.1
   
113.6
   
-
   
116.4
 
  Total liabilities
   
1,449.3
   
1,448.9
   
1,623.6
   
(1,137.1
)
 
3,384.7
 
                                 
Contingencies
                               
Minority interests
   
-
   
-
   
6.4
   
-
   
6.4
 
Shareholders’ equity
                               
Convertible preferred stock
   
-
   
-
   
179.6
   
(179.6
)
 
-
 
Preferred shareholders’ equity
   
-
   
-
   
179.6
   
(179.6
)
 
-
 
Common stock
   
610.8
   
726.0
   
681.1
   
(1,407.1
)
 
610.8
 
Retained earnings
   
1,007.5
   
524.2
   
(124.2
)
 
(400.0
)
 
1,007.5
 
Accumulated other comprehensive earnings (loss)
   
33.2
   
(144.0
)
 
144.0
   
-
   
33.2
 
Treasury stock, at cost
   
(564.9
)
 
-
   
-
   
-
   
(564.9
)
Common shareholders’ equity
   
1,086.6
   
1,106.2
   
700.9
   
(1,807.1
)
 
1,086.6
 
Total shareholders’ equity
   
1,086.6
   
1,106.2
   
880.5
   
(1,986.7
)
 
1,086.6
 
   
$
2,535.9
 
$
2,555.1
 
$
2,510.5
 
$
(3,123.8
)
$
4,477.7
 
    

Page 3 of 7

Exhibit 20 (continued)


   
CONSOLIDATED STATEMENT OF EARNINGS
 
   
For the Three Months Ended October 2, 2005
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
Net sales
 
$
-
 
$
1,217.6
 
$
453.8
 
$
(87.5
)
$
1,583.9
 
Costs and expenses
                               
Cost of sales (excluding depreciation and amortization)
   
-
   
1,062.2
   
354.4
   
(87.5
)
 
1,329.1
 
Depreciation and amortization
   
0.8
   
32.5
   
21.1
   
-
   
54.4
 
Business consolidation costs
   
-
   
19.3
   
-
   
-
   
19.3
 
Selling, general and administrative
   
(4.1
)
 
39.9
   
16.8
   
-
   
52.6
 
Interest expense
   
8.5
   
9.1
   
8.1
   
-
   
25.7
 
Equity in results of subsidiaries
   
(68.9
)
 
-
   
-
   
68.9
   
-
 
Corporate allocations
   
(18.7
)
 
16.9
   
1.8
   
-
   
-
 
     
(82.4
)
 
1,179.9
   
402.2
   
(18.6
)
 
1,481.1
 
Earnings (loss) before taxes
   
82.4
   
37.7
   
51.6
   
(68.9
)
 
102.8
 
Tax provision
   
(3.1
)
 
(8.4
)
 
(15.1
)
 
-
   
(26.6
)
Minority interests, net
   
-
   
-
   
(0.2
)
 
-
   
(0.2
)
Equity earnings, net
   
-
   
1.2
   
2.1
   
-
   
3.3
 
Net earnings (loss)
 
$
79.3
 
$
30.5
 
$
38.4
 
$
(68.9
)
$
79.3
 



   
CONSOLIDATED STATEMENT OF EARNINGS
 
   
For the Three Months Ended October 3, 2004
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
Net sales
 
$
-
 
$
1,144.4
 
$
419.2
 
$
(84.9
)
$
1,478.7
 
Costs and expenses
                               
Cost of sales (excluding depreciation and amortization)
   
-
   
966.4
   
314.9
   
(84.9
)
 
1,196.4
 
Depreciation and amortization
   
0.5
   
33.2
   
23.0
   
-
   
56.7
 
Business consolidation gains
   
-
   
(0.7
)
 
(6.0
)
 
-
   
(6.7
)
Selling, general and administrative
   
10.2
   
39.0
   
13.8
   
-
   
63.0
 
Interest expense
   
0.8
   
14.7
   
10.2
   
-
   
25.7
 
Equity in results of subsidiaries
   
(101.1
)
 
-
   
-
   
101.1
   
-
 
Corporate allocations
   
(17.9
)
 
16.1
   
1.8
   
-
   
-
 
     
(107.5
)
 
1,068.7
   
357.7
   
16.2
   
1,335.1
 
Earnings (loss) before taxes
   
107.5
   
75.7
   
61.5
   
(101.1
)
 
143.6
 
Tax provision
   
(5.8
)
 
(27.6
)
 
(12.9
)
 
-
   
(46.3
)
Minority interests, net
   
-
   
-
   
(0.3
)
 
-
   
(0.3
)
Equity earnings, net
   
-
   
1.4
   
3.3
   
-
   
4.7
 
Net earnings (loss)
 
$
101.7
 
$
49.5
 
$
51.6
 
$
(101.1
)
$
101.7
 


Page 4 of 7

Exhibit 20 (continued)


   
CONSOLIDATED STATEMENT OF EARNINGS
 
   
For the Nine Months Ended October 2, 2005
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
Net sales
 
$
-
 
$
3,401.5
 
$
1,258.1
 
$
(199.6
)
$
4,460.0
 
Costs and expenses
                               
Cost of sales (excluding depreciation and amortization)
   
-
   
2,943.3
   
984.9
   
(199.6
)
 
3,728.6
 
Depreciation and amortization
   
2.3
   
97.5
   
61.0
   
-
   
160.8
 
Business consolidation costs
   
-
   
19.3
   
8.8
   
-
   
28.1
 
Selling, general and administrative
   
7.7
   
112.5
   
51.4
   
-
   
171.6
 
Interest expense
   
20.8
   
29.4
   
25.6
   
-
   
75.8
 
Equity in results of subsidiaries
   
(203.0
)
 
-
   
-
   
203.0
   
-
 
Corporate allocations
   
(51.5
)
 
46.2
   
5.3
   
-
   
-
 
     
(223.7
)
 
3,248.2
   
1,137.0
   
3.4
   
4,164.9
 
Earnings (loss) before taxes
   
223.7
   
153.3
   
121.1
   
(203.0
)
 
295.1
 
Tax provision
   
(6.8
)
 
(48.5
)
 
(34.0
)
 
-
   
(89.3
)
Minority interests, net
   
-
   
-
   
(0.7
)
 
-
   
(0.7
)
Equity earnings, net
   
-
   
2.6
   
9.2
   
-
   
11.8
 
Net earnings (loss)
 
$
216.9
 
$
107.4
 
$
95.6
 
$
(203.0
)
$
216.9
 



   
CONSOLIDATED STATEMENT OF EARNINGS
 
   
For the Nine Months Ended October 3, 2004
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
Net sales
 
$
-
 
$
3,207.7
 
$
1,171.7
 
$
(202.0
)
$
4,177.4
 
Costs and expenses
                               
Cost of sales (excluding depreciation and amortization)
   
-
   
2,715.0
   
889.4
   
(202.0
)
 
3,402.4
 
Depreciation and amortization
   
1.8
   
98.8
   
62.1
   
-
   
162.7
 
Business consolidation gains
   
-
   
(0.7
)
 
(6.0
)
 
-
   
(6.7
)
Selling, general and administrative
   
30.7
   
114.9
   
56.2
   
-
   
201.8
 
Interest expense
   
6.9
   
40.8
   
31.3
   
-
   
79.0
 
Equity in results of subsidiaries
   
(236.4
)
 
-
   
-
   
236.4
   
-
 
Corporate allocations
   
(49.6
)
 
44.3
   
5.3
   
-
   
-
 
     
(246.6
)
 
3,013.1
   
1,038.3
   
34.4
   
3,839.2
 
Earnings (loss) before taxes
   
246.6
   
194.6
   
133.4
   
(236.4
)
 
338.2
 
Tax provision
   
(7.4
)
 
(71.4
)
 
(29.8
)
 
-
   
(108.6
)
Minority interests, net
   
-
   
-
   
(0.8
)
 
-
   
(0.8
)
Equity earnings, net
   
-
   
3.1
   
7.3
   
-
   
10.4
 
Net earnings (loss)
 
$
239.2
 
$
126.3
 
$
110.1
 
$
(236.4
)
$
239.2
 


Page 5 of 7

Exhibit 20 (continued)

   
CONSOLIDATED STATEMENT OF CASH FLOWS
 
   
For the Nine Months Ended October 2, 2005
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
Cash flows from operating activities
                               
Net earnings (loss)
 
$
216.9
 
$
107.4
 
$
95.6
 
$
(203.0
)
$
216.9
 
Adjustments to reconcile net earnings to net cash provided by
     operating activities:
                               
Depreciation and amortization
   
2.3
   
97.5
   
61.0
   
-
   
160.8
 
Business consolidation costs
   
-
   
19.3
   
8.8
   
-
   
28.1
 
Deferred taxes
   
(7.5
)
 
(21.7
)
 
(29.9
)
 
-
   
(59.1
)
Equity in results of subsidiaries
   
(203.0
)
 
-
   
-
   
203.0
   
-
 
Other, net
   
11.1
   
(4.9
)
 
(3.2
)
 
-
   
3.0
 
Changes in other working capital components
   
(39.6
)
 
53.6
   
(78.9
)
 
-
   
(64.9
)
Net cash provided by (used in) operating activities
   
(19.8
)
 
251.2
   
53.4
   
-
   
284.8
 
                                 
Cash flows from investing activities
                               
Additions to property, plant and equipment
   
(4.2
)
 
(109.2
)
 
(80.8
)
 
-
   
(194.2
)
Investments in and advances to affiliates, net of dividends
   
108.6
   
(141.2
)
 
32.6
   
-
   
-
 
Other, net
   
(11.1
)
 
2.4
   
(0.5
)
 
-
   
(9.2
)
Net cash provided by (used in) investing activities
   
93.3
   
(248.0
)
 
(48.7
)
 
-
   
(203.4
)
                                 
Cash flows from financing activities
                               
Long-term borrowings
   
155.0
   
0.4
   
-
   
-
   
155.4
 
Repayments of long-term borrowings
   
(40.6
)
 
(3.0
)
 
(46.1
)
 
-
   
(89.7
)
Change in short-term borrowings
   
52.0
   
-
   
37.2
   
-
   
89.2
 
Proceeds from issuance of common stock
   
28.2
   
-
   
-
   
-
   
28.2
 
Acquisitions of treasury stock
   
(338.6
)
 
-
   
-
   
-
   
(338.6
)
Common dividends
   
(32.3
)
 
-
   
-
   
-
   
(32.3
)
Net cash used in financing activities
   
(176.3
)
 
(2.6
)
 
(8.9
)
 
-
   
(187.8
)
                                 
Effect of exchange rate changes on cash
   
-
   
-
   
(1.9
)
 
-
   
(1.9
)
                                 
Net change in cash and cash equivalents
   
(102.8
)
 
0.6
   
(6.1
)
 
-
   
(108.3
)
Cash and cash equivalents - Beginning of period
   
113.8
   
0.6
   
84.3
   
-
   
198.7
 
Cash and cash equivalents - End of period
 
$
11.0
 
$
1.2
 
$
78.2
 
$
-
 
$
90.4
 
 

Page 6 of 7

Exhibit 20 (continued)


   
CONSOLIDATED STATEMENT OF CASH FLOWS
 
   
For the Nine Months Ended October 3, 2004
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
Cash flows from operating activities
                               
Net earnings (loss)
 
$
239.2
 
$
126.3
 
$
110.1
 
$
(236.4
)
$
239.2
 
Adjustments to reconcile net earnings to net cash provided by
     operating  activities:
                               
Depreciation and amortization
   
1.8
   
98.8
   
62.1
   
-
   
162.7
 
Business consolidation gains
   
-
   
(0.7
)
 
(6.0
)
 
-
   
(6.7
)
Deferred taxes
   
15.8
   
14.7
   
(0.6
)
 
-
   
29.9
 
Equity in results of subsidiaries
   
(236.4
)
 
-
   
-
   
236.4
   
-
 
Other
   
9.6
   
(25.4
)
 
(7.8
)
 
-
   
(23.6
)
Changes in working capital components, excluding effects of acquisitions
   
(65.9
)
 
161.3
   
(205.1
)
 
-
   
(109.7
)
Net cash provided by (used in) operating activities
   
(35.9
)
 
375.0
   
(47.3
)
 
-
   
291.8
 
                                 
Cash flows from investing activities
                               
Additions to property, plant and equipment
   
(3.7
)
 
(60.9
)
 
(35.3
)
 
-
   
(99.9
)
Business acquisition, net of cash acquired
   
-
   
(17.0
)
 
-
   
-
   
(17.0
)
Investments in and advances to affiliates, net of dividends
   
143.7
   
(299.8
)
 
156.1
   
-
   
-
 
Other
   
(9.7
)
 
3.7
   
5.0
   
-
   
(1.0
)
Net cash provided by (used in) investing activities
   
130.3
   
(374.0
)
 
125.8
   
-
   
(117.9
)
                                 
Cash flows from financing activities
                               
Long-term borrowings
   
-
   
-
   
(0.2
)
 
-
   
(0.2
)
Repayments of long-term borrowings
   
(1.4
)
 
(1.0
)
 
(83.9
)
 
-
   
(86.3
)
Change in short-term borrowings
   
-
   
-
   
15.1
   
-
   
15.1
 
Proceeds from issuance of common stock
   
24.3
   
-
   
-
   
-
   
24.3
 
Acquisitions of treasury stock
   
(67.8
)
 
-
   
-
   
-
   
(67.8
)
Common dividends
   
(27.8
)
 
-
   
-
   
-
   
(27.8
)
Other
   
-
   
-
   
(0.4
)
 
-
   
(0.4
)
Net cash used in financing activities
   
(72.7
)
 
(1.0
)
 
(69.4
)
 
-
   
(143.1
)
                                 
Effect of exchange rate changes on cash
   
-
   
-
   
0.5
   
-
   
0.5
 
                                 
Net change in cash and cash equivalents
   
21.7
   
-
   
9.6
   
-
   
31.3
 
Cash and cash equivalents −Beginning of period
   
8.8
   
0.9
   
26.8
   
-
   
36.5
 
Cash and cash equivalents −End of period
 
$
30.5
 
$
0.9
 
$
36.4
 
$ 
-
 
$
67.8
 

 

Page 7 of 7