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 unaudited condensed, consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of April 2, 2006, and December 31, 2005 (in millions of dollars). 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 6

 
 
 
CONSOLIDATED BALANCE SHEET
 
 
April 2, 2006
 
 
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
 
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
ASSETS
                             
Current assets
                             
Cash and cash equivalents
$
6.5
 
$
1.4
 
$
39.0
 
$
 
$
46.9
 
Receivables, net
 
(0.4
)
 
215.3
   
371.6
       
586.5
 
Inventories, net
 
   
572.0
   
289.0
   
   
861.0
 
Deferred taxes, prepaids and other current assets
 
490.8
   
22.5
   
66.9
   
(476.7
)
 
103.5
 
Total current assets
 
496.9
   
811.2
   
766.5
   
(476.7
)
 
1,597.9
 
                               
Property, plant and equipment, at cost
 
44.1
   
2,392.0
   
1,062.6
   
   
3,498.7
 
Accumulated depreciation
 
(16.9
)
 
(1,267.0
)
 
(393.7
)
 
   
(1,677.6
)
Total property, plant and equipment, net
 
27.2
   
1,125.0
   
668.9
   
   
1,821.1
 
                               
Investments in subsidiaries
 
2,035.2
   
501.4
   
88.4
   
(2,625.0
)
 
 
Investments in affiliates
 
1.4
   
18.1
   
49.5
   
   
69.0
 
Goodwill
 
   
797.8
   
940.6
   
   
1,738.4
 
Intangibles and other assets, net
 
131.8
   
123.3
   
93.1
   
   
348.2
 
Total Assets
$
2,692.5
 
$
3,376.8
 
$
2,607.0
 
$
(3,101.7
)
$
5,574.6
 
                               
LIABILITIES AND SHAREHOLDERS’ EQUITY
                             
Current liabilities
                             
Short-term debt and current portion of long-term debt
$
11.0
 
$
5.5
 
$
102.5
 
$
 
$
119.0
 
Accounts payable
 
54.8
   
346.2
   
227.0
   
   
628.0
 
Accrued employee costs
 
11.7
   
116.1
   
21.2
   
   
149.0
 
Income taxes payable
 
   
492.8
   
88.4
   
(476.7
)
 
104.5
 
Other current liabilities
 
32.3
   
100.4
   
50.6
   
   
183.3
 
Total current liabilities
 
109.8
   
1,061.0
   
489.7
   
(476.7
)
 
1,183.8
 
                               
Long-term debt
 
1,641.7
   
31.9
   
860.1
   
   
2,533.7
 
Intercompany borrowings
 
(255.2
)
 
762.8
   
191.3
   
(698.9
)
 
 
Employee benefit obligations
 
166.0
   
293.6
   
404.2
   
   
863.8
 
Deferred taxes and other liabilities
 
138.7
   
(93.3
)
 
51.1
   
   
96.5
 
Total liabilities
 
1,801.0
   
2,056.0
   
1,996.4
   
(1,175.6
)
 
4,677.8
 
                               
Contingencies
                             
Minority interests
 
   
   
5.3
   
   
5.3
 
                               
Shareholders’ equity:
                             
Convertible preferred stock
 
   
   
179.6
   
(179.6
)
 
 
Preferred shareholders’ equity
 
   
   
179.6
   
(179.6
)
 
 
                               
Common stock
 
678.2
   
838.2
   
495.5
   
(1,333.7
)
 
678.2
 
Retained earnings (deficit)
 
1,262.3
   
688.8
   
(108.0
)
 
(580.8
)
 
1,262.3
 
Accumulated other comprehensive earnings (loss)
 
(93.6
)
 
(206.2
)
 
38.2
   
168.0
   
(93.6
)
Treasury stock, at cost
 
(955.4
)
 
   
   
   
(955.4
)
Common shareholders’ equity
 
891.5
   
1,320.8
   
425.7
   
(1,746.5
)
 
891.5
 
Total shareholders’ equity
 
891.5
   
1,320.8
   
605.3
   
(1,926.1
)
 
891.5
 
Total Liabilities and Shareholders’ Equity
$
2,692.5
 
$
3,376.8
 
$
2,607.0
 
$
(3,101.7
)
$
5,574.6
 
 
Page 2 of 6

 
 
CONSOLIDATED BALANCE SHEET
 
 
December 31, 2005
 
($ in millions)
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
 
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
ASSETS
                             
Current assets
                             
Cash and cash equivalents
$
8.0
 
$
1.7
 
$
51.3
 
$
 
$
61.0
 
Receivables, net
 
0.8
   
166.0
   
209.8
   
   
376.6
 
Inventories, net
 
   
439.4
   
230.9
   
   
670.3
 
Deferred taxes and prepaid expenses
 
340.0
   
193.0
   
55.6
   
(470.7
)
 
117.9
 
Total current assets
 
348.8
   
800.1
   
547.6
   
(470.7
)
 
1,225.8
 
                               
Property, plant and equipment, at cost
 
45.7
   
2,081.9
   
1,025.8
   
   
3,153.4
 
Accumulated depreciation
 
(17.0
)
 
(1,237.0
)
 
(342.8
)
 
   
(1,596.8
)
Total property, plant and equipment, net
 
28.7
   
844.9
   
683.0
   
   
1,556.6
 
                               
Investment in subsidiaries
 
1,988.6
   
453.8
   
88.4
   
(2,530.8
)
 
 
Investment in affiliates
 
1.4
   
17.0
   
47.0
   
   
65.4
 
Goodwill, net
 
   
340.8
   
917.8
   
   
1,258.6
 
Intangibles and other assets
 
118.3
   
62.3
   
56.4
   
   
237.0
 
 
$
2,485.8
 
$
2,518.9
 
$
2,340.2
 
$
(3,001.5
)
$
4,343.4
 
                               
LIABILITIES AND SHAREHOLDERS’ EQUITY
                             
Current liabilities
                             
Short-term debt and current portion of long-term debt
$
29.1
 
$
3.3
 
$
84.0
 
$
 
$
116.4
 
Accounts payable
 
59.5
   
305.3
   
187.6
   
   
552.4
 
Accrued employee costs
 
15.8
   
154.7
   
27.9
   
   
198.4
 
Income taxes payable
 
   
507.1
   
91.1
   
(470.7
)
 
127.5
 
Other current liabilities
 
18.9
   
111.4
   
51.0
   
   
181.3
 
Total current liabilities
 
123.3
   
1,081.8
   
441.6
   
(470.7
)
 
1,176.0
 
                               
Long-term debt
 
600.2
   
20.8
   
852.3
   
   
1,473.3
 
Intercompany borrowings
 
792.9
   
(110.0
)
 
16.0
   
(698.9
)
 
 
Employee benefit obligations
 
164.7
   
218.6
   
400.9
   
   
784.2
 
Deferred taxes and other liabilities
 
(30.6
)
 
45.1
   
55.0
   
   
69.5
 
Total liabilities
 
1,650.5
   
1,256.3
   
1,765.8
   
(1,169.6
)
 
3,503.0
 
                               
Minority interests
 
   
   
5.1
   
   
5.1
 
Shareholders’ equity
                             
Convertible preferred stock
 
   
   
179.6
   
(179.6
)
 
 
Preferred shareholders’ equity
 
   
   
179.6
   
(179.6
)
 
 
                               
Common stock
 
633.6
   
804.5
   
487.0
   
(1,291.5
)
 
633.6
 
Retained earnings
 
1,227.9
   
649.8
   
(119.1
)
 
(530.7
)
 
1,227.9
 
Accumulated other comprehensive earnings (loss)
 
(100.7
)
 
(191.7
)
 
21.8
   
169.9
   
(100.7
)
Treasury stock, at cost
 
(925.5
)
 
   
   
   
(925.5
)
Common shareholders’ equity
 
835.3
   
1,262.6
   
389.7
   
(1,652.3
)
 
835.3
 
Total shareholders’ equity
 
835.3
   
1,262.6
   
569.3
   
(1,831.9
)
 
835.3
 
 
$
2,485.8
 
$
2,518.9
 
$
2,340.2
 
$
(3,001.5
)
$
4,343.4
 

Page 3 of 6



 
CONSOLIDATED STATEMENT OF EARNINGS
 
 
For the Three Months Ended April 2, 2006
 
 
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
 
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
                     
Net sales
$
 
$
1,063.4
 
$
339.3
 
$
(37.8
)
$
1,364.9
 
Costs and expenses
                             
Cost of sales (excluding depreciation and amortization)
 
   
925.6
   
268.2
   
(37.8
)
 
1,156.0
 
Depreciation and amortization
 
0.8
   
33.2
   
20.6
   
   
54.6
 
Business consolidation costs
 
   
   
2.1
   
   
2.1
 
Selling, general and administrative
 
19.4
   
28.0
   
23.2
   
   
70.6
 
Interest expense
 
7.8
   
4.3
   
11.2
   
   
23.3
 
Equity in results of subsidiaries
 
(50.1
)
 
   
   
50.1
   
 
Corporate allocations
 
(18.0
)
 
14.7
   
3.3
   
   
 
   
(40.1
)
 
1,005.8
   
328.6
   
12.3
   
1,306.6
 
Earnings (loss) before taxes
 
40.1
   
57.6
   
10.7
   
(50.1
)
 
58.3
 
Tax provision
 
4.5
   
(19.4
)
 
(1.8
)
 
   
(16.7
)
Minority interests
 
   
   
(0.2
)
 
   
(0.2
)
Equity in results of affiliates
 
   
0.7
   
2.5
   
   
3.2
 
Net earnings (loss)
$
44.6
 
$
38.9
 
$
11.2
 
$
(50.1
)
$
44.6
 
 



 
CONSOLIDATED STATEMENT OF EARNINGS
 
 
For the Three Months Ended April 3, 2005
 
 
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
 
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
                     
Net sales
$
 
$
1,026.0
 
$
352.6
 
$
(54.5
)
$
1,324.1
 
Costs and expenses
                             
Cost of sales (excluding depreciation and amortization)
 
   
873.6
   
277.7
   
(54.5
)
 
1,096.8
 
Depreciation and amortization
 
0.7
   
32.5
   
20.2
   
   
53.4
 
Selling, general and administrative
 
4.0
   
39.3
   
19.7
   
   
63.0
 
Interest expense
 
6.0
   
10.3
   
9.5
   
   
25.8
 
Equity in results of subsidiaries
 
(55.6
)
 
   
   
55.6
   
 
Corporate allocations
 
(16.2
)
 
14.5
   
1.7
   
   
 
   
(61.1
)
 
970.2
   
328.8
   
1.1
   
1,239.0
 
Earnings (loss) before taxes
 
61.1
   
55.8
   
23.8
   
(55.6
)
 
85.1
 
Tax provision
 
(2.5
)
 
(20.3
)
 
(7.0
)
 
   
(29.8
)
Minority interests
 
   
   
(0.2
)
 
   
(0.2
)
Equity in results of affiliates
 
   
0.3
   
3.2
   
   
3.5
 
Net earnings (loss)
$
58.6
 
$
35.8
 
$
19.8
 
$
(55.6
)
$
58.6
 


Page 4 of 6




   
CONSOLIDATED STATEMENT OF CASH FLOWS
 
   
For the Three Months Ended April 2, 2006
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
                       
Cash flows from operating activities
                     
Net earnings (loss)
 
$
44.6
 
$
38.9
 
$
11.2
 
$
(50.1
)
$
44.6
 
Adjustments to reconcile net earnings to net cash provided by operating activities:
                               
Depreciation and amortization
   
0.8
   
33.2
   
20.6
   
-
   
54.6
 
Business consolidation costs
   
-
   
-
   
2.1
   
-
   
2.1
 
Deferred taxes
   
(1.1
)
 
(0.4
)
 
(3.8
)
 
-
   
(5.3
)
Equity in results of subsidiaries
   
(50.1
)
 
-
   
-
   
50.1
   
-
 
Other, net
   
3.7
   
(6.1
)
 
(12.2
)
 
-
   
(14.6
)
Changes in working capital components, excluding effects of acquisitions
   
38.7
   
(103.0
)
 
(188.9
)
 
-
   
(253.2
)
Net cash provided by (used in) operating activities
   
36.6
   
(37.4
)
 
(171.0
)
 
-
   
(171.8
)
                                 
Cash flows from investing activities
                               
Additions to property, plant and equipment
   
(0.4
)
 
(51.2
)
 
(12.8
)
 
-
   
(64.4
)
Business acquisitions, net of cash acquired
   
-
   
(742.2
)
 
(25.7
)
 
-
   
(767.9
)
Investments in and advances to affiliates, net of dividends
   
(1,025.5
)
 
840.2
   
185.3
   
-
   
-
 
Other, net
   
1.1
   
(0.2
)
 
0.6
   
-
   
1.5
 
Net cash provided by (used in) investing activities
   
(1,024.8
)
 
46.6
   
147.4
   
-
   
(830.8
)
                                 
Cash flows from financing activities
                               
Long-term borrowings
   
1,039.1
   
-
   
12.0
   
-
   
1,051.1
 
Repayments of long-term borrowings
   
-
   
(2.5
)
 
(17.5
)
 
-
   
(20.0
)
Change in short-term borrowings
   
(18.0
)
 
-
   
16.5
   
-
   
(1.5
)
Proceeds from issuance of common stock
   
9.3
   
-
   
-
   
-
   
9.3
 
Acquisitions of treasury stock
   
(36.1
)
 
-
   
-
   
-
   
(36.1
)
Common dividends
   
(10.2
)
 
-
   
-
   
-
   
(10.2
)
Other, net
   
2.6
   
(7.0
)
 
-
   
-
   
(4.4
)
Net cash provided by (used in) financing activities
   
986.7
   
(9.5
)
 
11.0
   
-
   
988.2
 
                                 
Effect of exchange rate changes on cash
   
-
   
-
   
0.3
   
-
   
0.3
 
                                 
Net change in cash and cash equivalents
   
(1.5
)
 
(0.3
)
 
(12.3
)
 
-
   
(14.1
)
Cash and cash equivalents - Beginning of period
   
8.0
   
1.7
   
51.3
   
-
   
61.0
 
Cash and cash equivalents - End of period
 
$
6.5
 
$
1.4
 
$
39.0
 
$
-
 
$
46.9
 




Page 5 of 6



 
CONSOLIDATED STATEMENT OF CASH FLOWS
 
 
For the Three Months Ended April 3, 2005
 
 
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
 
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
                     
Cash flows from operating activities
                             
Net earnings (loss)
$
58.6
 
$
35.8
 
$
19.8
 
$
(55.6
)
$
58.6
 
Adjustments to reconcile net earnings to net cash provided by operating activities:
                             
Depreciation and amortization
 
0.7
   
32.5
   
20.2
   
   
53.4
 
Deferred taxes
 
(0.1
)
 
(5.5
)
 
(6.2
)
 
   
(11.8
)
Equity in results of subsidiaries
 
(55.6
)
 
   
   
55.6
   
 
Other, net
 
3.0
   
(2.6
)
 
(4.5
)
 
   
(4.1
)
Prepaid common stock repurchase
 
(108.5
)
 
   
   
   
(108.5
)
Changes in other working capital components
 
13.7
   
(97.0
)
 
(65.3
)
 
-
   
(148.6
)
Net cash used in operating activities
 
(88.2
)
 
(36.8
)
 
(36.0
)
 
   
(161.0
)
                               
Cash flows from investing activities
                             
Additions to property, plant and equipment
 
(1.0
)
 
(39.3
)
 
(40.3
)
 
   
(80.6
)
Investments in and advances to affiliates, net of dividends
 
(133.2
)
 
78.1
   
55.1
   
   
 
Other, net
 
(10.1
)
 
0.3
   
1.9
   
   
(7.9
)
Net cash provided by (used in) investing activities
 
(144.3
)
 
39.1
   
16.7
   
   
(88.5
)
                               
Cash flows from financing activities
                             
Long-term borrowings
 
135.0
   
   
   
   
135.0
 
Repayments of long-term borrowings
 
(8.8
)
 
(1.9
)
 
(16.0
)
 
   
(26.7
)
Change in short-term borrowings
 
6.0
   
   
28.0
   
   
34.0
 
Proceeds from issuance of common stock
 
10.8
   
   
   
   
10.8
 
Acquisitions of treasury stock
 
(2.1
)
 
   
   
   
(2.1
)
Common dividends
 
(11.1
)
 
   
   
   
(11.1
)
Net cash provided by (used in) financing activities
 
129.8
   
(1.9
)
 
12.0
   
   
139.9
 
                               
Effect of exchange rate changes on cash
 
   
   
(2.3
)
 
   
(2.3
)
                               
Net change in cash and cash equivalents
 
(102.7
)
 
0.4
   
(9.6
)
 
   
(111.9
)
Cash and cash equivalents - Beginning of period
 
113.8
   
0.6
   
84.3
   
   
198.7
 
Cash and cash equivalents - End of period
$
11.1
 
$
1.0
 
$
74.7
 
$
 
$
86.8
 

 
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