SUBSIDIARY GUARANTEES OF DEBT
Published on August 9, 2006
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 July 2, 2006,
and
December 31, 2005, and for the three and six-month periods ended July 2,
2006, and July 3, 2005. 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
|
CONSOLIDATED
BALANCE SHEET
|
|||||||||||||||
|
July
2, 2006
|
|||||||||||||||
| ($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
|
ASSETS
|
|||||||||||||||
|
Current
assets
|
|||||||||||||||
|
Cash
and cash equivalents
|
$
|
6.4
|
$
|
1.8
|
$
|
44.3
|
$
|
–
|
$
|
52.5
|
|||||
|
Receivables,
net
|
(0.6
|
)
|
257.4
|
513.9
|
–
|
770.7
|
|||||||||
|
Inventories,
net
|
–
|
565.3
|
265.0
|
–
|
830.3
|
||||||||||
|
Deferred
taxes, prepaids and other current assets
|
532.5
|
42.5
|
50.5
|
(486.5
|
)
|
139.0
|
|||||||||
|
Total
current assets
|
538.3
|
867.0
|
873.7
|
(486.5
|
)
|
1,792.5
|
|||||||||
|
Property,
plant and equipment, at cost
|
44.5
|
2,410.7
|
1,120.8
|
–
|
3,576.0
|
||||||||||
|
Accumulated
depreciation
|
(17.7
|
)
|
(1,300.6
|
)
|
(426.3
|
)
|
–
|
(1,744.6
|
)
|
||||||
|
26.8
|
1,110.1
|
694.5
|
–
|
1,831.4
|
|||||||||||
|
Investments
in subsidiaries
|
2,226.9
|
486.3
|
88.4
|
(2,801.6
|
)
|
–
|
|||||||||
|
Investments
in affiliates
|
1.4
|
20.9
|
46.7
|
–
|
69.0
|
||||||||||
|
Goodwill
|
–
|
722.0
|
988.0
|
–
|
1,710.0
|
||||||||||
|
Intangibles
and other assets, net
|
110.9
|
178.3
|
160.7
|
–
|
449.9
|
||||||||||
|
Total
Assets
|
$
|
2,904.3
|
$
|
3,384.6
|
$
|
2,852.0
|
$
|
(3,288.1
|
)
|
$
|
5,852.8
|
||||
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
|||||||||||||||
|
Current
liabilities
|
|||||||||||||||
|
Short-term
debt and current portion of long-term debt
|
$
|
10.0
|
$
|
11.4
|
$
|
112.5
|
$
|
–
|
$
|
133.9
|
|||||
|
Accounts
payable
|
74.7
|
348.9
|
268.0
|
–
|
691.6
|
||||||||||
|
Accrued
employee costs
|
13.3
|
137.7
|
26.2
|
–
|
177.2
|
||||||||||
|
Income
taxes payable
|
–
|
502.6
|
111.0
|
(486.6
|
)
|
127.0
|
|||||||||
|
Other
current liabilities
|
26.1
|
122.1
|
62.6
|
–
|
210.8
|
||||||||||
|
Total
current liabilities
|
124.1
|
1,122.7
|
580.3
|
(486.6
|
)
|
1,340.5
|
|||||||||
|
Long-term
debt
|
1,656.3
|
15.1
|
841.6
|
–
|
2,513.0
|
||||||||||
|
Intercompany
borrowings
|
(206.5
|
)
|
695.1
|
210.3
|
(698.9
|
)
|
–
|
||||||||
|
Employee
benefit obligations
|
160.1
|
261.4
|
425.2
|
–
|
846.7
|
||||||||||
|
Deferred
taxes and other liabilities
|
120.0
|
(99.4
|
)
|
76.9
|
–
|
97.5
|
|||||||||
|
Total
liabilities
|
1,854.0
|
1,994.9
|
2,134.3
|
(1,185.5
|
)
|
4,797.7
|
|||||||||
|
Contingencies
|
|||||||||||||||
|
Minority
interests
|
–
|
–
|
4.8
|
–
|
4.8
|
||||||||||
|
Shareholders’
equity:
|
|||||||||||||||
|
Convertible
preferred stock
|
–
|
–
|
179.6
|
(179.6
|
)
|
–
|
|||||||||
|
Preferred
shareholders’ equity
|
–
|
–
|
179.6
|
(179.6
|
)
|
–
|
|||||||||
|
Common
stock
|
685.2
|
838.2
|
495.5
|
(1,333.7
|
)
|
685.2
|
|||||||||
|
Retained
earnings (deficit)
|
1,384.6
|
737.8
|
(14.6
|
)
|
(723.2
|
)
|
1,384.6
|
||||||||
|
Accumulated
other comprehensive earnings (loss)
|
(58.0
|
)
|
(186.3
|
)
|
52.4
|
133.9
|
(58.0
|
)
|
|||||||
|
Treasury
stock, at cost
|
(961.5
|
)
|
–
|
–
|
–
|
(961.5
|
)
|
||||||||
|
Common
shareholders’ equity
|
1,050.3
|
1,389.7
|
533.3
|
(1,923.0
|
)
|
1,050.3
|
|||||||||
|
Total
shareholders’ equity
|
1,050.3
|
1,389.7
|
712.9
|
(2,102.6
|
)
|
1,050.3
|
|||||||||
|
Total
Liabilities and Shareholders’ Equity
|
$
|
2,904.3
|
$
|
3,384.6
|
$
|
2,852.0
|
$
|
(3,288.1
|
)
|
$
|
5,852.8
|
||||
Page
2
of
7
|
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
|
)
|
||||||
|
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
7
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
|||||||||||||||
|
For
the Three Months Ended July 2, 2006
|
|||||||||||||||
| ($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
|
Net
sales
|
$
|
–
|
$
|
1,392.2
|
$
|
506.1
|
$
|
(55.8
|
)
|
$
|
1,842.5
|
||||
|
Costs
and expenses
|
|||||||||||||||
|
Cost
of sales (excluding depreciation and amortization)
|
–
|
1,213.5
|
392.3
|
(55.8
|
)
|
1,550.0
|
|||||||||
|
Depreciation
and amortization
|
0.8
|
42.7
|
21.4
|
–
|
64.9
|
||||||||||
|
Business
consolidation costs
|
–
|
–
|
(0.4
|
)
|
–
|
(0.4
|
)
|
||||||||
|
Property
insurance gain
|
–
|
–
|
(74.1
|
)
|
–
|
(74.1
|
)
|
||||||||
|
Selling,
general and administrative
|
22.7
|
33.4
|
17.4
|
–
|
73.5
|
||||||||||
|
Interest
expense
|
7.4
|
17.8
|
12.4
|
–
|
37.6
|
||||||||||
|
Equity
in results of subsidiaries
|
(142.4
|
)
|
–
|
–
|
142.4
|
–
|
|||||||||
|
Corporate
allocations
|
(17.5
|
)
|
15.3
|
2.2
|
–
|
–
|
|||||||||
|
(129.0
|
)
|
1,322.7
|
371.2
|
86.6
|
1,651.5
|
||||||||||
|
Earnings
(loss) before taxes
|
129.0
|
69.5
|
134.9
|
(142.4
|
)
|
191.0
|
|||||||||
|
Tax
provision
|
3.7
|
(21.7
|
)
|
(45.0
|
)
|
–
|
(63.0
|
)
|
|||||||
|
Minority
interests
|
–
|
–
|
(0.2
|
)
|
–
|
(0.2
|
)
|
||||||||
|
Equity
in results of affiliates
|
–
|
1.7
|
3.2
|
–
|
4.9
|
||||||||||
|
Net
earnings (loss)
|
$
|
132.7
|
$
|
49.5
|
$
|
92.9
|
$
|
(142.4
|
)
|
$
|
132.7
|
||||
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
|||||||||||||||
|
For
the Three Months Ended July 3, 2005
|
|||||||||||||||
| ($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
|
Net
sales
|
$
|
–
|
$
|
1,157.9
|
$
|
451.7
|
$
|
(57.6
|
)
|
$
|
1,552.0
|
||||
|
Costs
and expenses
|
|||||||||||||||
|
Cost
of sales (excluding depreciation and amortization)
|
–
|
1,007.5
|
350.3
|
(57.6
|
)
|
1,300.2
|
|||||||||
|
Depreciation
and amortization
|
0.8
|
32.5
|
19.7
|
–
|
53.0
|
||||||||||
|
Business
consolidation costs
|
–
|
–
|
8.8
|
–
|
8.8
|
||||||||||
|
Selling,
general and administrative
|
7.8
|
33.3
|
17.4
|
–
|
58.5
|
||||||||||
|
Interest
expense
|
6.3
|
10.0
|
8.0
|
–
|
24.3
|
||||||||||
|
Equity
in results of subsidiaries
|
(78.5
|
)
|
–
|
–
|
78.5
|
–
|
|||||||||
|
Corporate
allocations
|
(16.6
|
)
|
14.8
|
1.8
|
–
|
–
|
|||||||||
|
(80.2
|
)
|
1,098.1
|
406.0
|
20.9
|
1,444.8
|
||||||||||
|
Earnings
(loss) before taxes
|
80.2
|
59.8
|
45.7
|
(78.5
|
)
|
107.2
|
|||||||||
|
Tax
provision
|
(1.2
|
)
|
(19.8
|
)
|
(11.9
|
)
|
–
|
(32.9
|
)
|
||||||
|
Minority
interests
|
–
|
–
|
(0.3
|
)
|
–
|
(0.3
|
)
|
||||||||
|
Equity
in results of affiliates
|
–
|
1.1
|
3.9
|
–
|
5.0
|
||||||||||
|
Net
earnings (loss)
|
$
|
79.0
|
$
|
41.1
|
$
|
37.4
|
$
|
(78.5
|
)
|
$
|
79.0
|
||||
Page
4
of
7
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
|||||||||||||||
|
For
the Six Months Ended July 2, 2006
|
|||||||||||||||
| ($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
|
Net
sales
|
$
|
–
|
$
|
2,455.6
|
$
|
845.4
|
$
|
(93.6
|
)
|
$
|
3,207.4
|
||||
|
Costs
and expenses
|
|||||||||||||||
|
Cost
of sales (excluding depreciation and amortization)
|
–
|
2,139.1
|
660.8
|
(93.6
|
)
|
2,706.3
|
|||||||||
|
Depreciation
and amortization
|
1.6
|
75.9
|
42.0
|
–
|
119.5
|
||||||||||
|
Business
consolidation costs
|
–
|
–
|
1.7
|
–
|
1.7
|
||||||||||
|
Property
insurance gain
|
–
|
–
|
(74.1
|
)
|
–
|
(74.1
|
)
|
||||||||
|
Selling,
general and administrative
|
42.1
|
61.4
|
40.3
|
–
|
143.8
|
||||||||||
|
Interest
expense
|
15.2
|
22.1
|
23.6
|
–
|
60.9
|
||||||||||
|
Equity
in results of subsidiaries
|
(192.5
|
)
|
–
|
–
|
192.5
|
–
|
|||||||||
|
Corporate
allocations
|
(35.5
|
)
|
30.0
|
5.5
|
–
|
–
|
|||||||||
|
(169.1
|
)
|
2,328.5
|
699.8
|
98.9
|
2,958.1
|
||||||||||
|
Earnings
(loss) before taxes
|
169.1
|
127.1
|
145.6
|
(192.5
|
)
|
249.3
|
|||||||||
|
Tax
provision
|
8.2
|
(41.1
|
)
|
(46.8
|
)
|
–
|
(79.7
|
)
|
|||||||
|
Minority
interests
|
–
|
–
|
(0.4
|
)
|
–
|
(0.4
|
)
|
||||||||
|
Equity
in results of affiliates
|
–
|
2.4
|
5.7
|
–
|
8.1
|
||||||||||
|
Net
earnings (loss)
|
$
|
177.3
|
$
|
88.4
|
$
|
104.1
|
$
|
(192.5
|
)
|
$
|
177.3
|
||||
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
|||||||||||||||
|
For
the Six Months Ended July 3, 2005
|
|||||||||||||||
| ($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
|
Net
sales
|
$
|
–
|
$
|
2,183.9
|
$
|
804.3
|
$
|
(112.1
|
)
|
$
|
2,876.1
|
||||
|
Costs
and expenses
|
|||||||||||||||
|
Cost
of sales (excluding depreciation and amortization)
|
–
|
1,881.1
|
627.9
|
(112.1
|
)
|
2,396.9
|
|||||||||
|
Depreciation
and amortization
|
1.5
|
65.0
|
39.9
|
–
|
106.4
|
||||||||||
|
Business
consolidation costs
|
–
|
–
|
8.8
|
–
|
8.8
|
||||||||||
|
Selling,
general and administrative
|
11.8
|
72.6
|
37.2
|
–
|
121.6
|
||||||||||
|
Interest
expense
|
12.3
|
20.3
|
17.5
|
–
|
50.1
|
||||||||||
|
Equity
in results of subsidiaries
|
(134.1
|
)
|
–
|
–
|
134.1
|
–
|
|||||||||
|
Corporate
allocations
|
(32.8
|
)
|
29.3
|
3.5
|
–
|
–
|
|||||||||
|
(141.3
|
)
|
2,068.3
|
734.8
|
22.0
|
2,683.8
|
||||||||||
|
Earnings
(loss) before taxes
|
141.3
|
115.6
|
69.5
|
(134.1
|
)
|
192.3
|
|||||||||
|
Tax
provision
|
(3.7
|
)
|
(40.1
|
)
|
(18.9
|
)
|
–
|
(62.7
|
)
|
||||||
|
Minority
interests
|
–
|
–
|
(0.5
|
)
|
–
|
(0.5
|
)
|
||||||||
|
Equity
in results of affiliates
|
–
|
1.4
|
7.1
|
–
|
8.5
|
||||||||||
|
Net
earnings (loss)
|
$
|
137.6
|
$
|
76.9
|
$
|
57.2
|
$
|
(134.1
|
)
|
$
|
137.6
|
||||
Page
5
of
7
|
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||||||||||
|
For
the Six Months Ended July 2, 2006
|
|||||||||||||||
| ($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
|
Cash
flows from operating activities
|
|||||||||||||||
|
Net
earnings (loss)
|
$
|
177.3
|
$
|
88.4
|
$
|
104.1
|
$
|
(192.5
|
)
|
$
|
177.3
|
||||
|
Adjustments
to reconcile net earnings to net cash provided by operating activities:
|
|||||||||||||||
|
Depreciation
and amortization
|
1.6
|
75.9
|
42.0
|
–
|
119.5
|
||||||||||
|
Property
insurance gain
|
–
|
–
|
(74.1
|
)
|
–
|
(74.1
|
)
|
||||||||
|
Business
consolidation costs
|
–
|
–
|
1.7
|
–
|
1.7
|
||||||||||
|
Deferred
taxes
|
(1.8
|
)
|
1.5
|
14.6
|
–
|
14.3
|
|||||||||
|
Equity
in results of subsidiaries
|
(192.5
|
)
|
–
|
–
|
192.5
|
–
|
|||||||||
|
Other,
net
|
10.4
|
(20.3
|
)
|
(19.4
|
)
|
–
|
(29.3
|
)
|
|||||||
|
Changes
in working capital components, excluding effects of
acquisitions
|
(14.1
|
)
|
(64.4
|
)
|
(197.1
|
)
|
–
|
(275.6
|
)
|
||||||
|
Net
cash provided by (used in) operating activities
|
(19.1
|
)
|
81.1
|
(128.2
|
)
|
–
|
(66.2
|
)
|
|||||||
|
Cash
flows from investing activities
|
|||||||||||||||
|
Additions
to property, plant and equipment
|
(0.8
|
)
|
(104.2
|
)
|
(22.5
|
)
|
–
|
(127.5
|
)
|
||||||
|
Business
acquisitions, net of cash acquired
|
–
|
(718.0
|
)
|
(67.4
|
)
|
–
|
(785.4
|
)
|
|||||||
|
Property
insurance proceeds
|
–
|
–
|
32.4
|
–
|
32.4
|
||||||||||
|
Investments
in and advances to affiliates, net of dividends
|
(958.9
|
)
|
745.3
|
213.6
|
–
|
–
|
|||||||||
|
Other,
net
|
(4.6
|
)
|
6.1
|
7.1
|
–
|
8.6
|
|||||||||
|
Net
cash provided by (used in) investing activities
|
(964.3
|
)
|
(70.8
|
)
|
163.2
|
–
|
(871.9
|
)
|
|||||||
|
Cash
flows from financing activities
|
|||||||||||||||
|
Long-term
borrowings
|
1,049.1
|
–
|
–
|
–
|
1,049.1
|
||||||||||
|
Repayments
of long-term borrowings
|
–
|
(2.3
|
)
|
(64.5
|
)
|
–
|
(66.8
|
)
|
|||||||
|
Change
in short-term borrowings
|
(19.0
|
)
|
–
|
21.7
|
–
|
2.7
|
|||||||||
|
Proceeds
from issuance of common stock
|
19.2
|
–
|
–
|
–
|
19.2
|
||||||||||
|
Acquisitions
of treasury stock
|
(50.7
|
)
|
–
|
–
|
–
|
(50.7
|
)
|
||||||||
|
Common
dividends
|
(20.7
|
)
|
–
|
–
|
–
|
(20.7
|
)
|
||||||||
|
Other,
net
|
3.9
|
(7.9
|
)
|
–
|
–
|
(4.0
|
)
|
||||||||
|
Net
cash provided by (used in) financing activities
|
981.8
|
(10.2
|
)
|
(42.8
|
)
|
–
|
928.8
|
||||||||
|
Effect
of exchange rate changes on cash
|
–
|
–
|
0.8
|
–
|
0.8
|
||||||||||
|
Net
change in cash and cash equivalents
|
(1.6
|
)
|
0.1
|
(7.0
|
)
|
–
|
(8.5
|
)
|
|||||||
|
Cash
and cash equivalents —
Beginning of period
|
8.0
|
1.7
|
51.3
|
–
|
61.0
|
||||||||||
|
Cash
and cash equivalents —
End of period
|
$
|
6.4
|
$
|
1.8
|
$
|
44.3
|
$
|
–
|
$
|
52.5
|
|||||
Page
6
of
7
|
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||||||||||
|
For
the Six Months Ended July 3, 2005
|
|||||||||||||||
| ($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
|
Cash
flows from operating activities
|
|||||||||||||||
|
Net
earnings (loss)
|
$
|
137.6
|
$
|
76.9
|
$
|
57.2
|
$
|
(134.1
|
)
|
$
|
137.6
|
||||
|
Adjustments
to reconcile net earnings to net cash provided by operating activities:
|
|||||||||||||||
|
Depreciation
and amortization
|
1.5
|
65.0
|
39.9
|
–
|
106.4
|
||||||||||
|
Business
consolidation costs
|
–
|
–
|
8.8
|
–
|
8.8
|
||||||||||
|
Deferred
taxes
|
(0.2
|
)
|
(11.1
|
)
|
(9.3
|
)
|
–
|
(20.6
|
)
|
||||||
|
Equity
in results of subsidiaries
|
(134.1
|
)
|
–
|
–
|
134.1
|
–
|
|||||||||
|
Other,
net
|
7.6
|
(3.0
|
)
|
(2.2
|
)
|
–
|
2.4
|
||||||||
|
Changes
in other working capital components
|
(10.7
|
)
|
(27.8
|
)
|
(125.9
|
)
|
–
|
(164.4
|
)
|
||||||
|
Net
cash provided by (used in) operating activities
|
1.7
|
100.0
|
(31.5
|
)
|
–
|
70.2
|
|||||||||
|
Cash
flows from investing activities
|
|||||||||||||||
|
Additions
to property, plant and equipment
|
(2.5
|
)
|
(78.8
|
)
|
(67.0
|
)
|
–
|
(148.3
|
)
|
||||||
|
Investments
in and advances to affiliates, net of dividends
|
(72.1
|
)
|
(20.9
|
)
|
93.0
|
–
|
–
|
||||||||
|
Other,
net
|
(11.9
|
)
|
2.2
|
0.2
|
–
|
(9.5
|
)
|
||||||||
|
Net
cash provided by (used in) investing activities
|
(86.5
|
)
|
(97.5
|
)
|
26.2
|
–
|
(157.8
|
)
|
|||||||
|
Cash
flows from financing activities
|
|||||||||||||||
|
Long-term
borrowings
|
145.0
|
0.4
|
–
|
–
|
145.4
|
||||||||||
|
Repayments
of long-term borrowings
|
(12.0
|
)
|
(2.6
|
)
|
(31.2
|
)
|
–
|
(45.8
|
)
|
||||||
|
Change
in short-term borrowings
|
35.0
|
–
|
23.4
|
–
|
58.4
|
||||||||||
|
Proceeds
from issuance of common stock
|
20.1
|
–
|
–
|
–
|
20.1
|
||||||||||
|
Acquisitions
of treasury stock
|
(188.1
|
)
|
–
|
–
|
–
|
(188.1
|
)
|
||||||||
|
Common
dividends
|
(21.8
|
)
|
–
|
–
|
–
|
(21.8
|
)
|
||||||||
|
Other,
net
|
(0.2
|
)
|
–
|
–
|
–
|
(0.2
|
)
|
||||||||
|
Net
cash used in financing activities
|
(22.0
|
)
|
(2.2
|
)
|
(7.8
|
)
|
–
|
(32.0
|
)
|
||||||
|
Effect
of exchange rate changes on cash
|
–
|
–
|
(3.4
|
)
|
–
|
(3.4
|
)
|
||||||||
|
Net
change in cash and cash equivalents
|
(106.8
|
)
|
0.3
|
(16.5
|
)
|
–
|
(123.0
|
)
|
|||||||
|
Cash
and cash equivalents —
Beginning of period
|
113.8
|
0.6
|
84.3
|
–
|
198.7
|
||||||||||
|
Cash
and cash equivalents — End of period
|
$
|
7.0
|
$
|
0.9
|
$
|
67.8
|
$
|
–
|
$
|
75.7
|
|||||
Page 7 of 7