Exhibit 20


Subsidiary Guarantees of Debt

The company’s notes payable 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 senior credit facilities are secured by: (1) a pledge of 100 percent of the stock owned by the company in its material direct and indirect majority-owned domestic subsidiaries and (2) a pledge of the company’s stock, owned directly or indirectly, of certain foreign subsidiaries, which equals 65 percent of the stock of each foreign subsidiary.

The following is unaudited condensed, consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of April 1, 2007, and December 31, 2006, and for the three months ended April 1, 2007, and April 2, 2006. Certain prior year amounts have been reclassified in order to conform to the current year presentation. Prior year amounts have also been retrospectively adjusted to reflect the company’s fourth quarter 2006 change in accounting for certain inventories from LIFO to FIFO (as discussed in Note 7 to the company’s consolidated financial statements). 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



   
UNAUDITED CONDENSED, CONSOLIDATED STATEMENT OF EARNINGS
 
   
For the Three Months Ended April 1, 2007
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
($ in millions)
 
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
Net sales
 
$
-
 
$
1,291.9
 
$
432.3
 
$
(30.0
)
$
1,694.2
 
Costs and expenses
                               
Cost of sales (excluding depreciation and amortization)
   
-
   
1,088.1
   
336.2
   
(30.0
)
 
1,394.3
 
Depreciation and amortization
   
0.8
   
42.3
   
21.9
   
-
   
65.0
 
Selling, general and administrative
   
12.3
   
45.3
   
24.6
   
-
   
82.2
 
Interest expense
   
10.0
   
13.7
   
14.2
   
-
   
37.9
 
Equity in results of subsidiaries
   
(84.1
)
 
-
   
-
   
84.1
   
-
 
Corporate allocations
   
(15.9
)
 
15.7
   
0.2
   
-
   
-
 
     
(76.9
)
 
1,205.1
   
397.1
   
54.1
   
1,579.4
 
Earnings (loss) before taxes
   
76.9
   
86.8
   
35.2
   
(84.1
)
 
114.8
 
Tax provision
   
4.3
   
(27.2
)
 
(13.8
)
 
-
   
(36.7
)
Minority interests
   
-
   
-
   
(0.1
)
 
-
   
(0.1
)
Equity in results of affiliates
   
-
   
0.6
   
2.6
   
-
   
3.2
 
Net earnings (loss)
 
$
81.2
 
$
60.2
 
$
23.9
 
$
(84.1
)
$
81.2
 



   
UNAUDITED CONDENSED, CONSOLIDATED STATEMENT OF EARNINGS
 
   
For the Three Months Ended April 2, 2006
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
($ in millions)
 
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)
   
   
926.0
   
268.5
   
(37.8
)
 
1,156.7
 
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
   
22.9
   
   
70.3
 
Interest expense
   
7.8
   
4.3
   
11.2
   
   
23.3
 
Equity in results of subsidiaries
   
(51.3
)
 
-
   
-
   
51.3
   
 
Corporate allocations
   
(16.6
)
 
14.7
   
1.9
   
   
 
     
(39.9
)
 
1,006.2
   
327.2
   
13.5
   
1,307.0
 
Earnings (loss) before taxes
   
39.9
   
57.2
   
12.1
   
(51.3
)
 
57.9
 
Tax provision
   
4.5
   
(19.2
)
 
(1.8
)
 
   
(16.5
)
Minority interests
   
   
   
(0.2
)
 
   
(0.2
)
Equity in results of affiliates
   
   
0.7
   
2.5
   
   
3.2
 
Net earnings (loss)
 
$
44.4
 
$
38.7
 
$
12.6
 
$
(51.3
)
$
44.4
 
 

 
Page 2 of 6

   
UNAUDITED CONDENSED, CONSOLIDATING BALANCE SHEET
 
   
April 1, 2007
 
($ in millions)
 
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
ASSETS
                               
Current assets
                               
Cash and cash equivalents
 
$
7.0
 
$
2.1
 
$
42.1
 
$
 
$
51.2
 
Receivables, net
   
0.4
   
220.9
   
477.3
   
   
698.6
 
Inventories, net
   
   
756.2
   
262.5
   
   
1,018.7
 
Deferred taxes and prepaid expenses
   
4.1
   
44.1
   
42.5
   
   
90.7
 
Total current assets
   
11.5
   
1,023.3
   
824.4
   
   
1,859.2
 
                                 
Property, plant and equipment, at cost
   
44.3
   
2,477.7
   
1,226.5
   
   
3,748.5
 
Accumulated depreciation
   
(16.8
)
 
(1,404.4
)
 
(438.1
)
 
   
(1,859.3
)
Total property, plant and equipment, net
   
27.5
   
1,073.3
   
788.4
   
   
1,889.2
 
                                 
Investment in subsidiaries
   
1,946.4
   
444.4
   
81.0
   
(2,471.8
)
 
 
Investment in affiliates
   
1.3
   
24.2
   
54.6
   
   
80.1
 
Goodwill
   
   
750.0
   
1,020.4
   
   
1,770.4
 
Intangibles and other assets, net
   
115.1
   
120.6
   
83.4
   
   
319.1
 
   
$
2,101.8
 
$
3,435.8
 
$
2,852.2
 
$
(2,471.8
)
$
5,918.0
 
                                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
                               
Current liabilities
                               
Short-term debt and current portion of long-term debt
 
$
80.0
 
$
10.2
 
$
148.0
 
$
 
$
238.2
 
Accounts payable
   
34.7
   
389.2
   
244.5
   
   
668.4
 
Accrued employee costs
   
13.0
   
109.0
   
53.8
   
   
175.8
 
Income taxes payable
   
20.2
   
   
11.3
   
   
31.5
 
Other current liabilities
   
43.6
   
81.6
   
94.9
   
   
220.1
 
Total current liabilities
   
191.5
   
590.0
   
552.5
   
   
1,334.0
 
                                 
Long-term debt
   
1,606.3
   
10.1
   
744.3
   
   
2,360.7
 
Intercompany borrowings
   
(1,219.5
)
 
1,042.1
   
177.4
   
   
-
 
Employee benefit obligations
   
162.4
   
285.1
   
399.3
   
   
846.8
 
Deferred taxes and other liabilities
   
145.7
   
(120.7
)
 
135.0
   
   
160.0
 
Total liabilities
   
886.4
   
1,806.6
   
2,008.5
   
   
4,701.5
 
                                 
Minority interests
   
   
   
1.1
   
   
1.1
 
Shareholders’ equity
                               
Convertible preferred stock
   
   
   
179.6
   
(179.6
)
 
 
Preferred shareholders’ equity
   
   
   
179.6
   
(179.6
)
 
 
                                 
Common stock
   
724.8
   
819.7
   
495.4
   
(1,315.1
)
 
724.8
 
Retained earnings
   
1,594.7
   
922.7
   
70.6
   
(993.3
)
 
1,594.7
 
Accumulated other comprehensive earnings (loss)
   
(14.9
)
 
(113.2
)
 
97.0
   
16.2
   
(14.9
)
Treasury stock, at cost
   
(1,089.2
)
 
   
   
   
(1,089.2
)
Common shareholders’ equity
   
1,215.4
   
1,629.2
   
663.0
   
(2,292.2
)
 
1,215.4
 
Total shareholders’ equity
   
1,215.4
   
1,629.2
   
842.6
   
(2,471.8
)
 
1,215.4
 
   
$
2,101.8
 
$
3,435.8
 
$
2,852.2
 
$
(2,471.8
)
$
5,918.0
 


Page 3 of 6


   
UNAUDITED CONDENSED, CONSOLIDATING BALANCE SHEET
 
   
December 31, 2006
 
($ in millions)
 
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
   
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
ASSETS
                               
Current assets
                               
Cash and cash equivalents
 
$
110.3
 
$
2.3
 
$
38.9
 
$
 
$
151.5
 
Receivables, net
   
(0.3
)
 
238.3
   
341.5
   
   
579.5
 
Inventories, net
   
   
671.2
   
264.2
   
   
935.4
 
Deferred taxes and prepaid expenses
   
15.8
   
36.3
   
42.8
   
   
94.9
 
Total current assets
   
125.8
   
948.1
   
687.4
   
   
1,761.3
 
                                 
Property, plant and equipment, at cost
   
43.2
   
2,468.7
   
1,174.4
   
   
3,686.3
 
Accumulated depreciation
   
(16.0
)
 
(1,375.5
)
 
(418.8
)
 
   
(1,810.3
)
Total property, plant and equipment, net
   
27.2
   
1,093.2
   
755.6
   
   
1,876.0
 
                                 
Investment in subsidiaries
   
1,855.2
   
438.3
   
81.1
   
(2,374.6
)
 
 
Investment in affiliates
   
1.4
   
23.2
   
51.9
   
   
76.5
 
Goodwill
   
   
754.4
   
1,019.3
   
   
1,773.7
 
Intangibles and other assets, net
   
101.0
   
118.0
   
134.4
   
   
353.4
 
   
$
2,110.6
 
$
3,375.2
 
$
2,729.7
 
$
(2,374.6
)
$
5,840.9
 
                                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
                               
Current liabilities
                               
Short-term debt and current portion of long-term debt
 
$
12.5
 
$
11.2
 
$
157.6
 
$
 
$
181.3
 
Accounts payable
   
98.3
   
404.1
   
230.0
   
   
732.4
 
Accrued employee costs
   
9.5
   
137.1
   
54.5
   
   
201.1
 
Income taxes payable
   
19.2
   
   
52.6
   
   
71.8
 
Other current liabilities
   
79.1
   
91.2
   
97.4
   
   
267.7
 
Total current liabilities
   
218.6
   
643.6
   
592.1
   
   
1,454.3
 
                                 
Long-term debt
   
1,498.9
   
13.6
   
757.9
   
   
2,270.4
 
Intercompany borrowings
   
(1,069.6
)
 
1,012.7
   
56.9
   
   
-
 
Employee benefit obligations
   
173.9
   
272.8
   
401.0
   
   
847.7
 
Deferred taxes and other liabilities
   
123.4
   
(121.8
)
 
100.5
   
   
102.1
 
Total liabilities
   
945.2
   
1,820.9
   
1,908.4
   
   
4,674.5
 
                                 
Minority interests
   
   
   
1.0
   
   
1.0
 
Shareholders’ equity
                               
Convertible preferred stock
   
   
   
179.6
   
(179.6
)
 
 
Preferred shareholders’ equity
   
   
   
179.6
   
(179.6
)
 
 
                                 
Common stock
   
703.4
   
819.7
   
495.4
   
(1,315.1
)
 
703.4
 
Retained earnings
   
1,535.3
   
861.0
   
48.6
   
(909.6
)
 
1,535.3
 
Accumulated other comprehensive earnings (loss)
   
(29.5
)
 
(126.4
)
 
96.7
   
29.7
   
(29.5
)
Treasury stock, at cost
   
(1,043.8
)
 
   
   
   
(1,043.8
)
Common shareholders’ equity
   
1,165.4
   
1,554.3
   
640.7
   
(2,195.0
)
 
1,165.4
 
Total shareholders’ equity
   
1,165.4
   
1,554.3
   
820.3
   
(2,374.6
)
 
1,165.4
 
   
$
2,110.6
 
$
3,375.2
 
$
2,729.7
 
$
(2,374.6
)
$
5,840.9
 

Page 4 of 6



   
UNAUDITED CONDENSED, CONSOLIDATING
STATEMENT OF CASH FLOWS
 
   
For the Three Months Ended April 1, 2007
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
($ in millions)
 
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
Cash flows from operating activities
                               
Net earnings (loss)
 
$
81.2
 
$
60.2
 
$
23.9
 
$
(84.1
)
$
81.2
 
Adjustments to reconcile net earnings to net cash provided by operating activities:
                               
Depreciation and amortization
   
0.8
   
42.3
   
21.9
   
   
65.0
 
Deferred taxes
   
(2.5
)
 
(1.3
)
 
(3.7
)
 
   
(7.5
)
Equity in results of subsidiaries
   
(84.1
)
 
   
   
84.1
   
 
Other, net
   
4.9
   
7.8
   
1.3
   
   
14.0
 
Changes in working capital components, excluding effects of acquisitions
   
(23.2
)
 
(120.5
)
 
(116.7
)
 
   
(260.4
)
Net cash provided by (used in) operating activities
   
(22.9
)
 
(11.5
)
 
(73.3
)
 
   
(107.7
)
                                 
Cash flows from investing activities
                               
Additions to property, plant and equipment
   
(1.0
)
 
(25.9
)
 
(61.2
)
 
   
(88.1
)
Investments in and advances to affiliates, net of dividends
   
(159.8
)
 
40.1
   
119.7
   
   
 
Property insurance proceeds
   
   
   
48.6
   
   
48.6
 
Other, net
   
(0.6
)
 
1.5
   
1.5
   
   
2.4
 
Net cash provided by (used in) investing activities
   
(161.4
)
 
15.7
   
108.6
   
   
(37.1
)
                                 
Cash flows from financing activities
                               
Long-term borrowings
   
120.0
   
   
0.6
   
   
120.6
 
Repayments of long-term borrowings
   
   
(4.4
)
 
(4.3
)
 
   
(8.7
)
Change in short-term borrowings
   
55.7
   
   
(28.4
)
 
   
27.3
 
Proceeds from issuance of common stock
   
11.0
   
   
   
   
11.0
 
Acquisitions of treasury stock
   
(98.5
)
 
   
   
   
(98.5
)
Common dividends
   
(10.2
)
 
   
   
   
(10.2
)
Other, net
   
3.0
   
   
   
   
3.0
 
Net cash provided by (used in) financing activities
   
81.0
   
(4.4
)
 
(32.1
)
 
   
44.5
 
                                 
Effect of exchange rate changes on cash
   
   
   
   
   
 
                                 
Net change in cash and cash equivalents
   
(103.3
)
 
(0.2
)
 
3.2
   
   
(100.3
)
Cash and cash equivalents - Beginning of period
   
110.3
   
2.3
   
38.9
   
   
151.5
 
Cash and cash equivalents - End of period
 
$
7.0
 
$
2.1
 
$
42.1
 
$
 
$
51.2
 


Page 5 of 6



   
UNAUDITED CONDENSED, CONSOLIDATING
STATEMENT OF CASH FLOWS
 
   
For the Three Months Ended April 2, 2006
 
   
Ball
 
Guarantor
 
Non-Guarantor
 
Eliminating
 
Consolidated
 
($ in millions)
 
Corporation
 
Subsidiaries
 
Subsidiaries
 
Adjustments
 
Total
 
Cash flows from operating activities
                               
Net earnings (loss)
 
$
44.4
 
$
38.7
 
$
12.6
 
$
(51.3
)
$
44.4
 
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
)
 
(0.6
)
 
(3.8
)
 
   
(5.5
)
Equity in results of subsidiaries
   
(51.3
)
 
   
   
51.3
   
 
Other, net
   
3.7
   
(6.1
)
 
(12.2
)
 
   
(14.6
)
Changes in working capital components, excluding effects of acquisitions
   
24.5
   
(88.4
)
 
(188.9
)
 
   
(252.8
)
Net cash provided by (used in) operating activities
   
21.0
   
(23.2
)
 
(169.6
)
 
   
(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
   
(1,009.9
)
 
826.0
   
183.9
   
   
 
Other, net
   
1.1
   
(0.2
)
 
0.6
   
   
1.5
 
Net cash provided by (used in) investing activities
   
(1,009.2
)
 
32.4
   
146.0
   
   
(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
 

 
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