SUBSIDIARY GUARANTEES OF DEBT
Published on August 1, 2007
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 July 1, 2007, and December 31, 2006, and for the three months ended
July 1, 2007, and July 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 last-in,
first-out (LIFO) to first-in, first-out (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
7
|
UNAUDITED
CONDENSED, CONSOLIDATED STATEMENT OF EARNINGS
|
||||||||||||||||||||
|
For
the Three Months Ended July 1, 2007
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Net
sales
|
$
|
–
|
$ |
1,476.5
|
$ |
595.5
|
$ | (39.2 | ) | $ |
2,032.8
|
|||||||||
|
Costs
and expenses
|
||||||||||||||||||||
|
Cost
of sales (excluding depreciation and amortization)
|
–
|
1,273.2
|
448.6
|
(39.2 | ) |
1,682.6
|
||||||||||||||
|
Depreciation
and amortization
|
0.8
|
44.9
|
24.2
|
–
|
69.9
|
|||||||||||||||
|
Selling,
general and administrative
|
21.3
|
43.0
|
23.0
|
–
|
87.3
|
|||||||||||||||
|
Interest
expense
|
7.5
|
14.7
|
15.9
|
–
|
38.1
|
|||||||||||||||
|
Equity
in results of subsidiaries
|
(115.5 | ) |
–
|
–
|
115.5
|
–
|
||||||||||||||
|
Corporate
allocations
|
(18.7 | ) |
18.2
|
0.5
|
–
|
–
|
||||||||||||||
| (104.6 | ) |
1,394.0
|
512.2
|
76.3
|
1,877.9
|
|||||||||||||||
|
Earnings
(loss) before taxes
|
104.6
|
82.5
|
83.3
|
(115.5 | ) |
154.9
|
||||||||||||||
|
Tax
(provision) benefit
|
1.3
|
(28.9 | ) | (24.7 | ) |
–
|
(52.3 | ) | ||||||||||||
|
Minority
interests
|
–
|
–
|
(0.1 | ) |
–
|
(0.1 | ) | |||||||||||||
|
Equity
in results of affiliates
|
–
|
1.0
|
2.4
|
–
|
3.4
|
|||||||||||||||
|
Net
earnings (loss)
|
$ |
105.9
|
$ |
54.6
|
$ |
60.9
|
$ | (115.5 | ) | $ |
105.9
|
|||||||||
|
UNAUDITED
CONDENSED, CONSOLIDATED STATEMENT OF EARNINGS
|
||||||||||||||||||||
|
For
the Three Months Ended July 2, 2006
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
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)
|
–
|
1,218.3
|
392.3
|
(55.8 | ) |
1,554.8
|
||||||||||||||
|
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
|
(141.1 | ) |
–
|
–
|
141.1
|
–
|
||||||||||||||
|
Corporate
allocations
|
(15.9 | ) |
15.3
|
0.6
|
-
|
–
|
||||||||||||||
| (126.1 | ) |
1,327.5
|
369.6
|
85.3
|
1,656.3
|
|||||||||||||||
|
Earnings
(loss) before taxes
|
126.1
|
64.7
|
136.5
|
(141.1 | ) |
186.2
|
||||||||||||||
|
Tax
(provision) benefit
|
3.7
|
(19.8 | ) | (45.0 | ) |
–
|
(61.1 | ) | ||||||||||||
|
Minority
interests
|
–
|
–
|
(0.2 | ) |
–
|
(0.2 | ) | |||||||||||||
|
Equity
in results of affiliates
|
–
|
1.7
|
3.2
|
–
|
4.9
|
|||||||||||||||
|
Net
earnings (loss)
|
$ |
129.8
|
$ |
46.6
|
$ |
94.5
|
$ | (141.1 | ) | $ |
129.8
|
|||||||||
Page
2 of
7
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
||||||||||||||||||||
|
For
the Six Months Ended July 1, 2007
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Net
sales
|
$ |
–
|
$ |
2,768.4
|
$ |
1,027.8
|
$ | (69.2 | ) | $ |
3,727.0
|
|||||||||
|
Costs
and expenses
|
||||||||||||||||||||
|
Cost
of sales (excluding depreciation and amortization)
|
–
|
2,361.3
|
784.8
|
(69.2 | ) |
3,076.9
|
||||||||||||||
|
Depreciation
and amortization
|
1.6
|
87.2
|
46.1
|
–
|
134.9
|
|||||||||||||||
|
Selling,
general and administrative
|
33.6
|
88.3
|
47.6
|
–
|
169.5
|
|||||||||||||||
|
Interest
expense
|
17.5
|
28.4
|
30.1
|
–
|
76.0
|
|||||||||||||||
|
Equity
in results of subsidiaries
|
(199.6 | ) |
–
|
–
|
199.6
|
–
|
||||||||||||||
|
Corporate
allocations
|
(34.6 | ) |
33.9
|
0.7
|
-
|
–
|
||||||||||||||
| (181.5 | ) |
2,599.1
|
909.3
|
130.4
|
3,457.3
|
|||||||||||||||
|
Earnings
(loss) before taxes
|
181.5
|
169.3
|
118.5
|
(199.6 | ) |
269.7
|
||||||||||||||
|
Tax
(provision) benefit
|
5.6
|
(56.1 | ) | (38.5 | ) |
–
|
(89.0 | ) | ||||||||||||
|
Minority
interests
|
–
|
–
|
(0.2 | ) |
–
|
(0.2 | ) | |||||||||||||
|
Equity
in results of affiliates
|
–
|
1.6
|
5.0
|
–
|
6.6
|
|||||||||||||||
|
Net
earnings (loss)
|
$ |
187.1
|
$ |
114.8
|
$ |
84.8
|
$ | (199.6 | ) | $ |
187.1
|
|||||||||
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
||||||||||||||||||||
|
For
the Six Months Ended July 2, 2006
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
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)
|
–
|
2,144.3
|
660.8
|
(93.6 | ) |
2,711.5
|
||||||||||||||
|
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
|
(192.4 | ) |
–
|
–
|
192.4
|
–
|
||||||||||||||
|
Corporate
allocations
|
(32.5 | ) |
30.0
|
2.5
|
–
|
–
|
||||||||||||||
| (166.0 | ) |
2,333.7
|
696.8
|
98.8
|
2,963.3
|
|||||||||||||||
|
Earnings
(loss) before taxes
|
166.0
|
121.9
|
148.6
|
(192.4 | ) |
244.1
|
||||||||||||||
|
Tax
(provision) benefit
|
8.2
|
(39.0 | ) | (46.8 | ) |
–
|
(77.6 | ) | ||||||||||||
|
Minority
interests
|
–
|
–
|
(0.4 | ) |
–
|
(0.4 | ) | |||||||||||||
|
Equity
in results of affiliates
|
–
|
2.4
|
5.7
|
–
|
8.1
|
|||||||||||||||
|
Net
earnings (loss)
|
$ |
174.2
|
$ |
85.3
|
$ |
107.1
|
$ | (192.4 | ) | $ |
174.2
|
|||||||||
Page
3 of
7
|
UNAUDITED
CONDENSED, CONSOLIDATING BALANCE SHEET
|
||||||||||||||||||||
|
July
1, 2007
|
||||||||||||||||||||
|
($
in millions)
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
|||||||||||||||
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
||||||||||||||||
|
ASSETS
|
||||||||||||||||||||
|
Current
assets
|
||||||||||||||||||||
|
Cash
and cash equivalents
|
$ |
36.1
|
$ |
2.0
|
$ |
53.8
|
$ |
–
|
$ |
91.9
|
||||||||||
|
Receivables,
net
|
(0.5 | ) |
212.1
|
560.8
|
–
|
772.4
|
||||||||||||||
|
Inventories,
net
|
-
|
667.0
|
231.8
|
-
|
898.8
|
|||||||||||||||
|
Deferred
taxes and prepaid expenses
|
30.1
|
13.1
|
50.2
|
–
|
93.4
|
|||||||||||||||
|
Total
current assets
|
65.7
|
894.2
|
896.6
|
–
|
1,856.5
|
|||||||||||||||
|
Property,
plant and equipment, net
|
27.7
|
1,061.7
|
824.4
|
–
|
1,913.8
|
|||||||||||||||
|
Investment
in subsidiaries
|
2,082.2
|
444.4
|
81.0
|
(2,607.6 | ) |
–
|
||||||||||||||
|
Investment
in affiliates
|
1.4
|
25.9
|
51.0
|
–
|
78.3
|
|||||||||||||||
|
Goodwill
|
−
|
740.8
|
1,043.0
|
-
|
1,783.8
|
|||||||||||||||
|
Intangibles
and other assets, net
|
116.6
|
113.3
|
62.8
|
-
|
292.7
|
|||||||||||||||
| $ |
2,293.6
|
$ |
3,280.3
|
$ |
2,958.8
|
$ | (2,607.6 | ) | $ |
5,925.1
|
||||||||||
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||||||||||||||
|
Current
liabilities
|
||||||||||||||||||||
|
Short-term
debt and current portion of long-term debt
|
$ |
37.5
|
$ |
3.1
|
$ |
121.5
|
$ |
-
|
$ |
162.1
|
||||||||||
|
Accounts
payable
|
64.1
|
395.6
|
289.2
|
–
|
748.9
|
|||||||||||||||
|
Accrued
employee costs
|
6.3
|
123.5
|
60.1
|
-
|
189.9
|
|||||||||||||||
|
Income
taxes payable
|
30.1
|
1.2
|
20.0
|
–
|
51.3
|
|||||||||||||||
|
Other
current liabilities
|
32.2
|
85.2
|
65.9
|
–
|
183.3
|
|||||||||||||||
|
Total
current liabilities
|
170.2
|
608.6
|
556.7
|
–
|
1,335.5
|
|||||||||||||||
|
Long-term
debt
|
1,473.6
|
10.0
|
749.4
|
–
|
2,233.0
|
|||||||||||||||
|
Intercompany
borrowings
|
(887.1 | ) |
695.8
|
191.3
|
–
|
-
|
||||||||||||||
|
Employee
benefit obligations
|
167.2
|
278.2
|
404.2
|
–
|
849.6
|
|||||||||||||||
|
Deferred
taxes and other liabilities
|
24.1
|
1.2
|
134.9
|
–
|
160.2
|
|||||||||||||||
|
Total
liabilities
|
948.0
|
1,593.8
|
2,036.5
|
–
|
4,578.3
|
|||||||||||||||
|
Minority
interests
|
-
|
-
|
1.2
|
-
|
1.2
|
|||||||||||||||
|
Shareholders’
equity
|
||||||||||||||||||||
|
Convertible
preferred stock
|
-
|
-
|
179.6
|
(179.6 | ) |
-
|
||||||||||||||
|
Preferred
shareholders’ equity
|
-
|
-
|
179.6
|
(179.6 | ) |
-
|
||||||||||||||
|
Common
stock
|
740.5
|
819.7
|
496.0
|
(1,315.7 | ) |
740.5
|
||||||||||||||
|
Retained
earnings
|
1,690.2
|
976.5
|
157.1
|
(1,133.6 | ) |
1,690.2
|
||||||||||||||
|
Accumulated
other comprehensive earnings (loss)
|
5.6
|
(109.7 | ) |
88.4
|
21.3
|
5.6
|
||||||||||||||
|
Treasury
stock, at cost
|
(1,090.7 | ) |
-
|
-
|
-
|
(1,090.7 | ) | |||||||||||||
|
Common
shareholders’ equity
|
1,345.6
|
1,686.5
|
741.5
|
(2,428.0 | ) |
1,345.6
|
||||||||||||||
|
Total
shareholders’ equity
|
1,345.6
|
1,686.5
|
921.1
|
(2,607.6 | ) |
1,345.6
|
||||||||||||||
| $ |
2,293.6
|
$ |
3,280.3
|
$ |
2,958.8
|
$ | (2,607.6 | ) | $ |
5,925.1
|
||||||||||
Page
4 of
7
|
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, 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
5 of
7
|
UNAUDITED
CONDENSED, CONSOLIDATING
STATEMENT
OF CASH FLOWS
|
||||||||||||||||||||
|
For
the Six Months Ended July 1, 2007
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Cash
flows from operating activities
|
||||||||||||||||||||
|
Net
earnings (loss)
|
$ |
187.1
|
$ |
114.8
|
$ |
84.8
|
$ | (199.6 | ) | $ |
187.1
|
|||||||||
|
Adjustments
to reconcile net earnings to net cash provided by operating
activities:
|
||||||||||||||||||||
|
Depreciation
and amortization
|
1.6
|
87.2
|
46.1
|
-
|
134.9
|
|||||||||||||||
|
Deferred
taxes
|
(7.9
|
) | 14.9 | (3.3 | ) |
-
|
3.7
|
|||||||||||||
|
Equity
in results of subsidiaries
|
(199.6 | ) |
–
|
–
|
199.6
|
–
|
||||||||||||||
|
Other,
net
|
19.9
|
4.5
|
7.3
|
-
|
31.7
|
|||||||||||||||
|
Changes
in working capital components, excluding effects of
acquisitions
|
(6.8 | ) |
33.6
|
(133.1 | ) |
-
|
(106.3 | ) | ||||||||||||
|
Net
cash provided by operating activities
|
(5.7
|
) |
255.0
|
1.8
|
-
|
251.1
|
||||||||||||||
|
Cash
flows from investing activities
|
||||||||||||||||||||
|
Additions
to property, plant and equipment
|
(2.4 | ) | (57.3 | ) | (106.6 | ) |
-
|
(166.3 | ) | |||||||||||
|
Investments
in and advances to affiliates, net of dividends
|
49.1
|
(187.7 | ) |
138.6
|
-
|
–
|
||||||||||||||
|
Property
insurance proceeds
|
−
|
−
|
48.6
|
−
|
48.6
|
|||||||||||||||
|
Other,
net
|
(3.4 | ) |
1.5
|
2.6
|
-
|
0.7
|
||||||||||||||
|
Net
cash provided by (used in) investing activities
|
43.3
|
(243.5 | ) |
83.2
|
-
|
(117.0 | ) | |||||||||||||
|
Cash
flows from financing activities
|
||||||||||||||||||||
|
Long-term
borrowings
|
−
|
–
|
9.6
|
–
|
9.6
|
|||||||||||||||
|
Repayments
of long-term borrowings
|
(5.0 | ) | (11.8 | ) | (4.4 | ) |
-
|
(21.2 | ) | |||||||||||
|
Change
in short-term borrowings
|
2.2
|
-
|
(76.2 | ) |
-
|
(74.0 | ) | |||||||||||||
|
Proceeds
from issuance of common stock
|
27.1
|
-
|
-
|
-
|
27.1
|
|||||||||||||||
|
Acquisitions
of treasury stock
|
(122.4 | ) |
–
|
-
|
-
|
(122.4 | ) | |||||||||||||
|
Common
dividends
|
(20.4 | ) |
–
|
–
|
–
|
(20.4 | ) | |||||||||||||
|
Other,
net
|
6.7
|
−
|
–
|
-
|
6.7
|
|||||||||||||||
|
Net
cash used in financing activities
|
(111.8 | ) | (11.8 | ) | (71.0 | ) |
-
|
(194.6 | ) | |||||||||||
|
Effect
of exchange rate changes on cash
|
–
|
–
|
0.9
|
-
|
0.9
|
|||||||||||||||
|
Net
change in cash and cash equivalents
|
(74.2 | ) | (0.3 | ) |
14.9
|
-
|
(59.6 | ) | ||||||||||||
|
Cash
and cash equivalents –
Beginning of period
|
110.3
|
2.3
|
38.9
|
-
|
151.5
|
|||||||||||||||
|
Cash
and cash equivalents – End of period
|
$ |
36.1
|
$ |
2.0
|
$ |
53.8
|
$ |
-
|
$ |
91.9
|
||||||||||
Page
6 of
7
|
UNAUDITED
CONDENSED, CONSOLIDATING
STATEMENT
OF CASH FLOWS
|
||||||||||||||||||||
|
For
the Six Months Ended July 2, 2006
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Cash
flows from operating activities
|
||||||||||||||||||||
|
Net
earnings (loss)
|
$ |
174.2
|
$ |
85.3
|
$ |
107.1
|
$ | (192.4 | ) | $ |
174.2
|
|||||||||
|
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 | ) | (0.6 | ) |
14.6
|
-
|
12.2
|
|||||||||||||
|
Equity
in results of subsidiaries
|
(192.4 | ) |
–
|
–
|
192.4
|
–
|
||||||||||||||
|
Other,
net
|
10.4
|
(20.3 | ) | (19.4 | ) |
-
|
(29.3 | ) | ||||||||||||
|
Changes
in working capital components, excluding effects of
acquisitions
|
(18.5 | ) | (54.8 | ) | (197.1 | ) |
-
|
(270.4 | ) | |||||||||||
|
Net
cash provided by (used in) operating activities
|
(26.5 | ) |
85.5
|
(125.2 | ) |
-
|
(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 | ) | ||||||||||||
|
Investments
in and advances to affiliates, net of dividends
|
(951.5 | ) |
740.9
|
210.6
|
-
|
–
|
||||||||||||||
|
Property
insurance proceeds
|
−
|
−
|
32.4
|
−
|
32.4
|
|||||||||||||||
|
Other,
net
|
(4.6 | ) |
6.1
|
7.1
|
-
|
8.6
|
||||||||||||||
|
Net
cash provided by (used in) investing activities
|
(956.9 | ) | (75.2 | ) |
160.2
|
-
|
(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
7 of
7