SUBSIDIARY GUARANTEES OF DEBT
Published on August 4, 2009
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 June 28, 2009, and December 31, 2008, and for the six months ended June 28, 2009, and June 29, 2008. 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 CONSOLIDATING
STATEMENT OF EARNINGS
|
||||||||||||||||||||
|
For the Three Months Ended June 28, 2009
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($ in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Net sales
|
$ | – | $ | 1,329.3 | $ | 596.9 | $ | – | $ | 1,926.2 | ||||||||||
|
Costs and expenses
|
||||||||||||||||||||
|
Cost of sales (excluding depreciation)
|
– | 1,117.4 | 475.8 | – | 1,593.2 | |||||||||||||||
|
Depreciation and amortization
|
0.9 | 41.9 | 26.6 | – | 69.4 | |||||||||||||||
|
Selling, general and administrative
|
15.6 | 49.9 | 12.4 | – | 77.9 | |||||||||||||||
|
Business consolidation and other activities
|
2.9 | 15.6 | 0.6 | – | 19.1 | |||||||||||||||
|
Gain on sale of investment
|
– | (34.8 | ) | – | (34.8 | ) | ||||||||||||||
|
Equity in results of subsidiaries
|
(143.2 | ) | – | – | 143.2 | – | ||||||||||||||
|
Intercompany license fees
|
(6.6 | ) | 5.8 | 0.8 | – | – | ||||||||||||||
| (130.4 | ) | 1,195.8 | 516.2 | 143.2 | 1,724.8 | |||||||||||||||
|
Earnings (loss) before interest and taxes
|
130.4 | 133.5 | 80.7 | (143.2 | ) | 201.4 | ||||||||||||||
|
Interest expense
|
(6.1 | ) | (11.9 | ) | (6.7 | ) | – | (24.7 | ) | |||||||||||
|
Earnings (loss) before taxes
|
124.3 | 121.6 | 74.0 | (143.2 | ) | 176.7 | ||||||||||||||
|
Tax provision
|
9.0 | (45.3 | ) | (12.1 | ) | – | (48.4 | ) | ||||||||||||
|
Equity in results of affiliates
|
– | 0.6 | 4.6 | – | 5.2 | |||||||||||||||
|
Net earnings (loss)
|
133.3 | 76.9 | 66.5 | (143.2 | ) | 133.5 | ||||||||||||||
|
Less net earnings attributable to noncontrolling interests
|
– | – | (0.2 | ) | – | (0.2 | ) | |||||||||||||
|
Net earnings (loss) attributable to Ball Corporation
|
$ | 133.3 | $ | 76.9 | $ | 66.3 | $ | (143.2 | ) | $ | 133.3 | |||||||||
|
UNAUDITED CONDENSED CONSOLIDATING
STATEMENT OF EARNINGS
|
||||||||||||||||||||
|
For the Three Months Ended June 29, 2008
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($ in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Net sales
|
$ | – | $ | 1,422.8 | $ | 694.8 | $ | (37.3 | ) | $ | 2,080.3 | |||||||||
|
Costs and expenses
|
||||||||||||||||||||
|
Cost of sales (excluding depreciation)
|
– | 1,226.1 | 549.7 | (37.3 | ) | 1,738.5 | ||||||||||||||
|
Depreciation and amortization
|
1.1 | 45.8 | 29.3 | – | 76.2 | |||||||||||||||
|
Selling, general and administrative
|
11.9 | 44.4 | 22.2 | – | 78.5 | |||||||||||||||
|
Business consolidation and other activities
|
0.8 | 6.4 | 4.3 | – | 11.5 | |||||||||||||||
|
Equity in results of subsidiaries
|
(102.6 | ) | – | – | 102.6 | – | ||||||||||||||
|
Intercompany license fees
|
(15.5 | ) | 14.7 | 0.8 | – | – | ||||||||||||||
| (104.3 | ) | 1,337.4 | 606.3 | 65.3 | 1,904.7 | |||||||||||||||
|
Earnings (loss) before interest and taxes
|
104.3 | 85.4 | 88.5 | (102.6 | ) | 175.6 | ||||||||||||||
|
Interest expense
|
(8.2 | ) | (13.4 | ) | (13.1 | ) | – | (34.7 | ) | |||||||||||
|
Earnings (loss) before taxes
|
96.1 | 72.0 | 75.4 | (102.6 | ) | 140.9 | ||||||||||||||
|
Tax provision
|
3.9 | (31.3 | ) | (18.0 | ) | – | (45.4 | ) | ||||||||||||
|
Equity in results of affiliates
|
– | 0.7 | 3.9 | – | 4.6 | |||||||||||||||
|
Net earnings (loss)
|
100.0 | 41.4 | 61.3 | (102.6 | ) | 100.1 | ||||||||||||||
|
Less net earnings attributable to noncontrolling interests
|
– | – | (0.1 | ) | – | (0.1 | ) | |||||||||||||
|
Net earnings (loss) attributable to Ball Corporation
|
$ | 100.0 | $ | 41.4 | $ | 61.2 | $ | (102.6 | ) | $ | 100.0 | |||||||||
Page 2 of 7
|
UNAUDITED CONDENSED CONSOLIDATING
STATEMENT OF EARNINGS
|
||||||||||||||||||||
|
For the Six Months Ended June 28, 2009
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($ in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Net sales
|
$ | – | $ | 2,478.0 | $ | 1,033.8 | $ | – | $ | 3,511.8 | ||||||||||
|
Costs and expenses
|
||||||||||||||||||||
|
Cost of sales (excluding depreciation)
|
– | 2,070.3 | 835.4 | – | 2,905.7 | |||||||||||||||
|
Depreciation and amortization
|
1.7 | 83.0 | 51.4 | – | 136.1 | |||||||||||||||
|
Selling, general and administrative
|
25.4 | 95.0 | 32.7 | – | 153.1 | |||||||||||||||
|
Business consolidation and other activities
|
2.9 | 20.6 | 0.6 | – | 24.1 | |||||||||||||||
|
Gain on sale of investment
|
– | (34.8 | ) | – | – | (34.8 | ) | |||||||||||||
|
Equity in results of subsidiaries
|
(211.5 | ) | – | – | 211.5 | – | ||||||||||||||
|
Intercompany license fees
|
(24.5 | ) | 23.1 | 1.4 | – | – | ||||||||||||||
| (206.0 | ) | 2,257.2 | 921.5 | 211.5 | 3,184.2 | |||||||||||||||
|
Earnings (loss) before interest and taxes
|
206.0 | 220.8 | 112.3 | (211.5 | ) | 327.6 | ||||||||||||||
|
Interest expense
|
(12.7 | ) | (23.1 | ) | (14.7 | ) | – | (50.5 | ) | |||||||||||
|
Earnings (loss) before taxes
|
193.3 | 197.7 | 97.6 | (211.5 | ) | 277.1 | ||||||||||||||
|
Tax provision
|
9.5 | (71.9 | ) | (14.1 | ) | – | (76.5 | ) | ||||||||||||
|
Equity in results of affiliates
|
– | 1.0 | 1.5 | – | 2.5 | |||||||||||||||
|
Net earnings (loss)
|
202.8 | 126.8 | 85.0 | (211.5 | ) | 203.1 | ||||||||||||||
|
Less net earnings attributable to noncontrolling interests
|
– | – | (0.3 | ) | – | (0.3 | ) | |||||||||||||
|
Net earnings (loss) attributable to Ball Corporation
|
$ | 202.8 | $ | 126.8 | $ | 84.7 | $ | (211.5 | ) | $ | 202.8 | |||||||||
|
UNAUDITED CONDENSED CONSOLIDATING
STATEMENT OF EARNINGS
|
||||||||||||||||||||
|
For the Six Months Ended June 29, 2008
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($ in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Net sales
|
$ | – | $ | 2,669.0 | $ | 1,210.7 | $ | (59.2 | ) | $ | 3,820.5 | |||||||||
|
Costs and expenses
|
||||||||||||||||||||
|
Cost of sales (excluding depreciation)
|
– | 2,279.0 | 956.4 | (59.2 | ) | 3,176.2 | ||||||||||||||
|
Depreciation and amortization
|
1.9 | 91.8 | 57.1 | – | 150.8 | |||||||||||||||
|
Selling, general and administrative
|
23.3 | 93.1 | 43.7 | – | 160.1 | |||||||||||||||
|
Business consolidation and other activities
|
0.8 | 6.4 | 4.3 | – | 11.5 | |||||||||||||||
|
Gain on sale of investment
|
– | (7.1 | ) | – | – | (7.1 | ) | |||||||||||||
|
Equity in results of subsidiaries
|
(189.6 | ) | – | – | 189.6 | – | ||||||||||||||
|
Intercompany license fees
|
(32.2 | ) | 30.6 | 1.6 | – | – | ||||||||||||||
| (195.8 | ) | 2,493.8 | 1,063.1 | 130.4 | 3,491.5 | |||||||||||||||
|
Earnings (loss) before interest and taxes
|
195.8 | 175.2 | 147.6 | (189.6 | ) | 329.0 | ||||||||||||||
|
Interest expense
|
(20.7 | ) | (24.0 | ) | (26.2 | ) | – | (70.9 | ) | |||||||||||
|
Earnings (loss) before taxes
|
175.1 | 151.2 | 121.4 | (189.6 | ) | 258.1 | ||||||||||||||
|
Tax provision
|
8.7 | (62.8 | ) | (28.5 | ) | – | (82.6 | ) | ||||||||||||
|
Equity in results of affiliates
|
– | 1.1 | 7.4 | – | 8.5 | |||||||||||||||
|
Net earnings (loss)
|
183.8 | 89.5 | 100.3 | (189.6 | ) | 184.0 | ||||||||||||||
|
Less net earnings attributable to noncontrolling interests
|
– | – | (0.2 | ) | – | (0.2 | ) | |||||||||||||
|
Net earnings (loss) attributable to Ball Corporation
|
$ | 183.8 | $ | 89.5 | $ | 100.1 | $ | (189.6 | ) | $ | 183.8 | |||||||||
Page 3 of 7
|
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
|
||||||||||||||||||||
|
June 28, 2009
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($ in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
ASSETS
|
||||||||||||||||||||
|
Current assets
|
||||||||||||||||||||
|
Cash and cash equivalents
|
$ | 1.1 | $ | – | $ | 58.4 | $ | – | $ | 59.5 | ||||||||||
|
Receivables, net
|
(0.9 | ) | 123.2 | 650.4 | – | 772.7 | ||||||||||||||
|
Inventories, net
|
– | 754.4 | 247.0 | – | 1,001.4 | |||||||||||||||
|
Cash collateral – receivable
|
– | 67.2 | 52.2 | – | 119.4 | |||||||||||||||
|
Current derivative contracts
|
0.8 | 127.0 | 18.5 | – | 146.3 | |||||||||||||||
|
Current deferred taxes and other current assets
|
0.1 | 77.1 | 35.4 | – | 112.6 | |||||||||||||||
|
Total current assets
|
1.1 | 1,148.9 | 1,061.9 | – | 2,211.9 | |||||||||||||||
|
Property, plant and equipment, net
|
21.8 | 971.3 | 829.4 | – | 1,822.5 | |||||||||||||||
|
Investment in subsidiaries
|
2,502.4 | 289.7 | 81.0 | (2,873.1 | ) | – | ||||||||||||||
|
Goodwill
|
– | 740.2 | 1,081.6 | – | 1,821.8 | |||||||||||||||
|
Noncurrent derivative contracts
|
0.1 | 90.8 | 6.8 | – | 97.7 | |||||||||||||||
|
Intangibles and other assets, net
|
151.3 | 82.9 | 118.5 | – | 352.7 | |||||||||||||||
|
Total Assets
|
$ | 2,676.7 | $ | 3,323.8 | $ | 3,179.2 | $ | (2,873.1 | ) | $ | 6,306.6 | |||||||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||||||||||||||
|
Current liabilities
|
||||||||||||||||||||
|
Short-term debt and current portion of long-term debt
|
$ | 75.0 | $ | 1.9 | $ | 282.4 | $ | – | $ | 359.3 | ||||||||||
|
Accounts payable
|
54.1 | 402.4 | 280.2 | – | 736.7 | |||||||||||||||
|
Accrued employee costs
|
10.0 | 149.5 | 53.9 | – | 213.4 | |||||||||||||||
|
Income taxes payable and current deferred taxes
|
(7.3 | ) | 29.9 | 8.4 | – | 31.0 | ||||||||||||||
|
Cash collateral – liability
|
– | 69.5 | – | – | 69.5 | |||||||||||||||
|
Current derivative contracts
|
2.6 | 106.8 | 58.0 | – | 167.4 | |||||||||||||||
|
Other current liabilities
|
26.5 | 81.8 | 61.1 | – | 169.4 | |||||||||||||||
|
Total current liabilities
|
160.9 | 841.8 | 744.0 | – | 1,746.7 | |||||||||||||||
|
Long-term debt
|
1,354.4 | 5.9 | 653.7 | – | 2,014.0 | |||||||||||||||
|
Intercompany borrowings
|
(342.2 | ) | 98.6 | 243.6 | – | – | ||||||||||||||
|
Employee benefit obligations
|
183.0 | 434.0 | 356.6 | – | 973.6 | |||||||||||||||
|
Noncurrent derivative contracts
|
– | 90.8 | 54.0 | – | 144.8 | |||||||||||||||
|
Deferred taxes and other liabilities
|
12.8 | 17.4 | 87.5 | – | 117.7 | |||||||||||||||
|
Total liabilities
|
1,368.9 | 1,488.5 | 2,139.4 | – | 4,996.8 | |||||||||||||||
|
Shareholders’ equity
|
||||||||||||||||||||
|
Convertible preferred stock
|
– | – | 4.8 | (4.8 | ) | – | ||||||||||||||
|
Preferred shareholders’ equity
|
– | – | 4.8 | (4.8 | ) | – | ||||||||||||||
|
Common stock
|
804.4 | 819.5 | 487.0 | (1,306.5 | ) | 804.4 | ||||||||||||||
|
Retained earnings
|
2,231.0 | 1,212.0 | 497.8 | (1,709.8 | ) | 2,231.0 | ||||||||||||||
|
Accumulated other comprehensive earnings (loss)
|
(171.3 | ) | (196.2 | ) | 48.2 | 148.0 | (171.3 | ) | ||||||||||||
|
Treasury stock, at cost
|
(1,556.3 | ) | – | – | – | (1,556.3 | ) | |||||||||||||
|
Common shareholders’ equity
|
1,307.8 | 1,835.3 | 1,033.0 | (2,868.3 | ) | 1,307.8 | ||||||||||||||
|
Total Ball Corporation shareholders’ equity
|
1,307.8 | 1,835.3 | 1,037.8 | (2,873.1 | ) | 1,307.8 | ||||||||||||||
|
Noncontrolling interests
|
– | – | 2.0 | – | 2.0 | |||||||||||||||
|
Total shareholders’ equity
|
1,307.8 | 1,835.3 | 1,039.8 | (2,873.1 | ) | 1,309.8 | ||||||||||||||
|
Total Liabilities and Shareholders’ Equity
|
$ | 2,676.7 | $ | 3,323.8 | $ | 3,179.2 | $ | (2,873.1 | ) | $ | 6,306.6 | |||||||||
Page 4 of 7
|
CONDENSED CONSOLIDATING BALANCE SHEET
|
||||||||||||||||||||
|
December 31, 2008
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($ in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
ASSETS
|
||||||||||||||||||||
|
Current assets
|
||||||||||||||||||||
|
Cash and cash equivalents
|
$ | 90.2 | $ | (0.1 | ) | $ | 37.3 | $ | – | $ | 127.4 | |||||||||
|
Receivables, net
|
0.5 | 145.7 | 361.7 | – | 507.9 | |||||||||||||||
|
Inventories, net
|
– | 677.5 | 296.7 | – | 974.2 | |||||||||||||||
|
Cash collateral – receivable
|
– | 123.2 | 106.3 | – | 229.5 | |||||||||||||||
|
Current derivative contracts
|
4.8 | 176.6 | 15.6 | – | 197.0 | |||||||||||||||
|
Current deferred taxes and other current assets
|
(1.1 | ) | 79.7 | 50.7 | – | 129.3 | ||||||||||||||
|
Total current assets
|
94.4 | 1,202.6 | 868.3 | – | 2,165.3 | |||||||||||||||
|
Property, plant and equipment, net
|
23.2 | 1,012.8 | 830.9 | – | 1,866.9 | |||||||||||||||
|
Investment in subsidiaries
|
2,286.1 | 289.7 | 81.0 | (2,656.8 | ) | – | ||||||||||||||
|
Goodwill
|
– | 740.2 | 1,085.3 | – | 1,825.5 | |||||||||||||||
|
Noncurrent derivative contracts
|
0.2 | 131.5 | 7.3 | – | 139.0 | |||||||||||||||
|
Intangibles and other assets, net
|
150.3 | 102.6 | 119.1 | – | 372.0 | |||||||||||||||
|
Total Assets
|
$ | 2,554.2 | $ | 3,479.4 | $ | 2,991.9 | $ | (2,656.8 | ) | $ | 6,368.7 | |||||||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||||||||||||||
|
Current liabilities
|
||||||||||||||||||||
|
Short-term debt and current portion of long-term debt
|
$ | 62.5 | $ | 1.8 | $ | 238.7 | $ | – | $ | 303.0 | ||||||||||
|
Accounts payable
|
50.8 | 422.7 | 290.2 | – | 763.7 | |||||||||||||||
|
Accrued employee costs
|
3.7 | 175.0 | 54.0 | – | 232.7 | |||||||||||||||
|
Income taxes payable and current deferred taxes
|
21.5 | (5.8 | ) | (6.8 | ) | – | 8.9 | |||||||||||||
|
Cash collateral – liability
|
– | 124.0 | – | – | 124.0 | |||||||||||||||
|
Current derivative contracts
|
2.9 | 162.9 | 102.6 | – | 268.4 | |||||||||||||||
|
Other current liabilities
|
27.1 | 102.0 | 32.6 | – | 161.7 | |||||||||||||||
|
Total current liabilities
|
168.5 | 982.6 | 711.3 | – | 1,862.4 | |||||||||||||||
|
Long-term debt
|
1,340.5 | 7.7 | 758.9 | – | 2,107.1 | |||||||||||||||
|
Intercompany borrowings
|
(245.3 | ) | 217.7 | 27.6 | – | – | ||||||||||||||
|
Employee benefit obligations
|
193.8 | 430.0 | 357.6 | – | 981.4 | |||||||||||||||
|
Noncurrent derivative contracts
|
0.3 | 131.7 | 57.7 | – | 189.7 | |||||||||||||||
|
Deferred taxes and other liabilities
|
10.6 | 15.7 | 114.5 | – | 140.8 | |||||||||||||||
|
Total liabilities
|
1,468.4 | 1,785.4 | 2,027.6 | – | 5,281.4 | |||||||||||||||
|
Shareholders’ equity
|
||||||||||||||||||||
|
Convertible preferred stock
|
– | – | 4.8 | (4.8 | ) | – | ||||||||||||||
|
Preferred shareholders’ equity
|
– | – | 4.8 | (4.8 | ) | – | ||||||||||||||
|
Common stock
|
788.0 | 820.9 | 485.5 | (1,306.4 | ) | 788.0 | ||||||||||||||
|
Retained earnings
|
2,047.1 | 1,084.7 | 413.7 | (1,498.4 | ) | 2,047.1 | ||||||||||||||
|
Accumulated other comprehensive earnings (loss)
|
(182.5 | ) | (211.6 | ) | 58.8 | 152.8 | (182.5 | ) | ||||||||||||
|
Treasury stock, at cost
|
(1,566.8 | ) | – | – | – | (1,566.8 | ) | |||||||||||||
|
Common shareholders’ equity
|
1,085.8 | 1,694.0 | 958.0 | (2,652.0 | ) | 1,085.8 | ||||||||||||||
|
Total Ball Corporation shareholders’ equity
|
1,085.8 | 1,694.0 | 962.8 | (2,656.8 | ) | 1,085.8 | ||||||||||||||
|
Noncontrolling interests
|
– | – | 1.5 | – | 1.5 | |||||||||||||||
|
Total shareholders’ equity
|
1,085.8 | 1,694.0 | 964.3 | (2,656.8 | ) | 1,087.3 | ||||||||||||||
|
Total Liabilities and Shareholders’ Equity
|
$ | 2,554.2 | $ | 3,479.4 | $ | 2,991.9 | $ | (2,656.8 | ) | $ | 6,368.7 | |||||||||
Page 5 of 7
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UNAUDITED CONDENSED CONSOLIDATING
STATEMENT OF CASH FLOWS
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For the Six Months Ended June 28, 2009
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Ball
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Guarantor
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Non-Guarantor
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Eliminating
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Consolidated
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||||||||||||||||
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($ in millions)
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Corporation
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Subsidiaries
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Subsidiaries
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Adjustments
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Total
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Cash flows from operating activities
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Net earnings (loss)
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$ | 202.8 | $ | 126.8 | $ | 85.0 | $ | (211.5 | ) | $ | 203.1 | |||||||||
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Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
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Depreciation and amortization
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1.7 | 83.0 | 51.4 | – | 136.1 | |||||||||||||||
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Business consolidation and other activities, net of cash payments
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2.9 | 18.1 | 0.5 | – | 21.5 | |||||||||||||||
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Gain on sale of investment
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– | (34.8 | ) | – | – | (34.8 | ) | |||||||||||||
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Deferred taxes
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(2.1 | ) | 11.9 | (21.3 | ) | – | (11.5 | ) | ||||||||||||
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Equity earnings of subsidiaries
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(211.5 | ) | – | – | 211.5 | – | ||||||||||||||
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Other, net
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17.1 | 5.0 | (13.7 | ) | – | 8.4 | ||||||||||||||
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Working capital changes, net
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(24.7 | ) | (86.4 | ) | (202.5 | ) | – | (313.6 | ) | |||||||||||
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Cash provided by (used in) operating activities
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(13.8 | ) | 123.6 | (100.6 | ) | – | 9.2 | |||||||||||||
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Cash flows from investing activities
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Additions to property, plant and equipment
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(0.5 | ) | (51.8 | ) | (55.8 | ) | – | (108.1 | ) | |||||||||||
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Cash collateral, net
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– | 1.5 | 53.2 | – | 54.7 | |||||||||||||||
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Proceeds from sale of investment
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– | 37.0 | – | – | 37.0 | |||||||||||||||
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Investments in and advances to affiliates
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(90.7 | ) | (112.7 | ) | 203.4 | – | – | |||||||||||||
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Other, net
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(6.0 | ) | 4.4 | 0.9 | – | (0.7 | ) | |||||||||||||
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Cash provided by (used in) investing activities
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(97.2 | ) | (121.6 | ) | 201.7 | – | (17.1 | ) | ||||||||||||
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Cash flows from financing activities
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Long-term borrowings
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398.3 | – | 113.1 | – | 511.4 | |||||||||||||||
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Repayments of long-term borrowings
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(371.6 | ) | (1.9 | ) | (220.8 | ) | – | (594.3 | ) | |||||||||||
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Change in short-term borrowings
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– | – | 24.9 | – | 24.9 | |||||||||||||||
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Proceeds from issuances of common stock
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12.3 | – | – | – | 12.3 | |||||||||||||||
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Acquisitions of treasury stock
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(1.3 | ) | – | – | – | (1.3 | ) | |||||||||||||
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Common dividends
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(18.7 | ) | – | – | – | (18.7 | ) | |||||||||||||
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Other, net
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2.9 | – | – | – | 2.9 | |||||||||||||||
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Cash provided by (used in) financing activities
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21.9 | (1.9 | ) | (82.8 | ) | – | (62.8 | ) | ||||||||||||
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Effect of exchange rate changes on cash
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– | – | 2.8 | – | 2.8 | |||||||||||||||
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Change in cash and cash equivalents
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(89.1 | ) | 0.1 | 21.1 | – | (67.9 | ) | |||||||||||||
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Cash and cash equivalents – beginning of period
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90.2 | (0.1 | ) | 37.3 | – | 127.4 | ||||||||||||||
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Cash and cash equivalents – end of period
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$ | 1.1 | $ | – | $ | 58.4 | $ | – | $ | 59.5 | ||||||||||
Page 6 of 7
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UNAUDITED CONDENSED CONSOLIDATING
STATEMENT OF CASH FLOWS
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For the Six Months Ended June 29, 2008
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Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($ in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Cash flows from operating activities
|
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Net earnings (loss)
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$ | 183.8 | $ | 89.5 | $ | 100.3 | $ | (189.6 | ) | $ | 184.0 | |||||||||
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Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
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Depreciation and amortization
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1.9 | 91.8 | 57.1 | – | 150.8 | |||||||||||||||
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Business consolidation and other costs
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0.8 | 6.4 | 4.3 | – | 11.5 | |||||||||||||||
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Gain on sale of subsidiary
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– | (7.1 | ) | – | – | (7.1 | ) | |||||||||||||
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Legal settlement
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– | (70.3 | ) | – | – | (70.3 | ) | |||||||||||||
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Deferred taxes
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1.0 | 11.2 | (9.3 | ) | – | 2.9 | ||||||||||||||
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Equity earnings of subsidiaries
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(189.6 | ) | – | – | 189.6 | – | ||||||||||||||
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Other, net
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18.9 | 9.3 | (6.7 | ) | – | 21.5 | ||||||||||||||
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Working capital changes, net
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(85.5 | ) | (23.4 | ) | (254.0 | ) | – | (362.9 | ) | |||||||||||
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Cash provided by (used in) operating activities
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(68.7 | ) | 107.4 | (108.3 | ) | – | (69.6 | ) | ||||||||||||
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Cash flows from investing activities
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Additions to property, plant and equipment
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(2.1 | ) | (83.3 | ) | (75.1 | ) | – | (160.5 | ) | |||||||||||
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Proceeds from sale of subsidiary, net
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– | 8.7 | – | – | 8.7 | |||||||||||||||
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Investments in and advances to affiliates
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(15.5 | ) | (28.6 | ) | 44.1 | – | – | |||||||||||||
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Other, net
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(7.8 | ) | (3.7 | ) | 1.3 | – | (10.2 | ) | ||||||||||||
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Cash used in investing activities
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(25.4 | ) | (106.9 | ) | (29.7 | ) | – | (162.0 | ) | |||||||||||
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Cash flows from financing activities
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Long-term borrowings
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335.0 | – | 3.1 | – | 338.1 | |||||||||||||||
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Repayments of long-term borrowings
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(115.6 | ) | (2.4 | ) | (15.5 | ) | – | (133.5 | ) | |||||||||||
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Change in short-term borrowings
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4.8 | – | 125.9 | – | 130.7 | |||||||||||||||
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Proceeds from issuances of common stock
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15.6 | – | – | – | 15.6 | |||||||||||||||
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Acquisitions of treasury stock
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(196.8 | ) | – | – | – | (196.8 | ) | |||||||||||||
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Common dividends
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(19.0 | ) | – | – | – | (19.0 | ) | |||||||||||||
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Other, net
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2.4 | – | – | – | 2.4 | |||||||||||||||
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Cash provided by (used in) financing activities
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26.4 | (2.4 | ) | 113.5 | – | 137.5 | ||||||||||||||
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Effect of exchange rate changes on cash
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– | – | 5.9 | – | 5.9 | |||||||||||||||
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Change in cash and cash equivalents
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(67.7 | ) | (1.9 | ) | (18.6 | ) | – | (88.2 | ) | |||||||||||
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Cash and cash equivalents – beginning of period
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70.1 | 1.9 | 79.6 | – | 151.6 | |||||||||||||||
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Cash and cash equivalents – end of period
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$ | 2.4 | $ | – | $ | 61.0 | $ | – | $ | 63.4 | ||||||||||
Page 7 of 7