SUBSIDIARY GUARANTEES OF DEBT
Published on November 5, 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 September 27, 2009, and December 31, 2008, and for the nine
months ended September 27, 2009, and September 28, 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 September 27, 2009
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Net
sales
|
$ | – | $ | 1,361.7 | $ | 607.4 | $ | – | $ | 1,969.1 | ||||||||||
|
Costs
and expenses
|
||||||||||||||||||||
|
Cost
of sales (excluding depreciation)
|
– | 1,146.8 | 462.9 | – | 1,609.7 | |||||||||||||||
|
Depreciation
and amortization
|
0.9 | 41.7 | 27.8 | – | 70.4 | |||||||||||||||
|
Selling,
general and administrative
|
14.5 | 44.0 | 28.3 | – | 86.8 | |||||||||||||||
|
Business
consolidation and other activities
|
9.1 | 10.6 | 3.0 | – | 22.7 | |||||||||||||||
|
Gain
on sale of investment
|
– | – | – | – | – | |||||||||||||||
|
Equity
in results of subsidiaries
|
(120.4 | ) | – | – | 120.4 | – | ||||||||||||||
|
Intercompany
license fees
|
(9.8 | ) | 8.9 | 0.9 | – | – | ||||||||||||||
| (105.7 | ) | 1,252.0 | 522.9 | 120.4 | 1,789.6 | |||||||||||||||
|
Earnings
(loss) before interest and taxes
|
105.7 | 109.7 | 84.5 | (120.4 | ) | 179.5 | ||||||||||||||
|
Interest
expense
|
(14.7 | ) | (8.3 | ) | (5.9 | ) | – | (28.9 | ) | |||||||||||
|
Earnings
(loss) before taxes
|
91.0 | 101.4 | 78.6 | (120.4 | ) | 150.6 | ||||||||||||||
|
Tax
provision
|
12.7 | (40.4 | ) | (24.6 | ) | – | (52.3 | ) | ||||||||||||
|
Equity
in results of affiliates
|
– | 0.2 | 5.3 | – | 5.5 | |||||||||||||||
|
Net
earnings (loss)
|
103.7 | 61.2 | 59.3 | (120.4 | ) | 103.8 | ||||||||||||||
|
Less
net earnings attributable to noncontrolling interests
|
– | – | (0.1 | ) | – | (0.1 | ) | |||||||||||||
|
Net
earnings (loss) attributable to Ball Corporation
|
$ | 103.7 | $ | 61.2 | $ | 59.2 | $ | (120.4 | ) | $ | 103.7 | |||||||||
|
UNAUDITED
CONDENSED CONSOLIDATING
STATEMENT
OF EARNINGS
|
||||||||||||||||||||
|
For
the Three Months Ended September 28, 2008
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Net
sales
|
$ | – | $ | 1,390.8 | $ | 646.3 | $ | (28.9 | ) | $ | 2,008.2 | |||||||||
|
Costs
and expenses
|
||||||||||||||||||||
|
Cost
of sales (excluding depreciation)
|
– | 1,204.7 | 504.1 | (28.9 | ) | 1,679.9 | ||||||||||||||
|
Depreciation
and amortization
|
0.8 | 44.2 | 28.9 | – | 73.9 | |||||||||||||||
|
Selling,
general and administrative
|
6.1 | 42.0 | 19.4 | – | 67.5 | |||||||||||||||
|
Business
consolidation and other activities
|
– | 4.8 | 4.3 | – | 9.1 | |||||||||||||||
|
Equity
in results of subsidiaries
|
(100.3 | ) | – | – | 100.3 | – | ||||||||||||||
|
Intercompany
license fees
|
(20.0 | ) | 19.1 | 0.9 | – | – | ||||||||||||||
| (113.4 | ) | 1,314.8 | 557.6 | 71.4 | 1,830.4 | |||||||||||||||
|
Earnings
(loss) before interest and taxes
|
113.4 | 76.0 | 88.7 | (100.3 | ) | 177.8 | ||||||||||||||
|
Interest
expense
|
(7.7 | ) | (13.2 | ) | (12.2 | ) | – | (33.1 | ) | |||||||||||
|
Earnings
(loss) before taxes
|
105.7 | 62.8 | 76.5 | (100.3 | ) | 144.7 | ||||||||||||||
|
Tax
provision
|
(3.8 | ) | (26.4 | ) | (15.6 | ) | – | (45.8 | ) | |||||||||||
|
Equity
in results of affiliates
|
– | (0.1 | ) | 3.2 | – | 3.1 | ||||||||||||||
|
Net
earnings (loss)
|
101.9 | 36.3 | 64.1 | (100.3 | ) | 102.0 | ||||||||||||||
|
Less
net earnings attributable to noncontrolling interests
|
– | – | (0.1 | ) | – | (0.1 | ) | |||||||||||||
|
Net
earnings (loss) attributable to Ball Corporation
|
$ | 101.9 | $ | 36.3 | $ | 64.0 | $ | (100.3 | ) | $ | 101.9 | |||||||||
Page 2 of
7
|
UNAUDITED
CONDENSED CONSOLIDATING
STATEMENT
OF EARNINGS
|
||||||||||||||||||||
|
For
the Nine Months Ended September 27, 2009
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Net
sales
|
$ | – | $ | 3,839.7 | $ | 1,641.2 | $ | – | $ | 5,480.9 | ||||||||||
|
Costs
and expenses
|
||||||||||||||||||||
|
Cost
of sales (excluding depreciation)
|
– | 3,217.1 | 1,298.3 | – | 4,515.4 | |||||||||||||||
|
Depreciation
and amortization
|
2.6 | 124.7 | 79.2 | – | 206.5 | |||||||||||||||
|
Selling,
general and administrative
|
39.9 | 139.0 | 61.0 | – | 239.9 | |||||||||||||||
|
Business
consolidation and other activities
|
12.0 | 31.2 | 3.6 | – | 46.8 | |||||||||||||||
|
Gain
on sale of investment
|
– | (34.8 | ) | – | – | (34.8 | ) | |||||||||||||
|
Equity
in results of subsidiaries
|
(331.9 | ) | – | – | 331.9 | – | ||||||||||||||
|
Intercompany
license fees
|
(34.3 | ) | 32.0 | 2.3 | – | – | ||||||||||||||
| (311.7 | ) | 3,509.2 | 1,444.4 | 331.9 | 4,973.8 | |||||||||||||||
|
Earnings
(loss) before interest and taxes
|
311.7 | 330.5 | 196.8 | (331.9 | ) | 507.1 | ||||||||||||||
|
Interest
expense
|
(27.4 | ) | (31.4 | ) | (20.6 | ) | – | (79.4 | ) | |||||||||||
|
Earnings
(loss) before taxes
|
284.3 | 299.1 | 176.2 | (331.9 | ) | 427.7 | ||||||||||||||
|
Tax
provision
|
22.2 | (112.3 | ) | (38.7 | ) | – | (128.8 | ) | ||||||||||||
|
Equity
in results of affiliates
|
– | 1.2 | 6.8 | – | 8.0 | |||||||||||||||
|
Net
earnings (loss)
|
306.5 | 188.0 | 144.3 | (331.9 | ) | 306.9 | ||||||||||||||
|
Less
net earnings attributable to noncontrolling interests
|
– | – | (0.4 | ) | – | (0.4 | ) | |||||||||||||
|
Net
earnings (loss) attributable to Ball Corporation
|
$ | 306.5 | $ | 188.0 | $ | 143.9 | $ | (331.9 | ) | $ | 306.5 | |||||||||
|
UNAUDITED
CONDENSED CONSOLIDATING
STATEMENT
OF EARNINGS
|
||||||||||||||||||||
|
For
the Nine Months Ended September 28, 2008
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Net
sales
|
$ | – | $ | 4,059.8 | $ | 1,857.0 | $ | (88.1 | ) | $ | 5,828.7 | |||||||||
|
Costs
and expenses
|
||||||||||||||||||||
|
Cost
of sales (excluding depreciation)
|
– | 3,483.7 | 1,460.5 | (88.1 | ) | 4,856.1 | ||||||||||||||
|
Depreciation
and amortization
|
2.7 | 136.0 | 86.0 | – | 224.7 | |||||||||||||||
|
Selling,
general and administrative
|
29.4 | 135.1 | 63.1 | – | 227.6 | |||||||||||||||
|
Business
consolidation and other activities
|
0.8 | 11.2 | 8.6 | – | 20.6 | |||||||||||||||
|
Gain
on sale of investment
|
– | (7.1 | ) | – | – | (7.1 | ) | |||||||||||||
|
Equity
in results of subsidiaries
|
(289.9 | ) | – | – | 289.9 | – | ||||||||||||||
|
Intercompany
license fees
|
(52.2 | ) | 49.7 | 2.5 | – | – | ||||||||||||||
| (309.2 | ) | 3,808.6 | 1,620.7 | 201.8 | 5,321.9 | |||||||||||||||
|
Earnings
(loss) before interest and taxes
|
309.2 | 251.2 | 236.3 | (289.9 | ) | 506.8 | ||||||||||||||
|
Interest
expense
|
(28.4 | ) | (37.2 | ) | (38.4 | ) | – | (104.0 | ) | |||||||||||
|
Earnings
(loss) before taxes
|
280.8 | 214.0 | 197.9 | (289.9 | ) | 402.8 | ||||||||||||||
|
Tax
provision
|
4.9 | (89.2 | ) | (44.1 | ) | – | (128.4 | ) | ||||||||||||
|
Equity
in results of affiliates
|
– | 1.0 | 10.6 | – | 11.6 | |||||||||||||||
|
Net
earnings (loss)
|
285.7 | 125.8 | 164.4 | (289.9 | ) | 286.0 | ||||||||||||||
|
Less
net earnings attributable to noncontrolling interests
|
– | – | (0.3 | ) | – | (0.3 | ) | |||||||||||||
|
Net
earnings (loss) attributable to Ball Corporation
|
$ | 285.7 | $ | 125.8 | $ | 164.1 | $ | (289.9 | ) | $ | 285.7 | |||||||||
Page 3 of
7
|
UNAUDITED
CONDENSED CONSOLIDATING BALANCE SHEET
|
||||||||||||||||||||
|
September 27,
2009
|
||||||||||||||||||||
|
($
in millions)
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
|||||||||||||||
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
||||||||||||||||
|
ASSETS
|
||||||||||||||||||||
|
Current
assets
|
||||||||||||||||||||
|
Cash
and cash equivalents
|
$ | 338.6 | $ | – | $ | 79.5 | $ | – | $ | 418.1 | ||||||||||
|
Receivables,
net
|
(0.4 | ) | 160.2 | 898.9 | – | 1,058.7 | ||||||||||||||
|
Inventories,
net
|
– | 663.5 | 243.4 | – | 906.9 | |||||||||||||||
|
Cash
collateral – receivable
|
– | 54.5 | 13.0 | – | 67.5 | |||||||||||||||
|
Current
derivative contracts
|
5.3 | 92.2 | 15.9 | – | 113.4 | |||||||||||||||
|
Current
deferred taxes and other current assets
|
2.8 | 74.9 | 34.8 | – | 112.5 | |||||||||||||||
|
Total
current assets
|
346.3 | 1,045.3 | 1,285.5 | – | 2,677.1 | |||||||||||||||
|
Property,
plant and equipment, net
|
21.5 | 950.9 | 839.7 | – | 1,812.1 | |||||||||||||||
|
Investment
in subsidiaries
|
2,694.1 | 289.7 | 81.0 | (3,064.8 | ) | – | ||||||||||||||
|
Goodwill
|
– | 744.8 | 1,123.1 | – | 1,867.9 | |||||||||||||||
|
Noncurrent
derivative contracts
|
– | 64.9 | 6.4 | – | 71.3 | |||||||||||||||
|
Intangibles
and other assets, net
|
168.4 | 72.5 | 122.8 | – | 363.7 | |||||||||||||||
|
Total
Assets
|
$ | 3,230.3 | $ | 3,168.1 | $ | 3,458.5 | $ | (3,064.8 | ) | $ | 6,792.1 | |||||||||
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||||||||||||||
|
Current
liabilities
|
||||||||||||||||||||
|
Short-term
debt and current portion of long-term debt
|
$ | 50.0 | $ | 1.9 | $ | 201.2 | $ | – | $ | 253.1 | ||||||||||
|
Accounts
payable
|
43.8 | 370.2 | 274.6 | – | 688.6 | |||||||||||||||
|
Accrued
employee costs
|
16.6 | 134.3 | 59.8 | – | 210.7 | |||||||||||||||
|
Income
taxes payable and current deferred taxes
|
(45.1 | ) | 61.7 | 27.7 | – | 44.3 | ||||||||||||||
|
Cash
collateral – liability
|
– | 47.7 | – | – | 47.7 | |||||||||||||||
|
Current
derivative contracts
|
1.5 | 90.3 | 33.4 | – | 125.2 | |||||||||||||||
|
Other
current liabilities
|
39.1 | 79.8 | 63.6 | – | 182.5 | |||||||||||||||
|
Total
current liabilities
|
105.9 | 785.9 | 660.3 | – | 1,552.1 | |||||||||||||||
|
Long-term
debt
|
1,974.4 | 5.8 | 552.5 | – | 2,532.7 | |||||||||||||||
|
Intercompany
borrowings
|
(530.5 | ) | (30.4 | ) | 560.9 | – | – | |||||||||||||
|
Employee
benefit obligations
|
189.4 | 435.6 | 367.0 | – | 992.0 | |||||||||||||||
|
Noncurrent
derivative contracts
|
– | 64.9 | 51.6 | – | 116.5 | |||||||||||||||
|
Deferred
taxes and other liabilities
|
13.6 | 13.0 | 93.1 | – | 119.7 | |||||||||||||||
|
Total
liabilities
|
1,752.8 | 1,274.8 | 2,285.4 | – | 5,313.0 | |||||||||||||||
|
Shareholders’
equity
|
||||||||||||||||||||
|
Convertible
preferred stock
|
– | – | 4.8 | (4.8 | ) | – | ||||||||||||||
|
Preferred
shareholders’ equity
|
– | – | 4.8 | (4.8 | ) | – | ||||||||||||||
|
Common
stock
|
820.8 | 819.5 | 487.0 | (1,306.5 | ) | 820.8 | ||||||||||||||
|
Retained
earnings
|
2,325.2 | 1,271.5 | 558.7 | (1,830.2 | ) | 2,325.2 | ||||||||||||||
|
Accumulated
other comprehensive earnings (loss)
|
(94.7 | ) | (197.7 | ) | 121.0 | 76.7 | (94.7 | ) | ||||||||||||
|
Treasury
stock, at cost
|
(1,573.8 | ) | – | – | – | (1,573.8 | ) | |||||||||||||
|
Common
shareholders’ equity
|
1,477.5 | 1,893.3 | 1,166.7 | (3,060.0 | ) | 1,477.5 | ||||||||||||||
|
Total
Ball Corporation shareholders’ equity
|
1,477.5 | 1,893.3 | 1,171.5 | (3,064.8 | ) | 1,477.5 | ||||||||||||||
|
Noncontrolling
interests
|
– | – | 1.6 | – | 1.6 | |||||||||||||||
|
Total
shareholders’ equity
|
1,477.5 | 1,893.3 | 1,173.1 | (3,064.8 | ) | 1,479.1 | ||||||||||||||
|
Total
Liabilities and Shareholders’ Equity
|
$ | 3,230.3 | $ | 3,168.1 | $ | 3,458.5 | $ | (3,064.8 | ) | $ | 6,792.1 | |||||||||
Page 4 of
7
|
CONDENSED
CONSOLIDATING BALANCE SHEET
|
||||||||||||||||||||
|
December
31, 2008
|
||||||||||||||||||||
|
($
in millions)
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
|||||||||||||||
|
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
|
UNAUDITED
CONDENSED CONSOLIDATING
STATEMENT
OF CASH FLOWS
|
||||||||||||||||||||
|
For
the Nine Months Ended September 27, 2009
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Cash
flows from operating activities
|
||||||||||||||||||||
|
Net
earnings (loss)
|
$ | 306.5 | $ | 188.0 | $ | 144.3 | $ | (331.9 | ) | $ | 306.9 | |||||||||
|
Adjustments
to reconcile net earnings to cash provided by (used in) operating
activities:
|
||||||||||||||||||||
|
Depreciation
and amortization
|
2.6 | 124.7 | 79.2 | – | 206.5 | |||||||||||||||
|
Business
consolidation and other activities, net of cash payments
|
5.3 | 27.2 | 3.7 | – | 36.2 | |||||||||||||||
|
Gain
on sale of investment
|
– | (34.8 | ) | – | – | (34.8 | ) | |||||||||||||
|
Deferred
taxes
|
(6.0 | ) | 16.7 | (25.3 | ) | – | (14.6 | ) | ||||||||||||
|
Equity
earnings of subsidiaries
|
(331.9 | ) | – | – | 331.9 | – | ||||||||||||||
|
Other,
net
|
24.9 | (5.6 | ) | (12.0 | ) | – | 7.3 | |||||||||||||
|
Working
capital changes, net
|
(62.0 | ) | (26.4 | ) | (413.0 | ) | – | (501.4 | ) | |||||||||||
|
Cash
provided by (used in) operating activities
|
(60.6 | ) | 289.8 | (223.1 | ) | – | 6.1 | |||||||||||||
|
Cash
flows from investing activities
|
||||||||||||||||||||
|
Additions
to property, plant and equipment
|
(1.1 | ) | (75.1 | ) | (65.1 | ) | – | (141.3 | ) | |||||||||||
|
Cash
collateral, net
|
– | (7.5 | ) | 93.2 | – | 85.7 | ||||||||||||||
|
Proceeds
from sale of investment
|
– | 37.0 | – | – | 37.0 | |||||||||||||||
|
Investments
in and advances to affiliates
|
(274.3 | ) | (248.2 | ) | 522.5 | – | – | |||||||||||||
|
Other,
net
|
(5.6 | ) | 6.0 | 0.3 | – | 0.7 | ||||||||||||||
|
Cash
provided by (used in) investing activities
|
(281.0 | ) | (287.8 | ) | 550.9 | – | (17.9 | ) | ||||||||||||
|
Cash
flows from financing activities
|
||||||||||||||||||||
|
Long-term
borrowings
|
1,111.6 | – | 171.6 | – | 1,283.2 | |||||||||||||||
|
Repayments
of long-term borrowings
|
(490.1 | ) | (1.9 | ) | (386.2 | ) | – | (878.2 | ) | |||||||||||
|
Change
in short-term borrowings
|
– | – | (73.3 | ) | – | (73.3 | ) | |||||||||||||
|
Debt
issuance costs
|
(12.1 | ) | – | – | – | (12.1 | ) | |||||||||||||
|
Proceeds
from issuances of common stock
|
24.4 | – | – | – | 24.4 | |||||||||||||||
|
Acquisitions
of treasury stock
|
(22.2 | ) | – | – | – | (22.2 | ) | |||||||||||||
|
Common
dividends
|
(28.1 | ) | – | – | – | (28.1 | ) | |||||||||||||
|
Other,
net
|
6.5 | – | – | – | 6.5 | |||||||||||||||
|
Cash
provided by (used in) financing activities
|
590.0 | (1.9 | ) | (287.9 | ) | – | 300.2 | |||||||||||||
|
Effect
of exchange rate changes on cash
|
– | – | 2.3 | – | 2.3 | |||||||||||||||
|
Change
in cash and cash equivalents
|
248.4 | 0.1 | 42.2 | – | 290.7 | |||||||||||||||
|
Cash
and cash equivalents – beginning of period
|
90.2 | (0.1 | ) | 37.3 | – | 127.4 | ||||||||||||||
|
Cash
and cash equivalents – end of period
|
$ | 338.6 | $ | – | $ | 79.5 | $ | – | $ | 418.1 | ||||||||||
Page 6 of
7
|
UNAUDITED
CONDENSED CONSOLIDATING
STATEMENT
OF CASH FLOWS
|
||||||||||||||||||||
|
For
the Nine Months Ended September 28, 2008
|
||||||||||||||||||||
|
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||||||||
|
($
in millions)
|
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||||||
|
Cash
flows from operating activities
|
||||||||||||||||||||
|
Net
earnings (loss)
|
$ | 285.7 | $ | 125.8 | $ | 164.4 | $ | (289.9 | ) | $ | 286.0 | |||||||||
|
Adjustments
to reconcile net earnings to cash provided by (used in) operating
activities:
|
||||||||||||||||||||
|
Depreciation
and amortization
|
2.7 | 136.0 | 86.0 | – | 224.7 | |||||||||||||||
|
Business
consolidation and other costs
|
0.8 | 11.2 | 8.6 | – | 20.6 | |||||||||||||||
|
Gain
on sale of subsidiary
|
– | (7.1 | ) | – | – | (7.1 | ) | |||||||||||||
|
Legal
settlement
|
– | (70.3 | ) | – | – | (70.3 | ) | |||||||||||||
|
Deferred
taxes
|
15.3 | 4.6 | (14.4 | ) | – | 5.5 | ||||||||||||||
|
Equity
earnings of subsidiaries
|
(289.9 | ) | – | – | 289.9 | – | ||||||||||||||
|
Other,
net
|
22.5 | 0.6 | (4.8 | ) | – | 18.3 | ||||||||||||||
|
Working
capital changes, net
|
(94.9 | ) | (31.5 | ) | (212.9 | ) | – | (339.3 | ) | |||||||||||
|
Cash
provided by (used in) operating activities
|
(57.8 | ) | 169.3 | 26.9 | – | 138.4 | ||||||||||||||
|
Cash
flows from investing activities
|
||||||||||||||||||||
|
Additions
to property, plant and equipment
|
(3.4 | ) | (124.3 | ) | (103.1 | ) | – | (230.8 | ) | |||||||||||
|
Proceeds
from sale of subsidiary, net
|
– | 8.7 | – | – | 8.7 | |||||||||||||||
|
Investments
in and advances to affiliates
|
2.1 | (62.3 | ) | 60.2 | – | – | ||||||||||||||
|
Other,
net
|
(6.8 | ) | 9.2 | 7.4 | – | 9.8 | ||||||||||||||
|
Cash
used in investing activities
|
(8.1 | ) | (168.7 | ) | (35.5 | ) | – | (212.3 | ) | |||||||||||
|
Cash
flows from financing activities
|
||||||||||||||||||||
|
Long-term
borrowings
|
459.4 | – | – | – | 459.4 | |||||||||||||||
|
Repayments
of long-term borrowings
|
(153.0 | ) | (2.5 | ) | (31.2 | ) | – | (186.7 | ) | |||||||||||
|
Change
in short-term borrowings
|
(1.9 | ) | – | 45.3 | – | 43.4 | ||||||||||||||
|
Proceeds
from issuances of common stock
|
22.1 | – | – | – | 22.1 | |||||||||||||||
|
Acquisitions
of treasury stock
|
(279.6 | ) | – | – | – | (279.6 | ) | |||||||||||||
|
Common
dividends
|
(28.3 | ) | – | – | – | (28.3 | ) | |||||||||||||
|
Other,
net
|
3.5 | – | – | – | 3.5 | |||||||||||||||
|
Cash
provided by (used in) financing activities
|
22.2 | (2.5 | ) | 14.1 | – | 33.8 | ||||||||||||||
|
Effect
of exchange rate changes on cash
|
– | – | 2.4 | – | 2.4 | |||||||||||||||
|
Change
in cash and cash equivalents
|
(43.7 | ) | (1.9 | ) | 7.9 | – | (37.7 | ) | ||||||||||||
|
Cash
and cash equivalents – beginning of period
|
70.1 | 1.9 | 79.6 | – | 151.6 | |||||||||||||||
|
Cash
and cash equivalents – end of period
|
$ | 26.4 | $ | – | $ | 87.5 | $ | – | $ | 113.9 | ||||||||||
Page 7 of
7