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 March 28, 2010, and December 31, 2009, and for the three months ended March 28, 2010, and March 29, 2009. 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.


   
UNAUDITED CONDENSED CONSOLIDATING
STATEMENT OF EARNINGS
 
   
For the Three Months Ended March 28, 2010
 
   
Ball
   
Guarantor
   
Non-Guarantor
   
Eliminating
   
Consolidated
 
($ in millions)
 
Corporation
   
Subsidiaries
   
Subsidiaries
   
Adjustments
   
Total
 
                               
Net sales
  $     $ 1,236.4     $ 469.8     $     $ 1,706.2  
                                         
Costs and expenses
                                       
Cost of sales (excluding depreciation and amortization)
          1,054.3       366.1             1,420.4  
Depreciation and amortization
    0.8       45.7       25.2             71.7  
Selling, general and administrative
    10.8       50.0       23.9             84.7  
Business consolidation costs
    -       1.3       0.4             1.7  
Equity in results of subsidiaries
    (77.3 )                 77.3        
Intercompany license fees
    (46.7 )     45.0       1.7              
      (112.4 )     1,196.3       417.3       77.3       1,578.5  
                                         
Earnings (loss) before interest and taxes
    112.4       40.1       52.5       (77.3 )     127.7  
Interest expense
    (30.7 )     0.4       (3.6 )           (33.9 )
Earnings (loss) before taxes
    81.7       40.5       48.9       (77.3 )     93.8  
Tax provision
    (2.4 )     (4.2 )     (12.5 )           (19.1 )
Equity in results of affiliates
                4.7             4.7  
Net earnings (loss)
    79.3       36.3       41.1       (77.3 )     79.4  
Less net earnings attributable to noncontrolling interests
                (0.1 )           (0.1 )
Net earnings (loss) attributable to Ball Corporation
  $ 79.3     $ 36.3     $ 41.0     $ (77.3 )   $ 79.3  

Page 1 of 6

 
 

 


   
UNAUDITED CONDENSED CONSOLIDATING
STATEMENT OF EARNINGS
 
   
For the Three Months Ended March 29, 2009
 
   
Ball
   
Guarantor
   
Non-Guarantor
   
Eliminating
   
Consolidated
 
($ in millions)
 
Corporation
   
Subsidiaries
   
Subsidiaries
   
Adjustments
   
Total
 
                               
Net sales
  $     $ 1,148.7     $ 436.9     $     $ 1,585.6  
                                         
Costs and expenses
                                       
Cost of sales (excluding depreciation and amortization)
          952.9       359.6             1,312.5  
Depreciation and amortization
    0.8       41.1       24.8             66.7  
Selling, general and administrative
    9.8       45.1       20.3             75.2  
Business consolidation costs
    -       5.0                   5.0  
Equity in results of subsidiaries
    (68.4 )                 68.4        
Intercompany license fees
    (17.9 )     17.3       0.6              
      (75.7 )     1,061.4       405.3       68.4       1,459.4  
                                         
Earnings (loss) before interest and taxes
    75.7       87.3       31.6       (68.4 )     126.2  
Interest expense
    (6.6 )     (11.2 )     (8.0 )           (25.8 )
Earnings (loss) before taxes
    69.1       76.1       23.6       (68.4 )     100.4  
Tax provision
    0.5       (26.6 )     (2.0 )           (28.1 )
Equity in results of affiliates
          0.4       (3.1 )           (2.7 )
Net earnings (loss)
    69.6       49.9       18.5       (68.4 )     69.6  
Less net earnings attributable to noncontrolling interests
                (0.1 )           (0.1 )
Net earnings (loss) attributable to Ball Corporation
  $ 69.6     $ 49.9     $ 18.4     $ (68.4 )   $ 69.5  


Page 2 of 6

 
 

 


   
CONDENSED, CONSOLIDATING BALANCE SHEET
 
   
March 28, 2010
 
($ in millions)
 
Ball
   
Guarantor
   
Non-Guarantor
   
Eliminating
   
Consolidated
 
   
Corporation
   
Subsidiaries
   
Subsidiaries
   
Adjustments
   
Total
 
ASSETS
                             
Current assets
                             
Cash and cash equivalents
  $ 280.0     $ 0.1     $ 111.3     $     $ 391.4  
Receivables, net
    (1.4 )     172.4       815.7             986.7  
Inventories, net
    -       745.0       274.4       -       1,019.4  
Current derivative contracts
    1.7       41.5       35.0             78.2  
Current deferred taxes and other current assets
    9.0       83.4       19.4             111.8  
Total current assets
    289.3       1,042.4       1,255.8             2,587.5  
Property, plant and equipment, net
    23.2       1,090.1       762.4             1,875.7  
Investment in subsidiaries
    2,862.1       289.7       81.1       (3,232.9 )     -  
Goodwill
    -       1,016.6       1,027.4       -       2,044.0  
Noncurrent derivative contracts
          24.0       60.0             84.0  
Intangibles and other assets, net
    141.1       173.3       130.1       -       444.5  
Total Assets
  $ 3,315.7     $ 3,636.1     $ 3,316.8     $ (3,232.9 )   $ 7,035.7  
                                         
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                       
Current liabilities
                                       
Short-term debt and current portion of long-term debt
  $ 76.2     $ 1.9     $ 288.6     $     $ 366.7  
Callable long-term debt
    509.0                         509.0  
Accounts payable
    31.2       468.5       246.4             746.1  
Accrued employee costs
    13.5       118.3       52.4       -       184.2  
Current derivative contracts
    0.1       48.1       14.1             62.3  
Other current liabilities
    9.1       93.9       70.1             173.1  
Total current liabilities
    639.1       730.7       671.6             2,041.4  
Long-term debt
    1,864.9       4.0       449.0             2,317.9  
Intercompany borrowings
    (839.5 )     378.9       460.6              
Employee benefit obligations
    172.1       446.9       378.9             997.9  
Noncurrent derivative contracts
          24.3       12.6             36.9  
Deferred taxes and other liabilities
    (31.5 )     65.7       95.0             129.2  
Total liabilities
    1,805.1       1,650.5       2,067.7             5,523.3  
                                         
Shareholders’ equity
                                       
Convertible preferred stock
    -       -       4.8       (4.8 )     -  
Preferred shareholders’ equity
    -       -       4.8       (4.8 )     -  
                                         
Common stock
    843.3       819.5       487.0       (1,306.5 )     843.3  
Retained earnings
    2,467.1       1,362.1       643.1       (2,005.2 )     2,467.1  
Accumulated other comprehensive earnings (loss)
    (92.3 )     (196.0 )     112.4       83.6       (92.3 )
Treasury stock, at cost
    (1,707.5 )     -       -       -       (1,707.5 )
Common shareholders’ equity
    1,510.6       1,985.6       1,242.5       (3,228.1 )     1,510.6  
Total Ball Corporation shareholders’ equity
    1,510.6       1,985.6       1,247.3       (3,232.9 )     1,510.6  
Noncontrolling interests
          -       1.8       -       1.8  
Total shareholders’ equity
    1,510.6       1,985.6       1,249.1       (3,232.9 )     1,512.4  
Total Liabilities and Shareholders’ Equity
  $ 3,315.7     $ 3,636.1     $ 3,316.8     $ (3,232.9 )   $ 7,035.7  

Page 3 of 6

 
 

 


   
CONDENSED, CONSOLIDATING BALANCE SHEET
 
   
December 31, 2009
 
($ in millions)
 
Ball
   
Guarantor
   
Non-Guarantor
   
Eliminating
   
Consolidated
 
   
Corporation
   
Subsidiaries
   
Subsidiaries
   
Adjustments
   
Total
 
ASSETS
                             
Current assets
                             
Cash and cash equivalents
  $ 111.3     $ 0.1     $ 99.2     $     $ 210.6  
Receivables, net
    (0.1 )     154.2       394.1             548.2  
Inventories, net
          669.0       275.2             944.2  
Current derivative contracts
    11.8       49.5       38.8             100.1  
Current deferred taxes and other current assets
    9.7       90.6       19.9             120.2  
Total current assets
    132.7       963.4       827.2             1,923.3  
Property, plant and equipment, net
    22.2       1,113.7       813.1             1,949.0  
Investment in subsidiaries
    2,816.2       289.7       81.0       (3,186.9 )      
Goodwill
          1,016.5       1,098.3             2,114.8  
Noncurrent derivative contracts
          32.4       48.2             80.6  
Intangibles and other assets, net
    126.2       162.7       131.7             420.6  
Total Assets
  $ 3,097.3     $ 3,578.4     $ 2,999.5     $ (3,186.9 )   $ 6,488.3  
                                         
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                       
Current liabilities
                                       
Short-term debt and current portion of long-term debt
  $ 75.0     $ 1.8     $ 235.5     $     $ 312.3  
Accounts payable
    21.4       357.7       244.0             623.1  
Accrued employee costs
    17.2       141.4       56.1             214.7  
Current derivative contracts
    0.3       59.3       23.6             83.2  
Other current liabilities
    22.9       106.9       65.5             195.3  
Total current liabilities
    136.8       667.1       624.7             1,428.6  
Long-term debt
    1,874.8       5.8       403.3             2,283.9  
Intercompany borrowings
    (645.0 )     438.2       206.8              
Employee benefit obligations
    180.8       433.0       399.4             1,013.2  
Noncurrent derivative contracts
          32.4       15.6             48.0  
Deferred taxes and other liabilities
    (31.4 )     61.0       102.0             131.6  
Total liabilities
    1,516.0       1,637.5       1,751.8             4,905.3  
                                         
Shareholders’ equity
                                       
Convertible preferred stock
    -       -       4.8       (4.8 )     -  
Preferred shareholders’ equity
    -       -       4.8       (4.8 )     -  
Common stock
    830.8       819.5       487.0       (1,306.5 )     830.8  
Retained earnings
    2,397.1       1,325.8       602.1       (1,927.9 )     2,397.1  
Accumulated other comprehensive earnings (loss)
    (63.8 )     (204.4 )     152.1       52.3       (63.8 )
Treasury stock, at cost
    (1,582.8 )     -       -       -       (1,582.8 )
Common shareholders’ equity
    1,581.3       1,940.9       1,241.2       (3,182.1 )     1,581.3  
Total Ball Corporation shareholders’ equity
    1,581.3       1,940.9       1,246.0       (3,186.9 )     1,581.3  
Noncontrolling interests
          -       1.7       -       1.7  
Total shareholders’ equity
    1,581.3       1,940.9       1,247.7       (3,186.9 )     1,583.0  
Total Liabilities and Shareholders’ Equity
  $ 3,097.3     $ 3,578.4     $ 2,999.5     $ (3,186.9 )   $ 6,488.3  

Page 4 of 6

 
 

 


   
UNAUDITED CONDENSED CONSOLIDATING
STATEMENT OF CASH FLOWS
 
   
For the Three Months Ended March 28, 2010
 
   
Ball
   
Guarantor
   
Non-Guarantor
   
Eliminating
   
Consolidated
 
($ in millions)
 
Corporation
   
Subsidiaries
   
Subsidiaries
   
Adjustments
   
Total
 
                               
Cash flows from operating activities
                             
Net earnings (loss)
  $ 79.3     $ 36.3     $ 41.1     $ (77.3 )   $ 79.4  
Adjustments to reconcile net earnings to cash used in operating activities:
                                       
Depreciation and amortization
    0.8       45.7       25.2             71.7  
Business consolidation costs
          1.0       0.4             1.4  
Deferred taxes
    (2.0 )     (8.5 )     (0.2 )           (10.7 )
Equity earnings of subsidiaries
    (77.3 )                 77.3        
Other, net
    8.1       15.9       (12.0 )           12.0  
Working capital changes, net
    (5.6 )     (3.5 )     (416.7 )           (425.8 )
Cash provided by (used in) operating activities
    3.3       86.9       (362.2 )           (272.0 )
                                         
Cash flows from investing activities
                                       
Additions to property, plant and equipment
    (2.4 )     (19.8 )     (15.0 )           (37.2 )
Cash collateral, net
          (2.6 )                 (2.6 )
Investments in and advances to affiliates
    (192.1 )     (58.9 )     251.0              
Other, net
    (4.8 )     (3.7 )                 (8.5 )
Cash provided by (used in) investing activities
    (199.3 )     (85.0 )     236.0             (48.3 )
                                         
Cash flows from financing activities
                                       
Long-term borrowings
    720.3             68.7             789.0  
Repayments of long-term borrowings
    (220.3 )     (1.9 )                 (222.2 )
Change in short-term borrowings
                66.7             66.7  
Proceeds from issuances of common stock
    9.7                         9.7  
Acquisitions of treasury stock
    (129.4 )                       (129.4 )
Common dividends
    (9.2 )                       (9.2 )
Other, net
    (6.4 )                       (6.4 )
Cash provided by (used in) financing activities
    364.7       (1.9 )     135.4             498.2  
                                         
Effect of exchange rate changes on cash
                2.9             2.9  
                                         
Change in cash and cash equivalents
    168.7             12.1             180.8  
Cash and cash equivalents – beginning of period
    111.3       0.1       99.2             210.6  
Cash and cash equivalents – end of period
  $ 280.0     $ 0.1     $ 111.3     $     $ 391.4  


Page 5 of 6

 
 

 


   
UNAUDITED CONDENSED CONSOLIDATING
STATEMENT OF CASH FLOWS
 
   
For the Three Months Ended March 29, 2009
 
   
Ball
   
Guarantor
   
Non-Guarantor
   
Eliminating
   
Consolidated
 
($ in millions)
 
Corporation
   
Subsidiaries
   
Subsidiaries
   
Adjustments
   
Total
 
                               
Cash flows from operating activities
                             
Net earnings (loss)
  $ 69.6     $ 49.9     $ 18.5     $ (68.4 )   $ 69.6  
Adjustments to reconcile net earnings to cash used in operating activities:
                                       
Depreciation and amortization
    0.8       41.1       24.8             66.7  
Business consolidation costs
          5.0                   5.0  
Deferred taxes
    0.5       5.8       (10.8 )           (4.5 )
Equity earnings of subsidiaries
    (68.4 )                 68.4        
Other, net
    9.1       6.1       (7.8 )           7.4  
Working capital changes, net
    (5.8 )     (221.0 )     (225.2 )           (452.0 )
Cash provided by (used in) operating activities
    5.8       (113.1 )     (200.5 )           (307.8 )
                                         
Cash flows from investing activities
                                       
Additions to property, plant and equipment
    (0.3 )     (26.4 )     (41.1 )           (67.8 )
Cash collateral, net
          (3.3 )     25.0             21.7  
Investments in and advances to affiliates
    (318.3 )     146.8       171.5              
Other, net
    1.2       (2.1 )     (0.2 )           (1.1 )
Cash provided by (used in) investing activities
    (317.4 )     115.0       155.2             (47.2 )
                                         
Cash flows from financing activities
                                       
Long-term borrowings
    310.4             83.9             394.3  
Repayments of long-term borrowings
    (75.7 )     (1.9 )     (39.1 )           (116.7 )
Change in short-term borrowings
                8.3             8.3  
Proceeds from issuances of common stock
    6.0                         6.0  
Acquisitions of treasury stock
    (1.1 )                       (1.1 )
Common dividends
    (9.3 )                       (9.3 )
Other, net
    2.4                         2.4  
Cash provided by (used in) financing activities
    232.7       (1.9 )     53.1             283.9  
                                         
Effect of exchange rate changes on cash
                (3.2 )           (3.2 )
                                         
Change in cash and cash equivalents
    (78.9 )           4.6             (74.3 )
Cash and cash equivalents – beginning of period
    90.2       (0.1 )     37.3             127.4  
Cash and cash equivalents – end of period
  $ 11.3     $ (0.1 )   $ 41.9     $     $ 53.1  


Page 6 of 6