Subsidiary Guarantees of Debt (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Condensed Consolidating Statement of Earnings

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended September 30, 2015
	Ball			Guarantor			Non-Guarantor			Eliminating			Consolidated
($ in millions)	Corporation			Subsidiaries			Subsidiaries			Adjustments			Total

Net sales	$	—		$	1,264.4		$	845.7		$	(13.1	)	$	2,097.0


Cost and expenses
Cost of sales (excluding depreciation and amortization)	—			(1,039.4		)	(664.0		)	13.1			(1,690.3		)
Depreciation and amortization	(1.5		)	(33.8		)	(36.6		)	—			(71.9		)
Selling, general and administrative	(14.1		)	(44.7		)	(48.0		)	—			(106.8		)
Business consolidation and other activities	(129.2		)	(20.0		)	(2.7		)	—			(151.9		)
Equity in results of subsidiaries	128.8			63.4			—			(192.2		)	—
Intercompany	51.5			(44.8		)	(6.7		)	—			—

	35.5			(1,119.3		)	(758.0		)	(179.1		)	(2,020.9		)

Earnings (loss) before interest and taxes	35.5			145.1			87.7			(192.2		)	76.1
Interest expense	(36.6		)	1.5			(2.4		)	—			(37.5		)
Debt refinancing and other costs	(21.0		)	—			—			—			(21.0		)

Total interest expense	(57.6		)	1.5			(2.4		)	—			(58.5		)

Earnings (loss) before taxes	(22.1		)	146.6			85.3			(192.2		)	17.6
Tax (provision) benefit	66.6			(19.9		)	(15.7		)	—			31.0
Equity in results of affiliates, net of tax	—			0.6			0.9			—			1.5

Net earnings (loss)	44.5			127.3			70.5			(192.2		)	50.1
Less net earnings attributable to noncontrolling interests	—			—			(5.6		)	—			(5.6		)

Net earnings (loss) attributable to Ball Corporation	$	44.5		$	127.3		$	64.9		$	(192.2	)	$	44.5


Comprehensive earnings (loss) attributable to Ball Corporation	$	28.1		$	109.9		$	48.1		$	(158.0	)	$	28.1

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended September 30, 2014
	Ball			Guarantor			Non-Guarantor			Eliminating			Consolidated
($ in millions)	Corporation			Subsidiaries			Subsidiaries			Adjustments			Total

Net sales	$	—		$	1,363.0		$	878.1		$	(2.2	)	$	2,238.9


Cost and expenses
Cost of sales (excluding depreciation and amortization)	—			(1,124.5		)	(685.0		)	2.2			(1,807.3		)
Depreciation and amortization	(1.6		)	(33.2		)	(36.5		)	—			(71.3		)
Selling, general and administrative	(22.6		)	(45.9		)	(54.6		)	—			(123.1		)
Business consolidation and other activities	(2.8		)	(3.1		)	(3.3		)	—			(9.2		)
Equity in results of subsidiaries	137.2			69.7			—			(206.9		)	—
Intercompany	52.4			(45.6		)	(6.8		)	—			—

	162.6			(1,182.6		)	(786.2		)	(204.7		)	(2,010.9		)

Earnings (loss) before interest and taxes	162.6			180.4			91.9			(206.9		)	228.0
Total interest (expense)	(37.1		)	0.9			(3.9		)	—			(40.1		)

Earnings (loss) before taxes	125.5			181.3			88.0			(206.9		)	187.9
Tax (provision) benefit	21.9			(45.7		)	(16.0		)	—			(39.8		)
Equity in results of affiliates, net of tax	—			0.5			(0.2		)	—			0.3

Net earnings (loss)	147.4			136.1			71.8			(206.9		)	148.4
Less net earnings attributable to noncontrolling interests	—			—			(1.0		)	—			(1.0		)

Net earnings (loss) attributable to Ball Corporation	$	147.4		$	136.1		$	70.8		$	(206.9	)	$	147.4


Comprehensive earnings (loss) attributable to Ball Corporation	$	75.0		$	62.2		$	(1.8	)	$	(60.4	)	$	75.0

	Unaudited Condensed Consolidating Statement of Earnings
	Nine Months Ended September 30, 2015
	Ball			Guarantor			Non-Guarantor			Eliminating			Consolidated
($ in millions)	Corporation			Subsidiaries			Subsidiaries			Adjustments			Total

Net sales	$	—		$	3,729.0		$	2,498.5		$	(35.1	)	$	6,192.4


Cost and expenses
Cost of sales (excluding depreciation and amortization)	0.1			(3,085.6		)	(1,975.9		)	35.1			(5,026.3		)
Depreciation and amortization	(4.1		)	(97.7		)	(109.7		)	—			(211.5		)
Selling, general and administrative	(60.4		)	(129.8		)	(150.3		)	—			(340.5		)
Business consolidation and other activities	(105.6		)	(20.7		)	(12.0		)	—			(138.3		)
Equity in results of subsidiaries	340.5			155.2			—			(495.7		)	—
Intercompany	153.5			(130.6		)	(22.9		)	—			—

	324.0			(3,309.2		)	(2,270.8		)	(460.6		)	(5,716.6		)

Earnings (loss) before interest and taxes	324.0			419.8			227.7			(495.7		)	475.8
Interest expense	(102.7		)	3.9			(8.2		)	—			(107.0		)
Debt refinancing and other costs	(84.0		)	—			(1.9		)	—			(85.9		)

Total interest expense	(186.7		)	3.9			(10.1		)	—			(192.9		)

Earnings (loss) before taxes	137.3			423.7			217.6			(495.7		)	282.9
Tax (provision) benefit	88.3			(88.2		)	(48.0		)	—			(47.9		)
Equity in results of affiliates, net of tax	—			1.5			1.9			—			3.4

Net earnings (loss)	225.6			337.0			171.5			(495.7		)	238.4
Less net earnings attributable to noncontrolling interests	—			—			(12.8		)	—			(12.8		)

Net earnings (loss) attributable to Ball Corporation	$	225.6		$	337.0		$	158.7		$	(495.7	)	$	225.6


Comprehensive earnings attributable to Ball Corporation	$	127.6		$	235.8		$	55.1		$	(290.9	)	$	127.6

	Unaudited Condensed Consolidating Statement of Earnings
	Nine Months Ended September 30, 2014
	Ball			Guarantor			Non-Guarantor			Eliminating			Consolidated
($ in millions)	Corporation			Subsidiaries			Subsidiaries			Adjustments			Total

Net sales	$	—		$	3,885.4		$	2,662.4		$	(10.2	)	$	6,537.6


Cost and expenses
Cost of sales (excluding depreciation and amortization)	(0.1		)	(3,209.4		)	(2,067.3		)	10.2			(5,266.6		)
Depreciation and amortization	(4.6		)	(94.9		)	(110.2		)	—			(209.7		)
Selling, general and administrative	(57.3		)	(134.2		)	(150.7		)	—			(342.2		)
Business consolidation and other activities	(3.8		)	(14.0		)	—			—			(17.8		)
Equity in results of subsidiaries	426.6			230.6			—			(657.2		)	—
Intercompany	151.6			(131.3		)	(20.3		)	—			—

	512.4			(3,353.2		)	(2,348.5		)	(647.0		)	(5,836.3		)


Earnings (loss) before interest and taxes	512.4			532.2			313.9			(657.2		)	701.3
Total interest (expense)	(112.6		)	2.0			(10.3		)	—			(120.9		)
Debt refinancing and other costs	(33.1		)	—			—			—			(33.1		)

Total interest expense	(145.7		)	2.0			(10.3		)	—			(154.0		)

Earnings (loss) before taxes	366.7			534.2			303.6			(657.2		)	547.3
Tax (provision) benefit	27.3			(104.1		)	(62.8		)	—			(139.6		)
Equity in results of affiliates, net of tax	—			1.4			0.5			—			1.9

Net earnings (loss)	394.0			431.5			241.3			(657.2		)	409.6
Less net earnings attributable to noncontrolling interests	—			—			(15.6		)	—			(15.6		)

Net earnings (loss) attributable to Ball Corporation	$	394.0		$	431.5		$	225.7		$	(657.2	)	$	394.0


Comprehensive earnings attributable to Ball Corporation	$	318.4		$	352.5		$	139.2		$	(491.7	)	$	318.4

Schedule of Condensed Consolidating Balance Sheet

	Unaudited Condensed Consolidating Balance Sheet
	September 30, 2015
	Ball			Guarantor			Non-Guarantor			Eliminating			Consolidated
($ in millions)	Corporation			Subsidiaries			Subsidiaries			Adjustments			Total

Assets
Current assets
Cash and cash equivalents	$	4.3		$	0.1		$	240.0		$	—		$	244.4
Receivables, net	13.3			255.6			828.9			—			1,097.8
Intercompany receivables	158.2			108.7			1.5			(268.4		)	—
Inventories, net	—			502.7			373.3			—			876.0
Deferred taxes and other current assets	43.1			77.7			43.6			—			164.4

Total current assets	218.9			944.8			1,487.3			(268.4		)	2,382.6
Noncurrent assets
Property, plant and equipment, net	13.8			1,006.4			1,527.1			—			2,547.3
Investment in subsidiaries	3,400.6			2,254.8			78.6			(5,734.0		)	—
Goodwill	—			966.5			1,237.6			—			2,204.1
Intangibles and other assets, net	259.4			100.5			233.1			—			593.0

Total assets	$	3,892.7		$	5,273.0		$	4,563.7		$	(6,002.4	)	$	7,727.0


Liabilities and Shareholders’ Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	23.7		$	0.2		$	259.0		$	—		$	282.9
Accounts payable	11.2			796.1			644.1			—			1,451.4
Intercompany payables	99.5			(0.1		)	168.8			(268.2		)	—
Accrued employee costs	24.3			108.2			80.8			—			213.3
Other current liabilities	135.7			71.9			124.4			—			332.0

Total current liabilities	294.4			976.3			1,277.1			(268.2		)	2,279.6
Noncurrent liabilities
Long-term debt	2,742.9			0.2			136.3			—			2,879.4
Employee benefit obligations	315.4			466.1			378.0			—			1,159.5
Intercompany long-term notes	(405.3		)	218.7			186.6			—			—
Deferred taxes and other liabilities	(88.4		)	149.3			104.2			—			165.1

Total liabilities	2,859.0			1,810.6			2,082.2			(268.2		)	6,483.6


Common stock	1,171.3			852.2			533.7			(1,385.9		)	1,171.3
Preferred stock	—			—			4.8			(4.8		)	—
Retained earnings	4,519.6			3,167.8			1,998.6			(5,166.4		)	4,519.6
Accumulated other comprehensive earnings (loss)	(620.1		)	(557.6		)	(265.3		)	822.9			(620.1		)
Treasury stock, at cost	(4,037.1		)	—			—			—			(4,037.1		)

Total Ball Corporation shareholders’ equity	1,033.7			3,462.4			2,271.8			(5,734.2		)	1,033.7
Noncontrolling interests	—			—			209.7			—			209.7

Total shareholders’ equity	1,033.7			3,462.4			2,481.5			(5,734.2		)	1,243.4

Total liabilities and shareholders’ equity	$	3,892.7		$	5,273.0		$	4,563.7		$	(6,002.4	)	$	7,727.0

	Unaudited Condensed Consolidating Balance Sheet
	December 31, 2014
	Ball			Guarantor			Non-Guarantor			Eliminating			Consolidated
($ in millions)	Corporation			Subsidiaries			Subsidiaries			Adjustments			Total

Assets
Current assets
Cash and cash equivalents	$	1.5		$	0.4		$	189.5		$	—		$	191.4
Receivables, net	43.7			241.3			672.1			—			957.1
Intercompany receivables	94.0			99.9			4.3			(198.2		)	—
Inventories, net	—			575.0			441.7			—			1,016.7
Deferred taxes and other current assets	3.1			75.1			70.1			—			148.3

Total current assets	142.3			991.7			1,377.7			(198.2		)	2,313.5
Noncurrent assets
Property, plant and equipment, net	15.1			968.0			1,447.6			—			2,430.7
Investment in subsidiaries	3,152.7			2,212.2			78.6			(5,443.5		)	—
Goodwill	—			931.0			1,323.5			—			2,254.5
Intangibles and other assets, net	232.4			93.5			246.4			—			572.3

Total assets	$	3,542.5		$	5,196.4		$	4,473.8		$	(5,641.7	)	$	7,571.0


Liabilities and Shareholders’ Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	1.9		$	7.6		$	165.6		$	—		$	175.1
Accounts payable	7.1			732.5			600.4			—			1,340.0
Intercompany payables	99.7			1.5			97.0			(198.2		)	—
Accrued employee costs	22.3			155.6			92.0			—			269.9
Other current liabilities	51.6			38.0			132.2			—			221.8

Total current liabilities	182.6			935.2			1,087.2			(198.2		)	2,006.8
Noncurrent liabilities
Long-term debt	2,750.0			0.2			243.6			—			2,993.8
Employee benefit obligations	329.4			432.7			416.2			—			1,178.3
Intercompany long-term notes	(646.4		)	463.1			183.3			—			—
Deferred taxes and other liabilities	(106.2		)	138.7			120.0			—			152.5

Total liabilities	2,509.4			1,969.9			2,050.3			(198.2		)	6,331.4


Common stock	1,131.3			2,293.5			534.0			(2,827.5		)	1,131.3
Preferred stock	—			—			4.8			(4.8		)	—
Retained earnings	4,346.9			1,389.4			1,839.9			(3,229.3		)	4,346.9
Accumulated other comprehensive earnings (loss)	(522.1		)	(456.4		)	(161.7		)	618.1			(522.1		)
Treasury stock, at cost	(3,923.0		)	—			—			—			(3,923.0		)

Total Ball Corporation shareholders’ equity	1,033.1			3,226.5			2,217.0			(5,443.5		)	1,033.1
Noncontrolling interests	—			—			206.5			—			206.5

Total shareholders’ equity	1,033.1			3,226.5			2,423.5			(5,443.5		)	1,239.6

Total liabilities and shareholders’ equity	$	3,542.5		$	5,196.4		$	4,473.8		$	(5,641.7	)	$	7,571.0

Schedule of Condensed Consolidating Statement of Cash Flows

	Unaudited Condensed Consolidating Statement of Cash Flows
	Nine Months Ended September 30, 2015
	Ball			Guarantor			Non-Guarantor			Consolidated
($ in millions)	Corporation			Subsidiaries			Subsidiaries			Total

Cash provided by (used in) operating activities	$	6.6		$	419.5		$	170.9		$	597.0


Cash flows from investing activities
Capital expenditures	(5.4		)	(140.8		)	(210.6		)	(356.8		)
Business acquisitions	—			(29.1		)	—			(29.1		)
Other, net	5.1			12.7			0.5			18.3

Cash provided by (used in) investing activities	(0.3		)	(157.2		)	(210.1		)	(367.6		)


Cash flows from financing activities
Long-term borrowings	2,300.0			—			15.0			2,315.0
Repayments of long-term borrowings	(2,300.5		)	—			(107.9		)	(2,408.4		)
Net change in short-term borrowings	21.1			(7.4		)	97.3			111.0
Proceeds from issuances of common stock	26.3			—			—			26.3
Acquisitions of treasury stock	(135.5		)	—			—			(135.5		)
Common dividends	(54.0		)	—			—			(54.0		)
Intercompany	176.3			(254.3		)	78.0			—
Other, net	(30.1		)	(0.9		)	(9.2		)	(40.2		)

Cash provided by (used in) financing activities	3.6			(262.6		)	73.2			(185.8		)


Effect of exchange rate changes on cash	(7.1		)	—			16.5			9.4


Change in cash and cash equivalents	2.8			(0.3		)	50.5			53.0
Cash and cash equivalents — beginning of period	1.5			0.4			189.5			191.4

Cash and cash equivalents — end of period	$	4.3		$	0.1		$	240.0		$	244.4

	Unaudited Condensed Consolidating Statement of Cash Flows
	Nine Months Ended September 30, 2014
	Ball			Guarantor			Non-Guarantor			Consolidated
($ in millions)	Corporation			Subsidiaries			Subsidiaries			Total

Cash provided by (used in) operating activities	$	(14.7	)	$	301.1		$	363.6		$	650.0


Cash flows from investing activities
Capital expenditures	(8.4		)	(120.1		)	(121.5		)	(250.0		)
Other, net	4.2			1.6			5.3			11.1

Cash provided by (used in) investing activities	(4.2		)	(118.5		)	(116.2		)	(238.9		)


Cash flows from financing activities
Long-term borrowings	375.0			—			21.9			396.9
Repayments of long-term borrowings	(690.4		)	(0.3		)	(183.6		)	(874.3		)
Net change in short-term borrowings	22.4			2.6			174.0			199.0
Proceeds from issuances of common stock	27.7			—			—			27.7
Acquisitions of treasury stock	(335.5		)	—			—			(335.5		)
Common dividends	(54.8		)	—			—			(54.8		)
Intercompany	452.1			(184.8		)	(267.3		)	—
Other, net	13.9			—			(6.2		)	7.7

Cash provided by (used in) financing activities	(189.6		)	(182.5		)	(261.2		)	(633.3		)


Effect of exchange rate changes on cash	(4.7		)	—			0.4			(4.3		)


Change in cash and cash equivalents	(213.2		)	0.1			(13.4		)	(226.5		)
Cash and cash equivalents — beginning of period	218.6			0.3			197.1			416.0

Cash and cash equivalents — end of period	$	5.4		$	0.4		$	183.7		$	189.5