Subsidiary Guarantees of Debt (Tables)

3 Months Ended

Mar. 31, 2015

Subsidiary Guarantees of Debt

Schedule of Condensed Consolidating Statement of Earnings

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended March 31, 2015
($ in millions)	Ball Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Adjustments			Consolidated Total
Net sales	$	—		$	1,144.5		$	789.1		$	(10.5	)	$	1,923.1
Cost and expenses
Cost of sales (excluding depreciation and amortization)	—			(946.7		)	(624.7		)	10.5			(1,560.9		)
Depreciation and amortization	(1.3		)	(32.1		)	(34.9		)	—			(68.3		)
Selling, general and administrative	(23.9		)	(40.3		)	(51.8		)	—			(116.0		)
Business consolidation and other activities	(48.2		)	(0.2		)	(3.6		)	—			(52.0		)
Equity in results of subsidiaries	94.7			39.8			—			(134.5		)	—
Intercompany	51.5			(42.2		)	(9.3		)	—			—
	72.8			(1,021.7		)	(724.3		)	(124.0		)	(1,797.2		)
Earnings (loss) before interest and taxes	72.8			122.8			64.8			(134.5		)	125.9
Interest expense	(37.4		)	1.6			(2.7		)	—			(38.5		)
Debt refinancing and other costs	(59.3		)	—			(0.6		)	—			(59.9		)
Total interest expense	(96.7		)	1.6			(3.3		)	—			(98.4		)
Earnings (loss) before taxes	(23.9		)	124.4			61.5			(134.5		)	27.5
Tax provision	44.6			(31.0		)	(14.1		)	—			(0.5		)
Equity in results of affiliates, net of tax	—			0.2			0.3			—			0.5
Net earnings (loss)	20.7			93.6			47.7			(134.5		)	27.5
Less net earnings attributable to noncontrolling interests	—			—			(6.8		)	—			(6.8		)
Net earnings (loss) attributable to Ball Corporation	$	20.7		$	93.6		$	40.9		$	(134.5	)	$	20.7
Comprehensive earnings (loss) attributable to Ball Corporation	$	(99.4	)	$	(27.5	)	$	(80.3	)	$	107.8		$	(99.4	)

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended March 31, 2014
($ in millions)	Ball Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Adjustments			Consolidated Total
Net sales	$	—		$	1,171.8		$	837.8		$	(2.8	)	$	2,006.8
Cost and expenses
Cost of sales (excluding depreciation and amortization)	(0.1		)	(972.1		)	(643.5		)	2.8			(1,612.9		)
Depreciation and amortization	(1.5		)	(30.8		)	(36.5		)	—			(68.8		)
Selling, general and administrative	(22.7		)	(43.5		)	(41.5		)	—			(107.7		)
Business consolidation and other activities	(0.6		)	(3.8		)	4.4			—			—
Equity in results of subsidiaries	134.6			81.5			—			(216.1		)	—
Intercompany	47.3			(43.1		)	(4.2		)	—			—
	157.0			(1,011.8		)	(721.3		)	(213.3		)	(1,789.4		)
Earnings (loss) before interest and taxes	157.0			160.0			116.5			(216.1		)	217.4
Interest expense	(38.0		)	0.5			(2.7		)	—			(40.2		)
Debt refinancing and other costs	(33.1		)	—			—			—			(33.1		)
Total interest expense	(71.1		)	0.5			(2.7		)	—			(73.3		)
Earnings (loss) before taxes	85.9			160.5			113.8			(216.1		)	144.1
Tax provision	7.6			(25.1		)	(22.1		)	—			(39.6		)
Equity in results of affiliates, net of tax	—			0.2			0.2			—			0.4
Net earnings (loss)	93.5			135.6			91.9			(216.1		)	104.9
Less net earnings attributable to noncontrolling interests	—			—			(11.4		)	—			(11.4		)
Net earnings (loss) attributable to Ball Corporation	$	93.5		$	135.6		$	80.5		$	(216.1	)	$	93.5
Comprehensive earnings (loss) attributable to Ball Corporation	$	77.7		$	119.3		$	62.5		$	(181.8	)	$	77.7

Schedule of Condensed Consolidating Balance Sheet

	Unaudited Condensed Consolidating Balance Sheet
	March 31, 2015
($ in millions)	Ball Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Adjustments			Consolidated Total
ASSETS
Current assets
Cash and cash equivalents	$	0.3		$	0.4		$	228.1		$	—		$	228.8
Receivables, net	20.4			257.5			765.8			—			1,043.7
Intercompany receivables	179.4			105.9			1.0			(286.3		)	—
Inventories, net	—			620.5			412.7			—			1,033.2
Deferred taxes and other current assets	32.9			77.4			51.9			—			162.2
Total current assets	233.0			1,061.7			1,459.5			(286.3		)	2,467.9
Noncurrent assets
Property, plant and equipment, net	14.7			990.4			1,418.5			—			2,423.6
Investment in subsidiaries	3,129.9			2,127.2			78.6			(5,335.7		)	—
Goodwill	—			970.4			1,207.4			—			2,177.8
Intangibles and other assets, net	251.7			102.2			237.3			—			591.2
Total assets	$	3,629.3		$	5,251.9		$	4,401.3		$	(5,622.0	)	$	7,660.5
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	$	123.9		$	0.3		$	220.5		$	—		$	344.7
Accounts payable	23.6			703.0			544.6			—			1,271.2
Intercompany payables	98.0			—			187.9			(285.9		)	—
Accrued employee costs	36.6			76.9			66.6			—			180.1
Other current liabilities	62.1			53.6			127.6			—			243.3
Total current liabilities	344.2			833.8			1,147.2			(285.9		)	2,039.3
Noncurrent liabilities
Long-term debt	3,012.9			0.2			139.0			—			3,152.1
Employee benefit obligations	317.8			444.6			369.9			—			1,132.3
Intercompany long-term notes	(904.6		)	608.3			296.6			(0.3		)	—
Deferred taxes and other liabilities	(81.7		)	166.0			99.1			—			183.4
Total liabilities	2,688.6			2,052.9			2,051.8			(286.2		)	6,507.1
Common stock	1,149.8			2,293.5			534.0			(2,827.5		)	1,149.8
Preferred stock	—			—			4.8			(4.8		)	—
Retained earnings	4,349.8			1,483.0			1,880.8			(3,363.8		)	4,349.8
Accumulated other comprehensive earnings (loss)	(642.1		)	(577.5		)	(282.8		)	860.3			(642.1		)
Treasury stock, at cost	(3,916.8		)	—			—			—			(3,916.8		)
Total Ball Corporation shareholders’ equity	940.7			3,199.0			2,136.8			(5,335.8		)	940.7
Noncontrolling interests	—			—			212.7			—			212.7
Total shareholders’ equity	940.7			3,199.0			2,349.5			(5,335.8		)	1,153.4
Total liabilities and shareholders’ equity	$	3,629.3		$	5,251.9		$	4,401.3		$	(5,622.0	)	$	7,660.5

	Unaudited Condensed Consolidating Balance Sheet
	December 31, 2014
($ in millions)	Ball Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Adjustments			Consolidated 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
	Three Months Ended March 31, 2015
($ in millions)	Ball Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated Total
Cash provided by (used in) operating activities	$	(25.9	)	$	(61.9	)	$	(92.7	)	$	(180.5	)
Cash flows from investing activities
Capital expenditures	(2.0		)	(43.7		)	(59.8		)	(105.5		)
Business acquisition, net of cash acquired	—			(29.1		)	—			(29.1		)
Other, net	9.6			4.4			0.1			14.1
Cash provided by (used in) investing activities	7.6			(68.4		)	(59.7		)	(120.5		)
Cash flows from financing activities
Long-term borrowings	1,275.0			—			—			1,275.0
Repayments of long-term borrowings	(1,000.1		)	—			(87.7		)	(1,087.8		)
Net change in short-term borrowings	121.3			(7.3		)	57.1			171.1
Proceeds from issuances of common stock	9.2			—			—			9.2
Acquisitions of treasury stock	(3.2		)	—			—			(3.2		)
Common dividends	(18.2		)	—			—			(18.2		)
Intercompany	(345.1		)	137.6			207.5			—
Other, net	(18.7		)	—			—			(18.7		)
Cash provided by (used in) financing activities	20.2			130.3			176.9			327.4
Effect of exchange rate changes on cash	(3.1		)	—			14.1			11.0
Change in cash and cash equivalents	(1.2		)	—			38.6			37.4
Cash and cash equivalents — beginning of period	1.5			0.4			189.5			191.4
Cash and cash equivalents — end of period	$	0.3		$	0.4		$	228.1		$	228.8

	Unaudited Condensed Consolidating Statement of Cash Flows
	Three Months Ended March 31, 2014
($ in millions)	Ball Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated Total
Cash provided by (used in) operating activities	$	(50.3	)	$	(126.5	)	$	40.6		$	(136.2	)
Cash flows from investing activities
Capital expenditures	(1.1		)	(23.6		)	(36.7		)	(61.4		)
Other, net	0.1			(0.4		)	6.6			6.3
Cash provided by (used in) investing activities	(1.0		)	(24.0		)	(30.1		)	(55.1		)
Cash flows from financing activities
Long-term borrowings	375.0			—			0.1			375.1
Repayments of long-term borrowings	(415.4		)	(0.2		)	(97.8		)	(513.4		)
Net change in short-term borrowings	60.0			0.2			239.3			299.5
Proceeds from issuances of common stock	9.3			—			—			9.3
Acquisitions of treasury stock	(202.8		)	—			—			(202.8		)
Common dividends	(18.6		)	—			—			(18.6		)
Intercompany	23.8			150.6			(174.4		)	—
Other, net	5.8			—			—			5.8
Cash provided by (used in) financing activities	(162.9		)	150.6			(32.8		)	(45.1		)
Effect of exchange rate changes on cash	(3.8		)	—			(0.4		)	(4.2		)
Change in cash and cash equivalents	(218.0		)	0.1			(22.7		)	(240.6		)
Cash and cash equivalents — beginning of period	218.6			0.3			197.1			416.0
Cash and cash equivalents — end of period	$	0.6		$	0.4		$	174.4		$	175.4