Subsidiary Guarantees of Debt (Tables)

6 Months Ended

Jun. 30, 2016

Subsidiary Guarantees of Debt

Schedule of Condensed Consolidating Statement of Earnings

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended June 30, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,206	$	882	$	(58)	$	2,030
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(975)		(679)		58		(1,596)
Depreciation and amortization		(1)		(36)		(41)		—		(78)
Selling, general and administrative		(13)		(42)		(50)		—		(105)
Business consolidation and other activities		770		(6)		(737)		—		27
Equity in results of subsidiaries		(450)		317		1		132		—
Intercompany		60		(44)		(16)		—		—
		366		(786)		(1,522)		190		(1,752)
Earnings (loss) before interest and taxes		366		420		(640)		132		278
Interest expense		(38)		(1)		(2)				(41)
Debt refinancing and other costs		(36)		—		(10)		—		(46)
Total interest expense		(74)		(1)		(12)		—		(87)
Earnings (loss) before taxes		292		419		(652)		132		191
Tax (provision) benefit		46		(32)		132		—		146
Equity in results of affiliates, net of tax		—		1		—		—		1
Net earnings (loss)		338		388		(520)		132		338
Less net earnings attributable to
noncontrolling interests		—		—		—		—		—
Net earnings (loss) attributable to
Ball Corporation	$	338	$	388	$	(520)	$	132	$	338
Comprehensive earnings (loss) attributable
to Ball Corporation	$	354	$	416	$	(512)	$	96	$	354

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended June 30, 2015
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,320	$	864	$	(12)	$	2,172
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(1,100)		(687)		12		(1,775)
Depreciation and amortization		(1)		(32)		(38)		—		(71)
Selling, general and administrative		(23)		(44)		(51)		—		(118)
Business consolidation and other activities		72		—		(6)		—		66
Equity in results of subsidiaries		117		52		—		(169)		—
Intercompany		51		(44)		(7)		—		—
		216		(1,168)		(789)		(157)		(1,898)
Earnings (loss) before interest and taxes		216		152		75		(169)		274
Interest expense		(29)		1		(3)		—		(31)
Debt refinancing and other costs		(4)		—		(1)		—		(5)
Total interest expense		(33)		1		(4)		—		(36)
Earnings (loss) before taxes		183		153		71		(169)		238
Tax (provision) benefit		(23)		(38)		(18)		—		(79)
Equity in results of affiliates, net of tax		—		1		—		—		1
Net earnings (loss)		160		116		53		(169)		160
Less net earnings attributable to
noncontrolling interests		—		—		—		—		—
Net earnings (loss) attributable to	$	160	$	116	$	53	$	(169)	$	160
Ball Corporation
Comprehensive earnings (loss) attributable
to Ball Corporation	$	199	$	153	$	87	$	(240)	$	199

	Unaudited Condensed Consolidating Statement of Earnings
	Six Months Ended June 30, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	2,281	$	1,587	$	(83)	$	3,785
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(1,862)		(1,233)		83		(3,012)
Depreciation and amortization		(2)		(71)		(80)		—		(153)
Selling, general and administrative		(32)		(82)		(99)		—		(213)
Business consolidation and other activities		510		(24)		(726)		—		(240)
Equity in results of subsidiaries		(365)		352		—		13		—
Intercompany		110		(87)		(23)		—		—
		221		(1,774)		(2,161)		96		(3,618)
Earnings (loss) before interest and taxes		221		507		(574)		13		167
Interest expense		(75)		(1)		(3)		—		(79)
Debt refinancing and other costs		(96)		—		(10)		—		(106)
Total interest expense		(171)		(1)		(13)		—		(185)
Earnings (loss) before taxes		50		506		(587)		13		(18)
Tax (provision) benefit		161		(50)		118		—		229
Equity in results of affiliates, net of tax		—		—		—		—		—
Net earnings (loss)		211		456		(469)		13		211
Less net earnings attributable to
noncontrolling interests		—		—		—		—		—
Net earnings (loss) attributable to
Ball Corporation	$	211	$	456	$	(469)	$	13	$	211
Comprehensive earnings (loss) attributable
to Ball Corporation	$	258	$	513	$	(443)	$	(70)	$	258

	Unaudited Condensed Consolidating Statement of Earnings
	Six Months Ended June 30, 2015
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	2,464	$	1,653	$	(22)	$	4,095
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(2,046)		(1,312)		22		(3,336)
Depreciation and amortization		(3)		(63)		(73)		—		(139)
Selling, general and administrative		(47)		(85)		(102)		—		(234)
Business consolidation and other activities		24		(1)		(9)		—		14
Equity in results of subsidiaries		212		92		—		(304)		—
Intercompany		103		(86)		(17)		—		—
		289		(2,189)		(1,513)		(282)		(3,695)
Earnings (loss) before interest and taxes		289		275		140		(304)		400
Interest expense		(66)		2		(6)		—		(70)
Debt refinancing and other costs		(63)		—		(2)		—		(65)
Total interest expense		(129)		2		(8)		—		(135)
Earnings (loss) before taxes		160		277		132		(304)		265
Tax (provision) benefit		21		(68)		(32)		—		(79)
Equity in results of affiliates, net of tax		—		1		1		—		2
Net earnings (loss)		181		210		101		(304)		188
Less net earnings attributable to
noncontrolling interests		—		—		(7)		—		(7)
Net earnings (loss) attributable to
Ball Corporation	$	181	$	210	$	94	$	(304)	$	181
Comprehensive earnings (loss) attributable
to Ball Corporation	$	99	$	126	$	7	$	(133)	$	99

Schedule of Condensed Consolidating Balance Sheet

	Unaudited Condensed Consolidating Balance Sheet
	June 30, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	2,135	$	1	$	4,263	$	—	$	6,399
Receivables, net		255		238		1,417		—		1,910
Intercompany receivables		340		125		1,423		(1,888)		—
Inventories, net		—		511		972		—		1,483
Deferred taxes and other current assets		85		29		180		—		294
Total current assets		2,815		904		8,255		(1,888)		10,086
Noncurrent assets
Property, plant and equipment, net		17		1,059		3,320		—		4,396
Investment in subsidiaries		7,068		2,465		79		(9,612)		—
Goodwill		—		998		4,185		—		5,183
Intangible assets, net		20		81		1,951		—		2,052
Restricted cash		1,949		—		175		—		2,124
Other assets		189		23		1,024		—		1,236
Total assets	$	12,058	$	5,530		18,989	$	(11,500)	$	25,077
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	200	$	—		2,925	$	—	$	3,125
Accounts payable		122		796		1,250		—		2,168
Intercompany payables		1,501		23		365		(1,889)		—
Accrued employee costs		10		106		245		—		361
Acquisition purchase price payable		2,204		—		1,621		—		3,825
Other current liabilities		260		57		557		—		874
Total current liabilities		4,297		982		6,963		(1,889)		10,353
Noncurrent liabilities
Long-term debt		6,497		—		1,737		—		8,234
Employee benefit obligations		328		464		735		—		1,527
Intercompany long-term notes		(2,691)		95		2,596		—		—
Deferred taxes and other liabilities		(104)		142		1,091		—		1,129
Total liabilities		8,327		1,683		13,122		(1,889)		21,243
Common stock		995		635		4,426		(5,061)		995
Preferred stock		—		—		5		(5)		—
Retained earnings		4,733		3,729		1,591		(5,320)		4,733
Accumulated other comprehensive earnings (loss)		(593)		(517)		(258)		775		(593)
Treasury stock, at cost		(1,404)		—		—		—		(1,404)
Total Ball Corporation shareholders' equity		3,731		3,847		5,764		(9,611)		3,731
Noncontrolling interests		—		—		103		—		103
Total shareholders' equity		3,731		3,847		5,867		(9,611)		3,834
Total liabilities and shareholders' equity	$	12,058	$	5,530		18,989	$	(11,500)	$	25,077

	Unaudited Condensed Consolidating Balance Sheet
	December 31, 2015
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	5	$	—	$	219	$	—	$	224
Receivables, net		40		224		621		—		885
Intercompany receivables		137		517		6		(660)		—
Inventories, net		—		516		382		—		898
Deferred taxes and other current assets		49		84		44		—		177
Total current assets		231		1,341		1,272		(660)		2,184
Noncurrent assets
Property, plant and equipment, net		14		1,026		1,646		—		2,686
Investment in subsidiaries		3,688		2,135		79		(5,902)		—
Goodwill		—		967		1,210		—		2,177
Intangible assets, net		19		83		93		—		195
Restricted cash		2,154		—		—		—		2,154
Other assets		152		19		130		—		301
Total assets	$	6,258	$	5,571		4,430	$	(6,562)	$	9,697
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	1	$	—		76	$	—	$	77
Accounts payable		19		792		690		—		1,501
Intercompany payables		105		1		554		(660)		—
Accrued employee costs		16		133		80		—		229
Acquisition purchase price payable		—		—		—		—		—
Other current liabilities		146		60		129		—		335
Total current liabilities		287		986		1,529		(660)		2,142
Noncurrent liabilities
Long-term debt		4,859		—		115		—		4,974
Employee benefit obligations		342		466		339		—		1,147
Intercompany long-term notes		(371)		192		179		—		—
Deferred taxes and other liabilities		(110)		183		100		—		173
Total liabilities		5,007		1,827		2,262		(660)		8,436
Common stock		962		1,042		375		(1,417)		962
Preferred stock		—		—		5		(5)		—
Retained earnings		4,557		3,276		2,062		(5,338)		4,557
Accumulated other comprehensive earnings (loss)		(640)		(574)		(284)		858		(640)
Treasury stock, at cost		(3,628)		—		—		—		(3,628)
Total Ball Corporation shareholders' equity		1,251		3,744		2,158		(5,902)		1,251
Noncontrolling interests		—		—		10		—		10
Total shareholders' equity		1,251		3,744		2,168		(5,902)		1,261
Total liabilities and shareholders' equity	$	6,258	$	5,571		4,430	$	(6,562)	$	9,697

Schedule of Condensed Consolidating Statement of Cash Flows

	Unaudited Condensed Consolidating Statement of Cash Flows
	Six Months Ended June 30, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	(23)	$	158	$	(99)	$	36
Cash flows from investing activities Capital expenditures		(6)		(97)		(170)		(273)
Business acquisition, net of cash acquired		4,506		(36)		(4,057)		413
Proceeds from dispositions, net of cash sold		884		—		1,931		2,815
Other, net		(91)		6		(1)		(86)
Cash provided by (used in) investing activities		5,293		(127)		(2,297)		2,869
Cash flows from financing activities
Long-term borrowings		2,195		—		1,629		3,824
Repayments of long-term borrowings		(590)		—		(31)		(621)
Net change in short-term borrowings		200		—		50		250
Proceeds from issuances of common stock		23		—		—		23
Acquisitions of treasury stock		(98)		—		—		(98)
Common dividends		(37)		—		—		(37)
Intercompany		(4,827)		(29)		4,856		—
Other, net		(11)		(1)		(9)		(21)
Cash provided by (used in) financing activities		(3,145)		(30)		6,495		3,320
Effect of exchange rate changes on cash		5		—		(55)		(50)
Change in cash and cash equivalents		2,130		1		4,044		6,175
Cash and cash equivalents – beginning of period		5		—		219		224
Cash and cash equivalents – end of period	$	2,135	$	1	$	4,263	$	6,399

	Unaudited Condensed Consolidating Statement of Cash Flows
	Six Months Ended June 30, 2015
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	(32)	$	226	$	17	$	211
Cash flows from investing activities Capital expenditures		(4)		(99)		(125)		(228)
Business acquisition, net of cash acquired		—		(29)		—		(29)
Other, net		9		12		1		22
Cash provided by (used in) investing activities		5		(116)		(124)		(235)
Cash flows from financing activities
Long-term borrowings		2,300		—		15		2,315
Repayments of long-term borrowings		(2,200)		—		(108)		(2,308)
Net change in short-term borrowings		111		(7)		1		105
Proceeds from issuances of common stock		19		—		—		19
Acquisitions of treasury stock		(3)		—		—		(3)
Common dividends		(36)		—		—		(36)
Intercompany		(130)		(103)		233		—
Other, net		(32)		—		(9)		(41)
Cash provided by (used in) financing activities		29		(110)		132		51
Effect of exchange rate changes on cash		(1)		—		10		9
Change in cash and cash equivalents		1		—		35		36
Cash and cash equivalents – beginning of period		2		—		189		191
Cash and cash equivalents – end of period	$	3	$	—	$	224	$	227