Subsidiary Guarantees of Debt (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Condensed Consolidating Statement of Earnings

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended March 31, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,115	$	1,373	$	(15)	$	2,473
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(903)		(1,087)		15		(1,975)
Depreciation and amortization		(2)		(36)		(110)		—		(148)
Selling, general and administrative		(45)		(41)		(57)		—		(143)
Business consolidation and other activities		(51)		6		(10)		—		(55)
Equity in results of subsidiaries		123		4		—		(127)		—
Intercompany		81		(43)		(38)		—		—
		106		(1,013)		(1,302)		(112)		(2,321)
Earnings (loss) before interest and taxes		106		102		71		(127)		152
Interest expense		(65)		1		(4)		—		(68)
Total interest expense		(65)		1		(4)		—		(68)
Earnings (loss) before taxes		41		103		67		(127)		84
Tax (provision) benefit		27		(37)		(12)		—		(22)
Equity in results of affiliates, net of tax		—		—		8		—		8
Net earnings (loss)		68		66		63		(127)		70
Less net earnings attributable to
noncontrolling interests		—		—		(2)		—		(2)
Net earnings (loss) attributable to
Ball Corporation	$	68	$	66	$	61	$	(127)	$	68
Comprehensive earnings (loss) attributable to Ball Corporation	$	196	$	159	$	146	$	(305)	$	196

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended March 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,075	$	706	$	(25)	$	1,756
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(886)		(555)		25		(1,416)
Depreciation and amortization		(1)		(36)		(38)		—		(75)
Selling, general and administrative		(20)		(40)		(48)		—		(108)
Business consolidation and other activities		(260)		(17)		10		—		(267)
Equity in results of subsidiaries		84		36		—		(120)		—
Intercompany		52		(41)		(11)		—		—
		(145)		(984)		(642)		(95)		(1,866)
Earnings (loss) before interest and taxes		(145)		91		64		(120)		(110)
Interest expense		(38)		—		—		—		(38)
Debt refinancing and other costs		(59)		—		(2)		—		(61)
Total interest expense		(97)		—		(2)		—		(99)
Earnings (loss) before taxes		(242)		91		62		(120)		(209)
Tax (provision) benefit		115		(19)		(13)		—		83
Equity in results of affiliates, net of tax		—		(1)		—		—		(1)
Net earnings (loss)		(127)		71		49		(120)		(127)
Less net earnings attributable to
noncontrolling interests		—		—		—		—		—
Net earnings (loss) attributable to	$	(127)	$	71	$	49	$	(120)	$	(127)
Ball Corporation
Comprehensive earnings (loss) attributable  to Ball Corporation	$	(96)	$	100	$	66	$	(166)	$	(96)

Schedule of Condensed Consolidating Balance Sheet

	Unaudited Condensed Consolidating Balance Sheet
	March 31, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	5	$	—	$	453	$	—	$	458
Receivables, net		77		551		1,067		—		1,695
Intercompany receivables		41		117		941		(1,099)		—
Inventories, net		—		565		989		—		1,554
Other current assets		33		48		119		—		200
Total current assets		156		1,281		3,569		(1,099)		3,907
Noncurrent assets
Property, plant and equipment, net		23		1,116		3,264		—		4,403
Investment in subsidiaries		8,039		2,372		79		(10,490)		—
Goodwill		3		981		4,168		—		5,152
Intangible assets, net		18		76		1,823		—		1,917
Other assets		80		23		1,162		—		1,265
Total assets	$	8,319	$	5,849	$	14,065	$	(11,589)	$	16,644
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	258	$	—	$	239	$	—	$	497
Accounts payable		15		679		1,136		—		1,830
Intercompany payables		1,012		39		60		(1,111)		—
Accrued employee costs		25		92		147		—		264
Other current liabilities		156		72		199		—		427
Total current liabilities		1,466		882		1,781		(1,111)		3,018
Noncurrent liabilities
Long-term debt		6,493		—		983		—		7,476
Employee benefit obligations		331		445		711		—		1,487
Intercompany long-term notes		(3,370)		421		2,937		12		—
Deferred taxes		(227)		226		856		—		855
Other liabilities		7		(1)		79		—		85
Total liabilities		4,700		1,973		7,347		(1,099)		12,921
Common stock		1,040		635		4,426		(5,061)		1,040
Preferred stock		—		—		5		(5)		—
Retained earnings		4,784		3,960		2,650		(6,610)		4,784
Accumulated other comprehensive earnings (loss)		(813)		(719)		(467)		1,186		(813)
Treasury stock, at cost		(1,392)		—		—		—		(1,392)
Total Ball Corporation shareholders' equity		3,619		3,876		6,614		(10,490)		3,619
Noncontrolling interests		—		—		104		—		104
Total shareholders' equity		3,619		3,876		6,718		(10,490)		3,723
Total liabilities and shareholders' equity	$	8,319	$	5,849	$	14,065	$	(11,589)	$	16,644

	Unaudited Condensed Consolidating Balance Sheet
	December 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	2	$	(11)	$	606	$	—	$	597
Receivables, net		96		450		945		—		1,491
Intercompany receivables		39		125		963		(1,127)		—
Inventories, net		—		516		897		—		1,413
Other current assets		40		33		79		—		152
Total current assets		177		1,113		3,490		(1,127)		3,653
Noncurrent assets
Property, plant and equipment, net		23		1,087		3,277		—		4,387
Investment in subsidiaries		7,815		2,289		79		(10,183)		—
Goodwill		—		990		4,105		—		5,095
Intangible assets, net		18		76		1,840		—		1,934
Other assets		94		20		990		—		1,104
Total assets	$	8,127	$	5,575	$	13,781	$	(11,310)	$	16,173
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	141	$	—	$	81	$	—	$	222
Accounts payable		18		771		1,244		—		2,033
Intercompany payables		1,010		52		65		(1,127)		—
Accrued employee costs		25		135		155		—		315
Other current liabilities		138		65		196		—		399
Total current liabilities		1,332		1,023		1,741		(1,127)		2,969
Noncurrent liabilities
Long-term debt		6,337		—		973		—		7,310
Employee benefit obligations		347		440		710		—		1,497
Intercompany long-term notes		(3,142)		178		2,964		—		—
Deferred taxes		(193)		218		734		—		759
Other liabilities		12		—		85		—		97
Total liabilities		4,693		1,859		7,207		(1,127)		12,632
Common stock		1,038		635		4,426		(5,061)		1,038
Preferred stock		—		—		5		(5)		—
Retained earnings		4,739		3,893		2,589		(6,482)		4,739
Accumulated other comprehensive earnings (loss)		(942)		(812)		(552)		1,365		(941)
Treasury stock, at cost		(1,401)		—		—		—		(1,401)
Total Ball Corporation shareholders' equity		3,434		3,716		6,468		(10,183)		3,435
Noncontrolling interests		—		—		106		—		106
Total shareholders' equity		3,434		3,716		6,574		(10,183)		3,541
Total liabilities and shareholders' equity	$	8,127	$	5,575	$	13,781	$	(11,310)	$	16,173

Schedule of Condensed Consolidating Statement of Cash Flows

	Unaudited Condensed Consolidating Statement of Cash Flows
	Three Months Ended March 31, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	7	$	(182)	$	(223)	$	(398)
Cash flows from investing activities capital expenditures		(4)		(82)		(39)		(125)
Business dispositions, net of cash sold		—		31		—		31
Other, net		2		8		(7)		3
Cash provided by (used in) investing activities		(2)		(43)		(46)		(91)
Cash flows from financing activities
Long-term borrowings		185		—		—		185
Repayments of long-term borrowings		(48)		—		(2)		(50)
Net change in short-term borrowings		116		—		157		273
Proceeds from issuances of common stock, net of shares used for taxes		(1)		—		—		(1)
Acquisitions of treasury stock		(3)		—		—		(3)
Common dividends		(23)		—		—		(23)
Intercompany		(229)		237		(8)		—
Other, net		—		(1)		—		(1)
Cash provided by (used in) financing activities		(3)		236		147		380
Effect of exchange rate changes on cash		1		—		(31)		(30)
Change in cash and cash equivalents		3		11		(153)		(139)
Cash and cash equivalents – beginning of period		2		(11)		606		597
Cash and cash equivalents – end of period	$	5	$	—	$	453	$	458

	Unaudited Condensed Consolidating Statement of Cash Flows
	Three Months Ended March 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	(36)	$	(130)	$	(220)	$	(386)
Cash flows from investing activities capital expenditures		(7)		(44)		(87)		(138)
Business acquisition, net of cash acquired		—		(36)		—		(36)
Other, net		(13)		2		—		(11)
Cash provided by (used in) investing activities		(20)		(78)		(87)		(185)
Cash flows from financing activities
Long-term borrowings		795		—		6		801
Repayments of long-term borrowings		(390)		—		(17)		(407)
Net change in short-term borrowings		98		—		212		310
Proceeds from issuances of common stock, net of shares used for taxes		7		—		—		7
Acquisitions of treasury stock		(98)		—		—		(98)
Common dividends		(19)		—		—		(19)
Intercompany		(331)		214		117		—
Other, net		(13)		—		(9)		(22)
Cash provided by (used in) financing activities		49		214		309		572
Effect of exchange rate changes on cash		5		17		(42)		(20)
Change in cash and cash equivalents		(2)		23		(40)		(19)
Cash and cash equivalents – beginning of period		5		—		219		224
Cash and cash equivalents – end of period	$	3	$	23	$	179	$	205

Guarantees Relating to Senior Notes

Schedule of Condensed Consolidating Statement of Earnings

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended March 31, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,115	$	1,373	$	(15)	$	2,473
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(903)		(1,087)		15		(1,975)
Depreciation and amortization		(2)		(36)		(110)		—		(148)
Selling, general and administrative		(45)		(41)		(57)		—		(143)
Business consolidation and other activities		(51)		5		(9)		—		(55)
Equity in results of subsidiaries		123		3		(7)		(119)		—
Intercompany		81		(41)		(40)		—		—
		106		(1,013)		(1,310)		(104)		(2,321)
Earnings (loss) before interest and taxes		106		102		63		(119)		152
Interest expense		(65)		1		(4)		—		(68)
Total interest expense		(65)		1		(4)		—		(68)
Earnings (loss) before taxes		41		103		59		(119)		84
Tax (provision) benefit		27		(37)		(12)		—		(22)
Equity in results of affiliates, net of tax		—		—		8		—		8
Net earnings (loss)		68		66		55		(119)		70
Less net earnings attributable to
noncontrolling interests		—		—		(2)		—		(2)
Net earnings (loss) attributable to
Ball Corporation	$	68	$	66	$	53	$	(119)	$	68
Comprehensive earnings (loss) attributable to Ball Corporation	$	196	$	168	$	144	$	(312)	$	196

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended March 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,075	$	706	$	(25)	$	1,756
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(886)		(555)		25		(1,416)
Depreciation and amortization		(1)		(36)		(38)		—		(75)
Selling, general and administrative		(20)		(40)		(48)		—		(108)
Business consolidation and other activities		(260)		(4)		(3)		—		(267)
Equity in results of subsidiaries		84		36		—		(120)		—
Intercompany		52		(41)		(11)		—		—
		(145)		(971)		(655)		(95)		(1,866)
Earnings (loss) before interest and taxes		(145)		104		51		(120)		(110)
Interest expense		(38)		—		—		—		(38)
Debt refinancing and other costs		(59)		—		(2)		—		(61)
Total interest expense		(97)		—		(2)		—		(99)
Earnings (loss) before taxes		(242)		104		49		(120)		(209)
Tax (provision) benefit		115		(19)		(13)		—		83
Equity in results of affiliates, net of tax		—		(1)		—		—		(1)
Net earnings (loss)		(127)		84		36		(120)		(127)
Less net earnings attributable to
noncontrolling interests		—		—		—		—		—
Net earnings (loss) attributable to	$	(127)	$	84	$	36	$	(120)	$	(127)
Ball Corporation
Comprehensive earnings (loss) attributable  to Ball Corporation	$	(96)	$	113	$	53	$	(166)	$	(96)

Schedule of Condensed Consolidating Balance Sheet

	Unaudited Condensed Consolidating Balance Sheet
	March 31, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	5	$	—	$	453	$	—	$	458
Receivables, net		77		551		1,067		—		1,695
Intercompany receivables		41		465		941		(1,447)		—
Inventories, net		—		565		989		—		1,554
Other current assets		33		54		113		—		200
Total current assets		156		1,635		3,563		(1,447)		3,907
Noncurrent assets
Property, plant and equipment, net		23		1,116		3,264		—		4,403
Investment in subsidiaries		8,039		4,380		424		(12,843)		—
Goodwill		3		977		4,172		—		5,152
Intangible assets, net		18		76		1,823		—		1,917
Other assets		80		297		888		—		1,265
Total assets	$	8,319	$	8,481	$	14,134	$	(14,290)	$	16,644
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	258	$	—	$	239	$	—	$	497
Accounts payable		15		680		1,135		—		1,830
Intercompany payables		1,012		40		408		(1,460)		—
Accrued employee costs		25		103		136		—		264
Other current liabilities		156		76		195		—		427
Total current liabilities		1,466		899		2,113		(1,460)		3,018
Noncurrent liabilities
Long-term debt		6,493		—		983		—		7,476
Employee benefit obligations		331		754		402		—		1,487
Intercompany long-term notes		(3,370)		2,278		1,079		13		—
Deferred taxes		(227)		268		814		—		855
Other liabilities		7		(1)		79		—		85
Total liabilities		4,700		4,198		5,470		(1,447)		12,921
Common stock		1,040		1,120		6,301		(7,421)		1,040
Preferred stock		—		—		5		(5)		—
Retained earnings		4,784		3,898		2,715		(6,613)		4,784
Accumulated other comprehensive earnings (loss)		(813)		(735)		(461)		1,196		(813)
Treasury stock, at cost		(1,392)		—		—		—		(1,392)
Total Ball Corporation shareholders' equity		3,619		4,283		8,560		(12,843)		3,619
Noncontrolling interests		—		—		104		—		104
Total shareholders' equity		3,619		4,283		8,664		(12,843)		3,723
Total liabilities and shareholders' equity	$	8,319	$	8,481	$	14,134	$	(14,290)	$	16,644

	Unaudited Condensed Consolidating Balance Sheet
	December 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	2	$	(11)	$	606	$	—	$	597
Receivables, net		96		450		945		—		1,491
Intercompany receivables		39		467		963		(1,469)		—
Inventories, net		—		516		897		—		1,413
Other current assets		40		39		73		—		152
Total current assets		177		1,461		3,484		(1,469)		3,653
Noncurrent assets
Property, plant and equipment, net		23		1,087		3,277		—		4,387
Investment in subsidiaries		7,815		4,291		423		(12,529)		—
Goodwill		—		985		4,110		—		5,095
Intangible assets, net		18		76		1,840		—		1,934
Other assets		94		306		704		—		1,104
Total assets	$	8,127	$	8,206	$	13,838	$	(13,998)	$	16,173
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	141	$	—	$	81	$	—	$	222
Accounts payable		18		772		1,243		—		2,033
Intercompany payables		1,010		53		408		(1,471)		—
Accrued employee costs		25		152		138		—		315
Other current liabilities		138		69		192		—		399
Total current liabilities		1,332		1,046		2,062		(1,471)		2,969
Noncurrent liabilities
Long-term debt		6,337		—		973		—		7,310
Employee benefit obligations		347		760		390		—		1,497
Intercompany long-term notes		(3,142)		2,018		1,122		2		—
Deferred taxes		(193)		261		691		—		759
Other liabilities		12		6		79		—		97
Total liabilities		4,693		4,091		5,317		(1,469)		12,632
Common stock		1,038		1,120		6,301		(7,421)		1,038
Preferred stock		—		—		5		(5)		—
Retained earnings		4,739		3,832		2,661		(6,493)		4,739
Accumulated other comprehensive earnings (loss)		(942)		(837)		(552)		1,390		(941)
Treasury stock, at cost		(1,401)		—		—		—		(1,401)
Total Ball Corporation shareholders' equity		3,434		4,115		8,415		(12,529)		3,435
Noncontrolling interests		—		—		106		—		106
Total shareholders' equity		3,434		4,115		8,521		(12,529)		3,541
Total liabilities and shareholders' equity	$	8,127	$	8,206	$	13,838	$	(13,998)	$	16,173

Schedule of Condensed Consolidating Statement of Cash Flows

	Unaudited Condensed Consolidating Statement of Cash Flows
	Three Months Ended March 31, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	7	$	(194)	$	(211)	$	(398)
Cash flows from investing activities capital expenditures		(4)		(82)		(39)		(125)
Proceeds from dispositions, net of cash sold		—		31		—		31
Other, net		2		8		(7)		3
Cash provided by (used in) investing activities		(2)		(43)		(46)		(91)
Cash flows from financing activities
Long-term borrowings		185		—		—		185
Repayments of long-term borrowings		(48)		—		(2)		(50)
Net change in short-term borrowings		116		—		157		273
Proceeds from issuances of common stock, net of shares used for taxes		(1)		—		—		(1)
Acquisitions of treasury stock		(3)		—		—		(3)
Common dividends		(23)		—		—		(23)
Intercompany		(229)		249		(20)		—
Other, net		—		(1)		—		(1)
Cash provided by (used in) financing activities		(3)		248		135		380
Effect of exchange rate changes on cash		1		—		(31)		(30)
Change in cash and cash equivalents		3		11		(153)		(139)
Cash and cash equivalents – beginning of period		2		(11)		606		597
Cash and cash equivalents – end of period	$	5	$	—	$	453	$	458

	Unaudited Condensed Consolidating Statement of Cash Flows
	Three Months Ended March 31, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	(36)	$	(130)	$	(220)	$	(386)
Cash flows from investing activities capital expenditures		(7)		(44)		(87)		(138)
Business acquisition, net of cash acquired		—		(36)		—		(36)
Other, net		(13)		2		—		(11)
Cash provided by (used in) investing activities		(20)		(78)		(87)		(185)
Cash flows from financing activities
Long-term borrowings		795		—		6		801
Repayments of long-term borrowings		(390)		—		(17)		(407)
Net change in short-term borrowings		98		—		212		310
Proceeds from issuances of common stock, net of shares used for taxes		7		—		—		7
Acquisitions of treasury stock		(98)		—		—		(98)
Common dividends		(19)		—		—		(19)
Intercompany		(331)		196		135		—
Other, net		(13)		—		(9)		(22)
Cash provided by (used in) financing activities		49		196		327		572
Effect of exchange rate changes on cash		5		17		(42)		(20)
Change in cash and cash equivalents		(2)		5		(22)		(19)
Cash and cash equivalents – beginning of period		5		—		219		224
Cash and cash equivalents – end of period	$	3	$	5	$	197	$	205