20. Subsidiary Guarantees of Debt

The following condensed consolidating financial information is presented in accordance with SEC Regulations S‑X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered, and comprises two separate and distinct presentations. Amounts for the three and six months ended June 30, 2017, have been revised for the adjustments identified and recorded as of December 31, 2016. Refer to Note 1for further detail.

For purposes of each presentation of condensed consolidating financial information, the subsidiaries of the company providing the guarantees are referred to as the guarantor subsidiaries, and subsidiaries of the company other than the guarantor subsidiaries are referred to as the non-guarantor subsidiaries. The eliminating adjustments substantively consist of intercompany transactions and the elimination of equity investments and earnings of subsidiaries. Separate financial statements for the guarantor subsidiaries and the non-guarantor subsidiaries are not presented because management has determined that such financial statements are not required.

Guarantees Relating to Shelf Registration Statement

The first presentation of condensed consolidating financial information relates to the Registration Statement on Form S-3 registering debt securities of the company and the full and unconditional, joint and several guarantees of such debt securities by certain 100 percent owned domestic subsidiaries of the company. The following is unaudited condensed consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of June 30, 2017, and December 31, 2016, and for the three and six months ended June 30, 2017 and 2016. The condensed consolidating financial information presented below is not necessarily indicative of the financial position, results of operations, earnings or cash flows of the company or any of the company’s subsidiaries on a stand-alone basis.


	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended June 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Net sales	$	—	$	1,273	$	1,631	$	(49)	$	2,855

Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(1,066)		(1,253)		49		(2,270)
Depreciation and amortization		(2)		(37)		(190)		—		(229)
Selling, general and administrative		(55)		(37)		(36)		—		(128)
Business consolidation and other activities		(14)		(8)		(19)		—		(41)
Equity in results of subsidiaries		148		2		—		(150)		—
Intercompany		81		(45)		(36)		—		—
		158		(1,191)		(1,534)		(101)		(2,668)

Earnings (loss) before interest and taxes		158		82		97		(150)		187
Interest expense		(68)		1		(7)		—		(74)
Debt refinancing and other costs		—		—		(1)		—		(1)
Total interest expense		(68)		1		(8)		—		(75)
Earnings (loss) before taxes		90		83		89		(150)		112
Tax (provision) benefit		9		(27)		(4)		—		(22)
Equity in results of affiliates, net of tax		—		1		9		—		10
Net earnings (loss)		99		57		94		(150)		100
Less net earnings attributable to
noncontrolling interests		—		—		(1)		—		(1)
Net earnings (loss) attributable to
Ball Corporation	$	99	$	57	$	93	$	(150)	$	99

Comprehensive earnings (loss) attributable to Ball Corporation	$	(7)	$	(45)	$	(12)	$	57	$	(7)


	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)		(736)		—		28
Equity in results of subsidiaries		(481)		286		1		194		—
Intercompany		60		(44)		(16)		—		—
		335		(817)		(1,521)		252		(1,751)

Earnings (loss) before interest and taxes		335		389		(639)		194		279
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		261		388		(651)		194		192
Tax (provision) benefit		46		(32)		100		—		114
Equity in results of affiliates, net of tax		—		1		—		—		1
Net earnings (loss)		307		357		(551)		194		307
Less net earnings attributable to
noncontrolling interests		—		—		—		—		—
Net earnings (loss) attributable to	$	307	$	357	$	(551)	$	194	$	307
Ball Corporation

Comprehensive earnings (loss) attributable to Ball Corporation	$	323	$	385	$	(543)	$	158	$	323


	Unaudited Condensed Consolidating Statement of Earnings
	Six Months Ended June 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Net sales	$	—	$	2,388	$	3,004	$	(64)	$	5,328

Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(1,969)		(2,340)		64		(4,245)
Depreciation and amortization		(3)		(73)		(301)		—		(377)
Selling, general and administrative		(100)		(79)		(92)		—		(271)
Business consolidation and other activities		(64)		(4)		(28)		—		(96)
Equity in results of subsidiaries		270		7		—		(277)		—
Intercompany		162		(87)		(75)		—		—
		265		(2,205)		(2,836)		(213)		(4,989)

Earnings (loss) before interest and taxes		265		183		168		(277)		339
Interest expense		(134)		3		(11)		—		(142)
Debt refinancing and other costs		—		—		(1)		—		(1)
Total interest expense		(134)		3		(12)		—		(143)
Earnings (loss) before taxes		131		186		156		(277)		196
Tax (provision) benefit		36		(64)		(16)		—		(44)
Equity in results of affiliates, net of tax		—		1		17		—		18
Net earnings		167		123		157		(277)		170
Less net earnings attributable to
noncontrolling interests		—		—		(3)		—		(3)
Net earnings attributable to
Ball Corporation	$	167	$	123	$	154	$	(277)	$	167

Comprehensive earnings (loss) attributable to Ball Corporation	$	189	$	115	$	134	$	(249)	$	189


	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		(23)		(726)		—		(239)
Equity in results of subsidiaries		(396)		322		—		74		—
Intercompany		110		(87)		(23)		—		—
		190		(1,803)		(2,161)		157		(3,617)

Earnings (loss) before interest and taxes		190		478		(574)		74		168
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		19		477		(587)		74		(17)
Tax (provision) benefit		161		(51)		87		—		197
Equity in results of affiliates, net of tax		—		—		—		—		—
Net earnings		180		426		(500)		74		180
Less net earnings attributable to
noncontrolling interests		—		—		—		—		—
Net earnings attributable to
Ball Corporation	$	180	$	426	$	(500)	$	74	$	180

Comprehensive earnings (loss) attributable to Ball Corporation	$	227	$	483	$	(474)	$	(9)	$	227


	Unaudited Condensed Consolidating Balance Sheet
	June 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Assets
Current assets
Cash and cash equivalents	$	5	$	—	$	428	$	—	$	433
Receivables, net		67		402		1,168		—		1,637
Intercompany receivables		43		116		959		(1,118)		—
Inventories, net		—		550		974		—		1,524
Other current assets		31		34		106		—		171
Total current assets		146		1,102		3,635		(1,118)		3,765
Noncurrent assets
Property, plant and equipment, net		34		1,138		3,252		—		4,424
Investment in subsidiaries		8,079		2,276		79		(10,434)		—
Goodwill		3		981		3,874		—		4,858
Intangible assets, net		17		71		2,424		—		2,512
Other assets		80		19		1,063		—		1,162
Total assets	$	8,359	$	5,587	$	14,327	$	(11,552)	$	16,721

Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	273	$	—	$	49	$	—	$	322
Accounts payable		11		787		1,348		—		2,146
Intercompany payables		1,014		79		59		(1,152)		—
Accrued employee costs		18		120		153		—		291
Other current liabilities		289		70		232		—		591
Total current liabilities		1,605		1,056		1,841		(1,152)		3,350
Noncurrent liabilities
Long-term debt		6,409		—		817		—		7,226
Employee benefit obligations		346		362		721		—		1,429
Intercompany long-term notes		(3,394)		115		3,245		34		—
Deferred taxes		(353)		207		779		—		633
Other liabilities		142		15		216		—		373
Total liabilities		4,755		1,755		7,619		(1,118)		13,011

Common stock		1,060		635		4,426		(5,061)		1,060
Preferred stock		—		—		5		(5)		—
Retained earnings		4,849		4,018		2,743		(6,761)		4,849
Accumulated other comprehensive earnings (loss)		(919)		(821)		(572)		1,393		(919)
Treasury stock, at cost		(1,386)		—		—		—		(1,386)
Total Ball Corporation shareholders' equity		3,604		3,832		6,602		(10,434)		3,604
Noncontrolling interests		—		—		106		—		106
Total shareholders' equity		3,604		3,832		6,708		(10,434)		3,710
Total liabilities and shareholders' equity	$	8,359	$	5,587	$	14,327	$	(11,552)	$	16,721


	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		(308)		198		549		—		439
Other liabilities		127		20		270		—		417
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


	Unaudited Condensed Consolidating Statement of Cash Flows
	Six Months Ended June 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated Total

Cash provided by (used in) operating activities	$	219	$	123	$	(79)	$	263


Cash flows from investing activities capital expenditures		(15)		(138)		(87)		(240)
Business dispositions, net of cash sold		—		31		—		31
Other, net		2		26		(26)		2
Cash provided by (used in) investing activities		(13)		(81)		(113)		(207)

Cash flows from financing activities
Long-term borrowings		290		—		—		290
Repayments of long-term borrowings		(325)		—		(236)		(561)
Net change in short-term borrowings		131		—		(40)		91
Proceeds from issuances of common stock, net of shares used for taxes		14		—		—		14
Acquisitions of treasury stock		(3)		—		—		(3)
Common stock dividends		(58)		—		—		(58)
Intercompany		(252)		(30)		282		—
Other, net		—		(1)		—		(1)
Cash provided by (used in) financing activities		(203)		(31)		6		(228)

Effect of exchange rate changes on cash		—		—		8		8

Change in cash and cash equivalents		3		11		(178)		(164)
Cash and cash equivalents – beginning of period		2		(11)		606		597
Cash and cash equivalents – end of period	$	5	$	—	$	428	$	433


	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, net of shares used for taxes		23		—		—		23
Acquisitions of treasury stock		(98)		—		—		(98)
Common stock 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

Guarantees Relating to Senior Notes

The second presentation of condensed consolidating financial information relates to the existing senior notes issued by the company and the full and unconditional guarantee of such senior notes on a joint and several basis by certain domestic subsidiaries of the company. Each of the guarantor subsidiaries is 100 percent owned by the company. As described in the supplemental indentures governing the company’s existing senior notes, the senior notes are to be guaranteed by any of the company’s domestic subsidiaries that guarantee any other indebtedness of the company. The following is unaudited condensed consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of June 30, 2017, and December 31, 2016, and for the three and six months ended June 30, 2017 and 2016. The condensed consolidating financial information presented below is not necessarily indicative of the financial position, results of operations, earnings or cash flows of the company or any of the company’s subsidiaries on a stand-alone basis.


	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended June 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Net sales	$	—	$	1,273	$	1,631	$	(49)	$	2,855

Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(1,066)		(1,253)		49		(2,270)
Depreciation and amortization		(2)		(37)		(190)		—		(229)
Selling, general and administrative		(55)		(16)		(57)		—		(128)
Business consolidation and other activities		(14)		(9)		(18)		—		(41)
Equity in results of subsidiaries		148		13		6		(167)		—
Intercompany		81		(43)		(38)		—		—
		158		(1,158)		(1,550)		(118)		(2,668)

Earnings (loss) before interest and taxes		158		115		81		(167)		187
Interest expense		(68)		1		(7)		—		(74)
Debt refinancing and other costs		—		—		(1)		—		(1)
Total interest expense		(68)		1		(8)		—		(75)
Earnings (loss) before taxes		90		116		73		(167)		112
Tax (provision) benefit		9		(26)		(5)		—		(22)
Equity in results of affiliates, net of tax		—		1		9		—		10
Net earnings (loss)		99		91		77		(167)		100
Less net earnings attributable to
noncontrolling interests		—		—		(1)		—		(1)
Net earnings (loss) attributable to
Ball Corporation	$	99	$	91	$	76	$	(167)	$	99

Comprehensive earnings (loss) attributable to Ball Corporation	$	(7)	$	(15)	$	(30)	$	45	$	(7)


	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		(19)		(723)		—		28
Equity in results of subsidiaries		(481)		(541)		(810)		1,832		—
Intercompany		60		(43)		(17)		—		—
		335		(1,656)		(2,320)		1,890		(1,751)

Earnings (loss) before interest and taxes		335		(450)		(1,438)		1,832		279
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		261		(451)		(1,450)		1,832		192
Tax (provision) benefit		46		(32)		100		—		114
Equity in results of affiliates, net of tax		—		1		—		—		1
Net earnings (loss)		307		(482)		(1,350)		1,832		307
Less net earnings attributable to
noncontrolling interests		—		—		—		—		—
Net earnings (loss) attributable to	$	307	$	(482)	$	(1,350)	$	1,832	$	307
Ball Corporation

Comprehensive earnings (loss) attributable to Ball Corporation	$	323	$	(461)	$	(1,342)	$	1,803	$	323


	Unaudited Condensed Consolidating Statement of Earnings
	Six Months Ended June 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Net sales	$	—	$	2,388	$	3,004	$	(64)	$	5,328

Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(1,969)		(2,340)		64		(4,245)
Depreciation and amortization		(3)		(73)		(301)		—		(377)
Selling, general and administrative		(100)		(58)		(113)		—		(271)
Business consolidation and other activities		(64)		(5)		(27)		—		(96)
Equity in results of subsidiaries		270		17		(1)		(286)		—
Intercompany		162		(83)		(79)		—		—
		265		(2,171)		(2,861)		(222)		(4,989)

Earnings (loss) before interest and taxes		265		217		143		(286)		339
Interest expense		(134)		3		(11)		—		(142)
Debt refinancing and other costs		—		—		(1)		—		(1)
Total interest expense		(134)		3		(12)		—		(143)
Earnings (loss) before taxes		131		220		131		(286)		196
Tax (provision) benefit		36		(64)		(16)		—		(44)
Equity in results of affiliates, net of tax		—		1		17		—		18
Net earnings		167		157		132		(286)		170
Less net earnings attributable to
noncontrolling interests		—		—		(3)		—		(3)
Net earnings attributable to
Ball Corporation	$	167	$	157	$	129	$	(286)	$	167

Comprehensive earnings (loss) attributable to Ball Corporation	$	189	$	154	$	114	$	(268)	$	189


	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		(23)		(726)		—		(239)
Equity in results of subsidiaries		(396)		(505)		(811)		1,712		—
Intercompany		110		(84)		(26)		—		—
		190		(2,627)		(2,975)		1,795		(3,617)

Earnings (loss) before interest and taxes		190		(346)		(1,388)		1,712		168
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		19		(347)		(1,401)		1,712		(17)
Tax (provision) benefit		161		(51)		87		—		197
Equity in results of affiliates, net of tax		—		—		—		—		—
Net earnings		180		(398)		(1,314)		1,712		180
Less net earnings attributable to
noncontrolling interests		—		—		—		—		—
Net earnings attributable to
Ball Corporation	$	180	$	(398)	$	(1,314)	$	1,712	$	180

Comprehensive earnings (loss) attributable to Ball Corporation	$	227	$	(348)	$	(1,288)	$	1,636	$	227


	Unaudited Condensed Consolidating Balance Sheet
	June 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Adjustments		Consolidated Total

Assets
Current assets
Cash and cash equivalents	$	5	$	—	$	428	$	—	$	433
Receivables, net		67		404		1,166		—		1,637
Intercompany receivables		43		491		959		(1,493)		—
Inventories, net		—		550		974		—		1,524
Other current assets		31		40		100		—		171
Total current assets		146		1,485		3,627		(1,493)		3,765
Noncurrent assets
Property, plant and equipment, net		34		1,139		3,251		—		4,424
Investment in subsidiaries		8,079		4,291		426		(12,796)		—
Goodwill		3		981		3,874		—		4,858
Intangible assets, net		17		71		2,424		—		2,512
Other assets		80		300		782		—		1,162
Total assets	$	8,359	$	8,267	$	14,384	$	(14,289)	$	16,721

Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	273	$	—	$	49	$	—	$	322
Accounts payable		11		787		1,348		—		2,146
Intercompany payables		1,014		79		434		(1,527)		—
Accrued employee costs		18		133		140		—		291
Other current liabilities		289		75		227		—		591
Total current liabilities		1,605		1,074		2,198		(1,527)		3,350
Noncurrent liabilities
Long-term debt		6,409		—		817		—		7,226
Employee benefit obligations		346		669		414		—		1,429
Intercompany long-term notes		(3,394)		1,978		1,382		34		—
Deferred taxes		(353)		241		745		—		633
Other liabilities		142		31		200		—		373
Total liabilities		4,755		3,993		5,756		(1,493)		13,011

Common stock		1,060		1,127		6,294		(7,421)		1,060
Preferred stock		—		—		5		(5)		—
Retained earnings		4,849		3,988		2,790		(6,778)		4,849
Accumulated other comprehensive earnings (loss)		(919)		(841)		(567)		1,408		(919)
Treasury stock, at cost		(1,386)		—		—		—		(1,386)
Total Ball Corporation shareholders' equity		3,604		4,274		8,522		(12,796)		3,604
Noncontrolling interests		—		—		106		—		106
Total shareholders' equity		3,604		4,274		8,628		(12,796)		3,710
Total liabilities and shareholders' equity	$	8,359	$	8,267	$	14,384	$	(14,289)	$	16,721


	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		(308)		232		515		—		439
Other liabilities		127		35		255		—		417
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


	Unaudited Condensed Consolidating Statement of Cash Flows
	Six Months Ended June 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated Total

Cash provided by (used in) operating activities	$	219	$	127	$	(83)	$	263

Cash flows from investing activities capital expenditures		(15)		(138)		(87)		(240)
Proceeds from dispositions, net of cash sold		—		31		—		31
Other, net		2		31		(31)		2
Cash provided by (used in) investing activities		(13)		(76)		(118)		(207)

Cash flows from financing activities
Long-term borrowings		290		—		—		290
Repayments of long-term borrowings		(325)		—		(236)		(561)
Net change in short-term borrowings		131		—		(40)		91
Proceeds from issuances of common stock, net of shares used for taxes		14		—		—		14
Acquisitions of treasury stock		(3)		—		—		(3)
Common stock dividends		(58)		—		—		(58)
Intercompany		(252)		(39)		291		—
Other, net		—		(1)		—		(1)
Cash provided by (used in) financing activities		(203)		(40)		15		(228)

Effect of exchange rate changes on cash		—		—		8		8

Change in cash and cash equivalents		3		11		(178)		(164)
Cash and cash equivalents – beginning of period		2		(11)		606		597
Cash and cash equivalents – end of period	$	5	$	—	$	428	$	433


	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)	$	162	$	(103)	$	36

Cash flows from investing activities capital expenditures		(6)		(97)		(170)		(273)
Business acquisition, net of cash acquired		4,506		(1,890)		(2,203)		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		(1,981)		(443)		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, net of shares used for taxes		23		—		—		23
Acquisitions of treasury stock		(98)		—		—		(98)
Common stock dividends		(37)		—		—		(37)
Intercompany		(4,827)		1,820		3,007		—
Other, net		(11)		(1)		(9)		(21)
Cash provided by (used in) financing activities		(3,145)		1,819		4,646		3,320

Effect of exchange rate changes on cash		5		3		(58)		(50)

Change in cash and cash equivalents		2,130		3		4,042		6,175
Cash and cash equivalents – beginning of period		5		—		219		224
Cash and cash equivalents – end of period	$	2,135	$	3	$	4,261	$	6,399