Subsidiary Guarantees of Debt

9 Months Ended

Sep. 30, 2017

Subsidiary Guarantees of Debt

Subsidiary Guarantee of Debt

20.    Subsidiary Guarantees of Debt

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

For purposes of each presentation of unaudited 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 unaudited 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 September 30, 2017, and December 31, 2016, and for the third quarter and first nine months of 2017 and 2016. The unaudited 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 September 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,232	$	1,694	$	(18)	$	2,908
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(1,003)		(1,353)		18		(2,338)
Depreciation and amortization		(1)		(38)		(123)		—		(162)
Selling, general and administrative		(41)		(40)		(46)		—		(127)
Business consolidation and other activities		(18)		(35)		(104)		—		(157)
Equity in results of subsidiaries		72		(29)		—		(43)		—
Intercompany		79		(42)		(37)		—		—
		91		(1,187)		(1,663)		(25)		(2,784)
Earnings (loss) before interest and taxes		91		45		31		(43)		124
Interest expense		(71)		1		(4)		—		(74)
Debt refinancing and other costs		—		—		—		—		—
Total interest expense		(71)		1		(4)		—		(74)
Earnings (loss) before taxes		20		46		27		(43)		50
Tax (provision) benefit		28		(19)		(13)		—		(4)
Equity in results of affiliates, net of tax		—		—		5		—		5
Net earnings (loss)		48		27		19		(43)		51
Less net earnings attributable to noncontrolling interests		—		—		(3)		—		(3)
Net earnings (loss) attributable to Ball Corporation	$	48	$	27	$	16	$	(43)	$	48
Comprehensive earnings (loss) attributable to Ball Corporation	$	42	$	21	$	13	$	(34)	$	42

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended September 30, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,214	$	1,626	$	(88)	$	2,752
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(992)		(1,371)		88		(2,275)
Depreciation and amortization		(2)		(33)		(112)		—		(147)
Selling, general and administrative		(31)		(43)		(61)		—		(135)
Business consolidation and other activities		(154)		(7)		98		—		(63)
Equity in results of subsidiaries		339		39		—		(378)		—
Intercompany		78		(44)		(34)		—		—
		230		(1,080)		(1,480)		(290)		(2,620)
Earnings (loss) before interest and taxes		230		134		146		(378)		132
Interest expense		(66)		—		(14)		—		(80)
Debt refinancing and other costs		—		—		(2)		—		(2)
Total interest expense		(66)		—		(16)		—		(82)
Earnings (loss) before taxes		164		134		130		(378)		50
Tax (provision) benefit		(133)		56		54		—		(23)
Equity in results of affiliates, net of tax		—		1		6		—		7
Net earnings (loss)		31		191		190		(378)		34
Less net earnings attributable to noncontrolling interests		—		—		(3)		—		(3)
Net earnings (loss) attributable to Ball Corporation	$	31	$	191	$	187	$	(378)	$	31
Comprehensive earnings (loss) attributable  to Ball Corporation	$	7	$	171	$	167	$	(338)	$	7

	Unaudited Condensed Consolidating Statement of Earnings
	Nine Months Ended September 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	3,620	$	4,698	$	(82)	$	8,236
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(2,972)		(3,693)		82		(6,583)
Depreciation and amortization		(5)		(111)		(423)		—		(539)
Selling, general and administrative		(141)		(118)		(139)		—		(398)
Business consolidation and other activities		(82)		(38)		(133)		—		(253)
Equity in results of subsidiaries		343		(23)		—		(320)		—
Intercompany		241		(129)		(112)		—		—
		356		(3,391)		(4,500)		(238)		(7,773)
Earnings (loss) before interest and taxes		356		229		198		(320)		463
Interest expense		(205)		4		(15)		—		(216)
Debt refinancing and other costs		—		—		(1)		—		(1)
Total interest expense		(205)		4		(16)		—		(217)
Earnings (loss) before taxes		151		233		182		(320)		246
Tax (provision) benefit		64		(83)		(29)		—		(48)
Equity in results of affiliates, net of tax		—		1		22		—		23
Net earnings		215		151		175		(320)		221
Less net earnings attributable to noncontrolling interests		—		—		(6)		—		(6)
Net earnings attributable to Ball Corporation	$	215	$	151	$	169	$	(320)	$	215
Comprehensive earnings (loss) attributable  to Ball Corporation	$	231	$	137	$	146	$	(283)	$	231

	Unaudited Condensed Consolidating Statement of Earnings
	Nine Months Ended September 30, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	3,495	$	3,213	$	(171)	$	6,537
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(2,854)		(2,605)		171		(5,288)
Depreciation and amortization		(4)		(104)		(191)		—		(299)
Selling, general and administrative		(63)		(126)		(159)		—		(348)
Business consolidation and other activities		355		(30)		(627)		—		(302)
Equity in results of subsidiaries		(57)		359		—		(302)		—
Intercompany		189		(131)		(58)		—		—
		420		(2,886)		(3,640)		(131)		(6,237)
Earnings (loss) before interest and taxes		420		609		(427)		(302)		300
Interest expense		(141)		(1)		(17)		—		(159)
Debt refinancing and other costs		(97)		—		(11)		—		(108)
Total interest expense		(238)		(1)		(28)		—		(267)
Earnings (loss) before taxes		182		608		(455)		(302)		33
Tax (provision) benefit		28		6		140		—		174
Equity in results of affiliates, net of tax		—		—		6		—		6
Net earnings		210		614		(309)		(302)		213
Less net earnings attributable to noncontrolling interests		—		—		(3)		—		(3)
Net earnings attributable to Ball Corporation	$	210	$	614	$	(312)	$	(302)	$	210
Comprehensive earnings (loss) attributable  to Ball Corporation	$	233	$	651	$	(306)	$	(345)	$	233

	Unaudited Condensed Consolidating Balance Sheet
	September 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	6	$	—	$	550	$	—	$	556
Receivables, net		69		416		1,308		—		1,793
Intercompany receivables		45		120		959		(1,124)		—
Inventories, net		—		545		888		—		1,433
Other current assets		32		32		84		—		148
Total current assets		152		1,113		3,789		(1,124)		3,930
Noncurrent assets
Property, plant and equipment, net		21		1,193		3,311		—		4,525
Investment in subsidiaries		8,147		2,242		79		(10,468)		—
Goodwill		—		981		3,927		—		4,908
Intangible assets, net		17		68		2,405		—		2,490
Other assets		38		22		1,090		—		1,150
Total assets	$	8,375	$	5,619	$	14,601	$	(11,592)	$	17,003
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	293	$	—	$	159	$	—	$	452
Accounts payable		13		887		1,519		—		2,419
Intercompany payables		1,014		46		64		(1,124)		—
Accrued employee costs		26		116		156		—		298
Other current liabilities		187		67		355		—		609
Total current liabilities		1,533		1,116		2,253		(1,124)		3,778
Noncurrent liabilities
Long-term debt		6,497		—		607		—		7,104
Employee benefit obligations		343		345		718		—		1,406
Intercompany long-term notes		(3,372)		85		3,287		—		—
Deferred taxes		(353)		206		802		—		655
Other liabilities		197		14		211		—		422
Total liabilities		4,845		1,766		7,878		(1,124)		13,365
Common stock		1,072		635		4,426		(5,061)		1,072
Preferred stock		—		—		5		(5)		—
Retained earnings		4,864		4,045		2,758		(6,804)		4,863
Accumulated other comprehensive earnings (loss)		(925)		(827)		(575)		1,402		(925)
Treasury stock, at cost		(1,481)		—		—		—		(1,481)
Total Ball Corporation shareholders' equity		3,530		3,853		6,614		(10,468)		3,529
Noncontrolling interests		—		—		109		—		109
Total shareholders' equity		3,530		3,853		6,723		(10,468)		3,638
Total liabilities and shareholders' equity	$	8,375	$	5,619	$	14,601	$	(11,592)	$	17,003

	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
	Nine Months Ended September 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	266	$	282	$	199	$	747
Cash flows from investing activities
Capital expenditures		(5)		(232)		(167)		(404)
Business dispositions, net of cash sold		—		31		—		31
Other, net		1		27		(25)		3
Cash provided by (used in) investing activities		(4)		(174)		(192)		(370)
Cash flows from financing activities
Long-term borrowings		440		—		—		440
Repayments of long-term borrowings		(433)		—		(476)		(909)
Net change in short-term borrowings		151		—		69		220
Proceeds from issuances of common stock, net of shares used for taxes		18		—		—		18
Acquisitions of treasury stock		(103)		—		—		(103)
Common stock dividends		(93)		—		—		(93)
Intercompany		(231)		(95)		326		—
Other, net		—		(2)		—		(2)
Cash provided by (used in) financing activities		(251)		(97)		(81)		(429)
Effect of exchange rate changes on cash		(7)		—		18		11
Change in cash and cash equivalents		4		11		(56)		(41)
Cash and cash equivalents – beginning of period		2		(11)		606		597
Cash and cash equivalents – end of period	$	6	$	—	$	550	$	556

	Unaudited Condensed Consolidating Statement of Cash Flows
	Nine Months Ended September 30, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	(385)	$	155	$	(203)	$	(433)
Cash flows from investing activities
Capital expenditures		(10)		(170)		(218)		(398)
Business acquisition, net of cash acquired		2,303		(36)		(5,646)		(3,379)
Business dispositions, net of cash sold		1,010		—		1,931		2,941
Decrease in restricted cash		1,966		—		—		1,966
Settlement of Rexam acquisition related derivatives		(252)		—		—		(252)
Other, net		—		7		(5)		2
Cash flows from investing continuing operations		5,017		(199)		(3,938)		880
Cash flows from financing activities
Long-term borrowings		2,610		—		1,760		4,370
Repayments of long-term borrowings		(921)		—		(3,427)		(4,348)
Net change in short-term borrowings		200		—		(44)		156
Proceeds from issuances of common stock, net of shares used for taxes		38		—		—		38
Acquisitions of treasury stock		(98)		—		—		(98)
Common stock dividends		(60)		—		—		(60)
Intercompany		(6,351)		46		6,305		—
Other, net		(5)		(1)		(9)		(15)
Cash provided by (used in) financing activities		(4,587)		45		4,585		43
Effect of exchange rate changes on cash		4		—		(73)		(69)
Change in cash and cash equivalents		49		1		371		421
Cash and cash equivalents – beginning of period		5		—		219		224
Cash and cash equivalents – end of period	$	54	$	1	$	590	$	645

Guarantees Relating to Senior Notes 

The second presentation of unaudited 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 September 30, 2017, and December 31, 2016, and for the third quarter and first nine months of 2017 and 2016. The condensed unaudited 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 September 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,232	$	1,694	$	(18)	$	2,908
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(1,003)		(1,353)		18		(2,338)
Depreciation and amortization		(1)		(38)		(123)		—		(162)
Selling, general and administrative		(41)		(31)		(55)		—		(127)
Business consolidation and other activities		(18)		(37)		(102)		—		(157)
Equity in results of subsidiaries		72		(52)		(28)		8		—
Intercompany		79		(40)		(39)		—		—
		91		(1,201)		(1,700)		26		(2,784)
Earnings (loss) before interest and taxes		91		31		(6)		8		124
Interest expense		(71)		1		(4)		—		(74)
Debt refinancing and other costs		—		—		—		—		—
Total interest expense		(71)		1		(4)		—		(74)
Earnings (loss) before taxes		20		32		(10)		8		50
Tax (provision) benefit		28		(19)		(13)		—		(4)
Equity in results of affiliates, net of tax		—		—		5		—		5
Net earnings (loss)		48		13		(18)		8		51
Less net earnings attributable to noncontrolling interests		—		—		(3)		—		(3)
Net earnings (loss) attributable to Ball Corporation	$	48	$	13	$	(21)	$	8	$	48
Comprehensive earnings (loss) attributable to Ball Corporation	$	42	$	12	$	(25)	$	13	$	42

	Unaudited Condensed Consolidating Statement of Earnings
	Three Months Ended September 30, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,214	$	1,626	$	(88)	$	2,752
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(992)		(1,371)		88		(2,275)
Depreciation and amortization		(2)		(33)		(112)		—		(147)
Selling, general and administrative		(31)		(46)		(58)		—		(135)
Business consolidation and other activities		(154)		(10)		101		—		(63)
Equity in results of subsidiaries		339		258		91		(688)		—
Intercompany		78		(52)		(26)		—		—
		230		(875)		(1,375)		(600)		(2,620)
Earnings (loss) before interest and taxes		230		339		251		(688)		132
Interest expense		(66)		—		(14)		—		(80)
Debt refinancing and other costs		—		—		(2)		—		(2)
Total interest expense		(66)		—		(16)		—		(82)
Earnings (loss) before taxes		164		339		235		(688)		50
Tax (provision) benefit		(133)		(56)		166		—		(23)
Equity in results of affiliates, net of tax		—		1		6		—		7
Net earnings (loss)		31		284		407		(688)		34
Less net earnings attributable to noncontrolling interests		—		—		(3)		—		(3)
Net earnings (loss) attributable to Ball Corporation	$	31	$	284	$	404	$	(688)	$	31
Comprehensive earnings (loss) attributable  to Ball Corporation	$	7	$	265	$	386	$	(651)	$	7

	Unaudited Condensed Consolidating Statement of Earnings
	Nine Months Ended September 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	3,620	$	4,698	$	(82)	$	8,236
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(2,973)		(3,692)		82		(6,583)
Depreciation and amortization		(5)		(111)		(423)		—		(539)
Selling, general and administrative		(141)		(88)		(169)		—		(398)
Business consolidation and other activities		(82)		(42)		(129)		—		(253)
Equity in results of subsidiaries		343		(35)		(29)		(279)		—
Intercompany		241		(123)		(118)		—		—
		356		(3,372)		(4,560)		(197)		(7,773)
Earnings (loss) before interest and taxes		356		248		138		(279)		463
Interest expense		(205)		4		(15)		—		(216)
Debt refinancing and other costs		—		—		(1)		—		(1)
Total interest expense		(205)		4		(16)		—		(217)
Earnings (loss) before taxes		151		252		122		(279)		246
Tax (provision) benefit		64		(83)		(29)		—		(48)
Equity in results of affiliates, net of tax		—		1		22		—		23
Net earnings		215		170		115		(279)		221
Less net earnings attributable to noncontrolling interests		—		—		(6)		—		(6)
Net earnings attributable to Ball Corporation	$	215	$	170	$	109	$	(279)	$	215
Comprehensive earnings (loss) attributable  to Ball Corporation	$	231	$	166	$	90	$	(256)	$	231

	Unaudited Condensed Consolidating Statement of Earnings
	Nine Months Ended September 30, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	3,495	$	3,213	$	(171)	$	6,537
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(2,854)		(2,605)		171		(5,288)
Depreciation and amortization		(4)		(104)		(191)		—		(299)
Selling, general and administrative		(63)		(129)		(156)		—		(348)
Business consolidation and other activities		355		(32)		(625)		—		(302)
Equity in results of subsidiaries		(57)		(247)		(721)		1,025		—
Intercompany		189		(136)		(53)		—		—
		420		(3,502)		(4,351)		1,196		(6,237)
Earnings (loss) before interest and taxes		420		(7)		(1,138)		1,025		300
Interest expense		(141)		(1)		(17)		—		(159)
Debt refinancing and other costs		(97)		—		(11)		—		(108)
Total interest expense		(238)		(1)		(28)		—		(267)
Earnings (loss) before taxes		182		(8)		(1,166)		1,025		33
Tax (provision) benefit		28		(108)		254		—		174
Equity in results of affiliates, net of tax		—		—		6		—		6
Net earnings		210		(116)		(906)		1,025		213
Less net earnings attributable to noncontrolling interests		—		—		(3)		—		(3)
Net earnings attributable to Ball Corporation	$	210	$	(116)	$	(909)	$	1,025	$	210
Comprehensive earnings (loss) attributable  to Ball Corporation	$	233	$	(85)	$	(901)	$	986	$	233

	Unaudited Condensed Consolidating Balance Sheet
	September 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	6	$	—	$	550	$	—	$	556
Receivables, net		69		417		1,307		—		1,793
Intercompany receivables		45		510		959		(1,514)		—
Inventories, net		—		545		888		—		1,433
Other current assets		32		38		78		—		148
Total current assets		152		1,510		3,782		(1,514)		3,930
Noncurrent assets
Property, plant and equipment, net		21		1,193		3,311		—		4,525
Investment in subsidiaries		8,147		4,235		403		(12,785)		—
Goodwill		—		981		3,927		—		4,908
Intangible assets, net		17		67		2,406		—		2,490
Other assets		38		300		812		—		1,150
Total assets	$	8,375	$	8,286	$	14,641	$	(14,299)	$	17,003
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	293	$	—	$	159	$	—	$	452
Accounts payable		13		887		1,519		—		2,419
Intercompany payables		1,014		47		453		(1,514)		—
Accrued employee costs		26		126		146		—		298
Other current liabilities		187		71		351		—		609
Total current liabilities		1,533		1,131		2,628		(1,514)		3,778
Noncurrent liabilities
Long-term debt		6,497		—		607		—		7,104
Employee benefit obligations		343		641		422		—		1,406
Intercompany long-term notes		(3,372)		1,959		1,414		(1)		—
Deferred taxes		(353)		239		769		—		655
Other liabilities		197		29		196		—		422
Total liabilities		4,845		3,999		6,036		(1,515)		13,365
Common stock		1,072		1,128		6,293		(7,421)		1,072
Preferred stock		—		—		5		(5)		—
Retained earnings		4,864		4,001		2,769		(6,771)		4,863
Accumulated other comprehensive earnings (loss)		(925)		(842)		(571)		1,413		(925)
Treasury stock, at cost		(1,481)		—		—		—		(1,481)
Total Ball Corporation shareholders' equity		3,530		4,287		8,496		(12,784)		3,529
Noncontrolling interests		—		—		109		—		109
Total shareholders' equity		3,530		4,287		8,605		(12,784)		3,638
Total liabilities and shareholders' equity	$	8,375	$	8,286	$	14,641	$	(14,299)	$	17,003

	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
	Nine Months Ended September 30, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	266	$	290	$	191	$	747
Cash flows from investing activities
Capital expenditures		(5)		(232)		(167)		(404)
Proceeds from dispositions, net of cash sold		—		31		—		31
Other, net		1		33		(31)		3
Cash provided by (used in) investing activities		(4)		(168)		(198)		(370)
Cash flows from financing activities
Long-term borrowings		440		—		—		440
Repayments of long-term borrowings		(433)		—		(476)		(909)
Net change in short-term borrowings		151		—		69		220
Proceeds from issuances of common stock, net of shares used for taxes		18		—		—		18
Acquisitions of treasury stock		(103)		—		—		(103)
Common stock dividends		(93)		—		—		(93)
Intercompany		(231)		(109)		340		—
Other, net		—		(2)		—		(2)
Cash provided by (used in) financing activities		(251)		(111)		(67)		(429)
Effect of exchange rate changes on cash		(7)		—		18		11
Change in cash and cash equivalents		4		11		(56)		(41)
Cash and cash equivalents – beginning of period		2		(11)		606		597
Cash and cash equivalents – end of period	$	6	$	—	$	550	$	556

	Unaudited Condensed Consolidating Statement of Cash Flows
	Nine Months Ended September 30, 2016
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	(385)	$	144	$	(192)	$	(433)
Cash flows from investing activities
Capital expenditures		(10)		(170)		(218)		(398)
Business acquisition, net of cash acquired		2,303		(1,674)		(4,008)		(3,379)
Proceeds from dispositions, net of cash sold		1,010		—		1,931		2,941
Decrease in restricted cash		1,966		—		—		1,966
Settlement of Rexam acquisition related derivatives		(252)		—		—		(252)
Other, net		—		7		(5)		2
Cash provided by (used in) investing activities		5,017		(1,837)		(2,300)		880
Cash flows from financing activities
Long-term borrowings		2,610		—		1,760		4,370
Repayments of long-term borrowings		(921)		—		(3,427)		(4,348)
Net change in short-term borrowings		200		(30)		(14)		156
Proceeds from issuances of common stock, net of shares used for taxes		38		—		—		38
Acquisitions of treasury stock		(98)		—		—		(98)
Common stock dividends		(60)		—		—		(60)
Intercompany		(6,351)		1,722		4,629		—
Other, net		(5)		(1)		(9)		(15)
Cash provided by (used in) financing activities		(4,587)		1,691		2,939		43
Effect of exchange rate changes on cash		4		3		(76)		(69)
Change in cash and cash equivalents		49		1		371		421
Cash and cash equivalents – beginning of period		5		—		219		224
Cash and cash equivalents – end of period	$	54	$	1	$	590	$	645