Subsidiary Guarantees of Debt (Tables)

3 Months Ended

Mar. 31, 2018

Subsidiary Guarantees of Debt

Schedule of Condensed Consolidating Statement of Earnings

	Condensed Consolidating Statement of Earnings
	For the Three Months Ended March 31, 2018
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,535	$	1,432	$	(182)	$	2,785
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(1,306)		(1,113)		182		(2,237)
Depreciation and amortization		(1)		(52)		(127)		—		(180)
Selling, general and administrative		(34)		(41)		(37)		—		(112)
Business consolidation and other activities		(13)		(6)		(11)		—		(30)
Equity in results of subsidiaries		162		34		5		(201)		—
Intercompany		82		(42)		(40)		—		—
		196		(1,413)		(1,323)		(19)		(2,559)
Earnings (loss) before interest and taxes		196		122		109		(201)		226
Interest expense		(76)		3		—		—		(73)
Debt refinancing and other costs		(1)		—		—		—		(1)
Total interest expense		(77)		3		—		—		(74)
Earnings (loss) before taxes		119		125		109		(201)		152
Tax (provision) benefit		6		(17)		(23)		—		(34)
Equity in results of affiliates, net of tax		—		3		4		—		7
Net earnings		125		111		90		(201)		125
Less net earnings attributable to noncontrolling interests		—		—		—		—		—
Net earnings attributable to Ball Corporation	$	125	$	111	$	90	$	(201)	$	125
Comprehensive earnings (loss) attributable  to Ball Corporation	$	108	$	108	$	89	$	(197)	$	108

	Condensed Consolidating Statement of Earnings
	For the Three Months Ended March 31, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Net sales	$	—	$	1,287	$	1,203	$	(17)	$	2,473
Cost and expenses
Cost of sales (excluding depreciation and amortization)		—		(1,062)		(930)		17		(1,975)
Depreciation and amortization		(2)		(47)		(99)		—		(148)
Selling, general and administrative		(45)		(48)		(50)		—		(143)
Business consolidation and other activities		(51)		6		(10)		—		(55)
Equity in results of subsidiaries		123		7		(7)		(123)		—
Intercompany		81		(41)		(40)		—		—
		106		(1,185)		(1,136)		(106)		(2,321)
Earnings (loss) before interest and taxes		106		102		67		(123)		152
Interest expense		(65)		1		(4)		—		(68)
Debt refinancing and other costs		—		—		—		—		—
Total interest expense		(65)		1		(4)		—		(68)
Earnings (loss) before taxes		41		103		63		(123)		84
Tax (provision) benefit		27		(40)		(9)		—		(22)
Equity in results of affiliates, net of tax		—		3		5		—		8
Net earnings		68		66		59		(123)		70
Less net earnings attributable to noncontrolling interests		—		—		(2)		—		(2)
Net earnings attributable to Ball Corporation	$	68	$	66	$	57	$	(123)	$	68
Comprehensive earnings (loss) attributable  to Ball Corporation	$	196	$	169	$	142	$	(311)	$	196

Schedule of Condensed Consolidating Balance Sheet

	Condensed Consolidating Balance Sheet
	March 31, 2018
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	—	$	—	$	477	$	—	$	477
Receivables, net		4		489		1,597		—		2,090
Intercompany receivables		67		501		167		(735)		—
Inventories, net		—		722		725		—		1,447
Other current assets		15		49		82		—		146
Total current assets		86		1,761		3,048		(735)		4,160
Noncurrent assets
Property, plant and equipment, net		23		1,439		3,265		—		4,727
Investment in subsidiaries		8,837		3,945		397		(13,179)		—
Goodwill		—		1,545		3,425		—		4,970
Intangible assets, net		15		458		1,959		—		2,432
Other assets		191		292		959		—		1,442
Total assets	$	9,152	$	9,440	$	13,053	$	(13,914)	$	17,731
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	157	$	—	$	180	$	—	$	337
Accounts payable		18		1,002		1,802		—		2,822
Intercompany payables		(100)		120		715		(735)		—
Accrued employee costs		18		115		88		—		221
Other current liabilities		124		126		275		—		525
Total current liabilities		217		1,363		3,060		(735)		3,905
Noncurrent liabilities
Long-term debt		7,118		1		12		—		7,131
Employee benefit obligations		329		827		328		—		1,484
Intercompany long-term notes		(2,622)		864		1,758		—		—
Deferred taxes		(109)		107		692		—		690
Other liabilities		186		48		149		—		383
Total liabilities		5,119		3,210		5,999		(735)		13,593
Common stock		1,100		2,463		4,286		(6,749)		1,100
Preferred stock		—		—		5		(5)		—
Retained earnings		5,114		4,345		2,939		(7,284)		5,114
Accumulated other comprehensive earnings (loss)		(673)		(578)		(281)		859		(673)
Treasury stock, at cost		(1,508)		—		—		—		(1,508)
Total Ball Corporation shareholders' equity		4,033		6,230		6,949		(13,179)		4,033
Noncontrolling interests		—		—		105		—		105
Total shareholders' equity		4,033		6,230		7,054		(13,179)		4,138
Total liabilities and shareholders' equity	$	9,152	$	9,440	$	13,053	$	(13,914)	$	17,731

	Condensed Consolidating Balance Sheet
	December 31, 2017
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Eliminating Adjustments		Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	5	$	—	$	443	$	—	$	448
Receivables, net		3		260		1,371		—		1,634
Intercompany receivables		39		1,285		102		(1,426)		—
Inventories, net		—		673		853		—		1,526
Other current assets		9		52		89		—		150
Total current assets		56		2,270		2,858		(1,426)		3,758
Noncurrent assets
Property, plant and equipment, net		20		1,364		3,226		—		4,610
Investment in subsidiaries		8,639		3,885		389		(12,913)		—
Goodwill		—		1,545		3,388		—		4,933
Intangible assets, net		15		470		1,977		—		2,462
Other assets		185		282		939		—		1,406
Total assets	$	8,915	$	9,816	$	12,777	$	(14,339)	$	17,169
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	351	$	—	$	102	$	—	$	453
Accounts payable		14		1,084		1,664		—		2,762
Intercompany payables		705		82		639		(1,426)		—
Accrued employee costs		28		182		142		—		352
Other current liabilities		170		111		259		—		540
Total current liabilities		1,268		1,459		2,806		(1,426)		4,107
Noncurrent liabilities
Long-term debt		6,504		—		14		—		6,518
Employee benefit obligations		333		811		319		—		1,463
Intercompany long-term notes		(3,172)		1,305		1,867		—		—
Deferred taxes		(109)		107		697		—		695
Other liabilities		150		50		140		—		340
Total liabilities		4,974		3,732		5,843		(1,426)		13,123
Common stock		1,084		2,463		4,286		(6,749)		1,084
Preferred stock		—		—		5		(5)		—
Retained earnings		4,987		4,196		2,818		(7,014)		4,987
Accumulated other comprehensive earnings (loss)		(656)		(575)		(280)		855		(656)
Treasury stock, at cost		(1,474)		—		—		—		(1,474)
Total Ball Corporation shareholders' equity		3,941		6,084		6,829		(12,913)		3,941
Noncontrolling interests		—		—		105		—		105
Total shareholders' equity		3,941		6,084		6,934		(12,913)		4,046
Total liabilities and shareholders' equity	$	8,915	$	9,816	$	12,777	$	(14,339)	$	17,169

Schedule of Condensed Consolidating Statement of Cash Flows

	Condensed Consolidating Statement of Cash Flows
	For the Three Months Ended March 31, 2018
($ in millions)	Ball Corporation		Guarantor Subsidiaries		Non-Guarantor    Subsidiaries		Consolidated Total
Cash provided by (used in) operating activities	$	21	$	(226)	$	131	$	(74)
Cash flows from investing activities
Capital expenditures		(3)		(155)		(84)		(242)
Business dispositions, net of cash sold		(45)		—		—		(45)
Other, net		(2)		2		3		3
Cash provided by (used in) investing activities		(50)		(153)		(81)		(284)
Cash flows from financing activities
Long-term borrowings		1,160		1		1		1,162
Repayments of long-term borrowings		(680)		(1)		(2)		(683)
Net change in short-term borrowings		(89)		—		75		(14)
Proceeds from issuances of common stock, net of shares used for taxes		—		—		—		—
Acquisitions of treasury stock		(35)		—		—		(35)
Common stock dividends		(35)		—		—		(35)
Intercompany		(287)		379		(92)		—
Other, net		(10)		—		(1)		(11)
Cash provided by (used in) financing activities		24		379		(19)		384
Effect of exchange rate changes on cash		—		—		1		1
Change in cash, cash equivalents and restricted cash		(5)		—		32		27
Cash, cash equivalents and restricted cash – beginning of period		5		—		454		459
Cash, cash equivalents and restricted cash – end of period	$	—	$	—	$	486	$	486

	Condensed Consolidating Statement of Cash Flows
	For the 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)	$	(226)	$	(401)
Cash flows from investing activities
Capital expenditures		(4)		(82)		(39)		(125)
Business dispositions, net of cash sold		—		31		—		31
Other, net		2		13		(12)		3
Cash provided by (used in) investing activities		(2)		(38)		(51)		(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		1		156		273
Proceeds from issuances of common stock, net of shares used for taxes		(1)		—		—		(1)
Acquisitions of treasury stock		(3)		—		—		(3)
Common stock dividends		(23)		—		—		(23)
Intercompany		(229)		232		(3)		—
Other, net		—		(1)		—		(1)
Cash provided by (used in) financing activities		(3)		232		151		380
Effect of exchange rate changes on cash		1		—		(31)		(30)
Change in cash, cash equivalents and restricted cash		3		12		(157)		(142)
Cash, cash equivalents and restricted cash – beginning of period		2		(11)		616		607
Cash, cash equivalents and restricted cash – end of period	$	5	$	1	$	459	$	465