Subsidiary Guarantees of Debt | 9 Months Ended |
Sep. 30, 2014 |
Subsidiary Guarantees of Debt | ' |
Subsidiary Guarantees of Debt | ' |
18. Subsidiary Guarantees of Debt |
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The company’s senior notes are guaranteed on a full, unconditional and joint and several basis by certain of the company’s material domestic subsidiaries. Each of the guarantor subsidiaries is 100 percent owned by Ball Corporation. These guarantees are required in support of the notes, are co-terminous with the terms of the respective note indentures and would require performance upon certain events of default referred to in the respective guarantees. The maximum potential amounts that could be required to be paid under the domestic guarantees are essentially equal to the then outstanding principal and interest under the respective notes. The following is unaudited condensed, consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of September 30, 2014, and December 31, 2013, and for the nine months ended September 30, 2014 and 2013. 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 by the current regulations. |
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| | Unaudited Condensed Consolidating Statement of Earnings | |
| | Three Months Ended September 30, 2014 | |
($ in millions) | | Ball | | Guarantor | | Non-Guarantor | | Eliminating | | Consolidated | |
Corporation | Subsidiaries | Subsidiaries | Adjustments | Total |
| | | | | | | | | | | |
Net sales | | $ | — | | $ | 1,363.00 | | $ | 878.1 | | $ | (2.2 | ) | $ | 2,238.90 | |
| | | | | | | | | | | |
Cost and expenses | | | | | | | | | | | |
Cost of sales (excluding depreciation and amortization) | | — | | (1,124.5 | ) | (685.0 | ) | 2.2 | | (1,807.3 | ) |
Depreciation and amortization | | (1.6 | ) | (33.2 | ) | (36.5 | ) | — | | (71.3 | ) |
Selling, general and administrative | | (22.6 | ) | (45.9 | ) | (54.6 | ) | — | | (123.1 | ) |
Business consolidation and other activities | | (2.8 | ) | (3.1 | ) | (3.3 | ) | — | | (9.2 | ) |
Equity in results of subsidiaries | | 137.2 | | 69.7 | | — | | (206.9 | ) | — | |
Intercompany | | 52.4 | | (45.6 | ) | (6.8 | ) | — | | — | |
| | 162.6 | | (1,182.6 | ) | (786.2 | ) | (204.7 | ) | (2,010.9 | ) |
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Earnings (loss) before interest and taxes | | 162.6 | | 180.4 | | 91.9 | | (206.9 | ) | 228 | |
Interest expense | | (37.1 | ) | 0.9 | | (3.9 | ) | — | | (40.1 | ) |
Earnings (loss) before taxes | | 125.5 | | 181.3 | | 88 | | (206.9 | ) | 187.9 | |
Tax provision | | 21.9 | | (45.7 | ) | (16.0 | ) | — | | (39.8 | ) |
Equity in results of affiliates, net of tax | | — | | 0.5 | | (0.2 | ) | — | | 0.3 | |
Net earnings (loss) | | 147.4 | | 136.1 | | 71.8 | | (206.9 | ) | 148.4 | |
Less net earnings attributable to noncontrolling interests | | — | | — | | (1.0 | ) | — | | (1.0 | ) |
Net earnings (loss) attributable to Ball Corporation | | $ | 147.4 | | $ | 136.1 | | $ | 70.8 | | $ | (206.9 | ) | $ | 147.4 | |
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Comprehensive earnings attributable to Ball Corporation | | $ | 75 | | $ | 62.2 | | $ | (1.8 | ) | $ | (60.4 | ) | $ | 75 | |
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| | Unaudited Condensed Consolidating Statement of Earnings | |
| | Three Months Ended September 30, 2013 | |
($ in millions) | | Ball | | Guarantor | | Non-Guarantor | | Eliminating | | Consolidated | |
Corporation | Subsidiaries | Subsidiaries | Adjustments | Total |
| | | | | | | | | | | |
Net sales | | $ | — | | $ | 1,392.60 | | $ | 890.3 | | $ | (5.0 | ) | $ | 2,277.90 | |
| | | | | | | | | | | |
Cost and expenses | | | | | | | | | | | |
Cost of sales (excluding depreciation and amortization) | | — | | (1,152.0 | ) | (699.9 | ) | 5 | | (1,846.9 | ) |
Depreciation and amortization | | (1.6 | ) | (33.0 | ) | (42.0 | ) | — | | (76.6 | ) |
Selling, general and administrative | | (16.7 | ) | (42.7 | ) | (39.6 | ) | — | | (99.0 | ) |
Business consolidation and other activities | | 0.9 | | (36.2 | ) | (8.5 | ) | — | | (43.8 | ) |
Equity in results of subsidiaries | | 137.5 | | 73.7 | | — | | (211.2 | ) | — | |
Intercompany | | 46.7 | | (37.7 | ) | (9.0 | ) | — | | — | |
| | 166.8 | | (1,227.9 | ) | (799.0 | ) | (206.2 | ) | (2,066.3 | ) |
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Earnings (loss) before interest and taxes | | 166.8 | | 164.7 | | 91.3 | | (211.2 | ) | 211.6 | |
Interest expense | | (43.3 | ) | 0.6 | | (2.8 | ) | — | | (45.5 | ) |
Debt refinancing and other | | (1.3 | ) | — | | — | | — | | (1.3 | ) |
Total interest expense | | (44.6 | ) | 0.6 | | (2.8 | ) | — | | (46.8 | ) |
Earnings (loss) before taxes | | 122.2 | | 165.3 | | 88.5 | | (211.2 | ) | 164.8 | |
Tax provision | | (7.0 | ) | (24.6 | ) | (12.5 | ) | — | | (44.1 | ) |
Equity in results of affiliates, net of tax | | — | | 0.6 | | 0.3 | | — | | 0.9 | |
Net earnings (loss) from continuing operations | | 115.2 | | 141.3 | | 76.3 | | (211.2 | ) | 121.6 | |
Discontinued operations, net of tax | | — | | 0.3 | | — | | — | | 0.3 | |
Net earnings (loss) | | 115.2 | | 141.6 | | 76.3 | | (211.2 | ) | 121.9 | |
Less net earnings attributable to noncontrolling interests | | — | | — | | (6.7 | ) | — | | (6.7 | ) |
Net earnings (loss) attributable to Ball Corporation | | $ | 115.2 | | $ | 141.6 | | $ | 69.6 | | $ | (211.2 | ) | $ | 115.2 | |
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Comprehensive earnings attributable to Ball Corporation (a) | | $ | 179.2 | | $ | 204.3 | | $ | 125.6 | | $ | (329.9 | ) | $ | 179.2 | |
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(a) Amounts have been revised; further details are included in the “Revision of Prior Period Financial Statements Related to Deferred Taxes” section of Note 1. |
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| | Unaudited Condensed Consolidating Statement of Earnings | |
| | Nine Months Ended September 30, 2014 | |
($ in millions) | | Ball | | Guarantor | | Non-Guarantor | | Eliminating | | Consolidated | |
Corporation | Subsidiaries | Subsidiaries | Adjustments | Total |
| | | | | | | | | | | |
Net sales | | $ | — | | $ | 3,885.40 | | $ | 2,662.40 | | $ | (10.2 | ) | $ | 6,537.60 | |
| | | | | | | | | | | |
Cost and expenses | | | | | | | | | | | |
Cost of sales (excluding depreciation and amortization) | | (0.1 | ) | (3,209.4 | ) | (2,067.3 | ) | 10.2 | | (5,266.6 | ) |
Depreciation and amortization | | (4.6 | ) | (94.9 | ) | (110.2 | ) | — | | (209.7 | ) |
Selling, general and administrative | | (57.3 | ) | (134.2 | ) | (150.7 | ) | — | | (342.2 | ) |
Business consolidation and other activities | | (3.8 | ) | (14.0 | ) | — | | — | | (17.8 | ) |
Equity in results of subsidiaries | | 426.6 | | 230.6 | | — | | (657.2 | ) | — | |
Intercompany | | 151.6 | | (131.3 | ) | (20.3 | ) | — | | — | |
| | 512.4 | | (3,353.2 | ) | (2,348.5 | ) | (647.0 | ) | (5,836.3 | ) |
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Earnings (loss) before interest and taxes | | 512.4 | | 532.2 | | 313.9 | | (657.2 | ) | 701.3 | |
Interest expense | | (112.6 | ) | 2 | | (10.3 | ) | — | | (120.9 | ) |
Debt refinancing and other | | (33.1 | ) | — | | — | | — | | (33.1 | ) |
Total interest expense | | (145.7 | ) | 2 | | (10.3 | ) | — | | (154.0 | ) |
Earnings (loss) before taxes | | 366.7 | | 534.2 | | 303.6 | | (657.2 | ) | 547.3 | |
Tax provision | | 27.3 | | (104.1 | ) | (62.8 | ) | — | | (139.6 | ) |
Equity in results of affiliates, net of tax | | — | | 1.4 | | 0.5 | | — | | 1.9 | |
Net earnings (loss) | | 394 | | 431.5 | | 241.3 | | (657.2 | ) | 409.6 | |
Less net earnings attributable to noncontrolling interests | | — | | — | | (15.6 | ) | — | | (15.6 | ) |
Net earnings (loss) attributable to Ball Corporation | | $ | 394 | | $ | 431.5 | | $ | 225.7 | | $ | (657.2 | ) | $ | 394 | |
| | | | | | | | | | | |
Comprehensive earnings attributable to Ball Corporation | | $ | 318.4 | | $ | 352.5 | | $ | 139.2 | | $ | (491.7 | ) | $ | 318.4 | |
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| | Unaudited Condensed Consolidating Statement of Earnings | |
| | Nine Months Ended September 30, 2013 | |
($ in millions) | | Ball | | Guarantor | | Non-Guarantor | | Eliminating | | Consolidated | |
Corporation | Subsidiaries | Subsidiaries | Adjustments | Total |
| | | | | | | | | | | |
Net sales | | $ | — | | $ | 3,957.10 | | $ | 2,533.30 | | $ | (19.1 | ) | $ | 6,471.30 | |
| | | | | | | | | | | |
Cost and expenses | | | | | | | | | | | |
Cost of sales (excluding depreciation and amortization) | | — | | (3,300.1 | ) | (2,008.3 | ) | 19.1 | | (5,289.3 | ) |
Depreciation and amortization | | (5.9 | ) | (94.8 | ) | (122.9 | ) | — | | (223.6 | ) |
Selling, general and administrative | | (58.9 | ) | (135.5 | ) | (116.8 | ) | — | | (311.2 | ) |
Business consolidation and other activities | | (0.4 | ) | (79.1 | ) | (9.6 | ) | — | | (89.1 | ) |
Equity in results of subsidiaries | | 346.6 | | 185.5 | | — | | (532.1 | ) | — | |
Intercompany | | 135.1 | | (110.6 | ) | (24.5 | ) | — | | — | |
| | 416.5 | | (3,534.6 | ) | (2,282.1 | ) | (513.0 | ) | (5,913.2 | ) |
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Earnings (loss) before interest and taxes | | 416.5 | | 422.5 | | 251.2 | | (532.1 | ) | 558.1 | |
Interest expense | | (128.4 | ) | 1.6 | | (11.2 | ) | — | | (138.0 | ) |
Debt refinancing and other | | (28.0 | ) | — | | — | | — | | (28.0 | ) |
Total interest expense | | (156.4 | ) | 1.6 | | (11.2 | ) | — | | (166.0 | ) |
Earnings (loss) before taxes | | 260.1 | | 424.1 | | 240 | | (532.1 | ) | 392.1 | |
Tax provision | | 22.2 | | (72.8 | ) | (42.4 | ) | — | | (93.0 | ) |
Equity in results of affiliates, net of tax | | — | | 0.6 | | 0.3 | | — | | 0.9 | |
Net earnings (loss) from continuing operations | | 282.3 | | 351.9 | | 197.9 | | (532.1 | ) | 300 | |
Discontinued operations, net of tax | | — | | 0.4 | | — | | — | | 0.4 | |
Net earnings (loss) | | 282.3 | | 352.3 | | 197.9 | | (532.1 | ) | 300.4 | |
Less net earnings attributable to noncontrolling interests | | — | | — | | (18.1 | ) | — | | (18.1 | ) |
Net earnings (loss) attributable to Ball Corporation | | $ | 282.3 | | $ | 352.3 | | $ | 179.8 | | $ | (532.1 | ) | $ | 282.3 | |
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Comprehensive earnings attributable to Ball Corporation (a) | | $ | 305.9 | | $ | 382.4 | | $ | 191.8 | | $ | (574.2 | ) | $ | 305.9 | |
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(a) Amounts have been revised; further details are included in the “Revision of Prior Period Financial Statements Related to Deferred Taxes” section of Note 1. |
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| | Unaudited Condensed Consolidating Balance Sheet | |
| | September 30, 2014 | |
($ in millions) | | Ball | | Guarantor | | Non-Guarantor | | Eliminating | | Consolidated | |
Corporation | Subsidiaries | Subsidiaries | Adjustments | Total |
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ASSETS | | | | | | | | | | | |
Current assets | | | | | | | | | | | |
Cash and cash equivalents | | $ | 5.4 | | $ | 0.4 | | $ | 183.7 | | $ | — | | $ | 189.5 | |
Receivables, net | | 3.7 | | 253.4 | | 792.3 | | — | | 1,049.40 | |
Intercompany receivables | | 69 | | 98.9 | | 4 | | (171.9 | ) | — | |
Inventories, net | | (0.1 | ) | 541.4 | | 431.4 | | — | | 972.7 | |
Deferred taxes and other current assets | | 36.3 | | 84.9 | | 46 | | — | | 167.2 | |
Total current assets | | 114.3 | | 979 | | 1,457.40 | | (171.9 | ) | 2,378.80 | |
Non-current assets | | | | | | | | | | | |
Property, plant and equipment, net | | 15.8 | | 917.1 | | 1,438.20 | | — | | 2,371.10 | |
Investment in subsidiaries | | 4,806.50 | | 2,268.10 | | 78.6 | | (7,153.2 | ) | — | |
Goodwill | | — | | 935.6 | | 1,365.00 | | — | | 2,300.60 | |
Intangibles and other assets, net | | 208.6 | | 111.6 | | 244.2 | | — | | 564.4 | |
Total assets | | $ | 5,145.20 | | $ | 5,211.40 | | $ | 4,583.40 | | $ | (7,325.1 | ) | $ | 7,614.90 | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | |
Short-term debt and current portion of long-term debt | | $ | 22.4 | | $ | 32.4 | | $ | 251.7 | | $ | — | | $ | 306.5 | |
Accounts payable | | 7.7 | | 695.4 | | 548.1 | | — | | 1,251.20 | |
Intercompany payables | | 98.6 | | 1.6 | | 71.7 | | (171.9 | ) | — | |
Accrued employee costs | | 43.1 | | 121.6 | | 91.1 | | — | | 255.8 | |
Other current liabilities | | 5.9 | | 94.6 | | 107.9 | | — | | 208.4 | |
Total current liabilities | | 177.7 | | 945.6 | | 1,070.50 | | (171.9 | ) | 2,021.90 | |
Non-current liabilities | | | | | | | | | | | |
Long-term debt | | 2,749.90 | | 0.5 | | 258.6 | | — | | 3,009.00 | |
Employee benefit obligations | | 292.9 | | 250.8 | | 396.2 | | — | | 939.9 | |
Deferred taxes and other liabilities | | 710.2 | | (872.5 | ) | 391.7 | | — | | 229.4 | |
Total liabilities | | 3,930.70 | | 324.4 | | 2,117.00 | | (171.9 | ) | 6,200.20 | |
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Common stock | | 1,119.30 | | 856.1 | | 530.7 | | (1,386.8 | ) | 1,119.30 | |
Preferred stock | | — | | — | | 4.8 | | (4.8 | ) | — | |
Retained earnings | | 4,288.10 | | 4,305.40 | | 1,805.40 | | (6,110.8 | ) | 4,288.10 | |
Accumulated other comprehensive earnings (loss) | | (325.5 | ) | (274.5 | ) | (74.7 | ) | 349.2 | | (325.5 | ) |
Treasury stock, at cost | | (3,867.4 | ) | — | | — | | — | | (3,867.4 | ) |
Total Ball Corporation shareholders’ equity | | 1,214.50 | | 4,887.00 | | 2,266.20 | | (7,153.2 | ) | 1,214.50 | |
Noncontrolling interests | | — | | — | | 200.2 | | — | | 200.2 | |
Total shareholders’ equity | | 1,214.50 | | 4,887.00 | | 2,466.40 | | (7,153.2 | ) | 1,414.70 | |
Total liabilties and shareholders’ equity | | $ | 5,145.20 | | $ | 5,211.40 | | $ | 4,583.40 | | $ | (7,325.1 | ) | $ | 7,614.90 | |
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| | Unaudited Condensed Consolidating Balance Sheet | |
| | December 31, 2013 | |
($ in millions) | | Ball | | Guarantor | | Non-Guarantor | | Eliminating | | Consolidated | |
Corporation | Subsidiaries | Subsidiaries | Adjustments | Total |
| | | | | | | | | | | |
ASSETS | | | | | | | | | | | |
Current assets | | | | | | | | | | | |
Cash and cash equivalents | | $ | 218.6 | | $ | 0.3 | | $ | 197.1 | | $ | — | | $ | 416 | |
Receivables, net | | 2.9 | | 133.9 | | 722.6 | | — | | 859.4 | |
Intercompany receivables | | 178.9 | | 99.1 | | 1 | | (279.0 | ) | — | |
Inventories, net | | — | | 601.7 | | 426.6 | | — | | 1,028.30 | |
Deferred taxes and other current assets (a) | | 4 | | 109.7 | | 53.5 | | — | | 167.2 | |
Total current assets (a) | | 404.4 | | 944.7 | | 1,400.80 | | (279.0 | ) | 2,470.90 | |
Non-current assets | | | | | | | | | | | |
Property, plant and equipment, net | | 14.9 | | 877.5 | | 1,479.90 | | — | | 2,372.30 | |
Investment in subsidiaries (a) | | 4,452.30 | | 2,122.00 | | 78.6 | | (6,652.9 | ) | — | |
Goodwill (a) | | — | | 935.6 | | 1,464.10 | | — | | 2,399.70 | |
Intangibles and other assets, net | | 206.9 | | 100.9 | | 269.7 | | — | | 577.5 | |
Total assets (a) | | $ | 5,078.50 | | $ | 4,980.70 | | $ | 4,693.10 | | $ | (6,931.9 | ) | $ | 7,820.40 | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | |
Short-term debt and current portion of long-term debt | | $ | 310.8 | | $ | 30.1 | | $ | 81.7 | | $ | — | | $ | 422.6 | |
Accounts payable | | 6.9 | | 525.3 | | 466.6 | | — | | 998.8 | |
Intercompany payables | | 95.1 | | 0.4 | | 183.5 | | (279.0 | ) | — | |
Accrued employee costs | | 22.5 | | 133.7 | | 85.1 | | — | | 241.3 | |
Other current liabilities | | 10 | | 138.5 | | 116.2 | | — | | 264.7 | |
Total current liabilities | | 445.3 | | 828 | | 933.1 | | (279.0 | ) | 1,927.40 | |
Non-current liabilities | | | | | | | | | | | |
Long-term debt | | 2,750.00 | | 0.5 | | 432 | | — | | 3,182.50 | |
Employee benefit obligations | | 284.4 | | 310.9 | | 437.7 | | — | | 1,033.00 | |
Deferred taxes and other liabilities (a) | | 374.2 | | (684.1 | ) | 571.4 | | — | | 261.5 | |
Total liabilities (a) | | 3,853.90 | | 455.3 | | 2,374.20 | | (279.0 | ) | 6,404.40 | |
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Common stock | | 1,078.40 | | 847.1 | | 531.1 | | (1,378.2 | ) | 1,078.40 | |
Preferred stock | | — | | — | | 4.8 | | (4.8 | ) | — | |
Retained earnings (a) | | 3,947.70 | | 3,873.80 | | 1,579.80 | | (5,453.6 | ) | 3,947.70 | |
Accumulated other comprehensive earnings (loss) (a) | | (249.9 | ) | (195.5 | ) | 11.8 | | 183.7 | | (249.9 | ) |
Treasury stock, at cost | | (3,551.6 | ) | — | | — | | — | | (3,551.6 | ) |
Total Ball Corporation shareholders’ equity (a) | | 1,224.60 | | 4,525.40 | | 2,127.50 | | (6,652.9 | ) | 1,224.60 | |
Noncontrolling interests | | — | | — | | 191.4 | | — | | 191.4 | |
Total shareholders’ equity (a) | | 1,224.60 | | 4,525.40 | | 2,318.90 | | (6,652.9 | ) | 1,416.00 | |
Total liabilties and shareholders’ equity (a) | | $ | 5,078.50 | | $ | 4,980.70 | | $ | 4,693.10 | | $ | (6,931.9 | ) | $ | 7,820.40 | |
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(a) Amounts have been revised; further details are included in the “Revision of Prior Period Financial Statements Related to Deferred Taxes” section of Note 1. |
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| | Unaudited Condensed Consolidating Statement of Cash Flows | | | | |
| | Nine Months Ended September 30, 2014 | | | | |
($ in millions) | | Ball | | Guarantor | | Non-Guarantor | | Consolidated | | | | |
Corporation | Subsidiaries | Subsidiaries | Total | | | |
| | | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | (14.7 | ) | $ | 301.1 | | $ | 363.6 | | $ | 650 | | | | |
| | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | |
Capital expenditures | | (8.4 | ) | (120.1 | ) | (121.5 | ) | (250.0 | ) | | | |
Other, net | | 4.2 | | 1.6 | | 5.3 | | 11.1 | | | | |
Cash provided by (used in) investing activities | | (4.2 | ) | (118.5 | ) | (116.2 | ) | (238.9 | ) | | | |
| | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | |
Long-term borrowings | | 375 | | — | | 21.9 | | 396.9 | | | | |
Repayments of long-term borrowings | | (690.4 | ) | (0.3 | ) | (183.6 | ) | (874.3 | ) | | | |
Net change in short-term borrowings | | 22.4 | | 2.6 | | 174 | | 199 | | | | |
Proceeds from issuances of common stock | | 27.7 | | — | | — | | 27.7 | | | | |
Acquisitions of treasury stock | | (335.5 | ) | — | | — | | (335.5 | ) | | | |
Common dividends | | (54.8 | ) | — | | — | | (54.8 | ) | | | |
Intercompany | | 452.1 | | (184.8 | ) | (267.3 | ) | — | | | | |
Other, net | | 13.9 | | — | | (6.2 | ) | 7.7 | | | | |
Cash provided by (used in) financing activities | | (189.6 | ) | (182.5 | ) | (261.2 | ) | (633.3 | ) | | | |
| | | | | | | | | | | | |
Effect of exchange rate changes on cash | | (4.7 | ) | — | | 0.4 | | (4.3 | ) | | | |
| | | | | | | | | | | | |
Change in cash and cash equivalents | | (213.2 | ) | 0.1 | | (13.4 | ) | (226.5 | ) | | | |
Cash and cash equivalents — beginning of period | | 218.6 | | 0.3 | | 197.1 | | 416 | | | | |
Cash and cash equivalents — end of period | | $ | 5.4 | | $ | 0.4 | | $ | 183.7 | | $ | 189.5 | | | | |
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| | Unaudited Condensed Consolidating Statement of Cash Flows | | | | |
| | Nine Months Ended September 30, 2013 | | | | |
($ in millions) | | Ball | | Guarantor | | Non-Guarantor | | Consolidated | | | | |
Corporation | Subsidiaries | Subsidiaries | Total | | | |
| | | |
Cash provided by (used in) continuing operating activities | | $ | (117.1 | ) | $ | 378.9 | | $ | 151.8 | | $ | 413.6 | | | | |
Cash provided by (used in) discontinued operating activities | | 0.2 | | (2.5 | ) | — | | (2.3 | ) | | | |
Total cash provided by (used in) operating activities | | $ | (116.9 | ) | $ | 376.4 | | $ | 151.8 | | $ | 411.3 | | | | |
| | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | |
Capital expenditures | | (4.4 | ) | (122.9 | ) | (182.3 | ) | (309.6 | ) | | | |
Business acquisition, net of cash acquired | | — | | (12.5 | ) | (1.7 | ) | (14.2 | ) | | | |
Other, net | | (6.5 | ) | 0.6 | | 8.1 | | 2.2 | | | | |
Cash provided by (used in) investing activities | | (10.9 | ) | (134.8 | ) | (175.9 | ) | (321.6 | ) | | | |
| | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | |
Long-term borrowings | | 1,373.00 | | — | | 173.6 | | 1,546.60 | | | | |
Repayments of long-term borrowings | | (882.7 | ) | — | | (394.8 | ) | (1,277.5 | ) | | | |
Net change in short-term borrowings | | (25.0 | ) | 40.6 | | (30.4 | ) | (14.8 | ) | | | |
Proceeds from issuances of common stock | | 24.3 | | — | | — | | 24.3 | | | | |
Acquisitions of treasury stock | | (292.2 | ) | — | | — | | (292.2 | ) | | | |
Common dividends | | (56.8 | ) | — | | — | | (56.8 | ) | | | |
Intercompany | | 1.4 | | (282.2 | ) | 280.8 | | — | | | | |
Other, net | | (9.1 | ) | — | | (6.5 | ) | (15.6 | ) | | | |
Cash provided by (used in) financing activities | | 132.9 | | (241.6 | ) | 22.7 | | (86.0 | ) | | | |
| | | | | | | | | | | | |
Effect of exchange rate changes on cash | | (3.5 | ) | — | | (6.1 | ) | (9.6 | ) | | | |
| | | | | | | | | | | | |
Change in cash and cash equivalents | | 1.6 | | — | | (7.5 | ) | (5.9 | ) | | | |
Cash and cash equivalents — beginning of period | | 0.2 | | 0.3 | | 173.6 | | 174.1 | | | | |
Cash and cash equivalents — end of period | | $ | 1.8 | | $ | 0.3 | | $ | 166.1 | | $ | 168.2 | | | | |