Title
of each class
|
Name
of each exchange
on
which registered
|
|||
Common
Stock, without par value
|
New
York Stock Exchange, Inc.
Chicago
Stock Exchange, Inc.
Pacific
Exchange, Inc.
|
Large
accelerated filer [X]
|
Accelerated
filer [ ]
|
Non-accelerated
filer [ ]
|
Class
|
Outstanding
at February 3, 2006
|
|||
Common
Stock, without par value
|
104,286,147
|
· |
unilateral
termination for convenience by the
customers;
|
· |
reduction
or modification in the scope of the contracts due to changes in the
customer's requirements or budgetary
constraints;
|
· |
under
fixed-price contracts, increased or unexpected costs causing losses
or
reduced profits; and
|
· |
under
cost reimbursement contracts, unallowable costs causing losses or
reduced
profits.
|
· |
political
and economic instability in foreign
markets;
|
· |
foreign
governments' restrictive trade
policies;
|
· |
the
imposition of duties, taxes or government
royalties;
|
· |
foreign
exchange rate risks;
|
· |
difficulties
in enforcement of contractual obligations and intellectual property
rights; and
|
· |
the
geographic, time zone, language and cultural differences between
personnel
in different areas of the world.
|
· |
use
of a large portion of our cash flow to pay principal and interest
on our
notes, the new credit facilities and our other debt, which will reduce
the
availability of our cash flow to fund working capital, capital
expenditures, research and development expenditures and other business
activities;
|
· |
increase
our vulnerability to general adverse economic and industry
conditions;
|
· |
limit
our flexibility in planning for, or reacting to, changes in our business
and the industry in which we
operate;
|
· |
restrict
us from making strategic acquisitions or exploiting business
opportunities;
|
· |
place
us at a competitive disadvantage compared to our competitors that
have
less debt;
|
· |
limit
our ability to make capital expenditures in order to maintain our
manufacturing plants in good working order and repair;
and
|
· |
limit,
along with the financial and other restrictive covenants in our debt,
among other things, our ability to borrow additional funds, dispose
of
assets or pay cash dividends.
|
Item
2.
|
Properties
|
Approximate
|
|
Floor
Space in
|
|
Plant
Location
|
Square
Feet
|
Springdale,
Arkansas
|
286,000
|
Richmond,
British Columbia
|
194,000
|
Fairfield,
California
|
340,000
|
Oakdale,
California
|
370,000
|
Torrance,
California
|
478,000
|
Golden,
Colorado
|
500,000
|
Tampa,
Florida
|
275,000
|
Kapolei,
Hawaii
|
132,000
|
Monticello,
Indiana
|
356,000
|
Kansas
City, Missouri
|
400,000
|
Saratoga
Springs, New York
|
358,000
|
Wallkill,
New York
|
317,000
|
Reidsville,
North Carolina
|
287,000
|
Columbus,
Ohio
|
305,000
|
Findlay,
Ohio*
|
733,000
|
Burlington,
Ontario
|
308,000
|
Whitby,
Ontario*
|
200,000
|
Guayama,
Puerto Rico
|
230,000
|
Chestnut
Hill, Tennessee
|
315,000
|
Conroe,
Texas
|
275,000
|
Fort
Worth, Texas
|
328,000
|
Bristol,
Virginia
|
241,000
|
Williamsburg,
Virginia
|
400,000
|
Kent,
Washington
|
166,000
|
Weirton,
West Virginia (leased)
|
120,000
|
DeForest,
Wisconsin
|
360,000
|
Milwaukee,
Wisconsin*
|
397,000
|
Bierne,
France
|
263,000
|
La
Ciotat, France
|
393,000
|
Braunschweig,
Germany
|
258,000
|
Hassloch,
Germany
|
283,000
|
Hermsdorf,
Germany
|
269,000
|
Weissenthurm,
Germany
|
260,000
|
Oss,
The Netherlands
|
231,000
|
Radomsko,
Poland
|
309,000
|
Belgrade,
Serbia
|
352,000
|
Deeside,
U.K.
|
109,000
|
Rugby,
U.K.
|
175,000
|
Wrexham,
U.K.
|
222,000
|
Beijing,
PRC
|
303,000
|
Hubei
(Wuhan), PRC
|
237,000
|
Shenzhen,
PRC
|
404,000
|
Approximate
|
|
Floor
Space in
|
|
Plant
Location
|
Square
Feet
|
Chino,
California (leased)
|
578,000
|
Ames,
Iowa (including leased warehouse space)
|
840,000
|
Delran,
New Jersey
|
450,000
|
Baldwinsville,
New York (leased)
|
508,000
|
Watertown,
Wisconsin
|
111,000
|
Zhongfu,
PRC (leased) (Tianjin)
|
52,000
|
Hemei,
PRC (Taicang)
|
47,000
|
Item
4.
|
Submission
of Matters to Vote of Security
Holders
|
Item
5.
|
Market
for the Registrant’s Common Stock and Related Stockholder
Matters
|
($
in millions)
|
Total
Number of Shares Purchased
|
Average
Price
Paid
per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans or
Programs
|
Maximum
Number
of
Shares that May Yet Be Purchased Under the Plans
or Programs(b)
|
|||||||||
October 3
to October 30, 2005
|
1,111,484
|
$
|
36.67
|
1,111,484
|
12,000,000
|
||||||||
October 31
to November 27, 2005
|
3,502
|
$
|
38.83
|
3,502
|
11,996,498
|
||||||||
November 28
to December 31, 2005
|
1,504
|
$
|
40.03
|
1,504
|
11,994,994
|
||||||||
Total
|
1,116,490
|
(a)
|
$
|
36.68
|
1,116,490
|
(a)
|
Includes
open market purchases and/or shares retained by the company to settle
employee withholding tax
liabilities.
|
(b)
|
The
company has an ongoing repurchase program for which shares are authorized
from time to time by Ball’s board of directors. On October 26, 2005,
the board authorized the repurchase of up to 12 million shares of the
company’s common stock. This most recent repurchase authorization replaced
all previous authorizations.
|
2005
|
2004
|
||||||||||||||||||||||||
4th
|
3rd
|
2nd
|
1st
|
4th
|
3rd
|
2nd
|
1st
|
||||||||||||||||||
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter(a)
|
Quarter(a)
|
Quarter(a)
|
||||||||||||||||||
High
|
$
|
41.95
|
$
|
39.78
|
$
|
42.70
|
$
|
46.45
|
$
|
45.20
|
$
|
38.30
|
$
|
36.23
|
$
|
34.43
|
|||||||||
Low
|
35.06
|
35.25
|
35.80
|
39.65
|
35.81
|
34.12
|
30.20
|
28.255
|
|||||||||||||||||
Dividends
per share
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.075
|
0.075
|
Item
6.
|
Selected
Financial Data
|
($
in millions, except per share amounts)
|
2005
|
2004
|
2003
|
2002
|
2001
|
|||||||||||
Net
sales
|
$
|
5,751.2
|
$
|
5,440.2
|
$
|
4,977.0
|
$
|
3,858.9
|
$
|
3,686.1
|
||||||
Net
earnings (loss) (1)
|
261.5
|
295.6
|
229.9
|
156.1
|
(99.2
|
)
|
||||||||||
Preferred
dividends, net of tax
|
–
|
–
|
–
|
–
|
(2.0
|
)
|
||||||||||
Earnings
(loss) attributable to common shareholders (1)
|
$
|
261.5
|
$
|
295.6
|
$
|
229.9
|
$
|
156.1
|
$
|
(101.2
|
)
|
|||||
Return
on average common shareholders’ equity
|
27.2
|
%
|
31.2
|
%
|
35.4
|
%
|
31.3
|
%
|
(17.7
|
)%
|
||||||
Basic
earnings (loss) per share (1)
(2)
|
$
|
2.43
|
$
|
2.67
|
$
|
2.06
|
$
|
1.39
|
$
|
(0.92
|
)
|
|||||
Weighted
average common shares outstanding (000s) (2)
|
107,758
|
110,846
|
111,710
|
112,634
|
109,759
|
|||||||||||
Diluted
earnings (loss) per share (1)
(2)
|
$
|
2.38
|
$
|
2.60
|
$
|
2.01
|
$
|
1.36
|
$
|
(0.92
|
)
|
|||||
Diluted
weighted average common shares outstanding (000s) (2)
|
109,732
|
113,790
|
114,275
|
115,076
|
109,759
|
|||||||||||
Property,
plant and equipment additions
|
$
|
291.7
|
$
|
196.0
|
$
|
137.2
|
$
|
158.4
|
$
|
68.5
|
||||||
Depreciation
and amortization
|
$
|
213.5
|
$
|
215.1
|
$
|
205.5
|
$
|
149.2
|
$
|
152.5
|
||||||
Total
assets
|
$
|
4,343.4
|
$
|
4,477.7
|
$
|
4,069.6
|
$
|
4,132.4
|
$
|
2,313.6
|
||||||
Total
interest bearing debt and capital lease obligations
|
$
|
1,589.7
|
$
|
1,660.7
|
$
|
1,686.9
|
$
|
1,981.0
|
$
|
1,064.1
|
||||||
Common
shareholders’ equity
|
$
|
835.3
|
$
|
1,086.6
|
$
|
807.8
|
$
|
492.9
|
$
|
504.1
|
||||||
Market
capitalization (3)
|
$
|
4,138.8
|
$
|
4,956.2
|
$
|
3,359.1
|
$
|
2,904.8
|
$
|
2,043.8
|
||||||
Net
debt to market capitalization (3)
|
36.9
|
%
|
29.5
|
%
|
49.1
|
%
|
59.3
|
%
|
48.0
|
%
|
||||||
Cash
dividends per share (2)
|
$
|
0.40
|
$
|
0.35
|
$
|
0.24
|
$
|
0.18
|
$
|
0.15
|
||||||
Book
value per share (2)
|
$
|
8.02
|
$
|
9.64
|
$
|
7.17
|
$
|
4.35
|
$
|
4.36
|
||||||
Market
value per share (2)
|
$
|
39.72
|
$
|
43.98
|
$
|
29.785
|
$
|
25.595
|
$
|
17.675
|
||||||
Annual
return to common shareholders (4)
|
(8.8
|
)%
|
48.8
|
%
|
17.4
|
%
|
46.0
|
%
|
55.3
|
%
|
||||||
Working
capital
|
$
|
49.8
|
$
|
249.3
|
$
|
62.4
|
$
|
155.6
|
$
|
218.8
|
||||||
Current
ratio
|
1.04
|
1.25
|
1.07
|
1.15
|
1.38
|
(1)
|
Includes
business consolidation activities and other items affecting comparability
between years of pretax expense of $21.2 million in 2005, pretax
income of $15.2 million, $3.7 million and $2.3 million in
2004, 2003 and 2002, respectively, and pretax expense of
$271.2 million in 2001. Also includes $19.3 million,
$15.2 million and $5.2 million of debt refinancing costs in
2005, 2003 and 2002, respectively, reported as interest expense.
Additional details about the 2005, 2004 and 2003 items are available
in
Notes 4, 9 and 11 to the consolidated financial statements within
Item 8 of this report.
|
(2)
|
Amounts
have been retroactively restated for two-for-one stock splits, which
were
effected on August 23, 2004, and February 22,
2002.
|
(3)
|
Market
capitalization is defined as the number of common shares outstanding
at
year end, multiplied by the year-end closing price of Ball common
stock.
Net debt is total debt less cash and cash
equivalents.
|
(4)
|
Change
in stock price plus dividend yield assuming reinvestment of all dividends
paid.
|
($
in millions)
|
2005
|
2004
|
2003
|
|||||||
Cash
flows from operating activities
|
$
|
558.8
|
$
|
535.9
|
$
|
364.0
|
||||
Add
back withholding tax payment related to the acquisition of Ball
Packaging Europe
|
–
|
–
|
138.3
|
|||||||
Capital
spending
|
(291.7
|
)
|
(196.0
|
)
|
(137.2
|
)
|
||||
Free
cash flow
|
$
|
267.1
|
$
|
339.9
|
$
|
365.1
|
Payments
Due By Period
|
||||||||||||||||
($
in millions)
|
Total
|
Less
than 1 Year
|
1-3
Years
|
3-5
Years
|
More
than 5 Years
|
|||||||||||
Long-term
debt
|
$
|
1,472.4
|
$
|
7.7
|
$
|
105.1
|
$
|
290.4
|
$
|
1,069.2
|
||||||
Capital
lease obligations
|
6.7
|
1.8
|
2.4
|
0.5
|
2.0
|
|||||||||||
Operating
leases
|
198.0
|
45.8
|
60.6
|
34.8
|
56.8
|
|||||||||||
Purchase
obligations (a)
|
7,385.4
|
2,193.8
|
2,902.6
|
1,910.7
|
378.3
|
|||||||||||
Total
payments on contractual obligations
|
$
|
9,062.5
|
$
|
2,249.1
|
$
|
3,070.7
|
$
|
2,236.4
|
$
|
1,506.3
|
(a)
|
The
company’s purchase obligations include contracted amounts for aluminum,
steel, plastic resin and other direct materials. Also included are
commitments for purchases of natural gas and electricity, aerospace
and
technologies contracts and other less significant items. In cases
where
variable prices and/or usage are involved, management’s best estimates
have been used. Depending on the circumstances, early termination
of the
contracts may not result in penalties and, therefore, actual payments
could vary significantly.
|
Item
7A.
|
Quantitative and Qualitative Disclosures About Market
Risk
|
Item
8.
|
Financial
Statements and Supplementary
Data
|
Years
ended December 31,
|
|||||||||
($
in millions, except per share amounts)
|
2005
|
2004
|
2003
|
||||||
Net
sales
|
$
|
5,751.2
|
$
|
5,440.2
|
$
|
4,977.0
|
|||
Costs
and expenses
|
|||||||||
Cost
of sales (excluding depreciation and amortization)
|
4,822.4
|
4,433.5
|
4,080.2
|
||||||
Depreciation
and amortization (Notes 7 and 9)
|
213.5
|
215.1
|
205.5
|
||||||
Business
consolidation costs (gains) (Note 4)
|
21.2
|
(15.2
|
)
|
(3.7
|
)
|
||||
Selling,
general and administrative
|
231.6
|
267.9
|
234.2
|
||||||
5,288.7
|
4,901.3
|
4,516.2
|
|||||||
Earnings
before interest and taxes
|
462.5
|
538.9
|
460.8
|
||||||
Interest
expense (Note 11)
|
|||||||||
Interest
expense before debt refinancing costs
|
97.1
|
103.7
|
125.9
|
||||||
Debt
refinancing costs
|
19.3
|
–
|
15.2
|
||||||
Total
interest expense
|
116.4
|
103.7
|
141.1
|
||||||
Earnings
before taxes
|
346.1
|
435.2
|
319.7
|
||||||
Tax
provision (Note 12)
|
(99.3
|
)
|
(139.2
|
)
|
(100.1
|
)
|
|||
Minority
interests
|
(0.8
|
)
|
(1.0
|
)
|
(1.0
|
)
|
|||
Equity
in results of affiliates (Note 9)
|
15.5
|
0.6
|
11.3
|
||||||
Net
earnings
|
$
|
261.5
|
$
|
295.6
|
$
|
229.9
|
|||
Earnings
per share (Notes 14 and 15):
|
|||||||||
Basic
|
$
|
2.43
|
$
|
2.67
|
$
|
2.06
|
(a)
|
||
Diluted
|
$
|
2.38
|
$
|
2.60
|
$
|
2.01
|
(a)
|
||
Weighted
average shares outstanding (000s)
(Note 15):
|
|||||||||
Basic
|
107,758
|
110,846
|
111,710
|
(a)
|
|||||
Diluted
|
109,732
|
113,790
|
114,275
|
(a)
|
|||||
Cash
dividends declared and paid, per share
|
$
|
0.40
|
$
|
0.35
|
$
|
0.24
|
(a)
|
(a)
|
Per
share and share amounts have been retroactively restated for the
two-for-one stock split discussed in Note
14.
|
December
31,
|
||||||
($
in millions)
|
2005
|
2004
|
||||
Assets
|
||||||
Current
assets
|
||||||
Cash
and cash equivalents
|
$
|
61.0
|
$
|
198.7
|
||
Receivables,
net (Note 5)
|
376.6
|
346.8
|
||||
Inventories,
net (Note 6)
|
670.3
|
629.5
|
||||
Deferred
taxes and prepaid expenses
|
117.9
|
70.6
|
||||
Total
current assets
|
1,225.8
|
1,245.6
|
||||
Property,
plant and equipment, net (Note 7)
|
1,556.6
|
1,532.4
|
||||
Goodwill
(Notes 3, 4 and 8)
|
1,258.6
|
1,410.0
|
||||
Intangibles
and other assets, net (Note 9)
|
302.4
|
289.7
|
||||
Total
Assets
|
$
|
4,343.4
|
$
|
4,477.7
|
||
Liabilities
and Shareholders’ Equity
|
||||||
Current
liabilities
|
||||||
Short-term
debt and current portion of long-term debt (Note 11)
|
$
|
116.4
|
$
|
123.0
|
||
Accounts
payable
|
552.4
|
453.0
|
||||
Accrued
employee costs
|
198.4
|
222.2
|
||||
Income
taxes payable
|
127.5
|
80.4
|
||||
Other
current liabilities (Note 16)
|
181.3
|
117.7
|
||||
Total
current liabilities
|
1,176.0
|
996.3
|
||||
Long-term
debt (Note 11)
|
1,473.3
|
1,537.7
|
||||
Employee
benefit obligations (Note 13)
|
784.2
|
734.3
|
||||
Deferred
taxes and other liabilities
|
69.5
|
116.4
|
||||
Total
liabilities
|
3,503.0
|
3,384.7
|
||||
Contingencies
(Note 21)
|
||||||
Minority
interests
|
5.1
|
6.4
|
||||
Shareholders’
equity (Note 14)
|
||||||
Common
stock (158,382,813 shares issued - 2005;
157,506,545
shares issued - 2004)
|
633.6
|
610.8
|
||||
Retained
earnings
|
1,227.9
|
1,007.5
|
||||
Accumulated
other comprehensive earnings (loss)
|
(100.7
|
)
|
33.2
|
|||
Treasury
stock, at cost (54,182,655 shares - 2005; 44,815,138
shares - 2004)
|
(925.5
|
)
|
(564.9
|
)
|
||
Total
shareholders’ equity
|
835.3
|
1,086.6
|
||||
Total
Liabilities and Shareholders’ Equity
|
$
|
4,343.4
|
$
|
4,477.7
|
Years
ended December 31,
|
|||||||||
($
in millions)
|
2005
|
2004
|
2003
|
||||||
Cash
Flows from Operating Activities
|
|||||||||
Net
earnings
|
$
|
261.5
|
$
|
295.6
|
$
|
229.9
|
|||
Adjustments
to reconcile net earnings to cash provided by operating
activities:
|
|||||||||
Depreciation
and amortization
|
213.5
|
215.1
|
205.5
|
||||||
Business
consolidation costs (gains)
|
19.0
|
(15.2
|
)
|
(3.3
|
)
|
||||
Deferred
taxes
|
(58.5
|
)
|
42.8
|
17.8
|
|||||
Contributions
to defined benefit pension plans
|
(17.1
|
)
|
(60.6
|
)
|
(34.1
|
)
|
|||
Debt
prepayment costs
|
6.6
|
– |
10.3
|
||||||
Noncash
write off of deferred financing costs
|
12.7
|
0.5
|
7.8
|
||||||
Other,
net
|
15.5
|
50.6
|
29.2
|
||||||
Working
capital changes, excluding effects of
acquisitions:
|
|||||||||
Receivables
|
(32.8
|
)
|
(81.3
|
)
|
55.6
|
||||
Inventories
|
(54.2
|
)
|
(49.3
|
)
|
38.5
|
||||
Accounts
payable
|
113.2
|
87.1
|
(112.6
|
)
|
|||||
Accrued
employee costs
|
(17.2
|
)
|
39.9
|
32.8
|
|||||
Income
taxes payable
|
51.2
|
18.1
|
46.1
|
||||||
Withholding
taxes related to European acquisition (Note 3)
|
–
|
–
|
(138.3
|
)
|
|||||
Other,
net
|
45.4
|
(7.4
|
)
|
(21.2
|
)
|
||||
Cash
provided by operating activities
|
558.8
|
535.9
|
364.0
|
||||||
Cash
Flows from Investing Activities
|
|||||||||
Additions
to property, plant and equipment
|
(291.7
|
)
|
(196.0
|
)
|
(137.2
|
)
|
|||
Business
acquisitions, net of cash acquired (Note 3)
|
−
|
(17.2
|
)
|
(28.0
|
)
|
||||
Purchase
price adjustments, net
|
–
|
–
|
39.8
|
||||||
Other,
net
|
1.7
|
3.6
|
1.6
|
||||||
Cash
used in investing activities
|
(290.0
|
)
|
(209.6
|
)
|
(123.8
|
)
|
|||
Cash
Flows from Financing Activities
|
|||||||||
Long-term
borrowings
|
882.8
|
26.3
|
5.3
|
||||||
Repayments
of long-term borrowings
|
(949.7
|
)
|
(107.2
|
)
|
(367.4
|
)
|
|||
Change
in short-term borrowings
|
68.4
|
2.6
|
(31.6
|
)
|
|||||
Debt
prepayment costs
|
(6.6
|
)
|
–
|
(10.3
|
)
|
||||
Debt
issuance costs
|
(4.8
|
)
|
–
|
(5.2
|
)
|
||||
Proceeds
from issuance of common stock
|
35.6
|
35.3
|
35.5
|
||||||
Acquisitions
of treasury stock
|
(393.7
|
)
|
(85.3
|
)
|
(63.4
|
)
|
|||
Common
dividends
|
(42.5
|
)
|
(38.9
|
)
|
(26.8
|
)
|
|||
Other,
net
|
(0.2
|
)
|
(0.9
|
)
|
–
|
||||
Cash
used in financing activities
|
(410.7
|
)
|
(168.1
|
)
|
(463.9
|
)
|
|||
Effect
of exchange rate changes on cash
|
4.2
|
4.0
|
1.0
|
||||||
Change
in cash and cash equivalents
|
(137.7
|
)
|
162.2
|
(222.7
|
)
|
||||
Cash
and Cash Equivalents - Beginning of Year
|
198.7
|
36.5
|
259.2
|
||||||
Cash
and Cash Equivalents - End of Year
|
$
|
61.0
|
$
|
198.7
|
$
|
36.5
|
($
in millions, except share amounts)
|
Years
ended December 31,
|
||||||||
2005
|
2004
|
2003
|
|||||||
Number
of Common Shares Outstanding (a)
(000s)
|
|||||||||
Balance,
beginning of year
|
157,506
|
155,885
|
154,402
|
||||||
Shares
issued for stock options and other stock plans, net of shares
exchanged
|
877
|
1,621
|
1,483
|
||||||
Balance,
end of year
|
158,383
|
157,506
|
155,885
|
||||||
Number
of Treasury Shares Outstanding (a)
(000s)
|
|
||||||||
Balance,
beginning of year
|
(44,815
|
)
|
(43,106
|
)
|
(40,910
|
)
|
|||
Shares
purchased, net of shares reissued
|
(9,368
|
)
|
(1,709
|
)
|
(2,196
|
)
|
|||
Balance,
end of year
|
(54,183
|
)
|
(44,815
|
)
|
(43,106
|
)
|
|||
Common
Stock
|
|||||||||
Balance,
beginning of year
|
$
|
610.8
|
$
|
567.3
|
$
|
530.8
|
|||
Shares
issued for stock options and other stock plans, net of shares
exchanged
|
15.5
|
29.8
|
28.8
|
||||||
Tax
benefit from option exercises
|
7.3
|
13.7
|
7.7
|
||||||
Balance,
end of year
|
$
|
633.6
|
$
|
610.8
|
$
|
567.3
|
|||
Retained
Earnings
|
|||||||||
Balance,
beginning of year
|
$
|
1,007.5
|
$
|
748.8
|
$
|
545.7
|
|||
Net
earnings
|
261.5
|
295.6
|
229.9
|
||||||
Common
dividends, net of tax benefits
|
(41.1
|
)
|
(36.9
|
)
|
(26.8
|
)
|
|||
Balance,
end of year
|
$
|
1,227.9
|
$
|
1,007.5
|
$
|
748.8
|
|||
Accumulated
Other Comprehensive Earnings (Loss) (Note 14)
|
|||||||||
Balance,
beginning of year
|
$
|
33.2
|
$
|
(1.4
|
)
|
$
|
(138.3
|
)
|
|
Foreign
currency translation adjustment
|
(74.3
|
)
|
68.2
|
103.6
|
|||||
Change
in minimum pension liability, net of tax
|
(43.6
|
)
|
(33.2
|
)
|
11.8
|
||||
Effective
financial derivatives, net of tax
|
(16.0
|
)
|
(0.4
|
)
|
21.5
|
||||
Net
other comprehensive earnings adjustments
|
(133.9
|
)
|
34.6
|
136.9
|
|||||
Accumulated
other comprehensive earnings (loss)
|
$
|
(100.7
|
)
|
$
|
33.2
|
$
|
(1.4
|
)
|
|
Treasury
Stock
|
|||||||||
Balance,
beginning of year
|
$
|
(564.9
|
)
|
$
|
(506.9
|
)
|
$
|
(445.3
|
)
|
Shares
purchased, net of shares reissued
|
(360.6
|
)
|
(58.0
|
)
|
(61.6
|
)
|
|||
Balance,
end of year
|
$
|
(925.5
|
)
|
$
|
(564.9
|
)
|
$
|
(506.9
|
)
|
Comprehensive
Earnings
|
|||||||||
Net
earnings
|
$
|
261.5
|
$
|
295.6
|
$
|
229.9
|
|||
Net
other comprehensive earnings adjustments (see details
above)
|
(133.9
|
)
|
34.6
|
136.9
|
|||||
Comprehensive
earnings
|
$
|
127.6
|
$
|
330.2
|
$
|
366.8
|
(a)
|
Share
amounts have been retroactively restated for the two-for-one stock
split
discussed in Note 14.
|
2005
|
2004
|
2003
|
|||||||
SABMiller
plc
|
11
|
%
|
11
|
%
|
12
|
%
|
|||
PepsiCo,
Inc. and affiliates
|
10
|
%
|
9
|
%
|
10
|
%
|
|||
All
bottlers of Pepsi-Cola or Coca-Cola branded beverages
|
27
|
%
|
28
|
%
|
29
|
%
|
|||
U.S.
government agencies and their prime contractors
|
11
|
%
|
10
|
%
|
10
|
%
|
($
in millions)
|
|||||||||
U.S.
|
Other
(a)
|
Consolidated
|
|||||||
2005
|
$
|
4,133.3
|
$
|
1,617.9
|
$
|
5,751.2
|
|||
2004
|
3,898.9
|
1,541.3
|
5,440.2
|
||||||
2003
|
3,567.8
|
1,409.2
|
4,977.0
|
($
in millions)
|
||||||||||||
U.S.
|
Germany
|
Other
(c)
|
Consolidated
|
|||||||||
2005
|
$
|
1,856.1
|
$
|
1,099.7
|
$
|
161.8
|
$
|
3,117.6
|
||||
2004
|
2,077.0
|
1,286.7
|
(131.6
|
)
|
3,232.1
|
|||||||
2003
|
2,002.3
|
1,207.6
|
(63.8
|
)
|
3,146.1
|
(a)
|
Includes
the company’s net sales in the PRC, Canada and certain European countries
(none of which was significant), intercompany eliminations and
other.
|
(b)
|
Long-lived
assets primarily consist of property, plant and equipment, goodwill
and
other intangible assets.
|
(c)
|
Includes
the company’s long-lived assets in the PRC, Canada and certain European
countries, not including Germany (none of which was significant),
intercompany eliminations and
other.
|
($
in millions)
|
2005
|
2004
|
2003
|
||||||
Net
Sales
|
|||||||||
North
American metal beverage packaging
|
$
|
2,390.4
|
$
|
2,360.6
|
$
|
2,292.2
|
|||
North
American metal food packaging
|
824.0
|
777.5
|
646.2
|
||||||
North
American plastic packaging
|
487.5
|
401.0
|
376.0
|
||||||
International
packaging
|
1,354.5
|
1,248.1
|
1,127.7
|
||||||
Aerospace
and technologies
|
694.8
|
653.0
|
534.9
|
||||||
Net
sales
|
$
|
5,751.2
|
$
|
5,440.2
|
$
|
4,977.0
|
|||
Consolidated
Earnings
|
|||||||||
North
American metal beverage packaging (a)
|
$
|
229.8
|
$
|
279.1
|
$
|
250.8
|
|||
North
American metal food packaging (a)
|
11.6
|
44.3
|
19.8
|
||||||
North
American plastic packaging (a)
|
17.4
|
11.6
|
12.3
|
||||||
International
packaging (a)
|
181.8
|
198.0
|
158.6
|
||||||
Aerospace
and technologies (a)
|
54.7
|
48.7
|
49.5
|
||||||
Segment
earnings before interest and taxes
|
495.3
|
581.7
|
491.0
|
||||||
Corporate
undistributed expenses
|
(32.8
|
)
|
(42.8
|
)
|
(30.2
|
)
|
|||
Earnings
before interest and taxes
|
462.5
|
538.9
|
460.8
|
||||||
Interest
expense (b)
|
(116.4
|
)
|
(103.7
|
)
|
(141.1
|
)
|
|||
Tax
provision
|
(99.3
|
)
|
(139.2
|
)
|
(100.1
|
)
|
|||
Minority
interests
|
(0.8
|
)
|
(1.0
|
)
|
(1.0
|
)
|
|||
Equity
in results of affiliates (Note 9)
|
15.5
|
0.6
|
11.3
|
||||||
Net
earnings
|
$
|
261.5
|
$
|
295.6
|
$
|
229.9
|
|||
Depreciation
and Amortization
|
|||||||||
North
American metal beverage packaging
|
$
|
69.0
|
$
|
68.4
|
$
|
72.2
|
|||
North
American metal food packaging
|
16.3
|
15.6
|
14.2
|
||||||
North
American plastic packaging
|
36.8
|
40.0
|
41.1
|
||||||
International
packaging
|
73.4
|
74.2
|
62.5
|
||||||
Aerospace
and technologies
|
14.9
|
14.6
|
12.9
|
||||||
Segment
depreciation and amortization
|
210.4
|
212.8
|
202.9
|
||||||
Corporate
|
3.1
|
2.3
|
2.6
|
||||||
Depreciation
and amortization
|
$
|
213.5
|
$
|
215.1
|
$
|
205.5
|
December
31,
|
||||||
2005
|
2004
|
|||||
Total
Assets
|
||||||
North
American metal beverage packaging
|
$
|
1,664.4
|
$
|
1,861.1
|
||
North
American metal food packaging
|
445.1
|
429.8
|
||||
North
American plastic packaging
|
320.9
|
306.9
|
||||
International
packaging
|
2,122.6
|
2,255.8
|
||||
Aerospace
and technologies
|
253.1
|
210.3
|
||||
Segment
eliminations
|
(537.5
|
)
|
(767.3
|
)
|
||
Segment
assets
|
4,268.6
|
4,296.6
|
||||
Corporate
assets, net of eliminations
|
74.8
|
181.1
|
||||
Total
assets
|
$
|
4,343.4
|
$
|
4,477.7
|
($
in millions)
|
2005
|
2004
|
2003
|
||||||
Investments
in Affiliates
|
|||||||||
North
American metal beverage packaging
|
$
|
9.5
|
$
|
7.7
|
$
|
5.0
|
|||
North
American metal food packaging
|
−
|
−
|
0.8
|
||||||
International
packaging
|
48.4
|
50.0
|
64.2
|
||||||
Aerospace
and technologies
|
7.5
|
25.4
|
22.8
|
||||||
Investments
in affiliates
|
$
|
65.4
|
$
|
83.1
|
$
|
92.8
|
|||
Property,
Plant and Equipment Additions
|
|||||||||
North
American metal beverage packaging
|
$
|
109.9
|
$
|
57.0
|
$
|
38.5
|
|||
North
American metal food packaging
|
16.8
|
14.3
|
28.6
|
||||||
North
American plastic packaging
|
27.6
|
19.2
|
23.6
|
||||||
International
packaging
|
97.9
|
73.9
|
22.1
|
||||||
Aerospace
and technologies
|
33.1
|
24.0
|
19.2
|
||||||
Segment
property, plant and equipment additions
|
285.3
|
188.4
|
132.0
|
||||||
Corporate
|
6.4
|
7.6
|
5.2
|
||||||
Property,
plant and equipment additions
|
$
|
291.7
|
$
|
196.0
|
$
|
137.2
|
(a)
|
Includes
the following business consolidation gains (costs) discussed in
Note 4:
|
($
in millions)
|
2005
|
2004
|
2003
|
||||||
North
American metal beverage packaging
|
$
|
(19.3
|
)
|
$
|
−
|
$
|
1.6
|
||
North
American metal food packaging
|
(11.2
|
)
|
0.4
|
(1.4
|
)
|
||||
North
American plastic packaging
|
−
|
0.7
|
−
|
||||||
International
packaging
|
9.3
|
13.7
|
3.3
|
||||||
Aerospace
and technologies
|
−
|
0.4
|
0.2
|
||||||
$
|
(21.2
|
)
|
$
|
15.2
|
$
|
3.7
|
(b)
|
Includes
$19.3 million and $15.2 million of debt refinancing costs in
2005 and 2003, respectively.
|
($
in millions)
|
2005
|
2004
|
2003
|
||||||
North
American metal beverage packaging
|
$
|
(19.3
|
)
|
$
|
−
|
$
|
1.6
|
||
North
American metal food packaging
|
(11.2
|
)
|
0.4
|
(1.4
|
)
|
||||
North
American plastic packaging
|
−
|
0.7
|
−
|
||||||
International
packaging
|
9.3
|
13.7
|
3.3
|
||||||
Aerospace
and technologies
|
−
|
0.4
|
0.2
|
||||||
$
|
(21.2
|
)
|
$
|
15.2
|
$
|
3.7
|
($
in millions)
|
Fixed
Assets/
Spare
Parts
|
Pension
Costs
|
Employee
Costs
|
Other
|
Total
|
||||||||||
C Charge
(earnings) to North American segments:
|
|||||||||||||||
Second
quarter 2005
|
$
|
4.8
|
$
|
0.5
|
$
|
2.6
|
$
|
0.9
|
$
|
8.8
|
|||||
Third
quarter 2005
|
6.0
|
4.7
|
7.0
|
1.6
|
19.3
|
||||||||||
Fourth
quarter 2005
|
(2.2
|
)
|
2.7
|
1.9
|
–
|
2.4
|
|||||||||
PaPayments
|
–
|
–
|
(1.7
|
)
|
(0.5
|
)
|
(2.2
|
)
|
|||||||
DiDisposal
of spare parts
|
(1.4
|
)
|
–
|
–
|
–
|
(1.4
|
)
|
||||||||
TrTransfers
to assets and liabilities to reflect estimated realizable values and
foreign exchange effects
|
(1.6
|
)
|
(7.9
|
)
|
0.2
|
–
|
(9.3
|
)
|
|||||||
Balance
at December 31, 2005
|
$
|
5.6
|
$
|
–
|
$
|
10.0
|
$
|
2.0
|
$
|
17.6
|
December
31,
|
||||||
($
in millions)
|
2005
|
2004
|
||||
Raw
materials and supplies
|
$
|
277.4
|
$
|
256.5
|
||
Work
in process and finished goods
|
392.9
|
373.0
|
||||
$
|
670.3
|
$
|
629.5
|
December
31,
|
||||||
($
in millions)
|
2005
|
2004
|
||||
Land
|
$
|
81.1
|
$
|
81.7
|
||
Buildings
|
804.3
|
735.4
|
||||
Machinery
and equipment
|
2,268.0
|
2,157.4
|
||||
3,153.4
|
2,974.5
|
|||||
Accumulated
depreciation
|
(1,596.8
|
)
|
(1,442.1
|
)
|
||
$
|
1,556.6
|
$
|
1,532.4
|
($
in millions)
|
North
American
Metal
Beverage
Packaging
|
North
American
Metal
Food
Packaging
|
North
American
Plastic
Packaging
|
International
Packaging
|
Total
|
||||||||||
Balance
at December 31, 2004
|
$
|
298.2
|
$
|
28.2
|
$
|
31.8
|
$
|
1,051.8
|
$
|
1,410.0
|
|||||
Purchase
accounting and other adjustments
|
(9.5
|
)
|
–
|
1.4
|
(4.0
|
)
|
(12.1
|
)
|
|||||||
Effects
of foreign currency exchange rates
|
(9.3
|
)
|
–
|
–
|
(130.0
|
)
|
(139.3
|
)
|
|||||||
Balance
at December 31, 2005
|
$
|
279.4
|
$
|
28.2
|
$
|
33.2
|
$
|
917.8
|
$
|
1,258.6
|
December
31,
|
||||||
($
in millions)
|
2005
|
2004
|
||||
Intangibles
and Other Assets:
|
||||||
Investments
in affiliates
|
$
|
65.4
|
$
|
83.1
|
||
Prepaid
pension and related intangible asset
|
42.3
|
48.0
|
||||
Other
intangibles (net of accumulated amortization of $52.6 and $44
at December 31, 2005 and 2004, respectively)
|
43.1
|
58.2
|
||||
Deferred
tax asset
|
40.7
|
–
|
||||
Other
|
110.9
|
100.4
|
||||
$
|
302.4
|
$
|
289.7
|
2005
|
2004
|
||||||||||||
(in
millions)
|
In
Local
Currency
|
In
U.S. $
|
In
Local
Currency
|
In
U.S. $
|
|||||||||
Notes
Payable
|
|||||||||||||
7.75%
Senior Notes, due August 2006
|
$
|
−
|
$
|
−
|
$
|
300.0
|
$
|
300.0
|
|||||
6.875%
Senior Notes, due December 2012 (excluding issue premium of $3.8 in
2005 and $4.3 in 2004)
|
$
|
550.0
|
550.0
|
$
|
550.0
|
550.0
|
|||||||
Senior
Credit Facilities
|
|||||||||||||
Term
A Loan, British sterling denominated, due October 2011 (2005 -
5.502%)
|
₤ |
85.0
|
146.2
|
−
|
−
|
||||||||
Term
B Loan, euro denominated, due October 2011 (2005 -
3.184%)
|
€ |
350.0
|
414.4
|
−
|
−
|
||||||||
Term
C Loan, Canadian dollar denominated, due October 2011 (2005 - 4.155%
to 4.255%)
|
C$ |
165.0
|
141.9
|
−
|
−
|
||||||||
U.S.
dollar multi-currency revolver borrowings, due October 2011
(2005 - 5.243% to 5.476%)
|
$
|
60.0
|
60.0
|
−
|
−
|
||||||||
Euro
multi-currency revolver borrowings, due October 2011
(2005 - 3.293% to 3.305%)
|
€ |
50.0
|
59.2
|
−
|
−
|
||||||||
British
sterling multi-currency revolver borrowings, due October 2011
(2005 - 5.495%)
|
₤ |
22.0
|
37.9
|
−
|
−
|
||||||||
Canadian
dollar multi-currency revolver borrowings, due October 2011
(2005 - 3.975% to 4.265%)
|
C$ |
14.0
|
12.0
|
−
|
−
|
||||||||
Former
Senior Credit Facilities
|
|||||||||||||
Term
Loan A, euro denominated, due December 2007 (2004 -
3.93%)
|
−
|
−
|
€ |
72.0
|
97.7
|
||||||||
Term
Loan A, British sterling denominated, due December 2007 (2004 -
6.64%)
|
−
|
−
|
₤ |
47.4
|
90.9
|
||||||||
Term
Loan B, euro denominated, due December 2009 (2004 - 4.18%)
|
−
|
−
|
€ |
232.7
|
315.6
|
||||||||
Term
Loan B, U.S. dollar denominated, due December 2009 (2004 -
4.31%)
|
−
|
−
|
$
|
185.0
|
185.0
|
||||||||
European
Bank for Reconstruction and Development Loans
|
|||||||||||||
Floating
rates due June 2009 (2005 - 3.727%;
2004 - 3.63%)
|
€ |
20.0
|
23.7
|
€ |
20.0
|
27.1
|
|||||||
Industrial
Development Revenue Bonds
|
|||||||||||||
Floating
rates due through 2011 (2005 - 3.57% to 3.58%; 2004 -
2%)
|
$
|
16.0
|
16.0
|
$
|
24.0
|
24.0
|
|||||||
Other
|
Various
|
21.6
|
Various
|
26.7
|
|||||||||
1,482.9
|
1,617.0
|
||||||||||||
Less:
Current portion of long-term debt
|
(9.6
|
)
|
(79.3
|
)
|
|||||||||
$
|
1,473.3
|
$
|
1,537.7
|
($
in millions)
|
2005
|
2004
|
2003
|
||||||
Interest
costs before refinancing costs
|
$
|
102.4
|
$
|
105.8
|
$
|
129.0
|
|||
Debt
refinancing costs
|
19.3
|
−
|
15.2
|
||||||
Total
interest costs
|
121.7
|
105.8
|
144.2
|
||||||
Amounts
capitalized
|
(5.3
|
)
|
(2.1
|
)
|
(3.1
|
)
|
|||
Interest
expense
|
$
|
116.4
|
$
|
103.7
|
$
|
141.1
|
|||
Interest
paid during the year (a)
|
$
|
138.5
|
|
$
|
102.6
|
$
|
139.2
|
(a)
|
Includes
$6.6 million and $10.3 million of call premiums in 2005 and
2003, respectively, paid in connection with the redemption of the
company’s senior and senior subordinated notes.
|
($
in millions)
|
2005
|
2004
|
2003
|
||||||
U.S.
|
$
|
191.0
|
$
|
254.8
|
$
|
187.8
|
|||
Foreign
|
155.1
|
180.4
|
131.9
|
||||||
$
|
346.1
|
$
|
435.2
|
$
|
319.7
|
($
in millions)
|
2005
|
2004
|
2003
|
||||||
Current
|
|||||||||
U.S.
|
$
|
75.0
|
$
|
45.2
|
$
|
35.5
|
|||
State
and local
|
15.3
|
10.6
|
7.9
|
||||||
Foreign
|
51.5
|
40.6
|
38.9
|
||||||
Repatriation
of foreign earnings
|
16.0
|
−
|
−
|
||||||
Total
current
|
157.8
|
96.4
|
82.3
|
||||||
Deferred
|
|||||||||
U.S.
|
(18.4
|
)
|
41.2
|
22.9
|
|||||
State
and local
|
(3.6
|
)
|
4.5
|
2.7
|
|||||
Foreign
|
(17.3
|
)
|
(2.9
|
)
|
(7.8
|
)
|
|||
Repatriation
of foreign earnings
|
(19.2
|
)
|
−
|
−
|
|||||
Total
deferred
|
(58.5
|
)
|
42.8
|
17.8
|
|||||
Provision
for income taxes
|
$
|
99.3
|
$
|
139.2
|
$
|
100.1
|
($
($ in millions)
|
2005
|
2004
|
2003
|
||||||
StStatutory
U.S. federal income tax
|
$
|
121.1
|
$
|
152.3
|
$
|
111.9
|
|||
InIncrease
(decrease) due to:
|
|||||||||
Foreign
tax holiday
|
(5.6
|
)
|
(7.0
|
)
|
(8.4
|
)
|
|||
Company-owned
life insurance
|
(3.2
|
)
|
(3.5
|
)
|
(4.8
|
)
|
|||
Tax
rate differences
|
(3.1
|
)
|
(7.9
|
)
|
(5.5
|
)
|
|||
Research
and development tax credits
|
(10.6
|
)
|
(3.7
|
)
|
(1.5
|
)
|
|||
Manufacturing
deduction
|
(2.9
|
)
|
−
|
−
|
|||||
State
and local taxes, net
|
7.6
|
9.4
|
6.9
|
||||||
Equity
investment write downs
|
2.5
|
−
|
−
|
||||||
Repatriation
of foreign earnings
|
(3.2
|
)
|
−
|
−
|
|||||
Other,
net
|
(3.3
|
)
|
(0.4
|
)
|
1.5
|
||||
PrProvision
for taxes
|
$
|
99.3
|
$
|
139.2
|
$
|
100.1
|
|||
EfEffective
tax rate expressed as a percentage
of pretax earnings
|
28.7
|
%
|
32.0
|
%
|
31.3
|
%
|
($
in millions)
|
2005
|
2004
|
||||
Deferred
tax assets:
|
||||||
Deferred
compensation
|
$
|
(56.2
|
)
|
$
|
(51.7
|
)
|
Accrued
employee benefits
|
(90.6
|
)
|
(73.9
|
)
|
||
Plant
closure costs
|
(18.3
|
)
|
(15.6
|
)
|
||
Accrued
pensions
|
(92.0
|
)
|
(54.5
|
)
|
||
Unrealized
losses from forward purchase contracts
|
(10.1
|
)
|
−
|
|||
Alternative
minimum tax credits
|
−
|
(7.0
|
)
|
|||
Net
operating losses
|
(14.8
|
)
|
(13.1
|
)
|
||
Foreign
tax credits
|
(5.8
|
)
|
−
|
|||
Other
|
(33.1
|
)
|
(47.8
|
)
|
||
Total
deferred tax assets
|
(320.9
|
)
|
(263.6
|
)
|
||
Valuation
allowance
|
8.6
|
5.4
|
||||
Net
deferred tax assets
|
(312.3
|
)
|
(258.2
|
)
|
||
Deferred
tax liabilities:
|
||||||
Depreciation
|
229.5
|
277.8
|
||||
Goodwill
and other intangible assets
|
45.5
|
42.9
|
||||
Other
|
20.5
|
26.2
|
||||
Total
deferred tax liabilities
|
295.5
|
346.9
|
||||
Net
deferred tax liability (asset)
|
$
|
(16.8
|
)
|
$
|
88.7
|
December
31,
|
||||||
($
in millions)
|
2005
|
2004
|
||||
Total
defined benefit pension liability
|
$
|
529.9
|
$
|
488.5
|
||
Less
current portion
|
(39.2
|
)
|
(29.9
|
)
|
||
Long-term
defined benefit pension liability
|
490.7
|
458.6
|
||||
Retiree
medical and other postemployment benefits
|
141.1
|
133.8
|
||||
Deferred
compensation
|
130.4
|
117.6
|
||||
Other
|
22.0
|
24.3
|
||||
$
|
784.2
|
$
|
734.3
|
($
in millions)
|
2005
|
2004
|
||||||||||||||||
U.S.
|
Foreign
|
Total
|
U.S.
|
Foreign
|
Total
|
|||||||||||||
Change
in benefit obligation:
|
||||||||||||||||||
Benefit
obligation at prior year end
|
$
|
683.9
|
$
|
601.5
|
$
|
1,285.4
|
$
|
612.8
|
$
|
543.9
|
$
|
1,156.7
|
||||||
Service
cost
|
24.2
|
8.4
|
32.6
|
22.1
|
8.6
|
30.7
|
||||||||||||
Interest
cost
|
40.1
|
28.1
|
68.2
|
37.8
|
28.8
|
66.6
|
||||||||||||
Benefits
paid
|
(30.5
|
)
|
(31.4
|
)
|
(61.9
|
)
|
(28.9
|
)
|
(31.6
|
)
|
(60.5
|
)
|
||||||
Net
actuarial loss
|
56.9
|
42.1
|
99.0
|
24.9
|
14.2
|
39.1
|
||||||||||||
Effect
of exchange rates
|
−
|
(57.5
|
)
|
(57.5
|
)
|
−
|
43.8
|
43.8
|
||||||||||
Plan
amendments and other
|
3.4
|
2.4
|
5.8
|
15.2
|
(6.2
|
)
|
9.0
|
|||||||||||
Benefit
obligation at year end
|
778.0
|
593.6
|
1,371.6
|
683.9
|
601.5
|
1,285.4
|
||||||||||||
Change
in plan assets:
|
||||||||||||||||||
Fair
value of assets at prior year end
|
558.8
|
197.6
|
756.4
|
488.0
|
158.4
|
646.4
|
||||||||||||
Actual
return on plan assets
|
35.9
|
20.8
|
56.7
|
57.1
|
16.4
|
73.5
|
||||||||||||
Employer
contributions
|
6.4
|
10.7
|
17.1
|
42.6
|
18.0
|
60.6
|
||||||||||||
Contributions
to unfunded German plans(a)
|
−
|
21.6
|
21.6
|
−
|
21.0
|
21.0
|
||||||||||||
Benefits
paid
|
(30.5
|
)
|
(31.4
|
)
|
(61.9
|
)
|
(28.9
|
)
|
(31.6
|
)
|
(60.5
|
)
|
||||||
Effect
of exchange rates
|
−
|
(7.5
|
)
|
(7.5
|
)
|
−
|
13.9
|
13.9
|
||||||||||
Other
|
−
|
1.9
|
1.9
|
−
|
1.5
|
1.5
|
||||||||||||
Fair
value of assets at end of year
|
570.6
|
213.7
|
784.3
|
558.8
|
197.6
|
756.4
|
||||||||||||
Funded
status
|
(207.4
|
)
|
(379.9
|
)(a)
|
(587.3
|
)
|
(125.1
|
)
|
(403.9
|
)(a)
|
(529.0
|
)
|
||||||
Unrecognized
net actuarial loss
|
272.5
|
75.7
|
348.2
|
220.6
|
42.2
|
262.8
|
||||||||||||
Unrecognized
prior service cost
|
40.4
|
(4.5
|
)
|
35.9
|
41.9
|
(2.8
|
)
|
39.1
|
||||||||||
Prepaid
(accrued) benefit cost
|
$
|
105.5
|
$
|
(308.7
|
)
|
$
|
(203.2
|
)
|
$
|
137.4
|
$
|
(364.5
|
)
|
$
|
(227.1
|
)
|
(a)
|
The
German plans are unfunded and the liability is included in the company’s
balance sheet. Benefits are paid directly by the company to the
participants. The German plans represented $324.8 million and
$353.6 million of the total unfunded status at December 31, 2005
and 2004, respectively. The decrease from 2004 to 2005 is partially
the
result of changes in foreign currency exchange
rates.
|
2005
|
2004
|
|||||||||||||||||
($
in millions)
|
U.S.
|
Foreign
|
Total
|
U.S.
|
Foreign
|
Total
|
||||||||||||
Prepaid
benefit cost
|
$
|
−
|
$
|
−
|
$
|
−
|
$
|
−
|
$
|
1.3
|
$
|
1.3
|
||||||
Accrued
benefit liability
|
(148.5
|
)
|
(381.4
|
)
|
(529.9
|
)
|
(74.3
|
)
|
(414.2
|
)
|
(488.5
|
)
|
||||||
Intangible
asset
|
40.4
|
1.9
|
42.3
|
41.9
|
4.8
|
46.7
|
||||||||||||
Deferred
tax benefit associated with accumulated other comprehensive
loss
|
84.3
|
25.2
|
109.5
|
67.0
|
15.2
|
82.2
|
||||||||||||
Accumulated
other comprehensive loss, net of tax
|
129.3
|
40.6
|
169.9
|
102.8
|
23.5
|
126.3
|
||||||||||||
Foreign
currency translation
|
−
|
5.0
|
5.0
|
−
|
4.9
|
4.9
|
||||||||||||
Net
amount recognized
|
$
|
105.5
|
$
|
(308.7
|
)
|
$
|
(203.2
|
)
|
$
|
137.4
|
$
|
(364.5
|
)
|
$
|
(227.1
|
)
|
2005
|
2004
|
||||||||||||||||
($
in millions)
|
U.S.
|
Foreign
|
Total
|
U.S.
|
Foreign
|
Total
|
|||||||||||
Projected
benefit obligation
|
$
|
778.0
|
$
|
593.6
|
$
|
1,371.6
|
$
|
683.9
|
$
|
571.1
|
$
|
1,255.0
|
|||||
Accumulated
benefit obligation
|
719.1
|
559.5
|
1,278.6
|
633.1
|
531.1
|
1,164.2
|
|||||||||||
Fair
value of plan assets
|
570.6
|
213.7
|
(a)
|
784.3
|
558.8
|
166.3
|
(a)
|
725.1
|
2005
|
2004
|
2003
|
|||||||||||||||||||||||||
($
in millions)
|
U.S.
|
Foreign
|
Total
|
U.S.
|
Foreign
|
Total
|
U.S.
|
Foreign
|
Total
|
||||||||||||||||||
Service
cost
|
$
|
24.2
|
$
|
8.4
|
$
|
32.6
|
$
|
22.1
|
$
|
8.6
|
$
|
30.7
|
$
|
18.8
|
$
|
7.7
|
$
|
26.5
|
|||||||||
Interest
cost
|
40.1
|
28.1
|
68.2
|
37.8
|
28.8
|
66.6
|
36.3
|
26.0
|
62.3
|
||||||||||||||||||
Expected
return on plan assets
|
(46.2
|
)
|
(14.7
|
)
|
(60.9
|
)
|
(43.8
|
)
|
(12.8
|
)
|
(56.6
|
)
|
(42.4
|
)
|
(10.1
|
)
|
(52.5
|
)
|
|||||||||
Amortization
of prior service cost
|
4.8
|
(0.1
|
)
|
4.7
|
4.0
|
−
|
4.0
|
2.9
|
0.1
|
3.0
|
|||||||||||||||||
Recognized
net actuarial loss
|
15.5
|
2.3
|
17.8
|
12.9
|
1.3
|
14.2
|
9.1
|
1.0
|
10.1
|
||||||||||||||||||
Curtailment
loss
|
−
|
3.0
|
3.0
|
−
|
−
|
−
|
−
|
−
|
−
|
||||||||||||||||||
Subtotal
|
38.4
|
27.0
|
65.4
|
33.0
|
25.9
|
58.9
|
24.7
|
24.7
|
49.4
|
||||||||||||||||||
Non-company
sponsored plan
|
1.0
|
−
|
1.0
|
0.3
|
−
|
0.3
|
−
|
−
|
−
|
||||||||||||||||||
Net
periodic benefit cost
|
$
|
39.4
|
$
|
27.0
|
$
|
66.4
|
$
|
33.3
|
$
|
25.9
|
$
|
59.2
|
$
|
24.7
|
$
|
24.7
|
$
|
49.4
|
U.S.
|
Canada
|
|||||||||||||||||
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
|||||||||||||
Discount
rate
|
5.75
|
%
|
6.00
|
%
|
6.25
|
%
|
5.00
|
%
|
5.75
|
%
|
6.20
|
%
|
||||||
Rate
of compensation increase
|
3.33
|
%
|
3.33
|
%
|
3.33
|
%
|
3.50
|
%
|
2.75
|
%
|
3.50
|
%
|
United
Kingdom
|
Germany
|
|||||||||||||||||
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
|||||||||||||
Discount
rate
|
4.90
|
%
|
5.50
|
%
|
5.50
|
%
|
4.01
|
%
|
4.76
|
%
|
5.25
|
%
|
||||||
Rate
of compensation increase
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
2.75
|
%
|
2.75
|
%
|
3.00
|
%
|
||||||
Pension
increase
|
2.50
|
%
|
2.50
|
%
|
2.50
|
%
|
1.75
|
%
|
1.75
|
%
|
2.00
|
%
|
U.S.
|
Canada
|
|||||||||||||||||
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
|||||||||||||
Discount
rate
|
6.00
|
%
|
6.25
|
%
|
6.75
|
%
|
5.75
|
%
|
6.20
|
%
|
6.37
|
%
|
||||||
Rate
of compensation increase
|
3.33
|
%
|
3.33
|
%
|
3.33
|
%
|
3.50
|
%
|
3.50
|
%
|
3.50
|
%
|
||||||
Expected
long-term rate of return on assets
|
8.50
|
%
|
8.50
|
%
|
8.50
|
%
|
7.65
|
%
|
7.64
|
%
|
7.69
|
%
|
United
Kingdom
|
Germany
|
|||||||||||||||||
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
|||||||||||||
Discount
rate
|
5.50
|
%
|
5.50
|
%
|
5.50
|
%
|
4.76
|
%
|
5.25
|
%
|
5.50
|
%
|
||||||
Rate
of compensation increase
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
2.75
|
%
|
3.00
|
%
|
3.25
|
%
|
||||||
Pension
increase
|
2.50
|
%
|
2.50
|
%
|
2.50
|
%
|
1.75
|
%
|
2.00
|
%
|
2.00
|
%
|
||||||
Expected
long-term rate of return on assets
|
7.00
|
%
|
7.00
|
%
|
7.00
|
%
|
N/A
|
N/A
|
N/A
|
U.S.
|
Canada
|
United
Kingdom
|
|||||||
Cash
and cash equivalents
|
0-10
|
%
|
0-10
|
%
|
–
|
||||
Equity
securities
|
40-75
|
%(a)
|
50-75
|
%(c)
|
82
|
%(d)
|
|||
Fixed
income securities
|
25-60
|
%(b)
|
25-45
|
%
|
18
|
%
|
|||
Alternative
investments
|
0-15
|
%
|
–
|
–
|
(a)
|
Equity
securities may consist of: (1) up to 35 percent large cap
equities; (2) up to 15 percent mid cap equities; (3) up to
15 percent small cap equities; (4) up to 35 percent foreign
equities; and (5) up to 10 percent other
equities.
|
(b)
|
Debt
securities may include up to 10 percent high yield non-investment
grade bonds and up to 15 percent international
bonds.
|
(c)
|
May
include between 15 percent and 35 percent non-Canadian equity
securities and must remain within the Canadian tax law for foreign
property limits.
|
(d)
|
Equity
securities must consist of United Kingdom securities and up to
29 percent foreign
securities.
|
2005
|
2004
|
|||||
C
Cash and cash equivalents
|
1
|
%
|
1
|
%
|
||
Equity
securities
|
62
|
%
|
66
|
%
|
||
Fixed
income securities
|
32
|
%
|
31
|
%
|
||
Other
|
5
|
%
|
2
|
%
|
||
100
|
%
|
100
|
%
|
($
in millions)
|
2005
|
2004
|
||||
C
Change in benefit obligation:
|
||||||
Benefit
obligation at prior year end
|
$
|
170.8
|
$
|
162.6
|
||
Service
cost
|
2.6
|
2.7
|
||||
Interest
cost
|
9.7
|
9.7
|
||||
Benefits
paid
|
(9.9
|
)
|
(9.5
|
)
|
||
Net
actuarial loss (gain)
|
2.0
|
(5.0
|
)
|
|||
Plan
amendment
|
–
|
8.5
|
||||
Effect
of foreign exchange rates
|
0.8
|
1.8
|
||||
Benefit
obligation at year end
|
176.0
|
170.8
|
||||
C
Change in plan assets:
|
||||||
Fair
value of assets at prior year end
|
–
|
–
|
||||
Employer
contributions
|
9.9
|
9.5
|
||||
Benefits
paid
|
(9.9
|
)
|
(9.5
|
)
|
||
Fair
value of assets at end of year
|
–
|
–
|
||||
F
Funded status
|
(176.0
|
)
|
(170.8
|
)
|
||
U Unrecognized
net actuarial loss
|
32.8
|
32.8
|
||||
U
Unrecognized prior service cost
|
8.5
|
10.0
|
||||
A
Accrued benefit cost
|
$
|
(134.7
|
)
|
$
|
(128.0
|
)
|
($
in millions)
|
2005
|
2004
|
2003
|
|||||
Service
cost
|
$
|
2.6
|
$
|
2.7
|
$
|
2.1
|
||
Interest
cost
|
9.7
|
9.7
|
9.0
|
|||||
Amortization
of prior service cost
|
1.5
|
1.5
|
0.4
|
|||||
Recognized
net actuarial loss
|
2.3
|
2.7
|
2.0
|
|||||
Net
periodic benefit cost
|
$
|
16.1
|
$
|
16.6
|
$
|
13.5
|
($
in millions)
|
Foreign
Currency
Translation
|
Minimum
Pension
Liability,
Net
of Tax
|
Effective
Financial
Derivatives,
Net
of Tax
|
Accumulated
Other
Comprehensive Earnings (Loss)
|
||||||||
December
31, 2002
|
$
|
(22.9
|
)
|
$
|
(104.9
|
)
|
$
|
(10.5
|
)
|
$
|
(138.3
|
)
|
2003
change
|
103.6
|
11.8
|
21.5
|
136.9
|
||||||||
December
31, 2003
|
80.7
|
(93.1
|
)
|
11.0
|
(1.4
|
)
|
||||||
2004
change
|
68.2
|
(33.2
|
)
|
(0.4
|
)
|
34.6
|
||||||
December
31, 2004
|
148.9
|
(126.3
|
)
|
10.6
|
33.2
|
|||||||
2005
change
|
(74.3
|
)
|
(43.6
|
)
|
(16.0
|
)
|
(133.9
|
)
|
||||
December
31, 2005
|
$
|
74.6
|
$
|
(169.9
|
)
|
$
|
(5.4
|
)
|
$
|
(100.7
|
)
|
2005
|
2004
|
2003
|
||||||||||||||||
Number
of Shares
|
Weighted
Average Exercise
Price
|
Number
of Shares
|
Weighted
Average Exercise
Price
|
Number
of Shares
|
Weighted
Average Exercise
Price
|
|||||||||||||
Outstanding,
beginning of year
|
4,832,207
|
$
|
17.84
|
5,862,006
|
$
|
14.70
|
6,417,494
|
$
|
12.28
|
|||||||||
Exercised
|
(654,130
|
)
|
12.16
|
(1,441,745
|
)
|
10.78
|
(1,163,302
|
)
|
9.85
|
|||||||||
Granted
|
712,250
|
39.74
|
518,900
|
34.06
|
754,400
|
27.60
|
||||||||||||
Canceled
|
(78,725
|
)
|
28.24
|
(106,954
|
)
|
19.60
|
(146,586
|
)
|
13.77
|
|||||||||
Outstanding,
end of year
|
4,811,602
|
21.68
|
4,832,207
|
17.84
|
5,862,006
|
14.70
|
||||||||||||
Exercisable,
end of year
|
3,846,157
|
19.67
|
2,919,057
|
13.08
|
3,226,326
|
10.99
|
||||||||||||
Reserved
for future grants
|
7,051,104
|
|
1,568,780
|
|
2,341,840
|
|
Exercise
Price Range
|
|||||||||||||||
$6.09-$8.98
|
$10.61-$13.78
|
$23.75-$28.16
|
$32.80-$39.74
|
Total
|
|||||||||||
Number
of options outstanding
|
753,028
|
1,393,683
|
1,467,716
|
1,197,175
|
4,811,602
|
||||||||||
Weighted
average exercise price
|
$
|
8.33
|
$
|
11.45
|
$
|
25.41
|
$
|
37.42
|
$
|
21.68
|
|||||
Weighted
average remaining life
|
3.31
years
|
4.55
years
|
6.67
years
|
8.92
years
|
6.12
years
|
||||||||||
Number
of shares exercisable
|
753,028
|
1,393,683
|
911,691
|
787,755
|
3,846,157
|
||||||||||
Weighted
average exercise price
|
$
|
8.33
|
$
|
11.45
|
$
|
25.04
|
$
|
38.84
|
$
|
19.67
|
2005
Grants
|
2004
Grants
|
2003
Grants
|
|||||||
Expected
dividend yield
|
1.01
|
%
|
1.17
|
%
|
0.84
|
%
|
|||
Expected
stock price volatility
|
30.09
|
%
|
32.78
|
%
|
35.38
|
%
|
|||
Risk-free
interest rate
|
3.89
|
%
|
3.45
|
%
|
2.87
|
%
|
|||
Expected
life of options
|
4.75
|
years |
4.75
|
years |
4.75
|
years |
Years
ended December 31,
|
|||||||||
($
in millions, except per share amounts)
|
2005
|
2004
|
2003
|
||||||
Stock-based
compensation as reported, net of tax
|
$
|
6.6
|
$
|
12.5
|
$
|
7.6
|
|||
Pro
forma effect of fair value based method
|
2.1
|
(3.2
|
)
|
1.2
|
|||||
Pro
forma stock-based compensation
|
$
|
8.7
|
$
|
9.3
|
$
|
8.8
|
|||
Net
earnings as reported
|
$
|
261.5
|
$
|
295.6
|
$
|
229.9
|
|||
Pro
forma effect of fair value based method
|
(2.1
|
)
|
3.2
|
(1.2
|
)
|
||||
Pro
forma net earnings
|
$
|
259.4
|
$
|
298.8
|
$
|
228.7
|
|||
Basic
earnings per share as reported
|
$
|
2.43
|
$
|
2.67
|
$
|
2.06
|
(a)
|
||
Pro
forma basic earnings per share
|
2.41
|
2.70
|
2.05
|
(a)
|
|||||
Diluted
earnings per share as reported
|
$
|
2.38
|
$
|
2.60
|
$
|
2.01
|
(a)
|
||
Pro
forma diluted earnings per share
|
2.36
|
2.63
|
2.00
|
(a)
|
(a)
|
Per
share amounts have been retroactively restated for the two-for-one
stock
split effected August 23,
2004.
|
Years
ended December 31,
|
|||||||||
($
in millions, except per share amounts)
|
2005
|
2004
|
2003
|
||||||
Diluted
Earnings per Share:
|
|||||||||
Net
earnings
|
$
|
261.5
|
$
|
295.6
|
$
|
229.9
|
|||
Weighted
average common shares (000s)
|
107,758
|
110,846
|
111,710
|
||||||
Dilutive
effect of stock options and restricted shares
|
1,974
|
2,944
|
2,565
|
||||||
Weighted
average shares applicable to diluted earnings per share
|
109,732
|
113,790
|
114,275
|
||||||
Diluted
earnings per share
|
$
|
2.38
|
$
|
2.60
|
$
|
2.01
|
2005
|
2004
|
||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
||||||||
($
in millions)
|
Amount
|
Value
|
Amount
|
Value
|
|||||||
Long-term
debt, including current portion
|
$
|
1,482.9
|
$
|
1,496.6
|
$
|
1,617.0
|
$
|
1,673.8
|
|||
Unrealized
loss on derivative contracts
|
–
|
(0.1
|
)
|
–
|
–
|
($
in millions, except per share amounts)
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Total
|
|||||||||
2005
|
||||||||||||||
Net
sales
|
$
|
1,324.1
|
$
|
1,552.0
|
$
|
1,583.9
|
$
|
1,291.2
|
$
|
5,751.2
|
||||
Gross
profit (a)
|
179.9
|
202.5
|
206.5
|
150.6
|
739.5
|
|||||||||
Net
earnings
|
$
|
58.6
|
$
|
79.0
|
$
|
79.3
|
$
|
44.6
|
$
|
261.5
|
||||
Basic
earnings per share
|
$
|
0.52
|
$
|
0.72
|
$
|
0.74
|
$
|
0.43
|
$
|
2.43
|
||||
Diluted
earnings per share
|
$
|
0.51
|
$
|
0.71
|
$
|
0.73
|
$
|
0.42
|
$
|
2.38
|
||||
2004
|
||||||||||||||
Net
sales
|
$
|
1,231.5
|
$
|
1,467.2
|
$
|
1,478.7
|
$
|
1,262.8
|
$
|
5,440.2
|
||||
Gross
profit (a)
|
171.1
|
228.2
|
231.4
|
185.0
|
815.7
|
|||||||||
Net
earnings
|
$
|
46.8
|
$
|
90.7
|
$
|
101.7
|
$
|
56.4
|
$
|
295.6
|
||||
Basic
earnings per share
|
$
|
0.42
|
(b) |
$
|
0.82
|
(b) |
$
|
0.92
|
$
|
0.51
|
$
|
2.67
|
||
Diluted
earnings per share
|
$
|
0.41
|
(b) |
$
|
0.80
|
(b) |
$
|
0.90
|
$
|
0.50
|
$
|
2.60
|
(a)
|
Gross
profit is shown after depreciation and amortization related to cost
of
sales of $189.3 million and $191 million for the years ended
December 31, 2005 and 2004,
respectively.
|
(b)
|
Per
share amounts have been retroactively adjusted for the two-for-one
stock
split discussed in
Note 14.
|
CONSOLIDATED
BALANCE SHEET
|
|||||||||||||||
December
31, 2005
|
|||||||||||||||
($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
ASSETS
|
|||||||||||||||
Current
assets
|
|||||||||||||||
Cash
and cash equivalents
|
$
|
8.0
|
$
|
1.7
|
$
|
51.3
|
$
|
–
|
$
|
61.0
|
|||||
Receivables,
net
|
0.8
|
166.0
|
209.8
|
–
|
376.6
|
||||||||||
Inventories,
net
|
–
|
439.4
|
230.9
|
–
|
670.3
|
||||||||||
Deferred
taxes and prepaid expenses
|
340.0
|
193.0
|
55.6
|
(470.7
|
)
|
117.9
|
|||||||||
Total
current assets
|
348.8
|
800.1
|
547.6
|
(470.7
|
)
|
1,225.8
|
|||||||||
Property,
plant and equipment, at cost
|
45.7
|
2,081.9
|
1,025.8
|
–
|
3,153.4
|
||||||||||
Accumulated
depreciation
|
(17.0
|
)
|
(1,237.0
|
)
|
(342.8
|
)
|
–
|
(1,596.8
|
)
|
||||||
Total
property, plant and equipment, net
|
28.7
|
844.9
|
683.0
|
–
|
1,556.6
|
||||||||||
Investment
in subsidiaries
|
1,988.6
|
453.8
|
88.4
|
(2,530.8
|
)
|
–
|
|||||||||
Investment
in affiliates
|
1.4
|
17.0
|
47.0
|
–
|
65.4
|
||||||||||
Goodwill,
net
|
–
|
340.8
|
917.8
|
–
|
1,258.6
|
||||||||||
Intangibles
and other assets
|
118.3
|
62.3
|
56.4
|
–
|
237.0
|
||||||||||
$
|
2,485.8
|
$
|
2,518.9
|
$
|
2,340.2
|
$
|
(3,001.5
|
)
|
$
|
4,343.4
|
|||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
|||||||||||||||
Current
liabilities
|
|||||||||||||||
Short-term
debt and current portion of long-term debt
|
$
|
29.1
|
$
|
3.3
|
$
|
84.0
|
$
|
–
|
$
|
116.4
|
|||||
Accounts
payable
|
59.5
|
305.3
|
187.6
|
–
|
552.4
|
||||||||||
Accrued
employee costs
|
15.8
|
154.7
|
27.9
|
–
|
198.4
|
||||||||||
Income
taxes payable
|
–
|
507.1
|
91.1
|
(470.7
|
)
|
127.5
|
|||||||||
Other
current liabilities
|
18.9
|
111.4
|
51.0
|
–
|
181.3
|
||||||||||
Total
current liabilities
|
123.3
|
1,081.8
|
441.6
|
(470.7
|
)
|
1,176.0
|
|||||||||
Long-term
debt
|
600.2
|
20.8
|
852.3
|
–
|
1,473.3
|
||||||||||
Intercompany
borrowings
|
792.9
|
(110.0
|
)
|
16.0
|
(698.9
|
)
|
–
|
||||||||
Employee
benefit obligations
|
164.7
|
218.6
|
400.9
|
–
|
784.2
|
||||||||||
Deferred
taxes and other liabilities
|
(30.6
|
) |
45.1
|
55.0
|
–
|
69.5
|
|||||||||
Total
liabilities
|
1,650.5
|
1,256.3
|
1,765.8
|
(1,169.6
|
)
|
3,503.0
|
|||||||||
Minority
interests
|
–
|
–
|
5.1
|
–
|
5.1
|
||||||||||
Shareholders’
equity
|
|||||||||||||||
Convertible
preferred stock
|
–
|
–
|
179.6
|
(179.6
|
)
|
–
|
|||||||||
Preferred
shareholders’ equity
|
–
|
–
|
179.6
|
(179.6
|
)
|
–
|
|||||||||
Common
stock
|
633.6
|
804.5
|
487.0
|
(1,291.5
|
)
|
633.6
|
|||||||||
Retained
earnings
|
1,227.9
|
649.8
|
(119.1
|
)
|
(530.7
|
)
|
1,227.9
|
||||||||
Accumulated
other comprehensive earnings (loss)
|
(100.7
|
)
|
(191.7
|
)
|
21.8
|
169.9
|
(100.7
|
)
|
|||||||
Treasury
stock, at cost
|
(925.5
|
)
|
–
|
–
|
–
|
(925.5
|
)
|
||||||||
Common
shareholders’ equity
|
835.3
|
1,262.6
|
389.7
|
(1,652.3
|
)
|
835.3
|
|||||||||
Total
shareholders’ equity
|
835.3
|
1,262.6
|
569.3
|
(1,831.9
|
)
|
835.3
|
|||||||||
$
|
2,485.8
|
$
|
2,518.9
|
$
|
2,340.2
|
$
|
(3,001.5
|
)
|
$
|
4,343.4
|
CONSOLIDATED
BALANCE SHEET
|
|||||||||||||||
December
31, 2004
|
|||||||||||||||
($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
ASSETS
|
|||||||||||||||
Current
assets
|
|||||||||||||||
Cash
and cash equivalents
|
$
|
113.8
|
$
|
0.6
|
$
|
84.3
|
$
|
–
|
$
|
198.7
|
|||||
Receivables,
net
|
0.5
|
87.0
|
259.3
|
–
|
346.8
|
||||||||||
Inventories,
net
|
–
|
402.8
|
226.7
|
–
|
629.5
|
||||||||||
Deferred
taxes and prepaid expenses
|
323.2
|
167.6
|
17.8
|
(438.0
|
)
|
70.6
|
|||||||||
Total
current assets
|
437.5
|
658.0
|
588.1
|
(438.0
|
)
|
1,245.6
|
|||||||||
Property,
plant and equipment, at cost
|
39.3
|
1,932.4
|
1,002.8
|
–
|
2,974.5
|
||||||||||
Accumulated
depreciation
|
(14.2
|
)
|
(1,140.2
|
)
|
(287.7
|
)
|
–
|
(1,442.1
|
)
|
||||||
Total property, plant and equipment, net
|
25.1
|
792.2
|
715.1
|
–
|
1,532.4
|
||||||||||
Investment
in subsidiaries
|
1,995.9
|
680.1
|
9.8
|
(2,685.8
|
)
|
–
|
|||||||||
Investment
in affiliates
|
2.8
|
32.9
|
47.4
|
–
|
83.1
|
||||||||||
Goodwill,
net
|
–
|
338.1
|
1,071.9
|
–
|
1,410.0
|
||||||||||
Intangibles
and other assets
|
74.6
|
53.8
|
78.2
|
–
|
206.6
|
||||||||||
$
|
2,535.9
|
$
|
2,555.1
|
$
|
2,510.5
|
$
|
(3,123.8
|
)
|
$
|
4,477.7
|
|||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
|||||||||||||||
Current
liabilities
|
|||||||||||||||
Short-term
debt and current portion of long-term debt
|
$
|
9.8
|
$
|
3.3
|
$
|
109.9
|
$
|
–
|
$
|
123.0
|
|||||
Accounts
payable
|
55.2
|
218.5
|
179.3
|
–
|
453.0
|
||||||||||
Accrued
employee costs
|
15.6
|
168.7
|
37.9
|
–
|
222.2
|
||||||||||
Income
taxes payable
|
–
|
450.9
|
67.7
|
(438.2
|
)
|
80.4
|
|||||||||
Other
current liabilities
|
31.9
|
30.3
|
55.5
|
–
|
117.7
|
||||||||||
Total
current liabilities
|
112.5
|
871.7
|
450.3
|
(438.2
|
)
|
996.3
|
|||||||||
Long-term
debt
|
1,045.2
|
22.7
|
469.8
|
–
|
1,537.7
|
||||||||||
Intercompany
borrowings
|
165.8
|
382.6
|
150.5
|
(698.9
|
)
|
–
|
|||||||||
Employee
benefit obligations
|
144.1
|
150.8
|
439.4
|
–
|
734.3
|
||||||||||
Deferred
taxes and other liabilities
|
(18.3
|
)
|
21.1
|
113.6
|
–
|
116.4
|
|||||||||
Total
liabilities
|
1,449.3
|
1,448.9
|
1,623.6
|
(1,137.1
|
)
|
3,384.7
|
|||||||||
Minority
interests
|
–
|
–
|
6.4
|
–
|
6.4
|
||||||||||
Shareholders’
equity
|
|||||||||||||||
Convertible
preferred stock
|
–
|
–
|
179.6
|
(179.6
|
)
|
–
|
|||||||||
Preferred
shareholders’ equity
|
–
|
–
|
179.6
|
(179.6
|
)
|
–
|
|||||||||
Common
stock
|
610.8
|
726.0
|
681.1
|
(1,407.1
|
)
|
610.8
|
|||||||||
Retained
earnings
|
1,007.5
|
524.2
|
(124.2
|
)
|
(400.0
|
)
|
1,007.5
|
||||||||
Accumulated
other comprehensive earnings (loss)
|
33.2
|
(144.0
|
)
|
144.0
|
–
|
33.2
|
|||||||||
Treasury
stock, at cost
|
(564.9
|
)
|
–
|
–
|
–
|
(564.9
|
)
|
||||||||
Common
shareholders’ equity
|
1,086.6
|
1,106.2
|
700.9
|
(1,807.1
|
)
|
1,086.6
|
|||||||||
Total
shareholders’ equity
|
1,086.6
|
1,106.2
|
880.5
|
(1,986.7
|
)
|
1,086.6
|
|||||||||
$
|
2,535.9
|
$
|
2,555.1
|
$
|
2,510.5
|
$
|
(3,123.8
|
)
|
$
|
4,477.7
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
|||||||||||||||
For
the Year Ended December 31, 2005
|
|||||||||||||||
($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
Net
sales
|
$
|
–
|
$
|
4,396.7
|
$
|
1,582.5
|
$
|
(228.0
|
)
|
$
|
5,751.2
|
||||
Costs
and expenses
|
|||||||||||||||
Cost
of sales (excluding depreciation and amortization)
|
–
|
3,798.6
|
1,251.8
|
(228.0
|
)
|
4,822.4
|
|||||||||
Depreciation
and amortization
|
3.1
|
129.2
|
81.2
|
–
|
213.5
|
||||||||||
Business
consolidation costs
|
–
|
19.3
|
1.9
|
–
|
21.2
|
||||||||||
Selling,
general and administrative
|
15.5
|
147.7
|
68.4
|
–
|
231.6
|
||||||||||
Interest
expense
|
38.5
|
35.8
|
42.1
|
–
|
116.4
|
||||||||||
Equity
in earnings of subsidiaries
|
(252.4
|
)
|
–
|
–
|
252.4
|
–
|
|||||||||
Corporate
allocations
|
(74.5
|
)
|
67.4
|
7.1
|
–
|
–
|
|||||||||
(269.8
|
)
|
4,198.0
|
1,452.5
|
24.4
|
5,405.1
|
||||||||||
Earnings
(loss) before taxes
|
269.8
|
198.7
|
130.0
|
(252.4
|
)
|
346.1
|
|||||||||
Tax
provision
|
(8.3
|
)
|
(75.8
|
)
|
(15.2
|
)
|
–
|
(99.3
|
)
|
||||||
Minority
interests
|
–
|
–
|
(0.8
|
)
|
–
|
(0.8
|
)
|
||||||||
Equity
in results of affiliates
|
–
|
2.7
|
12.8
|
–
|
15.5
|
||||||||||
Net
earnings (loss)
|
$
|
261.5
|
$
|
125.6
|
$
|
126.8
|
$
|
(252.4
|
)
|
$
|
261.5
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
|||||||||||||||
For
the Year Ended December 31, 2004
|
|||||||||||||||
($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
Net
sales
|
$
|
–
|
$
|
4,192.1
|
$
|
1,512.5
|
$
|
(264.4
|
)
|
$
|
5,440.2
|
||||
Costs
and expenses
|
|||||||||||||||
Cost
of sales (excluding depreciation and amortization)
|
–
|
3,547.4
|
1,150.5
|
(264.4
|
)
|
4,433.5
|
|||||||||
Depreciation
and amortization
|
2.3
|
130.6
|
82.2
|
–
|
215.1
|
||||||||||
Business
consolidation gains
|
–
|
(1.5
|
)
|
(13.7
|
)
|
–
|
(15.2
|
)
|
|||||||
Selling,
general and administrative
|
43.1
|
154.6
|
70.2
|
–
|
267.9
|
||||||||||
Interest
expense
|
10.7
|
51.9
|
41.1
|
–
|
103.7
|
||||||||||
Equity
in earnings of subsidiaries
|
(278.3
|
)
|
–
|
–
|
278.3
|
–
|
|||||||||
Corporate
allocations
|
(72.4
|
)
|
65.4
|
7.0
|
–
|
–
|
|||||||||
(294.6
|
)
|
3,948.4
|
1,337.3
|
13.9
|
5,005.0
|
||||||||||
Earnings
(loss) before taxes
|
294.6
|
243.7
|
175.2
|
(278.3
|
)
|
435.2
|
|||||||||
Tax
provision
|
1.0
|
(102.5
|
)
|
(37.7
|
)
|
–
|
(139.2
|
)
|
|||||||
Minority
interests
|
–
|
–
|
(1.0
|
)
|
–
|
(1.0
|
)
|
||||||||
Equity
in results of affiliates
|
–
|
3.9
|
(3.3
|
)
|
–
|
0.6
|
|||||||||
Net
earnings (loss)
|
$
|
295.6
|
$
|
145.1
|
$
|
133.2
|
$
|
(278.3
|
)
|
$
|
295.6
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
||||||||||||||||
For
the Year Ended December 31, 2003
|
||||||||||||||||
($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
|||||||||||
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
||||||||||||
Net
sales
|
$
|
–
|
$
|
3,849.3
|
$
|
1,378.5
|
$
|
(250.8
|
)
|
$
|
4,977.0
|
|||||
Costs
and expenses
|
||||||||||||||||
Cost
of sales (excluding depreciation and amortization)
|
–
|
3,272.0
|
1,059.0
|
(250.8
|
)
|
4,080.2
|
||||||||||
Depreciation
and amortization
|
2.6
|
131.4
|
71.5
|
–
|
205.5
|
|||||||||||
Business
consolidation (gains) costs
|
–
|
0.1
|
(3.8
|
)
|
–
|
(3.7
|
)
|
|||||||||
Selling,
general and administrative
|
30.0
|
129.2
|
75.0
|
–
|
234.2
|
|||||||||||
Interest
expense
|
48.7
|
47.1
|
45.3
|
–
|
141.1
|
|||||||||||
Equity
in earnings of subsidiaries
|
(242.0
|
)
|
–
|
–
|
242.0
|
–
|
||||||||||
Corporate
allocations
|
(63.1
|
)
|
57.2
|
5.9
|
–
|
–
|
||||||||||
(223.8
|
)
|
3,637.0
|
1,252.9
|
(8.8
|
)
|
4,657.3
|
||||||||||
Earnings
(loss) before taxes
|
223.8
|
212.3
|
125.6
|
(242.0
|
)
|
319.7
|
||||||||||
Tax
provision
|
6.1
|
(75.1
|
)
|
(31.1
|
)
|
–
|
(100.1
|
)
|
||||||||
Minority
interests
|
–
|
–
|
(1.0
|
)
|
–
|
(1.0
|
)
|
|||||||||
Equity
in results of affiliates
|
–
|
1.4
|
9.9
|
–
|
11.3
|
|||||||||||
Net
earnings (loss)
|
$
|
229.9
|
$
|
138.6
|
$
|
103.4
|
$
|
(242.0
|
)
|
$
|
229.9
|
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||||||||||
For
the Year Ended December 31, 2005
|
|||||||||||||||
($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
Cash
flows from operating activities
|
|||||||||||||||
Net
earnings (loss)
|
$
|
261.5
|
$
|
125.6
|
$
|
126.8
|
$
|
(252.4
|
)
|
$
|
261.5
|
||||
Adjustments
to reconcile net earnings to cash provided by operating
activities:
|
|||||||||||||||
Depreciation
and amortization
|
3.1
|
129.2
|
81.2
|
–
|
213.5
|
||||||||||
Business
consolidation costs (gains)
|
–
|
19.1
|
(0.1
|
) |
–
|
19.0
|
|||||||||
Deferred
taxes
|
(11.3
|
)
|
(10.7
|
)
|
(36.5
|
)
|
–
|
(58.5
|
)
|
||||||
Contributions
to defined benefit pension plans
|
–
|
(6.4
|
)
|
(10.7
|
)
|
–
|
(17.1
|
)
|
|||||||
Equity
earnings of subsidiaries
|
(252.4
|
)
|
–
|
–
|
252.4
|
–
|
|||||||||
Other,
net
|
30.0
|
(2.0
|
)
|
6.8
|
–
|
34.8
|
|||||||||
Working
capital changes
|
(40.8
|
)
|
100.8
|
45.6
|
–
|
105.6
|
|||||||||
Cash
provided by (used in) operating activities
|
(9.9
|
)
|
355.6
|
213.1
|
–
|
558.8
|
|||||||||
Cash
flows from investing activities
|
|||||||||||||||
Additions
to property, plant and equipment
|
(6.4
|
)
|
(182.9
|
)
|
(102.4
|
)
|
–
|
(291.7
|
)
|
||||||
Investments
in and advances to affiliates
|
734.1
|
(179.9
|
)
|
(554.2
|
)
|
–
|
–
|
||||||||
Other,
net
|
(9.5
|
)
|
11.3
|
(0.1
|
)
|
–
|
1.7
|
||||||||
Cash
provided by (used in) investing activities
|
718.2
|
(351.5
|
)
|
(656.7
|
)
|
–
|
(290.0
|
)
|
|||||||
Cash
flows from financing activities
|
|||||||||||||||
Long-term
borrowings
|
60.0
|
0.4
|
822.4
|
–
|
882.8
|
||||||||||
Repayments
of long-term borrowings
|
(493.0
|
)
|
(3.4
|
)
|
(453.3
|
)
|
–
|
(949.7
|
)
|
||||||
Change
in short-term borrowings
|
29.0
|
–
|
39.4
|
–
|
68.4
|
||||||||||
Proceeds
from issuance of common stock
|
35.6
|
–
|
–
|
–
|
35.6
|
||||||||||
Acquisitions
of treasury stock
|
(393.7
|
)
|
–
|
–
|
–
|
(393.7
|
)
|
||||||||
Common
dividends
|
(42.5
|
)
|
–
|
–
|
–
|
(42.5
|
)
|
||||||||
Other,
net
|
(9.5
|
)
|
–
|
(2.1
|
)
|
–
|
(11.6
|
)
|
|||||||
Cash
provided by (used in) financing activities
|
(814.1
|
)
|
(3.0
|
)
|
406.4
|
–
|
(410.7
|
)
|
|||||||
Effect
of exchange rate changes on cash
|
–
|
–
|
4.2
|
–
|
4.2
|
||||||||||
Change
in cash and cash equivalents
|
(105.8
|
)
|
1.1
|
(33.0
|
)
|
–
|
(137.7
|
)
|
|||||||
Cash
and cash equivalents -
beginning of year
|
113.8
|
0.6
|
84.3
|
–
|
198.7
|
||||||||||
Cash
and cash equivalents -
end of year
|
$
|
8.0
|
$
|
1.7
|
$
|
51.3
|
$
|
–
|
$
|
61.0
|
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||||||||||
For
the Year Ended December 31, 2004
|
|||||||||||||||
($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
Cash
flows from operating activities
|
|||||||||||||||
Net
earnings (loss)
|
$
|
295.6
|
$
|
145.1
|
$
|
133.2
|
$
|
(278.3
|
)
|
$
|
295.6
|
||||
Adjustments
to reconcile net earnings to cash provided by operating
activities:
|
|||||||||||||||
Depreciation
and amortization
|
2.3
|
130.6
|
82.2
|
–
|
215.1
|
||||||||||
Business
consolidation gains
|
–
|
(1.5
|
)
|
(13.7
|
)
|
–
|
(15.2
|
)
|
|||||||
Deferred
taxes
|
16.7
|
26.9
|
(0.8
|
)
|
–
|
42.8
|
|||||||||
Contributions
to defined benefit pension plans
|
(21.4
|
)
|
(21.2
|
)
|
(18.0
|
)
|
–
|
(60.6
|
)
|
||||||
Equity
earnings of subsidiaries
|
(278.3
|
)
|
–
|
–
|
278.3
|
–
|
|||||||||
Other,
net
|
42.9
|
(7.6
|
)
|
15.8
|
–
|
51.1
|
|||||||||
Working
capital changes
|
(33.4
|
)
|
152.0
|
(111.5
|
)
|
–
|
7.1
|
||||||||
Cash
provided by operating activities
|
24.4
|
424.3
|
87.2
|
–
|
535.9
|
||||||||||
Cash
flows from investing activities
|
|||||||||||||||
Additions
to property, plant and equipment
|
(7.6
|
)
|
(111.1
|
)
|
(77.3
|
)
|
–
|
(196.0
|
)
|
||||||
Business
acquisitions, net of cash acquired
|
–
|
(17.0
|
)
|
(0.2
|
)
|
–
|
(17.2
|
)
|
|||||||
Investments
in and advances to affiliates
|
187.8
|
(296.9
|
)
|
109.1
|
–
|
–
|
|||||||||
Other,
net
|
(8.5
|
)
|
4.8
|
7.3
|
–
|
3.6
|
|||||||||
Cash
provided by (used in) investing activities
|
171.7
|
(420.2
|
)
|
38.9
|
–
|
(209.6
|
)
|
||||||||
Cash
flows from financing activities
|
|||||||||||||||
Long-term
borrowings
|
–
|
–
|
26.3
|
–
|
26.3
|
||||||||||
Repayments
of long-term borrowings
|
(1.9
|
)
|
(4.4
|
)
|
(100.9
|
)
|
–
|
(107.2
|
)
|
||||||
Change
in short-term borrowings
|
–
|
–
|
2.6
|
–
|
2.6
|
||||||||||
Proceeds
from issuance of common stock
|
35.3
|
–
|
–
|
–
|
35.3
|
||||||||||
Acquisitions
of treasury stock
|
(85.3
|
)
|
–
|
–
|
–
|
(85.3
|
)
|
||||||||
Common
dividends
|
(38.9
|
)
|
–
|
–
|
–
|
(38.9
|
)
|
||||||||
Other,
net
|
(0.3
|
)
|
–
|
(0.6
|
)
|
–
|
(0.9
|
)
|
|||||||
Cash
used in financing activities
|
(91.1
|
)
|
(4.4
|
)
|
(72.6
|
)
|
–
|
(168.1
|
)
|
||||||
Effect
of exchange rate changes on cash
|
–
|
–
|
4.0
|
–
|
4.0
|
||||||||||
Change
in cash and cash equivalents
|
105.0
|
(0.3
|
)
|
57.5
|
–
|
162.2
|
|||||||||
Cash
and cash equivalents -
beginning of year
|
8.8
|
0.9
|
26.8
|
–
|
36.5
|
||||||||||
Cash
and cash equivalents -
end of year
|
$
|
113.8
|
$
|
0.6
|
$
|
84.3
|
$
|
–
|
$
|
198.7
|
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||||||||||
For
the Year Ended December 31, 2003
|
|||||||||||||||
($ in millions) |
Ball
|
Guarantor
|
Non-Guarantor
|
Eliminating
|
Consolidated
|
||||||||||
Corporation
|
Subsidiaries
|
Subsidiaries
|
Adjustments
|
Total
|
|||||||||||
Cash
flows from operating activities
|
|||||||||||||||
Net
earnings (loss)
|
$
|
229.9
|
$
|
138.6
|
$
|
103.4
|
$
|
(242.0
|
)
|
$
|
229.9
|
||||
Adjustments
to reconcile net earnings to cash provided by operating
activities:
|
|||||||||||||||
Depreciation
and amortization
|
2.6
|
131.4
|
71.5
|
–
|
205.5
|
||||||||||
Business
consolidation gains
|
–
|
–
|
(3.3
|
)
|
–
|
(3.3
|
)
|
||||||||
Deferred
taxes
|
(7.0
|
)
|
32.6
|
(7.8
|
)
|
–
|
17.8
|
||||||||
Contributions
to defined benefit pension plans
|
(5.8
|
)
|
(20.2
|
)
|
(8.1
|
)
|
–
|
(34.1
|
)
|
||||||
Equity
earnings of subsidiaries
|
(242.0
|
)
|
–
|
–
|
242.0
|
–
|
|||||||||
Other,
net
|
27.8
|
2.2
|
7.0
|
–
|
37.0
|
||||||||||
Debt
refinancing costs
|
10.3
|
–
|
–
|
–
|
10.3
|
||||||||||
Withholding
tax payment related to European acquisition
|
–
|
–
|
(138.3
|
)
|
–
|
(138.3
|
)
|
||||||||
Working
capital changes
|
(5.3
|
)
|
46.2
|
(1.7
|
)
|
–
|
39.2
|
||||||||
Cash
provided by operating activities
|
10.5
|
330.8
|
22.7
|
–
|
364.0
|
||||||||||
Cash
flows from investing activities
|
|||||||||||||||
Additions
to property, plant and equipment
|
(5.2
|
)
|
(108.2
|
)
|
(23.8
|
)
|
–
|
(137.2
|
)
|
||||||
Business
acquisitions, net of cash acquired
|
–
|
(28.0
|
)
|
–
|
–
|
(28.0
|
)
|
||||||||
Purchase
price adjustments
|
–
|
–
|
39.8
|
–
|
39.8
|
||||||||||
Investments
in and advances to affiliates
|
295.0
|
(199.0
|
)
|
(96.0
|
)
|
–
|
–
|
||||||||
Other,
net
|
(9.6
|
)
|
5.0
|
6.2
|
–
|
1.6
|
|||||||||
Cash
provided by (used in) investing activities
|
280.2
|
(330.2
|
)
|
(73.8
|
)
|
–
|
(123.8
|
)
|
|||||||
Cash
flows from financing activities
|
|||||||||||||||
Long-term
borrowings
|
4.8
|
–
|
0.5
|
–
|
5.3
|
||||||||||
Repayments
of long-term borrowings
|
(264.1
|
)
|
–
|
(103.3
|
)
|
–
|
(367.4
|
)
|
|||||||
Change
in short-term borrowings
|
–
|
–
|
(31.6
|
)
|
–
|
(31.6
|
)
|
||||||||
Debt
prepayment costs
|
(10.3
|
)
|
–
|
–
|
–
|
(10.3
|
)
|
||||||||
Debt
issuance costs
|
(5.2
|
)
|
–
|
–
|
–
|
(5.2
|
)
|
||||||||
Proceeds
from issuance of common stock
|
35.5
|
–
|
–
|
–
|
35.5
|
||||||||||
Acquisitions
of treasury stock
|
(63.4
|
)
|
–
|
–
|
–
|
(63.4
|
)
|
||||||||
Common
dividends
|
(26.8
|
)
|
–
|
–
|
–
|
(26.8
|
)
|
||||||||
Cash
used in financing activities
|
(329.5
|
)
|
–
|
(134.4
|
)
|
–
|
(463.9
|
)
|
|||||||
Effect
of exchange rate changes on cash
|
–
|
–
|
1.0
|
–
|
1.0
|
||||||||||
Change
in cash and cash equivalents
|
(38.8
|
)
|
0.6
|
(184.5
|
)
|
–
|
(222.7
|
)
|
|||||||
Cash
and cash equivalents -
beginning of year
|
47.6
|
0.3
|
211.3
|
–
|
259.2
|
||||||||||
Cash
and cash equivalents -
end of year
|
$
|
8.8
|
$
|
0.9
|
$
|
26.8
|
$
|
–
|
$
|
36.5
|
1.
|
R.
David Hoover, 60, Chairman, President and Chief Executive Officer
since
April 2002 and a director since 1996. Mr. Hoover was President and
Chief Executive Officer from January 2001 until April 2002 and Vice
Chairman, President and Chief Operating Officer from April 2000 to
January 2001; Vice Chairman, President and Chief Financial Officer
from January 2000 to April 2000; Vice Chairman and Chief Financial
Officer, 1998-2000; Executive Vice President and Chief Financial
Officer,
1997-1998; Executive Vice President, Chief Financial Officer and
Treasurer, 1996-1997; Executive Vice President and Chief Financial
Officer, 1995-1996; Senior Vice President and Chief Financial Officer,
1992-1995; Vice President and Treasurer, 1988-1992; Assistant Treasurer,
1987-1988; Vice President, Finance and Administration, Technical
Products,
1985-1987; Vice President, Finance and Administration, Management
Services
Division, 1983-1985.
|
2.
|
Raymond
J. Seabrook, 54, Senior Vice President and Chief Financial Officer
since
April 2000; Senior Vice President, Finance, April 1998 to April 2000;
Vice
President, Planning and Control, 1996-1998; Vice President and Treasurer,
1992-1996; Senior Vice President and Chief Financial Officer, Ball
Packaging Products Canada, Inc.,
1988-1992.
|
3.
|
John
R. Friedery, 49, Senior Vice President and Chief Operating Officer,
North
American Packaging, since January 2004; President, Metal Beverage
Container, 2000 to January 2004; Senior Vice President,
Manufacturing, 1998-2000; Vice President, Manufacturing, 1996-1998;
Plant
Manager, 1993-1996; Assistant Plant Manager, 1992-1993; Administrative
Manager, 1991-1992; General Supervisor, 1989-1991; Production Supervisor,
1988-1989.
|
4.
|
Hanno
C. Fiedler, 60, Director since December 2002; Executive Vice
President, Ball Corporation and Chairman and Chief Executive Officer
of
Ball’s European packaging business, December 2002 to
December 2005. Mr. Fiedler was Chairman of the Board of Management of
Schmalbach-Lubeca AG from January 1996 until December 2002 and, prior
to that, headed the European activities of TRW Inc. Steering and
Suspension Systems.
|
5.
|
John
A. Hayes, 40, Vice President, Ball Corporation, and Executive Vice
President of Ball’s European packaging business since July 2005; Vice
President, Corporate Strategy, Marketing and Development,
January 2003 to July 2005; Vice President, Corporate Planning
and Development, April 2000 to January 2003; Senior Director,
Corporate Planning and Development, February 1999 to April 2000;
Vice
President, Mergers and Acquisitions/Corporate Finance, Lehman Brothers,
Chicago, Illinois, April 1993 to February
1999.
|
6.
|
Charles
E. Baker, 48, Vice President, General Counsel and Assistant Corporate
Secretary since April 2004; Associate General Counsel, 1999 to
April 2004; Senior Director, Business Development, 1995-1999;
Director, Corporate Compliance, 1994-1997; Director, Business Development,
1993-1995.
|
7.
|
Harold
L. Sohn, 59, Vice President, Corporate Relations, since March 1993;
Director, Industry Affairs, Packaging Products,
1988-1993.
|
8.
|
David
A. Westerlund, 55, Senior Vice President, Administration, since April
1998
and Corporate Secretary since December 2002; Vice President,
Administration, 1997-1998; Vice President, Human Resources, 1994-1997;
Senior Director, Corporate Human Resources, July 1994-December 1994;
Vice
President, Human Resources and Administration, Ball Glass Container
Corporation, 1988-1994; Vice President, Human Resources, Ball-InCon
Glass
Packaging Corp., 1987-1988.
|
9.
|
Scott
C. Morrison, 43, Vice President and Treasurer since April 2002;
Treasurer, September 2000 to April 2002; Managing
Director/Senior Banker of Corporate Banking, Bank One, Indianapolis,
Indiana, 1995 to August 2000.
|
10.
|
Douglas
K. Bradford, 48, Vice President and Controller since April 2003;
Controller since April 2002; Assistant Controller, May 1998 to
April 2002; Senior Director, Tax Administration, January 1995 to
May 1998; Director, Tax Administration, July 1989 to
January 1995.
|
Long-Term
Compensation
|
||||||||||||||||||||||||
Annual
Compensation
|
Awards
|
Payouts
|
||||||||||||||||||||||
Restricted | Securities | |||||||||||||||||||||||
Name
and Principal
|
Other
Annual
|
Stock
|
Underlying
|
LTIP
(3)
|
All Other
|
|||||||||||||||||||
Position
|
Year
|
Salary
|
Bonus (1)
|
Compensation
|
Awards (2)
|
Options
|
Payouts
|
Compensation(4) (5)
|
||||||||||||||||
R. David
Hoover
|
2005
|
$
|
900,000
|
$
|
1,002,181
|
$
|
1,660,950
|
$
|
1,698,969
|
$
|
135,659
|
|||||||||||||
Chairman,
President and
|
2004
|
$
|
820,000
|
$
|
1,755,809
|
$
|
2,912,280
|
$
|
1,604,980
|
$
|
117,306
|
|||||||||||||
Chief
Executive Officer
|
2003
|
$
|
792,105
|
$
|
1,469,701
|
$
|
1,126,200
|
$
|
1,436,256
|
$
|
113,773
|
|||||||||||||
Hanno C.
Fiedler (6)
|
2005
|
€ |
500,000
|
€ |
289,394
|
$
|
924,840
|
€ |
692,863
|
€ |
960
|
|||||||||||||
Executive
Vice President
|
2004
|
€ |
450,000
|
€ |
579,482
|
€ |
568,294
|
€ |
960
|
|||||||||||||||
Ball
Corporation and
|
2003
|
€ |
400,000
|
€ |
529,013
|
$
|
1,040,800
|
€ |
403,754
|
|||||||||||||||
Chairman
and Chief Executive
|
||||||||||||||||||||||||
Officer,
Ball Packaging Europe
|
||||||||||||||||||||||||
John R.
Friedery
|
2005
|
$
|
390,000
|
$
|
332,945
|
$
|
432,120
|
$
|
354,298
|
$
|
39,980
|
|||||||||||||
Senior
Vice President,
|
2004
|
$
|
375,000
|
$
|
521,007
|
$
|
696,825
|
$
|
417,611
|
$
|
38,676
|
|||||||||||||
Ball
Corporation and
|
||||||||||||||||||||||||
Chief
Operating Officer,
|
||||||||||||||||||||||||
North
American Packaging
|
||||||||||||||||||||||||
Raymond J.
Seabrook
|
2005
|
$
|
358,500
|
$
|
281,606
|
$
|
387,555
|
$
|
440,424
|
$
|
65,511
|
|||||||||||||
Senior
Vice President and
|
2004
|
$
|
342,500
|
$
|
514,211
|
$
|
620,920
|
$
|
437,791
|
$
|
61,686
|
|||||||||||||
Chief
Financial Officer
|
2003
|
$
|
327,500
|
$
|
439,952
|
$
|
98,869
|
$
|
225,240
|
$
|
409,866
|
$
|
59,900
|
|||||||||||
David A.
Westerlund
|
2005
|
$
|
320,000
|
$
|
250,785
|
$
|
387,555
|
$
|
389,889
|
$
|
64,499
|
|||||||||||||
Senior
Vice President,
|
2004
|
$
|
305,000
|
$
|
457,075
|
$
|
620,920
|
$
|
383,769
|
$
|
60,769
|
|||||||||||||
Administration,
and Corporate
|
2003
|
$
|
290,000
|
$
|
359,488
|
$
|
225,240
|
$
|
354,986
|
$
|
57,701
|
|||||||||||||
Secretary
|
||||||||||||||||||||||||
(1)
|
As
noted in the Report of the Human Resources Committee, Ball Corporation
uses the term Incentive Compensation rather than Bonus. Also noted
in the
Report of the Human Resources Committee is the performance level
of the
corporation and each of the operating units in relation to incentive
targets and the resulting impact on the “Bonus” amounts shown
above.
|
(2)
|
In
2005 “Restricted Stock Awards” for all Named Executive Officers except Mr.
Fiedler were awarded pursuant to the Deposit Share Program. Mr.
Fiedler was awarded pursuant to the 2005 Stock and Cash Incentive
Program.
|
(3)
|
In
2005 the amounts shown in “LTIP Payouts” consist of the
following:
|
(4)
|
Compensation
deferred prior to 2001 under predecessor deferred compensation plans
accrues interest at rates ranging from Moody’s Corporate Bond rate to
Moody’s plus 5%. Above market interest is shown for each individual in
the
“All Other Compensation” column.
|
(5)
|
The
amounts shown in the “All Other Compensation” column for 2005 consist of
the following:
|
(6)
|
Mr. Fiedler
is paid in euros, except stock awards which are U.S. dollar denominated.
On December 31, 2005, the exchange rate was 1 euro = 1.184 U.S.
dollars.
|
Percentage
of
|
|||||||||||||||
Total
Options
|
|||||||||||||||
Granted
to
|
|||||||||||||||
Name
|
Options
Granted (1)
|
Employees
in
Fiscal
2005
|
Exercise
Price
(per
share)
|
Expiration
Date
|
Grant
Date
Present
Value (2)
|
||||||||||
R. David
Hoover
|
82,000
|
11.51
|
%
|
39.74
|
April
27, 2015
|
$
|
955,300
|
||||||||
Hanno C.
Fiedler
|
0
|
–
|
N/A
|
N/A
|
N/A
|
||||||||||
John R.
Friedery
|
22,000
|
3.09
|
%
|
39.74
|
April
27, 2015
|
$
|
256,300
|
||||||||
Raymond J.
Seabrook
|
19,500
|
2.74
|
%
|
39.74
|
April
27, 2015
|
$
|
227,175
|
||||||||
David A.
Westerlund
|
19,500
|
2.74
|
%
|
39.74
|
April
27, 2015
|
$
|
227,175
|
||||||||
(1)
|
Stock
options were granted on April 27, 2005, and were exercisable
beginning one year after the grant and each year thereafter in
25 percent increments. Effective October 26, 2005, the options
became fully exercisable as a result of an acceleration of
vesting.
|
(2)
|
Stock
options with an expiration date of April 27, 2015, have an estimated
value, at date of grant, of $11.65 per share based on the Black-Scholes
option-pricing model adapted for use in valuing employee stock options.
The estimated values under the Black-Scholes model are based on weighted
average assumptions of volatility of 30.09 percent, a risk-free rate
of return of 3.89 percent, a dividend yield of 1.01 percent, an
expected option term of 4.75 years, and no adjustment for the risk of
forfeiture. The actual value, if any, an executive may realize will
depend
on the excess of the stock price over the exercise price on the date
the
option is exercised. Consequently, there is no assurance the value
realized by an executive will be at or near the value estimated by
the
Black-Scholes model.
|
Number
of Unexercised
|
Value
of Unexercised
|
|||||||||||||||||
Shares
|
Options
Held at
|
In-the-Money
Options at
|
||||||||||||||||
Acquired
|
Value
|
December 31,
2005
|
December 31,
2005(1)
|
|||||||||||||||
Name
|
on
Exercise
|
Realized
|
Exercisable
|
Unexercisable
|
Exercisable
|
Unexercisable
|
||||||||||||
R. David
Hoover
|
102,560
|
$
|
3,025,310
|
677,944
|
75,000
|
$
|
15,181,469
|
$
|
1,065,824
|
|||||||||
Hanno C.
Fiedler
|
–
|
–
|
10,000
|
10,000
|
$
|
154,200
|
$
|
154,200
|
||||||||||
John R.
Friedery
|
28,656
|
$
|
747,277
|
68,344
|
17,000
|
$
|
841,365
|
$
|
236,295
|
|||||||||
Raymond J.
Seabrook
|
16,000
|
$
|
490,483
|
220,772
|
18,000
|
$
|
5,617,957
|
$
|
252,270
|
|||||||||
David A.
Westerlund
|
18,000
|
$
|
598,560
|
249,500
|
18,000
|
$
|
6,388,382
|
$
|
252,270
|
|||||||||
(1)
|
Based
on the closing price on the New York Stock Exchange—Composite
Transactions of the corporation’s common stock on December 31, 2005,
of $39.72.
|
Number
of
|
Performance
Period
|
Estimated
Future Payouts (2)
|
||||||||||||||
Name
|
Units (1)
|
Until
Maturation
|
Threshold
|
Target
|
Maximum
|
|||||||||||
R. David
Hoover
|
0
|
1/1/04-12/31/06
|
$
|
361,629
|
$
|
723,258
|
$
|
1,446,517
|
||||||||
Hanno C.
Fiedler (3)
|
0
|
1/1/04-12/31/06
|
€
|
62,700
|
€
|
130,625
|
€
|
261,250
|
||||||||
John R.
Friedery
|
0
|
1/1/04-12/31/06
|
$
|
76,778
|
$
|
159,954
|
$
|
319,908
|
||||||||
Raymond J.
Seabrook
|
0
|
1/1/04-12/31/06
|
$
|
73,542
|
$
|
153,213
|
$
|
306,425
|
||||||||
David A.
Westerlund
|
0
|
1/1/04-12/31/06
|
$
|
65,758
|
$
|
136,997
|
$
|
273,994
|
||||||||
(1)
|
Participants
are not awarded a number of units. Awards are expressed as a percentage
of
average annual salary and “bonus” at target during the performance period.
However, Named Executive Officers whose Ball Corporation stock holdings
are below the established guidelines will receive up to one-half
of their
award in Ball Corporation Restricted
Stock.
|
(2)
|
Estimated
future payouts (“earned awards”) are based on Ball Corporation’s total
shareholder return performance; i.e., stock price appreciation plus
dividends, over three-year performance cycles which begin at the
start of
each calendar year, relative to the total shareholder return of companies
listed on the S&P Global Industry Classification Standard (“GICS”)
which has replaced the S&P Industrials
index.
|
(3)
|
Mr. Fiedler
retired at the end of 2005. Estimated future payouts for the performance
period are prorated based on his service through
2005.
|
Years
of Service
|
|||||||||||||||
Average
Annual Earnings
|
15
|
20
|
25
|
30
|
35
|
||||||||||
$ 250,000
|
$
|
52,598
|
$
|
70,130
|
$
|
87,663
|
$
|
105,196
|
$
|
122,728
|
|||||
300,000
|
63,848
|
85,130
|
106,413
|
127,696
|
148,978
|
||||||||||
350,000
|
75,098
|
100,130
|
125,163
|
150,196
|
175,228
|
||||||||||
400,000
|
86,348
|
115,130
|
143,913
|
172,696
|
201,478
|
||||||||||
450,000
|
97,598
|
130,130
|
162,663
|
195,196
|
227,728
|
||||||||||
500,000
|
108,848
|
145,130
|
181,413
|
217,696
|
253,978
|
||||||||||
550,000
|
120,098
|
160,130
|
200,163
|
240,196
|
280,228
|
||||||||||
600,000
|
131,348
|
175,130
|
218,913
|
262,696
|
306,478
|
||||||||||
650,000
|
142,598
|
190,130
|
237,663
|
285,196
|
332,728
|
||||||||||
700,000
|
153,848
|
205,130
|
256,413
|
307,696
|
358,978
|
||||||||||
750,000
|
165,098
|
220,130
|
275,163
|
330,196
|
385,228
|
||||||||||
800,000
|
176,348
|
235,130
|
293,913
|
352,696
|
411,478
|
Equity
Compensation Plan Information
|
||||||||||
Plan
category
|
Number
of Securities to be Issued Upon Exercise of Outstanding Options,
Warrants
and Rights
(a)
|
Weighted-average
Exercise Price of Outstanding Options, Warrants and Rights
(b)
|
Number
of Securities Remaining Available for Future Issuance Under Equity
Compensation Plans (Excluding Securities Reflected in Column
(a)
(c)
|
|||||||
Equity
compensation plans approved by security holders
|
4,811,602
|
$
|
21.68
|
7,051,104
|
||||||
Equity
compensation plans not approved by security holders
|
–
|
–
|
–
|
|||||||
Total
|
4,811,602
|
$
|
21.68
|
7,051,104
|
BALL
CORPORATION
(Registrant)
By:
/s/ R. David Hoover
R.
David Hoover
Chairman,
President and Chief Executive Officer
February
22, 2006
|
(1)
|
Principal
Executive Officer:
|
||
/s/
R. David Hoover
|
Chairman,
President and Chief Executive Officer
|
||
R.
David Hoover
|
February
22, 2006
|
||
(2)
|
Principal
Financial Accounting Officer:
|
||
/s/
Raymond J. Seabrook
|
Sr.
Vice President and Chief Financial Officer
|
||
Raymond
J. Seabrook
|
February
22, 2006
|
||
(3)
|
Controller:
|
||
/s/
Douglas K. Bradford
|
Vice
President and Controller
|
||
Douglas
K. Bradford
|
February
22, 2006
|
||
(4)
|
A
Majority of the Board of Directors:
|
||
/s/
Howard M. Dean
|
*
|
Director
|
|
Howard
M. Dean
|
February
22, 2006
|
||
/s/
Hanno C. Fiedler
|
*
|
Director
|
|
Hanno
C. Fiedler
|
February
22, 2006
|
||
/s/
R. David Hoover
|
*
|
Chairman
of the Board and Director
|
|
R.
David Hoover
|
February
22, 2006
|
||
/s/
John F. Lehman
|
*
|
Director
|
|
John
F. Lehman
|
February
22, 2006
|
||
/s/
Jan Nicholson
|
*
|
Director
|
|
Jan
Nicholson
|
February
22, 2006
|
||
/s/
George A. Sissel
|
*
|
Director
|
|
George
A. Sissel
|
February
22, 2006
|
||
/s/
George M. Smart
|
*
|
Director
|
|
George
M. Smart
|
February
22, 2006
|
/s/
Theodore M. Solso
|
*
|
Director
|
|
Theodore
M. Solso
|
February
22, 2006
|
||
/s/
Stuart A. Taylor II
|
*
|
Director
|
|
Stuart
A. Taylor II
|
February
22, 2006
|
||
/s/
Erik H. van der Kaay
|
*
|
Director
|
|
Erik
H. van der Kaay
|
February
22, 2006
|
By:
/s/ R. David Hoover
R.
David Hoover
As
Attorney-in-Fact
February
22, 2006
|
Exhibit
|
|
Number
|
Description
of Exhibit
|
2.1
|
Share
Sale and Transfer Agreement dated August 29/30, 2002, among
Schmalbach-Lubeca Holding GmbH, AV Packaging GmbH, Ball Pan-European
Holdings, Inc. and Ball Corporation (filed by incorporation by reference
to Ball Corporation’s Quarterly Report on Form 10-Q for the quarter
ended September 29, 2002) filed November 14, 2002.
|
2.2
|
Amendment
Agreement, dated December 18, 2002, among Schmalbach-Lubeca Holding
GmbH, AV Packaging GmbH, Ball Pan-European Holdings, Inc., Ball
Corporation and Ball (Germany) Acquisition GmbH, amending the Share
Sale
and Transfer Agreement, dated August 29/30, 2002, among
Schmalbach-Lubeca Holding GmbH, AV Packaging GmbH, Ball Pan-European
Holdings, Inc. and Ball Corporation (filed by incorporation by reference
to the Current Report on Form 8-K, dated December 19, 2002)
filed December 31, 2002.
|
3.i
|
Amended
Articles of Incorporation as of June 24, 2005. (filed by
incorporation by reference to the Quarterly Report on Form 10-Q dated
July 3, 2005) filed August 9, 2005.
|
3.ii
|
Bylaws
of Ball Corporation as amended January 25, 2005 (filed by
incorporation by reference to the Annual Report on Form 10-K dated
December 31, 2004) filed February 23, 2005.
|
4.1
|
Dividend
distribution payable to shareholders of record on August 4, 1996, of
one preferred stock purchase right for each outstanding share of
common
stock under the Rights Agreement dated as of July 24, 1996, between
the company and The First Chicago Trust company of New York (filed
by
incorporation by reference to the Form 8-A Registration Statement,
No. 1-7349, dated August 1, 1996, and filed August 2, 1996,
and to the company's Form 8-K Report dated February 13, 1996,
and filed February 14, 1996).
|
4.2(a)
|
Registration
Rights Agreement, dated as of December 19, 2002, by and among Ball
Corporation, Lehman Brothers, Inc., Deutsche Bank Securities Inc.,
Banc of
America Securities LLC, Banc One Capital Markets, Inc., BNP Paribas
Securities Corp., Dresdner Kleinwort Wasserstein-Grantchester, Inc.,
McDonald Investments Inc., Sun Trust Capital Markets, Inc. and Wells
Fargo
Brokerage Services, LLC and certain subsidiary guarantors of Ball
Corporation (filed by incorporation by reference to Exhibit 4.1 of
the
Current Report on Form 8-K, dated December 19, 2002) filed
December 31, 2002.
|
4.2(b)
|
Senior
Note Indenture, dated as of December 19, 2002, by and among Ball
Corporation, certain subsidiary guarantors of Ball Corporation and
The
Bank of New York, as Trustee (filed by incorporation by reference
to the
Current Report on Form 8-K dated December 19, 2002) filed
December 31, 2002.
|
10.1
|
1988
Restricted Stock Plan and 1988 Stock Option and Stock Appreciation
Rights
Plan (filed by incorporation by reference to the Form S-8
Registration Statement, No. 33-21506) filed April 27, 1988.
|
10.2
|
Ball
Corporation Deferred Incentive Compensation Plan (filed by incorporation
by reference to the Annual Report on Form 10-K for the year ended
December 31, 1987) filed March 25, 1988.
|
10.3
|
Ball
Corporation 1986 Deferred Compensation Plan, as amended July 1, 1994
(filed by incorporation by reference to the Quarterly Report on
Form 10-Q for the quarter ended July 3, 1994) filed
August 17, 1994.
|
Exhibit
|
|
Number
|
Description
of Exhibit
|
10.4
|
Ball
Corporation 1988 Deferred Compensation Plan, as amended July 1, 1994
(filed by incorporation by reference to the Quarterly Report on
Form 10-Q for the quarter ended July 3, 1994) filed
August 17, 1994.
|
10.5
|
Ball
Corporation 1989 Deferred Compensation Plan, as amended July 1, 1994
(filed by incorporation by reference to the Quarterly Report on
Form 10-Q for the quarter ended July 3, 1994) filed
August 17, 1994.
|
10.6
|
Amended
and Restated Form of Severance Benefit Agreement which exists between
the
company and its executive officers, effective as of August 1, 1994,
and as amended on January 24, 1996 (filed by incorporation by
reference to the Quarterly Report on Form 10-Q for the quarter ended
March 22, 1996) filed May 15, 1996.
|
10.7
|
Ball
Corporation 1986 Deferred Compensation Plan for Directors, as amended
October 27, 1987 (filed by incorporation by reference to the Annual
Report on Form 10-K for the year ended December 31, 1990) filed
April 1, 1991.
|
10.8
|
1991
Restricted Stock Plan for Nonemployee Directors of Ball Corporation
(filed
by incorporation by reference to the Form S-8 Registration Statement,
No. 33-40199) filed April 26, 1991.
|
10.9
|
Ball
Corporation Economic Value Added Incentive Compensation Plan dated
January 1, 1994 (filed by incorporation by reference to the Annual
Report on Form 10-K for the year ended December 31, 1994) filed
March 29, 1995.
|
10.10
|
Ball
Corporation 1997 Stock Incentive Plan (filed by incorporation by
reference
to the Form S-8 Registration Statement, No. 333-26361) filed
May 1, 1997.
|
10.11
|
1993
Stock Option Plan (filed by incorporation by reference to the
Form S-8 Registration Statement, No. 33-61986) filed
April 30, 1993.
|
10.12
|
Ball
Corporation Supplemental Executive Retirement Plan (filed by incorporation
by reference to the Quarterly Report on Form 10-Q for the quarter
ended October 2, 1994) filed November 15, 1994.
|
10.13
|
Ball
Corporation Long-Term Cash Incentive Plan, dated October 25, 1994,
amended and restated effective January 1, 2003 (filed by
incorporation by reference to the Annual Report on Form 10-K for the
year ended December 31, 2003) filed March 12, 2004.
|
10.14(a)
|
Ball
Corporation Merger Related, Special Incentive Plan for Operating
Executives which provides for Restricted Stock grant in which the
five
named executive officers participate and which grants are referred
to in
the Executive Compensation section of the Ball Corporation Proxy
Statement
dated March 15, 1999. (The form of the restricted grants was filed
March
29, 1999.)
|
10.14(b)
|
Ball
Corporation Merger Related, Special Incentive Plan for Operating
Executives which provides for certain cash incentive payments based
upon
the attainment of certain performance criteria. (The form of the
plan was
filed March 29, 1999.)
|
10.15
|
Amended
and Restated Form of Severance Agreement (Change of Control Agreement)
which exists between the company and its executive officers. (Filed
herewith.)
|
10.16
|
Ball
Corporation 2000 Deferred Compensation Company Stock Plan (filed by
incorporation by reference to the Annual Report on Form 10-K for the
year ended December 31, 2001) filed March 28, 2002.
|
10.17
|
Ball
Corporation Deposit Share Program, as amended. This plan is referred
to in
Item 11, the Executive Compensation section of this Form 10-K (filed
by incorporation by reference to the Quarterly Report on Form 10-Q
for the quarter ended July 4, 2004) filed August 11,
2004.
|
Exhibit
|
|
Number
|
Description
of Exhibit
|
10.18
|
Ball
Corporation Directors Deposit Share Program, as amended. This plan
is
referred to in Item 11, the Executive Compensation section of this
Form 10-K (filed by incorporation by reference to the Quarterly
Report on Form 10-Q for the quarter ended July 4, 2004) filed
August 11, 2004.
|
10.19
|
Acquisition
Related, Special Incentive Plan for selected executives and senior
managers which provides for cash incentive payments based upon the
attainment of certain performance criteria (filed by incorporation
by
reference to the Annual Report on Form 10-K for the year ended
December 31, 2002) filed March 27, 2003.
|
10.20
|
Ball
Corporation 2005 Deferred Compensation Plan, effective January 1,
2005 (filed by incorporation by reference to the Current Report on
Form 8-K dated December 23, 2005) filed December 23,
2005.
|
10.21
|
Ball
Corporation 2005 Deferred Compensation Company Stock Plan, effective
January 1, 2005 (filed by incorporation by reference to the Current
Report on Form 8-K dated December 23, 2005) filed
December 23, 2005.
|
10.22
|
Ball
Corporation 2005 Deferred Compensation Plan for Directors, effective
January 1, 2005 (filed by incorporation by reference to the Current
Report on Form 8-K dated December 23, 2005) filed
December 23, 2005.
|
10.23
|
Credit
agreement dated October 13, 2005, among Ball Corporation, Ball
European Holdings S.ar.l., Ball Packaging Products Canada Corp.
and each
Other Subsidiary Borrower, Deutsche Bank AG, New York Branch, as
a Lender,
Administrative Agent and Collateral Agent and The Bank of Nova
Scotia, as
the Canadian Administrative Agent (filed by incorporation by reference
to
the Current Report on Form 8-K dated October 17, 2005) filed
October 17, 2005.
|
10.24
|
Subsidiary
Guaranty Agreement dated as of October 13, 2005, among certain
Domestic subsidiaries listed therein as Guarantors, and Deutsche
Bank AG,
New York Branch, as Administrative Agent (filed by incorporation
by
reference to the Current Report on Form 8-K dated October 17,
2005) filed October 17, 2005.
|
11
|
Statement
re: Computation of Earnings Per Share (filed by incorporation by
reference
to the notes to the consolidated financial statements in Item 8,
"Financial
Statements and Supplementary Data").
|
12
|
Statement
re: Computation of Ratio of Earnings to Fixed Charges. (Filed
herewith.)
|
14
|
Ball
Corporation Executive Officers and Board of Directors Business
Ethics
Statement. (Filed herewith.)
|
18
|
Letter
re: Change in Accounting Principles regarding change in pension
plan
valuation measurement date (filed by incorporation by reference
to the
Annual Report on Form 10-K for the year ended December 31, 2002)
filed March 27, 2003.
|
21
|
List
of Subsidiaries of Ball Corporation. (Filed herewith.)
|
23
|
Consent
of Independent Registered Public Accounting Firm. (Filed
herewith.)
|
24
|
Limited
Power of Attorney. (Filed herewith.)
|
31
|
Certifications
pursuant to Rule 13a-14(a) or Rule 15d-14(a), by R. David Hoover,
Chairman
of the Board, President and Chief Executive Officer of Ball Corporation,
and by Raymond J. Seabrook, Senior Vice President and Chief Financial
Officer of Ball Corporation. (Filed
herewith.)
|
Exhibit
|
|
Number
|
Description
of Exhibit
|
32
|
Certifications
pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of
Chapter
63 of Title 18 of the United States Code, by R. David Hoover, Chairman
of
the Board, President and Chief Executive Officer of Ball Corporation,
and
by Raymond J. Seabrook, Senior Vice President and Chief Financial
Officer
of Ball Corporation. (Furnished herewith.)
|
99.1
|
Specimen
Certificate of Common Stock (filed by incorporation by reference
to the
Annual Report on Form 10-K for the year ended December 31, 1979)
filed March 24, 1980.
|
99.2
|
Cautionary
statement for purposes of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, as amended. (Filed
herewith.)
|