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Year Ended December 31,
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Six Months Ended
June 30, |
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2019
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2018
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2017
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2020
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2019
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(dollars in million, except per share data)
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Statement of Earnings Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
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| | | $ | 11,474 | | | | | $ | 11,635 | | | | | $ | 10,983 | | | | | $ | 5,586 | | | | | $ | 5,802 | | |
Cost of sales (excluding depreciation and amortization)
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| | | | (9,203) | | | | | | (9,329) | | | | | | (8,717) | | | | | | (4,445) | | | | | | (4,681) | | |
Depreciation and amortization(1)
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| | | | (678) | | | | | | (702) | | | | | | (729) | | | | | | (339) | | | | | | (341) | | |
Selling, general and administrative
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| | | | (417) | | | | | | (478) | | | | | | (514) | | | | | | (242) | | | | | | (238) | | |
Business consolidation and other activities
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| | | | (244) | | | | | | (191) | | | | | | (221) | | | | | | (227) | | | | | | (14) | | |
Earnings before interest and taxes
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| | | $ | 932 | | | | | $ | 935 | | | | | $ | 802 | | | | | $ | 333 | | | | | $ | 528 | | |
Net earnings
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| | | $ | 536 | | | | | $ | 453 | | | | | $ | 380 | | | | | $ | 115 | | | | | $ | 314 | | |
Net earnings attributable to Ball Corporation(2)
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| | | $ | 566 | | | | | $ | 454 | | | | | $ | 374 | | | | | $ | 117 | | | | | $ | 314 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBITDA(3) | | | | $ | 1,610 | | | | | $ | 1,637 | | | | | $ | 1,531 | | | | | $ | 672 | | | | | $ | 869 | | |
Comparable EBITDA(3)
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| | | | 1,854 | | | | | | 1,828 | | | | | | 1,752 | | | | | | 899 | | | | | | 883 | | |
EBITDA margin(4)
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| | | | 14.0% | | | | | | 14.1% | | | | | | 13.9% | | | | | | 12.0% | | | | | | 15.0% | | |
Comparable EBITDA margin(4)
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| | | | 16.2% | | | | | | 15.7% | | | | | | 16.0% | | | | | | 16.1% | | | | | | 15.2% | | |
Total interest expense(5)
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| | | $ | (324) | | | | | $ | (302) | | | | | $ | (288) | | | | | $ | (178) | | | | | $ | (162) | | |
Cash provided by (used in) operating activities(6)(7)
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| | | | 1,548 | | | | | | 1,566 | | | | | | 1,478 | | | | | | (232) | | | | | | 253 | | |
Cash provided by (used in) investing activities
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| | | | (422) | | | | | | (206) | | | | | | (545) | | | | | | (441) | | | | | | (264) | | |
Cash provided by (used in) financing activities
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| | | | (46) | | | | | | (1,040) | | | | | | (1,073) | | | | | | (388) | | | | | | 107 | | |
Capital expenditures
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| | | | (598) | | | | | | (816) | | | | | | (556) | | | | | | (447) | | | | | | (275) | | |
Cash dividends per common share
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| | | | 0.55 | | | | | | 0.40 | | | | | | 0.365 | | | | | | 0.30 | | | | | | 0.25 | | |
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As of December 31,
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As of
June 30, |
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2019
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2018
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2020
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(dollars in millions)
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Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
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| | | $ | 1,798 | | | | | $ | 721 | | | | | $ | 643 | | |
Working capital(8)
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| | | | (693) | | | | | | (155) | | | | | | (116) | | |
Total assets
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| | | | 17,360 | | | | | | 16,554 | | | | | | 16,610 | | |
Total interest bearing debt and finance lease obligations, including current maturities
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| | | | 7,817 | | | | | | 6,729 | | | | | | 7,681 | | |
Ball Corporation shareholders’ equity
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| | | | 2,949 | | | | | | 3,458 | | | | | | 2,762 | | |
Total equity
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| | | | 3,019 | | | | | | 3,562 | | | | | | 2,830 | | |
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Year Ended December 31,
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Six Months Ended
June 30, |
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2019
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2018
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2017
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2020
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2019
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(dollars in millions)
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Net earnings attributable to Ball Corporation(2)
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| | | $ | 566 | | | | | $ | 454 | | | | | $ | 374 | | | | | $ | 117 | | | | | $ | 314 | | |
Net earnings (loss) attributable to noncontrolling interests
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| | | | (30) | | | | | | (1) | | | | | | 6 | | | | | | (2) | | | | | | — | | |
Net earnings
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| | | | 536 | | | | | | 453 | | | | | | 380 | | | | | | 115 | | | | | | 314 | | |
Equity in results of affiliates, net of tax
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| | | | 1 | | | | | | (5) | | | | | | (31) | | | | | | 21 | | | | | | 11 | | |
Tax (provision) benefit
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| | | | 71 | | | | | | 185 | | | | | | 165 | | | | | | 19 | | | | | | 41 | | |
Earnings before taxes, as reported
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| | | | 608 | | | | | | 633 | | | | | | 514 | | | | | | 155 | | | | | | 366 | | |
Total interest expense
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| | | | 324 | | | | | | 302 | | | | | | 288 | | | | | | 178 | | | | | | 162 | | |
Earnings before interest and taxes (EBIT)
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| | | | 932 | | | | | | 935 | | | | | | 802 | | | | | | 333 | | | | | | 528 | | |
Depreciation and amortization
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| | | | 678 | | | | | | 702 | | | | | | 729 | | | | | | 339 | | | | | | 341 | | |
EBITDA
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| | | | 1,610 | | | | | | 1,637 | | | | | | 1,531 | | | | | | 672 | | | | | | 869 | | |
Business consolidation and other activities
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| | | | 244 | | | | | | 191 | | | | | | 221 | | | | | | 227 | | | | | | 14 | | |
Comparable EBITDA
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| | | $ | 1,854 | | | | | $ | 1,828 | | | | | $ | 1,752 | | | | | $ | 899 | | | | | $ | 883 | | |
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Year Ended December 31,
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Six Months Ended
June 30, |
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2019
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2018
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2017
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2020
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2019
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(dollars in millions)
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EBITDA
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| | | $ | 1,610 | | | | | $ | 1,637 | | | | | $ | 1,531 | | | | | $ | 672 | | | | | $ | 869 | | |
Comparable EBITDA
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| | | | 1,854 | | | | | | 1,828 | | | | | | 1,752 | | | | | | 899 | | | | | | 883 | | |
Net Sales
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| | | | 11,474 | | | | | | 11,635 | | | | | | 10,983 | | | | | | 5,586 | | | | | | 5,802 | | |
EBITDA Margin (EBITDA/Net Sales)
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| | | | 14.0% | | | | | | 14.1% | | | | | | 13.9% | | | | | | 12.0% | | | | | | 15.0% | | |
Comparable EBITDA Margin (Comparable EBITDA/ Net Sales)
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| | | | 16.2% | | | | | | 15.7% | | | | | | 16.0% | | | | | | 16.1% | | | | | | 15.2% | | |
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As of June 30,
2020 |
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Actual
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As Adjusted
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(dollars in millions)
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Cash and cash equivalents(1)
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| | | $ | 643 | | | | | $ | 828 | | |
Long-term debt, including current portion: | | | | | | | | | | | | | |
Senior Secured Credit Facilities: | | | | | | | | | | | | | |
Term A Loan
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| | | | 653 | | | | | | 653 | | |
U.S. dollar Revolver(2)
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| | | | 575 | | | | | | — | | |
Multi-currency Revolver(2)
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| | | | 225 | | | | | | — | | |
5.00% Senior Notes due 2022
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| | | | 750 | | | | | | 750 | | |
4.00% Senior Notes due 2023
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| | | | 1,000 | | | | | | 1,000 | | |
4.375% euro denominated Senior Notes due 2023
|
| | | | 786 | | | | | | 786 | | |
0.875% euro denominated Senior Notes due 2024
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| | | | 843 | | | | | | 843 | | |
5.25% Senior Notes due 2025
|
| | | | 1,000 | | | | | | 1,000 | | |
4.875% Senior Notes due 2026
|
| | | | 750 | | | | | | 750 | | |
1.50% euro denominated Senior Notes due 2027
|
| | | | 618 | | | | | | 618 | | |
Senior Notes offered hereby
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| | | | — | | | | | | 1,000 | | |
Other debt(3)
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| | | | (38) | | | | | | (53) | | |
Total long-term debt, including current portion
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| | | | 7,162 | | | | | | 7,347 | | |
Total equity
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| | | | 2,830 | | | | | | 2,830 | | |
Total capitalization
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| | | $ | 9,992 | | | | | $ | 10,177 | | |
Underwriter
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Principal
Amount of Notes |
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Goldman Sachs & Co. LLC
|
| | | $ | | | |
BofA Securities, Inc.
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Citigroup Global Markets Inc.
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Deutsche Bank Securities Inc.
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BNP Paribas Securities Corp.
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Mizuho Securities USA LLC
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Morgan Stanley & Co. LLC
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Rabo Securities USA, Inc.
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SMBC Nikko Securities America, Inc.
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UniCredit Capital Markets LLC
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AmeriVet Securities, Inc.
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Barclays Capital Inc.
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Credit Agricole Securities (USA) Inc.
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KeyBanc Capital Markets Inc.
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PNC Capital Markets LLC
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Santander Investment Securities Inc.
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Scotia Capital (USA) Inc.
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TD Securities (USA) LLC
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HSBC Securities (USA) Inc.
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Siebert Williams Shank & Co., LLC
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U.S. Bancorp Investments, Inc.
|
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Total
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| | | $ | 1,000,000,000 | | |
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Year Ended December 31,
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2017
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2016
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2015
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2014
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2013
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Ratio of Earnings to Fixed Charges(1)
|
| | | | 2.6x | | | | | | 1.3x | | | | | | 2.2x | | | | | | 3.9x | | | | | | 3.4x | | |