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8-K
BALL CORP filed this Form 8-K on 02/07/2018
Entire Document
 


Notes to the Condensed Financial Statements (Fourth Quarter 2017)

3.
Non-U.S. GAAP Measures (continued)

A summary of the effects of the above transactions on after tax earnings is as follows:

   
Three Months Ended
 
Year Ended
 
   
December 31,
 
December 31,
 
($ in millions, except per share amounts)
 
2017
 
2016
 
2017
 
2016
 
                           
Net earnings attributable to Ball Corporation
 
$
 184
 
$
 52
 
$
 399
 
$
 263
 
Add: Business consolidation and other activities
   
 (32)
   
 35
   
 221
   
 337
 
Add: Amortization of acquired Rexam intangibles
   
 42
   
 32
   
 162
   
 65
 
Add: Catch-up depreciation and amortization for 2016 from finalization of Rexam valuation (a)
   
 1
   
   
 35
   
 
Add: Cost of sales associated with Rexam inventory step-up
   
   
 1
   
   
 84
 
Add: Egyptian pound devaluation
   
   
 27
   
   
 27
 
Add: Debt refinancing and other costs
   
 2
   
 1
   
 3
   
 109
 
Less: Tax effect on above items
   
 (55)
   
 7
   
 (163)
   
 (322)
 
Add: Impact of U.S. tax reform
   
 71
   
   
 71
   
 
Net earnings attributable to Ball Corporation before above transactions (Comparable Net Earnings)
 
$
 213
 
$
 155
 
$
 728
 
$
 563
 
Per diluted share before above transactions (b)
 
$
 0.60
 
$
 0.44
 
$
 2.04
 
$
 1.74
 

(a)
Catch-up depreciation and amortization of $1 million and $35 million related to the last six months of 2016, was recorded during the fourth quarter and year ended 2017, as a result of the finalization of fixed asset and intangible asset valuations and useful lives for the Rexam acquisition.
(b)
Amounts in 2016 have been retrospectively adjusted for the two-for-one stock split that was effective on May 16, 2017.


A summary of the effects of the above transactions on earnings before interest and taxes is as follows:

   
Three Months Ended
 
Year Ended
 
   
December 31,
 
December 31,
 
($ in millions)
 
2017
 
2016
 
2017
 
2016
 
                           
Net earnings attributable to Ball Corporation
 
$
 184
 
$
 52
 
$
 399
 
$
 263
 
Add: Net earnings attributable to noncontrolling interests
   
   
   
 6
   
 3
 
Net earnings
   
 184
   
 52
   
 405
   
 266
 
Less: Equity in results of affiliates, net of tax
   
 (8)
   
 (9)
   
 (31)
   
 (15)
 
Add: Tax provision (benefit)
   
 92
   
 49
   
 140
   
 (126)
 
Earnings before taxes
   
 268
   
 92
   
 514
   
 125
 
Add: Total interest expense
   
 71
   
 71
   
 288
   
 338
 
Earnings before interest and taxes
   
 339
   
 163
   
 802
   
 463
 
Add: Business consolidation and other activities
   
 (32)
   
 35
   
 221
   
 337
 
Add: Amortization of acquired Rexam intangibles
   
 42
   
 32
   
 162
   
 65
 
Add: Catch-up depreciation and amortization for 2016 from finalization of Rexam valuation (a)
   
 1
   
   
 35
   
 
Add: Cost of sales associated with Rexam inventory step-up
   
   
 1
   
   
 84
 
Add: Egyptian pound devaluation
   
   
 27
   
   
 27
 
EBIT before above transactions (Comparable Operating Earnings)
 
$
 350
 
$
 258
 
$
 1,220
 
$
 976
 

(a)
Catch-up depreciation and amortization of $1 million and $35 million related to the last six months of 2016 was recorded during the fourth quarter and year ended 2017 as a result of the finalization of fixed asset and intangible asset valuations and useful lives for the Rexam acquisition.

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