filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
Five-Year Review of Selected Financial Data
Ball Corporation
| ($ in millions, except per share amounts) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||
| Net sales | $ | 11,635 | $ | 10,983 | $ | 9,061 | $ | 7,997 | $ | 8,570 | |||||
| Earnings before interest and taxes (EBIT) | $ | 935 | $ | 802 | $ | 463 | $ | 606 | $ | 839 | |||||
| Total interest expense | (302) | (288) | (338) | (260) | (193) | ||||||||||
| Earnings before taxes | $ | 633 | $ | 514 | $ | 125 | $ | 346 | $ | 646 | |||||
| Net earnings attributable to Ball Corporation (a) | $ | 454 | $ | 374 | $ | 263 | $ | 281 | $ | 470 | |||||
| Basic earnings per share (a) | $ | 1.32 | $ | 1.07 | $ | 0.83 | $ | 1.02 | $ | 1.70 | |||||
| Weighted average common shares outstanding (000s) | 344,796 | 350,269 | 316,542 | 274,600 | 277,016 | ||||||||||
| Diluted earnings per share (a) | $ | 1.29 | $ | 1.05 | $ | 0.81 | $ | 1.00 | $ | 1.65 | |||||
| Diluted weighted average common shares outstanding (000s) | 352,321 | 356,985 | 322,884 | 281,968 | 284,860 | ||||||||||
| Total assets | $ | 16,554 | $ | 17,169 | $ | 16,173 | $ | 9,697 | $ | 7,535 | |||||
| Total interest bearing debt and capital lease obligations | $ | 6,729 | $ | 6,971 | $ | 7,532 | $ | 5,051 | $ | 3,133 | |||||
| Cash dividends per share | $ | 0.400 | $ | 0.365 | $ | 0.26 | $ | 0.26 | $ | 0.26 | |||||
| Total cash provided by operating activities (c) | $ | 1,566 | $ | 1,478 | $ | 193 | $ | 1,037 | $ | 1,060 | |||||
| Non-GAAP Measures (b) | |||||||||||||||
| Comparable operating earnings | $ | 1,290 | $ | 1,220 | $ | 976 | $ | 801 | $ | 920 | |||||
| Comparable net earnings | $ | 775 | $ | 728 | $ | 563 | $ | 490 | $ | 553 | |||||
| Diluted earnings per share (comparable basis) | $ | 2.20 | $ | 2.04 | $ | 1.74 | $ | 1.74 | $ | 1.94 | |||||
| Free cash flow (c) | $ | 750 | $ | 922 | $ | (413) | $ | 509 | $ | 669 |
(a)Includes business consolidation and other activities and other items affecting comparability between years. Additional details regarding the 2018, 2017 and 2016 items are available in Note 6 to the consolidated financial statements within Item 8 of this Annual Report on Form 10-K.
(b)Non-U.S. GAAP measures should not be considered in isolation and should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP. See below for reconciliations of non-U.S. GAAP financial measures to U.S. GAAP measures. Further discussion of non-GAAP financial measures is available in Item 7 of this Annual Report on Form 10-K under Management Performance Measurements and Other Liquidity Measures.
| (c) | Amounts in 2017, 2016, 2015 and 2014 have been retrospectively adjusted to reflect the adoption of new accounting guidance that was effective January 1, 2018. Cash provided by operating activities was increased by $30 and $48 million in 2015 and 2014, respectively, as a result of adopting the new accounting guidance. See Notes 2 and 7 to the consolidated financial statements within Item 8 of this Annual Report on Form 10-K for further details. |
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Reconciliations of non-U.S. GAAP financial measures to U.S. GAAP measures are as follows:
| ($ in millions) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||
| Net earnings attributable to Ball Corporation | $ | 454 | $ | 374 | $ | 263 | $ | 281 | $ | 470 | |||||
| Add: Net earnings attributable to noncontrolling interests | (1) | 6 | 3 | 22 | 28 | ||||||||||
| Net earnings | 453 | 380 | 266 | 303 | 498 | ||||||||||
| Less: Equity in results of affiliates, net of tax | (5) | (31) | (15) | (4) | (2) | ||||||||||
| Add: Tax provision (benefit) | 185 | 165 | (126) | 47 | 150 | ||||||||||
| Earnings before taxes, as reported | 633 | 514 | 125 | 346 | 646 | ||||||||||
| Total interest expense | 302 | 288 | 338 | 260 | 193 | ||||||||||
| Earnings before interest and taxes (EBIT) | 935 | 802 | 463 | 606 | 839 | ||||||||||
| Business consolidation and other activities | 191 | 221 | 337 | 195 | 81 | ||||||||||
| Amortization of acquired Rexam intangibles | 164 | 162 | 65 | — | — | ||||||||||
| Catch-up depreciation and amortization for 2016 from finalization of Rexam valuation | — | 35 | — | — | — | ||||||||||
| Cost of sales associated with Rexam inventory step-up | — | — | 84 | — | — | ||||||||||
| Egyptian pound devaluation | — | — | 27 | — | — | ||||||||||
| Comparable Operating Earnings | $ | 1,290 | $ | 1,220 | $ | 976 | $ | 801 | $ | 920 | |||||
| Net earnings attributable to Ball Corporation, as reported | $ | 454 | $ | 374 | $ | 263 | $ | 281 | $ | 470 | |||||
| Business consolidation and other activities | 191 | 221 | 337 | 195 | 81 | ||||||||||
| Amortization of acquired Rexam intangibles | 164 | 162 | 65 | — | — | ||||||||||
| Catch-up depreciation and amortization for 2016 from finalization of Rexam valuation | — | 35 | — | — | — | ||||||||||
| Share of equity method affiliate non-comparable costs | 8 | — | — | — | — | ||||||||||
| Cost of sales associated with Rexam inventory step-up | — | — | 84 | — | — | ||||||||||
| Egyptian pound devaluation | — | — | 27 | — | — | ||||||||||
| Debt refinancing and other costs | 1 | 3 | 109 | 117 | 33 | ||||||||||
| Non-comparable taxes | 2 | (150) | (322) | (103) | (31) | ||||||||||
| Impact of U.S. tax reform | (45) | 83 | — | — | — | ||||||||||
| Net earnings attributable to Ball Corporation before above transactions (Comparable Net Earnings) | $ | 775 | $ | 728 | $ | 563 | $ | 490 | $ | 553 | |||||
| Total cash provided by operating activities (a)(b) | $ | 1,566 | $ | 1,478 | $ | 193 | $ | 1,037 | $ | 1,060 | |||||
| Capital expenditures | (816) | (556) | (606) | (528) | (391) | ||||||||||
| Free cash flow (b) | $ | 750 | $ | 922 | $ | (413) | $ | 509 | $ | 669 |
| (a) | Includes payments of costs associated with the acquisition of Rexam and the sale of a business associated with the June 2016 acquisition of Rexam, additional details of which are available in Note 4 to the consolidated financial statements within Item 8 of this Annual Report on Form 10-K. |
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| (b) | Amounts in 2017, 2016, 2015 and 2014 have been retrospectively adjusted to reflect the adoption of new accounting guidance that was effective January 1, 2018. Cash provided by operating activities was increased by $30 and $48 million in 2015 and 2014, respectively, as a result of adopting the new accounting guidance. See Notes 2 and 7 to the consolidated financial statements within Item 8 of this Annual Report on Form 10-K for further details. |
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