Question-and-Answer Session
Operator
Thank you. (operator instructions). And our first question comes from the line George Staphos with Merrill Lynch. Please proceed with your question.
George Staphos - Banc of America Securities - Merrill Lynch
Thanks. Hi guys, good morning.
R. David Hoover
Good morning.
George Staphos - Banc of America Securities - Merrill Lynch
First question or two is around the balance sheet. It looked like receivables were up fairly, substantially in the quarter, I am guessing that's largely due to the impact of Metal Container Corp or were there some others to consider. Similarly was there any excess inventory that you took into the fourth quarter on aluminum or steel and might that have cost you any margin in third quarter?
Raymond Seabrook
Joe, this is Ray. Let me... yeah, the balance sheet is a little confusing. Let me see how they healthy are. You remember that we closed on our acquisition financing around August 20th I believe by the end of their acquisition that closed October the 1st.
We had around 40 days, sitting with $700 million and so what we did was, reduced, if you want to... we reduced about $90 to reduce revolving debt that we could pay out easily. $250 million, we used to reduce our AR securitization program. So AR securitization program at the end of June if you will, it was $277 million and at the end of September it was zero.
And so we used that money to take that out and the rest, you can see on the balance sheet that's cash. But if you look at the cash-flow statement, the best way to look at it, just add $227 million for the third quarter, changing working capital and add 250 million for the nine months, than you are going to get the numbers that look more understandable.
Its really got to do with the AR securitization program.
George Staphos - Banc of America Securities - Merrill Lynch
Okay, I got that.
Raymond Seabrook
...million dollars ahead on free cash flow. We didn't, to my knowledge we didn't carry any extra inventory into the fourth quarter. John, do you want to answer that?
John Hayes
No. That's correct Ray, we did not.
George Staphos - Banc of America Securities - Merrill Lynch
Was there any charge related to inventory in the third quarter?
Raymond Seabrook
No inventory, charge within anytime in the third quarter.
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