Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | Ball Corp | ||
Entity File Number | 001-07349 | ||
Entity Incorporation, State or Country Code | IN | ||
Entity Tax Identification Number | 35-0160610 | ||
Entity Address, Address Line One | 9200 West 108th Circle | ||
Entity Address, City or Town | Westminster | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80021 | ||
City Area Code | 303 | ||
Local Phone Number | 469-3131 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Financial Statement Error Correction Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 18,330 | ||
Entity Common Stock, Shares Outstanding | 315,642,486 | ||
Title of 12(b) Security | Common Stock, without par value | ||
Trading Symbol | BALL | ||
Security Exchange Name | NYSE | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | Denver, Colorado | ||
Entity Central Index Key | 0000009389 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Earnings | |||
Net sales | $ 14,029 | $ 15,349 | $ 13,811 |
Costs and expenses | |||
Cost of sales (excluding depreciation and amortization) | (11,359) | (12,766) | (11,085) |
Depreciation and amortization | (686) | (672) | (700) |
Selling, general and administrative | (558) | (626) | (593) |
Business consolidation and other activities | (153) | (71) | (142) |
Total costs and expenses | (12,756) | (14,135) | (12,520) |
Earnings before interest and taxes | 1,273 | 1,214 | 1,291 |
Interest expense | (459) | (312) | (270) |
Debt refinancing and other costs | (18) | (13) | |
Total interest expense | (459) | (330) | (283) |
Earnings before taxes | 814 | 884 | 1,008 |
Tax (provision) benefit | (123) | (159) | (156) |
Equity in results of affiliates, net of tax | 20 | 7 | 26 |
Net earnings | 711 | 732 | 878 |
Net earnings attributable to noncontrolling interests | 4 | 13 | |
Net earnings attributable to Ball Corporation | $ 707 | $ 719 | $ 878 |
Earnings per share: | |||
Basic (in dollars per share) | $ 2.25 | $ 2.27 | $ 2.69 |
Diluted (in dollars per share) | $ 2.23 | $ 2.25 | $ 2.65 |
Weighted average shares outstanding: (000s) | |||
Basic (in shares) | 314,775 | 316,433 | 325,989 |
Diluted (in shares) | 317,022 | 320,008 | 331,615 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Earnings (Loss) | |||
Net earnings | $ 711 | $ 732 | $ 878 |
Other comprehensive earnings (loss): | |||
Currency translation adjustment | 55 | 99 | 19 |
Pension and other postretirement benefits | (414) | (73) | 392 |
Derivatives designated as hedges | 25 | (181) | 70 |
Total other comprehensive earnings (loss) | (334) | (155) | 481 |
Income tax (provision) benefit | 97 | 58 | (109) |
Total other comprehensive earnings (loss), net of tax | (237) | (97) | 372 |
Total comprehensive earnings | 474 | 635 | 1,250 |
Comprehensive earnings attributable to noncontrolling interests | 4 | 13 | |
Comprehensive earnings attributable to Ball Corporation | $ 470 | $ 622 | $ 1,250 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 695 | $ 548 |
Receivables, net | 2,334 | 2,594 |
Inventories, net | 1,559 | 2,179 |
Other current assets | 295 | 168 |
Total current assets | 4,883 | 5,489 |
Noncurrent assets | ||
Property, plant and equipment, net | 7,380 | 7,053 |
Goodwill | 4,290 | 4,235 |
Intangible assets, net | 1,309 | 1,417 |
Other assets | 1,441 | 1,715 |
Total assets | 19,303 | 19,909 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 1,065 | 1,408 |
Accounts payable | 3,753 | 4,383 |
Accrued employee costs | 333 | 236 |
Other current liabilities | 1,034 | 981 |
Total current liabilities | 6,185 | 7,008 |
Noncurrent liabilities | ||
Long-term debt | 7,504 | 7,540 |
Employee benefit obligations | 898 | 847 |
Deferred taxes | 421 | 540 |
Other liabilities | 458 | 447 |
Total liabilities | 15,466 | 16,382 |
Equity | ||
Common stock (683,241,401 shares issued - 2023; 682,144,408 shares issued - 2022) | 1,312 | 1,260 |
Retained earnings | 7,763 | 7,309 |
Accumulated other comprehensive earnings (loss) | (916) | (679) |
Treasury stock, at cost (367,551,366 shares - 2023; 368,036,369 shares - 2022) | (4,390) | (4,429) |
Total Ball Corporation shareholders' equity | 3,769 | 3,461 |
Noncontrolling interests | 68 | 66 |
Total equity | 3,837 | 3,527 |
Total liabilities and equity | $ 19,303 | $ 19,909 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Consolidated Balance Sheets | ||
Common stock, shares issued | 683,241,401 | 682,144,408 |
Treasury stock, at cost | 367,551,366 | 368,036,369 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities | |||
Net earnings | $ 711 | $ 732 | $ 878 |
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: | |||
Depreciation and amortization | 686 | 672 | 700 |
Business consolidation and other activities | 153 | 71 | 142 |
Deferred tax provision (benefit) | (67) | (2) | 35 |
Pension contributions | (42) | (124) | (216) |
Other, net | 62 | (124) | 101 |
Working capital changes, excluding effects of acquisitions and dispositions: | |||
Receivables | 238 | (305) | (863) |
Inventories | 626 | (458) | (464) |
Other current assets | (25) | (42) | (24) |
Accounts payable | (510) | (83) | 1,312 |
Accrued employee costs | 93 | (101) | (1) |
Other current liabilities | (71) | 84 | 159 |
Other, net | 9 | (19) | 1 |
Cash provided by (used in) operating activities | 1,863 | 301 | 1,760 |
Cash Flows from Investing Activities | |||
Capital expenditures | (1,045) | (1,651) | (1,726) |
Business dispositions, net of cash sold | 759 | 112 | |
Other, net | (8) | 106 | (25) |
Cash provided by (used in) investing activities | (1,053) | (786) | (1,639) |
Cash Flows from Financing Activities | |||
Long-term borrowings | 2,051 | 4,851 | 850 |
Repayments of long-term borrowings | (2,281) | (3,884) | (750) |
Net change in short-term borrowings | (210) | 394 | (2) |
Acquisitions of treasury stock | (3) | (618) | (766) |
Common stock dividends | (252) | (254) | (229) |
Other, net | 33 | (4) | 3 |
Cash provided by (used in) financing activities | (662) | 485 | (894) |
Effect of exchange rate changes on cash | 4 | (21) | (29) |
Change in cash, cash equivalents and restricted cash | 152 | (21) | (802) |
Cash, cash equivalents and restricted cash - beginning of year | 558 | 579 | |
Cash, cash equivalents and restricted cash - end of year | $ 710 | $ 558 | $ 579 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Earnings (Loss). | Noncontrolling Interest | Total |
Balance at beginning of the period at Dec. 31, 2020 | $ 1,167 | $ (3,130) | $ 6,192 | $ (954) | $ 62 | $ 3,337 |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 679,524,000 | (351,939,000) | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net earnings | 878 | 878 | ||||
Other comprehensive earnings (loss), net of tax | 372 | 372 | ||||
Common dividends, net of tax benefits | (227) | (227) | ||||
Treasury stock purchases | $ (766) | (766) | ||||
Treasury stock purchases (in shares) | (8,507,000) | |||||
Treasury shares re-issued | $ 33 | 33 | ||||
Treasury shares re-issued (in shares) | 345,000 | |||||
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged | $ 53 | 53 | ||||
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged (in shares) | 1,421,000 | |||||
Dividends paid to noncontrolling interests | (4) | (4) | ||||
Other activity | $ 9 | 9 | ||||
Balance at end of the period at Dec. 31, 2021 | $ 1,220 | $ (3,854) | 6,843 | (582) | 58 | $ 3,685 |
Balance at end of period (in shares) at Dec. 31, 2021 | 680,945,000 | (360,101,000) | ||||
Balance at end of period (in shares) at Dec. 31, 2022 | (368,036,000) | 368,036,369 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net earnings | 719 | 13 | $ 732 | |||
Other comprehensive earnings (loss), net of tax | (97) | (97) | ||||
Common dividends, net of tax benefits | (253) | (253) | ||||
Treasury stock purchases | $ (618) | (618) | ||||
Treasury stock purchases (in shares) | (8,417,000) | |||||
Treasury shares re-issued | $ 32 | 32 | ||||
Treasury shares re-issued (in shares) | 482,000 | |||||
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged | $ 40 | 40 | ||||
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged (in shares) | 1,199,000 | |||||
Dividends paid to noncontrolling interests | (5) | (5) | ||||
Other activity | $ 11 | 11 | ||||
Balance at end of the period at Dec. 31, 2022 | $ 1,260 | $ (4,429) | 7,309 | (679) | 66 | $ 3,527 |
Balance at end of period (in shares) at Dec. 31, 2022 | 682,144,000 | |||||
Balance at end of period (in shares) at Dec. 31, 2023 | (367,551,000) | 367,551,366 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net earnings | 707 | 4 | $ 711 | |||
Other comprehensive earnings (loss), net of tax | (237) | (237) | ||||
Common dividends, net of tax benefits | (252) | (252) | ||||
Treasury stock purchases | $ (3) | (3) | ||||
Treasury stock purchases (in shares) | (60,000) | |||||
Treasury shares re-issued | $ 29 | 29 | ||||
Treasury shares re-issued (in shares) | 545,000 | |||||
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged | $ 52 | 52 | ||||
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged (in shares) | 1,097,000 | |||||
Dividends paid to noncontrolling interests | (2) | (2) | ||||
Other activity | $ 13 | (1) | 12 | |||
Balance at end of the period at Dec. 31, 2023 | $ 1,312 | $ (4,390) | $ 7,763 | $ (916) | $ 68 | $ 3,837 |
Balance at end of period (in shares) at Dec. 31, 2023 | 683,241,000 |
Critical and Significant Accoun
Critical and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Critical and Significant Accounting Policies | |
Critical and Significant Accounting Policies | 1. Critical and Significant Accounting Policies The preparation of Ball Corporation’s (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball’s management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented. Critical Accounting Policies The company considers certain accounting policies to be critical, as their application requires management’s judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company’s consolidated financial statements. Revenue Recognition in the Aerospace Segment Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed. To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices. The company has determined that the following distinct goods and services represent separate performance obligations: ● Manufacture and delivery of distinct spacecraft and/or hardware components; ● Research reports, for contracts where such reports are the sole or primary deliverable; ● Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and ● Warranty and performance guarantees beyond standard repair/replacement. Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company’s sales and accounts receivable generally include amounts that have been earned but not yet billed. The company’s payment terms vary by the type and location of the company’s customer and the products or services offered. All payment terms are less than one year. Contracts are often modified to account for changes in contract specifications and requirements. The company considers contract modifications to exist when the modification either creates new or revised enforceable rights and obligations. Most of the company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract, and such contract modifications are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and the company’s measure of progress for the performance obligation to which it relates, is recognized as an adjustment to sales (either as an increase or reduction of sales) on a cumulative catch-up basis. Within the aerospace segment, performance obligations are recognized over time. Aerospace contracts involve specialized and unique products that are tailored to the specific needs of the customer, such as a spacecraft or other hardware conforming to the specifications required by the customer, and as such, no alternative use exists. When there is an enforceable right to payment at cost plus reasonable margin for performance completed to date, the sales are recorded over time as the goods are manufactured or services are performed. Determining a measure of progress requires management to make judgments that affect the timing of recording sales. The extent of progress towards completion is measured based on the ratio of costs incurred to date versus the total estimated costs upon completion of the performance obligation. The cost-to-cost method best depicts the transfer of assets to the customer as the company incurs costs on the company’s contracts. The percentage-of-completion method of accounting involves the use of various estimating techniques to project revenues and costs at completion and various assumptions and projections related to the outcome of future events, including the quantity and timing of product deliveries, future labor performance and rates, and material and overhead costs. Throughout the period of contract performance, the company regularly evaluates and, if necessary, revises estimates of total contract revenue, total contract cost, and extent of progress toward completion. The two primary types of long-term sales contracts utilized are cost-type contracts, which are agreements to perform for cost plus an agreed-upon profit component, and fixed price sales contracts, which are completed for a fixed price. Cost-type sales contracts can have different types of fee arrangements, including fixed-fee, cost, milestone and performance incentive fees, award fees or a combination thereof. At the inception of contract performance, the company estimates sales associated with base, incentive and other fees exclusive of any constraint. In other words, the company estimates sales to the extent that it is not probable a significant reversal will occur over the period of contract performance. The company has determined that the above provides a faithful depiction of the transfer of goods to the customer and is the best measure of depicting the company’s performance as control is transferred to customers. Due to the unique and customized nature of deliverables within aerospace contracts, a readily observable selling price for a similar good is not typically available; therefore, in making its determination of stand-alone selling price, the company generally applies the “expected cost plus a margin” approach (whereby the transaction price is allocated based on the relative amount of costs plus an appropriate margin). Use of the expected cost plus a margin approach requires Ball to determine the expected costs for each performance obligation, as well as an appropriate margin (i.e., cost-to-cost percentage of completion). The calculation is made at contract inception to determine the allocation of consideration. Uncertainty as to the total amount that will be paid by the customer (such as the exact amount of costs that will be incurred and fees that will be earned by us to satisfy the contractual requirements) gives rise to variable consideration. To estimate variable consideration, the company applies the “most likely amount” method or the “expected value” method depending on the nature of the variable consideration. In certain cases, both methods may be used within a single contract if multiple forms of variable consideration exist. However, once a method has been applied to one form of variable consideration, it is applied consistently throughout the contract term. The primary types of variable consideration present in the company’s contracts are cost reimbursements, performance award fees, incremental funding and finalization of government rates. These types of arrangements are most commonly (though not exclusively) estimated based on the “most likely” method. Once variable consideration has been estimated, it will be constrained if a significant reversal of the cumulative amount of sales is probable in the context of the contract. Defined Benefit Pension Plans and Other Employee Benefits The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company’s pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company’s actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. The company recognizes the funded status of each defined benefit pension plan and other postretirement benefit plans in the consolidated balance sheet. Each overfunded plan is recognized as an asset, and each underfunded plan is recognized as a liability. Pension plan obligations are revalued annually, or when an event occurs that requires remeasurement, based on updated assumptions and information about the individuals covered by the plan. For pension plans, accumulated actuarial gains and losses in excess of a 10 percent corridor and the prior service cost are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants or the average life expectancy for plans with significant inactive participants. For other postemployment benefits, the 10 percent corridor is not used. Costs related to defined benefit and other postretirement plans are included in cost of sales and selling, general and administrative expenses, while settlement and curtailment expenses are included in business consolidation expenses. Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Ball, its consolidated subsidiaries, and variable interest entities in which the company is considered to be the primary beneficiary. Equity investments in which the company exercises significant influence but does not control and is not the primary beneficiary are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor is the primary beneficiary of the investment, are accounted for using the cost method of accounting. Intercompany transactions are eliminated in consolidation. Reclassifications Certain prior year amounts have been reclassified in order to conform to the current year presentation. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less. Inventories Inventories are stated at the lower of cost or net realizable value using either the first-in, first-out (FIFO) cost method of accounting or the average cost method. Inventory cost is calculated for each inventory component taking into consideration the appropriate cost factors, including fixed and variable overhead, material price volatility and production levels. Recoverability of Goodwill On an annual basis, in the fourth quarter, and at interim periods as circumstances require, the company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, which includes an evaluation as to whether there have been significant changes to macro-economic factors related to the reporting unit. If the qualitative analysis is not conclusive that it is more likely than not that a reporting unit’s fair value exceeds its carrying amount, the company performs a quantitative impairment test to determine the fair value of the reporting unit and, if necessary, recognizes an impairment charge for the amount by which the carrying value exceeds the fair value. Due to recent variability in the results of the beverage packaging, South America, reporting unit, the company elected to perform a quantitative analysis in 2023 for this reporting unit and determined that the reporting unit was not impaired. When performing a quantitative analysis, the company estimates fair value for a reporting unit using market and income approach valuation methodologies. Under the income approach, fair value is estimated as the present value of estimated future cash flows of each reporting unit. The projected cash flows incorporate various assumptions related to weighted average cost of capital (WACC) and growth rates that are specific to each reporting unit, including assumptions relating to net sales growth rates, terminal growth rates and EBITDA (a non-U.S. GAAP measure defined by the company as earnings before interest, taxes, depreciation and amortization) margin. Under the market approach, the company uses available information regarding multiples used in recent market transactions involving a transfer of controlling interests as well as publicly available trading multiples based upon the enterprise value of companies in either the packaging or aerospace and defense industries. The appropriate multiple is applied to forecasted EBITDA of each reporting unit to estimate fair value. Impairment of Long-Lived Assets Ball reviews long-lived assets for impairment when circumstances indicate the carrying amount of an asset or asset group may not be recoverable based on the undiscounted future cash flows of the asset. The company reviews long-lived assets for impairment at the individual asset or the asset group level for which the lowest level of independent cash flows can be identified. If the carrying amount of the asset or asset group is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market values, discounted cash flows or with the assistance of external appraisals, as applicable. Depreciation and Amortization Property, plant and equipment are carried at the cost of acquisition or construction. Repairs and maintenance costs, including labor and material costs for major improvements such as annual production line overhauls, are expensed as incurred, unless those costs substantially increase the useful lives or capacity of the existing assets. Assets are depreciated and amortized using the straight-line method over their estimated useful lives, generally 5 to 50 years for buildings and improvements and 2 to 23 years for machinery and equipment. Finite-lived intangible assets, excluding capitalized software costs, are generally amortized over their estimated useful lives of 3 to 18 years. Capitalized software is generally amortized over estimated useful lives of 3 to 7 years. The company periodically reviews these estimated useful lives and when appropriate, changes are made prospectively. During 2022, the company completed an evaluation of the estimated useful lives of its manufacturing equipment, buildings and certain assembly and test equipment. See Note 10 For certain business consolidation activities, accelerated depreciation may be required for the revised remaining useful life for assets designated to be scrapped or abandoned. The accelerated depreciation related to such activities is recorded as part of business consolidation and other activities in the appropriate period. Environmental Reserves The company estimates its liability for environmental matters based on, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. The company records the best estimate of a loss when the loss is considered probable. As additional information becomes available, the company reassesses the potential liability related to pending matters and revises the estimates. Revenue Recognition in the Beverage and Aerosol Packaging Segments The company recognizes sales of products in its packaging segments when a customer obtains control of promised goods or services, which occurs either over time or at a point in time. At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each instance, the company treats the promise to transfer the customer goods or services as a single performance obligation. To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices. The company has determined that the following distinct goods and services represent separate performance obligations: ● Manufacture of beverage containers, which may be generic or unique; ● Manufacture of aerosol containers, which may be generic or unique; and ● Manufacture of beverage and aerosol lids and ends, which may be generic or unique. Performance obligations for products with no alternative use are recognized over time when the company has manufactured a unique item and has an enforceable right to payment. Conversely, generic products with alternative use are recognized at a point in time. Contracts may be short-term or long-term, with varying payment terms. Ball’s payment terms vary by the type and location of the customer and the products or services offered. Customers pay in accordance with negotiated terms, which are typically triggered upon ownership transfer. All payment terms are less than one year. For all contracts, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product or service purchased. Ball typically enters into master agreements with customers, which establish the terms and conditions for subsequent orders of goods. In the context of the revenue recognition standard, enforceable contracts are those that have an enforceable right to payment, which Ball typically has once a binding forecast or purchase order (or similar evidence) is in place and Ball produces under the contract. Within Ball’s packaging segments, these enforceable contracts all have a duration of less than one year. Contracts that have an original duration of less than one year are excluded from the requirement to disclose remaining performance obligations, based on the company’s election to use the practical expedient. The nature of the remaining performance obligations within these contracts, as well as the nature of the variability and how it will be resolved, are described in the section below. Within the company’s beverage and aerosol operations, performance obligations are recognized both over time and at a point in time. The determination that sales should be recognized at a point in time most often results from the existence of an alternative use for the product. Cans and ends that are not customized for a customer prior to delivery are considered to have an alternative use, and sales are recognized at the point of control transfer. Determining when control transfer occurs requires management to make judgments that affect the timing of when sales are recognized. The current revenue accounting standard provides five indicators that a customer has obtained control of an asset: 1) present right to payment; 2) transfer of legal title; 3) physical possession; 4) significant risks and rewards of ownership; and 5) customer acceptance. The company considers control to have transferred for these products upon shipment or delivery, depending on the legal terms of the contract, because the company has a present right to payment at that time, the customer has legal title to the asset, the company has transferred physical possession of the asset and/or the customer has significant risks and rewards of ownership of the asset. The company determines that control transfers to a customer as described above and provides a faithful depiction of the transfer of goods. For performance obligations related to products that are specialized with no alternative use (e.g., specialized sizes or customer-specific materials, or labeled with customer-specific artwork), the company transfers control and records sales over time. The recognition of sales occurs over time as goods are manufactured and Ball has an enforceable right to payment for those goods, which is an output method. Determining a measure of progress requires management to make judgments that impact the timing of when sales are recognized. The company has determined the above provides a faithful depiction of the transfer of goods to the customer. The number of units manufactured that have an enforceable right to payment is the best measure of depicting the company’s performance as control is transferred. The customer obtains value as each unit is produced against a binding contract. The enforceable right to payment may be explicit or implied in the contract. If the enforceable right to payment is not explicit in the contract, Ball must consider if there is an implied right based on customer relationships or previous business practices and applicable law. Typically, Ball has an enforceable right to payment of costs plus a reasonable margin once a binding forecast or purchase order (or similar evidence) is in place and Ball produces under the contract. In making its determination of stand-alone selling price, Ball maximizes its use of observable inputs. Stand-alone selling price is then used to allocate total consideration proportionally to the various performance obligations within a contract. To estimate variable consideration, the company may apply both the “expected value” method and “most likely amount” method based on the form of variable consideration, after considering which method would provide the best prediction of consideration to be received from the company’s customers. The expected value method involves a probability-weighted determination of the expected amount, whereas the most likely amount method identifies the single most likely outcome in a range of possible amounts. In certain cases, both methods may be used within a single contract if multiple forms of variable consideration exist. However, once a method has been applied to one form of variable consideration, it is applied consistently throughout the contract term. The primary types of variable consideration present in the company’s contracts are per-unit price changes, volume discounts and rebates. Once variable consideration has been estimated, it will be constrained if a significant reversal of the cumulative amounts of sales is probable in the context of the contract. Revenue Contract Costs The company has determined there are no material costs that meet the capitalization criteria for costs to obtain or fulfill a contract. Revenue Recognition Practical Expedients For contracts that have an original duration of one year or less, the company has elected the practical expedient applicable to such contracts and has not disclosed the transaction price for future performance obligations as of the end of each reporting period or when the company expects to recognize sales. The company has also elected the sales tax practical expedient; therefore, sales and other taxes assessed by a governmental authority that are collected concurrent with revenue-producing activities are excluded from the transaction price. For shipping and handling activities performed after a customer obtains control of the goods, the company has elected to account for these costs as activities to fulfill the promise to transfer the goods; therefore, these activities are not assessed as separate performance obligations. The company has also elected the significant financing component practical expedient which allows management to not assess whether the contract has a significant financing component in circumstances where, at contract inception, the expected contract duration is less than one year. Disaggregation of Sales The company disaggregates net sales by reportable segments, as disclosed in Note 3 Note 5 Note 3 Revenue Contract Balances The company enters into contracts to sell beverage packaging, aerosol packaging, and aerospace products. The payment terms and conditions in customer contracts vary. Those customers that prepay are represented by the contract liabilities shown in Note 5 Leases The company enters into operating leases, the accounting guidance for which requires a lessee to recognize a right-of-use (ROU) asset and a lease liability. The guidance also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight line basis. A contract is a lease or contains one when (1) the contract contains an explicitly or implicitly identified asset and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract in exchange for consideration. The company assesses whether an arrangement is a lease, or contains a lease, upon inception of the contract. The company enters into operating leases for buildings, warehouses, office equipment, production equipment, aircraft, land and other types of equipment. When readily determinable, the discount rate used to calculate the lease liability is the rate implicit in the lease. Otherwise, the company uses its incremental borrowing rate based on the information available at lease commencement. The company’s finance and short-term leases are immaterial. Many of the company’s leases include one or more renewal and/or termination options at the company’s discretion, which are included in the determination of the lease term if the company is reasonably certain to exercise the option. The company also enters into lease agreements that have variable payments, such as those related to usage or adjustments to certain indexes. Variable lease payments are recognized in the period in which those payments are incurred. Certain leases also include residual value guarantees; however, these amounts are not probable to be owed and are not included in the calculation of the lease liability. The company subleases all or portions of certain building and warehouse leases to third parties, all of which are classified as operating leases. Some of these arrangements offer the lessee renewal options. Fair Value Measurements Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): ● Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. ● Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. ● Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable. Acquisitions The company records acquisitions resulting in the consolidation of an enterprise using the purchase method of accounting. Under this method, the acquiring company records the assets acquired, including intangible assets that can be identified and named, and liabilities assumed based on their estimated fair values at the date of acquisition. The purchase price in excess of the fair value of the assets acquired and liabilities assumed is recorded as goodwill. If the assets acquired, net of liabilities assumed, are greater than the purchase price paid, then a bargain purchase has occurred and the company will recognize the gain immediately in earnings. Among other sources of relevant information, the company uses independent appraisals and actuarial or other valuations to assist in determining the estimated fair values of the assets and liabilities. Various assumptions are used in the determination of these estimated fair values including discount rates, market and volume growth rates, product selling prices, production costs and other prospective financial information. Transaction costs associated with acquisitions are expensed as incurred and included in the business consolidation and other activities line of the consolidated statement of earnings. For acquisitions where the company acquires a controlling interest and previously owned an equity investment in the entity, the company will recognize in earnings, upon the completion of the acquisition, a gain or loss related to the company’s prior equity investment. This gain or loss is calculated based on the fair value of the equity investment as compared to the carrying value of the existing equity investment on the date of acquisition. When the company purchases additional interests of consolidated subsidiaries, the difference between the fair value and carrying value of the noncontrolling interests acquired is accounted for in the common stock line within shareholders' equity. Business Consolidation and Other Activities The company estimates its liabilities for business closure activities by accumulating detailed estimates of costs and asset sale proceeds, if any, for each business consolidation initiative. This includes the estimated costs of employee severance, pension and related benefits; impairment of property and equipment and other assets, including estimates of net realizable value; accelerated depreciation; termination payments for contracts and leases; contractual obligations; and any other qualifying costs related to the exit plan, disposal or restructuring. These estimated costs are grouped by specific projects within the overall plans and are then monitored on a periodic basis. Such charges represent management’s best estimates, however, they require assumptions about the plans that may change over time. Changes in estimates for individual locations and other matters are evaluated periodically to determine if a change in estimate is required for the overall plan. Subsequent changes to the original estimates are included in current earnings and identified as business consolidation gains or losses. Stock-Based Compensation Ball has a variety of restricted stock, stock option, and stock-settled appreciation rights (SSARs) plans, an |
Accounting Pronouncements
Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Pronouncements | |
Accounting Pronouncements | 2. Accounting Pronouncements Recently Adopted Accounting Standards Supplier Finance Programs In 2022, new guidance was issued by the FASB with the goal of enhancing transparency around supplier finance programs. On January 1, 2023, Ball adopted all required disclosures effective for 2023, on a retrospective basis. The company will adopt the rollforward disclosure requirements, on a prospective basis, when they become effective in 2024. The company has several regional supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the company. The company establishes these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they enter into a factoring agreement with the financial institutions. Our suppliers’ participation in the programs is voluntary, and the company is not involved in negotiations of the suppliers’ arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers’ decisions to sell amounts under these programs. Under these supplier finance programs, the company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices, which vary based on the negotiated terms with each supplier. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. Our supplier finance programs do not include any of the following: guarantees to the financial institutions, assets pledged as securities or interest accruing on the obligation prior to the due date. Based on the review of the facts and circumstances of our supplier finance programs, including but not limited to those noted above, the company has concluded that the characteristics of the obligations due under our supplier finance programs have not changed and remain those of standard accounts payables, rather than indicative of debt. The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs was $709 million and $930 million at December 31, 2023 and 2022, respectively. These amounts are classified within accounts payable on the consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the consolidated statements of cash flows. Government Assistance Disclosure In 2021, new guidance was issued by the Financial Accounting Standards Board (FASB) related to the disclosure of government assistance received. The adoption of this new guidance did not have a material effect on the company’s consolidated financial statements New Accounting Guidance and Disclosure Requirements Income Tax Disclosures In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information in the income tax rate reconciliation table and regarding income taxes paid. The company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2025 annual report. Segment Reporting In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information about reportable segments, including more disaggregated expense information. The company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a retrospective basis in its 2024 annual report and interim periods thereafter. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Business Segment Information | |
Business Segment Information | 3. Business Segment Information Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the four reportable segments outlined below. Beverage packaging, North and Central America : Beverage packaging, EMEA : Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries. Ball sold its former operations located in Russia during the third quarter of 2022. See Note 4 for further details. Ball’s operations and results of its former Russian aluminum beverage packaging business are included in the results of the beverage packaging, EMEA, business through the date of the disposal in the third quarter of 2022. Beverage packaging, South America : Aerospace : See Note 4 for further details. As presented in the tables below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (aerosol packaging) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities. The accounting policies of the segments are the same as those used in the consolidated financial statements, as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings. In 2021, Ball sold its minority-owned investment in South Korea. In the first quarter of 2022, Ball sold its remaining equity method investment in Ball Metalpack. Refer to Note 4 for additional details on both transactions. Major Customers Net sales to major customers, as a percentage of consolidated net sales, were as follows: 2023 2022 2021 U.S. Government 14 % 12 % 13 % Anheuser-Busch InBev and affiliates 13 % 13 % 12 % Coca-Cola Bottlers' Sales & Services Company LLC and affiliates 11 % 11 % 10 % Summary of Net Sales by Geographic Area (a) ($ in millions) U.S. Brazil Other Consolidated 2023 $ 7,839 $ 1,408 $ 4,782 $ 14,029 2022 8,487 1,450 5,412 15,349 2021 7,284 1,458 5,069 13,811 (a) Revenue is attributed based on origin of sale and includes intercompany eliminations. Summary of Net Long-Lived Assets by Geographic Area (a) ($ in millions) U.S. Brazil Other Consolidated As of December 31, 2023 $ 4,186 $ 1,274 $ 3,361 $ 8,821 As of December 31, 2022 4,316 1,193 3,259 8,768 (a) Long-lived assets exclude goodwill and intangible assets. Summary of Business by Segment Years Ended December 31, ($ in millions) 2023 2022 2021 Net sales Beverage packaging, North and Central America $ 5,963 $ 6,696 $ 5,856 Beverage packaging, EMEA 3,395 3,854 3,509 Beverage packaging, South America 1,960 2,108 2,016 Aerospace 1,967 1,977 1,911 Reportable segment sales 13,285 14,635 13,292 Other 744 714 519 Net sales $ 14,029 $ 15,349 $ 13,811 Comparable operating earnings Beverage packaging, North and Central America $ 710 $ 642 $ 681 Beverage packaging, EMEA 354 358 452 Beverage packaging, South America 266 275 348 Aerospace 219 170 169 Reportable segment comparable operating earnings 1,549 1,445 1,650 Reconciling items Other (a) 12 (25) (65) Business consolidation and other activities (153) (71) (142) Amortization of acquired intangibles (135) (135) (152) Earnings before interest and taxes 1,273 1,214 1,291 Interest expense (459) (312) (270) Debt refinancing and other costs — (18) (13) Total interest expense (459) (330) (283) Earnings before taxes $ 814 $ 884 $ 1,008 (a) Includes undistributed corporate expenses, net, of $74 million, $82 million and $72 million for the years ended December 2023, 2022 and 2021, respectively. Years Ended December 31, ($ in millions) 2023 2022 2021 Depreciation and amortization (a) Beverage packaging, North and Central America $ 220 $ 219 $ 200 Beverage packaging, EMEA 178 185 223 Beverage packaging, South America 145 143 141 Aerospace 81 78 65 Reportable segment depreciation and amortization 624 625 629 Other 62 47 71 Depreciation and amortization $ 686 $ 672 $ 700 Capital expenditures Beverage packaging, North and Central America $ 311 $ 621 $ 697 Beverage packaging, EMEA 378 458 305 Beverage packaging, South America 129 267 334 Aerospace 106 142 198 Reportable segment capital expenditures 924 1,488 1,534 Other 121 163 192 Capital expenditures $ 1,045 $ 1,651 $ 1,726 (a) Includes amortization of acquired Rexam intangibles. The company does not disclose total assets by segment as it is not provided to the chief operating decision maker. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
Acquisitions and Dispositions | |
Acquisitions and Dispositions | 4. Acquisitions and Dispositions Aerospace In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball’s aerospace business. As of December 31, 2023, the Committee on Foreign Investment in the United States approved the closing of the transaction, but it was pending the approval, clearance, or waiting period expiration or termination required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, among other customary closing conditions. As of December 31, 2023, we were in the process of seeking such regulatory approval, clearance, or waiting period expiration or termination, but could not yet assert that it was probable that we would obtain the approval, clearance, or waiting period expiration or termination, or satisfy the other closing conditions. Due to these conditions, as of December 31, 2023, Ball’s aerospace business did not meet the requirements for held for sale presentation in Ball’s consolidated financial statements. On February 13, 2024, the company received approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and completed the divestiture of the aerospace business on February 16, 2024, for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the Agreement. The result, using the net assets of the aerospace business as of December 31, 2023, is an estimated pre-tax gain of $4.8 billion and an estimated $4.5 billion in after-tax proceeds. These estimates are subject to customary closing adjustments to the purchase price under the terms of the Agreement. The transaction represents a strategic shift and therefore, beginning with Ball’s quarterly report on Form 10-Q for the period ending March 31, 2024, the company’s consolidated financial statements will reflect the aerospace business’ historical financial results for periods prior to the divestiture as discontinued operations for all periods presented. Additionally, the completion of the divestiture results in the removal of the aerospace business from the company’s obligor group, as the business will no longer guarantee the company’s senior notes and senior credit facilities. Also, on February 14, 2024, Ball announced a public tender of the $1.00 billion 5.25% senior notes due July 2025 and the $750 million 4.875% senior notes due March 2026. Russia In the first quarter of 2022, the company announced that it was pursuing the sale of its aluminum beverage packaging business located in Russia. In the second quarter of 2022, Ball experienced deteriorating conditions and determined this constituted a triggering event for its Russian long-lived asset group. As a result, Ball performed a Level 3 expected cash flow recoverability analysis, using an income valuation approach with various scenarios, including a near-term sale of the business, to estimate the fair value of the long-lived assets, and recorded an impairment loss of $435 million during the second quarter of 2022. In the third quarter of 2022, the company completed the sale of its Russian aluminum beverage packaging business for total cash consideration of $530 million and recorded a gain on disposal of $222 million. When considering the impairment loss recorded during the second quarter 2022 of $435 million, the impairment loss net of gain on the sale of the Russian business was $213 million for the year ended December 31, 2022. The impairment loss in the second quarter and the gain on sale in the third quarter were recorded in business consolidation and other activities in the consolidated statement of earnings. Cash proceeds from the sale of $455 million, net of the cash on the disposed business, were received in the third quarter of 2022 and were presented in business dispositions, net of cash sold, in the consolidated statement of cash flows for the year ended December 31, 2022. In connection with this sale, Ball entered into a call option agreement that is contingently exercisable between September 2025 and September 2032, and if it becomes exercisable, will provide Ball the right to repurchase the business subject to the status of sanctions and certain other contingencies outside of Ball’s control. The option price, if exercised, would provide a customary compounded annual rate of return to the purchaser based on defined cash flows associated with the purchase and operation of the business from the purchase date through the exercise date of the option. Because the option strike price could limit the residual returns generated by the purchaser, if exercised, the option represents a variable interest retained by Ball in the Russian business. Based on the terms of the option relative to current market conditions in Russia, we determined that the option had an immaterial value at the date of sale. Neither the option nor any other terms in the sales agreement resulted in Ball being the primary beneficiary of the business and, therefore, it was deconsolidated. Ball Metalpack Investment During the first quarter of 2022, Ball sold its remaining 49 percent owned equity method investment in Ball Metalpack to Sonoco, a global provider of consumer, industrial, healthcare and protective packaging, for total consideration of $298 million, all of which was received in cash in the first quarter of 2022. Ball’s carrying value of the investment before the sale was zero; therefore, a gain from the sale of $298 million is reported in business consolidation and other activities in the consolidated statement of earnings. Cash proceeds of $298 million related to the sale are presented in business dispositions, net of cash sold, in the consolidated statement of cash flows. Ball also received proceeds from Ball Metalpack for the repayment of an outstanding promissory note and accrued interest of approximately $16 million, which was recorded as a gain in business consolidation and other activities in the consolidated statement of earnings. South Korea Investment In the third quarter of 2021, Ball sold its minority-owned investment in South Korea. Consideration for the transaction was cash of $120 million, of which $110 million was received at closing and is presented in business dispositions, net of cash sold, within cash flows from investing activities in Ball’s 2021 consolidated statement of cash flows. In the fourth quarter of 2022, the remaining $10 million was received and is presented in business dispositions, net of cash sold, within cash flows from investing activities in Ball’s 2022 consolidated statement of cash flows. In the second quarter of 2021, the company recorded a loss of $5 million related to the disposal |
Revenue from Contracts With Cus
Revenue from Contracts With Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contracts with Customers | |
Revenue from Contracts with Customers | 5. Revenue from Contracts with Customers The following table disaggregates the company’s net sales based on the timing of transfer of control: ($ in millions) Year Ended December 31, Point in Time Over Time Total 2023 $ 2,363 $ 11,666 $ 14,029 2022 2,699 12,650 15,349 2021 2,459 11,352 13,811 The company did not have any contract assets at December 31, 2023, 2022, or 2021. The opening and closing balances of the company’s current and noncurrent contract liabilities are as follows: Contract Contract Liabilities Liabilities ($ in millions) (Current) (Noncurrent) Balance at December 31, 2021 $ 272 $ 38 Increase (decrease) 44 (26) Balance at December 31, 2022 316 12 Increase (decrease) 21 (2) Balance at December 31, 2023 $ 337 $ 10 During the year ended December 31, 2023, contract liabilities increased by $19 million, which is net of cash received of $984 million and amounts recognized as sales of $965 million, the majority of which related to current contract liabilities. The amount of sales recognized during the year ended December 31, 2023, that was included in the company’s opening contract liabilities balance was $316 million, all of which related to current contract liabilities. The difference between the opening and closing balances of the company’s contract liabilities primarily results from timing differences between the company’s performance and the customer’s payments. Current contract liabilities are classified within other current liabilities on the consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities. The company also recognized additional sales of $20 million and $8 million during the years ended December 31, 2023 and 2022, respectively, from performance obligations satisfied (or partially satisfied) in prior periods. These sales amounts are the result of changes in the transaction price of the company’s contracts with customers. Transaction Price Allocated to Remaining Performance Obligations The table below discloses: (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for contracts with an original duration of greater than one year, and (2) when the company expects to record sales on these multi-year contracts. ($ in millions) Next Twelve Months Thereafter Total Sales expected to be recognized on multi-year contracts in place as of December 31, 2023 $ 1,612 $ 1,312 $ 2,924 The contracts with an original duration of less than one year, which are excluded from the table above based on the company’s election of the practical expedient, are primarily related to contracts where control will be fully transferred to the customers in less than one year. The nature of the remaining performance obligations within these contracts, as well as the nature of the variability and how it will be resolved, are described in Note 1 |
Business Consolidation and Othe
Business Consolidation and Other Activities | 12 Months Ended |
Dec. 31, 2023 | |
Business Consolidation and Other Activities | |
Business Consolidation and Other Activities | 6. Business Consolidation and Other Activities Following is a summary of business consolidation and other activity (charges)/income included in the consolidated statements of earnings: Years Ended December 31, ($ in millions) 2023 2022 2021 Beverage packaging, North and Central America $ (78) $ (74) $ (6) Beverage packaging, EMEA 5 (227) (7) Beverage packaging, South America (31) (29) 9 Other (49) 259 (138) $ (153) $ (71) $ (142) 2023 During 2023, the company recorded charges of $153 million primarily related to facility closure costs of $94 million, transaction costs of $41 million related to the sale of the company’s aerospace business and a $22 million foreign exchange loss associated with the company’s Argentina business. See Note 4 2022 During 2022, the company recorded charges of $71 million primarily related to the impairment losses on Russia’s long-lived asset group net of gain on the sale of $213 million, facility closure costs of $55 million and a charge related to a donation of $30 million to The Ball Foundation, offset by a gain of $298 million for the sale of Ball’s remaining equity method investment in Ball Metalpack. See Note 4 2021 During 2021, the company recorded charges of $142 million primarily related to a noncash settlement loss of $138 million for the purchase of non-participating group annuity contracts and lump-sum payments to settle the projected pension benefit obligations for certain of Ball’s U.S. defined benefit pension plans, which triggered settlement accounting. The settlement loss primarily reflects recognition of unamortized actuarial losses in these U.S. pension plans. See Note 17 |
Supplemental Cash Flow Statemen
Supplemental Cash Flow Statement Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Statement Disclosures | |
Supplemental Cash Flow Statement Disclosures | 7. Supplemental Cash Flow Statement Disclosures December 31, ($ in millions) 2023 2022 Beginning of period: Cash and cash equivalents $ 548 $ 563 Current restricted cash (included in other current assets) 10 16 Total cash, cash equivalents and restricted cash $ 558 $ 579 End of period: Cash and cash equivalents $ 695 $ 548 Current restricted cash (included in other current assets) 15 10 Total cash, cash equivalents and restricted cash $ 710 $ 558 The company’s restricted cash is primarily related to receivables factoring programs and represents amounts collected from customers that have not yet been remitted to the banks as of the end of the reporting period. Noncash investing activities include the acquisition of property, plant and equipment (PP&E) for which payment has not been made. These noncash capital expenditures are excluded from the consolidated statements of cash flows. A summary of the PP&E acquired but not yet paid for is as follows: December 31, ($ in millions) 2023 2022 Beginning of period: PP&E acquired but not yet paid $ 392 $ 540 End of period: PP&E acquired but not yet paid $ 204 $ 392 |
Receivables, Net
Receivables, Net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables, Net | |
Receivables, Net | 8. Receivables, Net December 31, ($ in millions) 2023 2022 Trade accounts receivable $ 1,197 $ 1,373 Unbilled receivables 764 746 Less: Allowance for doubtful accounts (15) (12) Net trade accounts receivable 1,946 2,107 Other receivables 388 487 $ 2,334 $ 2,594 Net accounts receivable under long-term contracts, due primarily from agencies of the U.S. government and their prime contractors, were $282 million at December 31, 2023 and 2022, and included $250 million and $267 million at December 31, 2023 and 2022, respectively, representing the recognized sales value of performance that was not yet billable to customers. The average length of the long-term contracts was approximately two years, and the average length remaining on those contracts at December 31, 2023, was six months. At December 31, 2023, $277 million of net accounts receivables is expected to be collected within the next year and is related to customary fees and cost withholdings that will be paid upon milestone or contract completions, as well as final overhead rate settlements. Other receivables include income and indirect tax receivables, aluminum scrap sale receivables and other miscellaneous receivables. The company has entered into several regional uncommitted and committed accounts receivable factoring programs with various financial institutions for certain receivables of the company. The programs are accounted for as true sales of the receivables and had combined limits of approximately $2.00 billion and $2.04 billion at December 31, 2023 and 2022, respectively. A total of $350 million and $488 million were available for sale under these programs as of December 31, 2023 and 2022, respectively. The company has recorded $97 million, $67 million and $41 million of expense related to its factoring programs in 2023, 2022 and 2021, respectively, and has presented these amounts in selling, general, and administrative in its consolidated statements of earnings. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2023 | |
Inventories, Net | |
Inventories, Net | 9. Inventories, Net December 31, ($ in millions) 2023 2022 Raw materials and supplies $ 1,209 $ 1,541 Work-in-process and finished goods 440 729 Less: Inventory reserves (90) (91) $ 1,559 $ 2,179 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net | |
Property, Plant and Equipment, Net | 10. Property, Plant an d Equipment, Net December 31, ($ in millions) 2023 2022 Land $ 221 $ 187 Buildings 2,418 2,159 Machinery and equipment 8,119 7,277 Construction-in-progress 1,240 1,504 11,998 11,127 Accumulated depreciation (4,618) (4,074) $ 7,380 $ 7,053 Property, plant and equipment are stated at historical or acquired cost. Depreciation expense amounted to $528 million, $507 million and $520 million for the years ended December 31, 2023, 2022 and 2021, respectively. During 2022, the company completed an evaluation of the estimated useful lives of its manufacturing equipment, buildings and certain assembly and test equipment. The company utilized a third-party appraiser to assist in the evaluation, which was performed as a result of the company’s experience with the duration over which its equipment can be utilized. Effective July 1, 2022, Ball revised the estimated useful lives of its equipment and buildings, which resulted in a net reduction in depreciation expense of approximately $52 million ($40 million after tax, or $0.13 per diluted share) for the year ended December 31, 2023, and a net reduction in depreciation expense of approximately $49 million ($37 million after tax, or $0.12 per diluted share) for the year ended December 31, 2022, as compared to the amount of depreciation expense that would have been recognized by utilizing the prior depreciable lives. As discussed in Note 4 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets, Net | |
Goodwill | 11. Goodwill ($ in millions) Beverage Packaging, North & Central America Beverage Packaging, EMEA Beverage Packaging, South America Aerospace Other Total Balance at December 31, 2021 $ 1,275 $ 1,483 $ 1,298 $ 40 $ 282 $ 4,378 Business dispositions — (101) — — — (101) Effects of currency exchange — (40) — — (2) (42) Balance at December 31, 2022 $ 1,275 $ 1,342 $ 1,298 $ 40 $ 280 $ 4,235 Effects of currency exchange — 36 — — 17 53 Other 2 — — — — 2 Balance at December 31, 2023 $ 1,277 $ 1,378 $ 1,298 $ 40 $ 297 $ 4,290 During 2022, the company sold its Russian aluminum beverage packaging business, which resulted in a $101 million decrease in goodwill in the beverage packaging, EMEA, segment. See Note 4 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets, Net | |
Intangible Assets, Net | 12. Intangible Assets, Net December 31, ($ in millions) 2023 2022 Acquired customer relationships and other intangibles (net of accumulated amortization and impairment losses of $1.06 billion at December 31, 2023, and $914 million at December 31, 2022) $ 1,197 $ 1,320 Capitalized software (net of accumulated amortization of $222 million at December 31, 2023, and $204 million at December 31, 2022) 98 80 Other intangibles (net of accumulated amortization of $51 million at December 31, 2023, and $99 million at December 31, 2022) 14 17 $ 1,309 $ 1,417 Total amortization expense of intangible assets amounted to $158 million, $165 million and $180 million for the years ended December 31, 2023, 2022 and 2021, respectively including $135 million in 2023 and 2022, and $152 million in 2021 of amortization expense related to the acquired intangible assets. Based on intangible asset values and currency exchange rates as of December 31, 2023 total annual intangible asset amortization expense is expected to be $159 million, $160 million, $156 million, $151 million and $147 million for the years ending December 31, 2024 through 2028, respectively, and approximately $536 million combined for all years thereafter. As discussed in Note 4 acquired customer relationships |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets.. | |
Other Assets. | 13. Other Asset s December 31, ($ in millions) 2023 2022 Long-term pension assets $ 41 $ 355 Right-of-use operating lease assets 440 434 Investments in affiliates 212 193 Long-term deferred tax assets 114 73 Other 634 660 $ 1,441 $ 1,715 Investments in affiliates primarily includes the company’s 50 percent ownership interest in an entity in Guatemala, a 50 percent ownership interest in an entity in Panama, a 50 percent ownership interest in an entity in Vietnam and an ownership interest of 50 percent in an entity in the U.S. See Note 14 Note 16 Note 17 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | 14. Lease s The components of lease expense were as follows: December 31, ($ in millions) 2023 2022 Operating lease expense $ (117) $ (110) Financing lease expense (2) (2) Variable lease expense (17) (22) Sublease income 3 3 Net lease expense $ (133) $ (131) Supplemental cash flow information related to leases was as follows: December 31, ($ in millions) 2023 2022 Cash paid for amounts included in the measurements of lease liabilities: Operating cash outflows for operating leases $ (113) $ (99) Financing cash outflows for finance leases (3) (2) ROU assets obtained in exchange for: Operating lease obligations 64 118 Supplemental balance sheet information related to leases was as follows: December 31, ($ in millions) Balance Sheet Location 2023 2022 Operating leases: Operating lease ROU asset Other assets $ 440 $ 434 Current operating lease liabilities Other current liabilities 93 91 Noncurrent operating lease liabilities Other liabilities 356 349 Finance leases: Finance lease ROU assets, net Property, plant and equipment, net 8 11 Current finance lease liabilities Short-term debt and current portion of long-term debt 3 2 Noncurrent finance lease liabilities Long-term debt 7 10 Weighted average remaining lease term and weighted average discount rate for the company’s leases were as follows: December 31, 2023 2022 Weighted average remaining lease term in years: Operating leases 9 10 Finance leases 5 6 Weighted average discount rate: Operating leases 4.1 % 3.8 % Finance leases 3.0 % 3.0 % Maturities of lease liabilities are as follows: ($ in millions) Operating Leases Finance Leases 2024 $ 101 $ 3 2025 81 2 2026 65 2 2027 57 1 2028 48 1 Thereafter 176 2 Future value of lease liabilities 528 11 Less: Imputed interest (79) (1) Present value of lease liabilities $ 449 $ 10 |
Debt and Interest Costs
Debt and Interest Costs | 12 Months Ended |
Dec. 31, 2023 | |
Debt and Interest Costs | |
Debt and Interest Costs | 15. Debt and Interest Costs Long-term debt and interest rates in effect consisted of the following: December 31, ($ in millions) 2023 2022 Senior Notes 4.00% due November 2023 $ — $ 1,000 0.875%, euro denominated, due March 2024 828 803 5.25% due July 2025 1,000 1,000 4.875% due March 2026 750 750 1.50%, euro denominated, due March 2027 607 589 6.875% due March 2028 750 750 6.00% due June 2029 1,000 — 2.875% due August 2030 1,300 1,300 3.125% due September 2031 850 850 Senior Credit Facility (at variable rates) U.S. dollar revolver due June 2027 — 200 Term A loan due June 2027 (6.71% - 2023) 1,325 1,350 Finance lease obligations 10 12 Other (including debt issuance costs) (60) (61) 8,360 8,543 Less: Current portion (856) (1,003) $ 7,504 $ 7,540 The company’s senior credit facilities include long-term multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At December 31, 2023, $1.69 billion was available under these revolving credit facilities. In addition to these facilities, the company had $196 million of committed short-term loans outstanding. The company also had approximately $964 million of short-term uncommitted credit facilities available at December 31, 2023, of which $13 million was outstanding and due on demand. At December 31, 2022, the company had $293 million of committed short-term loans outstanding and $112 million outstanding under short-term uncommitted credit facilities. The weighted average interest rate of the outstanding short-term facilities was 19.95 percent at December 31, 2023, and 6.71 percent at December 31, 2022. In November 2023, Ball redeemed the outstanding 4.00% senior notes due in the amount of $1.00 billion. In May 2023, Ball issued $1.00 billion of 6.00% senior notes due in 2029, and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $800 million. The fair value of Ball’s long-term debt was estimated to be $8.07 billion and $7.99 billion at December 31, 2023 and 2022, respectively, compared to its carrying value of $8.36 billion and $8.54 billion in 2023 and 2022, respectively. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company’s ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt, based on discounted cash flows. Long-term debt obligations outstanding at December 31, 2023, have maturities (excluding unamortized debt issuance costs of $62 million) of $858 million, $1.05 billion, $819 million, $1.79 billion and $751 million in the years ending 2024 through 2028, respectively, and $3.15 billion thereafter. Letters of credit outstanding at December 31, 2023 and 2022, were $57 million and $59 million, respectively. Total interest expense was $459 million, $330 million and $283 million, which included cash interest payments of $378 million, $312 million and $276 million, net of capitalized interest of $25 million, $10 million and $17 million and noncash financing fees of $17 million, $16 million and $13 million in 2023, 2022 and 2021, respectively. The company’s senior notes and senior credit facilities are guaranteed on a full and unconditional, joint and several basis by certain of its material subsidiaries. Each of the guarantor subsidiaries is 100 percent owned by Ball Corporation. These guarantees are required in support of these notes and credit facilities, are coterminous with the terms of the respective note indentures and would require performance upon certain events of default referenced in the respective guarantees. Note 23 The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The company’s most restrictive debt covenant requires it to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of September 30, 2025. Ball was in compliance with the leverage ratio requirement at December 31, 2023 and 2022. |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2023 | |
Taxes on Income | |
Taxes on Income | 16. Taxes on Income The amount of earnings (loss) before income taxes is: Years Ended December 31, ($ in millions) 2023 2022 2021 U.S. $ 258 $ 496 $ 146 Non-U.S. 556 388 862 $ 814 $ 884 $ 1,008 The provision (benefit) for income tax expense is: Years Ended December 31, ($ in millions) 2023 2022 2021 Current U.S. $ 10 $ 9 $ (20) State and local 11 18 8 Non-U.S. 169 134 133 Total current 190 161 121 Deferred U.S. (74) 90 (7) State and local 6 7 (4) Non-U.S. 1 (99) 46 Total deferred (67) (2) 35 Tax provision (benefit) $ 123 $ 159 $ 156 The income tax provision recorded within the consolidated statements of earnings differs from the provision determined by applying the U.S. statutory tax rate to pretax earnings as a result of the following: Years Ended December 31, ($ in millions) 2023 2022 2021 Statutory U.S. federal income tax $ 171 $ 186 $ 212 Increase (decrease) due to: Non-U.S. tax rate differences including tax holidays (38) (21) (32) Non-U.S. tax law and rate changes 3 12 43 Currency exchange (gain) loss on revaluation of deferred tax balances (13) (8) 4 Global intangible low-taxed income (GILTI) 4 5 18 Permanent differences on business dispositions or impairments — (12) 4 U.S. state and local taxes, net 13 20 4 U.S. taxes on non-U.S. earnings, net of tax deductions and credits (38) 4 4 U.S. research and development credits (67) (28) (50) Uncertain tax positions, including interest (4) (10) (19) Change in valuation allowances 106 (4) (3) Equity compensation related impacts (6) 14 (10) U.S. CARES Act — — (10) Other, net (8) 1 (9) Provision (benefit) for taxes $ 123 $ 159 $ 156 Effective tax rate expressed as a percentage of pretax earnings 15.1 % 18.0 % 15.5 % The company generally intends to limit distributions from non-U.S. subsidiaries to earnings previously taxed in the U.S. As of December 31, 2023, the company has $2.32 billion of adjusted retained earnings in non-U.S. subsidiaries. Of these undistributed earnings, $943 million were previously subjected to U.S. federal income tax. The company has accrued approximately $61 million for estimated non-U.S. withholding taxes on portions of the non-U.S. earnings that are not indefinitely reinvested. The company has not provided deferred taxes on any other outside basis differences in its investments in other non-U.S. subsidiaries as these other outside basis differences are indefinitely reinvested. A determination of the unrecognized deferred taxes related to any of these other outside basis differences is not practicable. Ball’s Serbian and Polish subsidiaries benefit from tax holidays which reduced income taxes by $6 million, $3 million and $2 million in 2023, 2022 and 2021, respectively. These tax holidays have expiration dates ranging from 2026 to 2036. Several of Ball’s Brazilian subsidiaries benefit from various tax holidays with expiration dates ranging from 2023 to 2032. These tax holidays reduced income tax by $71 million or $0.22 per share, $59 million or $0.18 per share and $74 million or $0.23 per share for 2023, 2022 and 2021, respectively. On December 29, 2023, Brazil enacted legislation negatively impacting a minority of the tax holiday benefits the company expects to recognize from its Brazilian subsidiaries beginning in 2024. The company’s evaluation of this potential impact is ongoing. Net income tax payments were $179 million, $143 million and $136 million in 2023, 2022 and 2021, respectively. The significant components of deferred tax assets and liabilities are as follows: December 31, ($ in millions) 2023 2022 Deferred tax assets: Deferred compensation $ 81 $ 74 Accrued employee benefits 71 66 Accrued pensions 90 74 Capitalized research and development 289 113 Net operating losses, tax credits and other tax attributes 640 413 Deferred interest 178 105 Operating lease liabilities 102 93 Other 134 180 Total deferred tax assets 1,585 1,118 Valuation allowance (386) (275) Net deferred tax assets 1,199 843 Deferred tax liabilities: Property, plant and equipment (620) (574) Goodwill and other intangible assets (448) (484) Pension assets (11) (89) Deferred revenue (a) (241) — Operating lease right of use assets (96) (91) Other (90) (72) Total deferred tax liabilities (1,506) (1,310) Net deferred tax asset (liability) $ (307) $ (467) (a) During 2023, the Internal Revenue Service issued guidance on the research and experimental expenditure capitalization requirements that were effective beginning January 1, 2022. Among other items, the notice provided additional guidance on the impacts the capitalization requirements have on the recognition of revenue for U.S. federal tax purposes. As a result of this new guidance, the company had a significant increase in deferred tax liabilities related to deferred revenue during the year. The net deferred tax asset (liability) was included in the consolidated balance sheets as follows: December 31, ($ in millions) 2023 2022 Other assets $ 114 $ 73 Deferred taxes (421) (540) Net deferred tax asset (liability) $ (307) $ (467) At December 31, 2023, Ball has recorded deferred tax assets related to net operating and capital loss carryforwards of $333 million, deferred interest expense carryforwards of $178 million, and credit carryforwards for foreign taxes, research and development and various other business credits of $307 million. These attributes are spread across the regions in which the company operates, including Europe, North and Central America, Asia and South America. The majority of the attributes with expiration dates consist of $230 million of research and development credits which expire beginning 2037 through 2043, and $58 million of foreign tax credits which expire beginning 2027 through 2033. Each has been assessed for realization as of December 31, 2023. In 2023, the company’s overall valuation allowances increased by a net $111 million. The increase was primarily due to losses incurred in various non-operating U.K. entities. The valuation allowance was further increased due to nondeductible U.K. interest expense, and operating losses related to the Argentinean beverage packaging business, driven by the sudden devaluation of the Argentine peso. Ball’s 2023 effective tax rate was impacted by $106 million of the net change in the valuation allowance. In 2022, the company’s overall valuation allowances decreased by a net $28 million. The decrease was primarily due to currency exchange fluctuations and the reduction of the valuation allowance related to the Indian beverage packaging business. These decreases were partially offset by increases due to nondeductible U.K. interest expense and certain U.S. tax credits, none of which are expected to be utilized in future periods. Ball’s 2022 effective tax rate was impacted by $4 million of the net change in the valuation allowance. In 2021, the company’s overall valuation allowances increased by a net $39 million. The increase to the valuation allowance was primarily due to enacted tax rate changes in the U.K. The valuation allowance was further increased due to nondeductible U.K. interest expense and operating losses incurred primarily in various U.S. state and non-U.S. jurisdictions, none of which are expected to be utilized in future periods. These increases were partially offset by reductions due to the utilization of previously unrealized operating losses. Ball’s 2021 effective tax rate was impacted by $3 million of the change in the valuation allowance. A roll forward of the company’s unrecognized tax benefits, as included in other noncurrent liabilities, related to uncertain income tax positions at December 31 follows: ($ in millions) 2023 2022 2021 Balance at January 1 $ 32 $ 36 $ 55 Additions for tax positions of prior years 1 5 — Reductions for settlements (5) — — Reductions due to lapse of statute of limitations — (7) (17) Reductions due to business dispositions — (1) — Effect of currency exchange rates — (1) (2) Balance at December 31 $ 28 $ 32 $ 36 The annual provisions for income taxes included a tax benefit related to uncertain tax positions, including interest and penalties, of $4 million in 2023, $10 million in 2022 and $19 million in 2021. At December 31, 2023, the amounts of unrecognized tax benefits that, if recognized, would reduce tax expense were $26 million, inclusive of interest, penalties and the indirect benefits of related items. The company and its subsidiaries file income tax returns in the U.S. federal, various state, local and non-U.S. jurisdictions. The U.S. federal statute of limitations is closed for years prior to 2014. With a few exceptions, the company is no longer subject to examination by state and local tax authorities for years prior to 2014. The company’s significant non-U.S. filings are in Argentina, Brazil, Canada, Chile, the Czech Republic, Egypt, France, Germany, Italy, Mexico, the Netherlands, Paraguay, Poland, Serbia, Spain, Sweden, Switzerland, Turkey and the U.K. The company’s non-U.S. statutes of limitations are generally open for years after 2018. At December 31, 2023, the company is either under examination or has been notified of a pending examination by tax authorities in Argentina, Brazil, the Czech Republic, Egypt, France, Germany, India, the Netherlands, Paraguay, Saudi Arabia, Spain, Switzerland, the U.K. and various U.S. states. Due primarily to potential expiration of certain statutes of limitations and settlements, it is reasonably possible that a decrease of approximately $3 million in the total amount of unrecognized tax benefits may occur within the coming year, some of which would reduce income tax expense. The company recognizes the accrual of interest and penalties related to unrecognized tax benefits in income tax expense. Ball recognized $1 million of tax benefit, $3 million of tax benefit and $2 million of tax benefit in 2023, 2022 and 2021, respectively, for potential interest on these items. At December 31, 2023, 2022 and 2021, the accrual for uncertain tax positions included potential interest expense of $3 million, $4 million and $6 million, respectively. The company accrued penalties of $2 million in 2021. In July 2023, the U.K. enacted minimum tax legislation consistent with the Organization for Economic Co-operation and Development’s (OECD) Pillar Two Framework that was supported by over 130 countries worldwide. The legislation will be effective for the company beginning on January 1, 2024. A significant number of other countries are also moving forward with similar legislation. The company is currently evaluating the potential impact this legislation may have on its consolidated financial statements beginning in 2024. |
Employee Benefit Obligations
Employee Benefit Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Obligations | |
Employee Benefit Obligations | 17. Employee Benefit Obligations December 31, ($ in millions) 2023 2022 Underfunded defined benefit pension liabilities $ 487 $ 423 Less: Current portion (21) (21) Long-term defined benefit pension liabilities 466 402 Long-term retiree medical liabilities 90 94 Deferred compensation plans 280 286 Other 62 65 $ 898 $ 847 The company’s defined benefit plans for salaried employees, as well as those for hourly employees in Sweden, Switzerland, the U.K. and Ireland, provide pension benefits based on employee compensation and years of service. Plans for North American hourly employees provide benefits based on fixed rates for each year of service. While the German, Swedish and certain U.S. plans are not funded, the company maintains liabilities, and annual additions to such liabilities are generally tax-deductible. With the exception of the unfunded German, Swedish and certain U.S. plans, the company’s policy is to fund the defined benefit plans in amounts at least sufficient to satisfy statutory funding requirements, taking into consideration deductibility under existing tax laws and regulations. The company closed its pension plans to all non-unionized new entrants in the United States effective for anyone hired after December 31, 2021. Anyone employed by Ball prior to that date is unaffected by this change. Defined Benefit Pension Plans Amounts recognized in the consolidated balance sheets for the funded status of the company’s defined benefit pension plans consisted of: December 31, 2023 2022 ($ in millions) U.S. Non-U.S. Total U.S. Non-U.S. Total Long-term pension asset $ — $ 41 $ 41 $ — $ 355 $ 355 Defined benefit pension liabilities (a) (304) (183) (487) (254) (169) (423) Funded status $ (304) $ (142) $ (446) $ (254) $ 186 $ (68) (a) Included is an unfunded, non-qualified U.S. plan obligation of $22 million at December 31, 2023, that has been annuitized with a corresponding asset of $21 million. At December 31, 2022, the unfunded non-qualified U.S. plan obligation of $22 million was annuitized with a corresponding asset of $21 million. An analysis of the change in benefit accounts for 2023 and 2022 follows: December 31, 2023 2022 ($ in millions) U.S. Non-U.S. Total U.S. Non-U.S. Total Change in projected benefit obligation: Benefit obligation at prior year end $ 1,671 $ 1,802 $ 3,473 $ 2,304 $ 3,189 $ 5,493 Service cost 53 5 58 88 10 98 Interest cost 86 86 172 54 47 101 Benefits paid (142) (125) (267) (200) (140) (340) Net actuarial (gains) losses 62 322 384 (557) (999) (1,556) Settlements and other (2) — (2) (20) — (20) Other 3 — 3 2 (1) 1 Effect of exchange rates — 101 101 — (304) (304) Benefit obligation at year end 1,731 2,191 3,922 1,671 1,802 3,473 Change in plan assets: Fair value of assets at prior year end 1,417 1,988 3,405 1,960 3,530 5,490 Actual return on plan assets 130 62 192 (425) (1,075) (1,500) Employer contributions (a) 17 2 19 100 3 103 Contributions to unfunded plans (a) 7 16 23 6 15 21 Benefits paid (142) (125) (267) (200) (140) (340) Settlements and other (2) — (2) (24) — (24) Other — 1 1 — 2 2 Effect of exchange rates — 105 105 — (347) (347) Fair value of assets at end of year 1,427 2,049 3,476 1,417 1,988 3,405 Funded status $ (304) $ (142) $ (446) $ (254) $ 186 $ (68) (a) Employer contributions are presented in pension contributions in the operating activities section in the consolidated statements of cash flows for the years ended December 31, 2023 and 2022. The company’s German, Swedish and certain U.S. plans are unfunded and the liabilities are included in the consolidated balance sheets. Benefits are paid directly by the company to the participants. Amounts recognized in accumulated other comprehensive earnings (loss), including other postemployment benefits, consisted of: December 31, 2023 2022 ($ in millions) U.S. Non-U.S. Total U.S. Non-U.S. Total Net actuarial (loss) gain $ (261) $ (428) $ (689) $ (208) $ (57) $ (265) Net prior service (cost) credit 12 (43) (31) 14 (43) (29) Tax effect and currency exchange rates 73 110 183 58 9 67 $ (176) $ (361) $ (537) $ (136) $ (91) $ (227) Net actuarial losses increased by $424 million during 2023, principally due to the and a decrease in global discount rates. The accumulated benefit obligation for all U.S. defined benefit pension plans was $1,640 million and $1,590 million at December 31, 2023 and 2022, respectively. The accumulated benefit obligation for all non-U.S. defined benefit pension plans was $2,189 million and $1,800 million at December 31, 2023 and 2022, respectively. Following is the information for defined benefit plans with a projected benefit obligation, or an accumulated benefit obligation, in excess of plan assets: December 31, 2023 2022 ($ in millions) U.S. Non-U.S. Total U.S. Non-U.S. Total Projected benefit obligation $ 1,731 $ 245 $ 1,976 $ 1,671 $ 181 $ 1,852 Accumulated benefit obligation 1,640 243 1,883 1,590 178 1,768 Fair value of plan assets (a) 1,427 63 1,490 1,417 11 1,428 (a) The German, Swedish and certain U.S. plans are unfunded and, therefore, there is no fair value of plan assets associated with these plans. Components of net periodic benefit cost were as follows: Years Ended December 31, 2023 2022 2021 ($ in millions) U.S. Non-U.S. Total U.S. Non-U.S. Total U.S. Non-U.S. Total Ball-sponsored plans: Service cost $ 53 $ 5 $ 58 $ 88 $ 10 $ 98 $ 83 $ 13 $ 96 Interest cost 86 86 172 54 47 101 50 36 86 Expected return on plan assets (115) (101) (216) (108) (61) (169) (117) (65) (182) Amortization of prior service cost 1 2 3 1 2 3 1 3 4 Recognized net actuarial loss 3 1 4 28 4 32 45 5 50 Settlement losses and other charges (a) 4 — 4 14 — 14 135 — 135 Total net periodic benefit cost $ 32 $ (7) $ 25 $ 77 $ 2 $ 79 $ 197 $ (8) $ 189 (a) Settlement losses and other charges resulted primarily from regular lump sum payments, purchases of non-participating group annuity contracts, headcount reduction actions and terminated vested buy-out activities. These settlement losses were recorded in business consolidation and other activities. The company’s impacted U.S. pension obligations were remeasured in connection with the settlements. Non-service pension income of $37 million in 2023, $33 million in 2022 and $42 million in 2021, is included in selling, general, and administrative (SG&A) expenses in the consolidated statements of earnings. Contributions to the company’s defined benefit pension plans are expected to be approximately $75 million in 2024. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors. Benefit payments related to the plans are expected to be approximately $259 million, $260 million, $265 million, $265 million and $265 million for the years ending December 31, 2024 through 2028, respectively, and approximately $1.29 billion in total for the years ending December 31, 2029 through 2033. Weighted average assumptions used to determine benefit obligations for the company’s significant U.S. plans at December 31 were as follows: U.S. 2023 2022 2021 Discount rate 5.19 % 5.52 % 2.87 % Rate of compensation increase 4.48 % 4.47 % 4.48 % Weighted average assumptions used to determine benefit obligations for the company’s significant European plans at December 31 were as follows: U.K. Germany 2023 2022 2021 2023 2022 2021 Discount rate 3.95 % 5.01 % 1.81 % 3.14 % 3.69 % 1.12 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 2.69 % 2.68 % 2.50 % Pension increase 3.34 % 3.43 % 3.64 % 2.18 % 1.80 % 1.70 % Weighted average assumptions used to determine net periodic benefit cost for the company’s significant U.S. plans for the years ended December 31 were as follows: U.S. 2023 2022 2021 Discount rate 5.52 % 2.87 % 2.49 % Rate of compensation increase 4.47 % 4.48 % 4.05 % Expected long-term rate of return on assets 7.09 % 6.11 % 6.32 % Weighted average assumptions used to determine net periodic benefit cost for the company’s significant European plans for the years ended December 31 were as follows: U.K. Germany 2023 2022 2021 2023 2022 2021 Discount rate 5.01 % 1.81 % 1.39 % 3.70 % 1.12 % 0.80 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 2.69 % 2.50 % 2.50 % Pension increase 3.43 % 3.64 % 3.19 % 1.80 % 1.70 % 1.50 % Expected long-term rate of return on assets 5.11 % 1.91 % 1.74 % N/A N/A N/A The discount and compensation increase rates used above to determine the December 31, 2023, benefit obligations will be used to determine net periodic benefit cost for 2024. A reduction of the expected return on pension assets assumption by one quarter of a percentage point would result in an approximate $9 million increase in 2024 pension expense, while a quarter of a percentage point reduction in the discount rate applied to the pension liability would result in an approximate $12 million increase to pension expense in 2024. Accounting for pensions and postretirement benefit plans requires that the benefit obligation be discounted to reflect the time value of money at the measurement date and Other factors used in measuring the obligation include compensation increases, health care cost increases, future rates of inflation, mortality and employee turnover. Actual results may differ from the company’s actuarial assumptions, which may have an impact on the amount of reported expense or liability for pensions settlement and other charges the and a decrease in global discount rates. The assumption related to the expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested to provide for pension benefits over the life of the plans. The assumption was based upon Ball’s pension plan asset allocations, investment strategies and the views of its investment managers, consultants and other large pension plan sponsors. Some reliance was placed on the historical and expected asset returns of the company’s plans. An asset-allocation optimization model was used to project future asset returns using simulation and asset class correlation. The analysis included expected future risk premiums, forward-looking return expectations derived from the yield on long-term bonds and the price earnings ratios of major stock market indexes, expected inflation levels and real risk-free interest rate assumptions and the fund’s expected asset allocation. The expected long-term rates of return on assets were calculated by applying the expected rate of return to a market-related value of plan assets at the beginning of the year, adjusted for the weighted average expected contributions and benefit payments. The market-related value of plan assets used to calculate the expected return was $3,683 million for 2023, $3,651 million for 2022 and $5,633 million for 2021. Defined Benefit Pension Plan Assets Policies and Allocation Information Pension investment committees or scheme trustees of the company and its relevant subsidiaries establish investment policies and strategies for the company’s pension plan assets. The investment policies and strategies include the following common themes to: (1) provide for long-term growth of principal without undue exposure to risk, (2) minimize contributions to the plans, (3) minimize and stabilize pension expense and (4) achieve a rate of return equal to or above the market average for each asset class over the long term. The pension investment committees are required to regularly, but no less frequently than annually, review asset mix and asset performance, as well as the performance of the investment managers. Based on their reviews, which are generally conducted quarterly, investment policies and strategies are revised as appropriate. Target asset allocations are set using a minimum and maximum range for each asset category as a percent of the total funds’ market value. Following are the target asset allocations established as of December 31, 2023: U.S. U.K. Cash and cash equivalents — % 0-5 % Equity securities 20-40 % 0-5 % Fixed income securities 40-70 % — % Insurance contract — % 90-100 % Alternative investments 5-25 % — % The actual weighted average asset allocations for Ball’s defined benefit pension plans, which individually were within the established targets for each country for that year, were as follows at December 31: 2023 2022 Cash and cash equivalents 2 % 2 % Equity securities 16 % 16 % Fixed income securities 25 % 77 % Insurance contract 55 % — % Alternative investments 2 % 5 % 100 % 100 % Fair Value Measurements of Pension Plan Assets Following is a description of the valuation methodologies used for pension assets measured at fair value: Cash and cash equivalents: Corporate equity securities: U.S. government and agency securities: Corporate bonds and notes: Group Annuity insurance contract Commingled funds: NAV practical expedient: The preceding methods described may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, although the company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of pension assets and liabilities and their placement within the fair value hierarchy levels. The fair value hierarchy levels assigned to the company’s defined benefit plan assets are summarized in the tables below: December 31, 2023 ($ in millions) Level 1 Level 2 Total U.S. pension assets, at fair value: Cash and cash equivalents $ — $ 42 $ 42 U.S. government, agency and asset-backed securities: Municipal bonds — 11 11 Treasury bonds 176 — 176 Other — 11 11 Non-U.S. government bonds — 14 14 Corporate bonds and notes: Basic materials — 6 6 Communications — 45 45 Consumer discretionary — 19 19 Consumer staples — 62 62 Energy — 39 39 Financials — 46 46 Industrials — 41 41 Information technology — 6 6 Private placement — 1 1 Utilities — 57 57 Total level 1 and level 2 $ 176 $ 400 576 Other investments measured at net asset value (a) 851 Total assets $ 1,427 (a) Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation. December 31, 2022 ($ in millions) Level 1 Level 2 Total U.S. pension assets, at fair value: Cash and cash equivalents $ — $ 13 $ 13 U.S. government, agency and asset-backed securities: Municipal bonds — 11 11 Treasury bonds 147 — 147 Other — 4 4 Non-U.S. government bonds — 11 11 Corporate bonds and notes: Basic materials — 4 4 Communications — 18 18 Consumer discretionary — 6 6 Consumer staples — 17 17 Energy — 12 12 Financials — 99 99 Industrials — 140 140 Information technology — 8 8 Private placement — 1 1 Utilities — 49 49 Total level 1 and level 2 $ 147 $ 393 540 Other investments measured at net asset value (a) 877 Total assets $ 1,417 (a) Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation. December 31, ($ in millions) 2023 2022 U.K. pension assets, at fair value: Cash and cash equivalents $ 31 $ 29 Equity commingled funds 20 51 U.K. government bonds — 1,092 Other 4 20 Total level 1 55 1,192 Level 2: Investment funds - corporate bonds — 688 Level 3: Insurance annuity contract 1,935 — Other investments measured at net asset value (a) — 56 Total assets $ 1,990 $ 1,936 (a) Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation. In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or “buy-in,” for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. This transaction allows the company to reduce volatility by removing investment, longevity, mortality, interest rate and inflation risk upon the transfer of significantly all of the pension plan assets to the insurer in exchange for the group annuity insurance contract. At this time the Company retains both the fair value of the annuity contract within plan assets and the pension benefit obligations related to these participants. The fair value of the annuity buy-in contract is $1.94 billion as of December 31, 2023 and is based on the calculated pension benefit obligations covered. The fair value of plan assets categorized as Level 3 during 2023 are related to the purchase of the group annuity insurance contract. The plan will be frozen in April 2024 and the company anticipates the “buy-out” will occur within the next two years, which will trigger a pension settlement that will result in all plan balances, including accumulated pension components within other comprehensive income, being charged to expense as a noncash settlement charge. Other Postretirement Benefits The company sponsors postretirement health care and life insurance plans for certain U.S. and Canadian employees. Employees may also qualify for long-term disability, medical and life insurance continuation and other postemployment benefits upon termination of active employment prior to retirement. All of the Ball-sponsored postretirement health care and life insurance plans are unfunded with the exception of life insurance benefits, which are self-insured. The benefit obligation associated with these plans was $99 million and $105 million as of December 31, 2023 and 2022, respectively, including current portions of $11 million for both years. Net periodic cost associated with these plans was income of $6 million, $4 million and $1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Weighted average assumptions used to determine benefit obligations for the other postretirement benefit plans at December 31 were as follows: U.S. Canada 2023 2022 2021 2023 2022 2021 Discount rate 5.10 % 5.45 % 2.79 % 4.50 % 5.00 % 2.75 % Rate of compensation increase (a) 4.37 % 4.37 % 4.37 % N/A N/A N/A (a) The rate of compensation increase is not applicable for certain U.S. other postretirement benefit plans. Weighted average assumptions used to determine net periodic benefit cost for the other postretirement benefit plans at December 31 were as follows: U.S. Canada 2023 2022 2021 2023 2022 2021 Discount rate 5.45 % 2.79 % 2.39 % 5.00 % 2.75 % 2.25 % Rate of compensation increase (a) 4.37 % 4.37 % 4.50 % N/A N/A N/A (a) The rate of compensation increase is not applicable for certain U.S. other postretirement benefit plans . Deferred Compensation Plans Certain management employees may elect to defer the payment of all or a portion of their annual incentive compensation and certain long-term stock-based compensation into the company’s deferred compensation plan and/or the company’s deferred compensation stock plan. The employee becomes a general unsecured creditor of the company with respect to any amounts deferred. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' Equity | |
Shareholders' Equity | 18. Shareholders’ Equity At December 31, 2023, the company had 1.1 billion shares of common stock and 15 million shares of preferred stock authorized, both without par value. Preferred stock includes 550,000 authorized but unissued shares designated as Series A Junior Participating Preferred Stock. Under its ongoing share repurchase program, the company repurchased $3 million, $618 million and $766 million of its shares during the years ended December 31, 2023, 2022, and 2021, respectively. In the second quarter of 2022, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $300 million of its common shares using cash on hand and available borrowings. In the third quarter of 2022, Ball settled the agreement and received a total of 4.34 million shares with the average price per share paid of $69.06 . In the third quarter of 2021, Ball’s board of directors increased the company’s quarterly common share dividend by 33 percent to 20 cents per share. Accumulated Other Comprehensive Earnings (Loss) The activity related to accumulated other comprehensive earnings (loss) was as follows: ($ in millions) Currency Translation (Net of Tax) Pension and Other Postretirement Benefits (Net of Tax) Derivatives Designated as Hedges (Net of Tax) Accumulated Other Comprehensive Earnings (Loss) Balance at December 31, 2021 $ (536) $ (169) $ 123 $ (582) Other comprehensive earnings (loss) before reclassifications 192 (88) 64 168 Amounts reclassified into earnings (90) 30 (205) (265) Balance at December 31, 2022 $ (434) $ (227) $ (18) $ (679) Other comprehensive earnings (loss) before reclassifications 54 (308) 8 (246) Amounts reclassified into earnings — (2) 11 9 Balance at December 31, 2023 $ (380) $ (537) $ 1 $ (916) The following table provides additional details of the amounts reclassified into net earnings from accumulated other comprehensive earnings (loss): Years Ended December 31, ($ in millions) 2023 2022 2021 Gains (losses) on cash flow hedges: Commodity contracts recorded in net sales $ 43 $ 59 $ (121) Commodity contracts recorded in cost of sales (70) 119 153 Currency exchange contracts recorded in selling, general and administrative 5 81 90 Interest rate contracts recorded in interest expense 8 2 (2) Total before tax effect (14) 261 120 Tax benefit (expense) on amounts reclassified into earnings 3 (56) (20) Recognized gain (loss), net of tax $ (11) $ 205 $ 100 Amortization of pension and other postretirement benefits: (a) Actuarial gains (losses) $ 4 $ (28) $ (47) Prior service income (expense) (2) (2) (2) Effect of settlement losses and other one-time charges — (10) (135) Total before tax effect 2 (40) (184) Tax benefit (expense) on amounts reclassified into earnings — 10 45 Recognized gain (loss), net of tax $ 2 $ (30) $ (139) Currency translation recorded in business consolidation and other activities from the sale of the Russian aluminum beverage packaging business $ — $ 90 $ — (a) These components include the computation of net periodic benefit cost detailed in Note 17 . |
Stock-Based Compensation Progra
Stock-Based Compensation Programs | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation Programs | |
Stock-Based Compensation Programs | 19. Stock-Based Compensation Programs The company has shareholder-approved stock plans under which options and stock-settled appreciation rights (SSARs) have been granted to employees at the market value of the company’s stock on the date of grant. In general, options and SSARs are exercisable in four equal installments commencing one year from the date of grant and terminating 10 years from the date of grant. A summary of outstanding stock option and SSAR activity for the year ended December 31, 2023, follows: Number of Weighted Average Shares Exercise Price Beginning of year 9,351,884 $ 52.07 Granted 1,220,253 56.64 Exercised (1,422,034) 31.31 Canceled/forfeited (245,098) 71.26 End of period 8,905,005 55.48 Vested and exercisable, end of year 6,289,374 $ 48.63 Reserved for future grants 11,286,918 The weighted average remaining contractual term for all options and SSARs outstanding at December 31, 2023, was 5.2 years and the aggregate intrinsic value (difference in exercise price and closing price at that date) was $90 million. The weighted average remaining contractual term for options and SSARs vested and exercisable at December 31, 2023, was 4.0 years and the aggregate intrinsic value was $89 million. The company received $26 million, $26 million and $33 million from options and SSARs exercised during 2023, 2022 and 2021, respectively, and the intrinsic value associated with these exercises was $35 million, $62 million and $84 million for the same periods, respectively. The excess tax benefit associated with the company’s stock compensation programs was $5 million for 2023, and was reported as a discrete item in the consolidated tax provision. The total fair value of options and SSARs vested during 2023, 2022 and 2021 was $19 million, $19 million and $18 million, respectively. Based on the Black-Scholes option pricing model, options and SSARs granted in 2023, 2022 and 2021 have estimated weighted average fair values at the date of grant of $16.95 per share, $21.68 per share and $19.86 per share, respectively. The fair values were estimated using the following weighted average assumptions: 2023 Grants 2022 Grants 2021 Grants Expected dividend yield 1.41 % 0.92 % 0.70 % Expected stock price volatility 30.11 % 25.56 % 25.08 % Risk-free interest rate 3.52 % 1.77 % 0.61 % Expected life of options (in years) 5.80 years 6.10 years 6.25 years In addition to stock options and SSARs, the company issues to certain employees restricted shares and restricted stock units, which vest over various periods. Such restricted shares and restricted stock units generally vest in equal installments over five years. Following is a summary of restricted stock activity for the year ended December 31, 2023: Weighted Number of Average Shares/Units Grant Price Beginning of year 1,204,502 $ 63.06 Granted 423,699 67.40 Vested (109,332) 81.98 Canceled/forfeited (173,624) 71.59 End of year 1,345,245 $ 57.44 For the years ended December 31, 2023, 2022 and 2021, the company recognized pretax expense of $33 million ($31 million after tax), $39 million ($34 million after tax) and $40 million ($35 million after tax), respectively, for all of its share-based compensation arrangements. At December 31, 2023, there was $56 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements. This cost is expected to be recognized in earnings over a weighted average period of 2.2 years. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings (Loss) and Dividends Per Share | |
Earnings (Loss) and Dividends Per Share | 20. Earnings Per Share Years Ended December 31, ($ in millions, except per share amounts; shares in thousands) 2023 2022 2021 Net earnings attributable to Ball Corporation $ 707 $ 719 $ 878 Basic weighted average common shares 314,775 316,433 325,989 Effect of dilutive securities 2,247 3,575 5,626 Weighted average shares applicable to diluted earnings per share 317,022 320,008 331,615 Per basic share $ 2.25 $ 2.27 $ 2.69 Per diluted share $ 2.23 $ 2.25 $ 2.65 Certain outstanding options and SSARs were excluded from the diluted earnings per share calculations because they were anti-dilutive. The excluded options and SSARs totaled approximately 4 million for the year ended December 31, 2023, 3 million for the year ended December 31, 2022, and 1 million for the year ended December 31, 2021. The company declared and paid dividends of $0.80 per share in 2023 and 2022, and $0.70 per share in 2021. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Risk Management | |
Financial Instruments and Risk Management | 21. Financial Instruments and Risk Management Policies and Procedures The company employs established risk management policies and procedures, which seek to reduce the company’s commercial risk exposure to fluctuations in commodity prices, interest rates, currency exchange rates and prices of the company’s common stock with regard to common share repurchases and the company’s deferred compensation stock plan. However, there can be no assurance these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The company monitors counterparty credit risk, including lenders, on a regular basis, but Ball cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the company’s master derivative agreements, the non-defaulting party has the option to offset any amounts owed with regard to open derivative positions. Commodity Price Risk - Interest Rate Risk - Currency Exchange Rate Risk - The following table provides additional information related to the commercial risk management derivative instruments described above: ($ in millions) December 31, 2023 Commercial risk area Commodity Currency Interest Rate Notional amount of contracts $ 1,162 (a) $ 3,264 $ 600 Net gain (loss) included in AOCI, after-tax (4) (b) — 5 Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months (4) (b) — 5 Longest duration of forecasted cash flow hedge transactions in years 2 2 4 (a) Substantially all aluminum contracts received hedge accounting treatment as of December 31, 2023. (b) Substantially all of this gain (loss) will be offset by pricing changes in sales and purchase contracts. Common Stock Price Risk The company’s deferred compensation stock program is subject to variable plan accounting and, accordingly, is marked to fair value using the company’s closing stock price at the end of the related reporting period. The company entered into total return swaps to reduce the company’s earnings exposure to these fair value fluctuations that will be outstanding through June 2024, and which have a combined notional value of 2.3 million shares. Based on the current number of shares in the program, each $1 change in the company’s stock price would have an insignificant impact on pretax earnings, net of the impact of related derivatives. Fair Value Measurements Ball has classified all applicable financial derivative assets and liabilities as Level 2 within the fair value hierarchy as of December 31, 2023 and 2022, and presented those values in the tables below. The company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. December 31, 2023 ($ in millions) Balance Sheet Location Derivatives Designated as Hedging Instruments Derivatives not Designated as Hedging Instruments Total Assets: Commodity contracts $ 20 $ — $ 20 Currency contracts 65 13 78 Interest rate and other contracts 9 2 11 Total current derivative contracts Other current assets $ 94 $ 15 $ 109 Commodity contracts $ 1 $ — $ 1 Total noncurrent derivative contracts Other noncurrent assets $ 1 $ — $ 1 Liabilities: Commodity contracts $ 19 $ — $ 19 Currency contracts — 30 30 Interest rate and other contracts 3 — 3 Total current derivative contracts Other current liabilities $ 22 $ 30 $ 52 Commodity contracts $ 1 $ — $ 1 Total noncurrent derivative contracts Other noncurrent liabilities $ 1 $ — $ 1 December 31, 2022 ($ in millions) Balance Sheet Location Derivatives Designated as Hedging Instruments Derivatives not Designated as Hedging Instruments Total Assets: Commodity contracts $ 11 $ — $ 11 Currency contracts — 28 28 Total current derivative contracts Other current assets $ 11 $ 28 $ 39 Currency contracts $ 84 $ — $ 84 Total noncurrent derivative contracts Other noncurrent assets $ 84 $ — $ 84 Liabilities: Commodity contracts $ 48 $ — $ 48 Currency contracts 1 35 36 Other contracts — 12 12 Total current derivative contracts Other current liabilities $ 49 $ 47 $ 96 Currency contracts $ — $ 1 $ 1 Total noncurrent derivative contracts Other noncurrent liabilities $ — $ 1 $ 1 The company uses closing spot and forward market prices as published by the London Metal Exchange, the Chicago Mercantile Exchange, Reuters and Bloomberg to determine the fair value of any outstanding aluminum, currency, energy and interest rate spot and forward contracts. Option contracts are valued using a Black-Scholes model with observable market inputs for aluminum, currency and interest rates. The company values each of its financial instruments either internally using a single valuation technique, from a reliable observable market source or from third-party software. The present value discounting factor is based on the comparable time period Secured Overnight Financing Rate (SOFR), London Inter-Bank Offered Rate (LIBOR) or 12-month LIBOR. Ball performs validations of the company’s internally derived fair values reported for the company’s financial instruments on a quarterly basis utilizing counterparty valuation statements. The company additionally evaluates counterparty creditworthiness and, as of December 31, 2023, has not identified any circumstances requiring the reported values of the company’s financial instruments be adjusted. The following tables provide the effects of derivative instruments in the consolidated statements of earnings and on accumulated other comprehensive earnings (loss): Year Ended December 31, 2023 ($ in millions) Location of Gain (Loss) Recognized in Earnings on Derivatives Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) Gain (Loss) on Derivatives not Designated as Hedge Instruments Commodity contracts - manage exposure to customer pricing Net sales $ 43 $ — Commodity contracts - manage exposure to supplier pricing Cost of sales (70) 14 Interest rate contracts - manage exposure for outstanding debt Interest expense 8 (8) Currency contracts - manage currency exposure Selling, general and administrative 5 (8) Equity contracts Selling, general and administrative — 11 Total $ (14) $ 9 Year Ended December 31, 2022 ($ in millions) Location of Gain (Loss) Recognized in Earnings on Derivatives Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) Gain (Loss) on Derivatives not Designated as Hedge Instruments Commodity contracts - manage exposure to customer pricing Net sales $ 59 $ — Commodity contracts - manage exposure to supplier pricing Cost of sales 119 33 Interest rate contracts - manage exposure for outstanding debt Interest expense 2 11 Currency contracts - manage currency exposure Selling, general and administrative 81 94 Equity contracts Selling, general and administrative — (114) Total $ 261 $ 24 Year Ended December 31, 2021 ($ in millions) Location of Gain (Loss) Recognized in Earnings on Derivatives Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) Gain (Loss) on Derivatives not Designated as Hedge Instruments Commodity contracts - manage exposure to customer pricing Net sales $ (121) $ — Commodity contracts - manage exposure to supplier pricing Cost of sales 153 18 Interest rate contracts - manage exposure for outstanding debt Interest expense (2) — Currency contracts - manage currency exposure Selling, general and administrative 90 56 Equity contracts Selling, general and administrative — 5 Total $ 120 $ 79 The changes in accumulated other comprehensive earnings (loss) for derivatives designated as hedges were as follows: Years Ended December 31, ($ in millions) 2023 2022 2021 Amounts reclassified into earnings: Commodity contracts $ 27 $ (177) $ (32) Interest rate contracts (8) (1) 2 Currency exchange contracts (5) (83) (90) Change in fair value of cash flow hedges: Commodity contracts (3) 13 122 Interest rate contracts 14 1 — Currency exchange contracts — 66 68 Currency and tax impacts (6) 40 (14) $ 19 $ (141) $ 56 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Contingencies | |
Contingencies | 22. Contingencies Ball is subject to numerous lawsuits, claims or proceedings arising out of the ordinary course of business, including actions related to product liability; personal injury; the use and performance of company products; warranty matters; patent, trademark or other intellectual property infringement; contractual liability; the conduct of the company’s business; tax reporting in domestic and non-U.S. jurisdictions; workplace safety and environmental and other matters. The company has also been identified as a potentially responsible party (PRP) at several waste disposal sites under U.S. federal and related state environmental statutes and regulations and may have joint and several liability for any investigation and remediation costs incurred with respect to such sites. In addition, the company has received claims alleging that employees in certain plants have suffered damages due to exposure to alleged workplace hazards. Some of these lawsuits, claims and proceedings involve substantial amounts, including as described below, and some of the environmental proceedings involve potential monetary costs or sanctions that may be material. Ball has denied liability with respect to many of these lawsuits, claims and proceedings and is vigorously defending such lawsuits, claims and proceedings. The company carries various forms of commercial, property and casualty, and other forms of insurance; however, such insurance may not be applicable or adequate to cover the costs associated with a judgment against Ball with respect to these lawsuits, claims and proceedings. The company estimates that potential liabilities On February 1, 2012, Ball Metal Beverage Container Corp. (“BMBCC”) filed suit against Crown Technology Holding, Inc. (“Crown”) in the United States District Court for the Southern District of Ohio seeking a declaratory judgment that the CDL beverage can end made and sold by BMBCC did not infringe certain U.S. patents held by Crown. In response, Crown filed a counterclaim alleging that the CDL ends made and sold by BMBCC infringed the subject patents and seeking damages. On September 25, 2019, the District Court granted BMBCC’s motion for summary judgment holding that the patents at issue were invalid due to indefiniteness. On October 20, 2019, Crown appealed this decision to the Court of Appeals for the Federal Circuit (“CAFC”). On December 31, 2020, the CAFC in a non-precedential decision, vacated the decision of the District Court finding that the District Court had not considered an additional factor under a novel position advanced by the CAFC, and remanded the case to the District Court for further proceedings. On August 2, 2023, the District Court again granted summary judgment to Ball finding that patent claims at issue are invalid due to invalidity under the revised analytical framework specified by the CAFC. On August 4, 2023, Crown appealed this decision to the CAFC. Briefing for this appeal is in process and will conclude on February 20, 2024. Oral argument is expected to be scheduled during 2024 with a decision to follow. Based on the information available at the present time, the Company is unable to predict the ultimate outcome of this claim including the amount of any reasonably possible loss and we intend to vigorously defend this matter. A former Rexam Personal Care site in Annecy, France, was found in 2003 to be contaminated following a leak of chlorinated solvents (TCE) from an underground feedline. The site underwent extensive investigation and an active remediation treatment system was put in place in 2006. The business operating from the site was sold to Albea in 2013 and in turn to a French company CATIDOM (operating as Reboul). Reboul vacated the site in September 2014, and the site reverted back to Rexam during the first quarter of 2015. As part of the site closure regulatory requirements, a regulatory permit (Prefectoral Order) was issued in June 2016, which included requirements to undertake a cost-benefit analysis and pilot studies of further treatment for the known residual solvent contamination following the shutdown of the current on-site treatment system. A management plan based on the findings of this analysis was proposed to the French environmental authorities in 2018. Following discussions with the authorities, the final proposals for remediation works and subsequent monitoring have been agreed and were included in a Prefectural Order issued by the French Authorities in December 2022. The remediation works were completed in November 2023 and ongoing monitoring of the site will now be performed as options for the future of the site are considered. Based on the information available at this time, the company does not believe that this matter will have a material adverse effect upon its liquidity, results of operations or financial condition. The company’s operations in Brazil are involved in various governmental assessments, which have historically mainly related to claims for taxes on the internal transfer of inventory, gross revenue taxes, and indirect tax incentives and deductibility of goodwill. In addition, one of the company’s Brazilian subsidiaries received an income tax assessment focused on the disallowance of deductions associated with the acquisition price paid to a third party for a portion of its operations. Based on the information available at the present time, the Company is unable to predict the ultimate outcome of these claims including the amount of reasonably possible loss and intends to vigorously defend these matters. On October 7, 2021, the French Autorité de la concurrence (the French Competition Authority or “FCA”) issued a statement of objections to 14 trade associations, one public entity and 101 legal entities from 28 corporate groups, including the company, other leading metal can manufacturers, certain can fillers and certain retailers in France. The FCA alleged violations of Articles 101 of the Treaty on the Functioning of the European Union and L.420-1 of the French Commercial Code. The statement of objections alleged, among other things, anti-competitive behavior in connection with the removal of bisphenol-A from metal packaging in France. The removal of bisphenol-A was mandated by French legislation that went into effect in 2015. The oral hearing in the matter took place in January 2023. In December 2023, the FCA determined that the case against Ball was time barred and therefore the Company has no liability. |
Indemnifications and Guarantees
Indemnifications and Guarantees | 12 Months Ended |
Dec. 31, 2023 | |
Indemnifications and Guarantees | |
Indemnifications and Guarantees | 23. Indemnifications and Guarantees General Guarantees The company or its appropriate consolidated direct or indirect subsidiaries have made certain indemnities, commitments and guarantees under which the specified entity may be required to make payments in relation to certain transactions. These indemnities, commitments and guarantees include indemnities to the customers of the subsidiaries in connection with the sales of their packaging and aerospace products and services; guarantees to suppliers of subsidiaries of the company guaranteeing the performance of the respective entity under a purchase agreement, construction contract, renewable energy purchase contract or other commitment; guarantees in respect of certain non-U.S. subsidiaries’ pension plans; indemnities for liabilities associated with the infringement of third-party patents, trademarks or copyrights under various types of agreements; indemnities to various lessors in connection with facility, equipment, furniture and other personal property leases for certain claims arising from such leases; indemnities to governmental agencies in connection with the issuance of a permit or license to the company or a subsidiary; indemnities pursuant to agreements relating to certain joint ventures; indemnities in connection with the sale of businesses or substantially all of the assets and specified liabilities of businesses; and indemnities to directors, officers and employees of the company to the extent permitted under the laws of the State of Indiana and the United States of America. The duration of these indemnities, commitments and guarantees varies and, in certain cases, is indefinite. In addition, many of these indemnities, commitments and guarantees do not provide for any limitation on the maximum potential future payments the company could be obligated to make. As such, the company is unable to reasonably estimate its potential exposure under these items. The company has not recorded any material liabilities for these indemnities, commitments and guarantees in the accompanying consolidated balance sheets. The company does, however, accrue for payments under promissory notes and other evidences of incurred indebtedness and for losses for any known contingent liability, including those that may arise from indemnifications, commitments and guarantees, when future payment is both reasonably estimable and probable. Finally, the company carries specific and general liability insurance policies and has obtained indemnities, commitments and guarantees from third-party purchasers, sellers and other contracting parties, which the company believes would, in certain circumstances, provide recourse to certain claims arising from these indemnifications, commitments and guarantees. Debt Guarantees The company’s and its subsidiaries’ obligations under the senior notes and senior credit facilities (or, in the case of U.S. domiciled non-U.S. subsidiaries under the senior credit facilities, the obligations of non-U.S. credit parties only) are guaranteed on a full, unconditional and joint and several basis by certain of the company’s domestic subsidiaries and the domestic subsidiary borrowers, and obligations of other guarantors and the subsidiary borrowers under the senior credit facilities are guaranteed by the company, in each case with certain exceptions. These guarantees are required in support of the senior notes and senior credit facilities referred to above, are coterminous with the terms of the respective note indentures, senior notes and credit agreement, and they could be enforced by the holders of the obligations thereunder during the continuation of an event of default under the note indentures, the senior notes and/or the credit agreement. The maximum potential amounts which could be required to be paid under such guarantees are essentially equal to then-outstanding obligations under the respective senior notes or the credit agreement (or, in the case of U.S. domiciled non-U.S. subsidiaries under the senior credit facilities, the obligations of non-U.S. credit parties only), with certain exceptions. All obligations under the guarantees of the senior credit facilities are secured, with certain exceptions, by a valid first priority perfected lien or pledge on (i) 100 percent of the capital stock of each of the company's material wholly owned domestic subsidiaries directly owned by the company or any of its wholly owned domestic subsidiaries and (ii) 65 percent of the capital stock of each of the company's material wholly owned first-tier non-U.S. subsidiaries directly owned by the company or any of its wholly owned domestic subsidiaries. In addition, the obligations of certain non-U.S. borrowers and non-U.S. pledgors under the loan documents will be secured, with certain exceptions, by a valid first priority perfected lien or pledge on 100 percent of the capital stock of certain of the company's material wholly owned non-U.S. subsidiaries and material wholly owned U.S. domiciled non-U.S. subsidiaries directly owned by the company or any of its wholly owned material subsidiaries. The company is not in default under the above-referenced senior notes or senior credit facilities. |
Critical and Significant Acco_2
Critical and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Pension Plans and Other Employee Benefits | Defined Benefit Pension Plans and Other Employee Benefits The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company’s pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company’s actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. The company recognizes the funded status of each defined benefit pension plan and other postretirement benefit plans in the consolidated balance sheet. Each overfunded plan is recognized as an asset, and each underfunded plan is recognized as a liability. Pension plan obligations are revalued annually, or when an event occurs that requires remeasurement, based on updated assumptions and information about the individuals covered by the plan. For pension plans, accumulated actuarial gains and losses in excess of a 10 percent corridor and the prior service cost are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants or the average life expectancy for plans with significant inactive participants. For other postemployment benefits, the 10 percent corridor is not used. Costs related to defined benefit and other postretirement plans are included in cost of sales and selling, general and administrative expenses, while settlement and curtailment expenses are included in business consolidation expenses. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Ball, its consolidated subsidiaries, and variable interest entities in which the company is considered to be the primary beneficiary. Equity investments in which the company exercises significant influence but does not control and is not the primary beneficiary are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor is the primary beneficiary of the investment, are accounted for using the cost method of accounting. Intercompany transactions are eliminated in consolidation. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified in order to conform to the current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value using either the first-in, first-out (FIFO) cost method of accounting or the average cost method. Inventory cost is calculated for each inventory component taking into consideration the appropriate cost factors, including fixed and variable overhead, material price volatility and production levels. |
Recoverability of Goodwill | Recoverability of Goodwill On an annual basis, in the fourth quarter, and at interim periods as circumstances require, the company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, which includes an evaluation as to whether there have been significant changes to macro-economic factors related to the reporting unit. If the qualitative analysis is not conclusive that it is more likely than not that a reporting unit’s fair value exceeds its carrying amount, the company performs a quantitative impairment test to determine the fair value of the reporting unit and, if necessary, recognizes an impairment charge for the amount by which the carrying value exceeds the fair value. Due to recent variability in the results of the beverage packaging, South America, reporting unit, the company elected to perform a quantitative analysis in 2023 for this reporting unit and determined that the reporting unit was not impaired. When performing a quantitative analysis, the company estimates fair value for a reporting unit using market and income approach valuation methodologies. Under the income approach, fair value is estimated as the present value of estimated future cash flows of each reporting unit. The projected cash flows incorporate various assumptions related to weighted average cost of capital (WACC) and growth rates that are specific to each reporting unit, including assumptions relating to net sales growth rates, terminal growth rates and EBITDA (a non-U.S. GAAP measure defined by the company as earnings before interest, taxes, depreciation and amortization) margin. Under the market approach, the company uses available information regarding multiples used in recent market transactions involving a transfer of controlling interests as well as publicly available trading multiples based upon the enterprise value of companies in either the packaging or aerospace and defense industries. The appropriate multiple is applied to forecasted EBITDA of each reporting unit to estimate fair value. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Ball reviews long-lived assets for impairment when circumstances indicate the carrying amount of an asset or asset group may not be recoverable based on the undiscounted future cash flows of the asset. The company reviews long-lived assets for impairment at the individual asset or the asset group level for which the lowest level of independent cash flows can be identified. If the carrying amount of the asset or asset group is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market values, discounted cash flows or with the assistance of external appraisals, as applicable. |
Depreciation and Amortization | Depreciation and Amortization Property, plant and equipment are carried at the cost of acquisition or construction. Repairs and maintenance costs, including labor and material costs for major improvements such as annual production line overhauls, are expensed as incurred, unless those costs substantially increase the useful lives or capacity of the existing assets. Assets are depreciated and amortized using the straight-line method over their estimated useful lives, generally 5 to 50 years for buildings and improvements and 2 to 23 years for machinery and equipment. Finite-lived intangible assets, excluding capitalized software costs, are generally amortized over their estimated useful lives of 3 to 18 years. Capitalized software is generally amortized over estimated useful lives of 3 to 7 years. The company periodically reviews these estimated useful lives and when appropriate, changes are made prospectively. During 2022, the company completed an evaluation of the estimated useful lives of its manufacturing equipment, buildings and certain assembly and test equipment. See Note 10 For certain business consolidation activities, accelerated depreciation may be required for the revised remaining useful life for assets designated to be scrapped or abandoned. The accelerated depreciation related to such activities is recorded as part of business consolidation and other activities in the appropriate period. |
Environmental Reserves | Environmental Reserves The company estimates its liability for environmental matters based on, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. The company records the best estimate of a loss when the loss is considered probable. As additional information becomes available, the company reassesses the potential liability related to pending matters and revises the estimates. |
Leases | Leases The company enters into operating leases, the accounting guidance for which requires a lessee to recognize a right-of-use (ROU) asset and a lease liability. The guidance also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight line basis. A contract is a lease or contains one when (1) the contract contains an explicitly or implicitly identified asset and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract in exchange for consideration. The company assesses whether an arrangement is a lease, or contains a lease, upon inception of the contract. The company enters into operating leases for buildings, warehouses, office equipment, production equipment, aircraft, land and other types of equipment. When readily determinable, the discount rate used to calculate the lease liability is the rate implicit in the lease. Otherwise, the company uses its incremental borrowing rate based on the information available at lease commencement. The company’s finance and short-term leases are immaterial. Many of the company’s leases include one or more renewal and/or termination options at the company’s discretion, which are included in the determination of the lease term if the company is reasonably certain to exercise the option. The company also enters into lease agreements that have variable payments, such as those related to usage or adjustments to certain indexes. Variable lease payments are recognized in the period in which those payments are incurred. Certain leases also include residual value guarantees; however, these amounts are not probable to be owed and are not included in the calculation of the lease liability. The company subleases all or portions of certain building and warehouse leases to third parties, all of which are classified as operating leases. Some of these arrangements offer the lessee renewal options. |
Fair Value Measurements | Fair Value Measurements Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): ● Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. ● Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. ● Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable. |
Acquisitions | Acquisitions The company records acquisitions resulting in the consolidation of an enterprise using the purchase method of accounting. Under this method, the acquiring company records the assets acquired, including intangible assets that can be identified and named, and liabilities assumed based on their estimated fair values at the date of acquisition. The purchase price in excess of the fair value of the assets acquired and liabilities assumed is recorded as goodwill. If the assets acquired, net of liabilities assumed, are greater than the purchase price paid, then a bargain purchase has occurred and the company will recognize the gain immediately in earnings. Among other sources of relevant information, the company uses independent appraisals and actuarial or other valuations to assist in determining the estimated fair values of the assets and liabilities. Various assumptions are used in the determination of these estimated fair values including discount rates, market and volume growth rates, product selling prices, production costs and other prospective financial information. Transaction costs associated with acquisitions are expensed as incurred and included in the business consolidation and other activities line of the consolidated statement of earnings. For acquisitions where the company acquires a controlling interest and previously owned an equity investment in the entity, the company will recognize in earnings, upon the completion of the acquisition, a gain or loss related to the company’s prior equity investment. This gain or loss is calculated based on the fair value of the equity investment as compared to the carrying value of the existing equity investment on the date of acquisition. When the company purchases additional interests of consolidated subsidiaries, the difference between the fair value and carrying value of the noncontrolling interests acquired is accounted for in the common stock line within shareholders' equity. |
Business Consolidation and Other Activities | Business Consolidation and Other Activities The company estimates its liabilities for business closure activities by accumulating detailed estimates of costs and asset sale proceeds, if any, for each business consolidation initiative. This includes the estimated costs of employee severance, pension and related benefits; impairment of property and equipment and other assets, including estimates of net realizable value; accelerated depreciation; termination payments for contracts and leases; contractual obligations; and any other qualifying costs related to the exit plan, disposal or restructuring. These estimated costs are grouped by specific projects within the overall plans and are then monitored on a periodic basis. Such charges represent management’s best estimates, however, they require assumptions about the plans that may change over time. Changes in estimates for individual locations and other matters are evaluated periodically to determine if a change in estimate is required for the overall plan. Subsequent changes to the original estimates are included in current earnings and identified as business consolidation gains or losses. |
Stock-Based Compensation | Stock-Based Compensation Ball has a variety of restricted stock, stock option, and stock-settled appreciation rights (SSARs) plans, and the related stock-based compensation is primarily reported as part of selling, general and administrative expenses in the consolidated statements of earnings. The compensation expense associated with restricted stock grants is calculated using the fair value at the date of grant (closing stock price) and is amortized over the restriction period. For stock options and SSARs, the company has elected to use the Black-Scholes valuation model and amortizes the estimated fair value, determined at the date of grant, on a straight-line basis over the requisite service period (generally, the vesting period). The company’s deferred compensation stock program is subject to variable plan accounting and, accordingly, is valued at the closing price of the company’s common stock at the end of each reporting period. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred in connection with the company’s programs for the development of products and processes. Costs incurred in connection with these programs, the majority of which are included in cost of sales, amounted to $55 million, $55 million and $56 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Currency Translation | Currency Translation Assets and liabilities of non-U.S. operations with a functional currency other than the U.S. dollar are translated using period-end exchange rates, and revenues and expenses are translated using average exchange rates during each period. Translation gains and losses are reported in accumulated other comprehensive earnings (loss) as a component of shareholders’ equity. |
Income Taxes | Income Taxes Deferred income taxes reflect the future tax consequences of differences between the tax bases of assets and liabilities and their financial reporting amounts at each balance sheet date, based upon enacted income tax laws and tax rates. Income tax expense or benefit is provided based on earnings reported in the financial statements. The provision for income tax expense or benefit differs from the amounts of income taxes currently payable because certain items of income and expense included in the consolidated financial statements are recognized in different time periods by taxing authorities. Deferred tax assets, including operating loss, capital loss and tax credit carryforwards, are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that any portion of these tax attributes will not be realized. In addition, from time to time, management must assess the need to accrue or disclose uncertain tax positions for proposed adjustments from various federal, state and non-U.S. tax authorities who regularly audit the company in the normal course of business. In making these assessments, management must often analyze complex tax laws of multiple jurisdictions, including many non-U.S. jurisdictions. The accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The company records the related interest expense and penalties, if any, as tax expense in the tax provision. Stranded taxes in accumulated other comprehensive earnings (loss) are reclassified to the consolidated statement of earnings when the activity that generated the deferred gains and losses has fully ceased. |
Derivative Financial Instruments | Derivative Financial Instruments The company uses derivative financial instruments for the purpose of hedging commercial risk exposures to fluctuations in interest rates, currency exchange rates, raw material costs and common share prices. The company’s derivative instruments are recorded in the consolidated balance sheets at fair value. The company values each derivative financial instrument either by using a single valuation technique based on observable market inputs performed internally or by obtaining valuation information from a reliable and observable market source. For a derivative designated as a cash flow hedge, the derivative's mark to fair value is initially recorded as a component of accumulated other comprehensive earnings (loss) and subsequently reclassified into earnings when the hedged item affects earnings, unless it is probable that the forecasted transaction will not occur. Derivatives that do not qualify for hedge accounting are marked to fair value with gains and losses immediately recorded in earnings. In the consolidated statements of cash flows, derivative activities are classified based on the cash flows of the items being hedged, except for those activities that are hedging the effect of exchange rate changes on cash, which are presented in investing activities. Upon the dedesignation of an effective derivative contract, the gains or losses are deferred in accumulated other comprehensive earnings (loss) until the originally hedged item affects earnings unless it is probable the hedged item will not occur at which time it is recognized immediately. Any gains or losses incurred after the dedesignation date are recorded in earnings immediately. |
Contingencies | Contingencies The company is subject to various legal proceedings and claims, including those that arise in the ordinary course of business. The company records loss contingencies when it determines the outcome of the future event is probable of occurring and the amount of the loss can be reasonably estimated. Gain contingencies are recognized in the financial statements when they are realized or realizable. The determination of a reserve for a loss contingency is based on management’s judgment of probability and estimates with respect to the likelihood of an outcome and valuation of the future event. Liabilities are recorded or adjusted when events or circumstances cause these judgments or estimates to change. In assessing whether a loss is probable, Ball may consider the following factors, among others: the nature of the litigation, claim or assessment; available information, opinions or views of legal counsel and other advisors; and the experience gained from similar cases by the company and others. The company provides disclosures for material contingencies when there is a reasonable possibility that a loss or an additional loss may be incurred. |
Risks and Uncertainties | Risks and Uncertainties Global Economic Environment Recent data has indicated continued high inflation in the regions where we operate. Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, and changing demand for certain goods and services. We cannot predict with any certainty the impact that rising interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the rising instability in the Middle East, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become. Ball management has reviewed the estimates used in preparing the company’s consolidated financial statements and the following have a reasonably possible likelihood of being affected, to a material extent, by the direct and indirect impacts of the current global economic environment in the near term. ● Estimates regarding the future financial performance of the business used in the impairment tests for goodwill, long-lived assets, equity method investments, recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions; ● Estimates of recoverability for customer receivables; ● Estimates of net realizable value for inventory; and ● Estimates regarding the likelihood of forecasted transactions associated with hedge accounting positions at December 31, 2023, which could impact the company’s ability to satisfy hedge accounting requirements and result in the recognition of income and/or expenses. In addition to the above potential impacts on the estimates used in preparing financial statements, the current global economic environment has the potential to increase Ball’s vulnerabilities to near-term severe impacts related to certain concentrations in its business. In line with other companies in the packaging and aerospace industries, Ball makes the majority of its sales and significant purchases to or from a relatively small number of global, or large regional, customers and suppliers. Furthermore, Ball makes the majority of its sales from a small number of product lines. The potential of the current global economic environment to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations. Argentina Although Ball's functional currency in Argentina is the U.S. dollar, a portion of its transactions are denominated in pesos. The company is currently placing increased importance on managing its currency exchange rate risk in Argentina given the devaluation of the country’s currency. This devaluation and economic conditions in Argentina make it difficult to manage currency exchange rate risk, and have an adverse effect on the company’s results of operations. Ball’s Argentinean business is presented in its beverage packaging, South America, reportable operating segment. During the fourth quarter of 2023, Argentina suddenly devalued its peso relative to the U.S. dollar by approximately 55%. As a result, Ball recorded a $22 million devaluation charge in business consolidation and other activities in the consolidated statement of earnings. Ball’s peso-denominated net assets in Argentina were approximately $20 million at December 31, 2023. As of December 31, 2023, Ball’s Argentinean business had net asset exposure of $404 million, which consisted primarily of working capital and property, plant and equipment. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Supplier Finance Programs In 2022, new guidance was issued by the FASB with the goal of enhancing transparency around supplier finance programs. On January 1, 2023, Ball adopted all required disclosures effective for 2023, on a retrospective basis. The company will adopt the rollforward disclosure requirements, on a prospective basis, when they become effective in 2024. The company has several regional supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the company. The company establishes these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they enter into a factoring agreement with the financial institutions. Our suppliers’ participation in the programs is voluntary, and the company is not involved in negotiations of the suppliers’ arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers’ decisions to sell amounts under these programs. Under these supplier finance programs, the company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices, which vary based on the negotiated terms with each supplier. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. Our supplier finance programs do not include any of the following: guarantees to the financial institutions, assets pledged as securities or interest accruing on the obligation prior to the due date. Based on the review of the facts and circumstances of our supplier finance programs, including but not limited to those noted above, the company has concluded that the characteristics of the obligations due under our supplier finance programs have not changed and remain those of standard accounts payables, rather than indicative of debt. The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs was $709 million and $930 million at December 31, 2023 and 2022, respectively. These amounts are classified within accounts payable on the consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the consolidated statements of cash flows. Government Assistance Disclosure In 2021, new guidance was issued by the Financial Accounting Standards Board (FASB) related to the disclosure of government assistance received. The adoption of this new guidance did not have a material effect on the company’s consolidated financial statements New Accounting Guidance and Disclosure Requirements Income Tax Disclosures In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information in the income tax rate reconciliation table and regarding income taxes paid. The company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2025 annual report. Segment Reporting In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information about reportable segments, including more disaggregated expense information. The company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a retrospective basis in its 2024 annual report and interim periods thereafter. |
Aerospace | |
Revenue Recognition | Revenue Recognition in the Aerospace Segment Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed. To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices. The company has determined that the following distinct goods and services represent separate performance obligations: ● Manufacture and delivery of distinct spacecraft and/or hardware components; ● Research reports, for contracts where such reports are the sole or primary deliverable; ● Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and ● Warranty and performance guarantees beyond standard repair/replacement. Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company’s sales and accounts receivable generally include amounts that have been earned but not yet billed. The company’s payment terms vary by the type and location of the company’s customer and the products or services offered. All payment terms are less than one year. Contracts are often modified to account for changes in contract specifications and requirements. The company considers contract modifications to exist when the modification either creates new or revised enforceable rights and obligations. Most of the company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract, and such contract modifications are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and the company’s measure of progress for the performance obligation to which it relates, is recognized as an adjustment to sales (either as an increase or reduction of sales) on a cumulative catch-up basis. Within the aerospace segment, performance obligations are recognized over time. Aerospace contracts involve specialized and unique products that are tailored to the specific needs of the customer, such as a spacecraft or other hardware conforming to the specifications required by the customer, and as such, no alternative use exists. When there is an enforceable right to payment at cost plus reasonable margin for performance completed to date, the sales are recorded over time as the goods are manufactured or services are performed. Determining a measure of progress requires management to make judgments that affect the timing of recording sales. The extent of progress towards completion is measured based on the ratio of costs incurred to date versus the total estimated costs upon completion of the performance obligation. The cost-to-cost method best depicts the transfer of assets to the customer as the company incurs costs on the company’s contracts. The percentage-of-completion method of accounting involves the use of various estimating techniques to project revenues and costs at completion and various assumptions and projections related to the outcome of future events, including the quantity and timing of product deliveries, future labor performance and rates, and material and overhead costs. Throughout the period of contract performance, the company regularly evaluates and, if necessary, revises estimates of total contract revenue, total contract cost, and extent of progress toward completion. The two primary types of long-term sales contracts utilized are cost-type contracts, which are agreements to perform for cost plus an agreed-upon profit component, and fixed price sales contracts, which are completed for a fixed price. Cost-type sales contracts can have different types of fee arrangements, including fixed-fee, cost, milestone and performance incentive fees, award fees or a combination thereof. At the inception of contract performance, the company estimates sales associated with base, incentive and other fees exclusive of any constraint. In other words, the company estimates sales to the extent that it is not probable a significant reversal will occur over the period of contract performance. The company has determined that the above provides a faithful depiction of the transfer of goods to the customer and is the best measure of depicting the company’s performance as control is transferred to customers. Due to the unique and customized nature of deliverables within aerospace contracts, a readily observable selling price for a similar good is not typically available; therefore, in making its determination of stand-alone selling price, the company generally applies the “expected cost plus a margin” approach (whereby the transaction price is allocated based on the relative amount of costs plus an appropriate margin). Use of the expected cost plus a margin approach requires Ball to determine the expected costs for each performance obligation, as well as an appropriate margin (i.e., cost-to-cost percentage of completion). The calculation is made at contract inception to determine the allocation of consideration. Uncertainty as to the total amount that will be paid by the customer (such as the exact amount of costs that will be incurred and fees that will be earned by us to satisfy the contractual requirements) gives rise to variable consideration. To estimate variable consideration, the company applies the “most likely amount” method or the “expected value” method depending on the nature of the variable consideration. In certain cases, both methods may be used within a single contract if multiple forms of variable consideration exist. However, once a method has been applied to one form of variable consideration, it is applied consistently throughout the contract term. The primary types of variable consideration present in the company’s contracts are cost reimbursements, performance award fees, incremental funding and finalization of government rates. These types of arrangements are most commonly (though not exclusively) estimated based on the “most likely” method. Once variable consideration has been estimated, it will be constrained if a significant reversal of the cumulative amount of sales is probable in the context of the contract. |
Beverage And Aerosol Packaging Segments | |
Revenue Recognition | Revenue Recognition in the Beverage and Aerosol Packaging Segments The company recognizes sales of products in its packaging segments when a customer obtains control of promised goods or services, which occurs either over time or at a point in time. At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each instance, the company treats the promise to transfer the customer goods or services as a single performance obligation. To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices. The company has determined that the following distinct goods and services represent separate performance obligations: ● Manufacture of beverage containers, which may be generic or unique; ● Manufacture of aerosol containers, which may be generic or unique; and ● Manufacture of beverage and aerosol lids and ends, which may be generic or unique. Performance obligations for products with no alternative use are recognized over time when the company has manufactured a unique item and has an enforceable right to payment. Conversely, generic products with alternative use are recognized at a point in time. Contracts may be short-term or long-term, with varying payment terms. Ball’s payment terms vary by the type and location of the customer and the products or services offered. Customers pay in accordance with negotiated terms, which are typically triggered upon ownership transfer. All payment terms are less than one year. For all contracts, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product or service purchased. Ball typically enters into master agreements with customers, which establish the terms and conditions for subsequent orders of goods. In the context of the revenue recognition standard, enforceable contracts are those that have an enforceable right to payment, which Ball typically has once a binding forecast or purchase order (or similar evidence) is in place and Ball produces under the contract. Within Ball’s packaging segments, these enforceable contracts all have a duration of less than one year. Contracts that have an original duration of less than one year are excluded from the requirement to disclose remaining performance obligations, based on the company’s election to use the practical expedient. The nature of the remaining performance obligations within these contracts, as well as the nature of the variability and how it will be resolved, are described in the section below. Within the company’s beverage and aerosol operations, performance obligations are recognized both over time and at a point in time. The determination that sales should be recognized at a point in time most often results from the existence of an alternative use for the product. Cans and ends that are not customized for a customer prior to delivery are considered to have an alternative use, and sales are recognized at the point of control transfer. Determining when control transfer occurs requires management to make judgments that affect the timing of when sales are recognized. The current revenue accounting standard provides five indicators that a customer has obtained control of an asset: 1) present right to payment; 2) transfer of legal title; 3) physical possession; 4) significant risks and rewards of ownership; and 5) customer acceptance. The company considers control to have transferred for these products upon shipment or delivery, depending on the legal terms of the contract, because the company has a present right to payment at that time, the customer has legal title to the asset, the company has transferred physical possession of the asset and/or the customer has significant risks and rewards of ownership of the asset. The company determines that control transfers to a customer as described above and provides a faithful depiction of the transfer of goods. For performance obligations related to products that are specialized with no alternative use (e.g., specialized sizes or customer-specific materials, or labeled with customer-specific artwork), the company transfers control and records sales over time. The recognition of sales occurs over time as goods are manufactured and Ball has an enforceable right to payment for those goods, which is an output method. Determining a measure of progress requires management to make judgments that impact the timing of when sales are recognized. The company has determined the above provides a faithful depiction of the transfer of goods to the customer. The number of units manufactured that have an enforceable right to payment is the best measure of depicting the company’s performance as control is transferred. The customer obtains value as each unit is produced against a binding contract. The enforceable right to payment may be explicit or implied in the contract. If the enforceable right to payment is not explicit in the contract, Ball must consider if there is an implied right based on customer relationships or previous business practices and applicable law. Typically, Ball has an enforceable right to payment of costs plus a reasonable margin once a binding forecast or purchase order (or similar evidence) is in place and Ball produces under the contract. In making its determination of stand-alone selling price, Ball maximizes its use of observable inputs. Stand-alone selling price is then used to allocate total consideration proportionally to the various performance obligations within a contract. To estimate variable consideration, the company may apply both the “expected value” method and “most likely amount” method based on the form of variable consideration, after considering which method would provide the best prediction of consideration to be received from the company’s customers. The expected value method involves a probability-weighted determination of the expected amount, whereas the most likely amount method identifies the single most likely outcome in a range of possible amounts. In certain cases, both methods may be used within a single contract if multiple forms of variable consideration exist. However, once a method has been applied to one form of variable consideration, it is applied consistently throughout the contract term. The primary types of variable consideration present in the company’s contracts are per-unit price changes, volume discounts and rebates. Once variable consideration has been estimated, it will be constrained if a significant reversal of the cumulative amounts of sales is probable in the context of the contract. Revenue Contract Costs The company has determined there are no material costs that meet the capitalization criteria for costs to obtain or fulfill a contract. Revenue Recognition Practical Expedients For contracts that have an original duration of one year or less, the company has elected the practical expedient applicable to such contracts and has not disclosed the transaction price for future performance obligations as of the end of each reporting period or when the company expects to recognize sales. The company has also elected the sales tax practical expedient; therefore, sales and other taxes assessed by a governmental authority that are collected concurrent with revenue-producing activities are excluded from the transaction price. For shipping and handling activities performed after a customer obtains control of the goods, the company has elected to account for these costs as activities to fulfill the promise to transfer the goods; therefore, these activities are not assessed as separate performance obligations. The company has also elected the significant financing component practical expedient which allows management to not assess whether the contract has a significant financing component in circumstances where, at contract inception, the expected contract duration is less than one year. Disaggregation of Sales The company disaggregates net sales by reportable segments, as disclosed in Note 3 Note 5 Note 3 Revenue Contract Balances The company enters into contracts to sell beverage packaging, aerosol packaging, and aerospace products. The payment terms and conditions in customer contracts vary. Those customers that prepay are represented by the contract liabilities shown in Note 5 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Segment Information | |
Schedule of major customers | 2023 2022 2021 U.S. Government 14 % 12 % 13 % Anheuser-Busch InBev and affiliates 13 % 13 % 12 % Coca-Cola Bottlers' Sales & Services Company LLC and affiliates 11 % 11 % 10 % |
Summary of net sales and long lived assets by geographic area | ($ in millions) U.S. Brazil Other Consolidated 2023 $ 7,839 $ 1,408 $ 4,782 $ 14,029 2022 8,487 1,450 5,412 15,349 2021 7,284 1,458 5,069 13,811 (a) Revenue is attributed based on origin of sale and includes intercompany eliminations. ($ in millions) U.S. Brazil Other Consolidated As of December 31, 2023 $ 4,186 $ 1,274 $ 3,361 $ 8,821 As of December 31, 2022 4,316 1,193 3,259 8,768 (a) Long-lived assets exclude goodwill and intangible assets. |
Summary of business by segment | Years Ended December 31, ($ in millions) 2023 2022 2021 Net sales Beverage packaging, North and Central America $ 5,963 $ 6,696 $ 5,856 Beverage packaging, EMEA 3,395 3,854 3,509 Beverage packaging, South America 1,960 2,108 2,016 Aerospace 1,967 1,977 1,911 Reportable segment sales 13,285 14,635 13,292 Other 744 714 519 Net sales $ 14,029 $ 15,349 $ 13,811 Comparable operating earnings Beverage packaging, North and Central America $ 710 $ 642 $ 681 Beverage packaging, EMEA 354 358 452 Beverage packaging, South America 266 275 348 Aerospace 219 170 169 Reportable segment comparable operating earnings 1,549 1,445 1,650 Reconciling items Other (a) 12 (25) (65) Business consolidation and other activities (153) (71) (142) Amortization of acquired intangibles (135) (135) (152) Earnings before interest and taxes 1,273 1,214 1,291 Interest expense (459) (312) (270) Debt refinancing and other costs — (18) (13) Total interest expense (459) (330) (283) Earnings before taxes $ 814 $ 884 $ 1,008 (a) Includes undistributed corporate expenses, net, of $74 million, $82 million and $72 million for the years ended December 2023, 2022 and 2021, respectively. Years Ended December 31, ($ in millions) 2023 2022 2021 Depreciation and amortization (a) Beverage packaging, North and Central America $ 220 $ 219 $ 200 Beverage packaging, EMEA 178 185 223 Beverage packaging, South America 145 143 141 Aerospace 81 78 65 Reportable segment depreciation and amortization 624 625 629 Other 62 47 71 Depreciation and amortization $ 686 $ 672 $ 700 Capital expenditures Beverage packaging, North and Central America $ 311 $ 621 $ 697 Beverage packaging, EMEA 378 458 305 Beverage packaging, South America 129 267 334 Aerospace 106 142 198 Reportable segment capital expenditures 924 1,488 1,534 Other 121 163 192 Capital expenditures $ 1,045 $ 1,651 $ 1,726 (a) Includes amortization of acquired Rexam intangibles. |
Revenue from Contracts With C_2
Revenue from Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contracts with Customers | |
Schedule of the disaggregation of revenue by timing of transfer of control | ($ in millions) Year Ended December 31, Point in Time Over Time Total 2023 $ 2,363 $ 11,666 $ 14,029 2022 2,699 12,650 15,349 2021 2,459 11,352 13,811 |
Schedule of balances of contract liabilities | Contract Contract Liabilities Liabilities ($ in millions) (Current) (Noncurrent) Balance at December 31, 2021 $ 272 $ 38 Increase (decrease) 44 (26) Balance at December 31, 2022 316 12 Increase (decrease) 21 (2) Balance at December 31, 2023 $ 337 $ 10 |
Schedule of transaction price allocated to remaining performance obligations | ($ in millions) Next Twelve Months Thereafter Total Sales expected to be recognized on multi-year contracts in place as of December 31, 2023 $ 1,612 $ 1,312 $ 2,924 |
Business Consolidation and Ot_2
Business Consolidation and Other Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Consolidation and Other Activities | |
Summary of business consolidation and other activity (charges) / income included in the condensed consolidated statements of earnings | Years Ended December 31, ($ in millions) 2023 2022 2021 Beverage packaging, North and Central America $ (78) $ (74) $ (6) Beverage packaging, EMEA 5 (227) (7) Beverage packaging, South America (31) (29) 9 Other (49) 259 (138) $ (153) $ (71) $ (142) |
Supplemental Cash Flow Statem_2
Supplemental Cash Flow Statement Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Statement Disclosures | |
Schedule of cash, cash equivalents and restricted cash | December 31, ($ in millions) 2023 2022 Beginning of period: Cash and cash equivalents $ 548 $ 563 Current restricted cash (included in other current assets) 10 16 Total cash, cash equivalents and restricted cash $ 558 $ 579 End of period: Cash and cash equivalents $ 695 $ 548 Current restricted cash (included in other current assets) 15 10 Total cash, cash equivalents and restricted cash $ 710 $ 558 |
Summary of PP&E acquired but not yet paid | December 31, ($ in millions) 2023 2022 Beginning of period: PP&E acquired but not yet paid $ 392 $ 540 End of period: PP&E acquired but not yet paid $ 204 $ 392 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables, Net | |
Schedule of receivables | December 31, ($ in millions) 2023 2022 Trade accounts receivable $ 1,197 $ 1,373 Unbilled receivables 764 746 Less: Allowance for doubtful accounts (15) (12) Net trade accounts receivable 1,946 2,107 Other receivables 388 487 $ 2,334 $ 2,594 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories, Net | |
Schedule of inventories | December 31, ($ in millions) 2023 2022 Raw materials and supplies $ 1,209 $ 1,541 Work-in-process and finished goods 440 729 Less: Inventory reserves (90) (91) $ 1,559 $ 2,179 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net | |
Schedule of property, plant and equipment | December 31, ($ in millions) 2023 2022 Land $ 221 $ 187 Buildings 2,418 2,159 Machinery and equipment 8,119 7,277 Construction-in-progress 1,240 1,504 11,998 11,127 Accumulated depreciation (4,618) (4,074) $ 7,380 $ 7,053 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets, Net | |
Schedule of goodwill | ($ in millions) Beverage Packaging, North & Central America Beverage Packaging, EMEA Beverage Packaging, South America Aerospace Other Total Balance at December 31, 2021 $ 1,275 $ 1,483 $ 1,298 $ 40 $ 282 $ 4,378 Business dispositions — (101) — — — (101) Effects of currency exchange — (40) — — (2) (42) Balance at December 31, 2022 $ 1,275 $ 1,342 $ 1,298 $ 40 $ 280 $ 4,235 Effects of currency exchange — 36 — — 17 53 Other 2 — — — — 2 Balance at December 31, 2023 $ 1,277 $ 1,378 $ 1,298 $ 40 $ 297 $ 4,290 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets, Net | |
Schedule of Finite-Lived Intangible Assets | December 31, ($ in millions) 2023 2022 Acquired customer relationships and other intangibles (net of accumulated amortization and impairment losses of $1.06 billion at December 31, 2023, and $914 million at December 31, 2022) $ 1,197 $ 1,320 Capitalized software (net of accumulated amortization of $222 million at December 31, 2023, and $204 million at December 31, 2022) 98 80 Other intangibles (net of accumulated amortization of $51 million at December 31, 2023, and $99 million at December 31, 2022) 14 17 $ 1,309 $ 1,417 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets.. | |
Schedule of other assets | December 31, ($ in millions) 2023 2022 Long-term pension assets $ 41 $ 355 Right-of-use operating lease assets 440 434 Investments in affiliates 212 193 Long-term deferred tax assets 114 73 Other 634 660 $ 1,441 $ 1,715 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of components of lease expense | December 31, ($ in millions) 2023 2022 Operating lease expense $ (117) $ (110) Financing lease expense (2) (2) Variable lease expense (17) (22) Sublease income 3 3 Net lease expense $ (133) $ (131) |
Schedule of supplemental cash flow information related to leases | December 31, ($ in millions) 2023 2022 Cash paid for amounts included in the measurements of lease liabilities: Operating cash outflows for operating leases $ (113) $ (99) Financing cash outflows for finance leases (3) (2) ROU assets obtained in exchange for: Operating lease obligations 64 118 |
Schedule of supplemental balance sheet information related to leases | December 31, ($ in millions) Balance Sheet Location 2023 2022 Operating leases: Operating lease ROU asset Other assets $ 440 $ 434 Current operating lease liabilities Other current liabilities 93 91 Noncurrent operating lease liabilities Other liabilities 356 349 Finance leases: Finance lease ROU assets, net Property, plant and equipment, net 8 11 Current finance lease liabilities Short-term debt and current portion of long-term debt 3 2 Noncurrent finance lease liabilities Long-term debt 7 10 |
Schedule of weighted average remaining lease term and weighted average discount rate of leases | December 31, 2023 2022 Weighted average remaining lease term in years: Operating leases 9 10 Finance leases 5 6 Weighted average discount rate: Operating leases 4.1 % 3.8 % Finance leases 3.0 % 3.0 % |
Schedule of the maturities of lease liabilities | ($ in millions) Operating Leases Finance Leases 2024 $ 101 $ 3 2025 81 2 2026 65 2 2027 57 1 2028 48 1 Thereafter 176 2 Future value of lease liabilities 528 11 Less: Imputed interest (79) (1) Present value of lease liabilities $ 449 $ 10 |
Debt and Interest Costs (Tables
Debt and Interest Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt and Interest Costs | |
Schedule of long-term debt | December 31, ($ in millions) 2023 2022 Senior Notes 4.00% due November 2023 $ — $ 1,000 0.875%, euro denominated, due March 2024 828 803 5.25% due July 2025 1,000 1,000 4.875% due March 2026 750 750 1.50%, euro denominated, due March 2027 607 589 6.875% due March 2028 750 750 6.00% due June 2029 1,000 — 2.875% due August 2030 1,300 1,300 3.125% due September 2031 850 850 Senior Credit Facility (at variable rates) U.S. dollar revolver due June 2027 — 200 Term A loan due June 2027 (6.71% - 2023) 1,325 1,350 Finance lease obligations 10 12 Other (including debt issuance costs) (60) (61) 8,360 8,543 Less: Current portion (856) (1,003) $ 7,504 $ 7,540 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Taxes on Income | |
Schedule of amount of earnings (loss) before income taxes | Years Ended December 31, ($ in millions) 2023 2022 2021 U.S. $ 258 $ 496 $ 146 Non-U.S. 556 388 862 $ 814 $ 884 $ 1,008 |
Schedule of provision (benefit) for income tax expense | Years Ended December 31, ($ in millions) 2023 2022 2021 Current U.S. $ 10 $ 9 $ (20) State and local 11 18 8 Non-U.S. 169 134 133 Total current 190 161 121 Deferred U.S. (74) 90 (7) State and local 6 7 (4) Non-U.S. 1 (99) 46 Total deferred (67) (2) 35 Tax provision (benefit) $ 123 $ 159 $ 156 |
Schedule of income tax provision recorded within the consolidated statements of earnings which differ from the provisions determined by applying the U.S. statutory tax rate to pretax earnings | Years Ended December 31, ($ in millions) 2023 2022 2021 Statutory U.S. federal income tax $ 171 $ 186 $ 212 Increase (decrease) due to: Non-U.S. tax rate differences including tax holidays (38) (21) (32) Non-U.S. tax law and rate changes 3 12 43 Currency exchange (gain) loss on revaluation of deferred tax balances (13) (8) 4 Global intangible low-taxed income (GILTI) 4 5 18 Permanent differences on business dispositions or impairments — (12) 4 U.S. state and local taxes, net 13 20 4 U.S. taxes on non-U.S. earnings, net of tax deductions and credits (38) 4 4 U.S. research and development credits (67) (28) (50) Uncertain tax positions, including interest (4) (10) (19) Change in valuation allowances 106 (4) (3) Equity compensation related impacts (6) 14 (10) U.S. CARES Act — — (10) Other, net (8) 1 (9) Provision (benefit) for taxes $ 123 $ 159 $ 156 Effective tax rate expressed as a percentage of pretax earnings 15.1 % 18.0 % 15.5 % |
Schedule of significant components of deferred tax assets and liabilities | December 31, ($ in millions) 2023 2022 Deferred tax assets: Deferred compensation $ 81 $ 74 Accrued employee benefits 71 66 Accrued pensions 90 74 Capitalized research and development 289 113 Net operating losses, tax credits and other tax attributes 640 413 Deferred interest 178 105 Operating lease liabilities 102 93 Other 134 180 Total deferred tax assets 1,585 1,118 Valuation allowance (386) (275) Net deferred tax assets 1,199 843 Deferred tax liabilities: Property, plant and equipment (620) (574) Goodwill and other intangible assets (448) (484) Pension assets (11) (89) Deferred revenue (a) (241) — Operating lease right of use assets (96) (91) Other (90) (72) Total deferred tax liabilities (1,506) (1,310) Net deferred tax asset (liability) $ (307) $ (467) |
Schedule of net deferred tax asset (liability) included in consolidated balance sheets | December 31, ($ in millions) 2023 2022 Other assets $ 114 $ 73 Deferred taxes (421) (540) Net deferred tax asset (liability) $ (307) $ (467) |
Roll forward of unrecognized tax benefits related to uncertain income tax positions | ($ in millions) 2023 2022 2021 Balance at January 1 $ 32 $ 36 $ 55 Additions for tax positions of prior years 1 5 — Reductions for settlements (5) — — Reductions due to lapse of statute of limitations — (7) (17) Reductions due to business dispositions — (1) — Effect of currency exchange rates — (1) (2) Balance at December 31 $ 28 $ 32 $ 36 |
Employee Benefit Obligations (T
Employee Benefit Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Obligations | |
Schedule of employee benefit obligations | December 31, ($ in millions) 2023 2022 Underfunded defined benefit pension liabilities $ 487 $ 423 Less: Current portion (21) (21) Long-term defined benefit pension liabilities 466 402 Long-term retiree medical liabilities 90 94 Deferred compensation plans 280 286 Other 62 65 $ 898 $ 847 |
Analysis of change in benefit accruals | December 31, 2023 2022 ($ in millions) U.S. Non-U.S. Total U.S. Non-U.S. Total Change in projected benefit obligation: Benefit obligation at prior year end $ 1,671 $ 1,802 $ 3,473 $ 2,304 $ 3,189 $ 5,493 Service cost 53 5 58 88 10 98 Interest cost 86 86 172 54 47 101 Benefits paid (142) (125) (267) (200) (140) (340) Net actuarial (gains) losses 62 322 384 (557) (999) (1,556) Settlements and other (2) — (2) (20) — (20) Other 3 — 3 2 (1) 1 Effect of exchange rates — 101 101 — (304) (304) Benefit obligation at year end 1,731 2,191 3,922 1,671 1,802 3,473 Change in plan assets: Fair value of assets at prior year end 1,417 1,988 3,405 1,960 3,530 5,490 Actual return on plan assets 130 62 192 (425) (1,075) (1,500) Employer contributions (a) 17 2 19 100 3 103 Contributions to unfunded plans (a) 7 16 23 6 15 21 Benefits paid (142) (125) (267) (200) (140) (340) Settlements and other (2) — (2) (24) — (24) Other — 1 1 — 2 2 Effect of exchange rates — 105 105 — (347) (347) Fair value of assets at end of year 1,427 2,049 3,476 1,417 1,988 3,405 Funded status $ (304) $ (142) $ (446) $ (254) $ 186 $ (68) (a) Employer contributions are presented in pension contributions in the operating activities section in the consolidated statements of cash flows for the years ended December 31, 2023 and 2022. |
Schedule of amounts recognized in accumulated other comprehensive (earnings) loss, including other post employment benefits | December 31, 2023 2022 ($ in millions) U.S. Non-U.S. Total U.S. Non-U.S. Total Net actuarial (loss) gain $ (261) $ (428) $ (689) $ (208) $ (57) $ (265) Net prior service (cost) credit 12 (43) (31) 14 (43) (29) Tax effect and currency exchange rates 73 110 183 58 9 67 $ (176) $ (361) $ (537) $ (136) $ (91) $ (227) |
Summary of fair value measurement levels assigned to domestic plan assets | December 31, 2023 ($ in millions) Level 1 Level 2 Total U.S. pension assets, at fair value: Cash and cash equivalents $ — $ 42 $ 42 U.S. government, agency and asset-backed securities: Municipal bonds — 11 11 Treasury bonds 176 — 176 Other — 11 11 Non-U.S. government bonds — 14 14 Corporate bonds and notes: Basic materials — 6 6 Communications — 45 45 Consumer discretionary — 19 19 Consumer staples — 62 62 Energy — 39 39 Financials — 46 46 Industrials — 41 41 Information technology — 6 6 Private placement — 1 1 Utilities — 57 57 Total level 1 and level 2 $ 176 $ 400 576 Other investments measured at net asset value (a) 851 Total assets $ 1,427 (a) Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation. December 31, 2022 ($ in millions) Level 1 Level 2 Total U.S. pension assets, at fair value: Cash and cash equivalents $ — $ 13 $ 13 U.S. government, agency and asset-backed securities: Municipal bonds — 11 11 Treasury bonds 147 — 147 Other — 4 4 Non-U.S. government bonds — 11 11 Corporate bonds and notes: Basic materials — 4 4 Communications — 18 18 Consumer discretionary — 6 6 Consumer staples — 17 17 Energy — 12 12 Financials — 99 99 Industrials — 140 140 Information technology — 8 8 Private placement — 1 1 Utilities — 49 49 Total level 1 and level 2 $ 147 $ 393 540 Other investments measured at net asset value (a) 877 Total assets $ 1,417 (a) Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation. December 31, ($ in millions) 2023 2022 U.K. pension assets, at fair value: Cash and cash equivalents $ 31 $ 29 Equity commingled funds 20 51 U.K. government bonds — 1,092 Other 4 20 Total level 1 55 1,192 Level 2: Investment funds - corporate bonds — 688 Level 3: Insurance annuity contract 1,935 — Other investments measured at net asset value (a) — 56 Total assets $ 1,990 $ 1,936 (a) Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation. |
Defined Benefit Pension Plans | |
Employee Benefit Obligations | |
Schedule of amounts recognized in the consolidated balance sheets | December 31, 2023 2022 ($ in millions) U.S. Non-U.S. Total U.S. Non-U.S. Total Long-term pension asset $ — $ 41 $ 41 $ — $ 355 $ 355 Defined benefit pension liabilities (a) (304) (183) (487) (254) (169) (423) Funded status $ (304) $ (142) $ (446) $ (254) $ 186 $ (68) (a) Included is an unfunded, non-qualified U.S. plan obligation of $22 million at December 31, 2023, that has been annuitized with a corresponding asset of $21 million. At December 31, 2022, the unfunded non-qualified U.S. plan obligation of $22 million was annuitized with a corresponding asset of $21 million. |
Summary of information for plans with an accumulated benefit obligation in excess of plan assets | December 31, 2023 2022 ($ in millions) U.S. Non-U.S. Total U.S. Non-U.S. Total Projected benefit obligation $ 1,731 $ 245 $ 1,976 $ 1,671 $ 181 $ 1,852 Accumulated benefit obligation 1,640 243 1,883 1,590 178 1,768 Fair value of plan assets (a) 1,427 63 1,490 1,417 11 1,428 (a) The German, Swedish and certain U.S. plans are unfunded and, therefore, there is no fair value of plan assets associated with these plans. |
Components of net periodic benefit cost | Years Ended December 31, 2023 2022 2021 ($ in millions) U.S. Non-U.S. Total U.S. Non-U.S. Total U.S. Non-U.S. Total Ball-sponsored plans: Service cost $ 53 $ 5 $ 58 $ 88 $ 10 $ 98 $ 83 $ 13 $ 96 Interest cost 86 86 172 54 47 101 50 36 86 Expected return on plan assets (115) (101) (216) (108) (61) (169) (117) (65) (182) Amortization of prior service cost 1 2 3 1 2 3 1 3 4 Recognized net actuarial loss 3 1 4 28 4 32 45 5 50 Settlement losses and other charges (a) 4 — 4 14 — 14 135 — 135 Total net periodic benefit cost $ 32 $ (7) $ 25 $ 77 $ 2 $ 79 $ 197 $ (8) $ 189 (a) Settlement losses and other charges resulted primarily from regular lump sum payments, purchases of non-participating group annuity contracts, headcount reduction actions and terminated vested buy-out activities. These settlement losses were recorded in business consolidation and other activities. The company’s impacted U.S. pension obligations were remeasured in connection with the settlements. |
Schedule of target asset allocations established | U.S. U.K. Cash and cash equivalents — % 0-5 % Equity securities 20-40 % 0-5 % Fixed income securities 40-70 % — % Insurance contract — % 90-100 % Alternative investments 5-25 % — % |
Schedule of actual weighted average asset allocations | 2023 2022 Cash and cash equivalents 2 % 2 % Equity securities 16 % 16 % Fixed income securities 25 % 77 % Insurance contract 55 % — % Alternative investments 2 % 5 % 100 % 100 % |
Defined Benefit Pension Plans | United States | |
Employee Benefit Obligations | |
Summary of weighted average assumptions used to determine benefit obligations | U.S. 2023 2022 2021 Discount rate 5.19 % 5.52 % 2.87 % Rate of compensation increase 4.48 % 4.47 % 4.48 % |
Summary of weighted average assumptions used to determine net periodic benefit cost | U.S. 2023 2022 2021 Discount rate 5.52 % 2.87 % 2.49 % Rate of compensation increase 4.47 % 4.48 % 4.05 % Expected long-term rate of return on assets 7.09 % 6.11 % 6.32 % |
Defined Benefit Pension Plans | Europe | |
Employee Benefit Obligations | |
Summary of weighted average assumptions used to determine benefit obligations | U.K. Germany 2023 2022 2021 2023 2022 2021 Discount rate 3.95 % 5.01 % 1.81 % 3.14 % 3.69 % 1.12 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 2.69 % 2.68 % 2.50 % Pension increase 3.34 % 3.43 % 3.64 % 2.18 % 1.80 % 1.70 % |
Summary of weighted average assumptions used to determine net periodic benefit cost | U.K. Germany 2023 2022 2021 2023 2022 2021 Discount rate 5.01 % 1.81 % 1.39 % 3.70 % 1.12 % 0.80 % Rate of compensation increase 3.50 % 3.50 % 3.50 % 2.69 % 2.50 % 2.50 % Pension increase 3.43 % 3.64 % 3.19 % 1.80 % 1.70 % 1.50 % Expected long-term rate of return on assets 5.11 % 1.91 % 1.74 % N/A N/A N/A |
Other post retirement benefits | |
Employee Benefit Obligations | |
Summary of weighted average assumptions used to determine benefit obligations | U.S. Canada 2023 2022 2021 2023 2022 2021 Discount rate 5.10 % 5.45 % 2.79 % 4.50 % 5.00 % 2.75 % Rate of compensation increase (a) 4.37 % 4.37 % 4.37 % N/A N/A N/A (a) The rate of compensation increase is not applicable for certain U.S. other postretirement benefit plans. |
Summary of weighted average assumptions used to determine net periodic benefit cost | U.S. Canada 2023 2022 2021 2023 2022 2021 Discount rate 5.45 % 2.79 % 2.39 % 5.00 % 2.75 % 2.25 % Rate of compensation increase (a) 4.37 % 4.37 % 4.50 % N/A N/A N/A (a) The rate of compensation increase is not applicable for certain U.S. other postretirement benefit plans . |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' Equity | |
Schedule of activity related to accumulated other comprehensive earnings (loss) | ($ in millions) Currency Translation (Net of Tax) Pension and Other Postretirement Benefits (Net of Tax) Derivatives Designated as Hedges (Net of Tax) Accumulated Other Comprehensive Earnings (Loss) Balance at December 31, 2021 $ (536) $ (169) $ 123 $ (582) Other comprehensive earnings (loss) before reclassifications 192 (88) 64 168 Amounts reclassified into earnings (90) 30 (205) (265) Balance at December 31, 2022 $ (434) $ (227) $ (18) $ (679) Other comprehensive earnings (loss) before reclassifications 54 (308) 8 (246) Amounts reclassified into earnings — (2) 11 9 Balance at December 31, 2023 $ (380) $ (537) $ 1 $ (916) |
Information related to amounts reclassified into net earnings from accumulated other comprehensive earnings (loss) | Years Ended December 31, ($ in millions) 2023 2022 2021 Gains (losses) on cash flow hedges: Commodity contracts recorded in net sales $ 43 $ 59 $ (121) Commodity contracts recorded in cost of sales (70) 119 153 Currency exchange contracts recorded in selling, general and administrative 5 81 90 Interest rate contracts recorded in interest expense 8 2 (2) Total before tax effect (14) 261 120 Tax benefit (expense) on amounts reclassified into earnings 3 (56) (20) Recognized gain (loss), net of tax $ (11) $ 205 $ 100 Amortization of pension and other postretirement benefits: (a) Actuarial gains (losses) $ 4 $ (28) $ (47) Prior service income (expense) (2) (2) (2) Effect of settlement losses and other one-time charges — (10) (135) Total before tax effect 2 (40) (184) Tax benefit (expense) on amounts reclassified into earnings — 10 45 Recognized gain (loss), net of tax $ 2 $ (30) $ (139) Currency translation recorded in business consolidation and other activities from the sale of the Russian aluminum beverage packaging business $ — $ 90 $ — (a) These components include the computation of net periodic benefit cost detailed in Note 17 . |
Stock-Based Compensation Prog_2
Stock-Based Compensation Programs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation Programs | |
Summary of stock option activity | Number of Weighted Average Shares Exercise Price Beginning of year 9,351,884 $ 52.07 Granted 1,220,253 56.64 Exercised (1,422,034) 31.31 Canceled/forfeited (245,098) 71.26 End of period 8,905,005 55.48 Vested and exercisable, end of year 6,289,374 $ 48.63 Reserved for future grants 11,286,918 |
Schedule of weighted average assumptions used for estimating fair values of options | 2023 Grants 2022 Grants 2021 Grants Expected dividend yield 1.41 % 0.92 % 0.70 % Expected stock price volatility 30.11 % 25.56 % 25.08 % Risk-free interest rate 3.52 % 1.77 % 0.61 % Expected life of options (in years) 5.80 years 6.10 years 6.25 years |
Summary of restricted stock activity | Weighted Number of Average Shares/Units Grant Price Beginning of year 1,204,502 $ 63.06 Granted 423,699 67.40 Vested (109,332) 81.98 Canceled/forfeited (173,624) 71.59 End of year 1,345,245 $ 57.44 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings (Loss) and Dividends Per Share | |
Schedule of earnings (loss) per share | Years Ended December 31, ($ in millions, except per share amounts; shares in thousands) 2023 2022 2021 Net earnings attributable to Ball Corporation $ 707 $ 719 $ 878 Basic weighted average common shares 314,775 316,433 325,989 Effect of dilutive securities 2,247 3,575 5,626 Weighted average shares applicable to diluted earnings per share 317,022 320,008 331,615 Per basic share $ 2.25 $ 2.27 $ 2.69 Per diluted share $ 2.23 $ 2.25 $ 2.65 |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Risk Management | |
Schedule of additional information related to the commercial risk management instruments | ($ in millions) December 31, 2023 Commercial risk area Commodity Currency Interest Rate Notional amount of contracts $ 1,162 (a) $ 3,264 $ 600 Net gain (loss) included in AOCI, after-tax (4) (b) — 5 Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months (4) (b) — 5 Longest duration of forecasted cash flow hedge transactions in years 2 2 4 (a) Substantially all aluminum contracts received hedge accounting treatment as of December 31, 2023. (b) Substantially all of this gain (loss) will be offset by pricing changes in sales and purchase contracts. |
Schedule of fair value of derivative instruments | December 31, 2023 ($ in millions) Balance Sheet Location Derivatives Designated as Hedging Instruments Derivatives not Designated as Hedging Instruments Total Assets: Commodity contracts $ 20 $ — $ 20 Currency contracts 65 13 78 Interest rate and other contracts 9 2 11 Total current derivative contracts Other current assets $ 94 $ 15 $ 109 Commodity contracts $ 1 $ — $ 1 Total noncurrent derivative contracts Other noncurrent assets $ 1 $ — $ 1 Liabilities: Commodity contracts $ 19 $ — $ 19 Currency contracts — 30 30 Interest rate and other contracts 3 — 3 Total current derivative contracts Other current liabilities $ 22 $ 30 $ 52 Commodity contracts $ 1 $ — $ 1 Total noncurrent derivative contracts Other noncurrent liabilities $ 1 $ — $ 1 December 31, 2022 ($ in millions) Balance Sheet Location Derivatives Designated as Hedging Instruments Derivatives not Designated as Hedging Instruments Total Assets: Commodity contracts $ 11 $ — $ 11 Currency contracts — 28 28 Total current derivative contracts Other current assets $ 11 $ 28 $ 39 Currency contracts $ 84 $ — $ 84 Total noncurrent derivative contracts Other noncurrent assets $ 84 $ — $ 84 Liabilities: Commodity contracts $ 48 $ — $ 48 Currency contracts 1 35 36 Other contracts — 12 12 Total current derivative contracts Other current liabilities $ 49 $ 47 $ 96 Currency contracts $ — $ 1 $ 1 Total noncurrent derivative contracts Other noncurrent liabilities $ — $ 1 $ 1 |
Schedule of impact on earnings (loss) from derivative instruments | Year Ended December 31, 2023 ($ in millions) Location of Gain (Loss) Recognized in Earnings on Derivatives Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) Gain (Loss) on Derivatives not Designated as Hedge Instruments Commodity contracts - manage exposure to customer pricing Net sales $ 43 $ — Commodity contracts - manage exposure to supplier pricing Cost of sales (70) 14 Interest rate contracts - manage exposure for outstanding debt Interest expense 8 (8) Currency contracts - manage currency exposure Selling, general and administrative 5 (8) Equity contracts Selling, general and administrative — 11 Total $ (14) $ 9 Year Ended December 31, 2022 ($ in millions) Location of Gain (Loss) Recognized in Earnings on Derivatives Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) Gain (Loss) on Derivatives not Designated as Hedge Instruments Commodity contracts - manage exposure to customer pricing Net sales $ 59 $ — Commodity contracts - manage exposure to supplier pricing Cost of sales 119 33 Interest rate contracts - manage exposure for outstanding debt Interest expense 2 11 Currency contracts - manage currency exposure Selling, general and administrative 81 94 Equity contracts Selling, general and administrative — (114) Total $ 261 $ 24 Year Ended December 31, 2021 ($ in millions) Location of Gain (Loss) Recognized in Earnings on Derivatives Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) Gain (Loss) on Derivatives not Designated as Hedge Instruments Commodity contracts - manage exposure to customer pricing Net sales $ (121) $ — Commodity contracts - manage exposure to supplier pricing Cost of sales 153 18 Interest rate contracts - manage exposure for outstanding debt Interest expense (2) — Currency contracts - manage currency exposure Selling, general and administrative 90 56 Equity contracts Selling, general and administrative — 5 Total $ 120 $ 79 |
Schedule of changes in accumulated other comprehensive earnings (loss) for effective derivatives | Years Ended December 31, ($ in millions) 2023 2022 2021 Amounts reclassified into earnings: Commodity contracts $ 27 $ (177) $ (32) Interest rate contracts (8) (1) 2 Currency exchange contracts (5) (83) (90) Change in fair value of cash flow hedges: Commodity contracts (3) 13 122 Interest rate contracts 14 1 — Currency exchange contracts — 66 68 Currency and tax impacts (6) 40 (14) $ 19 $ (141) $ 56 |
Critical and Significant Acco_3
Critical and Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Location of settlement loss | Business consolidation and other activities | Business consolidation and other activities | Business consolidation and other activities |
Corridor percentage considered for amortization of accumulated actuarial gains and losses | 10% | ||
ARGENTINA | |||
Devaluation charge in business consolidation and other activities | $ 22 | ||
Net asset exposure | 404 | ||
ARGENTINA | Argentina, Pesos | |||
Net assets | $ 20 | ||
Minimum | |||
Depreciation, Amortization and Accretion, Net [Abstract] | |||
Estimated useful life of finite-lived intangible assets | 3 years | ||
Maximum | |||
Depreciation, Amortization and Accretion, Net [Abstract] | |||
Estimated useful life of finite-lived intangible assets | 18 years | ||
Buildings and improvements | Minimum | |||
Depreciation, Amortization and Accretion, Net [Abstract] | |||
Estimated useful life | 5 years | ||
Buildings and improvements | Maximum | |||
Depreciation, Amortization and Accretion, Net [Abstract] | |||
Estimated useful life | 50 years | ||
Machinery and equipment | Minimum | |||
Depreciation, Amortization and Accretion, Net [Abstract] | |||
Estimated useful life | 2 years | ||
Machinery and equipment | Maximum | |||
Depreciation, Amortization and Accretion, Net [Abstract] | |||
Estimated useful life | 23 years | ||
Capitalized Software | Minimum | |||
Depreciation, Amortization and Accretion, Net [Abstract] | |||
Estimated useful life | 3 years | ||
Capitalized Software | Maximum | |||
Depreciation, Amortization and Accretion, Net [Abstract] | |||
Estimated useful life | 7 years |
Critical and Significant Acco_4
Critical and Significant Accounting Policies - Revenue Recognition (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) contract segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Revenue, Performance Obligation [Abstract] | |||
Practical expedient - nondisclosure of transaction price for future performance obligations | true | ||
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation | true | ||
Revenue Recognition in the Aerospace and Technologies Segment | |||
Practical expedient - financing component | true | ||
Number of reportable segments | segment | 4 | ||
Research and Development Costs | |||
Research and development expenses | $ | $ 55 | $ 55 | $ 56 |
Aerospace | |||
Revenue Recognition in the Aerospace and Technologies Segment | |||
Number of types of long-term sales contracts utilized | contract | 2 | ||
Maximum | |||
Revenue, Performance Obligation [Abstract] | |||
Payment term | 1 year | ||
Maximum | Aerospace | |||
Revenue, Performance Obligation [Abstract] | |||
Payment term | 1 year |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Pronouncements | ||
Financial institutions obligation outstanding | $ 709 | $ 930 |
Business Segment Information -
Business Segment Information - Major customers (Details) - segment | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major Customers | |||
Number of reportable segments | 4 | ||
Net sales. | Customer concentration | U.S. Government | |||
Major Customers | |||
Percentage of consolidated net sales | 14% | 12% | 13% |
Net sales. | Customer concentration | Anheuser-Busch InBev and affiliates | |||
Major Customers | |||
Percentage of consolidated net sales | 13% | 13% | 12% |
Net sales. | Customer concentration | Coca-Cola Bottlers' Sales & Services Company LLC and affiliates | |||
Major Customers | |||
Percentage of consolidated net sales | 11% | 11% | 10% |
Business Segment Information _2
Business Segment Information - Summary by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of net sales and net long-lived assets by geographic area | |||
Net sales | $ 14,029 | $ 15,349 | $ 13,811 |
Net long-lived assets | 8,821 | 8,768 | |
United States | |||
Summary of net sales and net long-lived assets by geographic area | |||
Net sales | 7,839 | 8,487 | 7,284 |
Net long-lived assets | 4,186 | 4,316 | |
Brazil | |||
Summary of net sales and net long-lived assets by geographic area | |||
Net sales | 1,408 | 1,450 | 1,458 |
Net long-lived assets | 1,274 | 1,193 | |
Other | |||
Summary of net sales and net long-lived assets by geographic area | |||
Net sales | 4,782 | 5,412 | $ 5,069 |
Net long-lived assets | $ 3,361 | $ 3,259 |
Business Segment Information _3
Business Segment Information - Summary of Business (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Segment Information | |||
Number of reportable segments | segment | 4 | ||
Net sales | |||
Net sales | $ 14,029 | $ 15,349 | $ 13,811 |
Reconciling items | |||
Other | 12 | (25) | (65) |
Business consolidation and other activities | (153) | (71) | (142) |
Amortization of acquired intangibles | (158) | (165) | (180) |
Earnings before interest and taxes | 1,273 | 1,214 | 1,291 |
Interest expense | (459) | (312) | (270) |
Debt refinancing and other costs | (18) | (13) | |
Total interest expense | (459) | (330) | (283) |
Earnings before taxes | 814 | 884 | 1,008 |
Undistributed corporate expenses | 74 | 82 | 72 |
Depreciation and Amortization | |||
Depreciation and amortization | 686 | 672 | 700 |
Capital Expenditures | |||
Capital expenditures | 1,045 | 1,651 | 1,726 |
Operating segments | |||
Net sales | |||
Net sales | 13,285 | 14,635 | 13,292 |
Comparable operating earnings | |||
Reportable segment comparable operating earnings | 1,549 | 1,445 | 1,650 |
Depreciation and Amortization | |||
Depreciation and amortization | 624 | 625 | 629 |
Capital Expenditures | |||
Capital expenditures | 924 | 1,488 | 1,534 |
Operating segments | Beverage packaging, North And Central America | |||
Net sales | |||
Net sales | 5,963 | 6,696 | 5,856 |
Comparable operating earnings | |||
Reportable segment comparable operating earnings | 710 | 642 | 681 |
Reconciling items | |||
Business consolidation and other activities | (78) | (74) | (6) |
Depreciation and Amortization | |||
Depreciation and amortization | 220 | 219 | 200 |
Capital Expenditures | |||
Capital expenditures | 311 | 621 | 697 |
Operating segments | Beverage packaging, EMEA | |||
Net sales | |||
Net sales | 3,395 | 3,854 | 3,509 |
Comparable operating earnings | |||
Reportable segment comparable operating earnings | 354 | 358 | 452 |
Reconciling items | |||
Business consolidation and other activities | 5 | (227) | (7) |
Depreciation and Amortization | |||
Depreciation and amortization | 178 | 185 | 223 |
Capital Expenditures | |||
Capital expenditures | 378 | 458 | 305 |
Operating segments | Beverage packaging, South America | |||
Net sales | |||
Net sales | 1,960 | 2,108 | 2,016 |
Comparable operating earnings | |||
Reportable segment comparable operating earnings | 266 | 275 | 348 |
Reconciling items | |||
Business consolidation and other activities | (31) | (29) | 9 |
Depreciation and Amortization | |||
Depreciation and amortization | 145 | 143 | 141 |
Capital Expenditures | |||
Capital expenditures | 129 | 267 | 334 |
Operating segments | Aerospace | |||
Net sales | |||
Net sales | 1,967 | 1,977 | 1,911 |
Comparable operating earnings | |||
Reportable segment comparable operating earnings | 219 | 170 | 169 |
Depreciation and Amortization | |||
Depreciation and amortization | 81 | 78 | 65 |
Capital Expenditures | |||
Capital expenditures | 106 | 142 | 198 |
Other. | |||
Net sales | |||
Net sales | 744 | 714 | 519 |
Reconciling items | |||
Business consolidation and other activities | (49) | 259 | (138) |
Depreciation and Amortization | |||
Depreciation and amortization | 62 | 47 | 71 |
Capital Expenditures | |||
Capital expenditures | 121 | 163 | 192 |
Rexam | |||
Reconciling items | |||
Amortization of acquired intangibles | $ (135) | $ (135) | $ (152) |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Dispositions (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 16, 2024 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 14, 2024 | May 31, 2023 | |
Disposition | |||||||||||
Loss on disposal location in consolidated statement of earnings | Business consolidation and other activities | ||||||||||
Proceeds from business dispositions, net of cash sold | $ 759 | $ 112 | |||||||||
Other current assets | $ 295 | 168 | |||||||||
Senior Notes 6.00% due June 2029 | |||||||||||
Disposition | |||||||||||
Public tender senior note amount | $ 1,000 | ||||||||||
Aerospace Business | Subsequent Event. | Senior Notes 5.25% due July 2025 | |||||||||||
Disposition | |||||||||||
Public tender senior note amount | $ 1,000 | ||||||||||
Aerospace Business | Subsequent Event. | Senior Notes 4.875% due March 2026 | |||||||||||
Disposition | |||||||||||
Public tender senior note amount | $ 750 | ||||||||||
Aluminum beverage packaging business in Russia | |||||||||||
Disposition | |||||||||||
Gain (loss) on sale of disposal group | 213 | ||||||||||
Disposal group, disposed of by sale, not discontinued operations | South Korea | |||||||||||
Disposition | |||||||||||
Consideration for the sale of business | $ 120 | ||||||||||
Gain (loss) on sale of disposal group | $ (5) | ||||||||||
Proceeds from sale of minority-owned investment | $ 110 | ||||||||||
Other current assets | 10 | ||||||||||
Disposal group, disposed of by sale, not discontinued operations | Ball Metalpack | |||||||||||
Disposition | |||||||||||
Consideration for the sale of business | $ 298 | ||||||||||
Gain (loss) on sale of disposal group | 298 | 298 | |||||||||
Proceeds from sale of minority-owned investment | 298 | ||||||||||
Proceeds of the sale include the repayment of an outstanding promissory note and accrued interest | $ 16 | ||||||||||
Disposal group, disposed of by sale, not discontinued operations | Ball Metalpack | Ball Metalpack | |||||||||||
Disposition | |||||||||||
Percentage of ownership in a joint venture | 49% | ||||||||||
Disposal group, disposed of by sale, not discontinued operations | Aluminum beverage packaging business in Russia | |||||||||||
Disposition | |||||||||||
Impairment Loss | $ 435 | ||||||||||
Consideration for the sale of business | $ 530 | ||||||||||
Gain (loss) on sale of disposal group | 222 | ||||||||||
Write down at business disposal | $ 213 | ||||||||||
Proceeds from business dispositions, net of cash sold | $ 455 | ||||||||||
Discontinued Operations, Disposed of by Sale | Aerospace Business | Subsequent Event. | |||||||||||
Disposition | |||||||||||
Consideration for the sale of business | $ 5,600 | ||||||||||
Discontinued Operations, Disposed of by Sale | Aerospace Business | Forecast | Subsequent Event. | |||||||||||
Disposition | |||||||||||
Estimated pre-tax gain | 4,800 | ||||||||||
Proceeds of net assets, after tax | $ 4,500 |
Revenue from Contracts With C_3
Revenue from Contracts With Customers - Disaggregation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contracts with Customers | |||
Total net sales | $ 14,029 | $ 15,349 | $ 13,811 |
Point in Time | |||
Revenue from Contracts with Customers | |||
Total net sales | 2,363 | 2,699 | 2,459 |
Over Time | |||
Revenue from Contracts with Customers | |||
Total net sales | $ 11,666 | $ 12,650 | $ 11,352 |
Revenue from Contracts With C_4
Revenue from Contracts With Customers - Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contract Balances | ||
Balance at beginning of period, Contract Liabilities (Current) | $ 316 | $ 272 |
Increase (decrease) contract liabilities (current) | 21 | 44 |
Balance at end of period, Contract Liabilities (Current) | 337 | 316 |
Balance at beginning of period, Contract Liabilities (Noncurrent) | 12 | 38 |
Increase (decrease) contract liabilities (noncurrent) | (2) | (26) |
Balance at end of period, Contract Liabilities (Noncurrent) | 10 | 12 |
Total increase (decrease) in contract liabilities | 19 | |
Cash received on contract liabilities | 984 | |
Revenue recognized as sales | 965 | |
Revenue recognized from opening balance of contract liabilities | 316 | |
Revenue recognized from obligations satisfied or partially satisfied in prior periods | $ 20 | $ 8 |
Revenue from Contracts With C_5
Revenue from Contracts With Customers - Performance obligations (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Maximum | |
Revenue from Contracts with Customers | |
Payment term | 1 year |
Aerospace | |
Revenue from Contracts with Customers | |
Sales expected to be recognized on multi-year contracts in place as of the end of the period | $ 2,924 |
Aerospace | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue from Contracts with Customers | |
Period in which remaining performance obligations expect to be satisfied and revenue recognized | 12 months |
Sales expected to be recognized on multi-year contracts in place as of the end of the period | $ 1,612 |
Aerospace | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | |
Revenue from Contracts with Customers | |
Period in which remaining performance obligations expect to be satisfied and revenue recognized | 0 months |
Sales expected to be recognized on multi-year contracts in place as of the end of the period | $ 1,312 |
Aerospace | Maximum | |
Revenue from Contracts with Customers | |
Payment term | 1 year |
Business Consolidation and Ot_3
Business Consolidation and Other Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business consolidation and other activities | ||||||
Business consolidation and other activities | $ (153) | $ (71) | $ (142) | |||
Settlement loss | 138 | |||||
ARGENTINA | ||||||
Business consolidation and other activities | ||||||
Foreign exchange loss | 22 | |||||
Aluminum beverage packaging business in Russia | ||||||
Business consolidation and other activities | ||||||
Business consolidation and other activities | 71 | |||||
Gain (loss) on sale of disposal group | 213 | |||||
Charges related to facilities closure | 55 | |||||
Disposal group, disposed of by sale, not discontinued operations | Aerospace Business | ||||||
Business consolidation and other activities | ||||||
Business consolidation and other activities | 153 | |||||
Charges related to facilities closure | 94 | |||||
Foreign exchange loss | 22 | |||||
Acquisition costs | (41) | |||||
Disposal group, disposed of by sale, not discontinued operations | Ball Metalpack | ||||||
Business consolidation and other activities | ||||||
Gain (loss) on sale of disposal group | $ 298 | 298 | ||||
Disposal group, disposed of by sale, not discontinued operations | Aluminum beverage packaging business in Russia | ||||||
Business consolidation and other activities | ||||||
Gain (loss) on sale of disposal group | $ 222 | |||||
Disposal group, disposed of by sale, not discontinued operations | South Korea | ||||||
Business consolidation and other activities | ||||||
Gain (loss) on sale of disposal group | $ (5) | |||||
Operating segments | Beverage packaging, North And Central America | ||||||
Business consolidation and other activities | ||||||
Business consolidation and other activities | (78) | (74) | (6) | |||
Operating segments | Beverage packaging, EMEA | ||||||
Business consolidation and other activities | ||||||
Business consolidation and other activities | 5 | (227) | (7) | |||
Operating segments | Beverage packaging, South America | ||||||
Business consolidation and other activities | ||||||
Business consolidation and other activities | (31) | (29) | 9 | |||
Other. | ||||||
Business consolidation and other activities | ||||||
Business consolidation and other activities | $ (49) | 259 | $ (138) | |||
Donations to non-profit organization | $ 30 |
Supplemental Cash Flow Statem_3
Supplemental Cash Flow Statement Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Cash, Cash Equivalents and Restricted Cash | ||||
Cash and cash equivalents | $ 695 | $ 548 | $ 563 | |
Current restricted cash (included in other current assets) | $ 15 | $ 10 | 16 | |
Location of current restricted cash | Other current assets | Other current assets | ||
Total cash, cash equivalents and restricted cash | $ 710 | $ 558 | 579 | $ 1,381 |
Other Non-cash items | ||||
PP&E acquired but not yet paid | $ 204 | $ 392 | $ 540 |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables, Net | |||
Trade accounts receivable | $ 1,197 | $ 1,373 | |
Unbilled receivables | 764 | 746 | |
Less: Allowance for doubtful accounts | (15) | (12) | |
Net trade accounts receivable | 1,946 | 2,107 | |
Other receivables | 388 | 487 | |
Receivables, net | 2,334 | 2,594 | |
Net accounts receivable under long-term contracts, due primarily from agencies of the U.S. government and their prime contractors | 282 | 282 | |
Recognized sales value of performance not yet billable | $ 250 | 267 | |
Average length of long-term contracts | 2 years | ||
Average remaining length of contracts | 6 months | ||
Net receivables expected to be collected within one year | $ 277 | ||
Maximum available sale of the accounts receivables under factoring program | 2,000 | 2,040 | |
Amount of accounts receivable available for sale under the factoring program | 350 | 488 | |
Factoring program expense included in statement of earnings | $ 97 | $ 67 | $ 41 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories, Net | ||
Raw materials and supplies | $ 1,209 | $ 1,541 |
Work-in-process and finished goods | 440 | 729 |
Less: Inventory reserves | (90) | (91) |
Inventories, net | $ 1,559 | $ 2,179 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, plant and equipment | ||||
Property, plant and equipment, gross | $ 11,998 | $ 11,127 | ||
Accumulated depreciation | (4,618) | (4,074) | ||
Net property, plant and equipment | 7,380 | 7,053 | ||
Depreciation expense | $ 528 | $ 507 | $ 520 | |
Diluted (in dollars per share) | $ 2.23 | $ 2.25 | $ 2.65 | |
Beverage packaging, EMEA | ||||
Property, plant and equipment | ||||
Impairment Loss | $ 296 | |||
Aerospace | Service Life | ||||
Property, plant and equipment | ||||
Depreciation expense | $ 52 | $ 49 | ||
Depreciation Expense, After Tax | $ 40 | $ 37 | ||
Diluted (in dollars per share) | $ 0.13 | $ 0.12 | ||
Land | ||||
Property, plant and equipment | ||||
Property, plant and equipment, gross | $ 221 | $ 187 | ||
Buildings | ||||
Property, plant and equipment | ||||
Property, plant and equipment, gross | 2,418 | 2,159 | ||
Machinery and equipment | ||||
Property, plant and equipment | ||||
Property, plant and equipment, gross | 8,119 | 7,277 | ||
Construction-in-progress | ||||
Property, plant and equipment | ||||
Property, plant and equipment, gross | $ 1,240 | $ 1,504 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | ||
Balance at the beginning of the period | $ 4,235 | $ 4,378 |
Business disposition | (101) | |
Effects of currency exchange | 53 | (42) |
Other | 2 | |
Balance at the end of the period | 4,290 | 4,235 |
Decrease in goodwill | 101 | |
Beverage packaging, North And Central America | ||
Goodwill | ||
Balance at the beginning of the period | 1,275 | 1,275 |
Other | 2 | |
Balance at the end of the period | 1,277 | 1,275 |
Beverage packaging, EMEA | ||
Goodwill | ||
Balance at the beginning of the period | 1,342 | 1,483 |
Business disposition | (101) | |
Effects of currency exchange | 36 | (40) |
Balance at the end of the period | 1,378 | 1,342 |
Decrease in goodwill | 101 | |
Beverage packaging, South America | ||
Goodwill | ||
Balance at the beginning of the period | 1,298 | 1,298 |
Balance at the end of the period | 1,298 | 1,298 |
Aerospace | ||
Goodwill | ||
Balance at the beginning of the period | 40 | 40 |
Balance at the end of the period | 40 | 40 |
Other | ||
Goodwill | ||
Balance at the beginning of the period | 280 | 282 |
Effects of currency exchange | 17 | (2) |
Balance at the end of the period | 297 | $ 280 |
Aluminum beverage packaging business in Russia | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||
Goodwill | ||
Business disposition | (101) | |
Decrease in goodwill | $ 101 |
Intangibles Assets, Net (Detail
Intangibles Assets, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total annual intangible asset amortization expense | ||||
Intangible assets (net of accumulated amortization) | $ 1,309 | $ 1,417 | ||
Amortization expense | 158 | 165 | $ 180 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2024 | 159 | |||
2025 | 160 | |||
2026 | 156 | |||
2027 | 151 | |||
2028 | 147 | |||
Thereafter | 536 | |||
Rexam | ||||
Total annual intangible asset amortization expense | ||||
Amortization expense | 135 | 135 | $ 152 | |
Customer relationships and other intangibles | ||||
Total annual intangible asset amortization expense | ||||
Intangible assets (net of accumulated amortization) | 1,197 | 1,320 | ||
Accumulated amortization and impairment losses | $ 1,060 | 914 | ||
Customer relationships and other intangibles | Aluminum beverage packaging business in Russia | ||||
Total annual intangible asset amortization expense | ||||
Impairment charge | $ 131 | |||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Restructuring and Other Activities | |||
Capitalized software | ||||
Total annual intangible asset amortization expense | ||||
Intangible assets (net of accumulated amortization) | $ 98 | 80 | ||
Accumulated amortization and impairment losses | 222 | 204 | ||
Other intangibles | ||||
Total annual intangible asset amortization expense | ||||
Intangible assets (net of accumulated amortization) | 14 | 17 | ||
Accumulated amortization and impairment losses | $ 51 | $ 99 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other assets | ||
Long-term pension assets | $ 41 | $ 355 |
Right-of-use operating lease assets | $ 440 | $ 434 |
Balance sheet location for operating lease assets | Other Assets | Other Assets |
Investments in affiliates | $ 212 | $ 193 |
Long-term deferred tax assets | 114 | 73 |
Other | 634 | 660 |
Other Assets | $ 1,441 | $ 1,715 |
Entity In Guatemala | ||
Other assets | ||
Ownership in affiliate, as a percent | 50% | |
Entity In Panama | ||
Other assets | ||
Ownership in affiliate, as a percent | 50% | |
Entity In Vietnam | ||
Other assets | ||
Ownership in affiliate, as a percent | 50% | |
Entity In U.S. | ||
Other assets | ||
Ownership in affiliate, as a percent | 50% |
Leases - Components of lease ex
Leases - Components of lease expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Components of lease expense | ||
Operating lease expense | $ (117) | $ (110) |
Finance lease expense | (2) | (2) |
Variable lease expense | (17) | (22) |
Sublease income | 3 | 3 |
Net lease expense | $ (133) | $ (131) |
Leases - Supplemental informati
Leases - Supplemental information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurements of lease liabilities: | ||
Operating cash flows from operating leases | $ (113) | $ (99) |
Financing cash outflows for finance leases | (3) | (2) |
ROU assets obtained in exchange for lease obligations: | ||
Operating lease obligations | $ 64 | $ 118 |
Supplemental balance sheet information | ||
Balance sheet location for operating lease assets | Other assets | Other assets |
Operating lease ROU asset | $ 440 | $ 434 |
Balance sheet location for operating lease current liabilities | Other current liabilities | Other current liabilities |
Current operating lease liabilities | $ 93 | $ 91 |
Balance sheet location for operating lease noncurrent liabilities | Other liabilities | Other liabilities |
Noncurrent operating lease liabilities | $ 356 | $ 349 |
Balance sheet location for finance lease assets | Property, plant and equipment, net | Property, plant and equipment, net |
Finance lease ROU assets, net | $ 8 | $ 11 |
Balance sheet location for finance lease current liabilities | Short-term debt and current portion of long-term debt | Short-term debt and current portion of long-term debt |
Current finance lease liabilities | $ 3 | $ 2 |
Balance sheet location for finance lease noncurrent liabilities | Long-term debt | Long-term debt |
Noncurrent finance lease liabilities | $ 7 | $ 10 |
Leases - Weighted average infor
Leases - Weighted average information (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted average information | ||
Weighted average remaining lease term: Operating leases | 9 years | 10 years |
Weighted average remaining lease term: Finance leases | 5 years | 6 years |
Weighted average discount rate: Operating leases | 4.10% | 3.80% |
Weighted average discount rate: Finance leases | 3% | 3% |
Leases - Lease liabilities matu
Leases - Lease liabilities maturities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Maturities of operating lease liabilities | ||
2024 | $ 101 | |
2025 | 81 | |
2026 | 65 | |
2027 | 57 | |
2028 | 48 | |
Thereafter | 176 | |
Future value of lease liabilities | 528 | |
Less: Imputed interest | (79) | |
Present value of lease liabilities | 449 | |
Maturities of finance lease liabilities | ||
2024 | 3 | |
2025 | 2 | |
2026 | 2 | |
2027 | 1 | |
2028 | 1 | |
Thereafter | 2 | |
Future value of lease liabilities | 11 | |
Less: Imputed interest | (1) | |
Present value of lease liabilities | $ 10 | $ 12 |
Debt and Interest Costs - Long
Debt and Interest Costs - Long term debt (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Nov. 30, 2023 | May 31, 2023 | Dec. 31, 2022 | |
Long-term debt | ||||
Finance lease obligations | $ 10 | $ 12 | ||
Balance sheet location for finance lease liabilities | Finance lease obligations | Finance lease obligations | ||
Other (including debt issuance costs) | $ (60) | $ (61) | ||
Long-term debt, Total | 8,360 | 8,543 | ||
Less: Current portion | (856) | (1,003) | ||
Long-term debt excluding current maturities | $ 7,504 | 7,540 | ||
Senior Notes 4.00% due November 2023 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 1,000 | |||
Interest rate (as a percent) | 4% | 4% | 4% | |
Senior Notes 0.875%, euro denominated, due March 2024 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 828 | $ 803 | ||
Interest rate (as a percent) | 0.875% | 0.875% | ||
Senior Notes 5.25% due July 2025 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 1,000 | $ 1,000 | ||
Interest rate (as a percent) | 5.25% | 5.25% | ||
Senior Notes 4.875% due March 2026 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 750 | $ 750 | ||
Interest rate (as a percent) | 4.875% | 4.875% | ||
Senior Notes 1.50%, euro denominated, due March 2027 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 607 | $ 589 | ||
Interest rate (as a percent) | 1.50% | 1.50% | ||
6.875% due March 2028 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 750 | $ 750 | ||
Interest rate (as a percent) | 6.875% | |||
Senior Notes 6.00% due June 2029 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 1,000 | |||
Interest rate (as a percent) | 6% | 6% | ||
Senior Notes 2.875% due August 2030 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 1,300 | $ 1,300 | ||
Interest rate (as a percent) | 2.875% | 2.875% | ||
Senior Notes 3.125% due September 2031 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 850 | $ 850 | ||
Interest rate (as a percent) | 3.125% | 3.125% | ||
U.S. dollar revolver due June 2027 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 200 | |||
Term A Loan Due June 2027 | ||||
Long-term debt | ||||
Long-term Debt, Gross | $ 1,325 | $ 1,350 | ||
Variable interest rate (as a percent) | 6.71% |
Debt and Interest Costs - Activ
Debt and Interest Costs - Activity (Details) - USD ($) $ in Millions | 1 Months Ended | |||
May 31, 2023 | Dec. 31, 2023 | Nov. 30, 2023 | Dec. 31, 2022 | |
Committed multi-currency revolving credit facilities due 2021 | ||||
Long-term debt | ||||
Maximum borrowing capacity of revolving credit facility | $ 1,750 | |||
Available borrowing capacity under line of credit facility | 1,690 | |||
Short-term uncommitted credit facilities | ||||
Long-term debt | ||||
Available borrowing capacity under line of credit facility | 964,000 | |||
Amount of credit facility outstanding and due on demand | $ 13 | $ 112 | ||
Weighted average interest rate of the outstanding short-term facilities (as a percent) | 19.95% | 6.71% | ||
Short term committed revolving credit facilities | ||||
Long-term debt | ||||
Amount of credit facility outstanding and due on demand | $ 196 | $ 293 | ||
Senior Notes 4.00% due November 2023 | ||||
Long-term debt | ||||
Debt instrument redemption amount | $ 1,000 | |||
Interest rate (as a percent) | 4% | 4% | 4% | |
Senior Notes 6.00% due June 2029 | ||||
Long-term debt | ||||
Face amount of debt | $ 1,000 | |||
Interest rate (as a percent) | 6% | 6% | ||
Repayment of revolving credit facility | $ 800 |
Debt and Interest Costs - FV, M
Debt and Interest Costs - FV, Maturities, etc. (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long term debt value | |||
Unamortized debt issuance costs | $ 62 | ||
Long term debt maturities | |||
2024 | 858,000 | ||
2025 | 1,050 | ||
2026 | 819,000 | ||
2027 | 1,790 | ||
2028 | 751,000 | ||
Thereafter | 3,150 | ||
Letters of credit, outstanding amount | 57 | $ 59 | |
Total interest paid and capitalized | |||
Interest expense | 459 | 330 | $ 283 |
Interest paid during period | 378 | 312 | 276 |
Capitalized interest | 25 | 10 | 17 |
Noncash financing fees | $ 17 | 16 | $ 13 |
Ownership interest in guarantor subsidiaries (as a percent) | 100% | ||
Leverage ratio, maximum | 5 | ||
Leverage ratio, subsequent period | 4.5 | ||
Level 2 | |||
Long term debt value | |||
Fair value of the long-term debt | $ 8,070 | 7,990 | |
Carrying value | $ 8,360 | $ 8,540 |
Taxes on Income - Provision (De
Taxes on Income - Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings before income taxes: | |||
U.S | $ 258 | $ 496 | $ 146 |
Non-U.S. | 556 | 388 | 862 |
Earnings before taxes | 814 | 884 | 1,008 |
Current | |||
U.S. | 10 | 9 | (20) |
State and local | 11 | 18 | 8 |
Non-U.S. | 169 | 134 | 133 |
Total current | 190 | 161 | 121 |
Deferred | |||
U.S. | (74) | 90 | (7) |
State and local | 6 | 7 | (4) |
Non-U.S. | 1 | (99) | 46 |
Total deferred | (67) | (2) | 35 |
Tax provision (benefit) | $ 123 | $ 159 | $ 156 |
Taxes on Income - Rate reconcil
Taxes on Income - Rate reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax provision reconciliation | |||
Statutory U.S. federal income tax | $ 171 | $ 186 | $ 212 |
Increase (decrease) due to: | |||
Non-U.S. tax rate differences including tax holidays | (38) | (21) | (32) |
Non-U.S. tax law and rate changes | 3 | 12 | 43 |
Currency exchange (gain) loss on revaluation of deferred tax balances | (13) | (8) | 4 |
Global intangible low-taxed income (GILTI) | 4 | 5 | 18 |
Permanent difference on business dispositions or impairments | (12) | 4 | |
U.S. state and local taxes, net | 13 | 20 | 4 |
U.S. taxes on Non-U.S. earnings, net of tax deductions and credits | (38) | 4 | 4 |
U.S. research and development tax credits | (67) | (28) | (50) |
Uncertain tax positions, including interest | (4) | (10) | (19) |
Change in valuation allowances | 106 | (4) | (3) |
Equity compensation related impacts | (6) | 14 | (10) |
U.S. CARES Act | (10) | ||
Other, net | (8) | 1 | (9) |
Tax provision (benefit) | $ 123 | $ 159 | $ 156 |
Effective tax rate expressed as a percentage of pre-tax earnings | 15.10% | 18% | 15.50% |
Taxes on Income - Foreign subsi
Taxes on Income - Foreign subsidiaries (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign income taxes | |||
Retained earnings | $ 7,763 | $ 7,309 | |
Net income tax payments | 179 | 143 | $ 136 |
Ball's Serbian subsidiary | |||
Foreign income taxes | |||
Income tax reduction due to tax holidays | 3 | 2 | |
Brazilian subsidiaries | |||
Foreign income taxes | |||
Income tax reduction due to tax holidays | $ 71 | $ 59 | $ 74 |
Tax holiday, benefit per share | $ 0.22 | $ 0.18 | $ 0.23 |
Serbian and Polish | |||
Foreign income taxes | |||
Income tax reduction due to tax holidays | $ 6 | ||
Non US Subsidiaries | |||
Foreign income taxes | |||
Amount of non-U.S. earnings that may be subject to incremental foreign taxes and U.S. state income tax upon distribution | 943 | ||
Accrued for foreign withholding taxes on foreign earnings | 61 | ||
Retained earnings | $ 2,320 |
Taxes on Income - Components of
Taxes on Income - Components of Deferred Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Deferred compensation | $ 81 | $ 74 |
Accrued employee benefits | 71 | 66 |
Accrued pensions | 90 | 74 |
Capitalized research and development | 289 | 113 |
Net operating losses, non-U.S. tax credits and other tax attributes | 640 | 413 |
Deferred interest | 178 | 105 |
Operating lease liabilities | 102 | 93 |
Other | 134 | 180 |
Total deferred tax assets | 1,585 | 1,118 |
Valuation allowance | (386) | (275) |
Net deferred tax assets | 1,199 | 843 |
Deferred tax liabilities: | ||
Property, Plant and Equipment | (620) | (574) |
Goodwill and other intangible assets | (448) | (484) |
Pension assets | (11) | (89) |
Deferred revenue | (241) | |
Operating lease right-of-use assets | (96) | (91) |
Other | (90) | (72) |
Total deferred tax liabilities | (1,506) | (1,310) |
Net deferred tax asset (liability) | (307) | (467) |
Deferred Tax Liabilities, Net, Total | 307 | 467 |
Other long term assets | ||
Deferred tax liabilities: | ||
Net deferred tax asset (liability) | (114) | (73) |
Deferred Tax Liabilities, Net, Total | 114 | 73 |
Deferred taxes | ||
Deferred tax liabilities: | ||
Net deferred tax asset (liability) | (421) | (540) |
Deferred Tax Liabilities, Net, Total | $ 421 | $ 540 |
Taxes on Income - Carryforwards
Taxes on Income - Carryforwards and valuation allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Taxes on Income | |||
Increase (decrease) in valuation allowances | $ 111 | $ (28) | $ 39 |
Change in valuation allowances | 106 | (4) | (3) |
U.S. research and development tax credits | 67 | $ 28 | $ 50 |
Effective income tax rate reconciliation, foreign | 58 | ||
Federal and foreign | |||
Taxes on Income | |||
Net operating loss carryforwards | 333 | ||
U.S. research and development tax credits | 230 | ||
Federal | Tax Credit Carryforwards | |||
Taxes on Income | |||
Net operating loss carryforwards | 178 | ||
State | |||
Taxes on Income | |||
Net operating loss carryforwards | $ 307 |
Taxes on Income - Uncertain Tax
Taxes on Income - Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
A roll forward of the unrecognized tax benefits related to uncertain income tax positions | |||
Balance at the beginning of the period | $ 32 | $ 36 | $ 55 |
Additions for tax positions of prior years | 1 | 5 | |
Reductions for settlements | (5) | ||
Reductions due to lapse of statute of limitations | (7) | (17) | |
Reductions due to business dispositions | (1) | ||
Effect of currency exchange rates | (1) | (2) | |
Balance at the end of the period | 28 | 32 | 36 |
Tax benefit related to uncertain tax positions included in annual provision for income taxes | 4 | 10 | 19 |
Amount of unrecognized tax benefits that, if recognized, would reduce tax expense | 26 | ||
Additional income tax expense related to interest on unrecognized tax benefit | 1 | 3 | 2 |
Accrued interest related to unrecognized tax benefit | 3 | $ 4 | 6 |
Accrued penalties related to unrecognized tax benefit | $ 2 | ||
Minimum | |||
A roll forward of the unrecognized tax benefits related to uncertain income tax positions | |||
Amount by which it is reasonably possible that unrecognized tax benefits may decrease within the next 12 months | $ 3 |
Employee Benefit Obligations -
Employee Benefit Obligations - Components, Amounts recognized in BS (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Liability | ||
Underfunded defined benefit pension liabilities | $ 487 | $ 423 |
Less: Current portion | (21) | (21) |
Long-term defined benefit pension liabilities | 466 | 402 |
Long-term retiree medical liabilities | 90 | 94 |
Deferred compensation plans | 280 | 286 |
Other | 62 | 65 |
Total employee benefit obligations | 898 | 847 |
Amounts recognized in the consolidated balance sheets | ||
Long-term pension assets | 41 | 355 |
Defined Benefit Pension Plans | ||
Amounts recognized in the consolidated balance sheets | ||
Long-term pension assets | 41 | 355 |
Defined benefit pension liabilities | (487) | (423) |
Funded status | (446) | (68) |
United States | Defined Benefit Pension Plans | ||
Amounts recognized in the consolidated balance sheets | ||
Defined benefit pension liabilities | (304) | (254) |
Funded status | (304) | (254) |
Annuitized Unfunded Obligation | 22 | 22 |
Annuitized Unfunded Corresponding Asset | 21 | 21 |
Non U.S. | Defined Benefit Pension Plans | ||
Amounts recognized in the consolidated balance sheets | ||
Long-term pension assets | 41 | 355 |
Defined benefit pension liabilities | (183) | (169) |
Funded status | $ (142) | $ 186 |
Employee Benefit Obligations _2
Employee Benefit Obligations - Change in benefit accounts (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in projected benefit obligation: | |||
Benefit obligation at prior year end | $ 3,473 | $ 5,493 | |
Service cost | 58 | 98 | $ 96 |
Interest cost | 172 | 101 | 86 |
Benefits paid | (267) | (340) | |
Net actuarial (gain) loss | 384 | (1,556) | |
Settlements and other | (2) | (20) | |
Other | 3 | 1 | |
Effect of exchange rates | 101 | (304) | |
Benefit obligation at year end | 3,922 | 3,473 | 5,493 |
Change in plan assets: | |||
Fair value of plan assets at prior year end | 3,405 | 5,490 | |
Actual return on plan assets | 192 | (1,500) | |
Employer contributions | 19 | 103 | |
Contributions to unfunded plans | 23 | 21 | |
Benefits paid | (267) | (340) | |
Settlements and other | (2) | (24) | |
Other | 1 | 2 | |
Effect of exchange rates | 105 | (347) | |
Fair value of plan assets at end of year | 3,476 | 3,405 | 5,490 |
Funded status | (446) | (68) | |
United States | |||
Change in projected benefit obligation: | |||
Benefit obligation at prior year end | 1,671 | 2,304 | |
Service cost | 53 | 88 | 83 |
Interest cost | 86 | 54 | 50 |
Benefits paid | (142) | (200) | |
Net actuarial (gain) loss | 62 | (557) | |
Settlements and other | (2) | (20) | |
Other | 3 | 2 | |
Benefit obligation at year end | 1,731 | 1,671 | 2,304 |
Change in plan assets: | |||
Fair value of plan assets at prior year end | 1,417 | 1,960 | |
Actual return on plan assets | 130 | (425) | |
Employer contributions | 17 | 100 | |
Contributions to unfunded plans | 7 | 6 | |
Benefits paid | (142) | (200) | |
Settlements and other | (2) | (24) | |
Fair value of plan assets at end of year | 1,427 | 1,417 | 1,960 |
Funded status | (304) | (254) | |
Accumulated benefit obligation | 1,640 | 1,590 | |
Non U.S. | |||
Change in projected benefit obligation: | |||
Benefit obligation at prior year end | 1,802 | 3,189 | |
Service cost | 5 | 10 | 13 |
Interest cost | 86 | 47 | 36 |
Benefits paid | (125) | (140) | |
Net actuarial (gain) loss | 322 | (999) | |
Other | (1) | ||
Effect of exchange rates | 101 | (304) | |
Benefit obligation at year end | 2,191 | 1,802 | 3,189 |
Change in plan assets: | |||
Fair value of plan assets at prior year end | 1,988 | 3,530 | |
Actual return on plan assets | 62 | (1,075) | |
Employer contributions | 2 | 3 | |
Contributions to unfunded plans | 16 | 15 | |
Benefits paid | (125) | (140) | |
Other | 1 | 2 | |
Effect of exchange rates | 105 | (347) | |
Fair value of plan assets at end of year | 2,049 | 1,988 | $ 3,530 |
Funded status | (142) | 186 | |
Accumulated benefit obligation | $ 2,189 | $ 1,800 |
Employee Benefit Obligations _3
Employee Benefit Obligations - AOCI, Obligations exceeding assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Amounts recognized in accumulated other comprehensive (earnings) loss | ||
Decrease in net actuarial losses from prior period | $ 424 | |
Benefit plans with an accumulated benefit obligation in excess of plan assets | ||
Fair value of plan assets | $ 0 | $ 0 |
Defined Benefit Plan, Funding Status [Extensible Enumeration] | us-gaap:UnfundedPlanMember | us-gaap:UnfundedPlanMember |
Defined Benefit Pension Plans | ||
Amounts recognized in accumulated other comprehensive (earnings) loss | ||
Net actuarial (loss) gain | $ (689) | $ (265) |
Net prior service (cost) credit | (31) | (29) |
Tax effect and currency exchange rates | 183 | 67 |
Accumulated other comprehensive (earnings) loss | (537) | (227) |
Benefit plans with an accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 1,976 | 1,852 |
Accumulated benefit obligation | 1,883 | 1,768 |
Fair value of plan assets | 1,490 | 1,428 |
Defined Benefit Pension Plans | United States | ||
Amounts recognized in accumulated other comprehensive (earnings) loss | ||
Net actuarial (loss) gain | (261) | (208) |
Net prior service (cost) credit | 12 | 14 |
Tax effect and currency exchange rates | 73 | 58 |
Accumulated other comprehensive (earnings) loss | (176) | (136) |
Benefit plans with an accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 1,731 | 1,671 |
Accumulated benefit obligation | 1,640 | 1,590 |
Fair value of plan assets | 1,427 | 1,417 |
Accumulated benefit obligation | 1,640 | 1,590 |
Defined Benefit Pension Plans | Non U.S. | ||
Amounts recognized in accumulated other comprehensive (earnings) loss | ||
Net actuarial (loss) gain | (428) | (57) |
Net prior service (cost) credit | (43) | (43) |
Tax effect and currency exchange rates | 110 | 9 |
Accumulated other comprehensive (earnings) loss | (361) | (91) |
Benefit plans with an accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 245 | 181 |
Accumulated benefit obligation | 243 | 178 |
Fair value of plan assets | 63 | 11 |
Accumulated benefit obligation | $ 2,189 | $ 1,800 |
Employee Benefit Obligations _4
Employee Benefit Obligations - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Ball-sponsored plans: | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense | |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense | |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense | |
Settlement losses and other one-time charges (a) | $ 4 | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement and Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible List] | Restructuring and Other Activities | Restructuring and Other Activities | Restructuring and Other Activities | |
Location of settlement loss | Business consolidation and other activities | Business consolidation and other activities | Business consolidation and other activities | |
Total net periodic benefit cost | $ 25 | |||
Selling, general and administrative | ||||
Ball-sponsored plans: | ||||
Non-service pension income | 37 | $ 33 | $ 42 | |
Forecast | ||||
Ball-sponsored plans: | ||||
Total net periodic benefit cost | $ 46 | |||
Defined Benefit Pension Plans | ||||
Ball-sponsored plans: | ||||
Service cost | 58 | 98 | 96 | |
Interest cost | 172 | 101 | 86 | |
Expected return on plan assets | (216) | (169) | (182) | |
Amortization of prior service cost | 3 | 3 | 4 | |
Recognized net actuarial loss | 4 | 32 | 50 | |
Settlement losses and other one-time charges (a) | 4 | 14 | 135 | |
Total net periodic benefit cost | 25 | 79 | 189 | |
Non-service pension income | 3 | 1 | ||
Defined Benefit Pension Plans | United States | ||||
Ball-sponsored plans: | ||||
Service cost | 53 | 88 | 83 | |
Interest cost | 86 | 54 | 50 | |
Expected return on plan assets | (115) | (108) | (117) | |
Amortization of prior service cost | 1 | 1 | 1 | |
Recognized net actuarial loss | 3 | 28 | 45 | |
Settlement losses and other one-time charges (a) | 4 | 14 | 135 | |
Total net periodic benefit cost | 32 | 77 | 197 | |
Non-service pension income | 3 | 2 | ||
Expected benefit payments | ||||
2024 | 259 | |||
2025 | 260 | |||
2026 | 265 | |||
2027 | 265 | |||
2028 | 265 | |||
Years 2029 through 2033 | 1,290 | |||
Defined Benefit Pension Plans | United States | Forecast | ||||
Ball-sponsored plans: | ||||
Contributions to pension plans | $ 75 | |||
Defined Benefit Pension Plans | Non U.S. | ||||
Ball-sponsored plans: | ||||
Service cost | 5 | 10 | 13 | |
Interest cost | 86 | 47 | 36 | |
Expected return on plan assets | (101) | (61) | (65) | |
Amortization of prior service cost | 2 | 2 | 3 | |
Recognized net actuarial loss | 1 | 4 | 5 | |
Total net periodic benefit cost | $ (7) | 2 | $ (8) | |
Non-service pension income | $ (1) |
Employee Benefit Obligations _5
Employee Benefit Obligations - Weighted Average Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Pension expense | $ 25 | |||
Settlement losses and other one-time charges (a) | 4 | |||
Forecast | ||||
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Pension expense | $ 46 | |||
Defined Benefit Pension Plans | ||||
Weighted-average assumptions used to determine benefit obligations | ||||
Effect of one quarter of a percentage point reduction in the expected return on pension assets assumption, on pension expense | 9 | |||
Effect of quarter of a percentage point reduction in the discount rate applied to the pension liability, on pension expense | 12 | |||
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Pension expense | 25 | $ 79 | $ 189 | |
Settlement losses and other one-time charges (a) | 4 | 14 | 135 | |
Market related value of plan assets used to calculate expected return | 3,683 | 3,651 | 5,633 | |
Non U.S. | Defined Benefit Pension Plans | ||||
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Pension expense | $ (7) | $ 2 | $ (8) | |
U.K. | Defined Benefit Pension Plans | ||||
Weighted-average assumptions used to determine benefit obligations | ||||
Discount rate (as a percent) | 3.95% | 5.01% | 1.81% | |
Rate of compensation increase (as a percent) | 3.50% | 3.50% | 3.50% | |
Pension increase (as a percent) | 3.34% | 3.43% | 3.64% | |
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Discount rate (as a percent) | 5.01% | 1.81% | 1.39% | |
Rate of compensation increase (as a percent) | 3.50% | 3.50% | 3.50% | |
Pension increase (as a percent) | 3.43% | 3.64% | 3.19% | |
Expected long-term rate of return on assets (as a percent) | 5.11% | 1.91% | 1.74% | |
Germany | Defined Benefit Pension Plans | ||||
Weighted-average assumptions used to determine benefit obligations | ||||
Discount rate (as a percent) | 3.14% | 3.69% | 1.12% | |
Rate of compensation increase (as a percent) | 2.69% | 2.68% | 2.50% | |
Pension increase (as a percent) | 2.18% | 1.80% | 1.70% | |
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Discount rate (as a percent) | 3.70% | 1.12% | 0.80% | |
Rate of compensation increase (as a percent) | 2.69% | 2.50% | 2.50% | |
Pension increase (as a percent) | 1.80% | 1.70% | 1.50% | |
United States | Defined Benefit Pension Plans | ||||
Weighted-average assumptions used to determine benefit obligations | ||||
Discount rate (as a percent) | 5.19% | 5.52% | 2.87% | |
Rate of compensation increase (as a percent) | 4.48% | 4.47% | 4.48% | |
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Discount rate (as a percent) | 5.52% | 2.87% | 2.49% | |
Rate of compensation increase (as a percent) | 4.47% | 4.48% | 4.05% | |
Expected long-term rate of return on assets (as a percent) | 7.09% | 6.11% | 6.32% | |
Pension expense | $ 32 | $ 77 | $ 197 | |
Settlement losses and other one-time charges (a) | $ 4 | $ 14 | $ 135 |
Employee Benefit Obligations _6
Employee Benefit Obligations - Asset Categories (Details) 10k | Dec. 31, 2023 | Dec. 31, 2022 |
United States | Minimum | Fixed income securities | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 40% | |
United States | Minimum | Equity securities | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 20% | |
United States | Minimum | Alternative investments | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 5% | |
United States | Maximum | Fixed income securities | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 70% | |
United States | Maximum | Equity securities | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 40% | |
United States | Maximum | Alternative investments | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 25% | |
U.K. | Minimum | Cash and cash equivalents | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 0% | |
U.K. | Minimum | Equity securities | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 0% | |
U.K. | Minimum | Insurance contract | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 90% | |
U.K. | Maximum | Equity securities | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 5% | |
U.K. | Maximum | Insurance contract | ||
Target asset allocations | ||
Target asset allocations (as a percent) | 100% | |
Defined Benefit Pension Plans | ||
Target asset allocations | ||
Weighted average asset allocations (as a percent) | 100% | 100% |
Defined Benefit Pension Plans | Cash and cash equivalents | ||
Target asset allocations | ||
Weighted average asset allocations (as a percent) | 2% | 2% |
Defined Benefit Pension Plans | Fixed income securities | ||
Target asset allocations | ||
Weighted average asset allocations (as a percent) | 25% | 77% |
Defined Benefit Pension Plans | Equity securities | ||
Target asset allocations | ||
Weighted average asset allocations (as a percent) | 16% | 16% |
Defined Benefit Pension Plans | Insurance contract | ||
Target asset allocations | ||
Weighted average asset allocations (as a percent) | 55% | |
Defined Benefit Pension Plans | Alternative investments | ||
Target asset allocations | ||
Weighted average asset allocations (as a percent) | 2% | 5% |
Employee Benefit Obligations _7
Employee Benefit Obligations - Fair Value of Assets (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Pension assets at fair value | |||
Total assets. | $ 3,476 | $ 3,405 | $ 5,490 |
United States | |||
Pension assets at fair value | |||
Total assets. | 1,427 | 1,417 | 1,960 |
United States | Fair Value Inputs Level 1 And Level 2 | |||
Pension assets at fair value | |||
Total assets. | 576 | 540 | |
United States | Fair Value Inputs Level 1 And Level 2 | Cash and cash equivalents | |||
Pension assets at fair value | |||
Total assets. | 42 | 13 | |
United States | Fair Value Inputs Level 1 And Level 2 | Municipal bonds | |||
Pension assets at fair value | |||
Total assets. | 11 | 11 | |
United States | Fair Value Inputs Level 1 And Level 2 | Treasury bonds | |||
Pension assets at fair value | |||
Total assets. | 176 | 147 | |
United States | Fair Value Inputs Level 1 And Level 2 | US Government and Government Agencies - Other | |||
Pension assets at fair value | |||
Total assets. | 11 | 4 | |
United States | Fair Value Inputs Level 1 And Level 2 | Non-U.S. government bonds | |||
Pension assets at fair value | |||
Total assets. | 14 | 11 | |
United States | Fair Value Inputs Level 1 And Level 2 | Corporate bonds and notes-Basic materials | |||
Pension assets at fair value | |||
Total assets. | 6 | 4 | |
United States | Fair Value Inputs Level 1 And Level 2 | Corporate bonds and notes-Communications | |||
Pension assets at fair value | |||
Total assets. | 45 | 18 | |
United States | Fair Value Inputs Level 1 And Level 2 | Corporate bonds and notes-Consumer discretionary | |||
Pension assets at fair value | |||
Total assets. | 19 | 6 | |
United States | Fair Value Inputs Level 1 And Level 2 | Corporate bonds and notes-Consumer staples | |||
Pension assets at fair value | |||
Total assets. | 62 | 17 | |
United States | Fair Value Inputs Level 1 And Level 2 | Corporate bonds and notes-Energy | |||
Pension assets at fair value | |||
Total assets. | 39 | 12 | |
United States | Fair Value Inputs Level 1 And Level 2 | Corporate bonds and notes-Financials | |||
Pension assets at fair value | |||
Total assets. | 46 | 99 | |
United States | Fair Value Inputs Level 1 And Level 2 | Corporate bonds and notes-Industrials | |||
Pension assets at fair value | |||
Total assets. | 41 | 140 | |
United States | Fair Value Inputs Level 1 And Level 2 | Corporate bonds and notes-Information technology | |||
Pension assets at fair value | |||
Total assets. | 6 | 8 | |
United States | Fair Value Inputs Level 1 And Level 2 | Corporate bonds and notes-Private placement | |||
Pension assets at fair value | |||
Total assets. | 1 | 1 | |
United States | Fair Value Inputs Level 1 And Level 2 | Corporate bonds and notes-Utilities | |||
Pension assets at fair value | |||
Total assets. | 57 | 49 | |
United States | Level 1 | |||
Pension assets at fair value | |||
Total assets. | 176 | 147 | |
United States | Level 1 | Treasury bonds | |||
Pension assets at fair value | |||
Total assets. | 176 | 147 | |
United States | Level 2 | |||
Pension assets at fair value | |||
Total assets. | 400 | 393 | |
United States | Level 2 | Cash and cash equivalents | |||
Pension assets at fair value | |||
Total assets. | 42 | 13 | |
United States | Level 2 | Municipal bonds | |||
Pension assets at fair value | |||
Total assets. | 11 | 11 | |
United States | Level 2 | US Government and Government Agencies - Other | |||
Pension assets at fair value | |||
Total assets. | 11 | 4 | |
United States | Level 2 | Non-U.S. government bonds | |||
Pension assets at fair value | |||
Total assets. | 14 | 11 | |
United States | Level 2 | Corporate bonds and notes-Basic materials | |||
Pension assets at fair value | |||
Total assets. | 6 | 4 | |
United States | Level 2 | Corporate bonds and notes-Communications | |||
Pension assets at fair value | |||
Total assets. | 45 | 18 | |
United States | Level 2 | Corporate bonds and notes-Consumer discretionary | |||
Pension assets at fair value | |||
Total assets. | 19 | 6 | |
United States | Level 2 | Corporate bonds and notes-Consumer staples | |||
Pension assets at fair value | |||
Total assets. | 62 | 17 | |
United States | Level 2 | Corporate bonds and notes-Energy | |||
Pension assets at fair value | |||
Total assets. | 39 | 12 | |
United States | Level 2 | Corporate bonds and notes-Financials | |||
Pension assets at fair value | |||
Total assets. | 46 | 99 | |
United States | Level 2 | Corporate bonds and notes-Industrials | |||
Pension assets at fair value | |||
Total assets. | 41 | 140 | |
United States | Level 2 | Corporate bonds and notes-Information technology | |||
Pension assets at fair value | |||
Total assets. | 6 | 8 | |
United States | Level 2 | Corporate bonds and notes-Private placement | |||
Pension assets at fair value | |||
Total assets. | 1 | 1 | |
United States | Level 2 | Corporate bonds and notes-Utilities | |||
Pension assets at fair value | |||
Total assets. | 57 | 49 | |
United States | NAV | |||
Pension assets at fair value | |||
Total assets. | 851 | 877 | |
Non U.S. | |||
Pension assets at fair value | |||
Total assets. | 2,049 | 1,988 | $ 3,530 |
U.K. | |||
Pension assets at fair value | |||
Total assets. | 1,990 | 1,936 | |
U.K. | Insurance annuity contract | |||
Pension assets at fair value | |||
Annuity buy-in contract | 1,940 | ||
U.K. | Level 1 | |||
Pension assets at fair value | |||
Total assets. | 55 | 1,192 | |
U.K. | Level 1 | Cash and cash equivalents | |||
Pension assets at fair value | |||
Total assets. | 31 | 29 | |
U.K. | Level 1 | Equity commingled funds | |||
Pension assets at fair value | |||
Total assets. | 20 | 51 | |
U.K. | Level 1 | U.K. government bonds | |||
Pension assets at fair value | |||
Total assets. | 1,092 | ||
U.K. | Level 1 | Other | |||
Pension assets at fair value | |||
Total assets. | 4 | 20 | |
U.K. | Level 2 | Corporate bonds and notes | |||
Pension assets at fair value | |||
Total assets. | 688 | ||
U.K. | Level 3 | Insurance annuity contract | |||
Pension assets at fair value | |||
Total assets. | $ 1,935 | ||
U.K. | NAV | Investment funds - property | |||
Pension assets at fair value | |||
Total assets. | $ 56 |
Employee Benefit Obligations _8
Employee Benefit Obligations - Other Post-Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefit Obligations | |||
(Income) expense for net periodic benefit cost | $ 25 | ||
Other post retirement benefits | |||
Employee Benefit Obligations | |||
Benefit obligation | 99 | $ 105 | |
Current portion | 11 | ||
(Income) expense for net periodic benefit cost | $ 6 | $ 4 | $ 1 |
Employee Benefit Obligations _9
Employee Benefit Obligations - Other Postretirement Weighted Average Assumptions (Details) - Other post retirement benefits | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
United States | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate (as a percent) | 5.10% | 5.45% | 2.79% |
Rate of compensation increase (as a percent) | 4.37% | 4.37% | 4.37% |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate (as a percent) | 5.45% | 2.79% | 2.39% |
Rate of compensation increase (as a percent) | 4.37% | 4.37% | 4.50% |
Canada | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate (as a percent) | 4.50% | 5% | 2.75% |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate (as a percent) | 5% | 2.75% | 2.25% |
Shareholders Equity (Details)
Shareholders Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Class of Stock | |||||||
Number of shares of common stock authorized | 1,100,000,000 | ||||||
Number of shares of preferred stock authorized | 15,000,000 | ||||||
Percentage increase in quarterly dividends | 33% | 20% | |||||
Stock Repurchase Program [Abstract] | |||||||
Share repurchases, net of issuances | $ 3 | $ 618 | $ 766 | ||||
Share repurchase agreement amount | $ 300 | ||||||
Number of shares repurchased | 4,340,000 | ||||||
Share price (in dollars per share) | $ 69.06 | ||||||
Series A Junior Participating Preferred Stock | |||||||
Class of Stock | |||||||
Number of shares of preferred stock authorized | 550,000 |
Shareholders' Equity - AOCI Act
Shareholders' Equity - AOCI Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Earnings (Loss) | |||
Beginning Balance | $ 3,461 | ||
Ending Balance | 3,769 | $ 3,461 | |
Settlement loss | $ 138 | ||
Currency Translation (Net of Tax) | |||
Accumulated Other Comprehensive Earnings (Loss) | |||
Beginning Balance | (434) | (536) | |
Other comprehensive earnings (loss) before reclassifications | 54 | 192 | |
Amounts reclassified into earnings | (90) | ||
Ending Balance | (380) | (434) | (536) |
Pension and Other Postretirement Benefits (Net of Tax) | |||
Accumulated Other Comprehensive Earnings (Loss) | |||
Beginning Balance | (227) | (169) | |
Other comprehensive earnings (loss) before reclassifications | (308) | (88) | |
Amounts reclassified into earnings | (2) | 30 | |
Ending Balance | (537) | (227) | (169) |
Derivatives Designated as Hedges (Net of Tax) | |||
Accumulated Other Comprehensive Earnings (Loss) | |||
Beginning Balance | (18) | 123 | |
Other comprehensive earnings (loss) before reclassifications | 8 | 64 | |
Amounts reclassified into earnings | 11 | (205) | |
Ending Balance | 1 | (18) | 123 |
Accumulated Other Comprehensive Earnings (Loss). | |||
Accumulated Other Comprehensive Earnings (Loss) | |||
Beginning Balance | (679) | (582) | |
Other comprehensive earnings (loss) before reclassifications | (246) | 168 | |
Amounts reclassified into earnings | 9 | (265) | |
Ending Balance | $ (916) | $ (679) | $ (582) |
Shareholders Equity - AOCI Addi
Shareholders Equity - AOCI Additional Details (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gains (losses) on cash flow hedges: | |||
Net sales | $ 14,029 | $ 15,349 | $ 13,811 |
Business consolidation and other activities | (153) | (71) | (142) |
Earnings before taxes | 814 | 884 | 1,008 |
Tax benefit (expense) on amounts reclassified into earnings | (123) | (159) | (156) |
Net earnings | 711 | 732 | 878 |
Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | |||
Amortization Of Pension And Other Postretirement Benefits: | |||
Currency translation recorded in business consolidation and other activities from the sale of the Russian aluminum beverage packaging business | 90 | ||
Derivatives Designated as Hedges (Net of Tax) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | |||
Gains (losses) on cash flow hedges: | |||
Earnings before taxes | (14) | 261 | 120 |
Tax benefit (expense) on amounts reclassified into earnings | 3 | (56) | (20) |
Net earnings | (11) | 205 | 100 |
Derivatives Designated as Hedges (Net of Tax) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | Commodity | |||
Gains (losses) on cash flow hedges: | |||
Net sales | 43 | 59 | (121) |
Cost of sales, net | (70) | 119 | 153 |
Derivatives Designated as Hedges (Net of Tax) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | Interest rate swap agreements | |||
Gains (losses) on cash flow hedges: | |||
Interest expense | 8 | 2 | (2) |
Derivatives Designated as Hedges (Net of Tax) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | Foreign currency contracts | |||
Gains (losses) on cash flow hedges: | |||
Selling, general and administrative, net | 5 | 81 | 90 |
Pension and Other Postretirement Benefits (Net of Tax) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | |||
Amortization Of Pension And Other Postretirement Benefits: | |||
Total before tax effect | 2 | (40) | (184) |
Tax benefit (expense) on amounts reclassified into earnings | 10 | 45 | |
Recognized gain (loss), net of tax | 2 | (30) | (139) |
Prior service income (expense) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | |||
Amortization Of Pension And Other Postretirement Benefits: | |||
Total before tax effect | (2) | (2) | (2) |
Actuarial gains (losses) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | |||
Amortization Of Pension And Other Postretirement Benefits: | |||
Total before tax effect | $ 4 | (28) | (47) |
Effect of settlement losses and other one-time charges | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | |||
Amortization Of Pension And Other Postretirement Benefits: | |||
Total before tax effect | $ (10) | $ (135) |
Stock-Based Compensation Prog_3
Stock-Based Compensation Programs (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) installment $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | |
Stock option and SSARs | |||
Stock-Based Compensation Programs | |||
Number of equal installments commencing one year from the date of grant | installment | 4 | ||
Vesting period | 1 year | ||
Expiration period of options | 10 years | ||
Outstanding Options, Number of Shares | |||
Beginning of year (in shares) | shares | 9,351,884 | ||
Granted (in shares) | shares | 1,220,253 | ||
Exercised (in shares) | shares | (1,422,034) | ||
Canceled/forfeited (in shares) | shares | (245,098) | ||
End of the period (in shares) | shares | 8,905,005 | 9,351,884 | |
Vested and exercisable, end of period (in shares) | shares | 6,289,374 | ||
Reserved for future grants (in shares) | shares | 11,286,918 | ||
Outstanding Options, Weighted Average Exercise Price | |||
Beginning of year (in dollars per share) | $ / shares | $ 52.07 | ||
Granted (in dollars per share) | $ / shares | 56.64 | ||
Exercised (in dollars per share) | $ / shares | 31.31 | ||
Canceled/forfeited (in dollars per share) | $ / shares | 71.26 | ||
End of period (in dollars per share) | $ / shares | 55.48 | $ 52.07 | |
Vested and exercisable, end of period (in dollars per share) | $ / shares | $ 48.63 | ||
Additional disclosures | |||
Weighted average remaining contractual term of options outstanding | 5 years 2 months 12 days | ||
Aggregate intrinsic value of options outstanding | $ | $ 90 | ||
Weighted average remaining contractual term of options vested and exercisable | 4 years | ||
Aggregate intrinsic value of options vested and exercisable | $ | $ 89 | ||
Total fair value of options vested | $ | $ 19 | $ 19 | $ 18 |
Weighted average fair value at grant date (in dollars per share) | $ / shares | $ 16.95 | $ 21.68 | $ 19.86 |
Employee Stock Option [Member] | |||
Additional disclosures | |||
Cash received from options exercised | $ | $ 26 | $ 26 | $ 33 |
Intrinsic value of options exercised | $ | 35 | $ 62 | $ 84 |
Tax benefit from exercise of options | $ | $ 5 | ||
Restricted shares and restricted stock units | |||
Stock-Based Compensation Programs | |||
Vesting period | 5 years |
Stock-Based Compensation Prog_4
Stock-Based Compensation Programs - Weighted average assumptions (Details) - Stock option and SSARs | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average assumptions used in estimation of fair values of options | |||
Expected dividend yield (as a percent) | 1.41% | 0.92% | 0.70% |
Expected stock price volatility (as a percent) | 30.11% | 25.56% | 25.08% |
Risk-free interest rate (as a percent) | 3.52% | 1.77% | 0.61% |
Expected life of options (in years) | 5 years 9 months 18 days | 6 years 1 month 6 days | 6 years 3 months |
Stock-Based Compensation Prog_5
Stock-Based Compensation Programs - RSA and PCEQ activity (Details) - Restricted shares and restricted stock units | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Stock-Based Compensation Programs | |
Vesting period | 5 years |
Restricted stock activity, Number of shares | |
Beginning of year (in shares) | shares | 1,204,502 |
Granted (in shares) | shares | 423,699 |
Vested (in shares) | shares | (109,332) |
Canceled/forfeited (in shares) | shares | (173,624) |
End of year (in shares) | shares | 1,345,245 |
Restricted stock activity, Weighted average grant price | |
Beginning of year (in dollars per share) | $ / shares | $ 63.06 |
Granted (in dollars per share) | $ / shares | 67.40 |
Vested (in dollars per share) | $ / shares | 81.98 |
Canceled/forfeited (in dollars per share) | $ / shares | 71.59 |
End of year (in dollars per share) | $ / shares | $ 57.44 |
Stock-Based Compensation Prog_6
Stock-Based Compensation Programs - Compensation expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-Based Compensation Programs | |||
Share based compensation expense | $ 33 | $ 39 | $ 40 |
Expenses for share-based compensation arrangements, after tax | (31) | $ (34) | $ (35) |
Unrecognized compensation cost related to nonvested share-based compensation arrangements | $ 56 | ||
Expected weighted-average period for recognition of unrecognized stock-based compensation costs | 2 years 2 months 12 days |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share | ||||
Net earnings attributable to Ball Corporation | $ 707 | $ 719 | $ 878 | |
Basic weighted average common shares | 314,775 | 316,433 | 325,989 | |
Effect of dilutive securities (in shares) | 2,247 | 3,575 | 5,626 | |
Weighted average shares applicable to diluted earnings (loss) per share | 317,022 | 320,008 | 331,615 | |
Per basic share (in dollars per share) | $ 2.25 | $ 2.27 | $ 2.69 | |
Per diluted share (in dollars per share) | 2.23 | 2.25 | 2.65 | |
Dividends declared and paid | ||||
Dividends paid (in dollars per share) | $ 0.80 | $ 0.80 | $ 0.70 | |
Stock option and SSARs | ||||
Options excluded from EPS calculation | ||||
Number of outstanding options excluded from computation of diluted earnings per share | 4,000 | 3,000 | 1,000 | 1,000 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management - General (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) approach $ / shares shares | |
Commodity | |
Financial Instruments and Risk Management | |
Number of methods through which entity manages commodity price risk in connection with market price fluctuations of aluminum ingot | approach | 2 |
Notional amount of contracts | $ 1,162 |
Net gain (loss) included in AOCI, after-tax | (4) |
Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months | $ (4) |
Commodity | Cash Flow Hedging | |
Financial Instruments and Risk Management | |
Longest duration of forecasted cash flow hedge transactions in years | 2 years |
Currency | |
Financial Instruments and Risk Management | |
Notional amount of contracts | $ 3,264 |
Currency | Cash Flow Hedging | |
Financial Instruments and Risk Management | |
Longest duration of forecasted cash flow hedge transactions in years | 2 years |
Interest Rate | |
Financial Instruments and Risk Management | |
Notional amount of contracts | $ 600 |
Net gain (loss) included in AOCI, after-tax | 5 |
Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months | $ 5 |
Interest Rate | Cash Flow Hedging | |
Financial Instruments and Risk Management | |
Longest duration of forecasted cash flow hedge transactions in years | 4 years |
Equity contracts | |
Financial Instruments and Risk Management | |
Combined notional value (in shares) | shares | 2.3 |
Change in company's stock price (in dollars per share) | $ / shares | $ 1 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management - Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurements | ||
Total current derivative contracts, assets | $ 109 | $ 39 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Total noncurrent derivative contracts, assets | $ 1 | $ 84 |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Total current derivative contracts, liabilities | $ 52 | $ 96 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Total noncurrent derivative contracts, liabilities | $ 1 | $ 1 |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Commodity | ||
Fair Value Measurements | ||
Total current derivative contracts, assets | $ 20 | $ 11 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Total noncurrent derivative contracts, assets | $ 1 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | |
Total current derivative contracts, liabilities | $ 19 | $ 48 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Total noncurrent derivative contracts, liabilities | $ 1 | $ 1 |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Currency | ||
Fair Value Measurements | ||
Total current derivative contracts, assets | $ 78 | $ 28 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Total noncurrent derivative contracts, assets | $ 84 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | |
Total current derivative contracts, liabilities | $ 30 | $ 36 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Cross-currency and other contracts | ||
Fair Value Measurements | ||
Total current derivative contracts, assets | $ 11 | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | |
Total current derivative contracts, liabilities | $ 3 | $ 12 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Derivatives Designated As Hedging Instruments | ||
Fair Value Measurements | ||
Total current derivative contracts, assets | $ 94 | $ 11 |
Total noncurrent derivative contracts, assets | 1 | 84 |
Total current derivative contracts, liabilities | 22 | 49 |
Total noncurrent derivative contracts, liabilities | 1 | |
Derivatives Designated As Hedging Instruments | Commodity | ||
Fair Value Measurements | ||
Total current derivative contracts, assets | 20 | 11 |
Total noncurrent derivative contracts, assets | 1 | |
Total current derivative contracts, liabilities | 19 | 48 |
Total noncurrent derivative contracts, liabilities | 1 | |
Derivatives Designated As Hedging Instruments | Currency | ||
Fair Value Measurements | ||
Total current derivative contracts, assets | 65 | |
Total noncurrent derivative contracts, assets | 84 | |
Total current derivative contracts, liabilities | 1 | |
Derivatives Designated As Hedging Instruments | Cross-currency and other contracts | ||
Fair Value Measurements | ||
Total current derivative contracts, assets | 9 | |
Total current derivative contracts, liabilities | 3 | |
Derivatives Not Designated as Hedging Instruments | ||
Fair Value Measurements | ||
Total current derivative contracts, assets | 15 | 28 |
Total current derivative contracts, liabilities | 30 | 47 |
Total noncurrent derivative contracts, liabilities | 1 | |
Derivatives Not Designated as Hedging Instruments | Commodity | ||
Fair Value Measurements | ||
Total noncurrent derivative contracts, liabilities | 1 | |
Derivatives Not Designated as Hedging Instruments | Currency | ||
Fair Value Measurements | ||
Total current derivative contracts, assets | 13 | 28 |
Total current derivative contracts, liabilities | 30 | 35 |
Derivatives Not Designated as Hedging Instruments | Cross-currency and other contracts | ||
Fair Value Measurements | ||
Total current derivative contracts, assets | $ 2 | |
Total current derivative contracts, liabilities | $ 12 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management - Impact on Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impact on Earnings from Derivative Instruments | |||
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) | $ (14) | $ 261 | $ 120 |
Gain (Loss) on Derivatives not Designated as Hedge Instruments | 9 | 24 | 79 |
Amounts reclassified into earnings: | |||
Commodity contracts | 27 | (177) | (32) |
Interest rate contracts | (8) | (1) | 2 |
Currency exchange contracts | (5) | (83) | (90) |
Change in fair value of cash flow hedges: | |||
Changes in accumulated other comprehensive earnings (loss) for effective derivatives | 19 | (141) | 56 |
Commodity | |||
Change in fair value of cash flow hedges: | |||
Gain (Loss) on Derivative | (3) | 13 | 122 |
Commodity | Net sales | |||
Impact on Earnings from Derivative Instruments | |||
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) | 43 | 59 | (121) |
Commodity | Cost of sales | |||
Impact on Earnings from Derivative Instruments | |||
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) | (70) | 119 | 153 |
Gain (Loss) on Derivatives not Designated as Hedge Instruments | 14 | 33 | 18 |
Interest rate contracts | |||
Impact on Earnings from Derivative Instruments | |||
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) | $ 8 | $ 2 | $ (2) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Debt | Interest Expense, Debt | Interest Expense, Debt |
Change in fair value of cash flow hedges: | |||
Gain (Loss) on Derivative | $ 14 | $ 1 | |
Interest rate contracts | Interest expense | |||
Impact on Earnings from Derivative Instruments | |||
Gain (Loss) on Derivatives not Designated as Hedge Instruments | (8) | 11 | |
Currency | |||
Impact on Earnings from Derivative Instruments | |||
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) | $ 5 | $ 81 | $ 90 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense |
Currency | Selling, general and administrative | |||
Impact on Earnings from Derivative Instruments | |||
Gain (Loss) on Derivatives not Designated as Hedge Instruments | $ (8) | $ 94 | $ 56 |
Equity contracts | |||
Impact on Earnings from Derivative Instruments | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | Selling, General and Administrative Expense |
Equity contracts | Selling, general and administrative | |||
Impact on Earnings from Derivative Instruments | |||
Gain (Loss) on Derivatives not Designated as Hedge Instruments | $ 11 | $ (114) | $ 5 |
Currency exchange contracts | |||
Impact on Earnings from Derivative Instruments | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ||
Change in fair value of cash flow hedges: | |||
Gain (Loss) on Derivative | 66 | 68 | |
Foreign currency and tax impacts | |||
Impact on Earnings from Derivative Instruments | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ||
Change in fair value of cash flow hedges: | |||
Gain (Loss) on Derivative | $ (6) | $ 40 | $ (14) |
Contingencies (Details)
Contingencies (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Environmental remediation | |
Estimated potential liability for all environmental matters | $ 24 |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current, Other Liabilities, Noncurrent |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |