10-Q: Quarterly report pursuant to Section 13 or 15(d)
Published on November 6, 2020
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number
State of (State or other jurisdiction of incorporation or |
(I.R.S. Employer Identification No.) |
(Address of registrant’s principal executive office) |
(Zip Code) |
Registrant’s telephone number, including area code:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date, and the securities registered pursuant to section 12(b) of the Act:
Class |
Trading Symbol |
Name of Exchange |
Outstanding at October 31, 2020 |
|||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Accelerated filer ◻ |
|
Non-accelerated filer ◻ |
Smaller reporting company |
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Ball Corporation
QUARTERLY REPORT ON FORM 10-Q
For the period ended September 30, 2020
INDEX
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
BALL CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
($ in millions, except per share amounts) |
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||
Net sales |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Costs and expenses |
||||||||||||
Cost of sales (excluding depreciation and amortization) |
( |
( |
( |
( |
||||||||
Depreciation and amortization |
( |
( |
( |
( |
||||||||
Selling, general and administrative |
( |
( |
( |
( |
||||||||
Business consolidation and other activities |
( |
( |
( |
( |
||||||||
( |
( |
( |
( |
|||||||||
Earnings before interest and taxes |
|
|
|
|
||||||||
Interest expense |
( |
( |
( |
( |
||||||||
Debt refinancing and other costs |
( |
— |
( |
( |
||||||||
Total interest expense |
( |
( |
( |
( |
||||||||
Earnings before taxes |
|
|
|
|
||||||||
Tax (provision) benefit |
( |
( |
( |
( |
||||||||
Equity in results of affiliates, net of tax |
|
|
( |
( |
||||||||
Net earnings |
|
|
|
|
||||||||
Net (earnings) loss attributable to noncontrolling interests |
|
— |
|
— |
||||||||
Net earnings attributable to Ball Corporation |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Earnings per share: |
||||||||||||
Basic |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Diluted |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Weighted average shares outstanding: (000s) |
||||||||||||
Basic |
|
|
|
|
||||||||
Diluted |
|
|
|
|
||||||||
See accompanying notes to the unaudited condensed consolidated financial statements.
1
BALL CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
($ in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||
Net earnings |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Other comprehensive earnings (loss): |
||||||||||||
Foreign currency translation adjustment |
( |
|
( |
|
||||||||
Pension and other postretirement benefits |
|
|
( |
|
||||||||
Derivatives designated as hedges |
|
|
|
|
||||||||
Total other comprehensive earnings (loss) |
( |
|
( |
|
||||||||
Income tax (provision) benefit |
( |
( |
( |
( |
||||||||
Total other comprehensive earnings (loss), net of tax |
( |
|
( |
|
||||||||
Total comprehensive earnings (loss) |
|
|
|
|
||||||||
Comprehensive (earnings) loss attributable to noncontrolling interests |
|
— |
|
— |
||||||||
Comprehensive earnings (loss) attributable to Ball Corporation |
$ |
|
$ |
|
$ |
|
$ |
|
See accompanying notes to the unaudited condensed consolidated financial statements.
2
BALL CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, |
December 31, |
|||||
($ in millions) |
|
2020 |
|
2019 |
||
Assets |
||||||
Current assets |
||||||
Cash and cash equivalents |
$ |
|
$ |
|
||
Receivables, net |
|
|
||||
Inventories, net |
|
|
||||
Other current assets |
|
|
||||
Total current assets |
|
|
||||
Noncurrent assets |
||||||
Property, plant and equipment, net |
|
|
||||
Goodwill |
|
|
||||
Intangible assets, net |
|
|
||||
Other assets |
|
|
||||
Total assets |
$ |
|
$ |
|
||
Liabilities and Equity |
||||||
Current liabilities |
||||||
Short-term debt and current portion of long-term debt |
$ |
|
$ |
|
||
Accounts payable |
|
|
||||
Accrued employee costs |
|
|
||||
Other current liabilities |
|
|
||||
Total current liabilities |
|
|
||||
Noncurrent liabilities |
||||||
Long-term debt |
|
|
||||
Employee benefit obligations |
|
|
||||
Deferred taxes |
|
|
||||
Other liabilities |
|
|
||||
Total liabilities |
|
|
||||
Equity |
||||||
Common stock ( |
|
|
||||
Retained earnings |
|
|
||||
Accumulated other comprehensive earnings (loss) |
( |
( |
||||
Treasury stock, at cost ( |
( |
( |
||||
Total Ball Corporation shareholders' equity |
|
|
||||
Noncontrolling interests |
|
|
||||
Total equity |
|
|
||||
Total liabilities and equity |
$ |
|
$ |
|
See accompanying notes to the unaudited condensed consolidated financial statements.
3
BALL CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, |
||||||
($ in millions) |
|
2020 |
|
2019 |
||
Cash Flows from Operating Activities |
||||||
Net earnings |
$ |
|
$ |
|
||
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: |
||||||
Depreciation and amortization |
|
|
||||
Business consolidation and other activities |
|
|
||||
Deferred tax provision (benefit) |
( |
( |
||||
Other, net |
|
|
||||
Changes in working capital components, net of dispositions |
( |
( |
||||
Cash provided by (used in) operating activities |
|
|
||||
Cash Flows from Investing Activities |
||||||
Capital expenditures |
( |
( |
||||
Business acquisitions, net of cash acquired |
( |
— |
||||
Business dispositions, net of cash sold |
( |
( |
||||
Other, net |
|
|
||||
Cash provided by (used in) investing activities |
( |
( |
||||
Cash Flows from Financing Activities |
||||||
Long-term borrowings |
|
|
||||
Repayments of long-term borrowings |
( |
( |
||||
Net change in short-term borrowings |
( |
|
||||
Proceeds (payments) from issuances of common stock, net of shares used for taxes |
( |
|
||||
Acquisitions of treasury stock |
( |
( |
||||
Common stock dividends |
( |
( |
||||
Other, net |
( |
( |
||||
Cash provided by (used in) financing activities |
( |
( |
||||
Effect of exchange rate changes on cash |
( |
( |
||||
Change in cash, cash equivalents and restricted cash |
( |
( |
||||
Cash, cash equivalents and restricted cash - beginning of period |
|
|
||||
Cash, cash equivalents and restricted cash - end of period |
$ |
|
$ |
|
See accompanying notes to the unaudited condensed consolidated financial statements.
4
Ball Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Ball Corporation and its controlled affiliates, including its consolidated variable interest entities (collectively Ball, the company, we or our), and have been prepared by the company. Certain information and footnote disclosures, including critical and significant accounting policies normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted for this quarterly presentation.
Results of operations for the periods shown are not necessarily indicative of results for the year, particularly in view of the seasonality in the packaging segments and the variability of contract sales in the company’s aerospace segment. These unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto included in the company’s 2019 Annual Report on Form 10-K filed on February 19, 2020, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2019 (annual report).
The preparation of 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 sales 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 that are of a normal recurring nature and are necessary to fairly state the results of the periods presented.
Certain prior year amounts have been reclassified in order to conform to the current year presentation.
Risks and Uncertainties – Novel Coronavirus (COVID-19)
The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management’s judgement about the outcome of future events. The current global business environment is being impacted directly and indirectly by the effects of the novel coronavirus (COVID-19), and it is not possible to accurately estimate the impacts of COVID-19. However, 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 COVID-19 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; |
● | Estimates regarding the likelihood of forecasted transactions associated with hedge accounting positions at September 30, 2020, 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, COVID-19 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 COVID-19 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.
5
Ball Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
2. Accounting Pronouncements
Recently Adopted Accounting Standards
Cloud Computing Arrangements
In August 2018, amendments to existing accounting guidance were issued to clarify the accounting for implementation costs related to cloud computing arrangements. The amendments specify that existing guidance for capitalizing implementation costs incurred to develop or obtain internal-use software also applies to capitalizing implementation costs incurred in a hosting arrangement that is a service contract. The guidance was applied prospectively on January 1, 2020, and did not have a material effect on the company’s unaudited condensed consolidated financial statements.
Financial Assets
Amendments to existing guidance were issued in June 2016, followed by improvements and transition relief in 2018 and 2019, requiring financial assets or a group of financial assets measured at amortized cost basis to be presented at the net amount expected to be collected when finalized. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. Ball adopted this guidance and all related amendments on January 1, 2020, applying the modified retrospective method, and this adoption did not have a material effect on the company’s unaudited condensed consolidated financial statements.
New Accounting Guidance
Income Tax Simplification
In December 2019, accounting guidance was issued to simplify the accounting for income taxes. The guidance is effective for Ball on January 1, 2021, and the company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements.
3. Business Segment Information
Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the
Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell metal beverage containers throughout those countries.
Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, including Russia, as well as Egypt and Turkey, that manufacture and sell metal beverage containers throughout those regions.
Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell metal beverage containers throughout most of South America.
Aerospace: Consists of operations that manufacture and sell aerospace and other related products and provide services used in the defense, civil space and commercial space industries.
6
Ball Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
As presented in the table below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and throughout the Asia Pacific region; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and aluminum slugs (aerosol packaging); a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; intercompany eliminations and other business activities.
The accounting policies of the segments are the same as those used in the company’s consolidated financial statements as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, South Korea, 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.
Summary of Business by Segment
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
($ in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||
Net sales |
||||||||||||
Beverage packaging, North and Central America |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Beverage packaging, EMEA |
|
|
|
|
||||||||
Beverage packaging, South America |
|
|
|
|
||||||||
Aerospace |
|
|
|
|
||||||||
Reportable segment sales |
|
|
|
|
||||||||
Other |
|
|
|
|
||||||||
Net sales |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Comparable operating earnings |
||||||||||||
Beverage packaging, North and Central America |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Beverage packaging, EMEA |
|
|
|
|
||||||||
Beverage packaging, South America |
|
|
|
|
||||||||
Aerospace |
|
|
|
|
||||||||
Reportable segment comparable operating earnings |
|
|
|
|
||||||||
Reconciling items |
||||||||||||
Other (a) |
( |
|
( |
|
||||||||
Business consolidation and other activities |
( |
( |
( |
( |
||||||||
Amortization of acquired Rexam intangibles |
( |
( |
( |
( |
||||||||
Earnings before interest and taxes |
|
|
|
|
||||||||
Interest expense |
( |
( |
( |
( |
||||||||
Debt refinancing and other costs |
( |
— |
( |
( |
||||||||
Total interest expense |
( |
( |
( |
( |
||||||||
Earnings before taxes |
$ |
|
$ |
|
$ |
|
$ |
|
(a) |
Includes undistributed corporate expenses, net, of $ |
The company does not disclose total assets by segment as it is not provided to the chief operating decision maker.
7
Ball Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
4. Acquisitions and Dispositions
Brazil Aluminum Aerosol Packaging Business
In August 2020, the company acquired the entire share capital of Tubex Industria E Comercio de Embalagens Ltda, an aluminum aerosol packaging business with a plant in Itupeva, Brazil, for the purchase price of $
Argentina Steel Aerosol Business
In October 2019, the company sold its Argentine steel aerosol packaging business, which included facilities in Garin and San Luis, Argentina, and recorded a loss on disposal of $
Beverage Packaging China
In September 2019, the company completed the sale of its metal beverage packaging business in China for upfront consideration of approximately $
5. Revenue from Contracts with Customers
Disaggregation of Sales
The company disaggregates net sales by reportable segments as disclosed in Note 3, and based on the timing of transfer of control for goods and services as explained below. The transfer of control for goods and services may occur at a point in time or over time. As disclosed in Note 3, the company’s business consists of
The following table disaggregates the company’s net sales based on the timing of transfer of control:
Three Months Ended September 30, 2020 |
Nine Months Ended September 30, 2020 |
|||||||||||||||||
($ in millions) |
Point in Time |
Over Time |
Total |
|
Point in Time |
Over Time |
Total |
|||||||||||
Total net sales |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||
Three Months Ended September 30, 2019 |
Nine Months Ended September 30, 2019 |
|||||||||||||||||
($ in millions) |
Point in Time |
Over Time |
Total |
|
Point in Time |
Over Time |
Total |
|||||||||||
Total net sales |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
8
Ball Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
Contract Balances
The company enters into contracts to sell beverage packaging, aerosol packaging, and aerospace products and services. The company did not have any contract assets at either September 30, 2020, or December 31, 2019. Unbilled receivables, which are not classified as contract assets, represent arrangements in which sales have been recorded prior to billing and right to payment is unconditional.
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, 2019 |
|
|
||||
Increase (decrease) |
|
( |
||||
Balance at September 30, 2020 |
$ |
|
$ |
|
||
During the nine months ended September 30, 2020, total contract liabilities increased by $
The company also recognized net sales of $
Transaction Price Allocated to Remaining Performance Obligations
Ball typically enters into master agreements with customers, which establish the terms and conditions for subsequent orders of goods. These master agreements do not create enforceable rights and obligations on a stand-alone basis. 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 contract) 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
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 September 30, 2020 |
$ |
|
$ |
|
$ |
|
9
Ball Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
6. Business Consolidation and Other Activities
The following is a summary of business consolidation and other activity (charges)/income included in the unaudited condensed consolidated statements of earnings:
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
($ in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||
Beverage packaging, North and Central America |
$ |
— |
$ |
( |
$ |
( |
$ |
( |
||||
Beverage packaging, EMEA |
( |
( |
( |
( |
||||||||
Beverage packaging, South America |
|
( |
( |
|
||||||||
Other |
( |
( |
( |
( |
||||||||
$ |
( |
$ |
( |
$ |
( |
$ |
( |
2020
Beverage Packaging, North and Central America
During the nine months ended September 30, 2020, the company recorded charges of $
Beverage Packaging, EMEA
During the three and nine months ended September 30, 2020, the company recorded charges of $
Beverage Packaging, South America
During the three and nine months ended September 30, 2020, the company recorded credits of $
Other
During the three months ended September 30, 2020, the company recorded the following amounts:
● |
Settlement charges of $ |
● |
Charges of $ |
During the nine months ended September 30, 2020, the company recorded the following amounts:
● |
A non-cash settlement loss of $ |
● |
A non-cash impairment charge of $ |
● |
A non-cash charge of $ |
10
Ball Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
● |
Charges of $ |
● |
A credit of $ |
● |
Charges of $ |
● |
Charges of $ |
2019
Beverage Packaging, North and Central America
During the three and nine months ended September 30, 2019, the company recorded charges of $
Other charges in the three and nine months ended September 30, 2019, included $
Beverage Packaging, EMEA
During the three and nine months ended September 30, 2019, the company recorded charges of $
Other charges in the three and nine months ended September 30, 2019, included $
Beverage Packaging, South America
During the nine months ended September 30, 2019, the company recorded a $
During the three and nine months ended September 30, 2019, the company recorded charges of $
Charges in the three and nine months ended September 30, 2019, included $
Other
During the three months ended September 30, 2019, the company recorded the following amounts:
● |
A $ |
● |
A loss of $ |
● |
A settlement loss of $ |
● |
Income of $ |
● |
Charges of $ |
11
Ball Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
During the nine months ended September 30, 2019, the company recorded the following amounts:
● |
A $ |
● |
A loss of $ |
● |
A settlement loss of $ |
● |
Charges of $ |
● |
Charges of $ |
7. |
Supplemental Cash Flow Statement Disclosures |
September 30, |
||||||
($ in millions) |
2020 |
|
2019 |
|||
|
||||||
Beginning of period: |
|
|||||
Cash and cash equivalents |
$ |
|
|
$ |
|
|
|
|
|
||||
Total cash, cash equivalents and restricted cash |
$ |
|
|
$ |
|
|
|
||||||
End of period: |
|
|||||
Cash and cash equivalents |
$ |
|
|
$ |
|
|
|
|
|
||||
Cash in assets held for sale (included in other current assets) |
— |
|
|
|||
Total cash, cash equivalents and restricted cash |
$ |
|
|
$ |
|
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 yet been made or obtained through finance leases. These noncash capital expenditures are excluded from the statement of cash flows and totaled approximately $
8. Receivables, Net
September 30, |
December 31, |
|||||
($ in millions) |
2020 |
|
2019 |
|||
Trade accounts receivable |
$ |
|
$ |
|
||
Unbilled receivables |
|
|
||||
Less allowance for doubtful accounts |
( |
( |
||||
Net trade accounts receivable |
|
|
||||
Other receivables |
|
|
||||
$ |
|
$ |
|
The company has entered into several regional committed and uncommitted accounts receivable factoring programs with various financial institutions for certain of its receivables. The programs are accounted for as true sales of the receivables, without recourse to Ball, and had combined limits of approximately $
12
Ball Corporation
Notes to the Unaudited Condensed Consolidated Financial Statements
Other receivables include income and sales tax receivables, related party receivables and other miscellaneous receivables.
9. Inventories, Net
September 30, |
December 31, |
|||||
($ in millions) |
|
2020 |
|
2019 |
||
Raw materials and supplies |
$ |
|
$ |
|
||
Work-in-process and finished goods |
|
|
||||
Less: Inventory reserves |
( |
( |
||||
$ |
|
$ |
|
10. Property, Plant and Equipment, Net
September 30, |
December 31, |
|||||
($ in millions) |
|
2020 |
|