Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 3, 2022

Documents

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Table of Contents

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​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

​

FORM 10-Q

​

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​

For the Quarterly Period Ended September 30, 2022

or

​

​

​

☐ 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​

Commission file number 001-07349

​

BALL CORPORATION

​

State of Indiana

(State or other jurisdiction of incorporation or
organization)

35-0160610

(I.R.S. Employer Identification No.)

​

​

9200 West 108th Circle

Westminster, CO

(Address of registrant’s principal executive office)

80021

(Zip Code)

​

Registrant’s telephone number, including area code: 303/469-3131

​

Securities registered pursuant to section 12(b) of the Act:

​

Class

​

Trading Symbol

​

Name of Exchange

​

Outstanding at October 31, 2022

Common Stock, without par value

​

BALL

​

NYSE

​

313,920,150 shares

​

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. Yes ☒ No ☐

​

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). Yes ☒ No ☐

​

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.

​

Large accelerated filer ☒

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 ☐ No ⌧

​

​

​

​

Table of Contents

Ball Corporation

QUARTERLY REPORT ON FORM 10-Q

For the period ended September 30, 2022

INDEX

​

​

Page
Number

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements

1

​

Unaudited Condensed Consolidated Statements of Earnings for the Three and Nine Months Ended September 30, 2022 and 2021

1

​

Unaudited Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021

2

​

Unaudited Condensed Consolidated Balance Sheets at September 30, 2022, and December 31, 2021

3

​

Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

4

​

Notes to the Unaudited Condensed Consolidated Financial Statements

​

Note 1, Basis of Presentation

5

​

Note 2, Accounting Pronouncements

6

​

Note 3, Business Segment Information

6

​

Note 4, Acquisitions and Dispositions

8

​

Note 5, Revenue from Contracts with Customers

10

​

Note 6, Business Consolidation and Other Activities

11

​

Note 7, Supplemental Cash Flow Statement Disclosures

13

​

Note 8, Receivables, Net

13

​

Note 9, Inventories, Net

14

​

Note 10, Property, Plant and Equipment, Net

14

​

Note 11, Goodwill

14

​

Note 12, Intangible Assets, Net

15

​

Note 13, Other Assets

15

​

Note 14, Leases

15

​

Note 15, Debt

16

​

Note 16, Taxes on Income

17

​

Note 17, Employee Benefit Obligations

17

​

Note 18, Equity and Accumulated Other Comprehensive Earnings (Loss)

18

​

Note 19, Earnings and Dividends Per Share

20

​

Note 20, Financial Instruments and Risk Management

21

​

Note 21, Contingencies

25

​

Note 22, Indemnifications and Guarantees

27

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4.

Controls and Procedures

39

PART II.

OTHER INFORMATION

40

​

​

​

​

Table of Contents

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)

​

2022

    

2021

    

2022

    

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

3,951

​

$

3,553

​

$

11,801

​

$

10,137

​

​

​

​

​

​

​

​

​

​

​

​

​

Costs and expenses

​

​

​

​

​

​

​

​

​

​

​

​

Cost of sales (excluding depreciation and amortization)

​

​

(3,275)

​

​

(2,851)

​

​

(9,736)

​

​

(8,104)

Depreciation and amortization

​

​

(157)

​

​

(175)

​

​

(510)

​

​

(515)

Selling, general and administrative

​

​

(159)

​

​

(148)

​

​

(506)

​

​

(471)

Business consolidation and other activities

​

​

163

​

​

(141)

​

​

(23)

​

​

(136)

​

​

​

(3,428)

​

​

(3,315)

​

​

(10,775)

​

​

(9,226)

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings before interest and taxes

​

​

523

​

​

238

​

​

1,026

​

​

911

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

(79)

​

​

(68)

​

​

(216)

​

​

(201)

Debt refinancing and other costs

​

​

—

​

​

(1)

​

​

(2)

​

​

(1)

Total interest expense

​

​

(79)

​

​

(69)

​

​

(218)

​

​

(202)

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings before taxes

​

​

444

​

​

169

​

​

808

​

​

709

Tax (provision) benefit

​

​

(38)

​

​

2

​

​

(139)

​

​

(146)

Equity in results of affiliates, net of tax

​

​

(12)

​

​

8

​

​

7

​

​

18

Net earnings

​

​

394

​

​

179

​

​

676

​

​

581

Net earnings attributable to noncontrolling interests

​

​

2

​

​

—

​

​

12

​

​

—

Net earnings attributable to Ball Corporation

​

$

392

​

$

179

​

$

664

​

$

581

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per share:

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

1.25

​

$

0.55

​

$

2.09

​

$

1.78

Diluted

​

$

1.24

​

$

0.54

​

$

2.07

​

$

1.75

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding: (000s)

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

314,054

​

​

325,876

​

​

317,296

​

​

327,097

Diluted

​

​

317,061

​

​

331,595

​

​

321,222

​

​

332,938

​

​

​

​

​

​

​

​

​

​

​

​

​

​

See accompanying notes to the unaudited condensed consolidated financial statements.

​

1

Table of Contents

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

($ in millions)

    

2022

    

2021

    

2022

    

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings

​

$

394

​

$

179

​

$

676

​

$

581

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive earnings (loss):

​

​

​

​

​

​

​

​

​

​

​

​

Currency translation adjustment

​

​

(203)

​

​

(17)

​

​

51

​

​

19

Pension and other postretirement benefits

​

​

(1)

​

​

193

​

​

1

​

​

242

Derivatives designated as hedges

​

​

(129)

​

​

16

​

​

(148)

​

​

122

Total other comprehensive earnings (loss)

​

​

(333)

​

​

192

​

​

(96)

​

​

383

Income tax (provision) benefit

​

​

31

​

​

(48)

​

​

30

​

​

(82)

Total other comprehensive earnings (loss), net of tax

​

​

(302)

​

​

144

​

​

(66)

​

​

301

​

​

​

​

​

​

​

​

​

​

​

​

​

Total comprehensive earnings

​

​

92

​

​

323

​

​

610

​

​

882

Comprehensive earnings attributable to noncontrolling interests

​

​

2

​

​

—

​

​

12

​

​

—

Comprehensive earnings attributable to Ball Corporation

​

$

90

​

$

323

​

$

598

​

$

882

​

See accompanying notes to the unaudited condensed consolidated financial statements.

​

2

Table of Contents

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

​

​

​

​

​

​

​

​

​

​

September 30,

​

December 31,

($ in millions)

    

2022

    

2021

​

​

​

​

​

​

​

Assets

​

​

​

​

​

​

Current assets

​

​

​

​

​

​

Cash and cash equivalents

​

$

473

​

$

563

Receivables, net

​

​

2,877

​

​

2,560

Inventories, net

​

​

2,201

​

​

1,795

Other current assets

​

​

261

​

​

305

Total current assets

​

​

5,812

​

​

5,223

Noncurrent assets

​

​

​

​

​

​

Property, plant and equipment, net

​

​

6,738

​

​

6,502

Goodwill

​

​

4,119

​

​

4,378

Intangible assets, net

​

​

1,410

​

​

1,688

Other assets

​

​

1,974

​

​

1,923

Total assets

​

$

20,053

​

$

19,714

​

​

​

​

​

​

​

Liabilities and Equity

​

​

​

​

​

​

Current liabilities

​

​

​

​

​

​

Short-term debt and current portion of long-term debt

​

$

470

​

$

15

Accounts payable

​

​

4,527

​

​

4,759

Accrued employee costs

​

​

294

​

​

349

Other current liabilities

​

​

898

​

​

830

Total current liabilities

​

​

6,189

​

​

5,953

Noncurrent liabilities

​

​

​

​

​

​

Long-term debt

​

​

8,363

​

​

7,722

Employee benefit obligations

​

​

904

​

​

1,205

Deferred taxes

​

​

569

​

​

665

Other liabilities

​

​

479

​

​

484

Total liabilities

​

​

16,504

​

​

16,029

​

​

​

​

​

​

​

Equity

​

​

​

​

​

​

Common stock (682,024,158 shares issued - 2022; 680,944,867 shares issued - 2021)

​

​

1,247

​

​

1,220

Retained earnings

​

​

7,316

​

​

6,843

Accumulated other comprehensive earnings (loss)

​

​

(648)

​

​

(582)

Treasury stock, at cost (368,167,819 shares - 2022; 360,101,024 shares - 2021)

​

​

(4,436)

​

​

(3,854)

Total Ball Corporation shareholders' equity

​

​

3,479

​

​

3,627

Noncontrolling interests

​

​

70

​

​

58

Total equity

​

​

3,549

​

​

3,685

Total liabilities and equity

​

$

20,053

​

$

19,714

​

See accompanying notes to the unaudited condensed consolidated financial statements.

​

3

Table of Contents

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30,

($ in millions)

    

2022

    

2021

​

​

​

​

​

​

​

Cash Flows from Operating Activities

​

​

​

​

​

​

Net earnings

​

$

676

​

$

581

Adjustments to reconcile net earnings to cash provided by (used in) operating activities:

​

​

​

​

​

​

Depreciation and amortization

​

​

510

​

​

515

Business consolidation and other activities

​

​

23

​

​

136

Deferred tax provision (benefit)

​

​

(23)

​

​

34

Other, net

​

​

(278)

​

​

(142)

Changes in working capital components, net of dispositions

​

​

(1,132)

​

​

(248)

Cash provided by (used in) operating activities

​

​

(224)

​

​

876

​

​

​

​

​

​

​

Cash Flows from Investing Activities

​

​

​

​

​

​

Capital expenditures

​

​

(1,262)

​

​

(1,204)

Business dispositions, net of cash sold

​

​

748

​

​

111

Other, net

​

​

62

​

​

(11)

Cash provided by (used in) investing activities

​

​

(452)

​

​

(1,104)

​

​

​

​

​

​

​

Cash Flows from Financing Activities

​

​

​

​

​

​

Long-term borrowings

​

​

3,401

​

​

850

Repayments of long-term borrowings

​

​

(2,446)

​

​

(14)

Net change in short-term borrowings

​

​

463

​

​

10

Acquisitions of treasury stock, net of proceeds from issuances of common stock and shares used for taxes

​

​

(592)

​

​

(325)

Common stock dividends

​

​

(191)

​

​

(164)

Other, net

​

​

(12)

​

​

(30)

Cash provided by (used in) financing activities

​

​

623

​

​

327

​

​

​

​

​

​

​

Effect of exchange rate changes on cash

​

​

(30)

​

​

(22)

​

​

​

​

​

​

​

Change in cash, cash equivalents and restricted cash

​

​

(83)

​

​

77

Cash, cash equivalents and restricted cash - beginning of period

​

​

579

​

​

1,381

Cash, cash equivalents and restricted cash - end of period

​

$

496

​

$

1,458

​

See accompanying notes to the unaudited condensed consolidated financial statements.

​

​

​

​

4

Table of Contents

1.     Basis of Presentation

​

The accompanying unaudited condensed consolidated financial statements (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 consolidated 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 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 2021 Annual Report on Form 10-K filed on February 16, 2022, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 (annual report).

​

The preparation of 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 consolidated 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 consolidated 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

​

Russia

​

The current global business environment is being impacted directly and indirectly by the effects of the Russian invasion of Ukraine. Ball has sold its aluminum beverage packaging business located in Russia and has suspended future investments in Russia. See Note 4 for additional discussion.

​

Ball is monitoring the geopolitical situation following Russia’s invasion of Ukraine and may experience increased costs for inputs such as energy and transportation due in part to the negative impact of the Russia-Ukraine war on the global economy. The ongoing conflict continues to have the potential to increase Ball’s vulnerabilities in its global business to near-term and severe impacts and it is not possible to accurately predict all future impacts of the invasion. As such, Russia’s invasion of Ukraine and the resulting effects have the potential to impact significant estimates used by Ball in the preparation of its consolidated financial statements, which could result in impairments.

​

5

Table of Contents

Novel Coronavirus (COVID-19)

​

The current global business environment continues to be 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; and
● Estimates regarding the likelihood of forecasted transactions associated with hedge accounting positions at September 30, 2022, 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 consolidated 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.

​

​

2.     Accounting Pronouncements

​

New Accounting Guidance and Disclosure Requirements

​

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 company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements.

​

Reference Rate Reform

​

In 2020, new guidance was issued by the FASB related to global reference rates reform. The company is currently evaluating the impact that the transition from its London Inter-Bank Offered Rate (LIBOR) based interest rate agreements to Secured Overnight Financing Rate (SOFR) based interest rate agreements will have on its consolidated financial statements. Based on our current understanding, the LIBOR to SOFR transition is not expected to have a material impact on our financial condition, results of operations or cash flows.

​

Supply Chain Finance Obligations

​

In 2022, new guidance was issued by the FASB with the goal of enhancing transparency around supply chain finance arrangements for which a supplier may receive early payments on their invoices. 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 four reportable segments outlined below.

​

Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.

​

6

Table of Contents

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 packaging business is 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: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum 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.

​

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 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 company’s 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.

​

7

Table of Contents

Summary of Business by Segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

($ in millions)

    

2022

    

2021

    

2022

    

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

​

​

​

​

​

​

​

​

​

​

​

Beverage packaging, North and Central America

​

$

1,800

​

$

1,519

​

$

5,184

​

$

4,339

Beverage packaging, EMEA

​

​

1,031

​

​

937

​

​

3,106

​

​

2,639

Beverage packaging, South America

​

​

466

​

​

462

​

​

1,494

​

​

1,401

Aerospace

​

​

477

​

​

498

​

​

1,471

​

​

1,381

Reportable segment sales

​

​

3,774

​

​

3,416

​

​

11,255

​

​

9,760

Other

​

​

177

​

​

137

​

​

546

​

​

377

Net sales

​

$

3,951

​

$

3,553

​

$

11,801

​

$

10,137

​

​

​

​

​

​

​

​

​

​

​

​

​

Comparable operating earnings

​

​

​

​

​

​

​

​

​

​

​

​

Beverage packaging, North and Central America

​

$

205

​

$

186

​

$

543

​

$

519

Beverage packaging, EMEA

​

​

82

​

​

125

​

​

311

​

​

349

Beverage packaging, South America

​

​

67

​

​

74

​

​

197

​

​

245

Aerospace

​

​

47

​

​

46

​

​

126

​

​

115

Reportable segment comparable operating earnings

​

​

401

​

​

431

​

​

1,177

​

​

1,228

Reconciling items

​

​

​

​

​

​

​

​

​

​

​

​

Other (a)

​

​

(8)

​

​

(14)

​

​

(26)

​

​

(67)

Business consolidation and other activities

​

​

163

​

​

(141)

​

​

(23)

​

​

(136)

Amortization of acquired intangibles

​

​

(33)

​

​

(38)

​

​

(102)

​

​

(114)

Earnings before interest and taxes

​

​

523

​

​

238

​

​

1,026

​

​

911

Interest expense

​

​

(79)

​

​

(68)

​

​

(216)

​

​

(201)

Debt refinancing and other costs

​

​

—

​

​

(1)

​

​

(2)

​

​

(1)

Total interest expense

​

​

(79)

​

​

(69)

​

​

(218)

​

​

(202)

Earnings before taxes

​

$

444

​

$

169

​

$

808

​

$

709
(a) Includes undistributed corporate expenses, net, of $25 million and $17 million for the three months ended September 30, 2022 and 2021, respectively, and $73 million and $71 million for the nine months ended September 30, 2022 and 2021, respectively.

​

The company does not disclose total assets by segment as such information is not provided to the chief operating decision maker.

​

4.     Acquisitions and Dispositions

​

Russia

​

In the first quarter of 2022, the company announced that it is 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. This non-cash charge has been presented in business consolidation and other activities.

​

8

Table of Contents

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 in business consolidation and other activities. The gain on sale includes cumulative currency translation gains that were recorded in accumulated other comprehensive earnings (loss) and were released upon the complete liquidation of our investment in Russia that resulted upon the sale. The net gain also includes goodwill associated with our beverage packaging, EMEA, reporting unit that was allocated to the Russian disposal group at the date of sale. 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 nine months ended September 30, 2022. The impairment loss in the second quarter and the gain on sale in the third quarter were significantly impacted by movements in the U.S. dollar to Russian ruble exchange rates. Cash proceeds from the sale, net of the cash on the disposed business, of $455 million were received in the third quarter of 2022 and are presented in business dispositions, net of cash sold, in the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2022.

​

In connection with this sale, Ball entered into a call option agreement that is contingently exercisable between 2025 and 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 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 have determined that the option has an immaterial value. Neither the option nor any other terms in the sales agreement result in Ball being the primary beneficiary of the business and, therefore, it has been 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 approximately $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 unaudited condensed consolidated statements of earnings. Cash proceeds of $298 million related to the sale are presented in business dispositions, net of cash sold, in the unaudited condensed 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 unaudited condensed consolidated statements 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 has been received, and is presented in business dispositions in cash flows from investing activities in Ball’s unaudited condensed consolidated statements of cash flows. The remaining $10 million will be received on or before December 31, 2022, and is presented in receivables, net on Ball’s unaudited condensed consolidated balance sheets. In the second quarter of 2021, the company recorded a loss of $5 million related to the disposal, which was presented in business consolidation and other activities in the unaudited condensed consolidated statement of earnings.

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5.     Revenue from Contracts with Customers

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The following table disaggregates the company’s net sales based on the timing of transfer of control:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

Periods Ended September 30,

​

Point in Time

​

Over Time

​

Total

 

Point in Time

​

Over Time

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2022

​

$

725

​

$

3,226

​

$

3,951

​

$

2,031

​

$

9,770

​

$

11,801

2021

​

​

603

​

​

2,950

​

​

3,553

​

​

1,837

​

​

8,300

​

​

10,137

​

Contract Balances

​

The company did not have any contract assets at either September 30, 2022, or December 31, 2021. 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.

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The opening and closing balances of the company’s current and noncurrent contract liabilities are as follows:

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​

​

​

​

​

​

​

​

​

Contract

​

Contract

​

​

Liabilities

​

Liabilities

($ in millions)

    

(Current)

​

(Noncurrent)

​

​

​

​

​

​

​

Balance at December 31, 2021

​

$

272

​

$

38

Increase (decrease)

​

​

(59)

​

​

(24)

Balance at September 30, 2022

​

$

213

​

$

14

​

​

​

​

​

​

​

​

During the nine months ended September 30, 2022, total contract liabilities decreased by $83 million, which is net of cash received of $527 million and amounts recorded as sales of $444 million, the majority of which related to current contract liabilities. The amount of sales recorded in the nine months ended September 30, 2022, which were included in the opening contract liabilities balances, was $272 million, all of which related to current contract liabilities. Current contract liabilities are classified within other current liabilities on the unaudited condensed consolidated balance sheet and noncurrent contract liabilities are classified within other liabilities.

​

The company also recorded a reduction in net sales of $5 million in the three months ended September 30, 2022, and net sales of $7 million and $18 million in the three and nine months ended September 30, 2021, 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.

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Transaction Price Allocated to Remaining Performance Obligations

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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.

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​

​

​

​

​

​

​

​

​

​

($ in millions)

    

Next Twelve Months

​

Thereafter

​

Total

​

​

​

​

​

​

​

​

​

​

Sales expected to be recognized on multi-year contracts in place as of September 30, 2022

​

$

1,433

​

$

1,507

​

$

2,940

​

​

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Table of Contents

6.     Business Consolidation and Other Activities

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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)

    

2022

    

2021

    

2022

    

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

Beverage packaging, North and Central America

​

$

(36)

​

$

—

​

$

(37)

​

$

(1)

Beverage packaging, EMEA

​

​

214

​

​

(2)

​

​

(225)

​

​

(5)

Beverage packaging, South America

​

​

(9)

​

​

(9)

​

​

(31)

​

​

11

Other

​

​

(6)

​

​

(130)

​

​

270

​

​

(141)

​

​

$

163

​

$

(141)

​

$

(23)

​

$

(136)

​

2022

​

Beverage Packaging, North and Central America

​

During the three and nine months ended September 30, 2022, the company recorded charges of $34 million primarily related to employee severance and benefits, accelerated depreciation and other shutdown costs resulting from the planned closure of its Phoenix, Arizona, and St. Paul, Minnesota, facilities in the fourth quarter of 2022, and the first quarter of 2023, respectively. The company also recorded charges of $2 million for the three and nine months ended September 30, 2022, for employee severance and benefit charges related to cost-out activities. Additional charges of $1 million in the nine months ended September 30, 2022, were for individually insignificant activities.

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Beverage Packaging, EMEA

​

During the third quarter of 2022, Ball sold its Russian aluminum beverage packaging business for $530 million of cash and recorded a gain of $222 million. During the second quarter of 2022, Ball recorded a non-cash impairment of $435 million for its Russian long-lived asset group as a result of the Russian invasion of Ukraine. Ball recorded net charges associated with its inability to hedge Russian ruble currency exposures of $3 million for the three and nine months ended September 30, 2022. See Note 4 for further details.

​

The company also recorded charges of $6 million for the three and nine months ended September 30, 2022, for employee severance and benefit charges related to cost-out activities. Additionally, the company recorded $1 million of credits and $3 million of charges, in the three and nine months ended September 30, 2022, respectively, for individually insignificant activities.

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Beverage Packaging, South America

​

The company recorded charges in the three and nine months ended September 30, 2022, of $8 million primarily related to employee severance and benefits and facility shutdown costs resulting from the closure of its Santa Cruz, Brazil, facility, and $1 million for individually insignificant activities. During the nine months ended September 30, 2022, Ball recorded charges of $22 million related to an increased risk of not being able to fully collect amounts due from a regional customer in Brazil. See Note 21 for further details.

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Table of Contents

Other

​

During the three months ended September 30, 2022, the company recorded charges of $6 million for employee severance and benefit charges related to cost-out activities.

​

During the nine months ended September 30, 2022, the company recorded the following amounts:

● A gain of $298 million related to the sale of Ball’s remaining equity method investment in Ball Metalpack. See Note 4 for further details.
● A charge related to a donation of $30 million to The Ball Foundation, a non-profit philanthropic organization with efforts to build a better world.
● A gain of $16 million from Ball Metalpack’s repayment of a loan which was formerly fully reserved.
● Net charges of $5 million associated with Ball’s inability to hedge Russian ruble currency exposures.
● Charges of $6 million for employee severance and benefit charges related to cost-out activities.
● Charges of $3 million for individually insignificant activities.

​

2021

​

Beverage Packaging, North and Central America

​

During the nine months ended September 30, 2021, the company recorded net charges of $1 million for individually insignificant activities in connection with previously announced closures of certain plants and other activities.

​

Beverage Packaging, EMEA

​

During the three and nine months ended September 30, 2021, the company recorded charges of $2 million and $5 million, respectively, for individually insignificant activities in connection with previously announced plant closures, restructuring and other activities.

​

Beverage Packaging, South America

​

During the nine months ended September 30, 2021, the company recorded a $22 million gain related to indirect tax gain contingencies in Brazil as these amounts are now estimable and realizable. The company’s Brazilian subsidiaries filed lawsuits in 2014 and 2015 to challenge the Brazilian tax authorities regarding the computation of certain indirect taxes, claiming amounts were overpaid to the tax authorities because the tax base included a “tax on tax” component. During the three and nine months ended September 30, 2021, the company recorded charges of $4 million in connection with previously announced plant closures. Additional charges in the three and nine months ended September 30, 2021, were $5 million and $7 million, respectively, for individually insignificant activities.

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Other

​

During the three months ended September 30, 2021, the company recorded the following amounts:

● A non-cash settlement loss of $130 million related to 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 the third quarter recognition of unamortized actuarial losses in these U.S. pension plans.

​

During the nine months ended September 30, 2021, the company recorded the following amounts:

● A non-cash settlement loss of $130 million related to 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 the third quarter recognition of unamortized actuarial losses in these U.S. pension plans.
● A loss of $5 million related to the sale of its minority-owned investment in South Korea.
● Charges of $6 million for individually insignificant activities.

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Table of Contents

7.

Supplemental Cash Flow Statement Disclosures

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​

​

​

​

​

​

​

​

​

September 30,

($ in millions)

​

2022

    

2021

​

​

​

​

    

​

​

Beginning of period:

​

​

​

    

​

​

Cash and cash equivalents

​

$

563

    

$

1,366

Current restricted cash (included in other current assets)

​

​

16

    

​

15

Total cash, cash equivalents and restricted cash

​

$

579

    

$

1,381

​

​

​

​

    

​

​

End of period:

​

​

​

    

​

​

Cash and cash equivalents

​

$

473

    

$

1,446

Current restricted cash (included in other current assets)

​

​

23

    

​

12

Total cash, cash equivalents and restricted cash

​

$

496

    

$

1,458

​

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.

​

Non-cash investing activities include the acquisition of property, plant and equipment (PP&E) for which payment has not been made. These non-cash capital expenditures are excluded from the statement of cash flows. A summary of the PP&E acquired but not yet paid for is as follows:

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​

​

​

​

​

​

​

​

​

September 30,

($ in millions)

​

2022

    

2021

​

​

​

​

    

​

​

Beginning of period:

​

​

​

    

​

​

PP&E acquired but not yet paid

​

$

540

    

$

409

​

​

​

​

​

​

​

End of period:

​

​

​

    

​

​

PP&E acquired but not yet paid

​

$

461

    

$

550

​

​

​

​

8.     Receivables, Net

​

​

​

​

​

​

​

​

​

​

September 30,

​

December 31,

($ in millions)

​

2022

    

2021

​

​

​

​

​

​

​

Trade accounts receivable

​

$

1,632

​

$

1,304

Unbilled receivables

​

​

705

​

​

727

Less: Allowance for doubtful accounts

​

​

(15)

​

​

(9)

Net trade accounts receivable

​

​

2,322

​

​

2,022

Other receivables

​

​

555

​

​

538

​

​

$

2,877

​

$

2,560

​

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 $2 billion and $1.7 billion at September 30, 2022, and December 31, 2021. A total of $638 million and $308 million were available for sale under these programs as of September 30, 2022, and December 31, 2021, respectively.

​

Other receivables include income and sales tax receivables, aluminum scrap sale receivables and other miscellaneous receivables, including the remaining amount that relates to the sale of Ball’s minority-owned investment in South Korea as detailed in Note 4.

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13

Table of Contents

9.     Inventories, Net

​

​

​

​

​

​

​

​

September 30,

​

December 31,

($ in millions)

2022

    

2021

​

​

​

​

​

​

Raw materials and supplies

$

1,395

​

$

1,064

Work-in-process and finished goods

​

897

​

​

821

Less: Inventory reserves

​

(91)

​

​

(90)

​

$

2,201

​

$

1,795

​

​

​

10.     Property, Plant and Equipment, Net

​

​

​