10-Q: Quarterly report pursuant to Section 13 or 15(d)
Published on May 4, 2023
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:
Securities registered pursuant to section 12(b) of the Act:
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Trading Symbol |
Name of Exchange |
Outstanding at April 30, 2023 |
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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 ◻ |
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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 March 31, 2023
INDEX
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2 |
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Unaudited Condensed Consolidated Balance Sheets at March 31, 2023, and December 31, 2022 |
3 |
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4 |
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Notes to the Unaudited Condensed Consolidated Financial Statements |
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Note 18. Equity and Accumulated Other Comprehensive Earnings (Loss) |
15 |
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16 |
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16 |
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21 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
24 |
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33 |
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34 |
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34 |
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
BALL CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Three Months Ended March 31, |
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($ in millions, except per share amounts) |
2023 |
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2022 |
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Net sales |
$ |
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$ |
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Costs and expenses |
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Cost of sales (excluding depreciation and amortization) |
( |
( |
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Depreciation and amortization |
( |
( |
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Selling, general and administrative |
( |
( |
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Business consolidation and other activities |
( |
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( |
( |
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Earnings before interest and taxes |
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Interest expense |
( |
( |
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Earnings before taxes |
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Tax (provision) benefit |
( |
( |
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Equity in results of affiliates, net of tax |
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Net earnings |
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Net earnings (loss) attributable to noncontrolling interests |
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Net earnings attributable to Ball Corporation |
$ |
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$ |
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Earnings per share: |
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Basic |
$ |
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$ |
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Diluted |
$ |
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$ |
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Weighted average shares outstanding: (000s) |
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Basic |
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Diluted |
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See accompanying notes to the unaudited condensed consolidated financial statements.
1
BALL CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
Three Months Ended March 31, |
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($ in millions) |
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2023 |
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2022 |
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Net earnings |
$ |
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$ |
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Other comprehensive earnings (loss): |
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Currency translation adjustment |
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( |
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Pension and other postretirement benefits |
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Derivatives designated as hedges |
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Total other comprehensive earnings (loss) |
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( |
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Income tax (provision) benefit |
( |
( |
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Total other comprehensive earnings (loss), net of tax |
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( |
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Total comprehensive earnings |
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Comprehensive earnings (loss) attributable to noncontrolling interests |
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Comprehensive earnings attributable to Ball Corporation |
$ |
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$ |
|
See accompanying notes to the unaudited condensed consolidated financial statements.
2
BALL CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, |
December 31, |
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($ in millions) |
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2023 |
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2022 |
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Assets |
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Current assets |
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Cash and cash equivalents |
$ |
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$ |
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Receivables, net |
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Inventories, net |
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Other current assets |
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Total current assets |
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Noncurrent assets |
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Property, plant and equipment, net |
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Goodwill |
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Intangible assets, net |
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Other assets |
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Total assets |
$ |
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$ |
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Liabilities and Equity |
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Current liabilities |
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Short-term debt and current portion of long-term debt |
$ |
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$ |
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Accounts payable |
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Accrued employee costs |
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Other current liabilities |
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Total current liabilities |
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Noncurrent liabilities |
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Long-term debt |
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Employee benefit obligations |
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Deferred taxes |
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Other liabilities |
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Total liabilities |
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Equity |
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Common stock ( |
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Retained earnings |
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Accumulated other comprehensive earnings (loss) |
( |
( |
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Treasury stock, at cost ( |
( |
( |
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Total Ball Corporation shareholders' equity |
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Noncontrolling interests |
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Total equity |
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Total liabilities and equity |
$ |
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$ |
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See accompanying notes to the unaudited condensed consolidated financial statements.
3
BALL CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, |
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($ in millions) |
|
2023 |
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2022 |
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Cash Flows from Operating Activities |
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Net earnings |
$ |
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$ |
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Adjustments to reconcile net earnings to cash provided by (used in) operating activities: |
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Depreciation and amortization |
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Business consolidation and other activities |
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( |
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Deferred tax provision (benefit) |
— |
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Pension contributions |
( |
( |
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Other, net |
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( |
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Changes in working capital components, net of dispositions |
( |
( |
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Cash provided by (used in) operating activities |
( |
( |
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Cash Flows from Investing Activities |
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Capital expenditures |
( |
( |
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Business dispositions, net of cash sold |
— |
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Other, net |
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Cash provided by (used in) investing activities |
( |
( |
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Cash Flows from Financing Activities |
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Net change in long-term borrowings |
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Net change in short-term borrowings |
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Acquisitions of treasury stock |
( |
( |
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Common stock dividends |
( |
( |
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Other, net |
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Cash provided by (used in) financing activities |
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Effect of exchange rate changes on cash |
( |
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Change in cash, cash equivalents and restricted cash |
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( |
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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
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 2022 Annual Report on Form 10-K filed on February 21, 2023, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2022 (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 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 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
Global Economic Environment
Recent data has indicated a sharp rise in 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 policies, changes in interest rates, and changing demand for certain goods and services as recovery from the COVID-19 pandemic continues. 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 the military conflict between Russia and Ukraine, 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 March 31, 2023, which could impact the company’s ability to satisfy hedge accounting requirements and result in the recognition of income and/or expenses. |
5
In addition to the above potential impacts on the estimates used in preparing the 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.
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 $
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 aluminum beverage containers throughout those countries.
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.
6
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 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 the first quarter of 2022, Ball sold its remaining equity method investment in Ball Metalpack. Refer to Note 4 for additional details.
Summary of Business by Segment
Three Months Ended March 31, |
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($ in millions) |
|
2023 |
|
2022 |
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Net sales |
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Beverage packaging, North and Central America |
$ |
|
$ |
|
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Beverage packaging, EMEA |
|
|
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Beverage packaging, South America |
|
|
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Aerospace |
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Reportable segment sales |
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Other |
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Net sales |
$ |
|
$ |
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Comparable operating earnings |
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Beverage packaging, North and Central America |
$ |
|
$ |
|
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Beverage packaging, EMEA |
|
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Beverage packaging, South America |
|
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Aerospace |
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Reportable segment comparable operating earnings |
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Reconciling items |
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Other (a) |
|
( |
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Business consolidation and other activities |
( |
|
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Amortization of acquired intangibles |
( |
( |
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Earnings before interest and taxes |
|
|
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Interest expense |
( |
( |
|||||
Earnings before taxes |
$ |
|
$ |
|
(a) |
Includes undistributed corporate expenses, net, of $ |
The company does not disclose total assets by segment as such information is not provided to the chief operating decision maker.
7
4. Acquisitions and Dispositions
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 recorded an impairment loss of $
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 result 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
Ball also received proceeds from Ball Metalpack for the repayment of an outstanding promissory note and accrued interest of approximately $
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) |
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Three Months Ended March 31, |
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Point in Time |
Over Time |
Total |
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2023 |
$ |
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$ |
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$ |
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2022 |
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Contract Balances
The company did
8
The opening and closing balances of the company’s current and noncurrent contract liabilities are as follows:
Contract |
Contract |
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Liabilities |
Liabilities |
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($ in millions) |
|
(Current) |
(Noncurrent) |
|||
Balance at December 31, 2022 |
$ |
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$ |
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Increase (decrease) |
( |
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Balance at March 31, 2023 |
$ |
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$ |
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During the three months ended March 31, 2023, contract liabilities increased by $
The company also recognized net sales of $
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) |
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Next Twelve Months |
Thereafter |
Total |
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Sales expected to be recognized on multi-year contracts in place as of March 31, 2023 |
$ |
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$ |
|
$ |
|
9
6. Business Consolidation and Other Activities
Following is a summary of business consolidation and other activity (charges)/income included in the unaudited condensed consolidated statements of earnings:
Three Months Ended March 31, |
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($ in millions) |
|
2023 |
|
2022 |
||
Beverage packaging, North and Central America |
$ |
( |
$ |
|
||
Beverage packaging, EMEA |
|
( |
||||
Beverage packaging, South America |
( |
( |
||||
Other |
( |
|
||||
$ |
( |
$ |
|
2023
During the three months ended March 31, 2023, the charges of $
2022
During the three months ended March 31, 2022, the income of $
7. |
Supplemental Cash Flow Statement Disclosures |
March 31, |
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($ in millions) |
2023 |
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2022 |
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Beginning of period: |
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Cash and cash equivalents |
$ |
|
|
$ |
|
|
|
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|
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Total cash, cash equivalents and restricted cash |
$ |
|
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$ |
|
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|
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End of period: |
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Cash and cash equivalents |
$ |
|
|
$ |
|
|
|
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|
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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 been made. These noncash capital expenditures are excluded from the unaudited condensed consolidated statements of cash flows. A summary of the PP&E acquired but not yet paid for is as follows:
March 31, |
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($ in millions) |
2023 |
|
2022 |
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|
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Beginning of period: |
|
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PP&E acquired but not yet paid |
$ |
|
|
$ |
|
|
End of period: |
|
|||||
PP&E acquired but not yet paid |
$ |
|
|
$ |
|
10
8. Receivables, Net
March 31, |
December 31, |
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($ in millions) |
2023 |
|
2022 |
|||
Trade accounts receivable |
$ |
|
$ |
|
||
Unbilled receivables |
|
|
||||
Less: Allowance for doubtful accounts |
( |
( |
||||
Net trade accounts receivable |
|
|
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Other receivables |
|
|
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$ |
|
$ |
|
The company has entered into several regional committed and uncommitted 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 $
Other receivables include income and indirect tax receivables, aluminum scrap sale receivables and other miscellaneous receivables.
9. Inventories, Net
March 31, |
December 31, |
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($ in millions) |
|
2023 |
|
2022 |
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Raw materials and supplies |
$ |
|
$ |
|
||
Work-in-process and finished goods |
|
|
||||
Less: Inventory reserves |
( |
( |
||||
$ |
|
$ |
|
10. Property, Plant and Equipment, Net
March 31, |
December 31, |
|||||
($ in millions) |
|
2023 |
|
2022 |
||
Land |
$ |
|
$ |
|
||
Buildings |
|
|
||||
Machinery and equipment |
|
|
||||
Construction-in-progress |
|
|
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|
|
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Accumulated depreciation |
( |
( |
||||
$ |
|
$ |
|
Depreciation expense amounted to $
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 $
11
As discussed in Note 4, in the second quarter of 2022, Ball recorded a non-cash impairment charge related to its Russian long-lived asset group, of which $
11. Goodwill
($ in millions) |
|
|
|
|
|
|
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Other |
|
Total |
||||||
Balance at December 31, 2022 |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||
Effects of currency exchange |
— |
|
— |
— |
|
|
||||||||||||
Balance at March 31, 2023 |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
12. Intangible Assets, Net
March 31, |
December 31, |
|||||
($ in millions) |
|
2023 |
|
2022 |
||
Acquired customer relationships and other intangibles (net of accumulated amortization and impairment losses of $ |
$ |
|
$ |
|
||
Capitalized software (net of accumulated amortization of $ |
|
|
||||
Other intangibles (net of accumulated amortization of $ |
|
|
||||
$ |
|
$ |
|
Total amortization expense of intangible assets amounted to $
As discussed in Note 4, in the second quarter of 2022, Ball recorded a non-cash impairment charge related to its Russian long-lived asset group, of which $
13. Other Assets
March 31, |
December 31, |
|||||
($ in millions) |
|
2023 |
|
2022 |
||
Long-term pension assets |
$ |
|
$ |
|
||
|
|
|||||
Investments in affiliates |
|
|
||||
Long-term deferred tax assets |
|
|
||||
Other |
|
|
||||
$ |
|
$ |
|
Investments in affiliates primarily includes the company’s
12
14. Leases
The company enters into operating leases for buildings, warehouses, office equipment, production equipment, aircraft, land and other types of equipment. The company also enters into finance leases for certain plant equipment.
Supplemental balance sheet information related to the company’s leases follows:
March 31, |
December 31, |
||||||
($ in millions) |
Balance Sheet Location |
2023 |
2022 |
||||
Operating leases: |
|||||||
Operating lease ROU asset |
$ |
|
$ |
|
|||
Current operating lease liabilities |
|
|
|||||
Noncurrent operating lease liabilities |
|
|
|||||
Finance leases: |
|||||||
Finance lease ROU assets, net |
|
|
|||||
Current finance lease liabilities |
|
|
|||||
Noncurrent finance lease liabilities |
|
|
15. Debt
Long-term debt consisted of the following:
March 31, |
December 31, |
|||||
($ in millions) |
|
2023 |
|
2022 |
||
Senior Notes |
||||||
$ |
|
$ |
|
|||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
Senior Credit Facility (at variable rates) |
||||||
U.S. dollar revolver due June 2027 ( |
|
|
||||
Term A loan due June 2027 ( |
|
|
||||
|
|
|||||
Other (including debt issuance costs) |
( |
( |
||||
|
|
|||||
Less: Current portion |
( |
( |
||||
$ |
|
$ |
|
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 $
The fair value of Ball’s long-term debt was estimated to be $
13
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
16. Taxes on Income
The company’s effective tax rate was
17. Employee Benefit Obligations
March 31, |
December 31, |
|||||
($ in millions) |
2023 |
|
2022 |
|||
Underfunded defined benefit pension liabilities |
$ |
|
$ |
|
||
Less: Current portion |
( |
( |
||||
Long-term defined benefit pension liabilities |
|
|
||||
Long-term retiree medical liabilities |
|
|
||||
Deferred compensation plans |
|
|
||||
Other |
|
|
||||
$ |
|
$ |
|
Components of net periodic benefit cost associated with the company’s defined benefit pension plans were as follows:
Three Months Ended March 31, |
||||||||||||||||||
2023 |
2022 |
|||||||||||||||||
($ in millions) |
|
U.S. |
|
Non-U.S. |
|
Total |
|
U.S. |
|
Non-U.S. |
|
Total |
||||||
Ball-sponsored plans: |
||||||||||||||||||
Service cost |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||
|
|
|
|
|
|
|||||||||||||
( |
( |
( |
( |
( |
( |
|||||||||||||
— |
|
|
— |
|
|
|||||||||||||
|
— |
|
|
|
|
|||||||||||||
Total net periodic benefit cost |