Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 1, 2024

http://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#DebtCurrent http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2024#DebtCurrenthttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsCurrent0000009389--12-31Q22024falsehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#InterestExpenseDebthttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#InterestExpenseDebthttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpenseBALL Corp39000000http://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2024#DebtCurrenthttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2024#DebtCurrent http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#InterestExpenseDebthttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#InterestExpenseDebthttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent0000009389us-gaap:CommonStockMember2024-04-012024-06-300000009389us-gaap:CommonStockMember2024-01-012024-06-300000009389us-gaap:CommonStockMember2023-04-012023-06-300000009389us-gaap:CommonStockMember2023-01-012023-06-300000009389us-gaap:TreasuryStockCommonMember2024-04-012024-06-300000009389us-gaap:TreasuryStockCommonMember2024-01-012024-06-300000009389us-gaap:TreasuryStockCommonMember2023-04-012023-06-300000009389us-gaap:TreasuryStockCommonMember2023-01-012023-06-300000009389us-gaap:TreasuryStockCommonMember2024-06-300000009389us-gaap:RetainedEarningsMember2024-06-300000009389us-gaap:NoncontrollingInterestMember2024-06-300000009389us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000009389us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300000009389us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-06-300000009389us-gaap:TreasuryStockCommonMember2024-03-310000009389us-gaap:RetainedEarningsMember2024-03-310000009389us-gaap:NoncontrollingInterestMember2024-03-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-3100000093892024-03-310000009389us-gaap:TreasuryStockCommonMember2023-12-310000009389us-gaap:RetainedEarningsMember2023-12-310000009389us-gaap:NoncontrollingInterestMember2023-12-310000009389us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000009389us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000009389us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000009389us-gaap:TreasuryStockCommonMember2023-06-300000009389us-gaap:RetainedEarningsMember2023-06-300000009389us-gaap:NoncontrollingInterestMember2023-06-300000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000009389us-gaap:TreasuryStockCommonMember2023-03-310000009389us-gaap:RetainedEarningsMember2023-03-310000009389us-gaap:NoncontrollingInterestMember2023-03-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100000093892023-03-310000009389us-gaap:TreasuryStockCommonMember2022-12-310000009389us-gaap:RetainedEarningsMember2022-12-310000009389us-gaap:NoncontrollingInterestMember2022-12-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000009389us-gaap:TransferredOverTimeMember2024-04-012024-06-300000009389us-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300000009389ball:CorporateReconcilingItemsAndEliminationsMember2024-04-012024-06-300000009389us-gaap:TransferredOverTimeMember2024-01-012024-06-300000009389us-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300000009389us-gaap:TransferredOverTimeMember2023-04-012023-06-300000009389us-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300000009389ball:CorporateReconcilingItemsAndEliminationsMember2023-04-012023-06-300000009389us-gaap:TransferredOverTimeMember2023-01-012023-06-300000009389us-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300000009389ball:CorporateReconcilingItemsAndEliminationsMember2023-01-012023-06-300000009389ball:TermaLoanDueJune2027Member2024-01-012024-03-310000009389ball:SeniorNotes0.875PercentDueMarch2024Member2024-01-012024-03-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-04-012024-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-04-012024-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-01-012024-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-01-012024-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberball:AccumulatedDefinedBenefitPlansAdjustmentEffectOfDisposalOfDiscontinuedOperationsMember2024-01-012024-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-04-012023-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-04-012023-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-01-012023-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-01-012023-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-06-300000009389us-gaap:MachineryAndEquipmentMember2024-06-300000009389us-gaap:LandMember2024-06-300000009389us-gaap:ConstructionInProgressMember2024-06-300000009389us-gaap:BuildingMember2024-06-300000009389us-gaap:MachineryAndEquipmentMember2023-12-310000009389us-gaap:LandMember2023-12-310000009389us-gaap:ConstructionInProgressMember2023-12-310000009389us-gaap:BuildingMember2023-12-310000009389us-gaap:NoncontrollingInterestMember2024-04-012024-06-300000009389us-gaap:NoncontrollingInterestMember2024-01-012024-06-300000009389us-gaap:NoncontrollingInterestMember2023-01-012023-06-300000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000009389us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-06-300000009389us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-3000000093892024-01-012024-03-310000009389ball:EntityInVietnamMember2024-06-300000009389ball:EntityInUSMember2024-06-300000009389ball:EntityInPanamaMember2024-06-300000009389ball:EntityInGuatemalaMember2024-06-300000009389us-gaap:FairValueInputsLevel2Member2024-06-300000009389us-gaap:FairValueInputsLevel2Member2023-12-310000009389ball:ShortTermUncommittedRevolvingCreditFacilitiesMember2023-12-310000009389ball:ShortTermCommittedRevolvingCreditFacilitiesMember2023-12-310000009389ball:CommittedMultiCurrencyRevolvingCreditFacilitiesMember2024-06-300000009389ball:ShortTermUncommittedRevolvingCreditFacilitiesMember2024-06-300000009389ball:ShortTermCommittedRevolvingCreditFacilitiesMember2024-06-300000009389us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300000009389us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300000009389us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-012023-06-300000009389us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-012023-06-300000009389ball:MetalBeveragePackagingSouthAmericaMember2024-01-012024-06-300000009389ball:MetalBeveragePackagingEuropeMember2024-01-012024-06-300000009389ball:CorporateReconcilingItemsAndEliminationsMember2024-01-012024-06-300000009389ball:MetalBeveragePackagingSouthAmericaMember2024-06-300000009389ball:MetalBeveragePackagingNorthAndCentralAmericaMember2024-06-300000009389ball:MetalBeveragePackagingEuropeMember2024-06-300000009389ball:CorporateReconcilingItemsAndEliminationsMember2024-06-300000009389ball:MetalBeveragePackagingSouthAmericaMember2023-12-310000009389ball:MetalBeveragePackagingNorthAndCentralAmericaMember2023-12-310000009389ball:MetalBeveragePackagingEuropeMember2023-12-310000009389ball:CorporateReconcilingItemsAndEliminationsMember2023-12-310000009389us-gaap:OtherIntangibleAssetsMember2024-06-300000009389us-gaap:CustomerRelatedIntangibleAssetsMember2024-06-300000009389us-gaap:ComputerSoftwareIntangibleAssetMember2024-06-300000009389us-gaap:OtherIntangibleAssetsMember2023-12-310000009389us-gaap:CustomerRelatedIntangibleAssetsMember2023-12-310000009389us-gaap:ComputerSoftwareIntangibleAssetMember2023-12-310000009389us-gaap:RetainedEarningsMember2024-04-012024-06-300000009389us-gaap:RetainedEarningsMember2024-01-012024-06-300000009389us-gaap:RetainedEarningsMember2023-04-012023-06-300000009389us-gaap:RetainedEarningsMember2023-01-012023-06-300000009389us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberball:AerospaceBusinessMember2024-02-160000009389us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberball:AerospaceBusinessMember2024-01-012024-06-300000009389us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2024-06-300000009389ball:InterestRateSwapAndOptionContractsMemberus-gaap:CashFlowHedgingMember2024-06-300000009389ball:ForeignExchangeForwardAndOptionCollarContractsMemberus-gaap:CashFlowHedgingMember2024-06-300000009389ball:SecondQuarterOf2029Memberball:InterestRateSwapAndOptionContractsMemberus-gaap:SubsequentEventMember2024-07-310000009389ball:FirstQuarterOf2027Memberball:InterestRateSwapAndOptionContractsMemberus-gaap:SubsequentEventMember2024-07-310000009389us-gaap:OtherContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-06-300000009389us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-06-300000009389us-gaap:EquityContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-04-012024-06-300000009389ball:ForeignCurrencyAndTaxImpactMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-04-012024-06-300000009389us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-06-300000009389us-gaap:EquityContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-06-300000009389us-gaap:EquityContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-04-012023-06-300000009389ball:ForeignCurrencyAndTaxImpactMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-04-012023-06-300000009389us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2023-01-012023-06-300000009389us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-06-300000009389us-gaap:EquityContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-06-300000009389us-gaap:ForeignExchangeContractMember2024-04-012024-06-300000009389us-gaap:EquityContractMember2024-04-012024-06-300000009389us-gaap:ForeignExchangeContractMember2023-04-012023-06-300000009389us-gaap:EquityContractMember2023-04-012023-06-300000009389us-gaap:EquityContractMember2023-01-012023-06-300000009389us-gaap:CommodityContractMemberus-gaap:SalesMember2024-04-012024-06-300000009389us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2024-04-012024-06-300000009389us-gaap:CommodityContractMemberus-gaap:SalesMember2024-01-012024-06-300000009389us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2024-01-012024-06-300000009389us-gaap:ForeignExchangeContractMember2024-01-012024-06-300000009389us-gaap:CommodityContractMemberus-gaap:SalesMember2023-04-012023-06-300000009389us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2023-04-012023-06-300000009389us-gaap:CommodityContractMemberus-gaap:SalesMember2023-01-012023-06-300000009389us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2023-01-012023-06-300000009389us-gaap:ForeignExchangeContractMember2023-01-012023-06-300000009389us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-300000009389us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-06-300000009389us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-300000009389us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-300000009389us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-06-300000009389us-gaap:DesignatedAsHedgingInstrumentMember2024-06-300000009389us-gaap:OtherContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310000009389us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000009389us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310000009389us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000009389us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000009389us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310000009389us-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000009389us-gaap:OtherContractMember2024-06-300000009389us-gaap:ForeignExchangeContractMember2024-06-300000009389us-gaap:OtherContractMember2023-12-310000009389us-gaap:ForeignExchangeContractMember2023-12-310000009389us-gaap:CommodityContractMember2023-12-310000009389us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-04-012024-06-300000009389us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-06-300000009389us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-04-012023-06-300000009389us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-06-300000009389country:USus-gaap:PensionPlansDefinedBenefitMember2023-04-012023-06-300000009389country:USus-gaap:PensionPlansDefinedBenefitMember2024-04-012024-06-300000009389ball:CountriesOtherThanUsMemberus-gaap:PensionPlansDefinedBenefitMember2024-04-012024-06-300000009389us-gaap:PensionPlansDefinedBenefitMember2024-04-012024-06-300000009389country:USus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-06-300000009389ball:CountriesOtherThanUsMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-06-300000009389us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-06-300000009389ball:CountriesOtherThanUsMemberus-gaap:PensionPlansDefinedBenefitMember2023-04-012023-06-300000009389us-gaap:PensionPlansDefinedBenefitMember2023-04-012023-06-300000009389country:USus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-06-300000009389ball:CountriesOtherThanUsMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-06-300000009389us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-06-300000009389ball:SeniorNotes5.25PercentDueJuly2025Member2024-03-142024-03-140000009389ball:SeniorNotes4.875PercentDueMarch2026Member2024-03-142024-03-140000009389ball:SeniorNotes0.875PercentDueMarch2024Member2024-06-300000009389ball:SeniorNotes0.875PercentDueMarch2024Member2024-03-310000009389ball:TermaLoanDueJune2027Member2024-01-012024-06-300000009389ball:SeniorNotes5.25PercentDueJuly2025Member2024-03-140000009389ball:SeniorNotes4.875PercentDueMarch2026Member2024-03-140000009389ball:SeniorNotes5.25PercentDueJuly2025Member2024-02-140000009389ball:SeniorNotes4.875PercentDueMarch2026Member2024-02-140000009389ball:TermaLoanDueJune2027Member2024-06-300000009389ball:SeniorNotes6.875DueMarch2028Member2024-06-300000009389ball:SeniorNotes6.00DueJune2029Member2024-06-300000009389ball:SeniorNotes5.25PercentDueJuly2025Member2024-06-300000009389ball:SeniorNotes4.875PercentDueMarch2026Member2024-06-300000009389ball:SeniorNotes3.125PercentDueSeptember2031Member2024-06-300000009389ball:SeniorNotes2.875PercentDueAugust2030Member2024-06-300000009389ball:SeniorNotes1.50PercentDueMarch2027Member2024-06-300000009389ball:TermaLoanDueJune2027Member2023-12-310000009389ball:SeniorNotes6.875DueMarch2028Member2023-12-310000009389ball:SeniorNotes6.00DueJune2029Member2023-12-310000009389ball:SeniorNotes5.25PercentDueJuly2025Member2023-12-310000009389ball:SeniorNotes4.875PercentDueMarch2026Member2023-12-310000009389ball:SeniorNotes3.125PercentDueSeptember2031Member2023-12-310000009389ball:SeniorNotes2.875PercentDueAugust2030Member2023-12-310000009389ball:SeniorNotes1.50PercentDueMarch2027Member2023-12-310000009389ball:SeniorNotes0.875PercentDueMarch2024Member2023-12-310000009389ball:CorporateAndReconcilingItemsMember2024-04-012024-06-300000009389ball:CorporateAndReconcilingItemsMember2024-01-012024-06-300000009389us-gaap:CommonStockMember2024-06-300000009389us-gaap:CommonStockMember2024-03-310000009389us-gaap:CommonStockMember2023-12-310000009389us-gaap:CommonStockMember2023-06-300000009389us-gaap:CommonStockMember2023-03-310000009389us-gaap:CommonStockMember2022-12-310000009389ball:InterestRateSwapAndOptionContractsMember2024-01-012024-06-300000009389ball:ForeignExchangeForwardAndOptionCollarContractsMember2024-01-012024-06-3000000093892023-06-3000000093892022-12-310000009389us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2024-01-012024-06-300000009389us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2023-01-012023-06-3000000093892022-01-012022-12-310000009389ball:InterestRateSwapAndOptionContractsMember2024-06-300000009389ball:ForeignExchangeForwardAndOptionCollarContractsMember2024-06-300000009389ball:StockOptionsAndStockSettledAppreciationRightsMember2024-04-012024-06-300000009389ball:StockOptionsAndStockSettledAppreciationRightsMember2024-01-012024-06-300000009389ball:StockOptionsAndStockSettledAppreciationRightsMember2023-04-012023-06-300000009389ball:StockOptionsAndStockSettledAppreciationRightsMember2023-01-012023-06-300000009389ball:RexamPlcMember2024-04-012024-06-300000009389ball:RexamPlcMember2024-01-012024-06-300000009389ball:RexamPlcMember2023-04-012023-06-300000009389ball:RexamPlcMember2023-01-012023-06-3000000093892024-04-2400000093892024-07-290000009389us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300000009389us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300000009389us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-012023-06-300000009389us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-06-300000009389ball:AerospaceAndTechnologiesMember2023-12-310000009389ball:AerospaceAndTechnologiesMember2023-01-012023-12-3100000093892023-01-012023-12-310000009389us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberball:AerospaceBusinessMember2023-01-012023-06-300000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300000009389us-gaap:CommodityContractMember2024-06-300000009389country:AR2024-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingSouthAmericaMember2024-04-012024-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingNorthAndCentralAmericaMember2024-04-012024-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingEuropeMember2024-04-012024-06-300000009389us-gaap:OperatingSegmentsMember2024-04-012024-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingSouthAmericaMember2024-01-012024-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingNorthAndCentralAmericaMember2024-01-012024-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingEuropeMember2024-01-012024-06-300000009389us-gaap:OperatingSegmentsMember2024-01-012024-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingSouthAmericaMember2023-04-012023-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingNorthAndCentralAmericaMember2023-04-012023-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingEuropeMember2023-04-012023-06-300000009389us-gaap:OperatingSegmentsMember2023-04-012023-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingSouthAmericaMember2023-01-012023-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingNorthAndCentralAmericaMember2023-01-012023-06-300000009389us-gaap:OperatingSegmentsMemberball:MetalBeveragePackagingEuropeMember2023-01-012023-06-300000009389us-gaap:OperatingSegmentsMember2023-01-012023-06-3000000093892023-04-012023-06-3000000093892023-01-012023-06-300000009389us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberball:AerospaceBusinessMember2024-02-162024-02-160000009389us-gaap:PensionPlansDefinedBenefitMember2024-12-3100000093892024-04-012024-06-3000000093892024-06-3000000093892023-12-310000009389us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300000009389us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300000009389us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-012023-06-300000009389us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-06-300000009389us-gaap:EquityContractMember2024-01-012024-06-300000009389us-gaap:InterestRateContractMember2024-04-012024-06-300000009389us-gaap:CommodityContractMember2024-04-012024-06-300000009389ball:ForeignCurrencyAndTaxImpactMember2024-04-012024-06-300000009389ball:CurrencyExchangeContractMember2024-04-012024-06-300000009389us-gaap:InterestRateContractMember2024-01-012024-06-300000009389us-gaap:CommodityContractMember2024-01-012024-06-300000009389ball:ForeignCurrencyAndTaxImpactMember2024-01-012024-06-300000009389ball:CurrencyExchangeContractMember2024-01-012024-06-300000009389us-gaap:InterestRateContractMember2023-04-012023-06-300000009389us-gaap:CommodityContractMember2023-04-012023-06-300000009389ball:ForeignCurrencyAndTaxImpactMember2023-04-012023-06-300000009389ball:CurrencyExchangeContractMember2023-04-012023-06-300000009389us-gaap:InterestRateContractMember2023-01-012023-06-300000009389us-gaap:CommodityContractMember2023-01-012023-06-300000009389ball:ForeignCurrencyAndTaxImpactMember2023-01-012023-06-300000009389ball:CurrencyExchangeContractMember2023-01-012023-06-3000000093892024-01-012024-06-300000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300000009389us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-06-30iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesball:approachiso4217:EURball:segment

Table of Contents

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 June 30, 2024

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 July 29, 2024

Common Stock, without par value

BALL

NYSE

303,565,423 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 June 30, 2024

INDEX

Page
Number

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements

1

Unaudited Condensed Consolidated Statements of Earnings for the Three and Six Months Ended June 30, 2024 and 2023

1

Unaudited Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Six Months Ended June 30, 2024 and 2023

2

Unaudited Condensed Consolidated Balance Sheets at June 30, 2024, and December 31, 2023

3

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023

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

7

Note 4. Acquisitions and Dispositions

9

Note 5. Revenue from Contracts with Customers

11

Note 6. Business Consolidation and Other Activities

12

Note 7. Supplemental Cash Flow Statement Disclosures

12

Note 8. Receivables, Net

13

Note 9. Inventories, Net

13

Note 10. Property, Plant and Equipment, Net

13

Note 11. Goodwill

14

Note 12. Intangible Assets, Net

14

Note 13. Other Assets

14

Note 14. Leases

15

Note 15. Debt

15

Note 16. Taxes on Income

16

Note 17. Employee Benefit Obligations

16

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

20

Note 21. Contingencies

25

Note 22. Indemnifications and Guarantees

26

Item 2.

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

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

PART II.

OTHER INFORMATION

38

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.   FINANCIAL STATEMENTS

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

Three Months Ended June 30,

Six Months Ended June 30,

($ in millions, except per share amounts)

2024

    

2023

    

2024

    

2023

Net sales

$

2,959

$

3,067

$

5,833

$

6,048

Cost of sales (excluding depreciation and amortization)

(2,357)

(2,506)

(4,640)

(4,938)

Depreciation and amortization

(152)

(150)

(310)

(297)

Selling, general and administrative

(139)

(157)

(376)

(276)

Business consolidation and other activities

(60)

6

(86)

(14)

Interest income

18

7

44

11

Interest expense

(68)

(116)

(161)

(229)

Debt refinancing and other costs

(1)

(3)

Earnings before taxes

200

151

301

305

Tax (provision) benefit

(49)

(29)

(76)

(62)

Equity in results of affiliates, net of tax

8

3

13

10

Earnings from continuing operations

159

125

238

253

Discontinued operations, net of tax

48

3,607

100

Net earnings

159

173

3,845

353

Net earnings attributable to noncontrolling interests

1

2

3

Net earnings attributable to Ball Corporation

$

158

$

173

$

3,843

$

350

Earnings per share:

Basic - continuing operations

$

0.51

$

0.40

$

0.76

$

0.79

Basic - discontinued operations

0.15

11.55

0.32

Total basic earnings per share

$

0.51

$

0.55

$

12.31

$

1.11

Diluted - continuing operations

$

0.51

$

0.40

$

0.75

$

0.79

Diluted - discontinued operations

0.15

11.46

0.31

Total diluted earnings per share

$

0.51

$

0.55

$

12.21

$

1.10

Weighted average shares outstanding: (000s)

Basic

309,269

314,561

312,109

314,400

Diluted

311,964

316,867

314,690

316,764

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 June 30,

Six Months Ended June 30,

($ in millions)

    

2024

    

2023

    

2024

    

2023

Net earnings

$

159

$

173

$

3,845

$

353

Other comprehensive earnings (loss):

Currency translation adjustment

(52)

38

(139)

58

Pension and other postretirement benefits

7

8

148

9

Derivatives designated as hedges

25

15

33

44

Total other comprehensive earnings (loss)

(20)

61

42

111

Income tax (provision) benefit

(8)

(6)

(47)

(14)

Total other comprehensive earnings (loss), net of tax

(28)

55

(5)

97

Total comprehensive earnings

131

228

3,840

450

Comprehensive earnings attributable to noncontrolling interests

1

2

3

Comprehensive earnings attributable to Ball Corporation

$

130

$

228

$

3,838

$

447

See accompanying notes to the unaudited condensed consolidated financial statements.

2

Table of Contents

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

June 30,

December 31,

($ in millions)

    

2024

    

2023

Assets

Current assets

Cash and cash equivalents

$

1,346

$

695

Receivables, net

2,711

2,057

Inventories, net

1,426

1,531

Other current assets

229

231

Current assets held for sale

40

369

Total current assets

5,752

4,883

Noncurrent assets

Property, plant and equipment, net

6,547

6,715

Goodwill

4,190

4,250

Intangible assets, net

1,159

1,248

Other assets

1,313

1,354

Noncurrent assets held for sale

853

Total assets

$

18,961

$

19,303

Liabilities and Equity

Current liabilities

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

$

276

$

1,065

Accounts payable

3,174

3,661

Accrued employee costs

266

245

Other current liabilities

1,173

779

Current liabilities held for sale

435

Total current liabilities

4,889

6,185

Noncurrent liabilities

Long-term debt

5,517

7,504

Employee benefit obligations

624

735

Deferred taxes

590

421

Other liabilities

358

384

Noncurrent liabilities held for sale

237

Total liabilities

11,978

15,466

Equity

Common stock (683,801,066 shares issued - 2024; 683,241,401 shares issued - 2023)

1,370

1,312

Retained earnings

11,481

7,763

Accumulated other comprehensive earnings (loss)

(921)

(916)

Treasury stock, at cost (377,841,387 shares - 2024; 367,551,366 shares - 2023)

(5,017)

(4,390)

Total Ball Corporation shareholders' equity

6,913

3,769

Noncontrolling interests

70

68

Total equity

6,983

3,837

Total liabilities and equity

$

18,961

$

19,303

See accompanying notes to the unaudited condensed consolidated financial statements.

3

Table of Contents

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

($ in millions)

    

2024

    

2023

Cash Flows from Operating Activities

Net earnings

$

3,845

$

353

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

Depreciation and amortization

319

336

Business consolidation and other activities

86

14

Deferred tax provision (benefit)

185

(23)

Gain on Aerospace disposal

(4,695)

Pension contributions

(15)

(9)

Other, net

23

15

Changes in working capital components, net of dispositions

(743)

(325)

Cash provided by (used in) operating activities

(995)

361

Cash Flows from Investing Activities

Capital expenditures

(260)

(608)

Business dispositions, net of cash sold

5,422

Other, net

42

4

Cash provided by (used in) investing activities

5,204

(604)

Cash Flows from Financing Activities

Long-term borrowings

450

1,700

Repayments of long-term borrowings

(3,278)

(902)

Net change in short-term borrowings

99

(42)

Acquisitions of treasury stock

(665)

(3)

Common stock dividends

(125)

(126)

Other, net

23

17

Cash provided by (used in) financing activities

(3,496)

644

Effect of exchange rate changes on cash

(75)

9

Change in cash, cash equivalents and restricted cash

638

410

Cash, cash equivalents and restricted cash - beginning of period

710

558

Cash, cash equivalents and restricted cash - end of period

$

1,348

$

968

See accompanying notes to the unaudited condensed consolidated financial statements.

4

Table of Contents

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

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. 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 2023 Annual Report on Form 10-K filed on February 20, 2024, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2023 (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.

On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company’s consolidated financial statements reflect the aerospace business’ financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information.

Unless otherwise specified, these notes to the unaudited condensed consolidated financial statements reflect continuing operations only.

Certain prior year amounts, including amounts related to discontinued operations, have been reclassified in order to conform to the current year presentation. See Note 4 for additional discontinued operations information.

Risks and Uncertainties

Global Economic Environment

Recent data has indicated continued high inflation in the regions where we operate. Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, and changing demand for certain goods and services. We cannot predict with any certainty the impact that rising interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the rising instability in the Middle East, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become.

5

Table of Contents

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

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 June 30, 2024, 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 the consolidated 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 industry, Ball makes the majority of its sales and significant purchases to or from a relatively small number of global, or large regional, customers and suppliers. Furthermore, Ball makes the majority of its sales from a small number of product lines. The potential of the current global economic environment to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations.

Argentina

Although Ball's functional currency in Argentina is the U.S. dollar, a portion of its transactions are denominated in pesos. During the fourth quarter of 2023, Argentina suddenly devalued its peso relative to the U.S. dollar as one of the economic policies implemented by the new government with the goal of stabilizing and growing the economy. The government has implemented additional policies with the same goal in mind, including additional taxes on the importation of certain goods. The currency devaluation, economic conditions and policies in Argentina make it difficult to manage currency exchange rate risk and may lead to additional adverse effects on the company’s results of operations. Ball’s Argentinean business is presented in its beverage packaging, South America, reportable operating segment. Ball’s peso-denominated net monetary assets in Argentina were approximately $9 million at June 30, 2024. As of June 30, 2024, Ball’s Argentinean business had net asset exposure of $384 million, which consisted primarily of working capital and property, plant and equipment.

2.     Accounting Pronouncements

Recently Adopted Accounting Standards

Supplier Finance Programs

In 2022, new guidance was issued by the Financial Accounting Standards Board (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, in its 2024 annual report.

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

6

Table of Contents

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

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 payable, 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 $515 million and $703 million at June 30, 2024 and December 31, 2023, respectively. These amounts are classified within accounts payable on the unaudited condensed consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the unaudited condensed consolidated statements of cash flows.

New Accounting Guidance and Disclosure Requirements

Climate Disclosures

In 2024, the Securities and Exchange Commission (SEC) adopted final rules to require disclosures about material climate-related risks, the actual and potential impact of the risks and additional related disclosures. The final rules are currently under a stay by the SEC and the effective dates for the rules are uncertain. The company is continuing to assess the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis when the rules become effective for Ball.

Income Tax Disclosures

In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information in the income tax rate reconciliation table and regarding income taxes paid. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2025 annual report.

Segment Reporting

In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information about reportable segments, including more disaggregated expense information. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a retrospective basis in its 2024 annual report and interim periods thereafter.

3.     Business Segment Information

Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the three 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.

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.

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.

7

Table of Contents

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 Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (aerosol packaging) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities.

The accounting policies of the segments are the same as those used in the consolidated financial statements, as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.

Summary of Business by Segment

Three Months Ended June 30,

Six Months Ended June 30,

($ in millions)

    

2024

    

2023

    

2024

    

2023

Net sales

Beverage packaging, North and Central America

$

1,469

$

1,537

$

2,872

$

3,041

Beverage packaging, EMEA

880

920

1,690

1,754

Beverage packaging, South America

422

405

904

855

Reportable segment sales

2,771

2,862

5,466

5,650

Other

188

205

367

398

Net sales

$

2,959

$

3,067

$

5,833

$

6,048

Comparable segment operating earnings

Beverage packaging, North and Central America

$

210

$

175

$

402

$

358

Beverage packaging, EMEA

113

98

198

171

Beverage packaging, South America

37

30

92

80

Reportable segment comparable operating earnings

360

303

692

609

Reconciling items

Other (a)

2

(8)

(70)

7

Business consolidation and other activities

(60)

6

(86)

(14)

Amortization of acquired intangibles

(33)

(34)

(71)

(68)

Interest expense

(68)

(116)

(161)

(229)

Debt refinancing and other costs

(1)

(3)

Earnings before taxes

$

200

$

151

$

301

$

305

(a) Includes undistributed corporate expenses, net, of $21 million and $32 million for the three months ended June 30, 2024 and 2023, respectively, and $117 million and $42 million for the six months ended June 30, 2024 and 2023, respectively. For the three and six months ended June 30, 2024, undistributed corporate expenses, net, include $3 million and $82 million of incremental compensation cost from the successful sale of the aerospace business consisting of cash bonuses and stock based compensation, respectively. For the three and six months ended June 30, 2024, undistributed corporate expenses, net, also include $12 million and $29 million of corporate interest income, respectively.

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

8

Table of Contents

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

4.     Acquisitions and Dispositions

Aerospace

In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball’s aerospace business. On February 16, 2024, the company completed the divestiture of the aerospace business for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the Agreement. The company is in the process of finalizing the working capital adjustments and other customary closing adjustments with BAE, which is currently expected to be completed in 2024 and may adjust the final cash proceeds and gain on sale amounts. The divestiture resulted in a pre-tax gain of $4.67 billion, which is net of $20 million of costs to sell incurred and paid in 2023 related to the disposal. Cash proceeds received at close from the sale of $5.42 billion, net of the cash disposed, are presented in business dispositions, net of cash sold, in the unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2024. The company expects to pay approximately $1.00 billion in income taxes related to the transaction throughout 2024, of which $461 million has been paid as of June 30, 2024. The remaining amount of income taxes related to the transaction is recorded in other current liabilities in the unaudited condensed consolidated balance sheet. Additionally, the completion of the divestiture resulted in the removal of the aerospace business from the company’s obligor group, as the business no longer guarantees the company’s senior notes and senior credit facilities.

The sale of the aerospace business represents a strategic shift that will have a major effect on Ball’s operations and financial results, including the removal of the aerospace reportable segment. Due to this shift, for all periods presented, the consolidated financial statements reflect the aerospace business’ financial results as discontinued operations in the unaudited condensed consolidated statements of earnings, and its assets and liabilities are presented as assets and liabilities held for sale in the unaudited condensed consolidated balance sheet as of December 31, 2023. See Note 1 for further information on the basis of presentation.

The following table presents components of discontinued operations, net of tax for the three and six months ended June 30, 2024 and 2023:

Three Months Ended June 30,

Six Months Ended June 30,

($ in millions)

2024

    

2023

    

2024

    

2023

Net sales

$

$

499

$

261

$

1,007

Cost of sales (excluding depreciation and amortization)

(410)

(214)

(823)

Depreciation and amortization

(20)

(9)

(39)

Selling, general and administrative

(15)

(11)

(31)

Interest expense

1

1

Gain on disposition

4,695

Tax (provision) benefit

(7)

(1,115)

(15)

Discontinued operations, net of tax

$

$

48

$

3,607

$

100

9

Table of Contents

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

The following table presents assets and liabilities that are classified as held for sale on the unaudited condensed consolidated balance sheet as of December 31, 2023:

December 31,

($ in millions)

    

2023

Assets

Current assets

Receivables, net

$

277

Other current assets

56

Total current assets

333

Noncurrent assets

Property, plant and equipment, net

665

Other assets

188

Total assets of discontinued operations

$

1,186

Liabilities

Current liabilities

Accounts payable

$

92

Accrued employee costs

88

Deferred revenue

221

Other current liabilities

34

Total current liabilities

435

Noncurrent liabilities

Employee benefit obligations

163

Other liabilities

74

Total liabilities of discontinued operations

$

672

The following table presents depreciation and amortization, capital expenditures and significant operating and investing noncash items from discontinued operations for the six months ended June 30, 2024 and 2023 included within the consolidated statements of cash flows. Amounts include adjustments to reconcile net earnings to cash provided by (used in) operating activities:

Six Months Ended June 30,

($ in millions)

    

2024

2023

Provided by (used in)

Depreciation and amortization

$

9

$

39

Gain on Aerospace disposal

(4,695)

Capital expenditures

(13)

(49)

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

Six Months Ended June 30,

($ in millions)

2024

2023

Supplemental cash flow information:

PP&E acquired but not yet paid

$

17

$

21

10

Table of Contents

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

5.     Revenue from Contracts with Customers

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

Three Months Ended June 30,

Six Months Ended June 30,

($ in millions)

Point in Time

Over Time

Total

 

Point in Time

Over Time

Total

2024

$

627

$

2,332

$

2,959

$

1,183

$

4,650

$

5,833

2023

557

2,510

3,067

1,099

4,949

6,048

Contract Balances

The company did not have any contract assets at either June 30, 2024, or December 31, 2023. 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, 2023

$

114

$

3

Increase (decrease)

(38)

(1)

Balance at June 30, 2024

$

76

$

2

During the six months ended June 30, 2024, contract liabilities decreased by $39 million, which is net of cash received of $84 million and amounts recognized as sales of $123 million, the majority of which related to current contract liabilities. The amount of sales recognized in the six months ended June 30, 2024, that was included in the opening contract liabilities balance, was $114 million, all of which related to current contract liabilities. The difference between the opening and closing balances of the company’s contract liabilities primarily results from timing differences between the company’s performance and the customer’s payments. Current contract liabilities are classified within other current liabilities on the unaudited condensed consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities.

11

Table of Contents

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

6.     Business Consolidation and Other Activities

Business consolidation and other activities resulted in charges of $60 million and $86 million for the three and six months ended June 30, 2024, respectively, in the unaudited condensed consolidated statements of earnings. During the three and six months ended, the charges were primarily related to facility closure costs and costs for employee severance, employee benefits and other related items resulting from the company restructuring its operating model. The charges for the six months ended June 30, 2024, were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia extruded aluminum slug manufacturing facility.

Business consolidation and other activities resulted in income of $6 million and charges of $14 million for the three and six months ended June 30, 2023, respectively, in the unaudited condensed consolidated statements of earnings. During the six months ended, June 30, 2023, the charges of $14 million primarily related to facility closure costs.

7.

Supplemental Cash Flow Statement Disclosures

June 30,

($ in millions)

2024

    

2023

    

Beginning of period:

    

Cash and cash equivalents

$

695

    

$

548

Current restricted cash (included in other current assets)

15

    

10

Total cash, cash equivalents and restricted cash

$

710

    

$

558

    

End of period:

    

Cash and cash equivalents

$

1,346

    

$

955

Current restricted cash (included in other current assets)

2

    

13

Total cash, cash equivalents and restricted cash

$

1,348

    

$

968

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, inclusive of amounts related to the historical aerospace business, is as follows:

June 30,

($ in millions)

2024

    

2023

    

Beginning of period:

    

PP&E acquired but not yet paid

$

204

    

$

392

End of period:

    

PP&E acquired but not yet paid

$

139

    

$

204

12

Table of Contents

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

8.     Receivables, Net

June 30,

December 31,

($ in millions)

2024

    

2023

Trade accounts receivable

$

1,721

$

1,165

Unbilled receivables

486

520

Less: Allowance for doubtful accounts

(14)

(15)

Net trade accounts receivable

2,193

1,670

Other receivables

518

387

$

2,711

$

2,057

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 $1.59 billion and $2.00 billion at June 30, 2024, and December 31, 2023, respectively. A total of $690 million and $350 million were available for sale under these programs as of June 30, 2024, and December 31, 2023, respectively. The combined limit and available for sale amount as of December 31, 2023, included $160 million and $97 million, respectively, associated with receivable factoring programs included within the historical aerospace reportable segment. The company has recorded expense related to its factoring programs of $10 million and $25 million for the three months ended June 30, 2024 and 2023, respectively, and $23 million and $40 million for the six months ended June 30, 2024 and 2023 respectively, and has presented these amounts in selling, general and administrative in its unaudited condensed consolidated statements of earnings.<