XML 64 R45.htm IDEA: XBRL DOCUMENT v3.22.4
Employee Benefit Obligations (Tables)
12 Months Ended
Dec. 31, 2022
Employee Benefit Obligations  
Schedule of employee benefit obligations

​

​

​

​

​

​

​

​

​

​

December 31,

($ in millions)

​

2022

    

2021

​

​

​

​

​

​

​

Underfunded defined benefit pension liabilities

​

$

423

​

$

582

Less: Current portion

​

​

(21)

​

​

(21)

Long-term defined benefit pension liabilities

​

​

402

​

​

561

Long-term retiree medical liabilities

​

​

94

​

​

135

Deferred compensation plans

​

​

286

​

​

441

Other

​

​

65

​

​

68

​

​

$

847

​

$

1,205

​

Analysis of change in benefit accruals

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2022

​

2021

($ in millions)

    

U.S.

    

Non-U.S.

    

Total

    

U.S.

    

Non-U.S.

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in projected benefit obligation:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Benefit obligation at prior year end

​

$

2,304

​

$

3,189

​

$

5,493

​

$

2,752

​

$

3,479

​

$

6,231

Service cost

​

​

88

​

​

10

​

​

98

​

​

83

​

​

13

​

​

96

Interest cost

​

​

54

​

​

47

​

​

101

​

​

50

​

​

36

​

​

86

Benefits paid

​

​

(200)

​

​

(140)

​

​

(340)

​

​

(143)

​

​

(150)

​

​

(293)

Net actuarial (gains) losses

​

​

(557)

​

​

(999)

​

​

(1,556)

​

​

(76)

​

​

(138)

​

​

(214)

Settlements and other

​

​

(20)

(a)

​

—

​

​

(20)

​

​

(362)

(a)

​

—

​

​

(362)

Plan amendments

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Other

​

​

2

​

​

(1)

​

​

1

​

​

—

​

​

2

​

​

2

Effect of exchange rates

​

​

—

​

​

(304)

​

​

(304)

​

​

—

​

​

(53)

​

​

(53)

Benefit obligation at year end

​

​

1,671

​

​

1,802

​

​

3,473

​

​

2,304

​

​

3,189

​

​

5,493

Change in plan assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value of assets at prior year end

​

​

1,960

​

​

3,530

​

​

5,490

​

​

2,085

​

​

3,753

​

​

5,838

Actual return on plan assets

​

​

(425)

​

​

(1,075)

​

​

(1,500)

​

​

205

​

​

(58)

​

​

147

Employer contributions (b)

​

​

100

​

​

3

​

​

103

​

​

187

​

​

5

​

​

192

Contributions to unfunded plans (b)

​

​

6

​

​

15

​

​

21

​

​

6

​

​

18

​

​

24

Benefits paid

​

​

(200)

​

​

(140)

​

​

(340)

​

​

(143)

​

​

(150)

​

​

(293)

Settlements and other

​

​

(24)

(a)

​

—

​

​

(24)

​

​

(380)

(a)

​

—

​

​

(380)

Other

​

​

—

​

​

2

​

​

2

​

​

—

​

​

2

​

​

2

Effect of exchange rates

​

​

—

​

​

(347)

​

​

(347)

​

​

—

​

​

(40)

​

​

(40)

Fair value of assets at end of year

​

​

1,417

​

​

1,988

​

​

3,405

​

​

1,960

​

​

3,530

​

​

5,490

Funded status

​

$

(254)

​

$

186

​

$

(68)

​

$

(344)

​

$

341

​

$

(3)

(a)Includes the purchase of non-participating group annuity contracts and term-vested lump sum payments discussed below.
(b)Employer contribtuions are presented in other, net, in the operating activities section in the consolidated statements of cash flows for the years ended December 31, 2022 and 2021.

​

Schedule of amounts recognized in accumulated other comprehensive (earnings) loss, including other post employment benefits

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2022

​

2021

($ in millions)

    

U.S.

    

Non-U.S.

    

Total

    

U.S.

    

Non-U.S.

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net actuarial (loss) gain

​

$

(208)

​

$

(57)

​

$

(265)

​

$

(290)

​

$

83

​

$

(207)

Net prior service (cost) credit

​

​

14

​

​

(43)

​

​

(29)

​

​

15

​

​

(51)

​

​

(36)

Tax effect and currency exchange rates

​

​

58

​

​

9

​

​

67

​

​

80

​

​

(6)

​

​

74

​

​

$

(136)

​

$

(91)

​

$

(227)

​

$

(195)

​

$

26

​

$

(169)

​

Summary of fair value measurement levels assigned to domestic plan assets

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

($ in millions)

    

Level 1

    

Level 2

    

Total

​

​

​

​

​

​

​

​

​

​

U.S. pension assets, at fair value:

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

—

​

$

13

​

$

13

U.S. government, agency and asset-backed securities:

​

​

​

​

​

​

​

​

​

Municipal bonds

​

​

—

​

​

11

​

​

11

Treasury bonds

​

​

147

​

​

—

​

​

147

Other

​

​

—

​

​

4

​

​

4

Non-U.S. government bonds

​

​

—

​

​

11

​

​

11

Corporate bonds and notes:

​

​

​

​

​

​

​

​

​

Basic materials

​

​

—

​

​

4

​

​

4

Communications

​

​

—

​

​

18

​

​

18

Consumer discretionary

​

​

—

​

​

6

​

​

6

Consumer staples

​

​

—

​

​

17

​

​

17

Energy

​

​

—

​

​

12

​

​

12

Financials

​

​

—

​

​

99

​

​

99

Industrials

​

​

—

​

​

140

​

​

140

Information technology

​

​

—

​

​

8

​

​

8

Private placement

​

​

—

​

​

1

​

​

1

Utilities

​

​

—

​

​

49

​

​

49

Total level 1 and level 2

​

$

147

​

$

393

​

​

540

Other investments measured at net asset value (a)

​

​

​

​

​

​

​

​

877

Total assets

​

​

​

​

​

​

​

$

1,417

(a)Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation.

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2021

($ in millions)

    

Level 1

    

Level 2

    

Total

​

​

​

​

​

​

​

​

​

​

U.S. pension assets, at fair value:

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

—

​

$

26

​

$

26

U.S. government, agency and asset-backed securities:

​

​

​

​

​

​

​

​

​

Municipal bonds

​

​

—

​

​

25

​

​

25

Treasury bonds

​

​

106

​

​

—

​

​

106

Other

​

​

—

​

​

7

​

​

7

Non-U.S. government bonds

​

​

—

​

​

20

​

​

20

Corporate bonds and notes:

​

​

​

​

​

​

​

​

​

Basic materials

​

​

—

​

​

5

​

​

5

Communications

​

​

—

​

​

34

​

​

34

Consumer discretionary

​

​

—

​

​

20

​

​

20

Consumer staples

​

​

—

​

​

41

​

​

41

Energy

​

​

—

​

​

23

​

​

23

Financials

​

​

—

​

​

86

​

​

86

Industrials

​

​

—

​

​

283

​

​

283

Information technology

​

​

—

​

​

12

​

​

12

Private placement

​

​

—

​

​

1

​

​

1

Utilities

​

​

—

​

​

98

​

​

98

Other

​

​

—

​

​

1

​

​

1

Total level 1 and level 2

​

$

106

​

$

682

​

​

788

Other investments measured at net asset value (a)

​

​

​

​

​

​

​

​

1,172

Total assets

​

​

​

​

​

​

​

$

1,960

(a)Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation.

​

​

​

​

​

​

​

​

December 31,

($ in millions)

2022

​

2021

​

​

​

​

​

​

U.K. pension assets, at fair value:

​

​

​

​

​

Cash and cash equivalents

$

29

​

$

5

Equity commingled funds

​

51

​

​

7

U.K. government bonds

​

1,092

​

​

2,493

Other

​

20

​

​

7

Total level 1

​

1,192

​

​

2,512

Level 2: Investment funds - corporate bonds

​

688

​

​

844

Other investments measured at net asset value (a)

​

56

​

​

100

Total assets

$

1,936

​

$

3,456

(a)Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation.

​

Summary of fair value measurement levels assigned to foreign plan assets

​

Defined Benefit Pension Plans  
Employee Benefit Obligations  
Schedule of amounts recognized in the consolidated balance sheets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2022

​

2021

($ in millions)

    

U.S.

    

Non-U.S.

    

Total

    

U.S.

    

Non-U.S.

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term pension asset

​

$

—

​

$

355

​

$

355

​

$

—

​

$

579

​

$

579

Defined benefit pension liabilities (a)

​

​

(254)

​

​

(169)

​

​

(423)

​

​

(344)

​

​

(238)

​

​

(582)

Funded status

​

$

(254)

​

$

186

​

$

(68)

​

$

(344)

​

$

341

​

$

(3)

(a)Included is an unfunded, non-qualified U.S. plan obligation of $22 million at December 31, 2022, that has been annuitized with a corresponding asset of $21 million. At December 31, 2021, the unfunded non-qualified U.S. plan obligation of $32 million was annuitized with a corresponding asset of $28 million.

​

Summary of information for plans with an accumulated benefit obligation in excess of plan assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2022

​

2021

($ in millions)

    

U.S.

    

Non-U.S.

    

Total

    

U.S.

    

Non-U.S.

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Projected benefit obligation

​

$

1,671

​

$

181

​

$

1,852

​

$

2,304

​

$

311

​

$

2,615

Accumulated benefit obligation

​

​

1,590

​

​

178

​

​

1,768

​

​

2,171

​

​

307

​

​

2,478

Fair value of plan assets (a)

​

​

1,417

​

​

11

​

​

1,428

​

​

1,960

​

​

73

​

​

2,033

(a)The German, Swedish and certain U.S. plans are unfunded and, therefore, there is no fair value of plan assets associated with these plans.

​

Components of net periodic benefit cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31,

​

​

2022

​

2021

 

2020

($ in millions)

    

U.S.

    

Non-U.S.

    

Total

    

U.S.

    

Non-U.S.

    

Total

​

U.S.

    

Non-U.S.

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ball-sponsored plans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

$

88

​

$

10

​

$

98

​

$

83

​

$

13

​

$

96

​

$

64

​

$

13

​

$

77

Interest cost

​

​

54

​

​

47

​

​

101

​

​

50

​

​

36

​

​

86

​

​

72

​

​

56

​

​

128

Expected return on plan assets

​

​

(108)

​

​

(61)

​

​

(169)

​

​

(117)

​

​

(65)

​

​

(182)

​

​

(119)

​

​

(85)

​

​

(204)

Amortization of prior service cost

​

​

1

​

​

2

​

​

3

​

​

1

​

​

3

​

​

4

​

​

2

​

​

2

​

​

4

Recognized net actuarial loss

​

​

28

​

​

4

​

​

32

​

​

45

​

​

5

​

​

50

​

​

40

​

​

5

​

​

45

Settlement losses and other one-time charges (a)

​

​

14

​

​

—

​

​

14

​

​

135

​

​

—

​

​

135

​

​

120

​

​

—

​

​

120

Net periodic benefit cost for Ball sponsored plans

​

$

77

​

$

2

​

$

79

​

$

197

​

$

(8)

​

$

189

​

$

179

​

$

(9)

​

$

170

Schedule of target asset allocations established

​

​

​

​

​

​

​

​

​

U.S.

​

U.K.

​

​

​

​

​

​

​

Cash and cash equivalents

​

—

%

80-100

%(a)

Equity securities

​

20-40

%

0-15

%

Fixed income securities

​

40-70

%

80-100

%(a)

Alternative investments

​

5-25

%

—

%

(a)The combined target allocation for fixed income securities and cash and cash equivalents is 80 to 100 percent.

​

Schedule of actual weighted average asset allocations

​

​

​

​

​

​

​

​

    

2022

    

2021

 

Cash and cash equivalents

​

2

%  

—

%

Equity securities

​

16

%  

17

%

Fixed income securities

​

77

%  

81

%

Alternative investments

​

5

%  

2

%

​

​

100

%  

100

%

​

Defined Benefit Pension Plans | United States  
Employee Benefit Obligations  
Summary of weighted average assumptions used to determine benefit obligations

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

​

    

2022

​

2021

​

2020

    

Discount rate

​

5.52

%  

2.87

%  

2.49

%  

Rate of compensation increase

​

4.47

%  

4.48

%  

4.05

%  

​

Summary of weighted average assumptions used to determine net periodic benefit cost

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

​

    

2022

​

2021

​

2020

    

Discount rate

​

2.87

%  

2.49

%  

3.35

%  

Rate of compensation increase

​

4.48

%  

4.05

%  

4.03

%  

Expected long-term rate of return on assets

​

6.11

%  

6.32

%  

6.00

%  

​

Defined Benefit Pension Plans | Europe  
Employee Benefit Obligations  
Summary of weighted average assumptions used to determine benefit obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.K.

​

Germany

​

    

2022

​

2021

​

2020

    

2022

​

2021

​

2020

 

Discount rate

​

5.01

%  

1.81

%  

1.39

%  

3.69

%  

1.12

%  

0.80

%  

Rate of compensation increase

​

3.50

%  

3.50

%  

3.50

%  

2.68

%  

2.50

%  

2.50

%  

Pension increase

​

3.43

%  

3.64

%  

3.19

%  

1.80

%  

1.70

%  

1.50

%  

​

Summary of weighted average assumptions used to determine net periodic benefit cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.K.

​

Germany

​

    

2022

​

2021

​

2020

    

2022

​

2021

​

2020

 

Discount rate

​

1.81

%  

1.39

%  

2.07

%  

1.12

% 

0.80

% 

1.11

% 

Rate of compensation increase

​

3.50

%  

3.50

%  

3.50

%  

2.50

%  

2.50

%  

2.50

%  

Pension increase

​

3.64

%  

3.19

%  

3.22

%  

1.70

%  

1.50

%  

1.50

%  

Expected long-term rate of return on assets

​

1.91

%  

1.74

%  

2.57

%  

N/A

​

N/A

​

N/A

​

​

Other post retirement benefits  
Employee Benefit Obligations  
Summary of weighted average assumptions used to determine benefit obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Canada

​

​

    

2022

​

2021

​

2020

    

2022

​

2021

​

2020

    

Discount rate

​

5.45

%  

2.79

%  

2.39

%  

5.00

%  

2.75

%  

2.25

%  

Rate of compensation increase (a)

​

4.37

%  

4.37

%  

4.50

%  

N/A

​

N/A

​

N/A

​

(a)The rate of compensation increase is not applicable for certain U.S. other postretirement benefit plans.

​

Summary of weighted average assumptions used to determine net periodic benefit cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Canada

​

​

    

2022

​

2021

​

2020

    

2022

​

2021

​

2020

    

Discount rate

​

2.79

%  

2.39

%  

3.24

%  

2.75

%  

2.25

%  

3.00

%  

Rate of compensation increase (a)

​

4.37

%  

4.50

%  

4.50

%  

N/A

​

N/A

​

N/A

​

(a)The rate of compensation increase is not applicable for certain U.S. other postretirement benefit plans.

​