Employee Benefit Obligations (Tables)

12 Months Ended

Dec. 31, 2022

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)


	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)

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