Employee Benefit Obligations (Tables)

	December 31,
($ in millions)	2015			2014

Underfunded defined benefit pension liabilities	$	705.1		$	724.1
Less current portion and prepaid pension assets	(16.6		)	(19.4		)

Long-term defined benefit pension liabilities	688.5			704.7
Retiree medical and other postemployment benefits	147.8			169.0
Deferred compensation plans	280.8			272.2
Other	30.1			32.4

	$	1,147.2		$	1,178.3

	December 31,
	2015									2014
($ in millions)	U.S.			Foreign			Total			U.S.			Foreign			Total

Change in projected benefit
obligation:
Benefit obligation at prior year end	$	1,416.1		$	743.2		$	2,159.3		$	1,284.2		$	704.6		$	1,988.8
Service cost	52.1			14.9			67.0			46.3			13.4			59.7
Interest cost	57.2			18.4			75.6			62.0			25.7			87.7
Benefits paid	(99.9		)	(28.0		)	(127.9		)	(51.4		)	(32.7		)	(84.1		)
Net actuarial (gains) losses	(70.9		)	(37.1		)	(108.0		)	184.0			105.4			289.4
Effect of exchange rates	—			(64.5		)	(64.5		)	—			(73.2		)	(73.2		)
Settlements/curtailments/special
termination	3.8			—			3.8			(102.8		)	—			(102.8		)
Plan amendments and other	3.3			(0.2		)	3.1			(6.2		)	—			(6.2		)

Benefit obligation at year end	1,361.7			646.7			2,008.4			1,416.1			743.2			2,159.3

Change in plan assets:
Fair value of assets at prior year end	1,098.0			337.2			1,435.2			1,109.5			277.4			1,386.9
Actual return on plan assets	(11.1		)	9.6			(1.5		)	48.4			65.2			113.6
Employer contributions	0.6			1.6			2.2			94.3			26.9			121.2
Contributions to unfunded
German plans (a)	—			18.1			18.1			—			22.2			22.2
Benefits paid	(99.9		)	(28.0		)	(127.9		)	(51.4		)	(32.7		)	(84.1		)
Effect of exchange rates	—			(22.8		)	(22.8		)	—			(21.8		)	(21.8		)
Settlements	—			—			—			(102.8		)	—			(102.8		)

Fair value of assets at end of year	987.6			315.7			1,303.3			1,098.0			337.2			1,435.2

Underfunded status	$	(374.1	)	$	(331.0	)(a)	$	(705.1	)	$	(318.1	)	$	(406.0	)(a)	$	(724.1	)

(a)

The German plans are unfunded and the liability is included in the company’s consolidated balance sheets. Benefits are paid directly by the company to the participants. The German plans represented $317.1 million and $393.9 million of the total unfunded status at December 31, 2015 and 2014, respectively.

	December 31,
	2015									2014
($ in millions)	U.S.			Foreign			Total			U.S.			Foreign			Total

Prepaid pension cost	$	—		$	1.5		$	1.5		$	—		$	1.8		$	1.8
Defined benefit pension liabilities	(374.1		)	(332.5		)	(706.6		)	(318.1		)	(407.8		)	(725.9		)

	$	(374.1	)	$	(331.0	)	$	(705.1	)	$	(318.1	)	$	(406.0	)	$	(724.1	)

	December 31,
	2015									2014
($ in millions)	U.S.			Foreign			Total			U.S.			Foreign			Total

Net actuarial loss	$	586.7		$	128.8		$	715.5		$	606.3		$	183.0		$	789.3
Net prior service cost (credit)	11.2			(1.6		)	9.6			7.9			(1.9		)	6.0
Tax effect and currency exchange rates	(253.1		)	(27.1		)	(280.2		)	(239.0		)	(50.1		)	(289.1		)

	$	344.8		$	100.1		$	444.9		$	375.2		$	131.0		$	506.2

	December 31,
	2015							2014
($ in millions)	U.S.		Foreign			Total		U.S.		Foreign			Total

Projected benefit obligation	$	1,361.7	$	359.4		$	1,721.1	$	1,416.0	$	440.2		$	1,856.2
Accumulated benefit obligation	1,301.5		338.8			1,640.3		1,355.2		411.1			1,766.3
Fair value of plan assets	987.6		35.0		(a)	1,022.6		1,098.0		40.5		(a)	1,138.5

(a)

The German plans are unfunded and, therefore, there is no fair value of plan assets associated with them. The unfunded status of those plans was $317.1 million and $393.9 million at December 31, 2015 and 2014, respectively.

	Years Ended December 31,
	2015									2014									2013
($ in millions)	U.S.			Foreign			Total			U.S.			Foreign			Total			U.S.			Foreign			Total

Ball-sponsored plans:
Service cost	$	52.1		$	14.9		$	67.0		$	46.3		$	13.4		$	59.7		$	48.7		$	12.1		$	60.8
Interest cost	57.2			18.4			75.6			62.0			25.7			87.7			55.2			24.0			79.2
Expected return on plan assets	(79.2		)	(19.7		)	(98.9		)	(82.6		)	(17.0		)	(99.6		)	(77.3		)	(16.7		)	(94.0		)
Amortization of prior service cost	(1.1		)	(0.4		)	(1.5		)	(0.1		)	(0.5		)	(0.6		)	—			(0.4		)	(0.4		)
Recognized net actuarial loss	39.0			9.2			48.2			29.5			8.2			37.7			42.5			7.8			50.3
Curtailment and settlement losses (gains), including special termination benefits	4.9			—			4.9			45.3			—			45.3			6.1			1.7			7.8

Net periodic benefit cost for Ball-sponsored plans	72.9			22.4			95.3			100.4			29.8			130.2			75.2			28.5			103.7

Multi-employer plans:
Net periodic benefit cost, excluding curtailment loss	1.3			—			1.3			2.0			—			2.0			2.6			—			2.6
Curtailment and settlement losses (gains)	—			—			—			—			—			—			9.8			—			9.8

Net periodic benefit cost for multi-employer plans	1.3			—			1.3			2.0			—			2.0			12.4			—			12.4

Total net periodic benefit cost	$	74.2		$	22.4		$	96.6		$	102.4		$	29.8		$	132.2		$	87.6		$	28.5		$	116.1

	U.S.		Canada	United Kingdom(c)

Cash and cash equivalents	0-10%		0-2%	4	%
Equity securities	10-75%	(a)	8-12%	20	%
Fixed income securities	25-70%	(b)	88-92%	64	%
Absolute return investments	—		—	9	%
Alternative investments	0-35%		—	3	%

(a)

Equity securities may consist of: (1) up to 25 percent large cap equities, (2) up to 10 percent mid cap equities, (3) up to 10 percent small cap equities, (4) up to 35 percent foreign equities and (5) up to 35 percent special equities. Holdings in Ball Corporation common stock or Ball bonds cannot exceed 5 percent of the trust’s assets.

(b)

Debt securities may include up to 10 percent non-investment grade bonds, up to 10 percent bank loans and up to 15 percent international bonds.

(c)

The percentages provided reflect the asset allocation percentage at December 31, 2015. The portfolio mix is expected to be adjusted over time toward more fixed-income securities.

	2015		2014
Cash and cash equivalents	2	%	3	%
Equity securities	37	%	38	%
Fixed income securities	52	%	50	%
Alternative investments	9	%	9	%

	100	%	100	%

	U.S.						Canada
	2015		2014		2013		2015		2014		2013
Discount rate	4.60	%	4.15	%	5.00	%	3.50	%	3.50	%	4.25	%
Rate of compensation increase	4.80	%	4.80	%	4.80	%	3.00	%	3.00	%	3.00	%

	U.S.						Canada
	2015		2014		2013		2015		2014		2013
Discount rate	4.15	%	5.00	%	4.13	%	3.50	%	4.25	%	4.00	%
Rate of compensation increase	4.80	%	4.80	%	4.80	%	3.00	%	3.00	%	3.00	%
Expected long-term rate of return on assets	7.25	%	7.25	%	7.63	%	4.00	%	4.56	%	4.55	%

	United Kingdom						Germany
	2015		2014		2013		2015		2014		2013
Discount rate	3.75	%	3.75	%	4.50	%	2.25	%	1.75	%	3.25	%
Rate of compensation increase	3.00	%	3.00	%	4.25	%	2.50	%	2.50	%	2.75	%
Pension increase	3.15	%	3.15	%	3.40	%	1.75	%	1.75	%	1.75	%

	United Kingdom						Germany
	2015		2014		2013		2015		2014		2013
Discount rate	3.75	%	4.50	%	4.50	%	1.75	%	3.25	%	3.25	%
Rate of compensation increase	3.00	%	4.25	%	3.75	%	2.50	%	2.75	%	2.75	%
Pension increase	3.15	%	3.40	%	2.90	%	1.75	%	1.75	%	1.75	%
Expected long-term rate of return on assets	6.50	%	6.50	%	7.00	%	N/A		N/A		N/A

	December 31, 2015
($ in millions)	Level 1		Level 2		Level 3		Total

U.S. pension assets, at fair value:
Cash and cash equivalents	$	2.9	$	66.0	$	—	$	68.9
Corporate equity securities:
Consumer discretionary	46.6		—		—		46.6
Financials	37.4		—		—		37.4
Healthcare	25.9		—		—		25.9
Industrials	61.2		—		—		61.2
Information technology	53.2		—		—		53.2
Other	34.1		18.4		—		52.5
U.S. government and agency securities:
FHLMC mortgage backed securities	—		14.4		—		14.4
FNMA mortgage backed securities	—		55.9		—		55.9
Treasury bonds	31.7		—		—		31.7
Other	11.7		12.2		—		23.9
Corporate bonds and notes:
Financials	—		91.5		—		91.5
Industrials	—		21.1				21.1
Oil and gas	—		21.5		—		21.5
Private placement	—		37.3		—		37.3
Other	—		84.6		—		84.6
Commingled funds
International	15.9		50.7		—		66.6
Other	2.2		64.1		—		66.3
Limited partnerships and other	—		64.4		62.7		127.1

Total assets	$	322.8	$	602.1	$	62.7	$	987.6

	December 31, 2014
($ in millions)	Level 1		Level 2		Level 3		Total

U.S. pension assets, at fair value:
Cash and cash equivalents	$	0.9	$	88.7	$	—	$	89.6
Corporate equity securities:
Consumer discretionary	53.8		—		—		53.8
Industrials	58.7		—		—		58.7
Information technology	57.5		—		—		57.5
Other	116.6		34.4		—		151.0
U.S. government and agency securities:
FHLMC mortgage backed securities	—		14.7		—		14.7
FNMA mortgage backed securities	—		49.9		—		49.9
Other	49.1		13.1		—		62.2
Corporate bonds and notes:
Financials	—		96.5		—		96.5
Oil and gas	—		33.4		—		33.4
Private placement	—		44.8		—		44.8
Other	—		113.5		—		113.5
Commingled funds
International	19.5		68.7		—		88.2
Other	3.3		50.3		—		53.6
Limited partnerships and other	—		67.6		63.0		130.6

Total assets	$	359.4	$	675.6	$	63.0	$	1,098.0

The following is a reconciliation of the U.S. Level 3 assets for the two years ended December 31, 2015 (dollars in millions):

Balance at December 31, 2013	$	51.9
Actual return on plan assets relating to assets still held at the reporting date	9.5
Purchases	9.1
Sales	(7.5		)

Balance at December 31, 2014	63.0
Actual return on plan assets relating to assets still held at the reporting date	3.3
Purchases	7.9
Sales	(11.5		)

Balance at December 31, 2015	$	62.7

	December 31,
($ in millions)	2015		2014

Canadian pension assets, at fair value (all Level 2):
Equity commingled funds	$	3.0	$	3.9
Fixed income commingled funds	27.5		34.5
Fixed income securities	6.8		8.7

Total assets	$	37.3	$	47.1

	December 31,
($ in millions)	2015		2014

U.K. pension assets, at fair value (all Level 2):
Cash and cash equivalents	$	10.9	$	—
Equity commingled funds	54.4		71.3
Fixed income commingled funds	174.0		174.1
Absolute return funds	24.5		17.2
Alternative investments	8.2		22.8

Net assets	$	272.0	$	285.4

($ in millions)	2015			2014

Change in benefit obligation:
Benefit obligation at prior year end	$	154.1		$	155.4
Service cost	1.5			1.4
Interest cost	6.0			7.3
Benefits paid	(8.7		)	(11.4		)
Net actuarial (gain) loss	(17.3		)	3.1
Special termination benefits	2.1			—
Effect of exchange rates and other	(2.9		)	(1.7		)

Benefit obligation at year end	$	134.8		$	154.1

	Years Ended December 31,
($ in millions)	2015			2014			2013

Service cost	$	1.5		$	1.4		$	1.7
Interest cost	6.0			7.3			6.6
Amortization of prior service cost	(0.6		)	(0.5		)	(0.5		)
Recognized net actuarial loss (gain)	(1.6		)	(1.5		)	(0.6		)
Special termination benefits	2.1			—			1.9

Net periodic benefit cost	$	7.4		$	6.7		$	9.1