XML 133 R48.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Employee Benefit Obligations (Tables)
12 Months Ended
Dec. 31, 2019
Employee Benefit Obligations  
Schedule of employee benefit obligations

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

($ in millions)

​

2019

    

2018

​

​

​

​

​

​

​

Underfunded defined benefit pension liabilities

​

$

918

​

$

954

Less: Current portion

​

​

(24)

​

​

(25)

Long-term defined benefit pension liabilities

​

​

894

​

​

929

Long-term retiree medical liabilities

​

​

156

​

​

157

Deferred compensation plans

​

​

362

​

​

291

Other

​

​

74

​

​

78

​

​

$

1,486

​

$

1,455

Analysis of change in benefit accruals

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2019

​

2018

($ in millions)

    

U.S.

    

Foreign

    

Total

    

U.S.

    

Foreign

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in projected benefit obligation:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Benefit obligation at prior year end

​

$

2,579

​

$

2,991

​

$

5,570

​

$

3,061

​

$

3,432

​

$

6,493

Service cost

​

​

50

​

​

11

​

​

61

​

​

51

​

​

14

​

​

65

Interest cost

​

​

101

​

​

72

​

​

173

​

​

99

​

​

72

​

​

171

Benefits paid

​

​

(205)

​

​

(191)

​

​

(396)

​

​

(191)

​

​

(194)

​

​

(385)

Net actuarial (gains) losses

​

​

324

​

​

391

​

​

715

​

​

(189)

​

​

(210)

​

​

(399)

Curtailments and settlements including special termination benefits

​

​

—

​

​

(34)

(a)

​

(34)

​

​

(252)

(a)

​

—

​

​

(252)

Plan amendments

​

​

—

​

​

—

​

​

—

​

​

—

​

​

52

​

​

52

Other

​

​

—

​

​

1

​

​

1

​

​

—

​

​

2

​

​

2

Effect of exchange rates

​

​

—

​

​

107

​

​

107

​

​

—

​

​

(177)

​

​

(177)

Benefit obligation at year end

​

​

2,849

​

​

3,348

​

​

6,197

​

​

2,579

​

​

2,991

​

​

5,570

Change in plan assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value of assets at prior year end

​

​

1,901

​

​

3,274

​

​

5,175

​

​

2,420

​

​

3,632

​

​

6,052

Actual return on plan assets

​

​

313

​

​

311

​

​

624

​

​

(119)

​

​

3

​

​

(116)

Employer contributions

​

​

188

​

​

4

​

​

192

​

​

32

​

​

6

​

​

38

Contributions to unfunded plans

​

​

6

​

​

18

​

​

24

​

​

7

​

​

20

​

​

27

Benefits paid

​

​

(205)

​

​

(191)

​

​

(396)

​

​

(191)

​

​

(194)

​

​

(385)

Curtailments and settlements including special termination benefits

​

​

—

​

​

(34)

(a)

​

(34)

​

​

(256)

(a)

​

—

​

​

(256)

Other

​

​

(1)

​

​

1

​

​

—

​

​

8

​

​

2

​

​

10

Effect of exchange rates

​

​

—

​

​

131

​

​

131

​

​

—

​

​

(195)

​

​

(195)

Fair value of assets at end of year

​

​

2,202

​

​

3,514

​

​

5,716

​

​

1,901

​

​

3,274

​

​

5,175

Funded status

​

$

(647)

​

$

166

​

$

(481)

​

$

(678)

​

$

283

​

$

(395)

(a)Includes the purchase of non-participating group annuity contracts discussed below.

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2019

​

2018

($ in millions)

    

U.S.

    

Foreign

    

Total

    

U.S.

    

Foreign

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net actuarial (loss) gain

​

$

(683)

​

$

(31)

​

$

(714)

​

$

(563)

​

$

140

​

$

(423)

Net prior service (cost) credit

​

​

15

​

​

(49)

​

​

(34)

​

​

16

​

​

(50)

​

​

(34)

Tax effect and currency exchange rates

​

​

174

​

​

16

​

​

190

​

​

216

​

​

(36)

​

​

180

​

​

$

(494)

​

$

(64)

​

$

(558)

​

$

(331)

​

$

54

​

$

(277)

Summary of fair value measurement levels assigned to domestic plan assets

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2019

($ in millions)

    

Level 1

    

Level 2

    

Total

​

​

​

​

​

​

​

​

​

​

U.S. pension assets, at fair value:

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

—

​

$

99

​

$

99

Corporate equity securities:

​

​

​

​

​

​

​

​

​

Consumer discretionary

​

​

83

​

​

—

​

​

83

Financials

​

​

64

​

​

—

​

​

64

Healthcare

​

​

63

​

​

—

​

​

63

Industrials

​

​

76

​

​

—

​

​

76

Information technology

​

​

111

​

​

—

​

​

111

Utilities

​

​

48

​

​

—

​

​

48

Other

​

​

18

​

​

—

​

​

18

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

​

​

​

​

​

​

​

​

​

FHLMC mortgage backed securities

​

​

—

​

​

42

​

​

42

FNMA mortgage backed securities

​

​

—

​

​

73

​

​

73

Municipal bonds

​

​

—

​

​

27

​

​

27

Treasury bonds

​

​

69

​

​

—

​

​

69

Other

​

​

—

​

​

45

​

​

45

Corporate bonds and notes:

​

​

​

​

​

​

​

​

​

Communications

​

​

—

​

​

79

​

​

79

Consumer discretionary

​

​

—

​

​

99

​

​

99

Consumer staples

​

​

—

​

​

100

​

​

100

Financials

​

​

—

​

​

261

​

​

261

Healthcare

​

​

—

​

​

91

​

​

91

Industrials

​

​

—

​

​

101

​

​

101

Information technology

​

​

—

​

​

78

​

​

78

Oil and gas

​

​

—

​

​

91

​

​

91

Private placement

​

​

—

​

​

62

​

​

62

Utilities

​

​

—

​

​

101

​

​

101

Other

​

​

—

​

​

50

​

​

50

Commingled funds

​

​

22

​

​

81

​

​

103

Total level 1 and level 2

​

$

554

​

$

1,480

​

​

2,034

Other investments measured at net asset value (a)

​

​

​

​

​

​

​

​

168

Total assets

​

​

​

​

​

​

​

$

2,202

(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, 2018

($ in millions)

    

Level 1

    

Level 2

    

Total

​

​

​

​

​

​

​

​

​

​

U.S. pension assets, at fair value:

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

1

​

$

97

​

$

98

Corporate equity securities:

​

​

​

​

​

​

​

​

​

Consumer discretionary

​

​

61

​

​

—

​

​

61

Financials

​

​

54

​

​

—

​

​

54

Healthcare

​

​

49

​

​

—

​

​

49

Industrials

​

​

59

​

​

—

​

​

59

Information technology

​

​

73

​

​

—

​

​

73

Other

​

​

50

​

​

—

​

​

50

U.S. government and agency securities:

​

​

​

​

​

​

​

​

​

FHLMC mortgage backed securities

​

​

—

​

​

40

​

​

40

FNMA mortgage backed securities

​

​

—

​

​

65

​

​

65

Municipal bonds

​

​

—

​

​

52

​

​

52

Treasury bonds

​

​

45

​

​

—

​

​

45

Other

​

​

—

​

​

10

​

​

10

Corporate bonds and notes:

​

​

​

​

​

​

​

​

​

Communications

​

​

—

​

​

67

​

​

67

Consumer discretionary

​

​

—

​

​

80

​

​

80

Consumer staples

​

​

—

​

​

41

​

​

41

Financials

​

​

—

​

​

245

​

​

245

Healthcare

​

​

—

​

​

88

​

​

88

Industrials

​

​

—

​

​

100

​

​

100

Information technology

​

​

—

​

​

54

​

​

54

Oil and gas

​

​

—

​

​

103

​

​

103

Private placement

​

​

—

​

​

69

​

​

69

Utilities

​

​

—

​

​

88

​

​

88

Other

​

​

—

​

​

60

​

​

60

Commingled funds

​

​

18

​

​

72

​

​

90

Total level 1 and level 2

​

$

410

​

$

1,331

​

​

1,741

Other investments measured at net asset value (a)

​

​

​

​

​

​

​

​

160

Total assets

​

​

​

​

​

​

​

$

1,901

(a)Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented within 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)

2019

​

2018

​

​

​

​

​

​

U.K. pension assets, at fair value:

​

​

​

​

​

Cash and cash equivalents

$

40

​

$

20

Equity commingled funds

​

162

​

​

—

U.K. government bonds

​

2,576

​

​

2,229

Other

​

28

​

​

33

Total level 1

​

2,806

​

​

2,282

Level 2: Investment funds - corporate bonds

​

478

​

​

—

Other investments measured at net asset value (a)

​

173

​

​

913

Total assets

$

3,457

​

$

3,195

(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,

​

​

2019

​

2018

($ in millions)

    

U.S.

    

Foreign

    

Total

    

U.S.

    

Foreign

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term pension asset

​

$

—

​

$

437

​

$

437

​

$

—

​

$

559

​

$

559

Defined benefit pension liabilities (a)

​

​

(647)

​

​

(271)

​

​

(918)

​

​

(678)

​

​

(276)

​

​

(954)

Funded status

​

$

(647)

​

$

166

​

$

(481)

​

$

(678)

​

$

283

​

$

(395)

(a)Included is an unfunded, non-qualified U.S. plan obligation of $32 million at December 31, 2019, that has been annuitized with a corresponding asset of $27 million ($3 million in other current assets and $24 million in other assets). At December 31, 2018, the unfunded non-qualified U.S. plan obligation of $30 million was annuitized with a corresponding asset of $30 million ($3 million in other current assets and $27 million in other assets).
Summary of information for plans with an accumulated benefit obligation in excess of plan assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2019

​

2018

($ in millions)

    

U.S.

    

Foreign

    

Total

    

U.S.

    

Foreign

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Projected benefit obligation

​

$

2,849

​

$

328

​

$

3,177

​

$

2,579

​

$

354

​

$

2,933

Accumulated benefit obligation

​

​

2,769

​

​

324

​

​

3,093

​

​

2,519

​

​

351

​

​

2,870

Fair value of plan assets (a)

​

​

2,202

​

​

57

​

​

2,259

​

​

1,901

​

​

79

​

​

1,980

(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,

​

​

​

2019

​

2018

 

2017

($ in millions)

    

​

U.S.

    

Foreign

    

Total

    

U.S.

    

Foreign

    

Total

​

U.S.

    

Foreign

    

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ball-sponsored plans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

​

$

50

​

$

11

​

$

61

​

$

51

​

$

14

​

$

65

​

$

49

​

$

17

​

$

66

Interest cost

​

​

​

101

​

​

72

​

​

173

​

​

99

​

​

72

​

​

171

​

​

124

​

​

92

​

​

216

Expected return on plan assets

​

​

​

(116)

​

​

(109)

​

​

(225)

​

​

(108)

​

​

(108)

​

​

(216)

​

​

(126)

​

​

(110)

​

​

(236)

Amortization of prior service cost

​

​

​

1

​

​

3

​

​

4

​

​

2

​

​

—

​

​

2

​

​

2

​

​

—

​

​

2

Recognized net actuarial loss

​

​

​

22

​

​

4

​

​

26

​

​

33

​

​

5

​

​

38

​

​

34

​

​

5

​

​

39

Settlement losses

​

​

​

—

​

​

8

​

​

8

​

​

36

​

​

—

​

​

36

​

​

47

​

​

(1)

​

​

46

Net periodic benefit cost for Ball sponsored plans

​

​

​

58

​

​

(11)

​

​

47

​

​

113

​

​

(17)

​

​

96

​

​

130

​

​

3

​

​

133

Net periodic benefit cost for multi-employer plans

​

​

​

1

​

​

—

​

​

1

​

​

2

​

​

—

​

​

2

​

​

2

​

​

—

​

​

2

Total net periodic benefit cost

​

​

$

59

​

$

(11)

​

$

48

​

$

115

​

$

(17)

​

$

98

​

$

132

​

$

3

​

$

135

Schedule of target asset allocations established

​

​

​

​

​

​

​

​

​

​

​

    

U.S.

​

​

​

​

​

​

Legacy Ball

​

Legacy Rexam

​

​

U.K.

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

0-10

%

0-10

%

​

60-100

%(c)

Equity securities

​

10-75

%(a)  

10-25

%(d)

​

0-20

%

Fixed income securities

​

25-70

%(b)  

75-90

%

​

60-100

%(c)

Alternative investments

​

0-35

%

—

%

​

0-20

%

​

(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 combined target allocation for fixed income securities and cash and cash equivalents is 60 to 100 percent.
(d)Equity securities may consist of: (1) up to 20 percent domestic equities, (2) up to 10 percent international equities, and (3) up to 10 percent private equities.

​

Schedule of actual weighted average asset allocations

​

​

​

​

​

​

​

​

    

2019

    

2018

 

Cash and cash equivalents

​

2

%  

2

%

Equity securities

​

17

%  

28

%

Fixed income securities

​

79

%  

69

%

Alternative investments

​

2

%  

1

%

​

​

100

%  

100

%

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

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

​

    

2019

​

2018

​

2017

    

Discount rate

​

3.35

%  

4.41

%  

3.72

%  

Rate of compensation increase

​

4.03

%  

4.02

%  

4.15

%  

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

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

​

    

2019

​

2018

​

2017

    

Discount rate

​

4.41

%  

3.72

%  

4.27

%  

Rate of compensation increase

​

4.02

%  

4.15

%  

4.14

%  

Expected long-term rate of return on assets

​

5.58

%  

5.14

%  

5.50

%  

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.K.

​

Germany

​

    

2019

​

2018

​

2017

    

2019

​

2018

​

2017

 

Discount rate

​

2.07

%  

2.90

%  

2.55

%  

1.11

%  

1.74

%  

1.68

%

Rate of compensation increase

​

3.50

%  

3.50

%  

4.41

%  

2.50

%  

2.50

%  

2.50

%

Pension increase

​

3.22

%  

3.45

%  

3.41

%  

1.50

%  

1.50

%  

1.50

%

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.K.

​

Germany

​

    

2019

​

2018

​

2017

    

2019

​

2018

​

2017

 

Discount rate

​

2.90

%  

2.55

%  

2.70

%  

1.74

% 

1.68

% 

1.52

%

Rate of compensation increase

​

3.50

%  

4.41

%  

4.30

%  

2.50

%  

2.50

%  

2.50

%

Pension increase

​

3.45

%  

3.41

%  

3.41

%  

1.50

%  

1.50

%  

1.50

%

Expected long-term rate of return on assets

​

3.40

%  

3.05

%  

3.20

%  

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

​

​

    

2019

​

2018

​

2017

    

2019

​

2018

​

2017

    

Discount rate

​

3.24

%  

4.35

%  

3.64

%  

3.00

%  

3.50

%  

3.25

%  

Rate of compensation increase (a)

​

4.50

%  

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.

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Canada

​

​

    

2019

​

2018

​

2017

    

2019

​

2018

​

2017

    

Discount rate

​

4.35

%  

3.64

%  

4.16

%  

3.50

%  

3.25

%  

3.50

%  

Rate of compensation increase (a)

​

4.50

%  

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.

​