Debt

9 Months Ended

Sep. 30, 2021

Debt

Debt

15.    Debt

Long-term debt consisted of the following:

	September 30,		December 31,
($ in millions)	2021		2020
Senior Notes
5.00% due March 2022	$	736	$	748
4.00% due November 2023		1,000		1,000
4.375%, euro denominated, due December 2023		811		855
0.875%, euro denominated, due March 2024		869		916
5.25% due July 2025		1,000		1,000
4.875% due March 2026		750		750
1.50%, euro denominated, due March 2027		637		672
2.875% due August 2030		1,300		1,300
3.125% due September 2031		850		—
Senior Credit Facility (at variable rates)
Term A loan due March 2024		593		593
Finance lease obligations		10		12
Other (including debt issuance costs)		(63)		(60)
		8,493		7,786
Less: Current portion		(738)		(3)
	$	7,755	$	7,783

The company’s senior credit facilities include long-term multi-currency revolving facilities that mature in March 2024, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At September 30, 2021, taking into account outstanding letters of credit, $1.7 billion was available under the company’s long-term, revolving credit facilities. In addition to these facilities, the company had approximately $1 billion of short-term uncommitted credit facilities available at September 30, 2021, of which $24 million was outstanding and due on demand. At December 31, 2020, the company had $14 million outstanding under short-term uncommitted credit facilities.

In the third quarter of 2021, Ball issued $850 million of 3.125% senior notes due 2031. In the fourth quarter of 2021, Ball redeemed the outstanding 5.00% senior notes due in March 2022 in the amount of $736 million.

The fair value of long-term debt was estimated to be $8.9 billion at September 30, 2021, and $8.3 billion at December 31, 2020. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company’s ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt based on discounted cash flows.

The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The company’s most restrictive debt covenant requires the company to maintain a leverage ratio (as defined) of no greater than 5.0 times as of September 30, 2021, which will change to 4.5 times as of December 31, 2022. The company was in compliance with all loan agreements and debt covenants at both September 30, 2021, and December 31, 2020, and it has met all debt payment obligations.