Employee Benefit Obligations (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of employee benefit obligations


	December 31,
($ in millions)	2021		2020

Underfunded defined benefit pension liabilities	$	582	$	955
Less: Current portion		(21)		(24)
Long-term defined benefit pension liabilities		561		931
Long-term retiree medical liabilities		135		156
Deferred compensation plans		441		439
Other		68		87
	$	1,205	$	1,613

Analysis of change in benefit accruals


	December 31,
	2021							2020
($ 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	$	2,752		$	3,479	$	6,231	$	2,849		$	3,348	$	6,197
Service cost		83			13		96		64			13		77
Interest cost		50			36		86		72			56		128
Benefits paid		(143)			(150)		(293)		(163)			(263)		(426)
Net actuarial (gains) losses		(76)			(138)		(214)		320			194		514
Settlements and other		(362)	(a)		—		(362)		(392)	(a)		—		(392)
Plan amendments		—			—		—		1			5		6
Other		—			2		2		1			1		2
Effect of exchange rates		—			(53)		(53)		—			125		125
Benefit obligation at year end		2,304			3,189		5,493		2,752			3,479		6,231
Change in plan assets:
Fair value of assets at prior year end		2,085			3,753		5,838		2,202			3,514		5,716
Actual return on plan assets		205			(58)		147		322			360		682
Employer contributions		187			5		192		77			2		79
Contributions to unfunded plans		6			18		24		6			18		24
Benefits paid		(143)			(150)		(293)		(163)			(263)		(426)
Settlements and other		(380)	(a)		—		(380)		(359)	(a)		—		(359)
Other		—			2		2		—			1		1
Effect of exchange rates		—			(40)		(40)		—			121		121
Fair value of assets at end of year		1,960			3,530		5,490		2,085			3,753		5,838
Funded status	$	(344)		$	341	$	(3)	$	(667)		$	274	$	(393)

(a)

Includes the purchase of non-participating group annuity contracts and term-vested lump sum payments discussed below.

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


	December 31,
	2021						2020
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total

Net actuarial (loss) gain	$	(290)	$	83	$	(207)	$	(625)	$	57	$	(568)
Net prior service (cost) credit		15		(51)		(36)		15		(54)		(39)
Tax effect and currency exchange rates		80		(6)		74		162		(21)		141
	$	(195)	$	26	$	(169)	$	(448)	$	(18)	$	(466)

Summary of fair value measurement levels assigned to domestic plan assets


	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, 2020
($ in millions)	Level 1		Level 2		Total

U.S. pension assets, at fair value:
Cash and cash equivalents	$	—	$	23	$	23
U.S. government, agency and asset-backed securities:
Municipal bonds		—		24		24
Treasury bonds		53		—		53
Other		—		6		6
Non-U.S. government bonds		—		19		19
Corporate bonds and notes:
Basic materials		—		17		17
Communications		—		113		113
Consumer discretionary		—		88		88
Consumer staples		—		53		53
Energy		—		114		114
Financials		—		145		145
Healthcare		—		30		30
Industrials		—		41		41
Information technology		—		25		25
Private placement		—		1		1
Utilities		—		56		56
Other		—		51		51
Total level 1 and level 2	$	53	$	806		859
Other investments measured at net asset value (a)						1,226
Total assets					$	2,085

(a)


	December 31,
($ in millions)	2021		2020

U.K. pension assets, at fair value:
Cash and cash equivalents	$	5	$	44
Equity commingled funds		7		24
U.K. government bonds		2,493		2,572
Other		7		39
Total level 1		2,512		2,679
Level 2: Investment funds - corporate bonds		844		904
Other investments measured at net asset value (a)		100		102
Total assets	$	3,456	$	3,685

(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,
	2021						2020
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total

Long-term pension asset	$	—	$	579	$	579	$	—	$	562	$	562
Defined benefit pension liabilities (a)		(344)		(238)		(582)		(667)		(288)		(955)
Funded status	$	(344)	$	341	$	(3)	$	(667)	$	274	$	(393)

(a)

Included is an unfunded, non-qualified U.S. plan obligation of $32 million at December 31, 2021, that has been annuitized with a corresponding asset of $28 million ($3 million in other current assets and $25 million in other assets). At December 31, 2020, the unfunded non-qualified U.S. plan obligation of $34 million was annuitized with a corresponding asset of $28 million ($3 million in other current assets and $25 million in other assets).

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


	December 31,
	2021						2020
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total

Projected benefit obligation	$	2,304	$	311	$	2,615	$	2,752	$	356	$	3,108
Accumulated benefit obligation		2,171		307		2,478		2,643		353		2,996
Fair value of plan assets (a)		1,960		73		2,033		2,085		68		2,153

(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,
	2021						2020						2019
($ 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	$	83	$	13	$	96	$	64	$	13	$	77	$	50	$	11	$	61
Interest cost		50		36		86		72		56		128		101		72		173
Expected return on plan assets		(117)		(65)		(182)		(119)		(85)		(204)		(116)		(109)		(225)
Amortization of prior service cost		1		3		4		2		2		4		1		3		4
Recognized net actuarial loss		45		5		50		40		5		45		22		4		26
Settlement losses (a)		135		—		135		120		—		120		—		8		8
Net periodic benefit cost for Ball sponsored plans	$	197	$	(8)	$	189	$	179	$	(9)	$	170	$	58	$	(11)	$	47

Schedule of target asset allocations established


	U.S.		U.K.

Cash and cash equivalents	—	%	60-100	%(a)
Equity securities	26-54	%	0-15	%
Fixed income securities	24-58	%	60-100	%(a)
Alternative investments	5-19	%	0-5	%

(a)

The combined target allocation for fixed income securities and cash and cash equivalents is 60 to 100 percent.

Schedule of actual weighted average asset allocations


	2021		2020
Cash and cash equivalents	—	%	1	%
Equity securities	17	%	17	%
Fixed income securities	81	%	79	%
Alternative investments	2	%	3	%
	100	%	100	%

Defined Benefit Pension Plans | United States

Employee Benefit Obligations

Summary of weighted average assumptions used to determine benefit obligations


	U.S.
	2021		2020		2019
Discount rate	2.87	%	2.49	%	3.35	%
Rate of compensation increase	4.48	%	4.05	%	4.03	%

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


	U.S.
	2021		2020		2019
Discount rate	2.49	%	3.35	%	4.41	%
Rate of compensation increase	4.05	%	4.03	%	4.02	%
Expected long-term rate of return on assets	6.32	%	6.00	%	5.58	%

Defined Benefit Pension Plans | Europe

Employee Benefit Obligations

Summary of weighted average assumptions used to determine benefit obligations


	U.K.						Germany
	2021		2020		2019		2021		2020		2019
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	%

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


	U.K.						Germany
	2021		2020		2019		2021		2020		2019
Discount rate	1.39	%	2.07	%	2.90	%	0.80	%	1.11	%	1.74	%
Rate of compensation increase	3.50	%	3.50	%	3.50	%	2.50	%	2.50	%	2.50	%
Pension increase	3.19	%	3.22	%	3.45	%	1.50	%	1.50	%	1.50	%
Expected long-term rate of return on assets	1.74	%	2.57	%	3.40	%	N/A		N/A		N/A