Accounting Pronouncements

12 Months Ended

Dec. 31, 2021

Accounting Pronouncements

Accounting Pronouncements

2. Accounting Pronouncements

Recently Adopted Accounting Standards

Income Tax Simplification

In 2019, new guidance was issued to simplify the accounting for income taxes. Ball adopted this guidance and all related amendments on January 1, 2021, applying either the retrospective basis, the modified retrospective method, or the prospective method where appropriate. The adoption of this guidance had no impact on the company’s consolidated financial statements.

New Accounting Guidance

Reference Rate Reform

In 2020, new guidance was issued related to global reference rates reform. Ball is currently evaluating the impact that the transition from its LIBOR-based interest rate loan agreements to SOFR-based interest rate agreements will have on its consolidated financial statements. Based on the company’s most current understanding, the LIBOR to SOFR transition is not expected to have a material impact on its financial condition, results of operations or cash flows.