10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2022

or

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-07349

BALL CORPORATION

State of Indiana (State or other jurisdiction of incorporation or
organization) 35-0160610 (I.R.S. Employer Identification No.)

9200 West 108th Circle Westminster, CO (Address of registrant’s principal executive office) 80021 (Zip Code)

Registrant’s telephone number, including area code: 303/469-3131

Securities registered pursuant to section 12(b) of the Act:

Class	Trading Symbol	Name of Exchange	Outstanding at April 30, 2022
Common Stock, without par value	BLL	NYSE	319,788,885 shares

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ◻
Non-accelerated filer ◻	Smaller reporting company◻
	Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

Ball Corporation

QUARTERLY REPORT ON FORM 10-Q

For the period ended March 31, 2022

INDEX

		Page Number
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements	1
	Unaudited Condensed Consolidated Statements of Earnings for the Three Months Ended March 31, 2022 and 2021	1
	Unaudited Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three Months Ended March 31, 2022 and 2021	2
	Unaudited Condensed Consolidated Balance Sheets at March 31, 2022, and December 31, 2021	3
	Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021	4
	Notes to the Unaudited Condensed Consolidated Financial Statements	5
	Note 1, Basis of Presentation	5
	Note 2, Accounting Pronouncements	6
	Note 3, Business Segment Information	6
	Note 4, Acquisitions and Dispositions	8
	Note 5, Revenue from Contracts with Customers	8
	Note 6, Business Consolidation and Other Activities	9
	Note 7, Supplemental Cash Flow Statement Disclosures	10
	Note 8, Receivables, Net	11
	Note 9, Inventories, Net	11
	Note 10, Property, Plant and Equipment, Net	12
	Note 11, Goodwill	12
	Note 12, Intangible Assets, Net	12
	Note 13, Other Assets	13
	Note 14, Leases	13
	Note 15, Debt	14
	Note 16, Taxes on Income	14
	Note 17, Employee Benefit Obligations	15
	Note 18, Equity and Accumulated Other Comprehensive Earnings	15
	Note 19, Earnings and Dividends Per Share	17
	Note 20, Financial Instruments and Risk Management	17
	Note 21, Contingencies	22
	Note 22, Indemnifications and Guarantees	24
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33
PART II.	OTHER INFORMATION	34

PART I. FINANCIAL INFORMATION

Item 1.   FINANCIAL STATEMENTS

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

	Three Months Ended March 31,
($ in millions, except per share amounts)	2022		2021
Net sales	$	3,716	$	3,125
Costs and expenses
Cost of sales (excluding depreciation and amortization)		(3,016)		(2,493)
Depreciation and amortization		(185)		(168)
Selling, general and administrative		(186)		(157)
Business consolidation and other activities		281		(7)
		(3,106)		(2,825)
Earnings before interest and taxes		610		300
Interest expense		(69)		(67)
Debt refinancing and other costs		—		—
Total interest expense		(69)		(67)
Earnings before taxes		541		233
Tax (provision) benefit		(100)		(32)
Equity in results of affiliates, net of tax		6		(1)
Net earnings		447		200
Net (earnings) loss attributable to noncontrolling interests		(1)		—
Net earnings attributable to Ball Corporation	$	446	$	200
Earnings per share:
Basic	$	1.39	$	0.61
Diluted	$	1.37	$	0.60
Weighted average shares outstanding: (000s)
Basic		320,904		327,811
Diluted		325,916		333,673

See accompanying notes to the unaudited condensed consolidated financial statements.

1

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

	Three Months Ended March 31,
($ in millions)	2022		2021
Net earnings	$	447	$	200
Other comprehensive earnings (loss):
Currency translation adjustment		(92)		(12)
Pension and other postretirement benefits		8		41
Derivatives designated as hedges		67		46
Total other comprehensive earnings (loss)		(17)		75
Income tax (provision) benefit		(12)		(18)
Total other comprehensive earnings (loss), net of tax		(29)		57
Total comprehensive earnings (loss)		418		257
Comprehensive (earnings) loss attributable to noncontrolling interests		(1)		—
Comprehensive earnings (loss) attributable to Ball Corporation	$	417	$	257

See accompanying notes to the unaudited condensed consolidated financial statements.

2

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,		December 31,
($ in millions)	2022		2021
Assets
Current assets
Cash and cash equivalents	$	437	$	563
Receivables, net		3,128		2,560
Inventories, net		2,323		1,795
Other current assets		418		305
Total current assets		6,306		5,223
Noncurrent assets
Property, plant and equipment, net		6,683		6,502
Goodwill		4,324		4,378
Intangible assets, net		1,627		1,688
Other assets		1,986		1,923
Total assets	$	20,926	$	19,714
Liabilities and Equity
Current liabilities
Short-term debt and current portion of long-term debt	$	293	$	15
Accounts payable		5,026		4,759
Accrued employee costs		276		349
Other current liabilities		891		830
Total current liabilities		6,486		5,953
Noncurrent liabilities
Long-term debt		8,265		7,722
Employee benefit obligations		1,047		1,205
Deferred taxes		677		665
Other liabilities		494		484
Total liabilities		16,969		16,029
Equity
Common stock (681,735,732 shares issued - 2022; 680,944,867 shares issued - 2021)		1,226		1,220
Retained earnings		7,224		6,843
Accumulated other comprehensive earnings (loss)		(611)		(582)
Treasury stock, at cost (361,097,206 shares - 2022; 360,101,024 shares - 2021)		(3,941)		(3,854)
Total Ball Corporation shareholders' equity		3,898		3,627
Noncontrolling interests		59		58
Total equity		3,957		3,685
Total liabilities and equity	$	20,926	$	19,714

See accompanying notes to the unaudited condensed consolidated financial statements.

3

BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
($ in millions)	2022		2021
Cash Flows from Operating Activities
Net earnings	$	447	$	200
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization		185		168
Business consolidation and other activities		(281)		7
Deferred tax provision (benefit)		48		(2)
Other, net		(199)		(147)
Changes in working capital components, net of dispositions		(1,004)		(703)
Cash provided by (used in) operating activities		(804)		(477)
Cash Flows from Investing Activities
Capital expenditures		(362)		(363)
Business dispositions, net of cash sold		298		1
Other, net		18		14
Cash provided by (used in) investing activities		(46)		(348)
Cash Flows from Financing Activities
Long-term borrowings		601		—
Repayments of long-term borrowings		(1)		(6)
Net change in short-term borrowings		277		7
Proceeds (payments) from issuances of common stock, net of shares used for taxes		1		5
Acquisitions of treasury stock		(98)		(10)
Common stock dividends		(65)		(50)
Cash provided by (used in) financing activities		715		(54)
Effect of exchange rate changes on cash		2		(31)
Change in cash, cash equivalents and restricted cash		(133)		(910)
Cash, cash equivalents and restricted cash - beginning of period		579		1,381
Cash, cash equivalents and restricted cash - end of period	$	446	$	471

See accompanying notes to the unaudited condensed consolidated financial statements.

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1.     Basis of Presentation

The accompanying unaudited condensed consolidated financial statements (consolidated financial statements) include the accounts of Ball Corporation and its controlled affiliates, including its consolidated variable interest entities (collectively Ball, the company, we or our), and have been prepared by the company. Certain information and footnote disclosures, including critical and significant accounting policies normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted for this quarterly presentation.

Results of operations for the periods shown are not necessarily indicative of results for the year, particularly in view of the seasonality in the packaging segments and the variability of contract sales in the company’s aerospace segment. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto included in the company’s 2021 Annual Report on Form 10-K filed on February 16, 2022, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 (annual report).

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and reported amounts of sales and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball’s management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the consolidated financial statements reflect all adjustments that are of a normal recurring nature and are necessary to fairly state the results of the periods presented.

Certain prior year amounts have been reclassified in order to conform to the current year presentation.

Risks and Uncertainties

Russian Invasion of Ukraine

The current global business environment is being impacted directly and indirectly by the effects of the Russian invasion of Ukraine, and it is not possible to accurately predict all future impacts of the invasion. Ball has suspended future investments in Russia and is pursuing the sale of its aluminum beverage packaging business located in Russia. As of March 31, 2022, Ball’s Russian aluminum packaging business does not meet the requirements for held for sale presentation in Ball’s consolidated financial statements. Additionally, Russia’s invasion of Ukraine has the potential to increase Ball’s vulnerabilities to near-term, severe impacts related to its Russian business and facilities. The Russian government has made warnings to companies that cease operations during its invasion of Ukraine and the potential exists that Ball’s operations in Russia could be negatively impacted. As such, Russia’s invasion of Ukraine and the resulting effects have the potential to impact significant estimates used by Ball in the preparation of its consolidated financial statements, which could result in impairments.

Ball has determined that the Russian invasion of Ukraine constitutes a triggering event for its Russian long-lived asset group. Ball performed a step one recoverability analysis for the long-lived asset group of Ball’s Russian business, which indicated that the carrying value of the asset group was recoverable as of March 31, 2022, and as a result, no impairment was deemed necessary at this time.

Ball’s Russian business, which is presented in its beverage packaging, EMEA, reportable operating segment, represented approximately 4 percent of the company's total net sales and 8 percent of the company's total comparable operating earnings for the twelve months ended December 31, 2021. In addition, our plants in Russia accounted for approximately 5 percent of the company's 112.5 billion global beverage can unit shipments for the twelve months ended December 31, 2021. As of March 31, 2022, Ball’s Russian business had net assets of $435 million, which consisted primarily of working capital, property, plant and equipment, and finite-lived intangible assets. As of March 31, 2022, Ball also had cumulative currency translation losses of $211 million recorded in equity that could be subject to release upon the liquidation of its Russian business. These values are subject to change based on the Russian ruble exchange rate.

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Novel Coronavirus (COVID-19)

The current global business environment is being impacted directly and indirectly by the effects of the novel coronavirus (COVID-19), and it is not possible to accurately estimate the impacts of COVID-19. However, Ball management has reviewed the estimates used in preparing the company’s consolidated financial statements and the following have a reasonably possible likelihood of being affected, to a material extent, by the direct and indirect impacts of COVID-19 in the near term.

● Estimates regarding the future financial performance of the business used in the impairment tests for goodwill, long-lived assets, equity method investments, recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions;

● Estimates of recoverability for customer receivables;

● Estimates of net realizable value for inventory; and

● Estimates regarding the likelihood of forecasted transactions associated with hedge accounting positions at March 31, 2022, which could impact the company’s ability to satisfy hedge accounting requirements and result in the recognition of income and/or expenses.

In addition to the above potential impacts on the estimates used in preparing consolidated financial statements, COVID-19 has the potential to increase Ball’s vulnerabilities to near-term severe impacts related to certain concentrations in its business. In line with other companies in the packaging and aerospace industries, Ball makes the majority of its sales and significant purchases to or from a relatively small number of global, or large regional, customers and suppliers. Furthermore, Ball makes the majority of its sales from a small number of product lines. The potential of COVID-19 to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations.

2.     Accounting Pronouncements

New Accounting Guidance

Government Assistance Disclosure

In 2021, new guidance was issued related to the disclosure of government assistance. The company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements.

Reference Rate Reform

In 2020, new guidance was issued related to global reference rates reform. The company is currently evaluating the impact that the transition from its LIBOR-based interest rate agreements to Secured Overnight Financing Rate (SOFR) based interest rate agreements will have on its consolidated financial statements. Based on our current understanding, the LIBOR to SOFR transition is not expected to have a material impact on our financial condition, results of operations or cash flows.

3.     Business Segment Information

Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the four reportable segments outlined below.

Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.

Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, including Russia, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries.

Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.

Aerospace: Consists of operations that manufacture and sell aerospace and other related products and provide services used in the defense, civil space and commercial space industries.

6

As presented in the table below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and throughout the Asia Pacific region; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (aerosol packaging) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities.

The accounting policies of the segments are the same as those used in the company’s consolidated financial statements as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings. In 2021, Ball sold its minority-owned investment in South Korea. In January 2022, Ball sold its remaining equity method investment in Ball Metalpack. Refer to Note 4 for additional details on both transactions.

Summary of Business by Segment

	Three Months Ended March 31,
($ in millions)	2022		2021
Net sales
Beverage packaging, North and Central America	$	1,609	$	1,296
Beverage packaging, EMEA		942		796
Beverage packaging, South America		494		487
Aerospace		504		424
Reportable segment sales		3,549		3,003
Other		167		122
Net sales	$	3,716	$	3,125
Comparable operating earnings
Beverage packaging, North and Central America	$	174	$	140
Beverage packaging, EMEA		100		100
Beverage packaging, South America		78		93
Aerospace		43		35
Reportable segment comparable operating earnings		395		368
Reconciling items
Other (a)		(29)		(23)
Business consolidation and other activities		281		(7)
Amortization of acquired intangibles		(37)		(38)
Earnings before interest and taxes		610		300
Interest expense		(69)		(67)
Earnings before taxes	$	541	$	233

(a) Includes undistributed corporate expenses, net, of $33 million and $26 million for the three months ended March 31, 2022 and 2021, respectively.

The company does not disclose total assets by segment as such information is not provided to the chief operating decision maker.

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4.     Acquisitions and Dispositions

Ball Metalpack Investment

During the first quarter of 2022, Ball sold its remaining 49 percent owned equity method investment in Ball Metalpack to Sonoco, a global provider of consumer, industrial, healthcare and protective packaging, for total consideration of approximately $305 million, net of customary closing adjustments, of which $298 million in cash was received in the first quarter of 2022. The remaining $7 million is subject to customary closing adjustments and is presented in receivables, net. Ball’s carrying value of the investment before the sale was zero; therefore, a gain from the sale, net of customary closing adjustments, of $305 million is reported in business consolidation and other activities in the unaudited condensed consolidated statements of earnings. Cash proceeds of $298 million related to the sale are presented in business dispositions, net of cash sold, in the unaudited condensed consolidated statement of cash flows.

Ball also received proceeds from Ball Metalpack for the repayment of an outstanding promissory note and accrued interest of approximately $16 million, which was recorded as a gain in business consolidation and other activities in the unaudited condensed consolidated statements of earnings.

South Korea Investment

In the third quarter of 2021, Ball sold its minority-owned investment in South Korea. Consideration for the transaction was cash of $120 million, of which $110 million has been received, and is presented in business dispositions in cash flows from investing activities in Ball’s unaudited condensed consolidated statements of cash flows. The remaining $10 million will be received on or before December 31, 2022, and is presented in receivables, net on Ball’s unaudited condensed consolidated balance sheets. In the second quarter of 2021, the company recorded a loss of $5 million related to the disposal, which was presented in business consolidation and other activities in the unaudited condensed consolidated statement of earnings.

5.     Revenue from Contracts with Customers

The following table disaggregates the company’s net sales based on the timing of transfer of control:

	Three Months Ended March 31,
Years Ended March 31,	Point in Time		Over Time		Total
2022	$	601	$	3,115	$	3,716
2021		610		2,515		3,125

Contract Balances

The company did not have any contract assets at either March 31, 2022, or December 31, 2021. Unbilled receivables, which are not classified as contract assets, represent arrangements in which sales have been recorded prior to billing and right to payment is unconditional.

The opening and closing balances of the company’s current and noncurrent contract liabilities are as follows:

	Contract		Contract
	Liabilities		Liabilities
($ in millions)	(Current)		(Noncurrent)
Balance at December 31, 2021	$	272	$	38
Increase (decrease)		(38)		(21)
Balance at March 31, 2022	$	234	$	17

8

During the three months ended March 31, 2022, total contract liabilities decreased by $59 million, which is net of cash received of $131 million and amounts recognized as sales of $190 million, the majority of which related to current contract liabilities. The amount of sales recognized in the three months ended March 31, 2022, which were included in the opening contract liabilities balances, was $190 million, all of which related to current contract liabilities. Current contract liabilities are classified within other current liabilities on the unaudited condensed consolidated balance sheet and noncurrent contract liabilities are classified within other liabilities.

The company also recognized net sales of $9 million and $7 million in the three months ended March 31, 2022 and 2021, respectively, from performance obligations satisfied (or partially satisfied) in prior periods. These sales amounts are the result of changes in the transaction price of the company’s contracts with customers.

Transaction Price Allocated to Remaining Performance Obligations

The table below discloses: (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for contracts with an original duration of greater than one year, and (2) when the company expects to record sales on these multi-year contracts.

($ in millions)	Next Twelve Months		Thereafter		Total
Sales expected to be recognized on multi-year contracts in place as of March 31, 2022	$	1,491	$	1,669	$	3,160

6.     Business Consolidation and Other Activities

The following is a summary of business consolidation and other activity (charges)/income included in the unaudited condensed consolidated statements of earnings:

	Three Months Ended March 31,
($ in millions)	2022		2021
Beverage packaging, North and Central America	$	1	$	1
Beverage packaging, EMEA		(1)		(2)
Beverage packaging, South America		(1)		(1)
Other		282		(5)
	$	281	$	(7)

2022

Beverage Packaging, North and Central America

During the three months ended March 31, 2022, the company recorded charges of $1 million for individually insignificant activities.

Beverage Packaging, EMEA

During the three months ended March 31, 2022, the company recorded charges of $1 million for individually insignificant activities.

Beverage Packaging, South America

During the three months ended March 31, 2022, the company recorded charges of $1 million for individually insignificant activities.

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Other

During the three months ended March 31, 2022, the company recorded the following amounts:

● A gain of $305 million related to the sale of Ball’s remaining equity method investment in Ball Metalpack. See Note 4 for further details.

● A charge related to a donation of $30 million to The Ball Foundation, a non-profit philanthropic organization with efforts to build a better world.

● A gain of $16 million from Ball Metalpack’s repayment of a loan which was formerly fully reserved.

● Currency losses of $9 million associated with market conditions preventing the company from effectively entering into currency derivative positions to minimize currency exposures associated with the Russian ruble.

2021

Beverage Packaging, North and Central America

During the three months ended March 31, 2021, the company recorded income of $1 million for individually insignificant activities.

Beverage Packaging, EMEA

During the three months ended March 31, 2021, the company recorded charges of $2 million for individually insignificant activities in connection with previously announced plant closures, restructuring and other activities.

Beverage Packaging, South America

During the three months ended March 31, 2021, the company recorded charges of $1 million for individually insignificant activities.

Other

During the three months ended March 31, 2021, the company recorded charges of $5 million for individually insignificant activities.

7. Supplemental Cash Flow Statement Disclosures

	March 31,
($ in millions)	2022		2021
Beginning of period:
Cash and cash equivalents	$	563	$	1,366
Current restricted cash (included in other current assets)		16		15
Total cash, cash equivalents and restricted cash	$	579	$	1,381
End of period:
Cash and cash equivalents	$	437	$	461
Current restricted cash (included in other current assets)		9		10
Total cash, cash equivalents and restricted cash	$	446	$	471

The company’s restricted cash is primarily related to receivables factoring programs and represents amounts collected from customers that have not yet been remitted to the banks as of the end of the reporting period.

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Noncash investing activities include the acquisition of property, plant and equipment (PP&E) for which payment has not been made. These noncash capital expenditures are excluded from the statement of cash flows. A summary of the PP&E acquired but not yet paid for is as follows:

	March 31,
($ in millions)	2022		2021
Beginning of period:
PP&E acquired but not yet paid	$	540	$	409
End of period:
PP&E acquired but not yet paid	$	528	$	515

8.     Receivables, Net

	March 31,		December 31,
($ in millions)	2022		2021
Trade accounts receivable	$	1,664	$	1,304
Unbilled receivables		839		727
Less: Allowance for doubtful accounts		(8)		(9)
Net trade accounts receivable		2,495		2,022
Other receivables		633		538
	$	3,128	$	2,560

The company has entered into several regional committed and uncommitted accounts receivable factoring programs with various financial institutions for certain of its receivables. The programs are accounted for as true sales of the receivables, without recourse to Ball, and had combined limits of approximately $2 billion and $1.7 billion at March 31, 2022, and December 31, 2021, respectively. A total of $892 million and $308 million were available for sale under these programs as of March 31, 2022, and December 31, 2021, respectively.

Other receivables include income and sales tax receivables, aluminum scrap sale receivables and other miscellaneous receivables, including remaining amounts related to sales of the company’s equity method investments as detailed in Note 4.

9.     Inventories, Net

	March 31,		December 31,
($ in millions)	2022		2021
Raw materials and supplies	$	1,200	$	1,064
Work-in-process and finished goods		1,214		821
Less: Inventory reserves		(91)		(90)
	$	2,323	$	1,795

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10.     Property, Plant and Equipment, Net

	March 31,		December 31,
($ in millions)	2022		2021
Land	$	184	$	167
Buildings		2,134		2,081
Machinery and equipment		7,016		6,876
Construction-in-progress		1,245		1,179
		10,579		10,303
Accumulated depreciation		(3,896)		(3,801)
	$	6,683	$	6,502

Depreciation expense amounted to $140 million and $123 million for the three months ended March 31, 2022 and 2021, respectively.

11.     Goodwill

($ in millions)	Beverage Packaging, North & Central America		​ Beverage Packaging, EMEA		​ Beverage Packaging, South America		​ Aerospace		Other		Total
Balance at December 31, 2021	$	1,275	$	1,483	$	1,298	$	40	$	282	$	4,378
Effects of currency exchange		—		(60)		—		—		6		(54)
Balance at March 31, 2022	$	1,275	$	1,423	$	1,298	$	40	$	288	$	4,324

Goodwill in the above table is presented net of accumulated impairment losses of $61 million and $62 million as of March 31, 2022 and December 31, 2021, respectively.

12.    Intangible Assets, Net

	March 31,		December 31,
($ in millions)	2022		2021
Acquired customer relationships and other intangibles (net of accumulated amortization of $883 million at March 31, 2022, and $862 million at December 31, 2021)	$	1,529	$	1,593
Capitalized software (net of accumulated amortization of $193 million at March 31, 2022, and $187 million at December 31, 2021)		76		74
Other intangibles (net of accumulated amortization of $98 million at March 31, 2022, and $97 million at December 31, 2021)		22		21
	$	1,627	$	1,688

Total amortization expense of intangible assets amounted to $45 million for the three months ended March 31, 2022 and 2021.

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13.    Other Assets

	March 31,		December 31,
($ in millions)	2022		2021
Long-term pension assets	$	565	$	579
Right-of-use operating lease assets		443		420
Investments in affiliates		190		184
Long-term deferred tax assets		88		126
Other		700		614
	$	1,986	$	1,923

Investments in affiliates primarily includes the company’s 50 percent ownership interest in an entity in Guatemala, a 50 percent ownership interest in an entity in Panama, a 50 percent ownership interest in an entity in Vietnam and an ownership interest of 50 percent in an entity in the U.S.

In 2021, Ball sold its minority-owned investment in South Korea. In the first quarter of 2022, Ball sold its remaining equity method investment in Ball Metalpack for total consideration of $305 million. See Note 4 for further details of both transactions.

14.    Leases

The company enters into operating leases for buildings, warehouses, office equipment, production equipment, aircraft, land and other types of equipment. The company also enters into finance leases for certain plant equipment.

Supplemental balance sheet information related to the company’s leases follows:

		March 31,		December 31,
($ in millions)	Balance Sheet Location	2022		2021
Operating leases:
Operating lease ROU asset	Other assets	$	443	$	420
Current operating lease liabilities	Other current liabilities		86		80
Noncurrent operating lease liabilities	Other liabilities		360		340
Finance leases:
Finance lease ROU assets, net	Property, plant and equipment, net		13		14
Current finance lease liabilities	Short-term debt and current portion of long-term debt		2		2
Noncurrent finance lease liabilities	Long-term debt		12		12

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15.    Debt

Long-term debt consisted of the following:

	March 31,		December 31,
($ in millions)	2022		2021
Senior Notes
4.00% due November 2023	$	1,000	$	1,000
4.375%, euro denominated, due December 2023		775		796
0.875%, euro denominated, due March 2024		830		853
5.25% due July 2025		1,000		1,000
4.875% due March 2026		750		750
1.50%, euro denominated, due March 2027		609		625
2.875% due August 2030		1,300		1,300
3.125% due September 2031		850		850
Senior Credit Facility (at variable rates)
Term A loan due March 2024		593		593
U.S. dollar revolver due March 2024		600		—
Finance lease obligations		14		14
Other (including debt issuance costs)		(52)		(56)
		8,269		7,725
Less: Current portion		(4)		(3)
	$	8,265	$	7,722

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 March 31, 2022, taking into account outstanding letters of credit, $1.1 billion was available under the company’s long-term, revolving credit facilities. In addition to these facilities, the company had approximately $890 million of short-term uncommitted credit facilities available at March 31, 2022, of which $289 million was outstanding and due on demand. At December 31, 2021, the company had $12 million outstanding under short-term uncommitted credit facilities.

The fair value of long-term debt was estimated to be $8.2 and $8 billion at March 31, 2022 and December 31, 2021, respectively. 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 March 31, 2022, 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 March 31, 2022, and December 31, 2021, and it has met all debt payment obligations.

16. Taxes on Income

The company’s effective tax rate was 18.5 percent and 13.7 percent for the three months ended March 31, 2022 and 2021, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three months ended March 31, 2022, was reduced by 2.3 percentage points for share-based compensation, reduced by 1.5 percentage points for changes in deferred taxes on the investment in its Russian business, and increased by 1.3 percentage points for the sale of the Ball Metalpack equity method investment. As compared to the statutory U.S. tax rate, the effective tax rate for the three months ended March 31, 2021, was reduced by 5 percentage points for non-U.S. rate differences net of withholding tax, 2.6 percentage points for share-based compensation, and 2.4 percentage points for federal tax credits.

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17.    Employee Benefit Obligations

	March 31,		December 31,
($ in millions)	2022		2021
Underfunded defined benefit pension liabilities	$	503	$	582
Less: Current portion		(21)		(21)
Long-term defined benefit pension liabilities		482		561
Long-term retiree medical liabilities		133		135
Deferred compensation plans		398		441
Other		34		68
	$	1,047	$	1,205

Components of net periodic benefit cost associated with the company’s defined benefit pension plans were as follows:

	Three Months Ended March 31,
	2022						2021
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Ball-sponsored plans:
Service cost	$	22	$	3	$	25	$	21	$	3	$	24
Interest cost		13		13		26		13		9		22
Expected return on plan assets		(27)		(17)		(44)		(31)		(16)		(47)
Amortization of prior service cost		—		1		1		—		1		1
Recognized net actuarial loss		7		1		8		13		1		14
Total net periodic benefit cost	$	15	$	1	$	16	$	16	$	(2)	$	14

Non-service pension income of $9 million and $10 million for the three months ended March 31, 2022 and 2021, respectively, is included in selling, general, and administrative (SG&A) expenses in the unaudited condensed consolidated statement of earnings.

Contributions to the company’s defined benefit pension plans were $104 million for the first three months of 2022 compared to $162 million for the first three months of 2021, and such contributions are expected to be approximately $127 million for the full year of 2022. This estimate may change based on changes to the U.S. Pension Protection Act and the actual returns achieved on plan assets, among other factors.

18.    Equity and Accumulated Other Comprehensive Earnings

The following tables provide additional details of the company’s equity activity:

	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity
Balance at December 31, 2021	680,945	$	1,220	(360,101)	$	(3,854)	$	6,843	$	(582)	$	58	$	3,685
Net earnings	—		—	—		—		446		—		1		447
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		(29)		—		(29)
Common dividends, net of tax benefits	—		—	—		—		(65)		—		—		(65)
Treasury stock purchases	—		—	(1,147)		(102)		—		—		—		(102)
Treasury shares reissued	—		—	151		9		—		—		—		9
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	791		6	—		—		—		—		—		6
Other activity	—		—	—		6		—		—		—		6
Balance at March 31, 2022	681,736	$	1,226	(361,097)	$	(3,941)	$	7,224	$	(611)	$	59	$	3,957

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	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity
Balance at December 31, 2020	679,524	$	1,167	(351,939)	$	(3,130)	$	6,192	$	(954)	$	62	$	3,337
Net earnings	—		—	—		—		200		—		—		200
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		57		—		57
Common dividends, net of tax benefits	—		—	—		—		(50)		—		—		(50)
Treasury stock purchases	—		—	(121)		(10)		—		—		—		(10)
Treasury shares reissued	—		—	161		8		—		—		—		8
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	490		4	—		8		—		—		—		12
Balance at March 31, 2021	680,014	$	1,171	(351,899)	$	(3,124)	$	6,342	$	(897)	$	62	$	3,554

Accumulated Other Comprehensive Earnings (Loss)

The activity related to accumulated other comprehensive earnings (loss) was as follows:

($ in millions)	​ Currency Translation (Net of Tax)		Pension and Other Postretirement Benefits (Net of Tax)		Derivatives Designated as Hedges (Net of Tax)		Accumulated Other Comprehensive Earnings (Loss)
Balance at December 31, 2021		(536)		(169)		123		(582)
Other comprehensive earnings (loss) before reclassifications		(92)		(1)		82		(11)
Reclassification of net deferred (gains) losses into earnings		—		7		(25)		(18)
Balance at March 31, 2022	$	(628)	$	(163)	$	180	$	(611)

The following table provides additional details of the amounts recognized into net earnings from accumulated other comprehensive earnings (loss):

	Three Months Ended March 31,
($  in millions)	2022		2021
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	(31)	$	(16)
Commodity contracts recorded in cost of sales		35		10
Currency exchange contracts recorded in selling, general and administrative		28		42
Interest rate contracts recorded in interest expense		1		—
Total before tax effect		33		36
Tax benefit (expense) on amounts reclassified into earnings		(8)		(7)
Recognized gain (loss), net of tax	$	25	$	29
Amortization of pension and other postretirement benefits: (a)
Actuarial gains (losses)	$	(8)	$	(14)
Prior service income (expense)		(1)		(1)
Total before tax effect		(9)		(15)
Tax benefit (expense) on amounts reclassified into earnings		2		4
Recognized gain (loss), net of tax	$	(7)	$	(11)

(a) These components are included in the computation of net periodic benefit cost detailed in Note 17.

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19.    Earnings and Dividends Per Share

	Three Months Ended March 31,
($ in millions, except per share amounts; shares in thousands)	2022		2021
Net earnings attributable to Ball Corporation	$	446	$	200
Basic weighted average common shares		320,904		327,811
Effect of dilutive securities		5,012		5,862
Weighted average shares applicable to diluted earnings per share		325,916		333,673
Per basic share	$	1.39	$	0.61
Per diluted share	$	1.37	$	0.60

Certain outstanding options are excluded from the diluted earnings per share calculation because they are anti-dilutive (i.e., their assumed conversion into common stock would increase rather than decrease earnings per share). Ball excluded two million and one million anti-dilutive options for the three months ended March 31, 2022 and 2021, respectively.

The company declared and paid dividends of $0.20 per share and $0.15 per share for the three months ended March 31, 2022 and 2021, respectively.

20.    Financial Instruments and Risk Management

Policies and Procedures

The company employs established risk management policies and procedures, which seek to reduce the company’s commercial risk exposure to fluctuations in commodity prices, interest rates, currency exchange rates and prices of the company’s common stock with regard to common share repurchases and the company’s deferred compensation stock plan. However, there can be no assurance these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The company monitors counterparty credit risk, including lenders, on a regular basis, but Ball cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the company’s master derivative agreements, the non-defaulting party has the option to offset any amounts owed with regard to open derivative positions.

Commodity Price Risk - The company manages commodity price risk in connection with market price fluctuations of aluminum through two different methods. First, the company enters into container sales contracts that include aluminum-based pricing terms which generally reflect the same price fluctuations under commercial purchase contracts for aluminum sheet. The terms include fixed, floating or pass through aluminum component pricing. Second, the company uses certain derivative instruments, including option and forward contracts, as economic and cash flow hedges of commodity price risk where there are material differences between sales and purchase contracted pricing and volume.

Interest Rate Risk - The company’s objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs. To achieve these objectives, the company may use a variety of interest rate swaps, collars and options to manage its mix of floating and fixed-rate debt.

Currency Exchange Rate Risk - The company’s objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. In addition, at times the company manages earnings translation volatility through the use of currency option strategies, and the change in the fair value of those options is recorded in the company’s net earnings.

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The following table provides additional information related to the commercial risk management instruments described above:

($ in millions)	March 31, 2022
Commercial risk area	Commodity		Currency		Interest Rate
Notional amount of contracts	$	1,999	$	2,910	$	1,164
Net gain (loss) included in AOCI, after-tax		180		(1)		1
Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months		174		13		1
Longest duration of forecasted cash flow hedge transactions in years		2		3		1

Common Stock Price Risk

The company’s deferred compensation stock program is subject to variable plan accounting and, accordingly, is marked to fair value using the company’s closing stock price at the end of the related reporting period. The company entered into total return swaps to reduce the company’s earnings exposure to these fair value fluctuations that will be outstanding through May 2023 and have a combined notional value of 2.5 million shares. Based on the current number of shares in the program, each $1 change in the company’s stock price would have an insignificant impact on pretax earnings, net of the impact of related derivatives.

Collateral Calls

The company’s agreements with its financial counterparties require the company to post collateral in certain circumstances when the negative mark to fair value of the derivative contracts exceeds specified levels. Additionally, the company has collateral posting arrangements with certain customers on these derivative contracts. The cash flows of the margin calls, if any, are shown within the investing section of the company’s unaudited condensed consolidated statements of cash flows. As of March 31, 2022, and December 31, 2021, the aggregate fair value of all derivative instruments with credit-risk-related contingent features was a net liability position of $41 million and $3 million, respectively, and no collateral was required to be posted.

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Fair Value Measurements

Ball has classified all applicable financial derivative assets and liabilities as Level 2 within the fair value hierarchy as of March 31, 2022, and December 31, 2021, and presented those values in the tables below. The company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

		March 31, 2022
($ in millions)	Balance Sheet Location	Derivatives Designated as Hedging Instruments		Derivatives not Designated as Hedging Instruments		Total
Assets:
Commodity contracts		$	262	$	—	$	262
Currency contracts			3		18		21
Other contracts			1		4		5
Total current derivative contracts	Other current assets	$	266	$	22	$	288
Commodity contracts		$	8	$	—	$	8
Currency contracts			68		1		69
Total noncurrent derivative contracts	Other noncurrent assets	$	76	$	1	$	77
Liabilities:
Commodity contracts		$	82	$	—	$	82
Currency contracts			8		22		30
Other contracts			—		4		4
Total current derivative contracts	Other current liabilities	$	90	$	26	$	116
Currency contracts		$	—	$	2	$	2
Total noncurrent derivative contracts	Other noncurrent liabilities	$	—	$	2	$	2

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		December 31, 2021
($ in millions)	Balance Sheet Location	Derivatives Designated as Hedging Instruments		Derivatives not Designated as Hedging Instruments		Total
Assets:
Commodity contracts		$	142	$	—	$	142
Currency contracts			2		19		21
Other contracts			1		6		7
Total current derivative contracts	Other current assets	$	145	$	25	$	170
Commodity contracts		$	3	$	—	$	3
Currency contracts			59		1		60
Total noncurrent derivative contracts	Other noncurrent assets	$	62	$	1	$	63
Liabilities:
Commodity contracts		$	20	$	—	$	20
Currency contracts			—		8		8
Other contracts			—		1		1
Total current derivative contracts	Other current liabilities	$	20	$	9	$	29
Currency contracts		$	—	$	3	$	3
Total noncurrent derivative contracts	Other noncurrent liabilities	$	—	$	3	$	3

The company uses closing spot and forward market prices as published by the London Metal Exchange, the Chicago Mercantile Exchange, Reuters and Bloomberg to determine the fair value of any outstanding aluminum, currency, energy, inflation and interest rate spot and forward contracts. Option contracts are valued using a Black-Scholes model with observable market inputs for aluminum, currency and interest rates. The company values each of its financial instruments either internally using a single valuation technique, from a reliable observable market source, or from the use of third-party software. The company does not adjust the value of its financial instruments except in determining the fair value of a trade that settles in the future. The present value discounting factor is based on the comparable time period LIBOR rate or 12-month LIBOR. Ball performs validations of the company’s internally derived fair values reported for the company’s financial instruments on a quarterly basis utilizing counterparty valuation statements. The company additionally evaluates counterparty creditworthiness and, as of March 31, 2022, has not identified any circumstances requiring the reported values of the company’s financial instruments be adjusted.

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The following table provides the effects of derivative instruments in the consolidated statement of earnings and on accumulated other comprehensive earnings (loss):

		Three Months Ended March 31,
		2022				2021
($ in millions)	Location of Gain (Loss) Recognized in Earnings on Derivatives	Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)		Gain (Loss) on Derivatives not Designated as Hedge Instruments		Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)		Gain (Loss) on Derivatives not Designated as Hedge Instruments
Commodity contracts - manage exposure to customer pricing	Net sales	$	(31)	$	—	$	(16)	$	—
Commodity contracts - manage exposure to supplier pricing	Cost of sales		35		(14)		10		3
Interest rate contracts - manage exposure for outstanding debt	Interest expense		1		—		—		—
Currency contracts - manage currency exposure	Selling, general and administrative		28		(5)		42		35
Equity contracts	Selling, general and administrative		—		(16)		—		(25)
Total		$	33	$	(35)	$	36	$	13

The changes in accumulated other comprehensive earnings (loss) for derivatives designated as hedges were as follows:

	Three Months Ended March 31,
($ in millions)	2022		2021
Amounts reclassified into earnings:
Commodity contracts	$	(4)	$	6
Interest rate contracts		(1)		—
Currency exchange contracts		(28)		(42)
Change in fair value of cash flow hedges:
Commodity contracts		94		51
Interest rate contracts		2		—
Currency exchange contracts		4		31
Currency and tax impacts		(10)		(9)
	$	57	$	37

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21.    Contingencies

Ball is subject to numerous lawsuits, claims or proceedings arising out of the ordinary course of business, including actions related to product liability; personal injury; the use and performance of company products; warranty matters; patent, trademark or other intellectual property infringement; contractual liability; the conduct of the company’s business; tax reporting in domestic and non-U.S. jurisdictions; workplace safety and environmental and other matters. The company has also been identified as a potentially responsible party (PRP) at several waste disposal sites under U.S. federal and related state environmental statutes and regulations and may have joint and several liability for any investigation and remediation costs incurred with respect to such sites. In addition, the company has received claims alleging that employees in certain plants have suffered damages due to exposure to alleged workplace hazards. Some of these lawsuits, claims and proceedings involve substantial amounts, including as described below, and some of the environmental proceedings involve potential monetary costs or sanctions that may be material. Ball has denied liability with respect to many of these lawsuits, claims and proceedings and is vigorously defending such lawsuits, claims and proceedings. The company carries various forms of commercial, property and casualty, and other forms of insurance; however, such insurance may not be applicable or adequate to cover the costs associated with a judgment against Ball with respect to these lawsuits, claims and proceedings. The company estimates that potential liabilities for all currently known and estimable environmental matters are approximately $26 million in the aggregate, and such amounts have been included in other current liabilities and other noncurrent liabilities at March 31, 2022.

In February 2012, Ball Metal Beverage Container Corp. (BMBCC) filed an action against Crown Packaging Technology, Inc. (Crown) in the U.S. District Court for the Southern District of Ohio (the Court) seeking a declaratory judgment that the manufacture, sale and use of certain ends by BMBCC and its customers do not infringe certain claims of Crown’s U.S. patents. Crown subsequently filed a counterclaim alleging infringement of certain claims in these patents seeking unspecified monetary damages, fees and declaratory and injunctive relief. The District Court issued a claim construction order at the end of December 2015 and held a scheduling conference on February 10, 2016, to determine the timeline for future steps in the litigation. The case was stayed by mutual agreement of the parties into the third quarter of 2016, during which Crown made preparations for its discovery with respect to certain ends previously produced by Rexam’s U.S. subsidiary, Rexam Beverage Can Company (RBCC). Such discovery began during the first half of 2017 and concluded in the fourth quarter of 2018. The parties attempted to mediate the case on August 1, 2017, but no progress was made, and the case continued as scheduled. In December 2018, BMBCC and RBCC filed a motion for summary judgment that the Crown patents at issue are invalid and that the applicable ends supplied by BMBCC and RBCC did not infringe the patents. Crown did not file a motion for summary judgment. On June 21, 2019, the District Court issued an order sustaining the BMBCC/RBCC motion as to invalidity, declining to rule on the other grounds as moot, and indicating that an expanded opinion and an appealable order would be forthcoming. The expanded opinion was docketed on July 22, 2019. The final, appealable order was issued by the Court on September 25, 2019, and the expanded opinion was unsealed. On October 22, 2019, Crown filed a Notice of Appeal of the decision of the Court to the Court of Appeals for the Federal Circuit. On December 31, 2020, the Court of Appeals vacated the decision of the District Court and remanded the case for further proceedings. The District Court held a telephonic hearing with counsel for the parties in March 2021 to discuss the scope of the proceedings on remand and initial position statements regarding remand which was submitted by each party. The District Court also directed each party to submit a document in response to the initial position statements of the other party in April 2021. The parties submitted their position statements to the District Court on April 21, 2021. On August 25, 2021, the Court issued its order regarding the further proceedings permitting each party to submit supplemental expert reports and depositions of the experts. On September 9, 2021, the parties submitted a Submission Regarding Scheduling in which most issues were agreed, but the Court was requested to resolve a dispute regarding the process and timing for the submission of each expert’s report and the deposition of the experts. The Court has not yet responded to this filing and has not issued a schedule for proceedings on remand. Based on the information available at the present time, the company does not believe that this matter will have a material adverse effect upon its liquidity, results of operations or financial condition.

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A former Rexam Personal Care site in Annecy, France, was found in 2003 to be contaminated following a leak of chlorinated solvents (TCE) from an underground feedline. The site underwent extensive investigation and an active remediation treatment system was put in place in 2006. The business operating from the site was sold to Albea in 2013 and in turn to a French company CATIDOM (operating as Reboul). Reboul vacated the site in September 2014, and the site reverted back to Rexam during the first quarter of 2015. As part of the site closure regulatory requirements, a new regulatory permit (Prefectoral Order) was issued in June 2016, which includes requirements to undertake a cost-benefit analysis and pilot studies of further treatment for the known residual solvent contamination following the shutdown of the current on-site treatment system. A new management plan was proposed to the French Environmental Authorities (DREAL) during 2018. Tenders for the proposed remediation work were issued in 2020 and a preferred supplier of the remedial works has been identified. These proposed works are the subject of discussions taking place with the French environmental authorities before adoption of the final plan for the site and conduct of the remediation activity. Based on the information available at this time, the company does not believe that this matter will have a material adverse effect upon its liquidity, results of operations or financial condition.

The company’s operations in Brazil are involved in various governmental assessments, which have historically mainly related to claims for taxes on the internal transfer of inventory, gross revenue taxes, and indirect tax incentives and deductibility of goodwill. In addition, one of the company’s Brazilian subsidiaries received an income tax assessment focused on the disallowance of deductions associated with the acquisition price paid to a third party for a portion of its operations. The company does not believe that the ultimate resolution of these matters will materially impact its results of operations, financial position or cash flows. Under customary local regulations, the company’s Brazilian subsidiaries may need to post cash or other collateral if the process to challenge any administrative assessment proceeds to the Brazilian court system; however, the level of any potential cash or collateral required would not significantly impact the liquidity of those subsidiaries or Ball Corporation.

During 2017, the Brazilian Supreme Court (the Court) ruled against the Brazilian tax authorities in a leading case related to the computation of certain indirect taxes. The Court ruled that the indirect tax base should not include a value-added tax known as “ICMS.” By removing the ICMS from the tax base, the Court effectively eliminated a “tax on tax.” The Court decision, in principle, affects all applicable judicial proceedings in progress. However, after publication of the decision in October 2017, the Brazilian tax authorities filed an appeal seeking clarification of certain matters, including the amount of ICMS to which taxpayers would be entitled in order to reduce their indirect tax base (i.e., the gross rate or net rate).

The company’s Brazilian subsidiaries paid to the Brazilian tax authorities the gross amounts of certain indirect taxes (which included ICMS in their tax base) and filed lawsuits in 2014 and 2015 to challenge the legality of these tax on tax amounts. Pursuant to these lawsuits, the company requested reimbursement of prior excess tax payments and entitlement to retain amounts not remitted. During 2018, the company learned of a further decision of the Court indicating that lawsuits filed prior to the trial resulting in its 2017 decision, such as those filed by the company, would likely be upheld. The company also noted that other Brazilian companies, including customers of its Brazilian subsidiaries, which had timely filed equivalent lawsuits, were recording income based on the applicable ICMS amounts retained. During 2021, 2020 and 2019, the company received additional favorable court rulings and completed its analysis of certain prior year overpayments related to ICMS. As these gain contingency amounts were determined to be estimable and realizable, the company recorded $22 million of prior year collections in business consolidation and other activities within its consolidated statement of earnings for the period ended December 31, 2021. As of March 31, 2022, the company has no additional claims outstanding that would result in material reimbursements.

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22.    Indemnifications and Guarantees

General Guarantees

The company or its appropriate consolidated direct or indirect subsidiaries have made certain indemnities, commitments and guarantees under which the specified entity may be required to make payments in relation to certain transactions. These indemnities, commitments and guarantees include indemnities to the customers of the subsidiaries in connection with the sales of their packaging and aerospace products and services; guarantees to suppliers of subsidiaries of the company guaranteeing the performance of the respective entity under a purchase agreement, construction contract, renewable energy purchase contract or other commitment; guarantees in respect of certain non-U.S. subsidiaries’ pension plans; indemnities for liabilities associated with the infringement of third-party patents, trademarks or copyrights under various types of agreements; indemnities to various lessors in connection with facility, equipment, furniture and other personal property leases for certain claims arising from such leases; indemnities to governmental agencies in connection with the issuance of a permit or license to the company or a subsidiary; indemnities pursuant to agreements relating to certain joint ventures; indemnities in connection with the sale of businesses or substantially all of the assets and specified liabilities of businesses; and indemnities to directors, officers and employees of the company to the extent permitted under the laws of the State of Indiana and the United States of America. The duration of these indemnities, commitments and guarantees varies and, in certain cases, is indefinite.

In addition, many of these indemnities, commitments and guarantees do not provide for any limitation on the maximum potential future payments the company could be obligated to make. As such, the company is unable to reasonably estimate its potential exposure under these items.

The company has not recorded any material liabilities for these indemnities, commitments and guarantees in the accompanying consolidated balance sheets. The company does, however, accrue for payments under promissory notes and other evidences of incurred indebtedness and for losses for any known contingent liability, including those that may arise from indemnifications, commitments and guarantees, when future payment is both reasonably estimable and probable. Finally, the company carries specific and general liability insurance policies and has obtained indemnities, commitments and guarantees from third-party purchasers, sellers and other contracting parties, which the company believes would, in certain circumstances, provide recourse to certain claims arising from these indemnifications, commitments and guarantees.

Debt Guarantees

The company’s and its subsidiaries’ obligations under the senior notes and senior credit facilities (or, in the case of U.S. domiciled non-U.S. subsidiaries under the senior credit facilities, the obligations of non-U.S. credit parties only) are guaranteed on a full, unconditional and joint and several basis by certain of the company’s domestic subsidiaries and the domestic subsidiary borrowers, and obligations of other guarantors and the subsidiary borrowers under the senior credit facilities are guaranteed by the company, in each case with certain exceptions. These guarantees are required in support of the senior notes and senior credit facilities referred to above, are coterminous with the terms of the respective note indentures, senior notes and credit agreement, and they could be enforced by the holders of the obligations thereunder during the continuation of an event of default under the note indentures, the senior notes and/or the credit agreement. The maximum potential amounts which could be required to be paid under such guarantees are essentially equal to then-outstanding obligations under the respective senior notes or the credit agreement (or, in the case of U.S. domiciled non-U.S. subsidiaries under the senior credit facilities, the obligations of non-U.S. credit parties only), with certain exceptions. All obligations under the guarantees of the senior credit facilities are secured, with certain exceptions, by a valid first priority perfected lien or pledge on (i) 100 percent of the capital stock of each of the company's material wholly owned domestic subsidiaries directly owned by the company or any of its wholly owned domestic subsidiaries and (ii) 65 percent of the capital stock of each of the company's material wholly owned first-tier non-U.S. subsidiaries directly owned by the company or any of its wholly owned domestic subsidiaries. In addition, the obligations of certain non-U.S. borrowers and non-U.S. pledgors under the loan documents will be secured, with certain exceptions, by a valid first priority perfected lien or pledge on 100 percent of the capital stock of certain of the company's material wholly owned non-U.S. subsidiaries and material wholly owned U.S. domiciled non-U.S. subsidiaries directly owned by the company or any of its wholly owned material subsidiaries. The company is not in default under the above senior notes or senior credit facilities.

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Item 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements (consolidated financial statements) and accompanying notes included in Item 1 of this Quarterly Report on Form 10-Q, which include additional information about our accounting policies, practices and the transactions underlying our financial results. The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements and the accompanying notes including various claims and contingencies related to lawsuits, taxes, environmental and other matters arising during the normal course of business. We apply our best judgment, our knowledge of existing facts and circumstances and actions that we may undertake in the future in determining the estimates that affect our consolidated financial statements. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. As future events and their effects cannot be determined with precision, actual results may differ from these estimates. Ball Corporation and its subsidiaries are referred to collectively as “Ball Corporation,” “Ball,” “the company,” “we” or “our” in the following discussion and analysis.

OVERVIEW

Business Overview and Industry Trends

Ball Corporation is one of the world’s leading aluminum packaging suppliers. Our packaging products are produced for a variety of end uses, are manufactured in facilities around the world and are competitive with other substrates, such as plastics and glass. In the aluminum packaging industry, sales and earnings can be increased by reducing costs, increasing prices, developing new products, expanding volumes and making strategic acquisitions. We also provide aerospace and other technologies and services to governmental and commercial customers, including national defense hardware, antenna and video tactical solutions, civil and operational space hardware and system engineering services.

We sell our aluminum packaging products mainly to large, multinational beverage, personal care and household products companies with which we have developed long-term relationships. This is evidenced by our high customer retention and our large number of long-term supply contracts. While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers. The overall global aluminum beverage and aerosol container industries are growing and are expected to continue to grow in the medium to long term. The primary customers for the products and services provided by our aerospace segment are U.S. government agencies or their prime contractors.

We purchase our raw materials from relatively few suppliers. We also have exposure to inflation, in particular the rising costs of raw materials, as well as other direct cost inputs. We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volumes to pass through aluminum price changes, as well as through the use of derivative instruments. The pass through provisions generally result in proportional increases or decreases in sales and costs with a greatly reduced impact, if any, on net earnings. Because of our customer and supplier concentration, our business, financial condition and results of operations could be adversely affected by the loss, insolvency or bankruptcy of a major customer or supplier or a change in a supply agreement with a major customer or supplier, although our contract provisions generally mitigate the risk of customer loss, and our long-term relationships represent a known, stable customer base.

The majority of the aerospace business involves work under contracts, generally from one to five years in duration, as a prime contractor or subcontractor for various U.S. government agencies. Intense competition and long operating cycles are key characteristics of the company’s aerospace and defense industry where it is common for work on major programs to be shared among a number of companies. A company competing to be a prime contractor may, upon ultimate award of the contract to a competitor, become a subcontractor for the ultimate prime contracting company.

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Corporate Strategy

Our Drive for 10 vision encompasses five strategic levers that are key to growing our business and achieving long-term success. Since launching Drive for 10 in 2011, we have made progress on each of the levers as follows:

● Maximizing value in our existing businesses by expanding specialty container production across our global plant network to meet current demand, improving efficiencies and amplifying our sustainability credentials through Aluminum Stewardship Initiative certifications in our global aluminum container and end facilities in North America, South America and Europe; leveraging plant floor and integrated planning systems to reduce costs and manage contractual provisions across our diverse customer base; successfully acquiring and integrating a large global aluminum beverage business and regional aluminum aerosol facility while also divesting underperforming assets; and in the aluminum aerosol business, installing new extruded aluminum aerosol lines in our European, Mexican and Indian facilities while also implementing cost-out and value-in initiatives across all of our businesses;

● Expanding further into new products and capabilities through commercializing our new lightweight, infinitely recyclable aluminum cup and providing next-generation extruded aluminum aerosol packaging that utilizes proprietary technology to significantly lightweight the can; and successfully introducing new specialty beverage cans and aluminum bottle-shaping technology;

● Aligning ourselves with the right customers and markets by investing capital to meet continued growth for specialty beverage containers throughout our global network, which represent approximately 50 percent of our global beverage packaging mix; aligning with growing beverage categories and other new beverage producers who continue to use aluminum beverage containers to grow their business; and in our aluminum cup business, establishing partnerships with on and off premise and event venues and utilizing online platforms and North American retailers to provide infinitely recyclable aluminum cups directly to consumers.

● Broadening our geographic reach with our acquisition of Rexam and our new investments in beverage manufacturing facilities in the United States, Brazil, Paraguay, Spain, Mexico, Myanmar and Panama, as well as extruded aluminum aerosol manufacturing facilities in India and Brazil, and the successful start-up of our aluminum cups business in the U.S.; and

● Leveraging our technological expertise in packaging innovation, including the introduction of our new proprietary, brandable lightweight aluminum cup and providing next-generation aluminum bottle-shaping technologies and the increased production of lightweight ReAl® containers, which utilize technology that increases the strength of aluminum used in the manufacturing process while lightweighting the can by up to 30 percent over a standard aluminum aerosol can, as well as our investment in cyber, data analytics methane monitoring, 5G and Light Detection and Ranging (LIDAR) capabilities to further enhance our aerospace technical expertise across a broader customer portfolio.

These ongoing business developments help us stay close to our customers while expanding and/or sustaining our industry positions and global reach with major beverage, personal care, household products and aerospace customers. In order to successfully execute our strategy and reach our goals, we realize the importance of excelling in the following areas: customer focus, operational excellence, innovation and business development, people and culture focus and sustainability.

RESULTS OF CONSOLIDATED OPERATIONS

Management’s discussion and analysis for our results of operations on a consolidated and segment basis include a quantification of factors that had a material impact. Other factors that did not have a material impact, but that are significant to understand the results, are qualitatively described.

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Russian Invasion of Ukraine

The Russian invasion of Ukraine has had a significant impact upon the global business environment in the first quarter of 2022. Countries across the globe have announced sanctions against Russia. NATO and allied countries, including the U.S., have deployed military forces to Eastern Europe. Ball provides products and services to the consumer beverage and household markets of Russia, which are serviced by its beverage packaging, EMEA, segment. Ball continues to be deeply troubled by the war in Ukraine and has suspended future investments in Russia and is pursuing the sale of its aluminum beverage packaging business located in Russia. As of March 31, 2022, Ball’s Russian aluminum packaging business does not meet the requirements for held for sale presentation in Ball’s consolidated financial statements. See Note 1 and Note 6 of these consolidated financial statements for additional details around the impacts of the Russian invasion of Ukraine.

Novel Coronavirus (COVID-19)

The ongoing novel coronavirus (COVID-19) pandemic had a material effect upon the global business environment during the three months ended March 31, 2022 and the year ended December 31, 2021. Ball provides key products and services to the consumer beverage and household markets and the U.S. aerospace markets and, consequently, the operations of Ball and of its principal customers and suppliers have been designated as essential across our key markets. This designation allowed Ball to operate its manufacturing facilities throughout the three months ended March 31, 2022, and the year ended December 31, 2021, and it is expected that Ball will continue to operate its facilities without disruption in the foreseeable future. However, jurisdictions around the globe have issued stay-at-home orders and mandated operational closures of non-essential businesses and other restrictions, which have impacted certain of our customers by constraining some supply of products to certain consumers. The risks that COVID-19 and its related variants continue to present to Ball’s business have been outlined in Note 1 of these consolidated financial statements and within Item 1. Risk Factors in the company’s 2021 Annual Report on Form 10-K filed on February 16, 2022.

Consolidated Sales and Earnings

	Three Months Ended March 31,
($ in millions)	2022			2021
Net sales	$	3,716		$	3,125
Net earnings attributable to Ball Corporation		446			200
Net earnings attributable to Ball Corporation as a % of net sales		12	%		6	%

Sales in the three months ended March 31, 2022, increased compared to the same period in 2021 primarily due to the pass-through of higher aluminum prices and price/mix, partially offset by currency translation.

Net earnings for the three months March 31, 2022, increased compared to the same period in 2021 primarily due to price/mix and the gain on sale of our remaining equity method investment in Ball Metalpack, partially offset by increased costs from inflation and supply chain constraints, and higher taxes on earnings.

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales, excluding depreciation and amortization, was $3,016 million and $2,493 million for the three months ended March 31, 2022 and 2021, respectively. These amounts represented 81 percent and 80 percent of consolidated net sales for the three months ended March 31, 2022 and 2021, respectively.

Depreciation and Amortization

Depreciation and amortization expense was $185 million and $168 million for the three months ended March 31, 2022 and 2021, respectively. These amounts represented 5 percent of consolidated net sales for the three months ended March 31, 2022 and 2021.

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Selling, General and Administrative

Selling, general and administrative (SG&A) expenses were $186 million and $157 million for the three months ended March 31, 2022 and 2021, respectively. These amounts represented 5 percent of consolidated net sales for the three months ended March 31, 2022 and 2021.

Business Consolidation Costs and Other Activities

Business consolidation and other activities were income of $281 million and charges of $7 million for the three months ended March 31, 2022 and 2021, respectively. The amounts in 2022 include gains related to the sale of Ball’s remaining equity method investment in Ball Metalpack and a charge related to the donation to The Ball Foundation as described in Note 4 and Note 6 of these of these consolidated financial statements.

Interest Expense

Total interest expense was $69 million and $67 million for the three months ended March 31, 2022 and 2021, respectively. Interest expense, excluding the effect of debt refinancing and other costs, as a percentage of average borrowings decreased 10 basis points from 3.4 percent for the three months ended March 31, 2021 to 3.3 percent for the three months ended March 31, 2022.

Income Taxes

The effective tax rate for the three months ended March 31, 2022 and 2021, was 18.5 percent compared to 13.7 percent for the same period in 2021. The increase of 4.8 percentage points for the three months ended March 31, 2022 was primarily due to a decrease in the benefit from non-U.S. rate differences net of withholding tax, partially offset by a benefit for changes in deferred taxes on the investment in its Russian business. Similar impacts may occur in future periods, but given their inherent uncertainty, the company is unable to reasonably estimate their potential future impacts. The rate increase for 2022 is also partially due to the sale of the company’s equity method investment in Ball Metalpack, which is not expected to impact tax expense in future periods.

RESULTS OF BUSINESS SEGMENTS

Segment Results

Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the four reportable segments discussed below.

Beverage Packaging, North and Central America

	Three Months Ended March 31,
($ in millions)	2022			2021
Net sales	$	1,609		$	1,296
Comparable operating earnings		174			140
Comparable operating earnings as a % of segment net sales		11	%		11	%

Segment sales for the three months ended March 31, 2022, were $313 million higher compared to the same period in 2021. The increase for the three months ended March 31, 2022, was primarily due to 3 percent volume growth, the pass-through of higher aluminum prices and price/mix.

Comparable operating earnings for the three months ended March 31, 2022, were $34 million higher compared to the same period in 2021. The increase for the three months ended March 31, 2022, was primarily due to volume growth, benefits from new manufacturing capacity and favorable contractual terms and cost pass throughs, partially offset by inflationary costs and supply chain disruptions.

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Beverage Packaging, EMEA

	Three Months Ended March 31,
($ in millions)	2022			2021
Net sales	$	942		$	796
Comparable operating earnings		100			100
Comparable operating earnings as a % of segment net sales		11	%		13	%

Segment sales for the three months ended March 31, 2022, were $146 million higher compared to the same period in 2021. The increase in sales for the three months ended March 31, 2022, was primarily due to 10 percent volume growth and the pass through of higher aluminum prices, partially offset by currency translation.

Comparable operating earnings for the three months ended March 31, 2022, were flat compared to the same period in 2021 primarily due to volume growth and higher specialty mix, offset by currency translation and the impact of supply chain tightness and an escalating cost environment across the region.

During the quarter and as a result of the Russian invasion of Ukraine, the company announced its intention to suspend future investments in Russia and pursue a sale of its Russian business composed of three manufacturing facilities. As of March 31, 2022, the company does not meet the accounting criteria for the Russian business to be presented as held for sale in the consolidated financial statements. The company continues to support humanitarian efforts in Ukraine and surrounding European countries. See Note 1 and Note 6 of these consolidated financial statements for additional details around the impacts of the Russian invasion of Ukraine.

Beverage Packaging, South America

	Three Months Ended March 31,
($ in millions)	2022			2021
Net sales	$	494		$	487
Comparable operating earnings		78			93
Comparable operating earnings as a % of segment net sales		16	%		19	%

Segment sales for the three months ended March 31, 2022, were slightly higher compared to the same period in 2021 primarily due to the pass through of higher aluminum prices and price/mix, offset by a 21 percent decrease in volume as a result of unfavorable weather conditions impacting the summer selling season and recent economic volatility in Brazil.

Comparable operating earnings for the three months ended March 31, 2022, were $15 million lower compared to the same period in 2021. The decrease in comparable operating earnings for the three months ended March 31, 2022, was primarily related to a decrease in volume and customer mix.

Aerospace

	Three Months Ended March 31,
($ in millions)	2022			2021
Net sales	$	504		$	424
Comparable operating earnings		43			35
Comparable operating earnings as a % of segment net sales		9	%		8	%

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Segment sales for the three months ended March 31, 2022, were $80 million higher compared to the same period in 2021, and comparable operating earnings for the three months ended March 31, 2022, were $8 million higher compared to the same period in 2021. The higher sales and earnings for the three months ended March 31, 2022, were primarily due to the company’s new program wins.

The aerospace sales contract mix for the three months ended March 31, 2022, consisted of 44 percent cost-type contracts, which are billed at our costs plus an agreed upon and/or earned profit component, and 53 percent fixed-price contracts. The remaining sales were for time and materials contracts. Contracted backlog was $3.2 billion and $2.5 billion at March 31, 2022, and December 31, 2021, respectively. The backlog at March 31, 2022, consisted of 34 percent cost-type contracts. Comparisons of backlog are not necessarily indicative of the trend of future operations due to the nature of varying delivery and milestone schedules on contracts, timing variances in program funding and the uncertain timing of future contract awards.

Management Performance Measures

Management internally uses various financial measures to evaluate company performance such as comparable operating earnings (earnings before interest, taxes and business consolidation and other non-comparable costs); comparable net earnings (earnings before business consolidation costs and other non-comparable costs after tax); comparable diluted earnings per share (comparable net earnings divided by diluted weighted average shares outstanding); return on average invested capital (net operating earnings after tax over the relevant performance period divided by average invested capital over the same period); economic value added (EVA®) dollars (net operating earnings after tax less a capital charge on average invested capital employed); earnings before interest and taxes (EBIT); earnings before interest, taxes, depreciation and amortization (EBITDA); and diluted earnings per share. In addition, management uses operating cash flows as a measure to evaluate the company’s liquidity. We believe this information is also useful to investors as it provides insight into the earnings and cash flow criteria management uses to make strategic decisions. These financial measures may be adjusted at times for items that affect comparability between periods, including business consolidation costs and other non-comparable items.

Nonfinancial measures used in the packaging businesses include production efficiency and spoilage rates; quality control figures; environmental, health and safety statistics; production and sales volumes; asset utilization rates and measures of sustainability. Additional measures used to evaluate financial performance in the aerospace segment include contract revenue realization, award and incentive fees realized, proposal win rates and backlog. References to sales volume data represent units shipped.

Many of the above noted financial measurements are presented on a non-U.S. GAAP basis and should be considered in connection with the consolidated financial statements included within Item 1 of this report. Non-U.S. GAAP measures should not be considered in isolation and should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP. A presentation of earnings in accordance with U.S. GAAP is available in Item 1 of this report.

NEW ACCOUNTING PRONOUNCEMENTS

For information regarding recent accounting pronouncements, see Note 2 to the consolidated financial statements included within Item 1 of this report on Form 10-Q.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Cash Flows and Capital Expenditures

Our primary sources of liquidity are cash provided by operating activities and external borrowings. We believe that cash flows from operating activities and cash provided by short-term, long-term and committed revolver borrowings, when necessary, will be sufficient to meet our ongoing operating requirements, scheduled principal and interest payments on debt, dividend payments, anticipated share repurchases and anticipated capital expenditures. The following table summarizes our cash flows:

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	Three Months Ended March 31,
($ in millions)	2022		2021
Cash flows provided by (used in) operating activities	$	(804)	$	(477)
Cash flows provided by (used in) investing activities		(46)		(348)
Cash flows provided by (used in) financing activities		715		(54)

Cash flows used in operating activities were $804 million in 2022, primarily driven by working capital outflows of $1 billion, pension contributions of $104 million and a donation of $30 million to The Ball Foundation, partially offset by cash generated from net earnings, excluding gains related to the sale of our remaining equity method investment in Ball Metalpack. In comparison to the same period in 2021, and after adjusting for the impact of capital expenditures, our working capital movements reflect an increase in days sales outstanding of 11 days, an increase in inventory days on hand of 14 days and an increase in days payable outstanding of 5 days for the three months ending March 31, 2022, all of which reflect increased aluminum prices and seasonal inventory build during the first quarter of 2022.

Cash flows used in investing activities were $46 million in 2022 primarily driven by $362 million of capital expenditures, partially offset by $298 million received for the sale of our remaining equity method investment in Ball Metalpack.

Cash flows provided by financing activities were $715 million in 2022 driven primarily by net borrowings of $877 million from our short-term and long-term credit facilities, partially offset by net share purchases of $97 million and common stock dividends of $65 million.

We have entered into several regional committed and uncommitted accounts receivable factoring programs with various financial institutions for certain of our receivables. The programs are accounted for as true sales of the receivables, without recourse to Ball, and had combined limits of approximately $2 billion and $1.7 billion at March 31, 2022, and December 31, 2021, respectively. A total of $892 million and $308 million were available for sale under such programs as of March 31, 2022, and December 31, 2021, respectively.

Contributions to the company’s defined benefit pension plans were $104 million in the first three months of 2022 compared to $162 million in the same period of 2021, and such contributions are expected to be approximately $127 million for the full year of 2022. This estimate may change based on changes to the U.S. Pension Protection Act and actual returns achieved on plan assets, among other factors.

The company has approximately $1.7 billion of capital expenditures for property, plant and equipment contractually

committed as of March 31, 2022, and intends to return approximately $1.75 billion to shareholders in the form of share repurchases and dividends.

As of March 31, 2022, approximately $232 million of our cash was held outside of the U.S. In the event we need to utilize any of the cash held outside the U.S. for purposes within the U.S., there are no material legal or other economic restrictions regarding the repatriation of cash from any of the countries outside the U.S. where we have cash. Management believes the company’s U.S. operating cash flows and cash on hand, together with its availability under long-term, revolving credit facilities, uncommitted short-term credit facilities and committed and uncommitted accounts receivable factoring programs, will be sufficient to meet the cash requirements of the U.S. portion of our ongoing operations, scheduled principal and interest payments on U.S. debt, dividend payments, capital expenditures and other U.S. cash requirements. If non-U.S. funds are needed for our U.S. cash requirements and we are unable to provide the funds through intercompany financing arrangements, we would be required to repatriate funds from non-U.S. locations where the company has previously asserted indefinite reinvestment of funds outside the U.S.

Based on its indefinite reinvestment assertion, the company has not provided deferred taxes on earnings in certain non-U.S. subsidiaries because such earnings are intended to be indefinitely reinvested in its international operations. It is not practical to estimate the additional taxes that may become payable if these earnings were remitted to the U.S.

Share Repurchases

The company’s share repurchases, net of issuances, totaled $97 million during the three months ended March 31, 2022, compared to $5 million of repurchases, net of issuances, during the same period of 2021. The company’s share repurchases are completed using cash on hand, cash provided by operating activities and available borrowings.

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Debt Facilities and Refinancing

Given our cash flow projections and unused credit facilities that are available until March 2024, our liquidity is strong and is expected to meet our ongoing cash and debt service requirements. Total interest-bearing debt of $8.6 billion and $7.8 billion was outstanding at March 31, 2022, and December 31, 2021, respectively.

At March 31, 2022, taking into account our outstanding letters of credit, approximately $1.1 billion was available under existing long-term, multi-currency committed revolving credit facilities, which are available until March 2024. In addition to these facilities, the company had approximately $890 million of short-term uncommitted credit facilities available as of March 31, 2022, of which $289 million was outstanding and due on demand.

While ongoing financial and economic conditions in certain areas may raise concerns about credit risk with counterparties to derivative transactions, the company mitigates its exposure by allocating the risk among various counterparties and limiting exposure to any one party. We also monitor the credit ratings of our suppliers, customers, lenders and counterparties on a regular basis.

Some of Ball’s agreements use the London Inter-Bank Offered Rate (LIBOR) in determining interest rates. The company is currently evaluating the impact that the transition from its LIBOR-based interest rate agreements to Secured Overnight Financing Rate (SOFR) based interest rate agreements will have on its consolidated financial statements. Based on our current understanding, the LIBOR to SOFR transition is not expected to have a material impact on our financial condition, results of operations or cash flows.

We were in compliance with all loan agreements at March 31, 2022, and we have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividends, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants requires us to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of December 31, 2022. As of March 31, 2022, the company could borrow up to its limits available under the company’s long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities without violating our existing debt covenants. Additional details regarding our debt are available in Note 15 accompanying the consolidated financial statements within Item 1 of this report.

CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES

Details about the company’s contingencies, indemnifications and guarantees are available in Note 21 and Note 22 accompanying the consolidated financial statements included within Item 1 of this report. The company is routinely subject to litigation incidental to operating its businesses and has been designated by various federal and state environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites, including in respect of sites related to alleged activities of certain former Rexam subsidiaries. The company believes the matters identified will not have a material adverse effect upon its liquidity, results of operations or financial condition.

Guaranteed Securities

The company’s senior notes are guaranteed on a full and unconditional, joint and several bases by the issuer of the company’s senior notes and the subsidiaries that guarantee the notes (the obligor group). The entities that comprise the obligor group are 100 percent owned by the company. As described in the supplemental indentures governing the company’s existing senior notes, the senior notes are guaranteed by any of the company’s domestic subsidiaries that guarantee any other indebtedness of the company.

The following summarized financial information relates to the obligor group as of March 31, 2022, and December 31, 2021. Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated.

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	Three Months Ended		Year Ended
($ in millions)	March 31, 2022		December 31, 2021
Net sales	$	2,359	$	8,083
Gross profit (a)		261		910
Net earnings (loss)		358		432
Net earnings (loss) attributable to Ball Corporation		358		432

(a) Gross profit is shown after depreciation and amortization related to cost of sales of $64 million for the three months ended March 31, 2022, and $210 million for the year ended December 31, 2021.

	March 31,		December 31,
($ in millions)	2022		2021
Current assets	$	3,135	$	2,575
Noncurrent assets		15,344		14,818
Current liabilities		5,416		5,067
Noncurrent liabilities		11,488		10,989

Included in the amounts disclosed in the tables above, at March 31, 2022, and December 31, 2021, the obligor group held receivables due from other subsidiary companies of $537 million and $436 million, respectively, long-term notes receivable due from other subsidiary companies of $9.6 billion and $9.2 billion, respectively, payables due to other subsidiary companies of $2 billion as of both periods, and long-term notes payable due to other subsidiary companies of $2.1 billion and $2 billion, respectively.

For the three months ended March 31, 2022, and the year ended December 31, 2021, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $315 million and $803 million, respectively, net credits from them of $5 million and $18 million, respectively, and net interest income from them of $81 million and $337 million, respectively. During the year ended December 31, 2021, the obligor group received dividends from other subsidiary companies of $269 million.

A description of the terms and conditions of the company’s debt guarantees is located in Note 22 of Item 1 of this report.

Item 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In the ordinary course of business, the company employs established risk management policies and procedures, which seek to reduce our exposure to fluctuations in commodity prices, interest rates, exchange currencies and prices of the company’s common stock in regard to common share repurchases and the company’s deferred compensation stock plan, although there can be no assurance that these policies and procedures will be successful. The company mitigates its exposure by spreading the risk among various counterparties, thus limiting exposure with any one party. The company also monitors the credit ratings of its suppliers, customers, lenders and counterparties on a regular basis. Further details are available in Item 7A within Ball’s 2021 Annual Report on Form 10-K filed on February 16, 2022, and in Note 20 accompanying the consolidated financial statements included within Item 1 of this report.

Item 4.   CONTROLS AND PROCEDURES

Our chief executive officer and chief financial officer participated in management’s evaluation of our disclosure controls and procedures, as defined by the Securities and Exchange Commission (SEC), as of the end of the period covered by this report and concluded that our controls and procedures were effective. There were no changes to internal controls during the company’s first quarter of 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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FORWARD-LOOKING STATEMENTS

This report contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," "believes," and similar expressions typically identify forward-looking statements, which are generally any statements other than statements of historical fact. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in our Form 10-K, which are available on our website and at www.sec.gov. Additional factors that might affect: a) our packaging segments include product capacity, supply, and demand constraints and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; changes in climate and weather; footprint adjustments and other manufacturing changes, including the startup of new facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable mandatory deposit or packaging laws; customer and supplier consolidation; power and supply chain interruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass through increased costs; war, political instability and sanctions, including relating to the situation in Russia and Ukraine and its impact on our supply chain and our ability to operate in Russia and the EMEA region generally; changes in foreign exchange or tax rates; and tariffs, trade actions, or other governmental actions, including business restrictions and shelter-in-place orders in any country or jurisdiction affecting goods produced by us or in our supply chain, including imported raw materials; b) our aerospace segment include funding, authorization, availability and returns of government and commercial contracts; and delays, extensions and technical uncertainties affecting segment contracts; c) the company as a whole include those listed above plus: the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; regulatory actions or issues including those related to tax, ESG reporting, competition, environmental, health and workplace safety, including U.S. FDA and other actions or public concerns affecting products filled in our containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; the ability to manage cyber threats; litigation; strikes; disease; pandemic; labor cost changes; inflation; rates of return on assets of the company's defined benefit retirement plans; pension changes; uncertainties surrounding geopolitical events and governmental policies, including policies, orders, and actions related to COVID-19; reduced cash flow; interest rates affecting our debt; and successful or unsuccessful joint ventures, acquisitions and divestitures, including the announced sale of our Russian business, and their effects on our operating results and business generally.

PART II. OTHER INFORMATION

Item 1.     Legal Proceedings

There were no events required to be reported under Item 1 for the three months ended March 31, 2022, except as discussed in Note 21 to the consolidated financial statements included within Part I, Item 1 of this report.

34

Item 2.     Changes in Securities

The following table summarizes the company’s repurchases of its common stock during the first quarter of 2022.

Purchases of Securities
($ in millions)	Total Number of Shares Purchased (a)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b)
January 1 to January 31, 2022	9,560	$	84.58	9,560	28,030,949
February 1 to February 28, 2022	463,483		89.22	463,483	27,567,466
March 1 to March 31, 2022	674,289		88.41	674,289	26,893,177
Total	1,147,332		88.71	1,147,332

(a) Includes open market purchases (on a trade-date basis), share repurchase agreements and/or shares retained by the company to settle employee withholding tax liabilities.

(b) The company has an ongoing repurchase program for which 50 million shares were authorized for repurchase by Ball’s Board of Directors.

Item 3.     Defaults Upon Senior Securities

There were no events required to be reported under Item 3 for the three months ended March 31, 2022.

Item 4.     Mine Safety Disclosures

Not applicable.

Item 5.     Other Information

There were no events required to be reported under Item 5 for the three months ended March 31, 2022.

35

Item 6.     Exhibits

12	Obligor group subsidiaries of Ball Corporation
31.1	Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) by Dan W. Fisher, Chief Executive Officer of Ball Corporation.
31.2	Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) by Scott C. Morrison, Executive Vice President and Chief Financial Officer of Ball Corporation.
32.1	Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code by Dan W. Fisher, Chief Executive Officer of Ball Corporation.
32.2	Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code by Scott C. Morrison, Executive Vice President and Chief Financial Officer of Ball Corporation.
99	Cautionary statement for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	The cover page of the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2022, formatted in Inline XBRL (contained in Exhibit 101), the: (i) Unaudited Condensed Consolidated Statement of Earnings, (ii) Unaudited Statement of Comprehensive Earnings, (iii) Unaudited Condensed Consolidated Balance Sheet, (iv) Unaudited Condensed Consolidated Statement of Cash Flows and (v) Notes to the Unaudited Condensed Consolidated Financial Statements.

36

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Ball Corporation
(Registrant)
By:	/s/ Scott C. Morrison
	Scott C. Morrison
	Executive Vice President and Chief Financial Officer
Date:	May 4, 2022

37

EX-12

Exhibit 12

OBLIGOR GROUP SUBSIDIARIES OF BALL CORPORATION

March 31, 2022

The following is a list of Obligor Group subsidiaries of Ball Corporation (an Indiana Corporation)

Name	State or Country of Incorporation or Organization	Percentage (2) Ownership Direct & Indirect
Ball Advanced Aluminum Technologies Corp. (f/k/a Neuman USA Ltd.)	Delaware	100%
Ball Aerospace & Technologies Corp.	Delaware	100%
Ball Asia Services Limited	Delaware	100%
Ball Beverage Can Americas Inc. (f/k/a Rexam Beverage Can Americas Inc.)	Delaware	100%
Ball BP Holding Company (f/k/a Rexam BP Holding Company)	Delaware	100%
Ball Container LLC	Delaware	100%
Ball Corporation	Indiana	100%
Ball Glass Containers, Inc.	Delaware	100%
Ball Global Business Services Corp.	Delaware	100%
Ball Holdings LLC	Delaware	100%
Ball Inc. (f/k/a Rexam Inc.)	Delaware	100%
Ball Metal Beverage Container Corp.	Colorado	100%
Ball Metal Container Corporation	Indiana	100%
Ball Packaging, LLC (f/k/a Ball Packaging Corp., f/k/a Ball Packaging Holdings Corp.)	Colorado	100%
Ball Pan-European Holdings, LLC (f/k/a Ball Pan-European Holdings, Inc.)	Delaware	100%
Ball Technologies Holdings Corp. (f/k/a Ball Aerospace Systems Group, Inc.)	Colorado	100%
Latas De Aluminio Ball, Inc.	Delaware	100%
Rexam Beverage Can Company	Delaware	100%
USC May Verpackungen Holding Inc.	Delaware	100%

EX-31.1

Exhibit 31.1

Certification

I, Dan W. Fisher, certify that:

1.           I have reviewed this Quarterly Report on Form 10-Q of Ball Corporation;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.           The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 4, 2022
	/s/ Dan W. Fisher
	Dan W. Fisher
	Chief Executive Officer

1

EX-31.2

Exhibit 31.2

Certification

I, Scott C. Morrison, certify that:

1.           I have reviewed this Quarterly Report on Form 10-Q of Ball Corporation;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.           The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  May 4, 2022
	/s/ Scott C. Morrison
	Scott C. Morrison
	Executive Vice President and Chief Financial Officer

1

EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350

and Rule 13a-14(b) or Rule 15d-14(b)

My name is Dan W. Fisher and I am the Chief Executive Officer of Ball Corporation (the “Company”).

I hereby certify pursuant to 18 U.S.C. Section 1350 as adopted by Section 906 of the Sarbanes—Oxley Act of 2002 that to the best of my knowledge and belief:

(1)          the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the U.S. Securities and Exchange Commission on May 4, 2022 (“Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and

(2)          the information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of Ball Corporation as of, and for, the periods presented in the Report.

/s/ Dan W. Fisher

Dan W. Fisher

Chief Executive Officer

Ball Corporation

Date: May 4, 2022

This certification, which accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

1

EX-32.2

Exhibit 32.2

Certification of Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350

and Rule 13a-14(b) or Rule 15d-14(b)

My name is Scott C. Morrison and I am the Executive Vice President and Chief Financial Officer of Ball Corporation (the “Company”).

I hereby certify pursuant to 18 U.S.C. Section 1350 as adopted by Section 906 of the Sarbanes—Oxley Act of 2002 that to the best of my knowledge and belief:

(1)          the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the U.S. Securities and Exchange Commission on May 4, 2022 (“Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and

(2)          the information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of Ball Corporation as of, and for, the periods presented in the Report.

/s/ Scott C. Morrison

Scott C. Morrison

Executive Vice President and Chief Financial Officer

Ball Corporation

Date: May 4, 2022

This certification, which accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

1

EX-99

Exhibit 99

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES

LITIGATION REFORM ACT OF 1995

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the Reform Act), Ball is hereby filing cautionary statements identifying important factors that could cause Ball’s actual results to differ materially from those described in forward-looking statements made by or on behalf of Ball. Forward-looking statements may be made in several different contexts; for example, in the company’s Form 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (“SEC”), quarterly and annual earnings news releases, quarterly earnings conference calls hosted by the company, public presentations at investor and credit conferences, the company’s Annual Report and in other periodic communications with investors. As time passes, the relevance and accuracy of forward-looking statements may change; however, except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures and cautionary statements Ball makes on related subjects in our Form10-K, 10-Q and 8-K reports and other filings with the SEC. The Reform Act defines forward-looking statements as statements that express or imply an expectation or belief and contain a projection, plan or assumption with regard to, among other things, future revenues, income, earnings per share, cash flow or capital structure. Words such as “expects,” “anticipates,” “estimates,” “believes,” “foresees,” and similar expressions typically identify forward-looking statements, which are generally any statements other than statements of historical facts. These forward-looking statements are not guarantees of future performance, and you should therefore not place undue reliance upon such statements. Rather, these statements involve estimates, assumptions uncertainties and known and unknown risks, many of which are outside our control, and such statements are therefore qualified in their entirety by reference to the following important factors, among others (including those described in any “Risk Factors” section of our most current Form 10-K, 10-Q or other filings with the SEC), that could cause Ball’s actual results or performance to differ materially from those expressed or implied in forward-looking statements made by or on behalf of Ball:

● Fluctuation in customer and consumer growth, spending, demand or preferences, both on a seasonal basis and those that may be longer-term or structural in nature, including any effect on demand for our products as a result of the enactment of laws and programs aimed at discouraging the consumption or altering the package or portion size of certain of our customers’ products.

● Customer, competitor or supplier consolidation and potential correspondent supply chain influence.

● Loss of one or more major customers or suppliers or changes to contracts with one or more customers or suppliers.

● Failure to achieve anticipated productivity improvements or cost reductions including those associated with capital expenditures; failure to achieve an appropriate or optimal level of maintenance and capital expenditures; and failure to achieve expectations with respect to expansion plans, accretion to reported earnings, working capital improvements and investment income or cash flow projections.

● Changes in the environment and in climate, including the increasing frequency of severe weather events; acts of war, terrorism or other significant or catastrophic geopolitical events or natural disasters, or the catastrophic loss of one of our key manufacturing or operating facilities.

● Financial risks, including changes in interest rates affecting our debt or our ability to comply with the terms of our debt instruments; changes in the hedging markets or our inability or failure to economically hedge or insure against certain risks or potential exposures; changes in foreign exchange rates of the currencies in the countries in which the company and its joint ventures carry on business; counterparty risk; liquidity risk; inflation or deflation; and changes in capital availability and our access to financing, including the risk of constraints on financing in the event of a credit rating downgrade.

● Competition in each line of business, including with respect to pricing and the possible decrease in, or loss of, sales or margins resulting therefrom; product development and introductions by our competitors; and technology changes, including the effect on us of technological or product advances made by our competitors.

● The ability or inability to achieve and protect technological and product extensions or new technological and product advances in the company’s businesses, including our ability to maintain develop and capitalize on competitive technologies for the design and manufacture of products and to withstand competitive and legal challenges to the proprietary nature of such technology (or protect any unpatented proprietary know-how and trade secrets).

Page 1 of 3

● Ball’s ability or inability adapt to fluctuating supply and demand and to have available sufficient production capacity, or have such capacity available in the right locations, in a timely manner, as well as footprint adjustments and other manufacturing changes.

● Overcapacity or undercapacity of Ball or in the metal container industry generally, and its potential impact on costs, pricing and financial results.

● Regulatory action or issues, or changes in federal, state, local or foreign laws, including those related to tax, environmental, health and workplace safety, including in respect of climate change, pollution, greenhouse gas emissions, or chemicals or substances used in raw materials or in the manufacturing process, particularly concerning Bisphenol-A (BPA), a chemical used in the manufacture of epoxy coatings applied to many types of containers (including certain of those products produced by the company), as well as laws relating to recycling, mandatory deposit or restrictive packaging, or to the effects on health of ingredients or substances in, or attributes of, certain of our customers’ products.

● The effect of any antitrust, intellectual property, consumer, employee or other litigation, investigations or governmental proceedings.

● The extent to which sustainability-related opportunities arise and can be capitalized upon.

● The availability and cost of raw materials, commodities, supplies, energy, logistics and natural resources needed for the production of metal containers as well as aerospace products, and our ability or inability to pass on to customers changes in raw material costs, particularly steel and aluminum.

● Changes in senior management; strikes and other labor issues; increases and trends in various employee benefits and labor costs, including pension, medical and health care costs incurred in the countries in which Ball has operations; the ability to attract and retain skilled labor, particularly in our aerospace business; rates of return projected and earned on assets and discount rates used to measure future obligations and expenses of the company’s defined benefit retirement plans; and changes in the company’s pension plans.

● International business and market risks and economic conditions; political and economic instability in various markets, including periodic sell-offs on global or regional debt or equity markets; restrictive trade practices of national governments; the imposition of duties, trade actions, taxes or other government charges by national governments; exchange controls; trade sanctions; and ongoing uncertainties and other effects surrounding geopolitical events and governmental policies and actions, both in the U.S. and in other countries, and other matters.

● Undertaking successful or unsuccessful acquisitions, divestitures, joint ventures or strategic realignments ; and the effect of acquisitions, divestitures, joint ventures or strategic realignments on our business relationships, operating results and business generally.

● The company’s ability to protect its information technology systems from attacks or catastrophic failure, and the strength of the company’s cyber-security.

● Delays, extensions and technical uncertainties, as well as schedules of performance associated with contracts for aerospace products and services, and the success or lack of success of satellite launches and the businesses and governments associated with aerospace products, services and launches.

● The authorization, funding and availability and returns of government contracts and the nature and continuation of those contracts and related services provided thereunder, as well as the delay, cancellation or termination of contracts for the United States government, other customers or other government contractors.

● The timing and extent of regulation or deregulation, or changes to regulations and standards, including changes in generally accepted accounting principles or their interpretation.

● Changes to unaudited results due to statutory audits of our financial statements or management’s evaluation of the company’s internal controls over financial reporting.

● Loss contingencies related to income and other tax matters, including those arising from audits performed by national and local tax authorities.

Page 2 of 3

● Changes to unaudited results due to statutory audits of our financial statements or management’s evaluation of the company’s internal controls over financial reporting.

Page 3 of 3

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity Registrant Name	BALL Corp
Entity File Number	001-07349
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-0160610
Entity Address, Address Line One	9200 West 108th Circle
Entity Address, City or Town	Westminster
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	303
Local Phone Number	469-3131
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		319,788,885
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	BLL
Security Exchange Name	NYSE
Entity Central Index Key	0000009389
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Net sales	$ 3,716.0	$ 3,125.0
Costs and expenses
Cost of sales (excluding depreciation and amortization)	(3,016.0)	(2,493.0)
Depreciation and amortization	(185.0)	(168.0)
Selling, general and administrative	(186.0)	(157.0)
Business consolidation and other activities	281.0	(7.0)
Total costs and expenses	(3,106.0)	(2,825.0)
Earnings before interest and taxes	610.0	300.0
Interest expense	(69.0)	(67.0)
Total interest expense	(69.0)	(67.0)
Earnings before taxes	541.0	233.0
Tax (provision) benefit	(100.0)	(32.0)
Equity in results of affiliates, net of tax	6.0	(1.0)
Net earnings	447.0	200.0
Net (earnings) loss attributable to noncontrolling interests	(1.0)
Net earnings attributable to Ball Corporation	$ 446.0	$ 200.0
Earnings per share:
Basic (in dollars per share)	$ 1.39	$ 0.61
Diluted (in dollars per share)	$ 1.37	$ 0.60
Weighted average shares outstanding: (000s)
Basic (in shares)	320,904	327,811
Diluted (in shares)	325,916	333,673

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
Net earnings	$ 447.0	$ 200.0
Other comprehensive earnings (loss):
Currency translation adjustment	(92.0)	(12.0)
Pension and other postretirement benefits	8.0	41.0
Derivatives designated as hedges	67.0	46.0
Total other comprehensive earnings (loss)	(17.0)	75.0
Income tax (provision) benefit	(12.0)	(18.0)
Total other comprehensive earnings (loss), net of tax	(29.0)	57.0
Total comprehensive earnings (loss)	418.0	257.0
Comprehensive (earnings) loss attributable to noncontrolling interests	(1.0)
Comprehensive earnings (loss) attributable to Ball Corporation	$ 417.0	$ 257.0

XML

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 437	$ 563
Receivables, net	3,128	2,560
Inventories, net	2,323	1,795
Other current assets	418	305
Total current assets	6,306	5,223
Noncurrent assets
Property, plant and equipment, net	6,683	6,502
Goodwill	4,324	4,378
Intangible assets, net	1,627	1,688
Other assets	1,986	1,923
Total assets	20,926	19,714
Current liabilities
Short-term debt and current portion of long-term debt	293	15
Accounts payable	5,026	4,759
Accrued employee costs	276	349
Other current liabilities	891	830
Total current liabilities	6,486	5,953
Noncurrent liabilities
Long-term debt	8,265	7,722
Employee benefit obligations	1,047	1,205
Deferred taxes	677	665
Other liabilities	494	484
Total liabilities	16,969	16,029
Equity
Common stock (681,735,732 shares issued - 2022; 680,944,867 shares issued - 2021)	1,226	1,220
Retained earnings	7,224	6,843
Accumulated other comprehensive earnings (loss)	(611)	(582)
Treasury stock, at cost (361,097,206 shares - 2022; 360,101,024 shares - 2021)	(3,941)	(3,854)
Total Ball Corporation shareholders' equity	3,898	3,627
Noncontrolling interests	59	58
Total equity	3,957	3,685
Total liabilities and equity	$ 20,926	$ 19,714

XML

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2022	Dec. 31, 2021
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, shares issued	681,735,732	680,944,867
Treasury stock, shares	361,097,206	360,101,024

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities
Net earnings	$ 447.0	$ 200.0
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	185.0	168.0
Business consolidation and other activities	(281.0)	7.0
Deferred tax provision (benefit)	48.0	(2.0)
Other, net	(199.0)	(147.0)
Changes in working capital components, net of dispositions	(1,004.0)	(703.0)
Cash provided by (used in) operating activities	(804.0)	(477.0)
Cash Flows from Investing Activities
Capital expenditures	(362.0)	(363.0)
Business dispositions, net of cash sold	298.0	1.0
Other, net	18.0	14.0
Cash provided by (used in) investing activities	(46.0)	(348.0)
Cash Flows from Financing Activities
Long-term borrowings	601.0
Repayments of long-term borrowings	(1.0)	(6.0)
Net change in short-term borrowings	277.0	7.0
Proceeds (payments) from issuances of common stock, net of shares used for taxes	1.0	5.0
Acquisitions of treasury stock	(98.0)	(10.0)
Common stock dividends	(65.0)	(50.0)
Cash provided by (used in) financing activities	715.0	(54.0)
Effect of exchange rate changes on cash	2.0	(31.0)
Change in cash, cash equivalents and restricted cash	(133.0)	(910.0)
Cash, cash equivalents and restricted cash - beginning of year	579.0	1,381.0
Cash, cash equivalents and restricted cash - end of year	$ 446.0	$ 471.0

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Basis of Presentation

3 Months Ended

Mar. 31, 2022

Basis of Presentation

Basis of Presentation

1.     Basis of Presentation

The accompanying unaudited condensed consolidated financial statements (consolidated financial statements) include the accounts of Ball Corporation and its controlled affiliates, including its consolidated variable interest entities (collectively Ball, the company, we or our), and have been prepared by the company. Certain information and footnote disclosures, including critical and significant accounting policies normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted for this quarterly presentation.

Results of operations for the periods shown are not necessarily indicative of results for the year, particularly in view of the seasonality in the packaging segments and the variability of contract sales in the company’s aerospace segment. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto included in the company’s 2021 Annual Report on Form 10-K filed on February 16, 2022, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 (annual report).

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and reported amounts of sales and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball’s management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the consolidated financial statements reflect all adjustments that are of a normal recurring nature and are necessary to fairly state the results of the periods presented.

Certain prior year amounts have been reclassified in order to conform to the current year presentation.

Risks and Uncertainties

Russian Invasion of Ukraine

The current global business environment is being impacted directly and indirectly by the effects of the Russian invasion of Ukraine, and it is not possible to accurately predict all future impacts of the invasion. Ball has suspended future investments in Russia and is pursuing the sale of its aluminum beverage packaging business located in Russia. As of March 31, 2022, Ball’s Russian aluminum packaging business does not meet the requirements for held for sale presentation in Ball’s consolidated financial statements. Additionally, Russia’s invasion of Ukraine has the potential to increase Ball’s vulnerabilities to near-term, severe impacts related to its Russian business and facilities. The Russian government has made warnings to companies that cease operations during its invasion of Ukraine and the potential exists that Ball’s operations in Russia could be negatively impacted. As such, Russia’s invasion of Ukraine and the resulting effects have the potential to impact significant estimates used by Ball in the preparation of its consolidated financial statements, which could result in impairments.

Ball has determined that the Russian invasion of Ukraine constitutes a triggering event for its Russian long-lived asset group. Ball performed a step one recoverability analysis for the long-lived asset group of Ball’s Russian business, which indicated that the carrying value of the asset group was recoverable as of March 31, 2022, and as a result, no impairment was deemed necessary at this time.

Ball’s Russian business, which is presented in its beverage packaging, EMEA, reportable operating segment, represented approximately 4 percent of the company's total net sales and 8 percent of the company's total comparable operating earnings for the twelve months ended December 31, 2021. In addition, our plants in Russia accounted for approximately 5 percent of the company's 112.5 billion global beverage can unit shipments for the twelve months ended December 31, 2021. As of March 31, 2022, Ball’s Russian business had net assets of $435 million, which consisted primarily of working capital, property, plant and equipment, and finite-lived intangible assets. As of March 31, 2022, Ball also had cumulative currency translation losses of $211 million recorded in equity that could be subject to release upon the liquidation of its Russian business. These values are subject to change based on the Russian ruble exchange rate.

Novel Coronavirus (COVID-19)

The current global business environment is being impacted directly and indirectly by the effects of the novel coronavirus (COVID-19), and it is not possible to accurately estimate the impacts of COVID-19. However, Ball management has reviewed the estimates used in preparing the company’s consolidated financial statements and the following have a reasonably possible likelihood of being affected, to a material extent, by the direct and indirect impacts of COVID-19 in the near term.

● Estimates regarding the future financial performance of the business used in the impairment tests for goodwill, long-lived assets, equity method investments, recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions;

● Estimates of recoverability for customer receivables;

● Estimates of net realizable value for inventory; and

● Estimates regarding the likelihood of forecasted transactions associated with hedge accounting positions at March 31, 2022, which could impact the company’s ability to satisfy hedge accounting requirements and result in the recognition of income and/or expenses.

In addition to the above potential impacts on the estimates used in preparing consolidated financial statements, COVID-19 has the potential to increase Ball’s vulnerabilities to near-term severe impacts related to certain concentrations in its business. In line with other companies in the packaging and aerospace industries, Ball makes the majority of its sales and significant purchases to or from a relatively small number of global, or large regional, customers and suppliers. Furthermore, Ball makes the majority of its sales from a small number of product lines. The potential of COVID-19 to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations.

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Accounting Pronouncements

3 Months Ended

Mar. 31, 2022

Accounting Pronouncements

Accounting Pronouncements

2.     Accounting Pronouncements

New Accounting Guidance

Government Assistance Disclosure

In 2021, new guidance was issued related to the disclosure of government assistance. The company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements.

Reference Rate Reform

In 2020, new guidance was issued related to global reference rates reform. The company is currently evaluating the impact that the transition from its LIBOR-based interest rate agreements to Secured Overnight Financing Rate (SOFR) based interest rate agreements will have on its consolidated financial statements. Based on our current understanding, the LIBOR to SOFR transition is not expected to have a material impact on our financial condition, results of operations or cash flows.

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Business Segment Information

3 Months Ended

Mar. 31, 2022

Business Segment Information

Business Segment Information

3.     Business Segment Information

Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the four reportable segments outlined below.

Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.

Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, including Russia, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries.

Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.

Aerospace: Consists of operations that manufacture and sell aerospace and other related products and provide services used in the defense, civil space and commercial space industries.

As presented in the table below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and throughout the Asia Pacific region; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (aerosol packaging) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities.

The accounting policies of the segments are the same as those used in the company’s consolidated financial statements as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings. In 2021, Ball sold its minority-owned investment in South Korea. In January 2022, Ball sold its remaining equity method investment in Ball Metalpack. Refer to Note 4 for additional details on both transactions.

Summary of Business by Segment

	Three Months Ended March 31,
($ in millions)	2022		2021
Net sales
Beverage packaging, North and Central America	$	1,609	$	1,296
Beverage packaging, EMEA		942		796
Beverage packaging, South America		494		487
Aerospace		504		424
Reportable segment sales		3,549		3,003
Other		167		122
Net sales	$	3,716	$	3,125
Comparable operating earnings
Beverage packaging, North and Central America	$	174	$	140
Beverage packaging, EMEA		100		100
Beverage packaging, South America		78		93
Aerospace		43		35
Reportable segment comparable operating earnings		395		368
Reconciling items
Other (a)		(29)		(23)
Business consolidation and other activities		281		(7)
Amortization of acquired intangibles		(37)		(38)
Earnings before interest and taxes		610		300
Interest expense		(69)		(67)
Earnings before taxes	$	541	$	233

(a) Includes undistributed corporate expenses, net, of $33 million and $26 million for the three months ended March 31, 2022 and 2021, respectively.

The company does not disclose total assets by segment as such information is not provided to the chief operating decision maker.

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Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2022

Acquisitions and Dispositions

Acquisitions and Dispositions

4.     Acquisitions and Dispositions

Ball Metalpack Investment

During the first quarter of 2022, Ball sold its remaining 49 percent owned equity method investment in Ball Metalpack to Sonoco, a global provider of consumer, industrial, healthcare and protective packaging, for total consideration of approximately $305 million, net of customary closing adjustments, of which $298 million in cash was received in the first quarter of 2022. The remaining $7 million is subject to customary closing adjustments and is presented in receivables, net. Ball’s carrying value of the investment before the sale was zero; therefore, a gain from the sale, net of customary closing adjustments, of $305 million is reported in business consolidation and other activities in the unaudited condensed consolidated statements of earnings. Cash proceeds of $298 million related to the sale are presented in business dispositions, net of cash sold, in the unaudited condensed consolidated statement of cash flows.

Ball also received proceeds from Ball Metalpack for the repayment of an outstanding promissory note and accrued interest of approximately $16 million, which was recorded as a gain in business consolidation and other activities in the unaudited condensed consolidated statements of earnings.

South Korea Investment

In the third quarter of 2021, Ball sold its minority-owned investment in South Korea. Consideration for the transaction was cash of $120 million, of which $110 million has been received, and is presented in business dispositions in cash flows from investing activities in Ball’s unaudited condensed consolidated statements of cash flows. The remaining $10 million will be received on or before December 31, 2022, and is presented in receivables, net on Ball’s unaudited condensed consolidated balance sheets. In the second quarter of 2021, the company recorded a loss of $5 million related to the disposal, which was presented in business consolidation and other activities in the unaudited condensed consolidated statement of earnings.

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Revenue from Contracts With Customers

3 Months Ended

Mar. 31, 2022

Revenue from Contracts with Customer

Revenue from Contracts with Customers

5.     Revenue from Contracts with Customers

The following table disaggregates the company’s net sales based on the timing of transfer of control:

	Three Months Ended March 31,
Years Ended March 31,	Point in Time		Over Time		Total
2022	$	601	$	3,115	$	3,716
2021		610		2,515		3,125

Contract Balances

The company did not have any contract assets at either March 31, 2022, or December 31, 2021. Unbilled receivables, which are not classified as contract assets, represent arrangements in which sales have been recorded prior to billing and right to payment is unconditional.

The opening and closing balances of the company’s current and noncurrent contract liabilities are as follows:

	Contract		Contract
	Liabilities		Liabilities
($ in millions)	(Current)		(Noncurrent)
Balance at December 31, 2021	$	272	$	38
Increase (decrease)		(38)		(21)
Balance at March 31, 2022	$	234	$	17

During the three months ended March 31, 2022, total contract liabilities decreased by $59 million, which is net of cash received of $131 million and amounts recognized as sales of $190 million, the majority of which related to current contract liabilities. The amount of sales recognized in the three months ended March 31, 2022, which were included in the opening contract liabilities balances, was $190 million, all of which related to current contract liabilities. Current contract liabilities are classified within other current liabilities on the unaudited condensed consolidated balance sheet and noncurrent contract liabilities are classified within other liabilities.

The company also recognized net sales of $9 million and $7 million in the three months ended March 31, 2022 and 2021, respectively, from performance obligations satisfied (or partially satisfied) in prior periods. These sales amounts are the result of changes in the transaction price of the company’s contracts with customers.

Transaction Price Allocated to Remaining Performance Obligations

The table below discloses: (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for contracts with an original duration of greater than one year, and (2) when the company expects to record sales on these multi-year contracts.

($ in millions)	Next Twelve Months		Thereafter		Total
Sales expected to be recognized on multi-year contracts in place as of March 31, 2022	$	1,491	$	1,669	$	3,160

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Business Consolidation and Other Activities

3 Months Ended

Mar. 31, 2022

Business Consolidation and Other Activities

Business Consolidation and Other Activities

6.     Business Consolidation and Other Activities

The following is a summary of business consolidation and other activity (charges)/income included in the unaudited condensed consolidated statements of earnings:

	Three Months Ended March 31,
($ in millions)	2022		2021
Beverage packaging, North and Central America	$	1	$	1
Beverage packaging, EMEA		(1)		(2)
Beverage packaging, South America		(1)		(1)
Other		282		(5)
	$	281	$	(7)

2022

Beverage Packaging, North and Central America

During the three months ended March 31, 2022, the company recorded charges of $1 million for individually insignificant activities.

Beverage Packaging, EMEA

During the three months ended March 31, 2022, the company recorded charges of $1 million for individually insignificant activities.

Beverage Packaging, South America

During the three months ended March 31, 2022, the company recorded charges of $1 million for individually insignificant activities.

Other

During the three months ended March 31, 2022, the company recorded the following amounts:

● A gain of $305 million related to the sale of Ball’s remaining equity method investment in Ball Metalpack. See Note 4 for further details.

● A charge related to a donation of $30 million to The Ball Foundation, a non-profit philanthropic organization with efforts to build a better world.

● A gain of $16 million from Ball Metalpack’s repayment of a loan which was formerly fully reserved.

● Currency losses of $9 million associated with market conditions preventing the company from effectively entering into currency derivative positions to minimize currency exposures associated with the Russian ruble.

2021

Beverage Packaging, North and Central America

During the three months ended March 31, 2021, the company recorded income of $1 million for individually insignificant activities.

Beverage Packaging, EMEA

During the three months ended March 31, 2021, the company recorded charges of $2 million for individually insignificant activities in connection with previously announced plant closures, restructuring and other activities.

Beverage Packaging, South America

During the three months ended March 31, 2021, the company recorded charges of $1 million for individually insignificant activities.

Other

During the three months ended March 31, 2021, the company recorded charges of $5 million for individually insignificant activities.

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Supplemental Cash Flow Statement Disclosures

3 Months Ended

Mar. 31, 2022

Supplemental Cash Flow Statement Disclosures

Supplemental Cash Flow Statement Disclosures

7. Supplemental Cash Flow Statement Disclosures

	March 31,
($ in millions)	2022		2021
Beginning of period:
Cash and cash equivalents	$	563	$	1,366
Current restricted cash (included in other current assets)		16		15
Total cash, cash equivalents and restricted cash	$	579	$	1,381
End of period:
Cash and cash equivalents	$	437	$	461
Current restricted cash (included in other current assets)		9		10
Total cash, cash equivalents and restricted cash	$	446	$	471

The company’s restricted cash is primarily related to receivables factoring programs and represents amounts collected from customers that have not yet been remitted to the banks as of the end of the reporting period.

Noncash investing activities include the acquisition of property, plant and equipment (PP&E) for which payment has not been made. These noncash capital expenditures are excluded from the statement of cash flows. A summary of the PP&E acquired but not yet paid for is as follows:

	March 31,
($ in millions)	2022		2021
Beginning of period:
PP&E acquired but not yet paid	$	540	$	409
End of period:
PP&E acquired but not yet paid	$	528	$	515

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Receivables, Net

3 Months Ended

Mar. 31, 2022

Receivables, Net

Receivables, Net

8.     Receivables, Net

	March 31,		December 31,
($ in millions)	2022		2021
Trade accounts receivable	$	1,664	$	1,304
Unbilled receivables		839		727
Less: Allowance for doubtful accounts		(8)		(9)
Net trade accounts receivable		2,495		2,022
Other receivables		633		538
	$	3,128	$	2,560

The company has entered into several regional committed and uncommitted accounts receivable factoring programs with various financial institutions for certain of its receivables. The programs are accounted for as true sales of the receivables, without recourse to Ball, and had combined limits of approximately $2 billion and $1.7 billion at March 31, 2022, and December 31, 2021, respectively. A total of $892 million and $308 million were available for sale under these programs as of March 31, 2022, and December 31, 2021, respectively.

Other receivables include income and sales tax receivables, aluminum scrap sale receivables and other miscellaneous receivables, including remaining amounts related to sales of the company’s equity method investments as detailed in Note 4.

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Inventories, Net

3 Months Ended

Mar. 31, 2022

Inventories, Net

Inventories, Net

9.     Inventories, Net

	March 31,		December 31,
($ in millions)	2022		2021
Raw materials and supplies	$	1,200	$	1,064
Work-in-process and finished goods		1,214		821
Less: Inventory reserves		(91)		(90)
	$	2,323	$	1,795

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Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment, Net.

Property, Plant and Equipment, Net

10.     Property, Plant and Equipment, Net

	March 31,		December 31,
($ in millions)	2022		2021
Land	$	184	$	167
Buildings		2,134		2,081
Machinery and equipment		7,016		6,876
Construction-in-progress		1,245		1,179
		10,579		10,303
Accumulated depreciation		(3,896)		(3,801)
	$	6,683	$	6,502

Depreciation expense amounted to $140 million and $123 million for the three months ended March 31, 2022 and 2021, respectively.

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Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets, Net

Goodwill

11.     Goodwill

($ in millions)	Beverage Packaging, North & Central America		​ Beverage Packaging, EMEA		​ Beverage Packaging, South America		​ Aerospace		Other		Total
Balance at December 31, 2021	$	1,275	$	1,483	$	1,298	$	40	$	282	$	4,378
Effects of currency exchange		—		(60)		—		—		6		(54)
Balance at March 31, 2022	$	1,275	$	1,423	$	1,298	$	40	$	288	$	4,324

Goodwill in the above table is presented net of accumulated impairment losses of $61 million and $62 million as of March 31, 2022 and December 31, 2021, respectively.

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Intangible Assets, Net

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets, Net

Intangible Assets, Net

12.    Intangible Assets, Net

	March 31,		December 31,
($ in millions)	2022		2021
Acquired customer relationships and other intangibles (net of accumulated amortization of $883 million at March 31, 2022, and $862 million at December 31, 2021)	$	1,529	$	1,593
Capitalized software (net of accumulated amortization of $193 million at March 31, 2022, and $187 million at December 31, 2021)		76		74
Other intangibles (net of accumulated amortization of $98 million at March 31, 2022, and $97 million at December 31, 2021)		22		21
	$	1,627	$	1,688

Total amortization expense of intangible assets amounted to $45 million for the three months ended March 31, 2022 and 2021.

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Other Assets

3 Months Ended

Mar. 31, 2022

Other Assets..

Other Assets.

13.    Other Assets

	March 31,		December 31,
($ in millions)	2022		2021
Long-term pension assets	$	565	$	579
Right-of-use operating lease assets		443		420
Investments in affiliates		190		184
Long-term deferred tax assets		88		126
Other		700		614
	$	1,986	$	1,923

Investments in affiliates primarily includes the company’s 50 percent ownership interest in an entity in Guatemala, a 50 percent ownership interest in an entity in Panama, a 50 percent ownership interest in an entity in Vietnam and an ownership interest of 50 percent in an entity in the U.S.

In 2021, Ball sold its minority-owned investment in South Korea. In the first quarter of 2022, Ball sold its remaining equity method investment in Ball Metalpack for total consideration of $305 million. See Note 4 for further details of both transactions.

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Leases

3 Months Ended

Mar. 31, 2022

Leases

Leases

14.    Leases

The company enters into operating leases for buildings, warehouses, office equipment, production equipment, aircraft, land and other types of equipment. The company also enters into finance leases for certain plant equipment.

Supplemental balance sheet information related to the company’s leases follows:

		March 31,		December 31,
($ in millions)	Balance Sheet Location	2022		2021
Operating leases:
Operating lease ROU asset	Other assets	$	443	$	420
Current operating lease liabilities	Other current liabilities		86		80
Noncurrent operating lease liabilities	Other liabilities		360		340
Finance leases:
Finance lease ROU assets, net	Property, plant and equipment, net		13		14
Current finance lease liabilities	Short-term debt and current portion of long-term debt		2		2
Noncurrent finance lease liabilities	Long-term debt		12		12

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Debt

3 Months Ended

Mar. 31, 2022

Debt

Debt

15.    Debt

Long-term debt consisted of the following:

	March 31,		December 31,
($ in millions)	2022		2021
Senior Notes
4.00% due November 2023	$	1,000	$	1,000
4.375%, euro denominated, due December 2023		775		796
0.875%, euro denominated, due March 2024		830		853
5.25% due July 2025		1,000		1,000
4.875% due March 2026		750		750
1.50%, euro denominated, due March 2027		609		625
2.875% due August 2030		1,300		1,300
3.125% due September 2031		850		850
Senior Credit Facility (at variable rates)
Term A loan due March 2024		593		593
U.S. dollar revolver due March 2024		600		—
Finance lease obligations		14		14
Other (including debt issuance costs)		(52)		(56)
		8,269		7,725
Less: Current portion		(4)		(3)
	$	8,265	$	7,722

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 March 31, 2022, taking into account outstanding letters of credit, $1.1 billion was available under the company’s long-term, revolving credit facilities. In addition to these facilities, the company had approximately $890 million of short-term uncommitted credit facilities available at March 31, 2022, of which $289 million was outstanding and due on demand. At December 31, 2021, the company had $12 million outstanding under short-term uncommitted credit facilities.

The fair value of long-term debt was estimated to be $8.2 and $8 billion at March 31, 2022 and December 31, 2021, respectively. 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 March 31, 2022, 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 March 31, 2022, and December 31, 2021, and it has met all debt payment obligations.

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Taxes on Income

3 Months Ended

Mar. 31, 2022

Taxes on Income

Taxes on Income

16. Taxes on Income

The company’s effective tax rate was 18.5 percent and 13.7 percent for the three months ended March 31, 2022 and 2021, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three months ended March 31, 2022, was reduced by 2.3 percentage points for share-based compensation, reduced by 1.5 percentage points for changes in deferred taxes on the investment in its Russian business, and increased by 1.3 percentage points for the sale of the Ball Metalpack equity method investment. As compared to the statutory U.S. tax rate, the effective tax rate for the three months ended March 31, 2021, was reduced by 5 percentage points for non-U.S. rate differences net of withholding tax, 2.6 percentage points for share-based compensation, and 2.4 percentage points for federal tax credits.

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Employee Benefit Obligations

3 Months Ended

Mar. 31, 2022

Employee Benefit Obligations

Employee Benefit Obligations

17.    Employee Benefit Obligations

	March 31,		December 31,
($ in millions)	2022		2021
Underfunded defined benefit pension liabilities	$	503	$	582
Less: Current portion		(21)		(21)
Long-term defined benefit pension liabilities		482		561
Long-term retiree medical liabilities		133		135
Deferred compensation plans		398		441
Other		34		68
	$	1,047	$	1,205

Components of net periodic benefit cost associated with the company’s defined benefit pension plans were as follows:

	Three Months Ended March 31,
	2022						2021
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Ball-sponsored plans:
Service cost	$	22	$	3	$	25	$	21	$	3	$	24
Interest cost		13		13		26		13		9		22
Expected return on plan assets		(27)		(17)		(44)		(31)		(16)		(47)
Amortization of prior service cost		—		1		1		—		1		1
Recognized net actuarial loss		7		1		8		13		1		14
Total net periodic benefit cost	$	15	$	1	$	16	$	16	$	(2)	$	14

Non-service pension income of $9 million and $10 million for the three months ended March 31, 2022 and 2021, respectively, is included in selling, general, and administrative (SG&A) expenses in the unaudited condensed consolidated statement of earnings.

Contributions to the company’s defined benefit pension plans were $104 million for the first three months of 2022 compared to $162 million for the first three months of 2021, and such contributions are expected to be approximately $127 million for the full year of 2022. This estimate may change based on changes to the U.S. Pension Protection Act and the actual returns achieved on plan assets, among other factors.

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Equity and Accumulated Other Comprehensive Earnings

3 Months Ended

Mar. 31, 2022

Equity and Accumulated Other Comprehensive Earnings

Equity and Accumulated Other Comprehensive Earnings

18.    Equity and Accumulated Other Comprehensive Earnings

The following tables provide additional details of the company’s equity activity:

	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity
Balance at December 31, 2021	680,945	$	1,220	(360,101)	$	(3,854)	$	6,843	$	(582)	$	58	$	3,685
Net earnings	—		—	—		—		446		—		1		447
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		(29)		—		(29)
Common dividends, net of tax benefits	—		—	—		—		(65)		—		—		(65)
Treasury stock purchases	—		—	(1,147)		(102)		—		—		—		(102)
Treasury shares reissued	—		—	151		9		—		—		—		9
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	791		6	—		—		—		—		—		6
Other activity	—		—	—		6		—		—		—		6
Balance at March 31, 2022	681,736	$	1,226	(361,097)	$	(3,941)	$	7,224	$	(611)	$	59	$	3,957

	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity
Balance at December 31, 2020	679,524	$	1,167	(351,939)	$	(3,130)	$	6,192	$	(954)	$	62	$	3,337
Net earnings	—		—	—		—		200		—		—		200
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		57		—		57
Common dividends, net of tax benefits	—		—	—		—		(50)		—		—		(50)
Treasury stock purchases	—		—	(121)		(10)		—		—		—		(10)
Treasury shares reissued	—		—	161		8		—		—		—		8
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	490		4	—		8		—		—		—		12
Balance at March 31, 2021	680,014	$	1,171	(351,899)	$	(3,124)	$	6,342	$	(897)	$	62	$	3,554

Accumulated Other Comprehensive Earnings (Loss)

The activity related to accumulated other comprehensive earnings (loss) was as follows:

($ in millions)	​ Currency Translation (Net of Tax)		Pension and Other Postretirement Benefits (Net of Tax)		Derivatives Designated as Hedges (Net of Tax)		Accumulated Other Comprehensive Earnings (Loss)
Balance at December 31, 2021		(536)		(169)		123		(582)
Other comprehensive earnings (loss) before reclassifications		(92)		(1)		82		(11)
Reclassification of net deferred (gains) losses into earnings		—		7		(25)		(18)
Balance at March 31, 2022	$	(628)	$	(163)	$	180	$	(611)

The following table provides additional details of the amounts recognized into net earnings from accumulated other comprehensive earnings (loss):

	Three Months Ended March 31,
($  in millions)	2022		2021
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	(31)	$	(16)
Commodity contracts recorded in cost of sales		35		10
Currency exchange contracts recorded in selling, general and administrative		28		42
Interest rate contracts recorded in interest expense		1		—
Total before tax effect		33		36
Tax benefit (expense) on amounts reclassified into earnings		(8)		(7)
Recognized gain (loss), net of tax	$	25	$	29
Amortization of pension and other postretirement benefits: (a)
Actuarial gains (losses)	$	(8)	$	(14)
Prior service income (expense)		(1)		(1)
Total before tax effect		(9)		(15)
Tax benefit (expense) on amounts reclassified into earnings		2		4
Recognized gain (loss), net of tax	$	(7)	$	(11)

(a) These components are included in the computation of net periodic benefit cost detailed in Note 17.

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Earnings and Dividends Per Share

3 Months Ended

Mar. 31, 2022

Earnings and Dividends Per Share

Earnings and Dividends Per Share

19.    Earnings and Dividends Per Share

	Three Months Ended March 31,
($ in millions, except per share amounts; shares in thousands)	2022		2021
Net earnings attributable to Ball Corporation	$	446	$	200
Basic weighted average common shares		320,904		327,811
Effect of dilutive securities		5,012		5,862
Weighted average shares applicable to diluted earnings per share		325,916		333,673
Per basic share	$	1.39	$	0.61
Per diluted share	$	1.37	$	0.60

Certain outstanding options are excluded from the diluted earnings per share calculation because they are anti-dilutive (i.e., their assumed conversion into common stock would increase rather than decrease earnings per share). Ball excluded two million and one million anti-dilutive options for the three months ended March 31, 2022 and 2021, respectively.

The company declared and paid dividends of $0.20 per share and $0.15 per share for the three months ended March 31, 2022 and 2021, respectively.

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Financial Instruments and Risk Management

3 Months Ended

Mar. 31, 2022

Financial Instruments and Risk Management

Financial Instruments and Risk Management

20.    Financial Instruments and Risk Management

Policies and Procedures

The company employs established risk management policies and procedures, which seek to reduce the company’s commercial risk exposure to fluctuations in commodity prices, interest rates, currency exchange rates and prices of the company’s common stock with regard to common share repurchases and the company’s deferred compensation stock plan. However, there can be no assurance these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The company monitors counterparty credit risk, including lenders, on a regular basis, but Ball cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the company’s master derivative agreements, the non-defaulting party has the option to offset any amounts owed with regard to open derivative positions.

Commodity Price Risk - The company manages commodity price risk in connection with market price fluctuations of aluminum through two different methods. First, the company enters into container sales contracts that include aluminum-based pricing terms which generally reflect the same price fluctuations under commercial purchase contracts for aluminum sheet. The terms include fixed, floating or pass through aluminum component pricing. Second, the company uses certain derivative instruments, including option and forward contracts, as economic and cash flow hedges of commodity price risk where there are material differences between sales and purchase contracted pricing and volume.

Interest Rate Risk - The company’s objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs. To achieve these objectives, the company may use a variety of interest rate swaps, collars and options to manage its mix of floating and fixed-rate debt.

Currency Exchange Rate Risk - The company’s objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. In addition, at times the company manages earnings translation volatility through the use of currency option strategies, and the change in the fair value of those options is recorded in the company’s net earnings.

The following table provides additional information related to the commercial risk management instruments described above:

($ in millions)	March 31, 2022
Commercial risk area	Commodity		Currency		Interest Rate
Notional amount of contracts	$	1,999	$	2,910	$	1,164
Net gain (loss) included in AOCI, after-tax		180		(1)		1
Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months		174		13		1
Longest duration of forecasted cash flow hedge transactions in years		2		3		1

Common Stock Price Risk

The company’s deferred compensation stock program is subject to variable plan accounting and, accordingly, is marked to fair value using the company’s closing stock price at the end of the related reporting period. The company entered into total return swaps to reduce the company’s earnings exposure to these fair value fluctuations that will be outstanding through May 2023 and have a combined notional value of 2.5 million shares. Based on the current number of shares in the program, each $1 change in the company’s stock price would have an insignificant impact on pretax earnings, net of the impact of related derivatives.

Collateral Calls

The company’s agreements with its financial counterparties require the company to post collateral in certain circumstances when the negative mark to fair value of the derivative contracts exceeds specified levels. Additionally, the company has collateral posting arrangements with certain customers on these derivative contracts. The cash flows of the margin calls, if any, are shown within the investing section of the company’s unaudited condensed consolidated statements of cash flows. As of March 31, 2022, and December 31, 2021, the aggregate fair value of all derivative instruments with credit-risk-related contingent features was a net liability position of $41 million and $3 million, respectively, and no collateral was required to be posted.

Fair Value Measurements

Ball has classified all applicable financial derivative assets and liabilities as Level 2 within the fair value hierarchy as of March 31, 2022, and December 31, 2021, and presented those values in the tables below. The company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

		March 31, 2022
($ in millions)	Balance Sheet Location	Derivatives Designated as Hedging Instruments		Derivatives not Designated as Hedging Instruments		Total
Assets:
Commodity contracts		$	262	$	—	$	262
Currency contracts			3		18		21
Other contracts			1		4		5
Total current derivative contracts	Other current assets	$	266	$	22	$	288
Commodity contracts		$	8	$	—	$	8
Currency contracts			68		1		69
Total noncurrent derivative contracts	Other noncurrent assets	$	76	$	1	$	77
Liabilities:
Commodity contracts		$	82	$	—	$	82
Currency contracts			8		22		30
Other contracts			—		4		4
Total current derivative contracts	Other current liabilities	$	90	$	26	$	116
Currency contracts		$	—	$	2	$	2
Total noncurrent derivative contracts	Other noncurrent liabilities	$	—	$	2	$	2

		December 31, 2021
($ in millions)	Balance Sheet Location	Derivatives Designated as Hedging Instruments		Derivatives not Designated as Hedging Instruments		Total
Assets:
Commodity contracts		$	142	$	—	$	142
Currency contracts			2		19		21
Other contracts			1		6		7
Total current derivative contracts	Other current assets	$	145	$	25	$	170
Commodity contracts		$	3	$	—	$	3
Currency contracts			59		1		60
Total noncurrent derivative contracts	Other noncurrent assets	$	62	$	1	$	63
Liabilities:
Commodity contracts		$	20	$	—	$	20
Currency contracts			—		8		8
Other contracts			—		1		1
Total current derivative contracts	Other current liabilities	$	20	$	9	$	29
Currency contracts		$	—	$	3	$	3
Total noncurrent derivative contracts	Other noncurrent liabilities	$	—	$	3	$	3

The company uses closing spot and forward market prices as published by the London Metal Exchange, the Chicago Mercantile Exchange, Reuters and Bloomberg to determine the fair value of any outstanding aluminum, currency, energy, inflation and interest rate spot and forward contracts. Option contracts are valued using a Black-Scholes model with observable market inputs for aluminum, currency and interest rates. The company values each of its financial instruments either internally using a single valuation technique, from a reliable observable market source, or from the use of third-party software. The company does not adjust the value of its financial instruments except in determining the fair value of a trade that settles in the future. The present value discounting factor is based on the comparable time period LIBOR rate or 12-month LIBOR. Ball performs validations of the company’s internally derived fair values reported for the company’s financial instruments on a quarterly basis utilizing counterparty valuation statements. The company additionally evaluates counterparty creditworthiness and, as of March 31, 2022, has not identified any circumstances requiring the reported values of the company’s financial instruments be adjusted.

The following table provides the effects of derivative instruments in the consolidated statement of earnings and on accumulated other comprehensive earnings (loss):

		Three Months Ended March 31,
		2022				2021
($ in millions)	Location of Gain (Loss) Recognized in Earnings on Derivatives	Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)		Gain (Loss) on Derivatives not Designated as Hedge Instruments		Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)		Gain (Loss) on Derivatives not Designated as Hedge Instruments
Commodity contracts - manage exposure to customer pricing	Net sales	$	(31)	$	—	$	(16)	$	—
Commodity contracts - manage exposure to supplier pricing	Cost of sales		35		(14)		10		3
Interest rate contracts - manage exposure for outstanding debt	Interest expense		1		—		—		—
Currency contracts - manage currency exposure	Selling, general and administrative		28		(5)		42		35
Equity contracts	Selling, general and administrative		—		(16)		—		(25)
Total		$	33	$	(35)	$	36	$	13

The changes in accumulated other comprehensive earnings (loss) for derivatives designated as hedges were as follows:

	Three Months Ended March 31,
($ in millions)	2022		2021
Amounts reclassified into earnings:
Commodity contracts	$	(4)	$	6
Interest rate contracts		(1)		—
Currency exchange contracts		(28)		(42)
Change in fair value of cash flow hedges:
Commodity contracts		94		51
Interest rate contracts		2		—
Currency exchange contracts		4		31
Currency and tax impacts		(10)		(9)
	$	57	$	37

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Contingencies

3 Months Ended

Mar. 31, 2022

Contingencies

Contingencies

21.    Contingencies

Ball is subject to numerous lawsuits, claims or proceedings arising out of the ordinary course of business, including actions related to product liability; personal injury; the use and performance of company products; warranty matters; patent, trademark or other intellectual property infringement; contractual liability; the conduct of the company’s business; tax reporting in domestic and non-U.S. jurisdictions; workplace safety and environmental and other matters. The company has also been identified as a potentially responsible party (PRP) at several waste disposal sites under U.S. federal and related state environmental statutes and regulations and may have joint and several liability for any investigation and remediation costs incurred with respect to such sites. In addition, the company has received claims alleging that employees in certain plants have suffered damages due to exposure to alleged workplace hazards. Some of these lawsuits, claims and proceedings involve substantial amounts, including as described below, and some of the environmental proceedings involve potential monetary costs or sanctions that may be material. Ball has denied liability with respect to many of these lawsuits, claims and proceedings and is vigorously defending such lawsuits, claims and proceedings. The company carries various forms of commercial, property and casualty, and other forms of insurance; however, such insurance may not be applicable or adequate to cover the costs associated with a judgment against Ball with respect to these lawsuits, claims and proceedings. The company estimates that potential liabilities for all currently known and estimable environmental matters are approximately $26 million in the aggregate, and such amounts have been included in other current liabilities and other noncurrent liabilities at March 31, 2022.

In February 2012, Ball Metal Beverage Container Corp. (BMBCC) filed an action against Crown Packaging Technology, Inc. (Crown) in the U.S. District Court for the Southern District of Ohio (the Court) seeking a declaratory judgment that the manufacture, sale and use of certain ends by BMBCC and its customers do not infringe certain claims of Crown’s U.S. patents. Crown subsequently filed a counterclaim alleging infringement of certain claims in these patents seeking unspecified monetary damages, fees and declaratory and injunctive relief. The District Court issued a claim construction order at the end of December 2015 and held a scheduling conference on February 10, 2016, to determine the timeline for future steps in the litigation. The case was stayed by mutual agreement of the parties into the third quarter of 2016, during which Crown made preparations for its discovery with respect to certain ends previously produced by Rexam’s U.S. subsidiary, Rexam Beverage Can Company (RBCC). Such discovery began during the first half of 2017 and concluded in the fourth quarter of 2018. The parties attempted to mediate the case on August 1, 2017, but no progress was made, and the case continued as scheduled. In December 2018, BMBCC and RBCC filed a motion for summary judgment that the Crown patents at issue are invalid and that the applicable ends supplied by BMBCC and RBCC did not infringe the patents. Crown did not file a motion for summary judgment. On June 21, 2019, the District Court issued an order sustaining the BMBCC/RBCC motion as to invalidity, declining to rule on the other grounds as moot, and indicating that an expanded opinion and an appealable order would be forthcoming. The expanded opinion was docketed on July 22, 2019. The final, appealable order was issued by the Court on September 25, 2019, and the expanded opinion was unsealed. On October 22, 2019, Crown filed a Notice of Appeal of the decision of the Court to the Court of Appeals for the Federal Circuit. On December 31, 2020, the Court of Appeals vacated the decision of the District Court and remanded the case for further proceedings. The District Court held a telephonic hearing with counsel for the parties in March 2021 to discuss the scope of the proceedings on remand and initial position statements regarding remand which was submitted by each party. The District Court also directed each party to submit a document in response to the initial position statements of the other party in April 2021. The parties submitted their position statements to the District Court on April 21, 2021. On August 25, 2021, the Court issued its order regarding the further proceedings permitting each party to submit supplemental expert reports and depositions of the experts. On September 9, 2021, the parties submitted a Submission Regarding Scheduling in which most issues were agreed, but the Court was requested to resolve a dispute regarding the process and timing for the submission of each expert’s report and the deposition of the experts. The Court has not yet responded to this filing and has not issued a schedule for proceedings on remand. Based on the information available at the present time, the company does not believe that this matter will have a material adverse effect upon its liquidity, results of operations or financial condition.

A former Rexam Personal Care site in Annecy, France, was found in 2003 to be contaminated following a leak of chlorinated solvents (TCE) from an underground feedline. The site underwent extensive investigation and an active remediation treatment system was put in place in 2006. The business operating from the site was sold to Albea in 2013 and in turn to a French company CATIDOM (operating as Reboul). Reboul vacated the site in September 2014, and the site reverted back to Rexam during the first quarter of 2015. As part of the site closure regulatory requirements, a new regulatory permit (Prefectoral Order) was issued in June 2016, which includes requirements to undertake a cost-benefit analysis and pilot studies of further treatment for the known residual solvent contamination following the shutdown of the current on-site treatment system. A new management plan was proposed to the French Environmental Authorities (DREAL) during 2018. Tenders for the proposed remediation work were issued in 2020 and a preferred supplier of the remedial works has been identified. These proposed works are the subject of discussions taking place with the French environmental authorities before adoption of the final plan for the site and conduct of the remediation activity. Based on the information available at this time, the company does not believe that this matter will have a material adverse effect upon its liquidity, results of operations or financial condition.

The company’s operations in Brazil are involved in various governmental assessments, which have historically mainly related to claims for taxes on the internal transfer of inventory, gross revenue taxes, and indirect tax incentives and deductibility of goodwill. In addition, one of the company’s Brazilian subsidiaries received an income tax assessment focused on the disallowance of deductions associated with the acquisition price paid to a third party for a portion of its operations. The company does not believe that the ultimate resolution of these matters will materially impact its results of operations, financial position or cash flows. Under customary local regulations, the company’s Brazilian subsidiaries may need to post cash or other collateral if the process to challenge any administrative assessment proceeds to the Brazilian court system; however, the level of any potential cash or collateral required would not significantly impact the liquidity of those subsidiaries or Ball Corporation.

During 2017, the Brazilian Supreme Court (the Court) ruled against the Brazilian tax authorities in a leading case related to the computation of certain indirect taxes. The Court ruled that the indirect tax base should not include a value-added tax known as “ICMS.” By removing the ICMS from the tax base, the Court effectively eliminated a “tax on tax.” The Court decision, in principle, affects all applicable judicial proceedings in progress. However, after publication of the decision in October 2017, the Brazilian tax authorities filed an appeal seeking clarification of certain matters, including the amount of ICMS to which taxpayers would be entitled in order to reduce their indirect tax base (i.e., the gross rate or net rate).

The company’s Brazilian subsidiaries paid to the Brazilian tax authorities the gross amounts of certain indirect taxes (which included ICMS in their tax base) and filed lawsuits in 2014 and 2015 to challenge the legality of these tax on tax amounts. Pursuant to these lawsuits, the company requested reimbursement of prior excess tax payments and entitlement to retain amounts not remitted. During 2018, the company learned of a further decision of the Court indicating that lawsuits filed prior to the trial resulting in its 2017 decision, such as those filed by the company, would likely be upheld. The company also noted that other Brazilian companies, including customers of its Brazilian subsidiaries, which had timely filed equivalent lawsuits, were recording income based on the applicable ICMS amounts retained. During 2021, 2020 and 2019, the company received additional favorable court rulings and completed its analysis of certain prior year overpayments related to ICMS. As these gain contingency amounts were determined to be estimable and realizable, the company recorded $22 million of prior year collections in business consolidation and other activities within its consolidated statement of earnings for the period ended December 31, 2021. As of March 31, 2022, the company has no additional claims outstanding that would result in material reimbursements.

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Indemnifications and Guarantees

3 Months Ended

Mar. 31, 2022

Indemnifications and Guarantees

Indemnifications and Guarantees

22.    Indemnifications and Guarantees

General Guarantees

The company or its appropriate consolidated direct or indirect subsidiaries have made certain indemnities, commitments and guarantees under which the specified entity may be required to make payments in relation to certain transactions. These indemnities, commitments and guarantees include indemnities to the customers of the subsidiaries in connection with the sales of their packaging and aerospace products and services; guarantees to suppliers of subsidiaries of the company guaranteeing the performance of the respective entity under a purchase agreement, construction contract, renewable energy purchase contract or other commitment; guarantees in respect of certain non-U.S. subsidiaries’ pension plans; indemnities for liabilities associated with the infringement of third-party patents, trademarks or copyrights under various types of agreements; indemnities to various lessors in connection with facility, equipment, furniture and other personal property leases for certain claims arising from such leases; indemnities to governmental agencies in connection with the issuance of a permit or license to the company or a subsidiary; indemnities pursuant to agreements relating to certain joint ventures; indemnities in connection with the sale of businesses or substantially all of the assets and specified liabilities of businesses; and indemnities to directors, officers and employees of the company to the extent permitted under the laws of the State of Indiana and the United States of America. The duration of these indemnities, commitments and guarantees varies and, in certain cases, is indefinite.

In addition, many of these indemnities, commitments and guarantees do not provide for any limitation on the maximum potential future payments the company could be obligated to make. As such, the company is unable to reasonably estimate its potential exposure under these items.

The company has not recorded any material liabilities for these indemnities, commitments and guarantees in the accompanying consolidated balance sheets. The company does, however, accrue for payments under promissory notes and other evidences of incurred indebtedness and for losses for any known contingent liability, including those that may arise from indemnifications, commitments and guarantees, when future payment is both reasonably estimable and probable. Finally, the company carries specific and general liability insurance policies and has obtained indemnities, commitments and guarantees from third-party purchasers, sellers and other contracting parties, which the company believes would, in certain circumstances, provide recourse to certain claims arising from these indemnifications, commitments and guarantees.

Debt Guarantees

The company’s and its subsidiaries’ obligations under the senior notes and senior credit facilities (or, in the case of U.S. domiciled non-U.S. subsidiaries under the senior credit facilities, the obligations of non-U.S. credit parties only) are guaranteed on a full, unconditional and joint and several basis by certain of the company’s domestic subsidiaries and the domestic subsidiary borrowers, and obligations of other guarantors and the subsidiary borrowers under the senior credit facilities are guaranteed by the company, in each case with certain exceptions. These guarantees are required in support of the senior notes and senior credit facilities referred to above, are coterminous with the terms of the respective note indentures, senior notes and credit agreement, and they could be enforced by the holders of the obligations thereunder during the continuation of an event of default under the note indentures, the senior notes and/or the credit agreement. The maximum potential amounts which could be required to be paid under such guarantees are essentially equal to then-outstanding obligations under the respective senior notes or the credit agreement (or, in the case of U.S. domiciled non-U.S. subsidiaries under the senior credit facilities, the obligations of non-U.S. credit parties only), with certain exceptions. All obligations under the guarantees of the senior credit facilities are secured, with certain exceptions, by a valid first priority perfected lien or pledge on (i) 100 percent of the capital stock of each of the company's material wholly owned domestic subsidiaries directly owned by the company or any of its wholly owned domestic subsidiaries and (ii) 65 percent of the capital stock of each of the company's material wholly owned first-tier non-U.S. subsidiaries directly owned by the company or any of its wholly owned domestic subsidiaries. In addition, the obligations of certain non-U.S. borrowers and non-U.S. pledgors under the loan documents will be secured, with certain exceptions, by a valid first priority perfected lien or pledge on 100 percent of the capital stock of certain of the company's material wholly owned non-U.S. subsidiaries and material wholly owned U.S. domiciled non-U.S. subsidiaries directly owned by the company or any of its wholly owned material subsidiaries. The company is not in default under the above senior notes or senior credit facilities.

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Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Business Segment Information

Summary of business by segment

	Three Months Ended March 31,
($ in millions)	2022		2021
Net sales
Beverage packaging, North and Central America	$	1,609	$	1,296
Beverage packaging, EMEA		942		796
Beverage packaging, South America		494		487
Aerospace		504		424
Reportable segment sales		3,549		3,003
Other		167		122
Net sales	$	3,716	$	3,125
Comparable operating earnings
Beverage packaging, North and Central America	$	174	$	140
Beverage packaging, EMEA		100		100
Beverage packaging, South America		78		93
Aerospace		43		35
Reportable segment comparable operating earnings		395		368
Reconciling items
Other (a)		(29)		(23)
Business consolidation and other activities		281		(7)
Amortization of acquired intangibles		(37)		(38)
Earnings before interest and taxes		610		300
Interest expense		(69)		(67)
Earnings before taxes	$	541	$	233

(a) Includes undistributed corporate expenses, net, of $33 million and $26 million for the three months ended March 31, 2022 and 2021, respectively.

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Revenue from Contracts With Customers (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contracts with Customer

Schedule of the disaggregation of revenue by timing of transfer of control

	Three Months Ended March 31,
Years Ended March 31,	Point in Time		Over Time		Total
2022	$	601	$	3,115	$	3,716
2021		610		2,515		3,125

Schedule of balances of contract liabilities

	Contract		Contract
	Liabilities		Liabilities
($ in millions)	(Current)		(Noncurrent)
Balance at December 31, 2021	$	272	$	38
Increase (decrease)		(38)		(21)
Balance at March 31, 2022	$	234	$	17

Schedule of transaction price allocated to remaining performance obligations

($ in millions)	Next Twelve Months		Thereafter		Total
Sales expected to be recognized on multi-year contracts in place as of March 31, 2022	$	1,491	$	1,669	$	3,160

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Business Consolidation and Other Activities (Tables)

3 Months Ended

Mar. 31, 2022

Business Consolidation and Other Activities

Summary of business consolidation and other activity (charges) / income included in the condensed consolidated statements of earnings

	Three Months Ended March 31,
($ in millions)	2022		2021
Beverage packaging, North and Central America	$	1	$	1
Beverage packaging, EMEA		(1)		(2)
Beverage packaging, South America		(1)		(1)
Other		282		(5)
	$	281	$	(7)

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Supplemental Cash Flow Statement Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

Supplemental Cash Flow Statement Disclosures

Schedule of cash, cash equivalents and restricted cash

	March 31,
($ in millions)	2022		2021
Beginning of period:
Cash and cash equivalents	$	563	$	1,366
Current restricted cash (included in other current assets)		16		15
Total cash, cash equivalents and restricted cash	$	579	$	1,381
End of period:
Cash and cash equivalents	$	437	$	461
Current restricted cash (included in other current assets)		9		10
Total cash, cash equivalents and restricted cash	$	446	$	471

Summary of PP&E acquired but not yet paid

	March 31,
($ in millions)	2022		2021
Beginning of period:
PP&E acquired but not yet paid	$	540	$	409
End of period:
PP&E acquired but not yet paid	$	528	$	515

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Receivables, Net (Tables)

3 Months Ended

Mar. 31, 2022

Receivables, Net

Schedule of receivables

	March 31,		December 31,
($ in millions)	2022		2021
Trade accounts receivable	$	1,664	$	1,304
Unbilled receivables		839		727
Less: Allowance for doubtful accounts		(8)		(9)
Net trade accounts receivable		2,495		2,022
Other receivables		633		538
	$	3,128	$	2,560

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Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2022

Inventories, Net

Schedule of inventories

	March 31,		December 31,
($ in millions)	2022		2021
Raw materials and supplies	$	1,200	$	1,064
Work-in-process and finished goods		1,214		821
Less: Inventory reserves		(91)		(90)
	$	2,323	$	1,795

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Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment, Net.

Schedule of property, plant and equipment

	March 31,		December 31,
($ in millions)	2022		2021
Land	$	184	$	167
Buildings		2,134		2,081
Machinery and equipment		7,016		6,876
Construction-in-progress		1,245		1,179
		10,579		10,303
Accumulated depreciation		(3,896)		(3,801)
	$	6,683	$	6,502

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Goodwill (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets, Net

Schedule of goodwill

($ in millions)	Beverage Packaging, North & Central America		​ Beverage Packaging, EMEA		​ Beverage Packaging, South America		​ Aerospace		Other		Total
Balance at December 31, 2021	$	1,275	$	1,483	$	1,298	$	40	$	282	$	4,378
Effects of currency exchange		—		(60)		—		—		6		(54)
Balance at March 31, 2022	$	1,275	$	1,423	$	1,298	$	40	$	288	$	4,324

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Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets, Net

Schedule of Finite-Lived Intangible Assets

	March 31,		December 31,
($ in millions)	2022		2021
Acquired customer relationships and other intangibles (net of accumulated amortization of $883 million at March 31, 2022, and $862 million at December 31, 2021)	$	1,529	$	1,593
Capitalized software (net of accumulated amortization of $193 million at March 31, 2022, and $187 million at December 31, 2021)		76		74
Other intangibles (net of accumulated amortization of $98 million at March 31, 2022, and $97 million at December 31, 2021)		22		21
	$	1,627	$	1,688

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Other Assets (Tables)

3 Months Ended

Mar. 31, 2022

Other Assets..

Schedule of other assets

	March 31,		December 31,
($ in millions)	2022		2021
Long-term pension assets	$	565	$	579
Right-of-use operating lease assets		443		420
Investments in affiliates		190		184
Long-term deferred tax assets		88		126
Other		700		614
	$	1,986	$	1,923

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Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases

Schedule of supplemental balance sheet information related to leases

		March 31,		December 31,
($ in millions)	Balance Sheet Location	2022		2021
Operating leases:
Operating lease ROU asset	Other assets	$	443	$	420
Current operating lease liabilities	Other current liabilities		86		80
Noncurrent operating lease liabilities	Other liabilities		360		340
Finance leases:
Finance lease ROU assets, net	Property, plant and equipment, net		13		14
Current finance lease liabilities	Short-term debt and current portion of long-term debt		2		2
Noncurrent finance lease liabilities	Long-term debt		12		12

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Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt

Schedule of long-term debt

	March 31,		December 31,
($ in millions)	2022		2021
Senior Notes
4.00% due November 2023	$	1,000	$	1,000
4.375%, euro denominated, due December 2023		775		796
0.875%, euro denominated, due March 2024		830		853
5.25% due July 2025		1,000		1,000
4.875% due March 2026		750		750
1.50%, euro denominated, due March 2027		609		625
2.875% due August 2030		1,300		1,300
3.125% due September 2031		850		850
Senior Credit Facility (at variable rates)
Term A loan due March 2024		593		593
U.S. dollar revolver due March 2024		600		—
Finance lease obligations		14		14
Other (including debt issuance costs)		(52)		(56)
		8,269		7,725
Less: Current portion		(4)		(3)
	$	8,265	$	7,722

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Employee Benefit Obligations (Tables)

3 Months Ended

Mar. 31, 2022

Employee Benefit Obligations

Schedule of employee benefit obligations

	March 31,		December 31,
($ in millions)	2022		2021
Underfunded defined benefit pension liabilities	$	503	$	582
Less: Current portion		(21)		(21)
Long-term defined benefit pension liabilities		482		561
Long-term retiree medical liabilities		133		135
Deferred compensation plans		398		441
Other		34		68
	$	1,047	$	1,205

Defined Benefit Pension Plans

Employee Benefit Obligations

Components of net periodic benefit cost

	Three Months Ended March 31,
	2022						2021
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Ball-sponsored plans:
Service cost	$	22	$	3	$	25	$	21	$	3	$	24
Interest cost		13		13		26		13		9		22
Expected return on plan assets		(27)		(17)		(44)		(31)		(16)		(47)
Amortization of prior service cost		—		1		1		—		1		1
Recognized net actuarial loss		7		1		8		13		1		14
Total net periodic benefit cost	$	15	$	1	$	16	$	16	$	(2)	$	14

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Equity and Accumulated Other Comprehensive Earnings (Tables)

3 Months Ended

Mar. 31, 2022

Equity and Accumulated Other Comprehensive Earnings

Schedule of company's equity activity

	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity
Balance at December 31, 2021	680,945	$	1,220	(360,101)	$	(3,854)	$	6,843	$	(582)	$	58	$	3,685
Net earnings	—		—	—		—		446		—		1		447
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		(29)		—		(29)
Common dividends, net of tax benefits	—		—	—		—		(65)		—		—		(65)
Treasury stock purchases	—		—	(1,147)		(102)		—		—		—		(102)
Treasury shares reissued	—		—	151		9		—		—		—		9
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	791		6	—		—		—		—		—		6
Other activity	—		—	—		6		—		—		—		6
Balance at March 31, 2022	681,736	$	1,226	(361,097)	$	(3,941)	$	7,224	$	(611)	$	59	$	3,957

	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity
Balance at December 31, 2020	679,524	$	1,167	(351,939)	$	(3,130)	$	6,192	$	(954)	$	62	$	3,337
Net earnings	—		—	—		—		200		—		—		200
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		57		—		57
Common dividends, net of tax benefits	—		—	—		—		(50)		—		—		(50)
Treasury stock purchases	—		—	(121)		(10)		—		—		—		(10)
Treasury shares reissued	—		—	161		8		—		—		—		8
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	490		4	—		8		—		—		—		12
Balance at March 31, 2021	680,014	$	1,171	(351,899)	$	(3,124)	$	6,342	$	(897)	$	62	$	3,554

Schedule of activity related to accumulated other comprehensive earnings (loss)

($ in millions)	​ Currency Translation (Net of Tax)		Pension and Other Postretirement Benefits (Net of Tax)		Derivatives Designated as Hedges (Net of Tax)		Accumulated Other Comprehensive Earnings (Loss)
Balance at December 31, 2021		(536)		(169)		123		(582)
Other comprehensive earnings (loss) before reclassifications		(92)		(1)		82		(11)
Reclassification of net deferred (gains) losses into earnings		—		7		(25)		(18)
Balance at March 31, 2022	$	(628)	$	(163)	$	180	$	(611)

Information related to amounts reclassified into net earnings from accumulated other comprehensive earnings (loss)

	Three Months Ended March 31,
($  in millions)	2022		2021
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	(31)	$	(16)
Commodity contracts recorded in cost of sales		35		10
Currency exchange contracts recorded in selling, general and administrative		28		42
Interest rate contracts recorded in interest expense		1		—
Total before tax effect		33		36
Tax benefit (expense) on amounts reclassified into earnings		(8)		(7)
Recognized gain (loss), net of tax	$	25	$	29
Amortization of pension and other postretirement benefits: (a)
Actuarial gains (losses)	$	(8)	$	(14)
Prior service income (expense)		(1)		(1)
Total before tax effect		(9)		(15)
Tax benefit (expense) on amounts reclassified into earnings		2		4
Recognized gain (loss), net of tax	$	(7)	$	(11)

(a) These components are included in the computation of net periodic benefit cost detailed in Note 17.

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Earnings and Dividends Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings and Dividends Per Share

Schedule of earnings per share

	Three Months Ended March 31,
($ in millions, except per share amounts; shares in thousands)	2022		2021
Net earnings attributable to Ball Corporation	$	446	$	200
Basic weighted average common shares		320,904		327,811
Effect of dilutive securities		5,012		5,862
Weighted average shares applicable to diluted earnings per share		325,916		333,673
Per basic share	$	1.39	$	0.61
Per diluted share	$	1.37	$	0.60

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Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2022

Financial Instruments and Risk Management

Schedule of additional information related to the commercial risk management instruments

($ in millions)	March 31, 2022
Commercial risk area	Commodity		Currency		Interest Rate
Notional amount of contracts	$	1,999	$	2,910	$	1,164
Net gain (loss) included in AOCI, after-tax		180		(1)		1
Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months		174		13		1
Longest duration of forecasted cash flow hedge transactions in years		2		3		1

Schedule of fair value of derivative instruments

		March 31, 2022
($ in millions)	Balance Sheet Location	Derivatives Designated as Hedging Instruments		Derivatives not Designated as Hedging Instruments		Total
Assets:
Commodity contracts		$	262	$	—	$	262
Currency contracts			3		18		21
Other contracts			1		4		5
Total current derivative contracts	Other current assets	$	266	$	22	$	288
Commodity contracts		$	8	$	—	$	8
Currency contracts			68		1		69
Total noncurrent derivative contracts	Other noncurrent assets	$	76	$	1	$	77
Liabilities:
Commodity contracts		$	82	$	—	$	82
Currency contracts			8		22		30
Other contracts			—		4		4
Total current derivative contracts	Other current liabilities	$	90	$	26	$	116
Currency contracts		$	—	$	2	$	2
Total noncurrent derivative contracts	Other noncurrent liabilities	$	—	$	2	$	2

		December 31, 2021
($ in millions)	Balance Sheet Location	Derivatives Designated as Hedging Instruments		Derivatives not Designated as Hedging Instruments		Total
Assets:
Commodity contracts		$	142	$	—	$	142
Currency contracts			2		19		21
Other contracts			1		6		7
Total current derivative contracts	Other current assets	$	145	$	25	$	170
Commodity contracts		$	3	$	—	$	3
Currency contracts			59		1		60
Total noncurrent derivative contracts	Other noncurrent assets	$	62	$	1	$	63
Liabilities:
Commodity contracts		$	20	$	—	$	20
Currency contracts			—		8		8
Other contracts			—		1		1
Total current derivative contracts	Other current liabilities	$	20	$	9	$	29
Currency contracts		$	—	$	3	$	3
Total noncurrent derivative contracts	Other noncurrent liabilities	$	—	$	3	$	3

Schedule of impact on earnings from derivative instruments

		Three Months Ended March 31,
		2022				2021
($ in millions)	Location of Gain (Loss) Recognized in Earnings on Derivatives	Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)		Gain (Loss) on Derivatives not Designated as Hedge Instruments		Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)		Gain (Loss) on Derivatives not Designated as Hedge Instruments
Commodity contracts - manage exposure to customer pricing	Net sales	$	(31)	$	—	$	(16)	$	—
Commodity contracts - manage exposure to supplier pricing	Cost of sales		35		(14)		10		3
Interest rate contracts - manage exposure for outstanding debt	Interest expense		1		—		—		—
Currency contracts - manage currency exposure	Selling, general and administrative		28		(5)		42		35
Equity contracts	Selling, general and administrative		—		(16)		—		(25)
Total		$	33	$	(35)	$	36	$	13

Schedule of changes in accumulated other comprehensive earnings (loss) for effective derivatives

	Three Months Ended March 31,
($ in millions)	2022		2021
Amounts reclassified into earnings:
Commodity contracts	$	(4)	$	6
Interest rate contracts		(1)		—
Currency exchange contracts		(28)		(42)
Change in fair value of cash flow hedges:
Commodity contracts		94		51
Interest rate contracts		2		—
Currency exchange contracts		4		31
Currency and tax impacts		(10)		(9)
	$	57	$	37

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Basis of Presentation (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Basis of Presentation
Assets	$ 20,926	$ 19,714
Operating Segments | Metal beverage packaging, Europe
Basis of Presentation
Assets	435
Cumulative foreign currency translation losses	$ 211

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Business Segment Information - Summary of Business (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)
Business Segment Information
Number of Reportable Segments | segment	4
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Net sales	$ 3,716	$ 3,125
Reconciling items
Other	(29)	(23)
Business consolidation and other activities	281	(7)
Amortization of acquired intangibles	(45)	(45)
Earnings before interest and taxes	610	300
Interest expense	(69)	(67)
Total interest expense	(69)	(67)
Earnings before taxes	541	233
Undistributed corporate expenses	33	26
Depreciation and Amortization
Depreciation and amortization	185	168
Capital Expenditures
Capital expenditures	362	363
Operating Segments
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Net sales	3,549	3,003
Segment Reporting Information, Operating Income (Loss) [Abstract]
Reportable segment comparable operating earnings	395	368
Operating Segments | Beverage packaging, North And Central America
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Net sales	1,609	1,296
Segment Reporting Information, Operating Income (Loss) [Abstract]
Reportable segment comparable operating earnings	174	140
Reconciling items
Business consolidation and other activities	1	1
Operating Segments | Metal beverage packaging, Europe
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Net sales	942	796
Segment Reporting Information, Operating Income (Loss) [Abstract]
Reportable segment comparable operating earnings	100	100
Reconciling items
Business consolidation and other activities	(1)	(2)
Operating Segments | Beverage packaging, South America
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Net sales	494	487
Segment Reporting Information, Operating Income (Loss) [Abstract]
Reportable segment comparable operating earnings	78	93
Reconciling items
Business consolidation and other activities	(1)	(1)
Operating Segments | Aerospace & technologies
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Net sales	504	424
Segment Reporting Information, Operating Income (Loss) [Abstract]
Reportable segment comparable operating earnings	43	35
Other
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Net sales	167	122
Reconciling items
Business consolidation and other activities	282	(5)
Rexam
Reconciling items
Amortization of acquired intangibles	$ (37)	$ (38)

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Acquisitions and Dispositions - Dispositions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2021
Disposition
Other current assets	$ 418			$ 305
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Operations In South Korea [Member]
Disposition
Consideration for the sale of business		$ 120
Proceeds from sale of minority-owned investment		110
Other current assets		$ 10
Gain (loss) on sale of disposal group			$ (5)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ball Metalpack
Disposition
Percentage of ownership in a joint venture	49.00%
Consideration for the sale of business	$ 305
Proceeds from sale of minority-owned investment	298
Amount of contingent consideration received	7
Gain (loss) on sale of disposal group	305
Proceeds of the sale include the repayment of an outstanding promissory note and accrued interest	$ 16

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Revenue from Contracts With Customers - Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 3,716	$ 3,125
Point in Time
Disaggregation of Revenue [Line Items]
Total net sales	601	610
Over Time
Disaggregation of Revenue [Line Items]
Total net sales	$ 3,115	$ 2,515

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Revenue from Contracts With Customers - Contract balances (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 0		$ 0
Contract Liabilities (Current)	234,000,000		272,000,000
Contract Liabilities (Noncurrent)	17,000,000		$ 38,000,000
Increase (decrease) current contract liabilities	(38,000,000)
Increase (decrease) noncurrent contract liabilities	(21,000,000)
Total increase (decrease) in contract liabilities	59,000,000
Cash received on contract liabilities	131,000,000
Revenue recognized as sales	190,000,000
Revenue recognized from opening balance of contract liabilities	190,000,000
Revenue recognized from obligations satisfied or partially satisfied in prior periods	$ 9,000,000	$ 7,000,000

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Revenue from Contracts With Customers - Performance obligations (Details) - Aerospace & technologies $ in Millions	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sales expected to be recognized on multi-year contracts in place as of the end of the period	$ 3,160
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period in which remaining performance obligations expect to be satisfied and revenue recognized	12 months
Sales expected to be recognized on multi-year contracts in place as of the end of the period	$ 1,491
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period in which remaining performance obligations expect to be satisfied and revenue recognized	12 months
Sales expected to be recognized on multi-year contracts in place as of the end of the period	$ 1,669

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Business Consolidation and Other Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business consolidation and other activities
Business consolidation and other activities	$ 281	$ (7)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ball Metalpack
Business consolidation and other activities
Gain (loss) on sale of disposal group	305
Gain on repayment of loan	16
Operating Segments | Beverage packaging, North And Central America
Business consolidation and other activities
Business consolidation and other activities	1	1
Individually insignificant activities	1	1
Operating Segments | Metal beverage packaging, Europe
Business consolidation and other activities
Business consolidation and other activities	(1)	(2)
Individually insignificant activities	1	2
Operating Segments | Beverage packaging, South America
Business consolidation and other activities
Business consolidation and other activities	(1)	(1)
Individually insignificant activities	1	1
Other
Business consolidation and other activities
Business consolidation and other activities	282	(5)
Individually insignificant activities		$ 5
Donations to non-profit organization	30
Currency losses	$ (9)

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Supplemental Cash Flow Statement Disclosures (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022	Jan. 01, 2021
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 437	$ 461	$ 563	$ 1,366
Current restricted cash	$ 9	$ 10	$ 16	$ 15
Location of current restricted cash	Other current assets	Other current assets	Other current assets	Other current assets
Total cash, cash equivalents and restricted cash	$ 446	$ 471	$ 579	$ 1,381	$ 579	$ 1,381
Other Non-cash items
PP&E acquired but not yet paid	$ 528	$ 515	$ 540	$ 409

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Receivables, Net (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Receivables, Net
Trade accounts receivable	$ 1,664	$ 1,304
Unbilled receivables	839	727
Less: Allowances for doubtful accounts	(8)	(9)
Net trade accounts receivable	2,495	2,022
Other receivables	633	538
Receivables, net	3,128	2,560
Maximum available sale of the accounts receivables under factoring program	2,000	1,700
Amount of accounts receivable available for sale under the factoring program	$ 892	$ 308

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Inventories, Net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventories, Net
Raw materials and supplies	$ 1,200	$ 1,064
Work-in-process and finished goods	1,214	821
Less: Inventory reserves	(91)	(90)
Inventories, net	$ 2,323	$ 1,795

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Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, plant and equipment
Property, plant and equipment, gross	$ 10,579		$ 10,303
Accumulated depreciation	(3,896)		(3,801)
Net property, plant and equipment	6,683		6,502
Depreciation expense	140	$ 123
Land
Property, plant and equipment
Property, plant and equipment, gross	184		167
Buildings
Property, plant and equipment
Property, plant and equipment, gross	2,134		2,081
Machinery and equipment
Property, plant and equipment
Property, plant and equipment, gross	7,016		6,876
Construction-in-progress
Property, plant and equipment
Property, plant and equipment, gross	$ 1,245		$ 1,179

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Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill
Balance at the beginning of the period	$ 4,378
Effects of currency exchange	(54)
Balance at the end of the period	4,324
Accumulated impairment, goodwill	61	$ 62
Beverage packaging, North And Central America
Goodwill
Balance at the beginning of the period	1,275
Balance at the end of the period	1,275
Metal beverage packaging, Europe
Goodwill
Balance at the beginning of the period	1,483
Effects of currency exchange	(60)
Balance at the end of the period	1,423
Beverage packaging, South America
Goodwill
Balance at the beginning of the period	1,298
Balance at the end of the period	1,298
Aerospace & technologies
Goodwill
Balance at the beginning of the period	40
Balance at the end of the period	40
Other
Goodwill
Balance at the beginning of the period	282
Effects of currency exchange	6
Balance at the end of the period	$ 288

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Intangibles Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Total annual intangible asset amortization expense
Intangible assets (net of accumulated amortization)	$ 1,627		$ 1,688
Amortization expense	45	$ 45
Rexam
Total annual intangible asset amortization expense
Amortization expense	37	$ 38
Customer-Related Intangible Assets [Member]
Total annual intangible asset amortization expense
Intangible assets (net of accumulated amortization)	1,529		1,593
Accumulated amortization	883		862
Computer Software, Intangible Asset [Member]
Total annual intangible asset amortization expense
Intangible assets (net of accumulated amortization)	76		74
Accumulated amortization	193		187
Other Intangible Assets [Member]
Total annual intangible asset amortization expense
Intangible assets (net of accumulated amortization)	22		21
Accumulated amortization	$ 98		$ 97

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Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Other assets
Long-term pension assets	$ 565	$ 579
Right-of-use operating lease assets	443	420
Investments in affiliates	190	184
Long-term deferred tax assets	88	126
Other	700	614
Other Assets	1,986	$ 1,923
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ball Metalpack
Other assets
Consideration for the sale of business	$ 305
Entity In Guatemala
Other assets
Ownership in affiliate, as a percent	50.00%
Entity In Panama
Other assets
Ownership in affiliate, as a percent	50.00%
Entity In Vietnam
Other assets
Ownership in affiliate, as a percent	50.00%
Entity In U.S.
Other assets
Ownership in affiliate, as a percent	50.00%

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Leases - Supplemental information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Supplemental balance sheet information
Balance sheet location for operating lease assets	Other assets	Other assets
Operating lease right-of-use assets	$ 443	$ 420
Balance sheet location for operating lease current liabilities	Other current liabilities	Other current liabilities
Current operating lease liabilities	$ 86	$ 80
Balance sheet location for operating lease noncurrent liabilities	Other liabilities	Other liabilities
Noncurrent operating lease liabilities	$ 360	$ 340
Balance sheet location for finance lease assets	Property, plant and equipment, net	Property, plant and equipment, net
Finance lease ROU assets, net	$ 13	$ 14
Balance sheet location for finance lease current liabilities	Short-term debt and current portion of long-term debt	Short-term debt and current portion of long-term debt
Current finance lease liabilities	$ 2	$ 2
Balance sheet location for finance lease noncurrent liabilities	Long-term debt	Long-term debt
Noncurrent finance lease liabilities	$ 12	$ 12

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Debt - Long term debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Long-term debt
Finance lease obligations	$ 14	$ 14
Other (including debt issuance costs)	(52)	(56)
Long-term debt, Total	8,269	7,725
Less: Current portion of long-term debt	(4)	(3)
Long-term debt excluding current maturities	8,265	7,722
Senior Notes 4.00% due November 2023
Long-term debt
Long-term Debt, Gross	$ 1,000	1,000
Interest rate (as a percent)	4.00%
Senior Notes 4.375%, euro denominated, due December 2023
Long-term debt
Long-term Debt, Gross	$ 775	796
Interest rate (as a percent)	4.375%
Senior Notes 0.875%, euro denominated, due March 2024
Long-term debt
Long-term Debt, Gross	$ 830	853
Interest rate (as a percent)	0.875%
Senior Notes 5.25% due July 2025
Long-term debt
Long-term Debt, Gross	$ 1,000	1,000
Interest rate (as a percent)	5.25%
Senior Notes 4.875% due March 2026
Long-term debt
Long-term Debt, Gross	$ 750	750
Interest rate (as a percent)	4.875%
Senior Notes 1.50%, euro denominated, due March 2027
Long-term debt
Long-term Debt, Gross	$ 609	625
Interest rate (as a percent)	1.50%
Senior Notes 2.875% due August 2030
Long-term debt
Long-term Debt, Gross	$ 1,300	1,300
Interest rate (as a percent)	2.875%
Senior Notes 3.125% due September 2031
Long-term debt
Long-term Debt, Gross	$ 850	850
Interest rate (as a percent)	3.125%
Term A loan due March 2024
Long-term debt
Long-term Debt, Gross	$ 593	$ 593
U.S. dollar revolver due March 2024
Long-term debt
Long-term Debt, Gross	$ 600

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Debt - Activity (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Committed multi-currency revolving credit facilities due 2021
Revolving credit facility
Maximum borrowing capacity of revolving credit facility	$ 1,750
Available borrowing capacity under line of credit facility	1,100
Short-term uncommitted credit facilities
Revolving credit facility
Available borrowing capacity under line of credit facility	890,000
Amount of credit facility outstanding and due on demand	$ 289	$ 12
Senior Notes 3.125% due September 2031
Long-term debt
Interest rate (as a percent)	3.125%

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Debt - FV, Maturities, etc. (Details) $ in Billions	3 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Long term debt value
Leverage ratio, maximum	5.0
Leverage ratio, subsequent period	4.5
Level 2
Long term debt value
Fair value of the long-term debt	$ 8.2	$ 8.0

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Taxes on Income (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Effective income tax changes by percentage
Effective tax rate expressed as a percentage of pre-tax earnings	18.50%	13.70%
Effective income tax rate, foreign tax rate differential		5.00%
Effective income tax rate reduction for expense in share based compensation	2.30%	2.60%
Effective income tax rate reduced by changes in deferred taxes on investment in foreign business	1.50%
Effective income tax rate (increase) reduction for equity in results of affiliates loss	1.30%
Effective income tax rate reduction for federal tax credits		2.40%

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Employee Benefit Obligations - Total (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Employee Benefit Obligations
Underfunded defined benefit pension liabilities	$ 503	$ 582
Less current portion	(21)	(21)
Long-term defined benefit pension liabilities	482	561
Long-term retiree medical liabilities	133	135
Deferred compensation plans	398	441
Other	34	68
Total non-current employee benefit obligations	$ 1,047	$ 1,205

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Employee Benefit Obligations - Components of net periodic benefit cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Selling, general and administrative
Ball-sponsored plans:
Non-service pension income	$ 9	$ 10
Defined Benefit Pension Plans
Ball-sponsored plans:
Service cost	25	24
Interest cost	26	22
Expected return on plan assets	(44)	(47)
Amortization of prior service cost	1	1
Recognized net actuarial loss	8	14
Total net periodic benefit cost	16	14
Contributions to pension plans	104	162
Expected contributions to pension plans for the full year	127
United States | Defined Benefit Pension Plans
Ball-sponsored plans:
Service cost	22	21
Interest cost	13	13
Expected return on plan assets	(27)	(31)
Recognized net actuarial loss	7	13
Total net periodic benefit cost	15	16
Non U.S. | Defined Benefit Pension Plans
Ball-sponsored plans:
Service cost	3	3
Interest cost	13	9
Expected return on plan assets	(17)	(16)
Amortization of prior service cost	1	1
Recognized net actuarial loss	1	1
Total net periodic benefit cost	$ 1	$ (2)

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Equity and Comprehensive Earnings - Equity activity (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the period	$ 3,685.0	$ 3,337.0
Net earnings	447.0	200.0
Other comprehensive earnings (loss), net of tax	(29.0)	57.0
Common dividends, net of tax benefits	(65.0)	(50.0)
Treasury stock purchases	(102.0)	(10.0)
Treasury shares re-issued	9.0	8.0
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	6.0	12.0
Other activity	6.0
Balance at end of the period	3,957.0	3,554.0
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the period	$ 1,220.0	$ 1,167.0
Balance at beginning of period (in shares)	680,945	679,524
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	$ 6.0	$ 4.0
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged (in shares)	791	490
Balance at end of the period	$ 1,226.0	$ 1,171.0
Balance at end of the period (in shares)	681,736	680,014
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the period	$ (3,854.0)	$ (3,130.0)
Balance at beginning of period (in shares)	(360,101)	(351,939)
Treasury stock purchases	$ (102.0)	$ (10.0)
Treasury stock purchases (in shares)	(1,147)	(121)
Treasury shares re-issued	$ 9.0	$ 8.0
Treasury shares re-issued (in shares)	151	161
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged		$ 8.0
Other activity	$ 6.0
Balance at end of the period	$ (3,941.0)	$ (3,124.0)
Balance at end of the period (in shares)	(361,097)	(351,899)
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the period	$ 6,843.0	$ 6,192.0
Net earnings	446.0	200.0
Common dividends, net of tax benefits	(65.0)	(50.0)
Balance at end of the period	7,224.0	6,342.0
Accumulated Other Comprehensive Earnings (Loss).
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the period	(582.0)	(954.0)
Other comprehensive earnings (loss), net of tax	(29.0)	57.0
Balance at end of the period	(611.0)	(897.0)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity
Balance at beginning of the period	58.0	62.0
Net earnings	1.0
Balance at end of the period	$ 59.0	$ 62.0

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Equity and Accumulated Other Comprehensive Earnings - AOCI Activity (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Accumulated Other Comprehensive Earnings (Loss)
Stockholders' Equity Attributable to Parent, Beginning Balance	$ 3,627
Stockholders' Equity Attributable to Parent, Ending Balance	3,898
Currency Translation (Net of Tax)
Accumulated Other Comprehensive Earnings (Loss)
Stockholders' Equity Attributable to Parent, Beginning Balance	(536)
Other comprehensive earnings (loss) before reclassifications	(92)
Stockholders' Equity Attributable to Parent, Ending Balance	(628)
Pension and Other Postretirement Benefits (Net of Tax)
Accumulated Other Comprehensive Earnings (Loss)
Stockholders' Equity Attributable to Parent, Beginning Balance	(169)
Other comprehensive earnings (loss) before reclassifications	(1)
Reclassification of net deferred (gains) losses into earnings	7
Stockholders' Equity Attributable to Parent, Ending Balance	(163)
Derivatives Designated as Hedges (Net of Tax)
Accumulated Other Comprehensive Earnings (Loss)
Stockholders' Equity Attributable to Parent, Beginning Balance	123
Other comprehensive earnings (loss) before reclassifications	82
Reclassification of net deferred (gains) losses into earnings	(25)
Stockholders' Equity Attributable to Parent, Ending Balance	180
Accumulated Other Comprehensive Earnings (Loss).
Accumulated Other Comprehensive Earnings (Loss)
Stockholders' Equity Attributable to Parent, Beginning Balance	(582)
Other comprehensive earnings (loss) before reclassifications	(11)
Reclassification of net deferred (gains) losses into earnings	(18)
Stockholders' Equity Attributable to Parent, Ending Balance	$ (611)

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Equity and Accumulated Other Comprehensive Earnings - AOCI Additional Details (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Gains (losses) on cash flow hedges
Net sales	$ 3,716.0	$ 3,125.0
Business consolidation and other activities	281.0	(7.0)
Earnings before taxes	541.0	233.0
Tax benefit (expense) on amounts reclassified into earnings	(100.0)	(32.0)
Net earnings	447.0	200.0
Derivatives Designated as Hedges (Net of Tax) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss)
Gains (losses) on cash flow hedges
Earnings before taxes	33.0	36.0
Tax benefit (expense) on amounts reclassified into earnings	(8.0)	(7.0)
Net earnings	25.0	29.0
Derivatives Designated as Hedges (Net of Tax) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | Commodity contracts
Gains (losses) on cash flow hedges
Net sales	(31.0)	(16.0)
Cost of sales, net	35.0	10.0
Derivatives Designated as Hedges (Net of Tax) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | Interest rate swap agreements
Gains (losses) on cash flow hedges
Interest expense	1.0
Derivatives Designated as Hedges (Net of Tax) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss) | Foreign currency contracts
Gains (losses) on cash flow hedges
Selling, general and administrative, net	28.0	42.0
Pension and Other Postretirement Benefits (Net of Tax) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss)
Amortization Of Pension And Other Postretirement Benefits:
Total before tax effect	(9.0)	(15.0)
Tax benefit (expense) on amounts reclassified into earnings	2.0	4.0
Recognized gain (loss), net of tax	(7.0)	(11.0)
Prior service income (expense) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss)
Amortization Of Pension And Other Postretirement Benefits:
Total before tax effect	(1.0)	(1.0)
Actuarial gains (losses) | Amount Reclassified from Accumulated Other Comprehensive Earnings (Loss)
Amortization Of Pension And Other Postretirement Benefits:
Total before tax effect	$ (8.0)	$ (14.0)

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Earnings and Dividends Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings per share
Net earnings attributable to Ball Corporation	$ 446	$ 200
Basic weighted average common shares	320,904	327,811
Effect of dilutive securities (in shares)	5,012	5,862
Weighted average shares applicable to diluted earnings per share	325,916	333,673
Basic (in dollars per share)	$ 1.39	$ 0.61
Diluted (in dollars per share)	1.37	0.60
Dividends declared and paid
Dividends paid (in dollars per share)	$ 0.20	$ 0.15
Stock options
Options excluded from EPS calculation
Number of outstanding options excluded from computation of diluted earnings per share	2,000	1,000

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Financial Instruments and Risk Management - General (Details) $ / shares in Units, item in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) item approach $ / shares	Dec. 31, 2021 USD ($)
Financial Instruments and Risk Management
Aggregate fair value of derivative instruments with credit-risk-related contingent features that were in a net liability position	$ 41	$ 3
Collateral amount posted for derivative instruments with credit-risk-related contingent features that were in a net liability position	$ 0
Commodity contracts
Financial Instruments and Risk Management
Number of methods through which entity manages commodity price risk in connection with market price fluctuations of aluminum ingot | approach	2
Notional amount of derivatives	$ 1,999
Gain (loss) on derivatives included in AOCI, net of tax	180
Net gain (loss) expected to be recognized in net earnings within the next 12 months	$ 174
Commodity contracts | Cash Flow Hedging
Financial Instruments and Risk Management
Period within which derivative will expire	2 years
Currency Exchange Rate Risk
Financial Instruments and Risk Management
Notional amount of derivatives	$ 2,910
Gain (loss) on derivatives included in AOCI, net of tax	(1)
Net gain (loss) expected to be recognized in net earnings within the next 12 months	$ 13
Currency Exchange Rate Risk | Cash Flow Hedging
Financial Instruments and Risk Management
Period within which derivative will expire	3 years
Interest rate swap and option contracts
Financial Instruments and Risk Management
Notional amount of derivatives	$ 1,164
Gain (loss) on derivatives included in AOCI, net of tax	1
Net gain (loss) expected to be recognized in net earnings within the next 12 months	$ 1
Interest rate swap and option contracts | Cash Flow Hedging
Financial Instruments and Risk Management
Period within which derivative will expire	1 year
Equity contracts
Financial Instruments and Risk Management
Combined notional value, shares | item	2.5
Change in company's stock price (in dollars per share) | $ / shares	$ 1

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Financial Instruments and Risk Management - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Total current derivative contracts, assets	$ 288	$ 170
Total noncurrent derivative contracts, assets	77	63
Total current derivative contracts, liabilities	116	29
Total noncurrent derivative contracts, liabilities	2	3
Commodity contracts
Fair Value Measurements
Total current derivative contracts, assets	262	142
Total noncurrent derivative contracts, assets	8	3
Total current derivative contracts, liabilities	82	20
Total noncurrent derivative contracts, liabilities		3
Currency contracts
Fair Value Measurements
Total current derivative contracts, assets	21	21
Total noncurrent derivative contracts, assets	69	60
Total current derivative contracts, liabilities	30	8
Total noncurrent derivative contracts, liabilities	2
Cross-currency and other contracts
Fair Value Measurements
Total current derivative contracts, assets	5	7
Total current derivative contracts, liabilities	4	1
Derivatives Designated As Hedging Instruments
Fair Value Measurements
Total current derivative contracts, assets	266	145
Total noncurrent derivative contracts, assets	76	62
Total current derivative contracts, liabilities	90	20
Derivatives Designated As Hedging Instruments | Commodity contracts
Fair Value Measurements
Total current derivative contracts, assets	262	142
Total noncurrent derivative contracts, assets	8	3
Total current derivative contracts, liabilities	82	20
Derivatives Designated As Hedging Instruments | Currency contracts
Fair Value Measurements
Total current derivative contracts, assets	3	2
Total noncurrent derivative contracts, assets	68	59
Total current derivative contracts, liabilities	8
Derivatives Designated As Hedging Instruments | Cross-currency and other contracts
Fair Value Measurements
Total current derivative contracts, assets	1	1
Derivatives Not Designated as Hedging Instruments
Fair Value Measurements
Total current derivative contracts, assets	22	25
Total noncurrent derivative contracts, assets	1	1
Total current derivative contracts, liabilities	26	9
Total noncurrent derivative contracts, liabilities	2	3
Derivatives Not Designated as Hedging Instruments | Commodity contracts
Fair Value Measurements
Total noncurrent derivative contracts, liabilities		3
Derivatives Not Designated as Hedging Instruments | Currency contracts
Fair Value Measurements
Total current derivative contracts, assets	18	19
Total noncurrent derivative contracts, assets	1	1
Total current derivative contracts, liabilities	22	8
Total noncurrent derivative contracts, liabilities	2
Derivatives Not Designated as Hedging Instruments | Cross-currency and other contracts
Fair Value Measurements
Total current derivative contracts, assets	4	6
Total current derivative contracts, liabilities	$ 4	$ 1

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Financial Instruments and Risk Management - Impact on Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Impact on Earnings from Derivative Instruments
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)	$ 33	$ 36
Gain (Loss) on Derivatives not Designated as Hedge Instruments	(35)	13
Amounts reclassified into earnings:
Commodity contracts	(4)	6
Interest rate contracts	(1)
Currency exchange contracts	(28)	(42)
Change in fair value of cash flow hedges:
Derivative, Gain (Loss) on Derivative, Net	33	36
Changes in accumulated other comprehensive earnings (loss) for effective derivatives	57	37
Commodity contracts
Impact on Earnings from Derivative Instruments
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)	94	51
Change in fair value of cash flow hedges:
Derivative, Gain (Loss) on Derivative, Net	94	51
Commodity contracts | Net sales
Impact on Earnings from Derivative Instruments
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)	(31)	(16)
Change in fair value of cash flow hedges:
Derivative, Gain (Loss) on Derivative, Net	(31)	(16)
Commodity contracts | Cost of sales
Impact on Earnings from Derivative Instruments
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)	35	10
Gain (Loss) on Derivatives not Designated as Hedge Instruments	(14)	3
Change in fair value of cash flow hedges:
Derivative, Gain (Loss) on Derivative, Net	35	10
Interest rate contracts
Impact on Earnings from Derivative Instruments
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)	2
Change in fair value of cash flow hedges:
Derivative, Gain (Loss) on Derivative, Net	2
Interest rate contracts | Interest expense.
Impact on Earnings from Derivative Instruments
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)	1
Change in fair value of cash flow hedges:
Derivative, Gain (Loss) on Derivative, Net	1
Currency contracts | Selling, general and administrative
Impact on Earnings from Derivative Instruments
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)	28	42
Gain (Loss) on Derivatives not Designated as Hedge Instruments	(5)	35
Change in fair value of cash flow hedges:
Derivative, Gain (Loss) on Derivative, Net	28	42
Equity contracts | Selling, general and administrative
Impact on Earnings from Derivative Instruments
Gain (Loss) on Derivatives not Designated as Hedge Instruments	(16)	(25)
Currency exchange contracts
Impact on Earnings from Derivative Instruments
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)	4	31
Change in fair value of cash flow hedges:
Derivative, Gain (Loss) on Derivative, Net	4	31
Foreign currency and tax impacts
Impact on Earnings from Derivative Instruments
Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)	(10)	(9)
Change in fair value of cash flow hedges:
Derivative, Gain (Loss) on Derivative, Net	$ (10)	$ (9)

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Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Income Tax Uncertainties [Abstract]
Gain related to indirect tax contingencies	$ 22
Other Current Liabilities And Other Noncurrent Liabilities
Environmental remediation
Estimated potential liability for all environmental matters		$ 26

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Indemnifications and Guarantees (Details) - Debt Guarantees	3 Months Ended
	Mar. 31, 2022
Material Wholly Owned Domestic Subsidiaries
Guarantees
Percent of capital stock pledged	100.00%
Material Wholly Owned First Tier Foreign Subsidiaries
Guarantees
Percent of capital stock pledged	65.00%
Material Wholly Owned Foreign Subsidiaries And Material Wholly Owned U S Domiciled Foreign Subsidiaries
Guarantees
Percent of capital stock pledged	100.00%