Debt

3 Months Ended

Mar. 31, 2023

Debt

Debt

15.    Debt

Long-term debt consisted of the following:

	March 31,		December 31,
($ in millions)	2023		2022
Senior Notes
4.00% due November 2023	$	1,000	$	1,000
0.875%, euro denominated, due March 2024		813		803
5.25% due July 2025		1,000		1,000
4.875% due March 2026		750		750
1.50%, euro denominated, due March 2027		596		589
6.875% due March 2028		750		750
2.875% due August 2030		1,300		1,300
3.125% due September 2031		850		850
Senior Credit Facility (at variable rates)
U.S. dollar revolver due June 2027 (6.03% - 2023)		800		200
Term A loan due June 2027 (6.06% - 2023)		1,350		1,350
Finance lease obligations		11		12
Other (including debt issuance costs)		(56)		(61)
		9,164		8,543
Less: Current portion		(1,842)		(1,003)
	$	7,322	$	7,540

The company’s senior credit facilities include long-term multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At March 31, 2023, $890 million was available under these revolving credit facilities. In addition to these facilities, the company had $361 million of committed short-term loans outstanding. The company also had approximately $1.02 billion of short-term uncommitted credit facilities available at March 31, 2023, of which $153 million was outstanding and due on demand. At December 31, 2022, the company had $112 million outstanding under short-term uncommitted credit facilities.

The fair value of Ball’s long-term debt was estimated to be $8.61 billion and $7.99 billion at March 31, 2023 and December 31, 2022, 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 it to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of September 30, 2025. Ball was in compliance with the leverage ratio requirement at March 31, 2023, and December 31, 2022.