Debt

9 Months Ended

Sep. 30, 2023

Debt

Debt

15.    Debt

Long-term debt consisted of the following:

	September 30,		December 31,
($ in millions)	2023		2022
Senior Notes
4.00% due November 2023	$	1,000	$	1,000
0.875%, euro denominated, due March 2024		793		803
5.25% due July 2025		1,000		1,000
4.875% due March 2026		750		750
1.50%, euro denominated, due March 2027		582		589
6.875% due March 2028		750		750
6.00% due June 2029		1,000		—
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		—		200
Term A loan due June 2027 (6.92% - 2023)		1,342		1,350
Finance lease obligations		10		12
Other (including debt issuance costs)		(65)		(61)
		9,312		8,543
Less: Current portion		(1,829)		(1,003)
	$	7,483	$	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 September 30, 2023, $1.69 billion was available under these revolving credit facilities. In addition to these facilities, the company had $241 million of committed short-term loans outstanding. The company also had approximately $922 million of short-term uncommitted credit facilities available at September 30, 2023, of which $38 million was outstanding and due on demand. At December 31, 2022, the company had $112 million outstanding under short-term uncommitted credit facilities.

In May 2023, Ball issued $1.00 billion of 6.00% senior notes due in 2029, and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $800 million.

The fair value of Ball’s long-term debt was estimated to be $8.77 billion and $7.99 billion at September 30, 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 September 30, 2023, and December 31, 2022.