Employee Benefit Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Employee Benefit Obligations

Schedule of employee benefit obligations

	December 31,
($ in millions)	2023		2022
Underfunded defined benefit pension liabilities	$	487	$	423
Less: Current portion		(21)		(21)
Long-term defined benefit pension liabilities		466		402
Long-term retiree medical liabilities		90		94
Deferred compensation plans		280		286
Other		62		65
	$	898	$	847

Analysis of change in benefit accruals

	December 31,
	2023						2022
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Change in projected benefit obligation:
Benefit obligation at prior year end	$	1,671	$	1,802	$	3,473	$	2,304	$	3,189	$	5,493
Service cost		53		5		58		88		10		98
Interest cost		86		86		172		54		47		101
Benefits paid		(142)		(125)		(267)		(200)		(140)		(340)
Net actuarial (gains) losses		62		322		384		(557)		(999)		(1,556)
Settlements and other		(2)		—		(2)		(20)		—		(20)
Other		3		—		3		2		(1)		1
Effect of exchange rates		—		101		101		—		(304)		(304)
Benefit obligation at year end		1,731		2,191		3,922		1,671		1,802		3,473
Change in plan assets:
Fair value of assets at prior year end		1,417		1,988		3,405		1,960		3,530		5,490
Actual return on plan assets		130		62		192		(425)		(1,075)		(1,500)
Employer contributions (a)		17		2		19		100		3		103
Contributions to unfunded plans (a)		7		16		23		6		15		21
Benefits paid		(142)		(125)		(267)		(200)		(140)		(340)
Settlements and other		(2)		—		(2)		(24)		—		(24)
Other		—		1		1		—		2		2
Effect of exchange rates		—		105		105		—		(347)		(347)
Fair value of assets at end of year		1,427		2,049		3,476		1,417		1,988		3,405
Funded status	$	(304)	$	(142)	$	(446)	$	(254)	$	186	$	(68)

(a) Employer contributions are presented in pension contributions in the operating activities section in the consolidated statements of cash flows for the years ended December 31, 2023 and 2022.

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

	December 31,
	2023						2022
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Net actuarial (loss) gain	$	(261)	$	(428)	$	(689)	$	(208)	$	(57)	$	(265)
Net prior service (cost) credit		12		(43)		(31)		14		(43)		(29)
Tax effect and currency exchange rates		73		110		183		58		9		67
	$	(176)	$	(361)	$	(537)	$	(136)	$	(91)	$	(227)

Summary of fair value measurement levels assigned to domestic plan assets

	December 31, 2023
($ in millions)	Level 1		Level 2		Total
U.S. pension assets, at fair value:
Cash and cash equivalents	$	—	$	42	$	42
U.S. government, agency and asset-backed securities:
Municipal bonds		—		11		11
Treasury bonds		176		—		176
Other		—		11		11
Non-U.S. government bonds		—		14		14
Corporate bonds and notes:
Basic materials		—		6		6
Communications		—		45		45
Consumer discretionary		—		19		19
Consumer staples		—		62		62
Energy		—		39		39
Financials		—		46		46
Industrials		—		41		41
Information technology		—		6		6
Private placement		—		1		1
Utilities		—		57		57
Total level 1 and level 2	$	176	$	400		576
Other investments measured at net asset value (a)						851
Total assets					$	1,427

(a) Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation.

	December 31, 2022
($ in millions)	Level 1		Level 2		Total
U.S. pension assets, at fair value:
Cash and cash equivalents	$	—	$	13	$	13
U.S. government, agency and asset-backed securities:
Municipal bonds		—		11		11
Treasury bonds		147		—		147
Other		—		4		4
Non-U.S. government bonds		—		11		11
Corporate bonds and notes:
Basic materials		—		4		4
Communications		—		18		18
Consumer discretionary		—		6		6
Consumer staples		—		17		17
Energy		—		12		12
Financials		—		99		99
Industrials		—		140		140
Information technology		—		8		8
Private placement		—		1		1
Utilities		—		49		49
Total level 1 and level 2	$	147	$	393		540
Other investments measured at net asset value (a)						877
Total assets					$	1,417

(a) Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation.

	December 31,
($ in millions)	2023		2022
U.K. pension assets, at fair value:
Cash and cash equivalents	$	31	$	29
Equity commingled funds		20		51
U.K. government bonds		—		1,092
Other		4		20
Total level 1		55		1,192
Level 2: Investment funds - corporate bonds		—		688
Level 3: Insurance annuity contract		1,935		—
Other investments measured at net asset value (a)		—		56
Total assets	$	1,990	$	1,936

(a) Certain investments measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified within the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the change in plan assets reconciliation.

Defined Benefit Pension Plans

Employee Benefit Obligations

Schedule of amounts recognized in the consolidated balance sheets

	December 31,
	2023						2022
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Long-term pension asset	$	—	$	41	$	41	$	—	$	355	$	355
Defined benefit pension liabilities (a)		(304)		(183)		(487)		(254)		(169)		(423)
Funded status	$	(304)	$	(142)	$	(446)	$	(254)	$	186	$	(68)

(a) Included is an unfunded, non-qualified U.S. plan obligation of $22 million at December 31, 2023, that has been annuitized with a corresponding asset of $21 million. At December 31, 2022, the unfunded non-qualified U.S. plan obligation of $22 million was annuitized with a corresponding asset of $21 million.

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

	December 31,
	2023						2022
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Projected benefit obligation	$	1,731	$	245	$	1,976	$	1,671	$	181	$	1,852
Accumulated benefit obligation		1,640		243		1,883		1,590		178		1,768
Fair value of plan assets (a)		1,427		63		1,490		1,417		11		1,428

(a) The German, Swedish and certain U.S. plans are unfunded and, therefore, there is no fair value of plan assets associated with these plans.

Components of net periodic benefit cost

	Years Ended December 31,
	2023						2022						2021
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total
Ball-sponsored plans:
Service cost	$	53	$	5	$	58	$	88	$	10	$	98	$	83	$	13	$	96
Interest cost		86		86		172		54		47		101		50		36		86
Expected return on plan assets		(115)		(101)		(216)		(108)		(61)		(169)		(117)		(65)		(182)
Amortization of prior service cost		1		2		3		1		2		3		1		3		4
Recognized net actuarial loss		3		1		4		28		4		32		45		5		50
Settlement losses and other charges (a)		4		—		4		14		—		14		135		—		135
Total net periodic benefit cost	$	32	$	(7)	$	25	$	77	$	2	$	79	$	197	$	(8)	$	189

(a) Settlement losses and other charges resulted primarily from regular lump sum payments, purchases of non-participating group annuity contracts, headcount reduction actions and terminated vested buy-out activities. These settlement losses were recorded in business consolidation and other activities. The company’s impacted U.S. pension obligations were remeasured in connection with the settlements.

Schedule of target asset allocations established

	U.S.		U.K.
Cash and cash equivalents	—	%	0-5	%
Equity securities	20-40	%	0-5	%
Fixed income securities	40-70	%	—	%
Insurance contract	—	%	90-100	%
Alternative investments	5-25	%	—	%

Schedule of actual weighted average asset allocations

	2023		2022
Cash and cash equivalents	2	%	2	%
Equity securities	16	%	16	%
Fixed income securities	25	%	77	%
Insurance contract	55	%	—	%
Alternative investments	2	%	5	%
	100	%	100	%

Defined Benefit Pension Plans | United States

Employee Benefit Obligations

Summary of weighted average assumptions used to determine benefit obligations

	U.S.
	2023		2022		2021
Discount rate	5.19	%	5.52	%	2.87	%
Rate of compensation increase	4.48	%	4.47	%	4.48	%

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

	U.S.
	2023		2022		2021
Discount rate	5.52	%	2.87	%	2.49	%
Rate of compensation increase	4.47	%	4.48	%	4.05	%
Expected long-term rate of return on assets	7.09	%	6.11	%	6.32	%

Defined Benefit Pension Plans | Europe

Employee Benefit Obligations

Summary of weighted average assumptions used to determine benefit obligations

	U.K.						Germany
	2023		2022		2021		2023		2022		2021
Discount rate	3.95	%	5.01	%	1.81	%	3.14	%	3.69	%	1.12	%
Rate of compensation increase	3.50	%	3.50	%	3.50	%	2.69	%	2.68	%	2.50	%
Pension increase	3.34	%	3.43	%	3.64	%	2.18	%	1.80	%	1.70	%

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

	U.K.						Germany
	2023		2022		2021		2023		2022		2021
Discount rate	5.01	%	1.81	%	1.39	%	3.70	%	1.12	%	0.80	%
Rate of compensation increase	3.50	%	3.50	%	3.50	%	2.69	%	2.50	%	2.50	%
Pension increase	3.43	%	3.64	%	3.19	%	1.80	%	1.70	%	1.50	%
Expected long-term rate of return on assets	5.11	%	1.91	%	1.74	%	N/A		N/A		N/A

Other post retirement benefits

Employee Benefit Obligations

Summary of weighted average assumptions used to determine benefit obligations

	U.S.						Canada
	2023		2022		2021		2023		2022		2021
Discount rate	5.10	%	5.45	%	2.79	%	4.50	%	5.00	%	2.75	%
Rate of compensation increase (a)	4.37	%	4.37	%	4.37	%	N/A		N/A		N/A

(a) The rate of compensation increase is not applicable for certain U.S. other postretirement benefit plans.

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

	U.S.						Canada
	2023		2022		2021		2023		2022		2021
Discount rate	5.45	%	2.79	%	2.39	%	5.00	%	2.75	%	2.25	%
Rate of compensation increase (a)	4.37	%	4.37	%	4.50	%	N/A		N/A		N/A

(a) The rate of compensation increase is not applicable for certain U.S. other postretirement benefit plans.