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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.