Debt

9 Months Ended

Sep. 30, 2024

Debt

Debt

15.    Debt

Long-term debt consisted of the following:

	September 30,		December 31,
($ in millions)	2024		2023
Senior Notes
0.875%, euro denominated, due March 2024	$	—	$	828
5.25% due July 2025		189		1,000
4.875% due March 2026		256		750
1.50%, euro denominated, due March 2027		612		607
6.875% due March 2028		750		750
6.00% due June 2029		1,000		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		—		—
Term A loan due June 2027 (5.95% - 2024)		625		1,325
Finance lease obligations		7		10
Other (including debt issuance costs)		(44)		(60)
		5,545		8,360
Less: Current portion		(192)		(856)
	$	5,353	$	7,504

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, 2024, $1.72 billion was available under these revolving credit facilities. In addition to these facilities, the company had $193 million of committed short-term loans outstanding and a $25 million short-term finance lease outstanding. The company also had approximately $1.04 billion of short-term uncommitted credit facilities available at September 30, 2024, of which $42 million was outstanding and due on demand. At December 31, 2023, the company had $196 million of committed short-term loans outstanding and $13 million outstanding under short-term uncommitted credit facilities.

On February 14, 2024, Ball announced a public tender of the $1.00 billion 5.25% senior notes due July 2025 and the $750 million 4.875% senior notes due March 2026. On March 14, 2024, $811 million of the $1.00 billion 5.25% senior notes and $494 million of the $750 million 4.875% senior notes were validly tendered and accepted. Additionally, in the first quarter of 2024, Ball repaid at maturity the outstanding 0.875% euro denominated senior notes due in the amount of $817 million and prepaid $700 million of the Term A loan outstanding balance.

The fair value of Ball’s long-term debt was estimated to be $5.37 billion and $8.07 billion at September 30, 2024 and December 31, 2023, 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. The company was in compliance with the leverage ratio requirement at September 30, 2024, and for all prior periods presented, and has met all debt payment obligations.