Business Segment Information

12 Months Ended

Dec. 31, 2024

Business Segment Information

Business Segment Information

3. Business Segment Information

Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the three reportable segments outlined below.

Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.

Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries. Ball sold its former operations located in Russia during the third quarter of 2022. See Note 4 for further details. Ball’s operations and results of its former Russian aluminum beverage packaging business are included in the results of the beverage packaging, EMEA, business through the date of the disposal in the third quarter of 2022.

Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.

As presented in the tables below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities. At December 31, 2024, the assets and liabilities of the aluminum cups operating segment and the Saudi Arabian business are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet. See Note 4 for further details.

The accounting policies of the segments are the same as those used in the consolidated financial statements, as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings. In the first quarter of 2022, Ball sold its remaining equity method investment in Ball Metalpack. Refer to Note 4 for additional details.

Dan Fisher, Chairman and Chief Executive Officer, is the company’s chief operating decision maker (CODM). For each reportable segment, the CODM uses segment comparable operating earnings to analyze profitability compared to internal forecasts and comparative prior periods. These analyses allow the CODM to have constructive dialogue with other company leaders on how to improve company performance.

Major Customers

Net sales to major customers, as a percentage of consolidated net sales, were as follows:

	2024		2023		2022
Anheuser-Busch InBev and affiliates	16	%	15	%	15	%
Coca-Cola Bottlers' Sales & Services Company LLC and affiliates	13	%	13	%	13	%

Summary of Net Sales by Geographic Area (a)

($ in millions)	U.S.		Brazil		Other		Consolidated
2024	$	5,478	$	1,418	$	4,899	$	11,795
2023		5,872		1,408		4,782		12,062
2022		6,510		1,450		5,412		13,372

(a) Revenue is attributed based on origin of sale and includes intercompany eliminations.

Summary of Net Long-Lived Assets by Geographic Area (a)

($ in millions)	U.S.		Brazil		Other		Consolidated
As of December 31, 2024	$	3,215	$	1,113	$	3,207	$	7,535
As of December 31, 2023		3,434		1,274		3,361		8,069

(a) Long-lived assets exclude goodwill and intangible assets.

Summary of Business by Segment

	Years Ended December 31,
($ in millions)	2024		2023		2022
Net sales
Beverage packaging, North and Central America	$	5,619	$	5,963	$	6,696
Beverage packaging, EMEA		3,466		3,395		3,854
Beverage packaging, South America		1,951		1,960		2,108
Reportable segment sales		11,036		11,318		12,658
Other		759		744		714
Net sales	$	11,795	$	12,062	$	13,372
Comparable segment operating earnings (a)
Beverage packaging, North and Central America	$	747	$	710	$	642
Beverage packaging, EMEA		416		354		358
Beverage packaging, South America		296		266		275
Reportable segment comparable operating earnings		1,459		1,330		1,275
Reconciling items
Other (b)		(69)		12		(25)
Business consolidation and other activities		(420)		(133)		(71)
Amortization of acquired intangibles		(139)		(135)		(135)
Interest expense		(293)		(460)		(313)
Debt refinancing and other costs		(3)		—		(18)
Earnings before taxes	$	535	$	614	$	713

(a) The difference between reportable segment net sales and comparable operating earnings is comprised of other segment items. Other segment items includes cost of sales, depreciation and amortization, selling, general and administrative and interest income amounts. The CODM does not receive or use these amounts at the reportable segment level. However, the CODM is provided these amounts at a consolidated level to manage operations.

(b) Includes undistributed corporate expenses, net, of $175 million, $74 million and $82 million for the years ended December 2024, 2023 and 2022, respectively. For the year ended December 2024, undistributed corporate expenses, net, includes $82 million of incremental compensation cost from the successful sale of the aerospace business. For the year ended December 2024, undistributed corporate expenses, net, includes $42 million of corporate interest income.

	Years Ended December 31,
($ in millions)	2024		2023		2022
Depreciation and amortization (a)
Beverage packaging, North and Central America	$	214	$	220	$	219
Beverage packaging, EMEA		187		178		185
Beverage packaging, South America		148		145		143
Reportable segment depreciation and amortization		549		543		547
Other		62		62		47
Depreciation and amortization	$	611	$	605	$	594

(a) Includes amortization of acquired Rexam intangibles.

The company does not disclose total assets by segment as it is not provided to the CODM.