
	December 31,
	2024						2023
($ 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	$	1,246	$	2,191	$	3,437	$	1,253	$	1,802	$	3,055
Service cost		15		3		18		16		5		21
Interest cost		60		82		142		63		86		149
Benefits paid		(118)		(121)		(239)		(116)		(125)		(241)
Net actuarial (gains) losses		(50)		(226)		(276)		29		322		351
Settlements and other		—		—		—		(2)		—		(2)
Other		—		(1)		(1)		3		—		3
Effect of exchange rates		—		(43)		(43)		—		101		101
Benefit obligation at year end		1,153		1,885		3,038		1,246		2,191		3,437
Change in plan assets:
Fair value of assets at prior year end		1,106		2,049		3,155		1,111		1,988		3,099
Actual return on plan assets		52		(158)		(106)		106		62		168
Employer contributions (a)		11		21		32		7		18		25
Benefits paid		(118)		(121)		(239)		(116)		(125)		(241)
Settlements and other		—		—		—		(2)		—		(2)
Other		—		1		1		—		1		1
Effect of exchange rates		—		(32)		(32)		—		105		105
Fair value of assets at end of year		1,051		1,760		2,811		1,106		2,049		3,155
Funded status	$	(102)	$	(125)	$	(227)	$	(140)	$	(142)	$	(282)

(a)

Note that amounts for employer contributions presented in the table above do not include contributions in 2023 to the Salaried Employees of Ball Aerospace & Technologies Corp. Pension Plan.

Summary of fair value measurement levels assigned to domestic plan assets


	December 31, 2024
($ in millions)	Level 1		Level 2		Total

U.S. pension assets, at fair value:
Cash and cash equivalents	$	—	$	38	$	38
U.S. government, agency and asset-backed securities:
Municipal bonds		—		8		8
Treasury bonds		138		—		138
Other		—		9		9
Non-U.S. government bonds		—		15		15
Corporate bonds and notes:
Basic materials		—		6		6
Communications		—		40		40
Consumer discretionary		—		19		19
Consumer staples		—		57		57
Energy		—		41		41
Financials		—		50		50
Industrials		—		32		32
Information technology		—		6		6
Private placement		—		1		1
Utilities		—		58		58
Total level 1 and level 2	$	138	$	380		518
Other investments measured at net asset value (a)						533
Total assets					$	1,051

(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, 2023
($ in millions)	Level 1		Level 2		Total

U.S. pension assets, at fair value:
Cash and cash equivalents	$	—	$	20	$	20
U.S. government, agency and asset-backed securities:
Municipal bonds		—		10		10
Treasury bonds		173		—		173
Other		—		11		11
Non-U.S. government bonds		—		13		13
Corporate bonds and notes:
Basic materials		—		6		6
Communications		—		44		44
Consumer discretionary		—		18		18
Consumer staples		—		59		59
Energy		—		37		37
Financials		—		44		44
Industrials		—		39		39
Information technology		—		6		6
Private placement		—		1		1
Utilities		—		55		55
Total level 1 and level 2	$	173	$	363		536
Other investments measured at net asset value (a)						570
Total assets					$	1,106

(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)	2024		2023

U.K. pension assets, at fair value:
Cash and cash equivalents	$	—	$	31
Equity and commingled funds		37		20
Other		—		4
Total level 1		37		55
Level 3: Insurance annuity contract		1,656		1,935
Total assets	$	1,693	$	1,990

Schedule of amounts recognized in the consolidated balance sheets


	December 31,
	2024						2023
($ in millions)	U.S.		Non-U.S.		Total		U.S.		Non-U.S.		Total

Long-term pension asset	$	—	$	36	$	36	$	—	$	41	$	41
Defined benefit pension liabilities (a)		(102)		(161)		(263)		(140)		(183)		(323)
Funded status	$	(102)	$	(125)	$	(227)	$	(140)	$	(142)	$	(282)

(a)

Included is an unfunded, non-qualified U.S. plan obligation of $17 million at December 31, 2024, that has been annuitized with a corresponding asset of $16 million. At December 31, 2023, the unfunded, non-qualified U.S. plan obligation of $22 million was annuitized with a corresponding asset of $21 million.

Components of net periodic benefit cost


	Years Ended December 31,
	2024						2023						2022
($ 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	$	15	$	3	$	18	$	16	$	5	$	21	$	27	$	10	$	37
Interest cost		60		82		142		63		86		149		37		47		84
Expected return on plan assets		(88)		(80)		(168)		(87)		(101)		(188)		(78)		(61)		(139)
Amortization of prior service cost		1		2		3		1		2		3		1		2		3
Recognized net actuarial loss		4		15		19		3		1		4		15		4		19
Settlement losses and other charges (a)		—		—		—		4		—		4		14		—		14
Total net periodic benefit cost	$	(8)	$	22	$	14	$	—	$	(7)	$	(7)	$	16	$	2	$	18

(a)

Settlement losses and other charges resulted primarily from regular lump sum payments and headcount reduction actions. 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 actual weighted average asset allocations


	2024		2023
Cash and cash equivalents	1	%	1	%
Equity securities	15	%	13	%
Fixed income securities	24	%	24	%
Insurance contract	59	%	61	%
Alternative investments	1	%	1	%
	100	%	100	%

Employee Benefit Obligations

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


	U.S.
	2024		2023		2022
Discount rate	5.14	%	5.48	%	2.83	%
Rate of compensation increase	4.37	%	4.37	%	4.37	%
Expected long-term rate of return on assets	7.31	%	7.04	%	5.90	%

Employee Benefit Obligations

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


	U.K.						Germany
	2024		2023		2022		2024		2023		2022
Discount rate	3.95	%	5.01	%	1.81	%	3.16	%	3.70	%	1.12	%
Rate of compensation increase	3.50	%	3.50	%	3.50	%	2.70	%	2.69	%	2.50	%
Pension increase	3.34	%	3.43	%	3.64	%	2.20	%	1.80	%	1.70	%
Expected long-term rate of return on assets	3.95	%	5.11	%	1.91	%	N/A		N/A		N/A

Employee Benefit Obligations

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


	U.S.						Canada
	2024		2023		2022		2024		2023		2022
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.