Debt

3 Months Ended

Mar. 31, 2025

Debt

Debt

15.    Debt

Long-term debt outstanding and interest rates in effect, along with short-term debt outstanding, consisted of the following:

	March 31,		December 31,
($ in millions)	2025		2024
Senior Notes
5.25% due July 2025	$	189	$	189
4.875% due March 2026		256		256
1.50%, euro denominated, due March 2027		595		569
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 (5.41% - 2025)		850		—
Multi-currency revolver due June 2027 (5.42% - 2025)		200		—
Term A loan due June 2027 (5.42% - 2025)		625		625
Finance lease obligations		7		7
Other (including debt issuance costs)		(41)		(43)
		6,581		5,503
Less: Current portion of long-term debt		(447)		(191)
Long-term debt	$	6,134	$	5,312
Short-term debt
Current portion of long-term debt	$	447	$	191
Short-term finance leases		—		24
Short-term committed loans		86		109
Short-term uncommitted credit facilities		50		37
Short-term debt and current portion of long-term debt	$	583	$	361

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 March 31, 2025, $674 million was available under these revolving credit facilities. Additionally, at March 31, 2025, the company’s short-term uncommitted credit facilities provided the company with up to $988 million.

The fair value of Ball’s long-term debt was estimated to be $6.32 billion and $5.19 billion at March 31, 2025, and December 31, 2024, 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 March 31, 2025, and for all prior periods presented, and has met all debt payment obligations.