us-gaap:OtherAssetsCurrentus-gaap:OtherAssetsCurrentus-gaap:OtherLiabilitiesCurrent us-gaap:OtherLiabilitiesNoncurrentus-gaap:OtherAssetsCurrentus-gaap:OtherAssetsCurrentus-gaap:OtherLiabilitiesCurrentus-gaap:OtherLiabilitiesCurrentus-gaap:OtherLiabilitiesNoncurrentus-gaap:OtherLiabilitiesNoncurrentus-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationus-gaap:DebtCurrentus-gaap:LongTermDebtNoncurrentP1Ybll:RestructuringAndOtherActivitiesP12MP0Mbll:RestructuringAndOtherActivitiesYesNoYes0000009389--12-31FY2020falsebll:RestructuringAndOtherActivitiesYesP10YP10Ybll:bllRestructuringAndOtherActivities0000009389srt:MaximumMember2019-01-230000009389us-gaap:CommonStockMember2020-01-012020-12-310000009389us-gaap:CommonStockMember2019-01-012019-12-310000009389us-gaap:CommonStockMember2018-01-012018-12-310000009389us-gaap:TreasuryStockCommonMember2020-01-012020-12-310000009389us-gaap:TreasuryStockCommonMember2019-01-012019-12-310000009389us-gaap:TreasuryStockCommonMember2018-01-012018-12-310000009389us-gaap:RetainedEarningsMember2020-12-310000009389us-gaap:NoncontrollingInterestMember2020-12-310000009389us-gaap:RetainedEarningsMember2019-12-310000009389us-gaap:NoncontrollingInterestMember2019-12-310000009389us-gaap:RetainedEarningsMember2018-12-310000009389us-gaap:NoncontrollingInterestMember2018-12-310000009389srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2017-12-310000009389srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310000009389srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2017-12-310000009389srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:NoncontrollingInterestMember2017-12-310000009389srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310000009389us-gaap:RetainedEarningsMember2017-12-310000009389us-gaap:NoncontrollingInterestMember2017-12-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310000009389srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2017-12-310000009389srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2017-12-310000009389us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000009389us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310000009389us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000009389us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000009389us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000009389us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000009389us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000009389us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-12-310000009389us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000009389us-gaap:TreasuryStockCommonMember2020-12-310000009389us-gaap:CommonStockMember2020-12-310000009389us-gaap:TreasuryStockCommonMember2019-12-310000009389us-gaap:CommonStockMember2019-12-310000009389us-gaap:TreasuryStockCommonMember2018-12-310000009389us-gaap:CommonStockMember2018-12-310000009389srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:TreasuryStockCommonMember2017-12-310000009389srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMember2017-12-310000009389us-gaap:TreasuryStockCommonMember2017-12-310000009389us-gaap:CommonStockMember2017-12-310000009389bll:RestrictedStockAndRestrictedStockUnitsMember2020-12-310000009389bll:RestrictedStockAndRestrictedStockUnitsMember2019-12-310000009389us-gaap:RestrictedStockUnitsRSUMemberbll:SpecialAcquisitionRelatedIncentivePlanMember2017-01-012017-12-310000009389us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000009389bll:RestrictedStockAndRestrictedStockUnitsMember2020-01-012020-12-310000009389us-gaap:CurrencySwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-12-310000009389bll:CommodityContractAndCurrencyExchangeContractsMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-12-310000009389us-gaap:CurrencySwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-12-310000009389bll:CommodityContractAndCurrencyExchangeContractsMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-12-310000009389us-gaap:CurrencySwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-01-012018-12-310000009389bll:CommodityContractAndCurrencyExchangeContractsMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-01-012018-12-3100000093892022-01-01bll:AerospaceAndTechnologiesMember2020-12-3100000093892021-01-01bll:AerospaceAndTechnologiesMember2020-12-310000009389bll:BeverageAndAerosolPackagingSegmentsMember2020-01-012020-12-310000009389us-gaap:TransferredOverTimeMember2020-01-012020-12-310000009389us-gaap:TransferredAtPointInTimeMember2020-01-012020-12-310000009389country:US2020-01-012020-12-310000009389country:BR2020-01-012020-12-310000009389bll:OtherGeographicGroupMember2020-01-012020-12-310000009389us-gaap:TransferredOverTimeMember2019-01-012019-12-310000009389us-gaap:TransferredAtPointInTimeMember2019-01-012019-12-310000009389country:US2019-01-012019-12-310000009389country:BR2019-01-012019-12-310000009389bll:OtherGeographicGroupMember2019-01-012019-12-310000009389us-gaap:TransferredOverTimeMember2018-01-012018-12-310000009389us-gaap:TransferredAtPointInTimeMember2018-01-012018-12-310000009389country:US2018-01-012018-12-310000009389country:BR2018-01-012018-12-310000009389bll:OtherGeographicGroupMember2018-01-012018-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2020-01-012020-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2020-01-012020-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2020-01-012020-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2019-01-012019-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2019-01-012019-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2019-01-012019-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2018-01-012018-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2018-01-012018-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2018-01-012018-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-01-012018-12-310000009389srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2020-01-012020-12-310000009389srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2020-01-012020-12-310000009389srt:MinimumMemberbll:CapitalizedSoftwareMember2020-01-012020-12-310000009389srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2020-01-012020-12-310000009389srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2020-01-012020-12-310000009389srt:MaximumMemberbll:CapitalizedSoftwareMember2020-01-012020-12-310000009389us-gaap:MachineryAndEquipmentMember2020-12-310000009389us-gaap:LandMember2020-12-310000009389us-gaap:ConstructionInProgressMember2020-12-310000009389us-gaap:BuildingMember2020-12-310000009389us-gaap:MachineryAndEquipmentMember2019-12-310000009389us-gaap:LandMember2019-12-310000009389us-gaap:ConstructionInProgressMember2019-12-310000009389us-gaap:BuildingMember2019-12-310000009389us-gaap:NoncontrollingInterestMember2019-01-012019-12-310000009389us-gaap:NoncontrollingInterestMember2018-01-012018-12-310000009389us-gaap:EmployeeStockOptionMember2019-01-012019-12-310000009389us-gaap:EmployeeStockOptionMember2018-01-012018-12-310000009389us-gaap:SeriesAPreferredStockMember2020-12-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-01-012018-12-310000009389us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-12-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000009389us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-12-310000009389us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-12-310000009389us-gaap:DomesticCountryMemberbll:TaxCreditCarryforwardsMember2020-12-310000009389us-gaap:StateAndLocalJurisdictionMember2020-12-310000009389bll:DomesticCountryAndForeignCountryMember2020-12-310000009389bll:EntityInVietnamMember2020-12-310000009389bll:EntityInUSMember2020-12-310000009389bll:EntityInSouthKoreaMember2020-12-310000009389bll:EntityInPanamaMember2020-12-310000009389bll:EntityInGuatemalaMember2020-12-310000009389bll:EntityInUSMember2019-12-310000009389bll:BeveragePackagingBusinessInSaudiArabiaMember2019-12-310000009389us-gaap:NoncontrollingInterestMember2020-01-012020-12-310000009389us-gaap:FairValueInputsLevel2Member2020-12-310000009389us-gaap:FairValueInputsLevel2Member2019-12-310000009389bll:ShortTermUncommittedRevolvingCreditFacilitiesMember2020-12-310000009389bll:ShortTermUncommittedRevolvingCreditFacilitiesMember2019-12-310000009389us-gaap:SubsequentEventMember2021-03-310000009389us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-12-310000009389us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-12-310000009389us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-01-012018-12-310000009389bll:BrazilianSubsidiaryMember2020-01-012020-12-310000009389bll:BrazilianSubsidiaryMember2019-01-012019-12-310000009389bll:BrazilianSubsidiaryMember2018-01-012018-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-12-310000009389us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-01-012018-12-310000009389bll:SteelAerosolPackagingBusinessInArgentinaMember2019-01-012019-12-310000009389bll:BeveragePackagingChinaMember2019-01-012019-12-310000009389bll:MetalBeveragePackagingSouthAmericaMember2019-01-012019-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMember2020-01-012020-03-310000009389bll:MetalBeveragePackagingEuropeMember2020-01-012020-12-310000009389bll:MetalBeveragePackagingEuropeMember2019-01-012019-12-310000009389bll:TubexIndustriaEComercioDeEmbalagensLtdaMember2020-07-012020-09-300000009389bll:MetalBeveragePackagingSouthAmericaMember2020-12-310000009389bll:MetalBeveragePackagingNorthAndCentralAmericaMember2020-12-310000009389bll:MetalBeveragePackagingEuropeMember2020-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMember2020-12-310000009389bll:AerospaceAndTechnologiesMember2020-12-310000009389srt:RevisionOfPriorPeriodReclassificationAdjustmentMemberbll:MetalBeveragePackagingEuropeMember2019-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMembersrt:RevisionOfPriorPeriodReclassificationAdjustmentMember2019-12-310000009389bll:MetalBeveragePackagingSouthAmericaMember2019-12-310000009389bll:MetalBeveragePackagingNorthAndCentralAmericaMember2019-12-310000009389bll:MetalBeveragePackagingEuropeMember2019-12-310000009389bll:MetalBeveragePackagingAsiaMember2019-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMember2019-12-310000009389bll:BallBeveragePackagingAmeaLimitedMember2019-12-310000009389bll:AerospaceAndTechnologiesMember2019-12-310000009389bll:MetalBeveragePackagingSouthAmericaMember2018-12-310000009389bll:MetalBeveragePackagingNorthAndCentralAmericaMember2018-12-310000009389bll:MetalBeveragePackagingEuropeMember2018-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMember2018-12-310000009389bll:AerospaceAndTechnologiesMember2018-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMembercountry:SA2019-01-012019-12-310000009389srt:MinimumMember2020-01-012020-12-310000009389bll:RexamPlcMember2020-12-310000009389bll:RexamPlcMember2019-12-310000009389us-gaap:EmployeeStockOptionMember2020-01-012020-12-310000009389bll:BallMetalpackJointVentureMember2020-03-310000009389bll:BallMetalpackJointVentureMember2018-07-310000009389bll:CorporateReconcilingItemsAndEliminationsMemberbll:RexamPlcMember2018-01-012018-12-3100000093892017-01-012017-12-310000009389bll:SeniorNotes4.375PercentDueDecember2020Member2020-01-012020-03-310000009389bll:SeniorNotes3.50PercentDueDecember2020Member2020-01-012020-03-310000009389us-gaap:RetainedEarningsMember2020-01-012020-12-310000009389us-gaap:RetainedEarningsMember2018-01-012018-12-3100000093892020-01-012020-03-310000009389us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbll:USSteelFoodAndSteelAerosolPackagingMember2018-07-012018-07-310000009389us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbll:USSteelFoodAndSteelAerosolPackagingMember2020-01-012020-03-310000009389us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbll:BeveragePackagingChinaBusinessMember2019-09-012019-09-300000009389bll:ChatsworthCaliforniaMemberbll:MetalBeveragePackagingNorthAndCentralAmericaMember2018-10-012018-12-310000009389us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbll:USSteelFoodAndSteelAerosolPackagingMember2018-07-312018-07-310000009389us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbll:SteelAerosolPackagingBusinessInArgentinaMember2019-10-012019-10-310000009389bll:CorporateReconcilingItemsAndEliminationsMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbll:SteelAerosolPackagingBusinessInArgentinaMember2019-01-012019-12-310000009389us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-12-310000009389us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbll:BeveragePackagingChinaBusinessMember2019-09-300000009389us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbll:USSteelFoodAndSteelAerosolPackagingMember2018-07-310000009389us-gaap:CashFlowHedgingMember2020-01-012020-12-310000009389bll:InterestRateSwapAndOptionContractsMember2020-01-012020-12-310000009389bll:InterestRateSwapAndOptionContractsMember2020-12-310000009389us-gaap:OtherContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-12-310000009389us-gaap:EquityContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-12-310000009389us-gaap:EquityContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-12-310000009389us-gaap:EquityContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2018-01-012018-12-310000009389us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2020-01-012020-12-310000009389us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-12-310000009389us-gaap:CurrencySwapMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-12-310000009389us-gaap:CommodityContractMemberus-gaap:SalesMember2020-01-012020-12-310000009389us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2020-01-012020-12-310000009389us-gaap:InterestRateContractMember2020-01-012020-12-310000009389us-gaap:CurrencySwapMember2020-01-012020-12-310000009389bll:ForeignCurrencyAndTaxImpactMember2020-01-012020-12-310000009389bll:CurrencyExchangeContractMember2020-01-012020-12-310000009389us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2019-01-012019-12-310000009389us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-12-310000009389us-gaap:CurrencySwapMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-12-310000009389us-gaap:CommodityContractMemberus-gaap:SalesMember2019-01-012019-12-310000009389us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2019-01-012019-12-310000009389us-gaap:InterestRateContractMember2019-01-012019-12-310000009389bll:ForeignCurrencyAndTaxImpactMember2019-01-012019-12-310000009389bll:CurrencyExchangeContractMember2019-01-012019-12-310000009389us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2018-01-012018-12-310000009389us-gaap:ForeignExchangeContractMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2018-01-012018-12-310000009389us-gaap:CurrencySwapMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2018-01-012018-12-310000009389us-gaap:CommodityContractMemberus-gaap:SalesMember2018-01-012018-12-310000009389us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2018-01-012018-12-310000009389us-gaap:CurrencySwapMember2018-01-012018-12-310000009389us-gaap:CommodityContractMember2018-01-012018-12-310000009389bll:ForeignCurrencyAndTaxImpactMember2018-01-012018-12-310000009389bll:CurrencyExchangeContractMember2018-01-012018-12-310000009389us-gaap:OtherContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2020-12-310000009389us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2020-12-310000009389us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000009389us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000009389us-gaap:OtherContractMember2020-12-310000009389us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2020-12-310000009389us-gaap:ForeignExchangeContractMember2020-12-310000009389us-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000009389us-gaap:OtherContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000009389us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-12-310000009389us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000009389us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-12-310000009389us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000009389us-gaap:OtherContractMember2019-12-310000009389us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-12-310000009389us-gaap:ForeignExchangeContractMember2019-12-310000009389us-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000009389us-gaap:CommodityContractMember2019-12-310000009389us-gaap:OperatingSegmentsMember2020-01-012020-12-310000009389us-gaap:OperatingSegmentsMember2019-01-012019-12-310000009389us-gaap:OperatingSegmentsMember2018-01-012018-12-310000009389us-gaap:FixedIncomeSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:AlternateInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:FixedIncomeSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:AlternateInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:BusinessConsolidationAndOtherActivitiesMember2020-01-012020-12-310000009389bll:BusinessConsolidationAndOtherActivitiesMember2019-01-012019-12-310000009389bll:BusinessConsolidationAndOtherActivitiesMember2018-01-012018-12-310000009389srt:MinimumMemberus-gaap:FixedIncomeSecuritiesMembercountry:US2020-12-310000009389srt:MinimumMemberus-gaap:FixedIncomeSecuritiesMembercountry:GB2020-12-310000009389srt:MinimumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMembercountry:US2020-12-310000009389srt:MinimumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMembercountry:GB2020-12-310000009389srt:MinimumMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMembercountry:GB2020-12-310000009389srt:MinimumMemberbll:FixedIncomeSecuritiesAndCashAndCashEquivalentsCombinedMembercountry:GB2020-12-310000009389srt:MinimumMemberbll:AlternateInvestmentsMembercountry:US2020-12-310000009389srt:MinimumMemberbll:AlternateInvestmentsMembercountry:GB2020-12-310000009389srt:MaximumMemberus-gaap:FixedIncomeSecuritiesMembercountry:US2020-12-310000009389srt:MaximumMemberus-gaap:FixedIncomeSecuritiesMembercountry:GB2020-12-310000009389srt:MaximumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMembercountry:US2020-12-310000009389srt:MaximumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMembercountry:GB2020-12-310000009389srt:MaximumMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMembercountry:GB2020-12-310000009389srt:MaximumMemberbll:FixedIncomeSecuritiesAndCashAndCashEquivalentsCombinedMembercountry:GB2020-12-310000009389srt:MaximumMemberbll:AlternateInvestmentsMembercountry:US2020-12-310000009389srt:MaximumMemberbll:AlternateInvestmentsMembercountry:GB2020-12-310000009389country:GBus-gaap:PensionPlansDefinedBenefitMember2018-10-012018-10-310000009389us-gaap:UnfundedPlanMember2020-12-310000009389us-gaap:UnfundedPlanMember2019-12-310000009389us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-12-310000009389us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-12-310000009389us-gaap:SellingGeneralAndAdministrativeExpensesMember2018-01-012018-12-310000009389srt:ScenarioForecastMember2021-01-012021-12-310000009389us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-12-310000009389us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-01-012018-12-310000009389us-gaap:USTreasuryBondSecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:USTreasuryBondSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:RealEstateInvestmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercountry:GBus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:MunicipalBondsMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:ForeignGovernmentDebtMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:ForeignGovernmentDebtMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:UtilitiesCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:UtilitiesCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:USGovernmentAndGovernmentAgenciesAndAuthoritiesMemberOtherMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:USGovernmentAndGovernmentAgenciesAndAuthoritiesMemberOtherMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:PrivatePlacementCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:PrivatePlacementCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:OtherUKPensionAssetMemberus-gaap:FairValueInputsLevel1Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:OtherCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:OtherCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:InformationTechnologyCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:InformationTechnologyCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:IndustrialsCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:IndustrialsCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:HealthcareCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:HealthcareCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:FinancialsCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:FinancialsCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:EquityCommingledFundsMemberus-gaap:FairValueInputsLevel1Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:EnergyCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:EnergyCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:ConsumerStaplesCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:ConsumerStaplesCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:ConsumerDiscretionaryCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:ConsumerDiscretionaryCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:CommunicationsCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:CommunicationsCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:BasicMaterialsCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:BasicMaterialsCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:FairValueInputsLevel1Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389bll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:USTreasuryBondSecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:USTreasuryBondSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:RealEstateInvestmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercountry:GBus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:MunicipalBondsMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:UtilitiesEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:UtilitiesEquitySecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:UtilitiesCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:UtilitiesCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:USGovernmentAndGovernmentAgenciesAndAuthoritiesMemberOtherMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:USGovernmentAndGovernmentAgenciesAndAuthoritiesMemberOtherMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:PrivatePlacementCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:PrivatePlacementCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:OtherUKPensionAssetMemberus-gaap:FairValueInputsLevel1Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:OtherSecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:OtherSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:OtherCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:OtherCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:OilAndGasCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:OilAndGasCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:InformationTechnologyCorporateEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:InformationTechnologyCorporateEquitySecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:InformationTechnologyCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:InformationTechnologyCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:IndustrialsEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:IndustrialsEquitySecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:IndustrialsCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:IndustrialsCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:HealthcareEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:HealthcareEquitySecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:HealthcareCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:HealthcareCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:FinancialsEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:FinancialsEquitySecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:FinancialsCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:FinancialsCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:EquityCommingledFundsMemberus-gaap:FairValueInputsLevel1Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:ConsumerStaplesCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:ConsumerStaplesCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:ConsumerDiscretionarySecuritiesMemberus-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:ConsumerDiscretionarySecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:ConsumerDiscretionaryCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:ConsumerDiscretionaryCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:CommunicationsCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:CommunicationsCorporateDebtSecuritiesMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:CommingledFundsMemberus-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:CommingledFundsMemberus-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:CommingledFundsMemberbll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:FairValueInputsLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:FairValueInputsLevel1Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:FairValueInputsLevel1Membercountry:GBus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:FairValueInputsLevel1AndLevel2Membercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000009389us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000009389us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2018-12-310000009389us-gaap:PensionPlansDefinedBenefitMember2018-12-310000009389country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310000009389country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310000009389country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-12-310000009389country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-12-310000009389country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-01-012018-12-310000009389country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-01-012018-12-310000009389country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000009389country:GBus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389country:DEus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000009389country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000009389country:GBus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389country:DEus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000009389country:USus-gaap:PensionPlansDefinedBenefitMember2018-12-310000009389country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-12-310000009389country:GBus-gaap:PensionPlansDefinedBenefitMember2018-12-310000009389country:DEus-gaap:PensionPlansDefinedBenefitMember2018-12-310000009389country:CAus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2018-12-310000009389us-gaap:OtherNoncurrentAssetsMember2020-12-310000009389bll:DeferredTaxesAndOtherCurrentLiabilitiesCaptionMember2020-12-310000009389us-gaap:OtherNoncurrentAssetsMember2019-12-310000009389bll:DeferredTaxesAndOtherCurrentLiabilitiesCaptionMember2019-12-310000009389srt:MinimumMember2020-12-310000009389srt:MaximumMember2020-12-310000009389bll:SeniorNotes4.375PercentDueDecember2020Member2020-12-310000009389bll:SeniorNotes3.50PercentDueDecember2020Member2020-12-310000009389bll:SeniorNotes4.375PercentDueDecember2020Member2020-03-310000009389bll:SeniorNotes3.50PercentDueDecember2020Member2020-03-310000009389bll:SeniorNotes2.875PercentDueAugust2030Member2019-12-310000009389bll:ReplacementTermLoanUSDollarsDenominatedMember2020-01-012020-12-310000009389bll:ReplacementTermLoanUSDollarsDenominatedMember2019-01-012019-12-310000009389bll:SeniorNotes2.875PercentDueAugust2030Member2020-09-300000009389bll:SeniorNotes5.25PercentDueJuly2025Member2020-12-310000009389bll:SeniorNotes5.00PercentDueMarch2022Member2020-12-310000009389bll:SeniorNotes4.875PercentDueMarch2026Member2020-12-310000009389bll:SeniorNotes4.375PercentDueDecember2023Member2020-12-310000009389bll:SeniorNotes4.00PercentDueNovember2023Member2020-12-310000009389bll:SeniorNotes2.875PercentDueAugust2030Member2020-12-310000009389bll:SeniorNotes1.50PercentDueMarch2027Member2020-12-310000009389bll:SeniorNotes0.875PercentDueMarch2024Member2020-12-310000009389bll:ReplacementTermLoanUSDollarsDenominatedMember2020-12-310000009389bll:SeniorNotes5.25PercentDueJuly2025Member2019-12-310000009389bll:SeniorNotes5.00PercentDueMarch2022Member2019-12-310000009389bll:SeniorNotes4.875PercentDueMarch2026Member2019-12-310000009389bll:SeniorNotes4.375PercentDueDecember2023Member2019-12-310000009389bll:SeniorNotes4.375PercentDueDecember2020Member2019-12-310000009389bll:SeniorNotes4.00PercentDueNovember2023Member2019-12-310000009389bll:SeniorNotes3.50PercentDueDecember2020Member2019-12-310000009389bll:SeniorNotes1.50PercentDueMarch2027Member2019-12-310000009389bll:SeniorNotes0.875PercentDueMarch2024Member2019-12-310000009389bll:ReplacementTermLoanUSDollarsDenominatedMember2019-12-310000009389us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-12-310000009389us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-12-310000009389us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-01-012018-12-310000009389bll:USGovernmentMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-12-310000009389bll:TheCocaColaCompanyMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-12-310000009389bll:AnheuserBuschInbevAndSubsidiariesMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-12-310000009389bll:USGovernmentMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2019-01-012019-12-310000009389bll:TheCocaColaCompanyMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2019-01-012019-12-310000009389bll:AnheuserBuschInbevAndSubsidiariesMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2019-01-012019-12-310000009389bll:USGovernmentMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2018-01-012018-12-310000009389bll:TheCocaColaCompanyMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2018-01-012018-12-310000009389bll:AnheuserBuschInbevAndSubsidiariesMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2018-01-012018-12-310000009389bll:ForeignExchangeForwardAndOptionCollarContractsMemberus-gaap:CashFlowHedgingMember2020-01-012020-12-310000009389us-gaap:CommodityContractMember2020-01-012020-12-3100000093892017-12-310000009389us-gaap:OperatingSegmentsMemberbll:BirminghamAlabamaChatsworthCaliforniaAndLongviewTexasMemberbll:EmployeeSeveranceAndBenefitsFacilityShutdownCostsAssetImpairmentAcceleratedDepreciationAndOtherCostsMemberbll:MetalBeveragePackagingNorthAndCentralAmericaMember2018-01-012018-12-310000009389bll:TubexIndustriaEComercioDeEmbalagensLtdaMember2020-08-310000009389bll:MetalBeveragePackagingAsiaPacificReportingUnitMember2019-10-012019-12-310000009389bll:ForeignExchangeForwardAndOptionCollarContractsMemberus-gaap:CashFlowHedgingMember2020-12-310000009389bll:RexamPlcMember2020-01-012020-12-310000009389bll:RexamPlcMember2019-01-012019-12-310000009389us-gaap:RestrictedStockUnitsRSUMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-12-310000009389bll:BusinessConsolidationAndOtherActivitiesMemberbll:SpecialAcquisitionRelatedIncentivePlanMember2020-01-012020-12-310000009389us-gaap:RestrictedStockUnitsRSUMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-12-310000009389bll:BusinessConsolidationAndOtherActivitiesMemberbll:SpecialAcquisitionRelatedIncentivePlanMember2019-01-012019-12-310000009389us-gaap:RestrictedStockUnitsRSUMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2018-01-012018-12-310000009389bll:BusinessConsolidationAndOtherActivitiesMemberbll:SpecialAcquisitionRelatedIncentivePlanMember2018-01-012018-12-3100000093892020-06-3000000093892021-02-1500000093892018-12-310000009389srt:MinimumMemberbll:LowerDuwamishSiteMember2012-11-300000009389srt:MinimumMemberbll:LowerDuwamishSiteMember2012-11-012012-11-300000009389bll:LowerDuwamishSiteMember2020-01-012020-12-310000009389bll:StockOptionsAndStockSettledAppreciationRightsMember2019-12-310000009389bll:StockOptionsAndStockSettledAppreciationRightsMember2019-01-012019-12-310000009389bll:StockOptionsAndStockSettledAppreciationRightsMember2018-01-012018-12-310000009389bll:StockOptionsAndStockSettledAppreciationRightsMember2020-01-012020-12-310000009389bll:StockOptionsAndStockSettledAppreciationRightsMember2020-12-310000009389srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000009389srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000009389srt:EuropeMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000009389us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310000009389srt:MaximumMemberbll:AerospaceAndTechnologiesMember2020-01-012020-12-310000009389srt:MaximumMember2020-01-012020-12-310000009389us-gaap:RetainedEarningsMember2019-01-012019-12-310000009389us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-12-310000009389us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-12-310000009389us-gaap:CurrencySwapMember2019-01-012019-12-310000009389us-gaap:CommodityContractMember2019-01-012019-12-310000009389bll:MaterialWhollyOwnedForeignSubsidiariesAndMaterialWhollyOwnedUSDomiciledForeignSubsidiariesMemberus-gaap:PaymentGuaranteeMemberus-gaap:ForeignLineOfCreditMember2020-01-012020-12-310000009389bll:MaterialWhollyOwnedFirstTierForeignSubsidiariesMemberus-gaap:PaymentGuaranteeMemberus-gaap:LineOfCreditMember2020-01-012020-12-310000009389bll:MaterialWhollyOwnedDomesticSubsidiariesMemberus-gaap:PaymentGuaranteeMemberus-gaap:LineOfCreditMember2020-01-012020-12-3100000093892019-04-012019-04-300000009389bll:RexamPlcMember2018-01-012018-12-310000009389srt:ScenarioForecastMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310000009389srt:ScenarioForecastMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-01-310000009389us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000009389bll:AerospaceAndTechnologiesMember2020-01-012020-12-310000009389us-gaap:CommodityContractMember2020-12-310000009389bll:PolishSubsidiaryMember2020-01-012020-12-310000009389bll:SerbianSubsidiaryMember2020-01-012020-12-310000009389us-gaap:OperatingSegmentsMemberbll:AerospaceAndTechnologiesMember2020-01-012020-12-310000009389us-gaap:OperatingSegmentsMemberbll:AerospaceAndTechnologiesMember2019-01-012019-12-310000009389us-gaap:OperatingSegmentsMemberbll:AerospaceAndTechnologiesMember2018-01-012018-12-310000009389bll:NonUSSubsidiariesMember2020-01-012020-12-310000009389us-gaap:OperatingSegmentsMemberbll:MetalBeveragePackagingSouthAmericaMember2020-01-012020-12-310000009389us-gaap:OperatingSegmentsMemberbll:MetalBeveragePackagingNorthAndCentralAmericaMember2020-01-012020-12-310000009389us-gaap:OperatingSegmentsMemberbll:MetalBeveragePackagingEuropeMember2020-01-012020-12-310000009389us-gaap:OperatingSegmentsMemberbll:MetalBeveragePackagingSouthAmericaMember2019-01-012019-12-310000009389us-gaap:OperatingSegmentsMemberbll:MetalBeveragePackagingNorthAndCentralAmericaMember2019-01-012019-12-310000009389us-gaap:OperatingSegmentsMemberbll:MetalBeveragePackagingEuropeMember2019-01-012019-12-310000009389us-gaap:OperatingSegmentsMemberbll:MetalBeveragePackagingSouthAmericaMember2018-01-012018-12-310000009389us-gaap:OperatingSegmentsMemberbll:MetalBeveragePackagingNorthAndCentralAmericaMember2018-01-012018-12-310000009389us-gaap:OperatingSegmentsMemberbll:MetalBeveragePackagingEuropeMember2018-01-012018-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMember2020-01-012020-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMember2019-01-012019-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMember2018-01-012018-12-310000009389us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000009389country:USus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000009389us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310000009389country:USus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310000009389us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2018-01-012018-12-310000009389country:USus-gaap:PensionPlansDefinedBenefitMember2018-01-012018-12-310000009389us-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310000009389us-gaap:PensionPlansDefinedBenefitMember2018-01-012018-12-310000009389us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000009389country:GBus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000009389country:DEus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000009389country:GBus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310000009389country:DEus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310000009389country:GBus-gaap:PensionPlansDefinedBenefitMember2018-01-012018-12-310000009389country:DEus-gaap:PensionPlansDefinedBenefitMember2018-01-012018-12-310000009389us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389srt:ScenarioForecastMember2022-12-3100000093892019-01-012019-12-3100000093892018-01-012018-12-310000009389us-gaap:EquityContractMember2020-01-012020-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbll:BeveragePackagingChinaMember2019-01-012019-12-310000009389bll:CorporateReconcilingItemsAndEliminationsMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbll:USSteelFoodAndSteelAerosolPackagingMember2018-01-012018-12-310000009389bll:TubexIndustriaEComercioDeEmbalagensLtdaMember2020-08-012020-08-3100000093892020-01-012020-12-310000009389country:US2020-12-310000009389country:GB2020-12-310000009389country:BR2020-12-310000009389bll:OtherGeographicGroupMember2020-12-3100000093892020-12-310000009389country:US2019-12-310000009389country:GB2019-12-310000009389country:BR2019-12-310000009389bll:OtherGeographicGroupMember2019-12-3100000093892019-12-310000009389us-gaap:OtherCurrentAssetsMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:OtherAssetsMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389country:USus-gaap:PensionPlansDefinedBenefitMember2020-12-310000009389us-gaap:OtherCurrentAssetsMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389us-gaap:OtherAssetsMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389country:USus-gaap:PensionPlansDefinedBenefitMember2019-12-310000009389bll:NonUSSubsidiariesMember2020-12-31bll:segmentiso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesbll:itembll:contractbll:installmentutr:acreiso4217:EUR

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                  to                                 

Commission File Number 001-07349

Ball Corporation

State of Indiana

35-0160610

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

9200 West 108th Circle

Westminster, Colorado

80021

(Address of registrant’s principal executive office)

(Zip Code)

Registrant’s telephone number, including area code: (303) 469-3131

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, without par value

BLL

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES  NO 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES  NO 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. YES  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES  NO 

The aggregate market value of voting stock held by non-affiliates of the registrant was $22.7 billion based upon the closing market price and common shares outstanding as of June 30, 2020.

Number of shares and rights outstanding as of the latest practicable date.

Class

Outstanding at February 15, 2021

Common Stock, without par value

327,926,616 shares

DOCUMENTS INCORPORATED BY REFERENCE

1.

Proxy statement to be filed with the Commission within 120 days after December 31, 2020, to the extent indicated in Part III.

Table of Contents

Ball Corporation

ANNUAL REPORT ON FORM 10-K

For the year ended December 31, 2020

TABLE OF CONTENTS

Page Number

PART I.

Item 1.

Business

3

Item 1A.

Risk Factors

11

Item 1B.

Unresolved Staff Comments

21

Item 2.

Properties

21

Item 3.

Legal Proceedings

23

Item 4.

Mine Safety Disclosures

23

PART II.

Item 5.

Market for the Registrant’s Common Stock and Related Stockholder Matters

23

Item 6.

Selected Financial Data

24

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Forward-Looking Statements

37

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 8.

Financial Statements and Supplementary Data

39

Report of Independent Registered Public Accounting Firm

39

Consolidated Statements of Earnings for the Years Ended December 31, 2020, 2019 and 2018

42

Consolidated Statements of Comprehensive Earnings (Loss) for the Years Ended December 31, 2020, 2019 and 2018

43

Consolidated Balance Sheets at December 31, 2020, and December 31, 2019

44

Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 and 2018

45

Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2020, 2019 and 2018

46

Notes to the Consolidated Financial Statements

47

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

100

Item 9A.

Controls and Procedures

100

Item 9B.

Other Information

100

PART III.

Item 10.

Directors, Executive Officers and Corporate Governance of the Registrant

101

Item 11.

Executive Compensation

101

Item 12.

Security Ownership of Certain Beneficial Owners and Management

102

Item 13.

Certain Relationships and Related Transactions

102

Item 14.

Principal Accountant Fees and Services

102

PART IV.

Item 15.

Exhibits, Financial Statement Schedules

103

Item 16.

Form 10-K Summary

107

Signatures

108

Table of Contents

PART I.

Item 1. Business

Ball Corporation and its consolidated subsidiaries (collectively, Ball, the company, we or our) is one of the world’s leading suppliers of aluminum packaging for the beverage, personal care and household products industries. The company was organized in 1880 and incorporated in the state of Indiana, United States of America (U.S.), in 1922. Our sustainable, aluminum packaging products are produced for a variety of end uses and are manufactured in facilities around the world. We also provide aerospace and other technologies and services to governmental and commercial customers within our aerospace segment. In 2020, our total consolidated net sales were $11.8 billion. Our packaging businesses were responsible for 85 percent of our net sales, with the remaining 15 percent contributed by our aerospace business.

Our largest product line is aluminum beverage containers and we also produce extruded aluminum aerosol containers, aluminum slugs and aluminum cups.

We sell our aluminum packaging products globally to large multinational beverage, personal care and household products companies with which we have developed long-term relationships. This is evidenced by our high customer retention and large number of long-term supply contracts. While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers. Our significant customers include The Coca-Cola Company and its affiliated bottlers and Anheuser-Busch InBev n.v./s.a., among others.

Our aerospace business is a leader in delivering solutions ranging from entire missions to contributing component level expertise through the design, development and manufacture of innovative systems for intelligence surveillance and reconnaissance, civil, commercial and national security aerospace markets. It produces spacecraft, instruments and sensors, radio frequency systems and components, data exploitation solutions and a variety of advanced technologies and products that enable weather prediction and climate change monitoring as well as deep space missions.

We are headquartered in Westminster, Colorado, and our stock is listed for trading on the New York Stock Exchange under the ticker symbol BLL.

Our Strategy

Our Drive for 10 vision defines our overall business strategy. At its highest level, Drive for 10 is a mindset around perfection, with a greater sense of urgency around our future success. Launched in 2011, Drive for 10 encompasses five strategic levers that are key to growing our businesses and achieving long-term success. These five levers are:

Maximizing value in our existing businesses
Expanding into new products and capabilities
Aligning ourselves with the right customers and markets
Broadening our geographic reach and
Leveraging our know-how and technological expertise to provide a competitive advantage

We also maintain a clear and disciplined financial strategy focused on improving shareholder returns by:

Seeking to deliver comparable diluted earnings per share growth of 10 percent to 15 percent per annum over the long-term
Maximizing free cash flow generation
Increasing Economic Value Added (EVA®) dollars

3

Table of Contents

The cash generated by our businesses is used primarily: (1) to finance the company’s operations, (2) to fund growth capital investments, (3) to service the company’s debt and (4) to return value to our shareholders via stock buy-backs and dividend payments. From time to time, we have evaluated and expect to continue to evaluate possible transactions that we believe will benefit the company and our shareholders, which may include strategic acquisitions, divestitures of parts of our company or joint ventures. At any time we may be engaged in discussions or negotiations with respect to possible transactions or may have entered into non-binding letters of intent. There can be no assurance if or when we will enter into any such transactions or the terms of such transactions. The compensation of many of our employees is tied directly to the company’s performance through our EVA®-based incentive programs.

Sustainability

At Ball Corporation, we believe in our people, our culture and our ability to deliver value to our stakeholders. Like uncompromising integrity and customer focus, sustainability is part of our Drive for 10 vision and has been a part of who we are since our founding in 1880.

Our triple bottom-line approach to sustainability – environmental, economic and social – has evolved over the years and is the lens through which we conduct business at every level of our organization today. Sustainability is a key part of our business strategy, and it influences how we manage and operate our businesses, serve our customers, care for the environment and our communities, secure profits and drive long-term prosperity.

We focus our sustainability efforts on product stewardship, operational excellence, human capital management and community engagement. In our manufacturing operations around the world, we work on continuous improvement of employee safety and engagement, energy and water efficiency, reducing air emissions, and waste reduction and recycling. And our commitment extends beyond our walls.

Today’s consumers are acutely aware of the plastic pollution crisis, and they are choosing brands based on their sustainability credentials. Customers understand this growing concern for the environment and their unique position in impacting the environment, especially through the packaging materials they use. Infinitely recyclable and economically valuable, aluminum unlocks the full potential of packaging to help customers convey values and purpose to consumers.

Aluminum cans, bottles and now cups are an increasingly attractive option for sustainability-conscious brands and consumers who want to do the right thing for the environment. Unlike plastic, glass, cartons or compostable containers, aluminum can be recycled again and again without losing quality, and is in high demand across industries and applications, pushing its collection, sorting and recycling rates to the highest of any beverage packaging material. That’s why 75 percent of all aluminum ever produced is still in use today.

In 2017, Resource Recycling Systems recognized aluminum beverage cans as the most recycled beverage package in the world, with a global average recycling rate of 69 percent. In comparison, only 43 percent of PET and 46 percent of glass bottles were collected, although not necessarily recycled. These findings solidify aluminum beverage packaging as the leader in real recycling, where the package is collected and then transformed into an item of equal value (product-to-product or material-to-material recycling). In the case of aluminum cans, bottles or cups which are monomaterial, the aluminum can be recycled and made back into the same product in as little as 60 days. In contrast, only nine percent of all plastic ever produced has been recycled and mostly, it’s only down-cycled. Down-cycled products, including but not limited to when plastic is converted to become part of a sneaker or fibers in a carpet, is not sustainable because eventually those products end up in landfills. Real recycling happens when the value of the product being recycled is maintained from one use to another.

Because recycling aluminum saves resources and uses significantly less energy than primary aluminum production, we are innovating and collaborating with our customers, supply chain, and other public and private partners to establish and financially support initiatives to increase recycling rates around the world. For example, we work together to create effective collection and recycling systems and educate consumers about the sustainability benefits of aluminum packaging.

4

Table of Contents

Our aerospace business plays a role in sustainability as well. More and more, our systems are measuring key elements of the physical environment and supporting environmental monitoring and operational weather forecasting programs, as well as providing environmental intelligence on weather, the Earth's climate system, precipitation, drought, air pollution, vegetation and biodiversity measurements. The data captured through Ball-built instruments and satellites enable an enhanced understanding of the Earth’s ecosystem and the stratospheric ozone layer and severe storm tracking, and better enabling effective management of natural resources, including helping experts to make routine drought assessments and fire prevention plans.

At Ball, our sustained long-term success depends not only on our products and our operations, but on an engaged workforce. We continue to invest in recruiting to ensure we have the right people with the right skills in the right roles, and in developing our employees at every level and providing them with opportunities to advance their careers. We also are committed to embracing diversity and providing an inclusive environment where employees can thrive. A focus on diversity among individuals and teams helps to unleash ideas and fuel innovation, which drives growth and economic value throughout our global organization.

A healthy and sustainable business also depends on thriving communities. Ball’s commitment to the communities where we live and operate is an integral part of our corporate culture, as we continue to support organizations, programs and civic initiatives that advance sustainable livelihoods. Community engagement is how our company and our employees enrich the places where we live and work beyond providing jobs, benefits and paying local taxes. Through the Ball Foundation, corporate giving, employee giving and volunteerism, we invest in the future of the communities that sustain us. In 2019, Ball and its employees donated nearly $7.5 million and logged more than 38,500 hours of volunteer service to non-profit organizations centered on building sustainable communities through recycling, STEM education, and disaster preparedness and relief initiatives.

Our Reportable Segments

Ball Corporation reports its financial performance in four reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA); (3) beverage packaging, South America and (4) aerospace. Ball also has investments in the U.S., Guatemala, Panama, South Korea and Vietnam that are accounted for using the equity method of accounting and, accordingly, those results are not included in segment sales or earnings. Financial information related to each of our segments is included in Note 3 to the consolidated financial statements within Item 8 of this Annual Report on Form 10-K (annual report).

Effective January 1, 2020, Ball implemented changes to its management and internal reporting structure for cost reduction and operational efficiency purposes. As a result of these changes, the company’s plants in Cairo, Egypt, and Manisa, Turkey, are now included in the beverage packaging, EMEA, segment. In addition, the company’s operations in India and Saudi Arabia are now combined with the former non-reportable beverage packaging, Asia Pacific, operating segment as a new non-reportable beverage packaging, other, operating segment. The company’s segment results and disclosures for historical, comparative periods have been retrospectively adjusted to conform to the current year presentation.

Beverage Packaging, North and Central America, Segment

Beverage packaging, North and Central America, is Ball’s largest segment, accounting for 43 percent of consolidated net sales in 2020. Aluminum beverage containers are primarily sold under multi-year supply contracts to fillers of carbonated soft drinks, beer, energy drinks and other beverages.

Aluminum beverage containers and ends are produced at 18 manufacturing facilities in the U.S., one in Canada and two in Mexico. The beverage packaging, North and Central America, segment also includes interests in three joint ventures that are accounted for using the equity method. The company has announced plans to expand its network to Pittston, Pennsylvania, and Bowling Green, Kentucky.

5

Table of Contents

According to publicly available information and company estimates, the North American beverage container industry represents approximately 121 billion units. Five companies manufacture substantially all of the aluminum beverage containers in the U.S., Canada and Mexico. Ball shipped approximately 51 billion aluminum beverage containers in North America in 2020, which represented approximately 42 percent of the aggregate shipments in these countries. Historically, sales volumes of metal beverage containers in North America tend to be highest during the period from April through September. All of the beverage containers produced by Ball in the U.S., Canada and Mexico are made of aluminum. In North and Central America, a diverse base of no less than 10 global suppliers provides almost all of our aluminum can and end sheet requirements.

Beverage containers are sold based on price, quality, service, innovation and sustainability in a highly competitive market, which is relatively capital intensive and characterized by facilities that run more or less continuously in order to operate profitably. In addition, the aluminum beverage container competes aggressively with other packaging materials which include meaningful industry positions by the glass bottle in the packaged beer industry and the polyethylene terephthalate (PET) bottle in the carbonated soft drink and water industries.

We limit our exposure to changes in the cost of aluminum as a result of the inclusion of provisions in most of our aluminum beverage container sales contracts to pass through aluminum price changes, as well as through the use of derivative instruments.

Beverage Packaging, EMEA, Segment

The beverage packaging, EMEA, segment accounted for 25 percent of Ball’s consolidated net sales in 2020. Our operations consist of 17 facilities throughout Europe, three facilities in Russia and one facility each in Cairo, Egypt, and Manisa, Turkey. For the countries in which we operate, the beverage container market is approximately 80 billion containers, and we are the largest producer with an estimated 43 percent of shipments in this region. The regions served by our beverage packaging, EMEA, segment, including Russia, Egypt and Turkey, are highly regional in terms of sales growth rates and packaging mix. Four companies manufacture substantially all of the metal beverage containers in EMEA. Our EMEA beverage facilities shipped 35 billion beverage containers in 2020, the vast majority of which were produced from aluminum. The company has announced plans to construct an additional plant in Pilsen, Czech Republic.

Historically, sales volumes of metal beverage containers in EMEA tend to be highest during the period from May through August with a smaller increase in demand leading up to the winter holiday season in the U.K. offset by much lower demand in Russia. Much like in other parts of the world, the aluminum beverage container competes aggressively with other packaging materials used by the beer and carbonated soft drink industries. The glass bottle is heavily utilized in the packaged beer industry, while the PET container is utilized in the carbonated soft drink, beer, juice and water industries. These trends are evolving, however, as customers respond to consumer demand, and regulators and non-governmental organizations press for more sustainable packaging in the wake of the plastic pollution crisis. More and more brands are choosing aluminum beverage packaging because of its infinite recyclability and other sustainability credentials. The overall recycling rate for aluminum beverage cans in the European Union, Switzerland, Norway and Iceland increased to a new record level of approximately 75 percent in 2017.

Raw material supply contracts in this region generally have longer term agreements. Five aluminum suppliers provide almost all of our aluminum can and end sheet requirements. Aluminum is traded primarily in U.S. dollars, while the functional currencies of our EMEA operations are various other currencies. The company minimizes its exchange rate risk using derivative and supply contracts in local currencies. Purchase and sales contracts generally include fixed-price, floating or pass-through aluminum ingot component pricing arrangements.

Beverage Packaging, South America, Segment

The beverage packaging, South America, segment accounted for 14 percent of Ball’s consolidated net sales in 2020. Our operations consist of 12 facilities, 9 in Brazil and one each in Argentina, Chile and Paraguay. For the countries where we operate, the South American beverage container market is approximately 39 billion containers, and we are the largest producer in this region with an estimated 50 percent of South American shipments in 2020. Four companies currently manufacture substantially all of the aluminum beverage containers in Brazil.

6

Table of Contents

The company’s South American beverage facilities shipped approximately 20 billion aluminum beverage containers in 2020. Historically, sales volumes of beverage containers in South America tend to be highest during the period from September through December. In South America, two suppliers provide virtually all our aluminum sheet requirements with certain requirements also being imported from Asia.

In order to support contracted volumes for aluminum beverage packaging across Paraguay, Argentina and Bolivia, the company constructed a one-line beverage can and end manufacturing facility in Paraguay which began production in the fourth quarter of 2019, and increased capacity to its Buenos Aires, Argentina, and Santiago, Chile, facilities. The company has announced plans to construct an additional plant in Frutal, Brazil.

We limit our exposure to changes in the cost of aluminum as a result of the inclusion of provisions in most of our aluminum beverage container sales contracts to pass through aluminum price changes, as well as through the use of derivative instruments.

Aerospace Segment

Ball’s aerospace segment, which accounted for 15 percent of consolidated net sales in 2020, includes national defense hardware, antenna and video tactical solutions, civil and operational space hardware and systems engineering services. The segment develops spacecraft, sensors and instruments, radio frequency systems and other advanced technologies for the civil, commercial and national security aerospace markets. The majority of the aerospace business involves work under contracts, generally from one to five years in duration, as a prime contractor or subcontractor for the U.S. Department of Defense (DoD), the National Aeronautics and Space Administration (NASA) and other U.S. government agencies. The company competes against both large and small prime contractors and subcontractors for these contracts. Contracts funded by the various agencies of the federal government represented 97 percent of segment sales in 2020.

Intense competition and long operating cycles are key characteristics of both the company’s business and the aerospace and defense industry. It is common in the aerospace and defense industry for work on major programs to be shared among a number of companies. A company competing to be a prime contractor may, upon ultimate award of the contract to a competitor, become a subcontractor for the ultimate prime contracting company. It is not unusual to compete for a contract award with a peer company and, simultaneously, perform as a supplier to or a customer of that same competitor on other contracts, or vice versa.

Geopolitical events and shifting executive and legislative branch priorities have resulted in an increase in opportunities over the past decade in areas matching our aerospace segment’s core capabilities in space hardware. The businesses include hardware and services sold primarily to U.S. customers, with emphasis on space science and exploration, climate monitoring, weather prediction, environmental and earth sciences, and defense and intelligence applications. Major activities frequently involve the design, manufacture and testing of satellites, remote sensors and ground station control hardware and software, as well as related services such as launch vehicle integration and satellite operations.

Other hardware activities include target identification, warning and attitude control systems and components; cryogenic systems for reactant storage, and associated sensor cooling devices; star trackers, which are general-purpose stellar attitude sensors; and fast-steering mirrors.

Contracted backlog in the aerospace segment was $2.4 billion and $2.5 billion at December 31, 2020 and 2019, respectively, and consisted of the aggregate contract value of firm orders, excluding amounts previously recognized as revenue. The 2020 contracted backlog includes $1.4 billion expected to be recognized in revenues during 2021, with the remainder expected to be recognized in revenues in the years thereafter. Amounts included in backlog for certain firm government orders, which are subject to annual funding, were $1.5 billion and $1.6 billion at December 31, 2020 and 2019, respectively. Year-over-year comparisons of backlog are not necessarily indicative of the trend of future operations, revenues and earnings due to the nature of varying delivery and milestone schedules on contracts, funding of programs and the uncertainty of timing of future contract awards. Uncertainties in the federal government budgeting process could delay the funding, or even result in cancellation of certain programs currently in our reported backlog.

7

Table of Contents

Other

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 aluminum slugs (aerosol packaging); a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; intercompany eliminations and other business activities.

Beverage Packaging, Other

Our aluminum beverage packaging operations in the beverage packaging, other, segment consist of four aluminum container and end manufacturing facilities – two in India and one each in Saudi Arabia and Myanmar. Our aluminum can and end sheet requirements are provided by several suppliers. Our manufacturing facility in Saudi Arabia, Ball United Arab Can Manufacturing Company, is a joint venture 51 percent owned by Ball and consolidated in our results. Additionally, Ball has ownership interests in equity method joint ventures in South Korea, Vietnam and Thailand.

Aerosol Packaging

Our aluminum aerosol packaging operations manufacture and sell extruded aluminum aerosol containers and aluminum slugs, which represented less than 5 percent of Ball’s consolidated net sales in 2020. In August 2020, Ball acquired an aluminum aerosol packaging business in Itupeva, Brazil, and in October 2019, Ball sold its steel aerosol packaging business in Argentina. There are 9 manufacturing facilities that manufacture these products – four in Europe and one each in the U.S., Canada, Brazil, Mexico and India. The aerosol packaging market in these countries shipped approximately 5.6 billion aluminum aerosol units in 2020 and we are one of the major producers in this combined area with shipments of 1.2 billion aluminum aerosol packaging containers, representing approximately 21 percent of total shipments in these markets. Our aluminum aerosol requirements are provided by several suppliers.

Aluminum Cups

The Ball aluminum cups business was launched during 2019 to serve the growing demand for innovative, sustainable beverage packaging among customers and consumers. Aligned with our Drive for 10 vision, the cups business allows us to put our years of experience and specialized expertise to serve a currently unmet need with another environmentally friendly addition to our industry-leading portfolio of aluminum packages. Sturdy, durable and cool to the touch, the infinitely recyclable Ball aluminum cup is produced at a dedicated manufacturing facility in Rome, Georgia, which opened in late 2020. Ball plans to introduce additional offerings to round out its cups portfolio and intends to expand adoption of the cups to drinking establishments, parks and recreation, colleges and universities, hospitality, restaurants, retail, business and industry. Effective January 1, 2020, the aluminum cups business is a non-reportable operating segment.

Patents

In the opinion of the company’s management, none of our active patents or groups of patents is material to the successful operation of our business as a whole. We manage our intellectual property portfolio to obtain the durations necessary to achieve our business objectives.

Research and Development

Research and development (R&D) efforts in our packaging segments are primarily directed toward packaging innovation, specifically the development of new features, sizes, shapes and types of containers, as well as new uses for existing containers. Other R&D efforts in these segments seek to improve manufacturing efficiencies and the overall sustainability of our products. Our packaging R&D activities are primarily conducted in a technical center located in Westminster, Colorado.

In our aerospace business, we continue to focus our R&D activities on the design, development and manufacture of innovative aerospace products and systems. This includes the production of spacecraft, instruments and sensors, radio frequency and system components, data exploitation solutions and a variety of advanced aerospace technologies and products that enable deep space missions. Our aerospace R&D activities are conducted at various locations in the U.S.

8

Table of Contents

Additional information regarding company R&D activity is contained in Note 1 to the consolidated financial statements within Item 8 of this annual report, as well as in Item 2, “Properties.”

Human Capital and Employees

Ball Corporation’s people are its greatest asset and we are proud to set out the material aspects of our human capital program. At the end of 2020, the company and its subsidiaries employed approximately 21,500 employees, including approximately 10,700 employees in the U.S. Details of collective bargaining agreements are included within Item 1A, Risk Factors, of this annual report.

Our Culture

Embracing our rich 140-year history, we “know who we are”, a company that respects and values each of our employees and their collective desire to deliver value to all our stakeholders. We embrace our diversity and are “one Ball” in valuing:

Uncompromising integrity;
Being close to our customers;
Behaving like owners;
Focusing on attention to detail; and
Being innovative.

Diversity and Inclusion

Diversity and Inclusion (D&I) is embedded in our Drive for 10 vision and is key to the sustained success of our business. We established a dedicated D&I function in 2015 to build on our longstanding commitment to D&I across the company. Over the past five years, we have made good progress on D&I, which has been recognized by external organizations, including Forbes, which ranked Ball as number one on its 2019 list of “America’s Best Employers for Diversity” and recognized us again in 2020. Our dedicated D&I function reports directly to our CEO, and we understand that the key to success is shared accountability rather than designating a single owner for this critical area. Our focus to date has been on providing unconscious bias training for our global workforce, expanding our Ball Resource Groups (BRGs) in terms of quantity and geography, and increasing awareness about the importance of D&I and each employee’s role in ensuring that we have a culture where people can bring their authentic selves to work and thrive. While we are proud of our progress, we know there is more work to do.

As we move forward, we are accelerating our D&I efforts with a greater sense of urgency. In June 2020, we instituted a new global cloud-based human capital management platform that will – among many other talent-focused features – enable us to more fully understand employee demographics and identify how we can better enhance our diversity around the world. We continue to evolve our talent acquisition process and focus on diversity for internships, candidate slates, interview panels, talent reviews and succession planning. Each of our business segment leaders has committed to help drive further D&I progress during 2021 and beyond. Currently, 58 percent of our board of directors are either gender or ethnically diverse, including four female board members, and 30 percent of our company’s executive leadership team are either gender or ethnically diverse.

Talent

We seek to attract, develop and retain the best talent throughout the company. During the past decade, we established and expanded our talent management organization with dedicated talent acquisition and development functions that have implemented rigorous hiring and development processes, including standardized assessments for candidate selection, and an embedded “Inspire, Connect, Achieve” leadership framework, which details clear behaviors that we expect from our people leaders to ensure they align with our culture. We have also strengthened our succession planning through a holistic approach to developing key managers that includes challenging assignments, formal development plans and professional coaching.

9

Table of Contents

Training and Development

Our new global human capital management platform will further enable rigorous identification, analysis and development of talent around the world. In conjunction with that platform, the company launched an updated approach to performance management focused on development and continuous improvement. This approach emphasizes ongoing performance conversations between managers and employees and a focus on mitigating bias in performance conversations, resulting in an enhanced employee developmental experience and data points for our talent discussions. In addition, all employees have access to create a personal development plan and we have implemented additional resources to support employees in their personal and professional development, including:

Continuous education through various tuition reimbursement programs, apprenticeship and instructional programs;
A new learning management platform that saw significant employee utilization in 2020;
Instructor-led “think, meet and speak inclusively” training in key geographies;
A new LinkedIn Learning platform for all corporate and packaging employees who work in an office setting;
Leadership and personal development coaching opportunities through a partnership with BetterUp;
On-going education for people leaders around our Inspire, Connect, and Achieve leadership behaviors;
Annual compliance, antitrust, bribery, corruption and business code of conduct and ethics training for key management level, sales and supply chain employees.

Employee Engagement

As part of our Drive for 10 vision, we seek to ensure that everyone at Ball is motivated to perform their best work every day. To further that objective, our engagement approach focuses on clear communication and recognition. We communicate through quarterly employee town hall meetings, at both the corporate and operating division levels, with business and market updates and information on production, safety, quality and other operating metrics. We also communicate company information through news releases, executive communications, internal management information bulletins, digital signage and our weekly Ball eNews through the new BallConnect intranet, which are available to all employees. We have many recognition-oriented awards throughout our company, including our corporate and divisional awards of excellence. We conduct regular company-wide engagement surveys, as well as periodic pulse surveys, which have generally indicated high levels of engagement and trust in Ball’s leadership, key strategies and initiatives.

Total Rewards

We have steadily upgraded our total rewards function over the past decade with the objective of acquiring, rewarding and retaining the best talent by providing total rewards that are competitive and performance based. Our compensation programs, including our long-standing EVA® based incentive plans, reflect our commitment to reward performance that drives shareholder value. Total direct compensation is positioned in a competitive range of the applicable market median in each jurisdiction, differentiated based on tenure, skills and performance, and designed to attract and retain the best talent.

Health, Safety and Wellness

The health, safety and wellness of each of our employees has been one of Ball’s top priorities for many years. Our environmental, health and safety function and our operations executives partner to consistently reinforce policies and procedures that are designed to reduce workplace risks and ensure safe methods of plant production, including through regular training and reporting on injuries and lost-time incidents. Over the past 15 years, we have sponsored a variety of health and wellness programs designed to enhance the physical and mental well-being of our employees around the world. During 2020, the company expanded access to its existing Employee Assistance Program (EAP) to our entire global workforce. The EAP provides employees and their families access to mental health, stress management and support resources during these difficult times.

10

Table of Contents

Since the onset of the novel coronavirus (COVID-19) pandemic, nearly all of our businesses have been deemed essential by the governments where we operate, and our production facilities have operated continuously. During this time, we have put employee health and well-being front and center, and we have adjusted our approach to how work gets done accordingly. Our guiding principles throughout the pandemic have been safety, flexibility and empathy. Ball has implemented rigorous safety protocols in all its locations, including face coverings, social distancing, contact tracing, employee testing and enhanced cleaning. Most office-based roles have transitioned to working from home, and our IT systems have been flexed to support more virtual meetings and remote collaboration. We are actively preparing for a more flexible approach to traditional office roles after the pandemic ends.

Finally, despite the effects of the pandemic and in direct support of our growing businesses, Ball increased its net employee headcount by approximately 3,200 employees during 2020. Additional information on our human capital programs can be found in the Ball Corporation Sustainability Report, which is available at www.ball.com.

Where to Find More Information

Ball Corporation is subject to the reporting and other information requirements of the Securities Exchange Act of 1934, as amended (Exchange Act). Reports and other information filed with the Securities and Exchange Commission (SEC) pursuant to the Exchange Act may be inspected and copied at the public reference facility maintained by the SEC in Washington, D.C. The SEC maintains a website at www.sec.gov containing our reports, proxy materials and other items. The company also maintains a website at www.ball.com/investors on which it provides a link to access Ball’s SEC reports free of charge, under the link “Financials.”

The company has established written Ball Corporation Corporate Governance Guidelines; a Ball Corporation Executive Officers and Board of Directors Business Ethics Statement; a Business Ethics Code of Conduct; and charters for its Audit Committee, Nominating/Corporate Governance Committee, Human Resources Committee and Finance Committee. These documents are on the company’s website at www.ball.com/investors, under the link “Corporate Governance.” A copy may also be obtained upon request from the company’s corporate secretary. The company’s sustainability report and updates on Ball’s progress are available at www.ball.com/sustainability.

The company intends to post on its website the nature of any amendments to the company’s codes of ethics that apply to executive officers and directors, including the chief executive officer, chief financial officer and controller, and the nature of any waiver or implied waiver from any code of ethics granted by the company to any executive officer or director. These postings will appear on the company’s website at www.ball.com/investors, under the link “Corporate Governance.”

Nothing on our website, including postings to the “Corporate Governance” and “Financials” pages, or the Ball Corporation Sustainability Report, or sections thereof, shall be deemed incorporated by reference into this annual report.

Item 1A. Risk Factors

Any of the following risks could materially and adversely affect our business, results of operations, cash flows and financial condition.

11

Table of Contents

General Risks

If we do not effectively manage change and growth, our business could be adversely affected.

Our future revenue and operating results will depend on our ability to effectively manage the anticipated growth of our business. We have experienced significant growth in demand for our products and services in recent years and are expanding our operations, increasing our headcount and expanding into new product offerings. This growth has increased and may continue to constrain our ability to fully supply our customers’ requirements. It has also placed significant demands on our management as well as our financial and operational resources, and continued growth presents several challenges, including:

expanding manufacturing capacity, maintaining quality and increasing production;
identifying, attracting and retaining qualified personnel;
developing and retaining our global sales, marketing and administrative infrastructure and capabilities;
increasing our regulatory compliance capabilities, particularly in new lines of business;
building out our expertise in a number of disciplines, including marketing, licensing, and merchandising; and
implementing appropriate operational, financial and IT systems and internal controls.

Our business, operating results and financial condition are subject to particular risks in certain regions of the world.

We may experience an operating loss in one or more regions of the world for one or more periods, which could have a material adverse effect on our business, operating results or financial condition. Moreover, overcapacity, which often leads to lower prices, may develop over time in certain regions in which we operate even if demand continues to grow. More generally, supply and demand fluctuations could make it difficult for us to forecast and meet certain customers’ needs. Our ability to manage such operational fluctuations and to maintain adequate long-term strategies in the face of such developments will be critical to our continued growth and profitability.

The loss of a key customer, or a reduction in its requirements, could have a significant negative impact on our sales.

We sell a majority of our packaging products to a relatively limited number of major beverage, personal care and household product companies, some of which operate in multiple geographical markets we serve.

Although the majority of our customer contracts are long-term, these contracts, unless they are renewed, expire in accordance with their respective terms and are terminable under certain circumstances, such as our failure to meet quality, volume or market pricing requirements. Because we depend on a relatively limited number of major customers, our business, financial condition or results of operations could be adversely affected by the loss of any of these customers, a reduction in the purchasing levels of these customers, a strike or work stoppage by a significant number of these customers’ employees or an adverse change in the terms of the supply agreements with these customers.

The primary customers for our aerospace segment are U.S. government agencies or their prime contractors. Our contracts with these customers are subject to several risks, including funding cuts and delays, technical uncertainties, budget changes, government shutdowns, competitive activity and changes in scope.

12

Table of Contents

We have a significant level of debt that could have important consequences for our business and any investment in our securities.

The company had $7.8 billion of interest-bearing debt at December 31, 2020. Such indebtedness could have significant consequences for our business and any investment in our securities, including:

increasing our vulnerability to adverse economic, industry or competitive developments;
requiring more of our cash flows from operations to be dedicated to the payment of principal and interest on our indebtedness, limiting our cash flow available to fund our operations, capital expenditures and future business opportunities or returning additional cash to our shareholders;
restricting us from making additional acquisitions;
limiting our ability to obtain additional financing for working capital, capital expenditures, product development, debt service requirements, acquisitions and general corporate or other purposes; and
limiting our flexibility in planning for, or reacting to, changes in our business or market conditions and placing us at a competitive disadvantage compared to our competitors who may be less leveraged and who, therefore, may be able to take advantage of opportunities that our leverage prevents us from exploiting.

We face competitive risks from many sources that may negatively impact our profitability.

Competition within the packaging and aerospace industries is intense. Increases in productivity, combined with potential surplus capacity in the industry, have maintained competitive pricing pressures. The principal methods of competition in the general packaging industry are price, innovation, sustainability, service and quality. In the aerospace industry, they are technical capability, cost and schedule. Some of our competitors may have greater financial, technical and marketing resources, and some may currently have excess capacity. Our current or potential competitors may offer products at a lower price or products that are deemed superior to ours. The global economic environment has resulted in reductions in demand for our products in some instances, which, in turn, could increase these competitive pressures.

We are subject to competition from alternative products, which could result in lower profits and reduced cash flows.

Our aluminum packaging products are subject to significant competition from substitute products, particularly plastic carbonated soft drink bottles made from PET, single serve beer bottles and other beverage containers made of glass, cardboard or other materials. Competition from plastic carbonated soft drink bottles is particularly intense in the U.S. and Europe. Certain of our aerospace products are also subject to competition from alternative products and solutions. There can be no assurance that our products will successfully compete against alternative products, which could result in a reduction in our profits or cash flows.

Our packaging businesses have a narrow product range, and our business would suffer if usage of our products decreased or if decreases occur in the demand for the beverages and other goods filled in our products.

The majority of our consolidated net sales were from the sale of beverage containers, and we expect to derive a significant portion of our future revenues and cash flows from the sale of beverage containers. Our business would suffer if the use of beverage containers decreased. Accordingly, broad acceptance by consumers of aluminum containers for a wide variety of beverages is critical to our future success. If demand for glass and PET bottles increases relative to aluminum containers, or the demand for aluminum containers does not develop as expected, our business, results of operations, cash flows and financial condition could be materially adversely affected.

13

Table of Contents

Our business, financial condition, cash flows and results of operations are subject to risks resulting from broader geographic operations.

We derived approximately 46 percent of our consolidated net sales from outside of the U.S. for the year ended December 31, 2020. The sizeable scope of operations inside and outside of the U.S. may lead to more volatile financial results and make it more difficult for us to manage our business. Reasons for this include, but are not limited to, the following:

political and economic instability;
governments’ restrictive trade policies;
the imposition or rescission of duties, taxes or government royalties;
exchange rate risks;
virus and disease outbreaks and responses thereto;
difficulties in enforcement of contractual obligations and intellectual property rights; and
the geographic, language and cultural differences between personnel in different areas of the world.

We are exposed to exchange rate fluctuations.

The company’s financial results are exposed to currency exchange rate fluctuations and a significant proportion of assets, liabilities and earnings denominated in non-U.S. dollar currencies. The company presents its financial statements in U.S. dollars and has a significant proportion of its net assets, debt and income in non-U.S. dollar currencies, primarily the euro, as well as the Russian ruble and other emerging market currencies. The company’s financial results and capital ratios are therefore sensitive to movements in foreign exchange rates.

We manage our exposure to currency fluctuations, particularly our exposure to fluctuations in the euro to U.S. dollar exchange rate to attempt to mitigate the effect of cash flow and earnings volatility associated with exchange rate changes. We primarily use forward contracts and options to manage our currency exposures and, as a result, we experience gains and losses on these derivative positions offset, in part, by the impact of currency fluctuations on existing assets and liabilities.

We are vulnerable to fluctuations in the supply and price of raw materials.

We purchase aluminum and other raw materials and packaging supplies from several sources. While all such materials are available from independent suppliers, raw materials are subject to fluctuations in price and availability attributable to a number of factors, including general economic conditions, commodity price fluctuations (particularly aluminum on the London Metal Exchange), the demand by other industries for the same raw materials and the availability of complementary and substitute materials. Although we enter into commodities purchase agreements from time to time and sometimes use derivative instruments to seek to manage our risk, we cannot ensure that our current suppliers of raw materials will be able to supply us with sufficient quantities at reasonable prices. Economic, financial, and operational factors, including strikes or labor shortages, as well as governmental action, could impact our suppliers, thereby causing supply shortages. Increases in raw material costs, including potential increases due to tariffs, sanctions, or other trade actions, could have a material adverse effect on our business, financial condition or results of operations. In the Americas, Europe and Asia, some contracts do not allow us to pass along increased raw material costs and we generally use derivative agreements to seek to manage this risk. Our hedging procedures may be insufficient and our results could be materially impacted if costs of materials increase. Due to the fixed-price contracts and derivative activities, while increasing raw material costs may not impact our near-term profitability, increased prices could decrease our sales volume over time.

We use estimates in accounting for many of our programs in our aerospace business, and changes in our estimates could adversely affect our future financial results.

We account for sales and profits on a portion of long-term contracts in our aerospace business in accordance with the percentage-of-completion method of accounting, using the cost-to-cost method to account for updates in estimates. The percentage-of-completion method of accounting involves the use of various estimating techniques to project revenues and costs at completion and various assumptions and projections relative to the outcome of future events, including the quantity and timing of product deliveries, future labor performance and rates, and material and overhead costs. These assumptions involve various levels of expected performance improvements. Under the cost-to-cost method, the impact of updates in our estimates related to units shipped to date or progress made to date is recognized immediately.

14

Table of Contents

Given the significance of the judgments and estimates described above, it is likely that we could record materially different amounts if we used different assumptions or if the underlying circumstances or estimates were to change.

Our backlog includes both cost-type and fixed-price contracts. Cost-type contracts generally have lower profit margins than fixed-price contracts. Our earnings and margins may vary depending on the types of government contracts undertaken, the nature of the work performed under those contracts, the costs incurred in performing the work, the achievement of other performance objectives and their impact on our ability to receive fees. The fixed-price contracts could subject us to losses if we have cost overruns or if increases in our costs exceed the applicable escalation rate.

Net earnings and net assets could be materially affected by an impairment of goodwill.

We have a significant amount of goodwill recorded on our consolidated balance sheet as of December 31, 2020. We are required at least annually to test the recoverability of goodwill. The recoverability test of goodwill is based on the current fair value of our identified reporting units. Fair value measurement requires assumptions and estimates of many critical factors, including revenue and market growth, operating cash flows and discount rates. If general market conditions deteriorate in portions of our business, we could experience a significant decline in the fair value of our reporting units. This decline could lead to an impairment of all or a significant portion of the goodwill balance, which could materially affect our U.S. GAAP net earnings and net assets.

If the investments in Ball’s pension plans, or in the multi-employer pension plans in which Ball participates, do not perform as expected, we may have to contribute additional amounts to the plans, which would otherwise be available for other general corporate purposes.

Ball maintains defined benefit pension plans covering substantially all of its employees in the United States and a significant number of United Kingdom deferred and retired participants, which are funded based on certain actuarial assumptions. The plans’ assets consist primarily of common stocks, fixed-income securities and, in the U.S., alternative investments. Market declines, longevity increases or legislative changes, such as the Pension Protection Act in the U.S., could result in a prospective decrease in our available cash flow and net earnings over time, and the recognition of an increase in our pension obligations could result in a reduction to our shareholders’ equity. Additional risks exist related to the company’s participation in multi-employer pension plans. Assets contributed to a multi-employer pension plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer in a multi-employer pension plan stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participants. This could result in increases to our contributions to the plans as well as pension expense.

Restricted access to capital markets could adversely affect our short-term liquidity and prevent us from fulfilling our obligations under the notes issued pursuant to our bond indentures.

A reduction in global market liquidity could:

restrict our ability to fund working capital, capital expenditures, research and development expenditures and other business activities;
increase our vulnerability to general adverse economic and industry conditions, including the credit risks stemming from the economic environment;
limit our flexibility in planning for, or reacting to, changes in our businesses and the industries in which we operate;
restrict us from making strategic acquisitions or exploiting business opportunities; and
limit, along with the financial and other restrictive covenants in our debt, among other things, our ability to borrow additional funds, dispose of assets, pay cash dividends or refinance debt maturities.

If market interest rates increase, our variable-rate debt will create higher debt service requirements, which adversely affects our cash flows. While we sometimes enter into agreements limiting our exposure, any such agreements may not offer complete protection from this risk.

15

Table of Contents

The global credit, financial and economic environment could have a negative impact on our results of operations, financial position or cash flows.

The overall credit, financial and economic environment could have significant negative effects on our operations, including:

the creditworthiness of customers, suppliers and counterparties could deteriorate resulting in a financial loss or a disruption in our supply of raw materials;
volatile market performance could affect the fair value of our pension assets, potentially requiring us to make significant additional contributions to our defined benefit pension plans to maintain prescribed funding levels;
a significant weakening of our financial position or operating results could result in noncompliance with our debt covenants; and
reduced cash flows from our operations could adversely affect our ability to execute our long-term strategy to increase liquidity, reduce debt, repurchase our stock and invest in our businesses.

Changes in U.S. generally accepted accounting principles (U.S. GAAP) and SEC rules and regulations could materially impact our reported results.

U.S. GAAP and SEC accounting and reporting changes are common and have become more frequent and significant over the past several years. These changes could have significant effects on our reported results when compared to prior periods and other companies and may even require us to retrospectively adjust prior periods. Additionally, material changes to the presentation of transactions in the consolidated financial statements could impact key ratios that analysts and credit rating agencies use to rate Ball and ultimately impact our ability to access the credit markets in an efficient manner.

A material weakness in our internal control over financial reporting could, if not remediated, result in material misstatements in our financial statements.

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act. A material weakness is defined as a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a timely basis. If a material weakness is identified, management could conclude that internal control over financial reporting is not effective based on criteria set forth by the Committee of Sponsoring Organization of the Treadway Commission in “Internal Control—An Integrated Framework (2013).” If a material weakness is identified, a remediation plan would be designed to address the material weakness. If remedial measures are insufficient to address the material weakness, or if additional material weaknesses in internal control are discovered or occur in the future, our consolidated financial statements may contain material misstatements and we could be required to restate our financial results. As of December 31, 2020, the company had no material weaknesses.

We face risks related to health epidemics, pandemics and other outbreaks, including the current COVID-19 pandemic, which could adversely affect our business.

The circumstances of the current COVID-19 pandemic and responses thereto continue to evolve. The products produced and services provided by Ball have been deemed essential and, as a result, relevant governments around the world have allowed our operations to continue through this crisis. Additionally, overall demand for our aluminum beverage cans has remained high and has increased during the pandemic. However, COVID-19 could give rise to circumstances that cause one or more of the following risk factors to occur:

We could lose key customers, customers could become insolvent or have a reduction in demand for our products and services;
We could be subject to changes in laws and governmental regulations that adversely affect our business and operations;
We could be subject to adverse fluctuations in currency exchange rates;
We might lose key management and operating personnel;
We may be subject to disruptions in the supply or price of our raw materials;
We may face prolonged work stoppages at our facilities;

16

Table of Contents

We may be impacted by government budget constraints or government shutdowns;
Our pension plan investments may not perform as expected, and we may be required to make additional contributions to our pension plans which would otherwise be available for other general corporate purposes;
Our access to capital markets may be restricted, which could adversely affect our short-term liquidity and prevent us from fulfilling our obligations under the notes issued pursuant to our bond indentures;
We may be subject to increased information technology (IT) security threats and reduced network access availability;
Our operations and those of our principal customers and suppliers could be designated as non-essential in key markets; and
A material weakness in our internal control over financial reporting or a material misstatement in our financial statements could occur.

Because the COVID-19 pandemic is far-reaching and its impacts cannot be completely anticipated, additional risks may arise that could materially impact the company’s financial results and liquidity.

The company has or may implement actions to minimize the risks and associated negative effects from COVID-19, which do not guarantee the prevention or mitigation of material impacts on our business. Some of these actions may include, and are not limited to:

Implementing alternative work arrangements including work from home;
Limiting or eliminating work-related travel;
Effecting a full or partial shut-down of operations;
Enhancing the cleaning and disinfecting of our physical locations;
Implementing health screening for employees and third parties who enter our facilities;
Adjusting inventory levels to mitigate potential supply disruptions;
Modifying payment terms with customers;
Providing additional health-related services to our employees;
Reducing compensation for our employees;
Reducing our workforce levels;
Modifying our debt arrangements; and
Adjusting contributions to defined benefit pension plans or income tax payments.

Governmental and regulatory risks

Changes in laws and governmental regulations may adversely affect our business and operations.

We and our customers and suppliers are subject to various federal, state, provincial and local laws and regulations, which have been increasing in number and complexity. Each of our, and their, facilities is subject to federal, state, provincial and local licensing and regulation by health, environmental, workplace safety and other agencies in multiple jurisdictions. Requirements of worldwide governmental authorities with respect to manufacturing, manufacturing facility locations within the jurisdiction, product content and safety, climate change, workplace safety and health, environmental, expropriation of assets and other standards could adversely affect our ability to manufacture or sell our products, and the ability of our customers and suppliers to manufacture and sell their products. In addition, we face risks arising from compliance with and enforcement of numerous and complex federal, state, provincial and local laws and regulations.

17

Table of Contents

Enacted regulatory developments regarding the reporting and use of “conflict minerals” mined from the Democratic Republic of the Congo and adjoining countries could affect the sourcing, availability and price of minerals used in the manufacture of certain of our products. As a result, there may only be a limited pool of suppliers who provide conflict-free materials, and we cannot give assurance that we will be able to obtain such products in sufficient quantities or at competitive prices. Also, because our supply chains are complex, we may face reputational challenges with our customers and other stakeholders if we are unable to sufficiently verify the origins of all materials used in the products that we sell. The compliance and reporting aspects of these regulations may result in incremental costs to the company. While deposit systems and other container-related legislation have been adopted in some jurisdictions, similar legislation has been defeated in public referenda and legislative bodies in many others. We anticipate that continuing efforts will be made to consider and adopt such legislation in the future. The packages we produce are widely used and perform well in U.S. states, Canadian provinces and European countries that have deposit systems, as well as in other countries worldwide.

Significant environmental, employment-related and other legislation and regulatory requirements exist and are also evolving. The compliance costs associated with current and proposed laws and potential regulations could be substantial, and any failure or alleged failure to comply with these laws or regulations could lead to litigation or governmental action, all of which could adversely affect our financial condition or results of operations.

Our aerospace segment is subject to certain risks specific to that business.

In our aerospace business, U.S. government contracts are subject to reduction or modification in the event of changes in requirements, and the government may also terminate contracts at its convenience pursuant to standard termination provisions. In such instances, Ball may be entitled to reimbursement for allowable costs and profits on authorized work that has been performed through the date of termination.

In addition, budgetary constraints and government shutdowns may result in further reductions to projected spending levels by the U.S. government. In particular, government expenditures are subject to the potential for automatic reductions, generally referred to as “sequestration.” Sequestration may occur in any given year, resulting in significant additional reductions to spending by various U.S. government defense and aerospace agencies on both existing and new contracts, as well as the disruption of ongoing programs. Even if sequestration does not occur, we expect that budgetary constraints and ongoing concerns regarding the U.S. national debt will continue to place downward pressure on agency spending levels. Due to these and other factors, overall spending on various programs could decline, which could result in significant reductions to revenue, cash flows, net earnings and backlog primarily in our aerospace segment.

As a U.S. government contractor, we could be adversely affected by changes in regulations or any negative findings from a U.S. government audit or investigation.

Our aerospace business operates in a highly regulated environment and is routinely audited and reviewed by the U.S. government and its agencies, such as the Defense Contract Audit Agency (DCAA) and Defense Contract Management Agency (DCMA). These agencies review performance under our contracts, our cost structure and our compliance with applicable laws, regulations and standards, as well as the adequacy of, and our compliance with, our internal control systems and policies. Business systems that are subject to review under the DoD Federal Acquisition Regulation Supplement (DFARS) are purchasing, estimating, material management and accounting, as well as property and earned value management. Any costs ultimately found to be unallowable or improperly allocated to a specific contract will not be reimbursed or must be refunded if already reimbursed. If an audit uncovers improper or illegal activities, we may be subject to civil and criminal penalties, sanctions or suspension or debarment from doing business with the U.S. government. Whether or not illegal activities are alleged, the U.S. government also has the ability to decrease or withhold certain payments when it deems systems subject to its review to be inadequate. If such actions were to result in suspension or debarment, this could have a material adverse effect on our business.

18

Table of Contents

Our business faces the potential of increased regulation on some of the raw materials utilized in our packaging operations.

Our operations are subject to federal, state, provincial and local laws and regulations in multiple jurisdictions relating to some of the raw materials, including epoxy-based coatings utilized in our container making process. Epoxy-based coatings may contain Bisphenol-A (BPA). Scientific evidence evaluated by regulatory agencies in the U.S., Canada, Europe, Japan, Australia and New Zealand has consistently shown these coatings to be safe for food contact at current levels, and these regulatory agencies have stated that human exposure to BPA from epoxy-based container coatings is well below safe exposure limits set by government bodies worldwide. A significant change in these regulatory agency statements, adverse information concerning BPA or other chemicals present in our coatings, or rulings made within certain federal, state, provincial and local jurisdictions could have a material adverse effect on our business, financial condition or results of operations. Ball recognizes that significant interest exists in non-epoxy based coatings, and we have been proactively working with coatings suppliers and our customers to transition to alternative coatings.

Earnings and cash flows can be impacted by changes in tax laws.

As a U.S.-based multinational business, the company is subject to income tax in the U.S. and numerous jurisdictions outside the U.S. The relevant tax rules and regulations are complex, often changing and, in some cases, are interdependent. If these or other tax rules and regulations should change, the company’s earnings and cash flows could be impacted.

In particular, the changes proposed by the new U.S. administration, including increasing the U.S. corporate income tax rate from 21 percent to 28 percent, doubling the rate of tax on certain earnings of non-U.S. subsidiaries and the imposition of a 15 percent minimum tax on worldwide book income, could materially affect the company’s financial results if enacted.

The company’s worldwide provision for income taxes is determined, in part, through the use of significant estimates and judgments. Numerous transactions arise in the ordinary course of business where the ultimate tax determination is uncertain. The company undergoes tax examinations by various worldwide tax authorities on a regular basis. While the company believes its estimates of its tax obligations are reasonable, the final outcome after the conclusion of any tax examinations and any litigation could be materially different from what has been reflected in the company’s historical financial statements.

Significant developments stemming from the U.K.’s withdrawal from the E.U. could have a material adverse effect on us.

The United Kingdom formally withdrew from the European Union on January 31, 2020, and entered into the E.U.-UK Trade and Cooperation Agreement on December 24, 2020. Our businesses could be affected in a number of ways, such as supply chain constraints including delays in importing and exporting products into and out of the U.K., increased material costs due to rising tariffs, effects on employee mobility and increased costs of doing business in the U.K.

The withdrawal of the U.K. from the E.U., along with other events that could occur in the future, may cause significant volatility in global financial markets, including in global currency and debt markets. These developments could cause a slowdown in economic activity in the U.K., Europe or globally, which could adversely affect our operating results and growth prospects. These possible negative impacts, and others resulting from the U.K.’s withdrawal from the E.U., may adversely affect our operating results and growth prospects.

Technological risks

Decreases in our ability to develop or apply new technology and know-how may affect our competitiveness.

Our success depends partially on our ability to improve production processes and services. We must also introduce new products and services to meet changing customer needs. If we are unable to implement better production processes or to develop new products through research and development or licensing of new technology, we may not be able to remain competitive with other manufacturers. As a result, our business, financial condition, cash flows or results of operations could be adversely affected.

19

Table of Contents

Increased information technology (IT) security threats and more sophisticated and targeted computer crime could pose a risk to our systems, networks, products, solutions and services.

The company’s IT systems, or any third party’s system on which the company relies, could fail on their own accord or may be vulnerable to a variety of interruptions or shutdowns, including interruptions or shutdowns due to natural disasters, power outages or telecommunications failures, terrorist attacks or failures during the process of upgrading or replacing software or hardware. Increased global IT security threats and more sophisticated and targeted computer crime also pose a risk to the security of our systems and networks and the confidentiality, availability and integrity of our data. As a provider of products and services to government and commercial customers, our aerospace business in particular may be the target of cyber-attacks, including attempts to gain unauthorized access to classified or sensitive information and networks. The company has a number of shared service centers where many of the company’s IT systems are concentrated and any disruption at such a location could impact the company’s business within the operating zones served by the impacted service center.

While we attempt to mitigate all of these risks by employing a number of measures, including employee training, comprehensive monitoring of our networks and systems, and maintenance of backup and protective systems, our systems, networks, products, solutions and services remain potentially vulnerable to advanced persistent threats or other IT disruptions. Depending on their nature and scope, such threats could potentially lead to the compromise of confidential information, improper use of our systems and networks, manipulation and destruction of data, defective products, harm to individuals or property, contractual or regulatory actions and fines, penalties and potential liabilities, production downtimes and operational disruptions, which in turn could adversely affect our reputation, competitiveness and results of operations. Data privacy and protection laws are evolving and present increasing compliance challenges, which may increase our costs, affect our competitiveness and could expose us to substantial fines or other penalties. In addition, a security breach that involves classified or other sensitive government information could subject us to civil or criminal penalties and could result in the loss of our secure facility clearance and other accreditation, loss of our government contracts, loss of access to classified information or debarment as a government contractor.

Human capital risks

If we fail to retain key management and personnel, we may be unable to implement our key objectives.

We believe our future success depends, in part, on our experienced management team. Unforeseen losses of key members of our management team without appropriate succession and/or compensation planning could make it difficult for us to manage our business and meet our objectives.

Prolonged work stoppages at facilities with union employees could jeopardize our financial position.

As of December 31, 2020, 12 percent of our North American employees and 54 percent of our European employees were covered by collective bargaining agreements. These collective bargaining agreements have staggered expirations during the next several years. Although we consider our employee relations to be generally good, a prolonged work stoppage or strike at any facility with union employees could have a material adverse effect on our business, financial condition, cash flows or results of operations. In addition, we cannot ensure that upon the expiration of existing collective bargaining agreements, new agreements will be reached without union action or that any such new agreements will be on terms satisfactory to us.

Environmental risks

Adverse weather and climate changes may result in lower sales.

We manufacture packaging products primarily for beverages. Unseasonable weather can reduce demand for certain beverages packaged in our containers. Climate change and the increasing frequency of severe weather events could have various effects on the demand for our products, our supply chain and the costs of inputs to our production and delivery of products in different regions around the world. Our plants’ production may be prevented or curtailed due to severe or unanticipated weather and climate events.

20

Table of Contents

Our business is subject to substantial environmental remediation and compliance costs.

Our operations are subject to federal, state, provincial and local laws and regulations in multiple jurisdictions relating to environmental hazards, such as emissions to air, discharges to water, the handling and disposal of hazardous and solid wastes and the clean-up of hazardous substances. We have been designated, along with numerous other companies, as a potentially responsible party for the clean-up of several hazardous waste sites. Additionally, there is increased focus on the regulation of greenhouse gas emissions and other environmental issues worldwide. We strive to mitigate such risks related to environmental issues, including through the purchase of renewable energy, the adoption of sustainable practices, and by positioning ourselves as a sustainability leader in our industry.

Item 1B. Unresolved Staff Comments

There were no matters required to be reported under this item.

Item 2.  Properties

The company’s properties described below are well maintained, and management considers them to be adequate and utilized for their intended purposes.

Ball’s corporate headquarters are located in Westminster, Colorado, U.S. and our aerospace segment management offices are located in Broomfield, Colorado, U.S. The operations of the aerospace segment occupy a variety of company-owned and leased facilities in Colorado, U.S., which comprise office, laboratory, research and development, engineering and test and manufacturing space. Other aerospace operations carry on business in smaller company owned and leased facilities in other U.S. locations outside of Colorado.

Ball’s manufacturing locations for significant packaging operations, which are owned or leased by the company, are set forth below. Facilities in the process of being constructed, or that have ceased production, have been excluded from the list. In addition to the facilities listed, the company leases other warehousing space.

Beverage packaging, North and Central America, locations:

Conroe, Texas
Fairfield, California
Findlay, Ohio
Fort Atkinson, Wisconsin
Fort Worth, Texas
Glendale, Arizona
Golden, Colorado
Goodyear, Arizona
Kapolei, Hawaii
Kent, Washington
Monterrey, Mexico
Monticello, Indiana
Phoenix, Arizona
Queretaro, Mexico
Rome, Georgia
Saint Paul, Minnesota
Saratoga Springs, New York
Tampa, Florida
Wallkill, New York
Whitby, Ontario, Canada
Williamsburg, Virginia

21

Table of Contents

Beverage packaging, EMEA, locations:

Argayash, Russia
Belgrade, Serbia
Bierne, France
Cabanillas del Campo, Spain
Cairo, Egypt
Ejpovice, Czech Republic
Fosie, Sweden
Fredericia, Denmark
Gelsenkirchen, Germany
La Selva, Spain
Lublin, Poland
Ludesch, Austria
Manisa, Turkey
Mantsala, Finland
Milton Keynes, United Kingdom
Mont, France
Naro Fominsk, Russia
Nogara, Italy
Vsevolozhsk, Russia
Wakefield, United Kingdom
Waterford, Ireland
Widnau, Switzerland

Beverage packaging, South America, locations:

Aguas Claras, Brazil
Asuncion, Paraguay
Brasilia, Brazil
Buenos Aires, Argentina
Extrema, Brazil
Jacarei, Sao Paulo, Brazil
Manaus, Brazil
Pouso Alegre, Brazil
Recife, Brazil
Santa Cruz, Brazil
Santiago, Chile
Tres Rios, Rio de Janeiro, Brazil

Beverage packaging, Other, locations:

Dammam, Saudi Arabia
Mumbai, India
Sri City, India
Yangon, Myanmar

Aerosol packaging locations:

Ahmedabad, India
Beaurepaire, France
Bellegarde, France
Devizes, United Kingdom
Itupeva, Brazil
San Luis Potosí, Mexico
Sherbrooke, Quebec, Canada
Velim, Czech Republic
Verona, Virginia

Aluminum cups location:

Rome, Georgia

22

Table of Contents

Item 3.  Legal Proceedings

Details of the company’s legal proceedings are included in Note 22 to the consolidated financial statements within Item 8 of this annual report.

Item 4.  Mine Safety Disclosures

Not applicable.

Part II.

Item 5.  Market for the Registrant’s Common Stock and Related Stockholder Matters

Ball Corporation common stock (BLL) is listed for trading on the New York Stock Exchange. There were 6,311 common shareholders of record on February 15, 2021.

Common Stock Repurchases

The following table summarizes the company’s repurchases of its common stock during the quarter ended December 31, 2020.

Purchases of Securities

($ in millions)

    

Total

Number of

Shares

Purchased

(a)

    

Average
Price
Paid per
Share

    

Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs (a)

    

Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans or Programs
(b)

October 1 to October 31, 2020

$

36,547,906

November 1 to November 30, 2020

36,547,906

December 1 to December 31, 2020

36,547,906

Total

(a)

Includes any open market purchases (on a trade-date basis), share repurchase agreements and/or shares retained by the company to settle employee withholding tax liabilities.

(b)

The company has an ongoing repurchase program for which shares are authorized from time to time by Ball’s Board of Directors. On January 23, 2019, the Board authorized the repurchase by the company of up to a total of 50 million shares. This repurchase authorization replaced all previous authorizations.

Shareholder Return Performance

The line graph below compares the annual percentage change in Ball Corporation’s cumulative total shareholder return on its common stock with the cumulative total return of the Dow Jones Containers & Packaging Index and the S&P Composite 500 Stock Index for the five-year period ended December 31, 2020. The graph assumes $100 was invested on December 31, 2015, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization.

23

Table of Contents

TOTAL RETURN TO STOCKHOLDERS

(Assumes $100 investment on 12/31/15)

Graphic

Total Return Analysis

12/31/2015

12/31/2016

12/31/2017

12/31/2018

12/31/2019

12/31/2020

BLL

$

100.00

$

107.49

$

111.73

$

113.71

$

139.48

$

197.82

S&P 500

100.00

99.27

108.74

129.86

121.76

156.92

DJ US Containers & Packaging

100.00

94.19

109.70

128.02

102.22

128.38

Source: Bloomberg L.P.® Charts

Item 6.  Selected Financial Data

Removing and reserving Item 6 ("Selected Financial Data") of Part II.

24

Table of Contents

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying notes included in Item 8 of this Annual Report on Form 10-K (annual report), which include additional information about our accounting policies, practices and the transactions underlying our financial results. The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements and the accompanying notes, including various claims and contingencies related to lawsuits, taxes, environmental and other matters arising during the normal course of business. We apply our best judgment, our knowledge of existing facts and circumstances and actions that we may undertake in the future in determining the estimates that affect our consolidated financial statements. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. As future events and their effects cannot be determined with precision, actual results may differ from these estimates. Ball Corporation and its subsidiaries are referred to collectively as “Ball Corporation,” “Ball,” “the company,” “we” or “our” in the following discussion and analysis.

OVERVIEW

Business Overview and Industry Trends

Ball Corporation is one of the world’s leading aluminum packaging suppliers. Our packaging products are produced for a variety of end uses, are manufactured in facilities around the world and are competitive with other substrates, such as plastics and glass. In the aluminum packaging industry, sales and earnings can be increased by reducing costs, increasing prices, developing new products, expanding volumes and making strategic acquisitions. We also provide aerospace and other technologies and services to governmental and commercial customers, including national defense hardware, antenna and video tactical solutions, civil and operational space hardware and system engineering services.

We sell our aluminum packaging products mainly to large, multinational beverage, personal care and household products companies with which we have developed long-term relationships. This is evidenced by our high customer retention and our large number of long-term supply contracts. While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers. The overall global aluminum beverage and aerosol container industries are growing and are expected to continue to grow in the medium to long term. The primary customers for the products and services provided by our aerospace segment are U.S. government agencies or their prime contractors.

We purchase our raw materials from relatively few suppliers. We also have exposure to inflation, in particular the rising costs of raw materials, as well as other direct cost inputs. We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volumes to pass through aluminum price changes, as well as through the use of derivative instruments. The pass-through provisions generally result in proportional increases or decreases in sales and costs with a greatly reduced impact, if any, on net earnings. Because of our customer and supplier concentration, our business, financial condition and results of operations could be adversely affected by the loss, insolvency or bankruptcy of a major customer or supplier or a change in a supply agreement with a major customer or supplier, although our contract provisions generally mitigate the risk of customer loss, and our long-term relationships represent a known, stable customer base.

The majority of our aerospace business involves work under contracts, generally from one to five years in duration, as a prime contractor or subcontractor for various U.S. government agencies. Intense competition and long operating cycles are key characteristics of the company’s aerospace and defense industry where it is common for work on major programs to be shared among a number of companies. A company competing to be a prime contractor may, upon ultimate award of the contract to a competitor, become a subcontractor for the ultimate prime contracting company.

25

Table of Contents

Corporate Strategy

Our Drive for 10 vision encompasses five strategic levers that are key to growing our business and achieving long-term success. Since launching Drive for 10 in 2011, we have made progress on each of the levers as follows:

Maximizing value in our existing businesses by expanding specialty container production across our global plant network to meet current demand and improving efficiencies in our beverage container and end facilities in North America, South America and Europe; leveraging plant floor and integrated planning systems to reduce costs and manage contractual provisions across our diverse customer base; successfully acquiring and integrating a large global aluminum beverage business and regional aluminum aerosol facility while also divesting underperforming steel food and steel aerosol packaging assets in North and South America and four beverage packaging facilities in China; and in the remaining aluminum aerosol business, installing new extruded aluminum aerosol lines in our European, Mexican and Indian facilities while also implementing cost-out and value-in initiatives across all of our businesses;

Expanding further into new products and capabilities through commercializing our new lightweight, infinitely recyclable aluminum cup and providing next-generation extruded aluminum aerosol packaging that utilizes proprietary technology to significantly lightweight the can; and successfully introducing new specialty beverage cans and aluminum bottle-shaping technology;

Aligning ourselves with the right customers and markets by investing capital to meet continued growth for specialty beverage containers throughout our global network, which represent approximately 45 percent of our global beverage packaging mix; aligning with spiked seltzer and craft brewers, sparkling and still water fillers, wine producers and other new beverage producers who continue to use aluminum beverage containers to grow their business; and in our new aluminum cup business, utilizing online platforms and North American retailers to provide infinitely recyclable aluminum cups directly to consumers;

Broadening our geographic reach with our acquisition of Rexam and our new investments in beverage manufacturing facilities in the United States, Brazil, Paraguay, Spain, Mexico, Myanmar and Panama, as well as an extruded aluminum aerosol manufacturing facility in India and successful start-up of a dedicated aluminum cup manufacturing facility in the U.S.; and

Leveraging our technological expertise in packaging innovation, including the introduction of our new proprietary, brandable lightweight aluminum cup and providing next-generation aluminum bottle-shaping technologies and the increased production of lightweight ReAl® containers, which utilize technology that increases the strength of aluminum used in the manufacturing process while lightweighting the can by up to 20 percent over a standard aluminum aerosol can, as well as our investment in cyber, data analytics methane monitoring, 5G and LIDAR capabilities to further enhance our aerospace technical expertise across a broader customer portfolio.

These ongoing business developments help us stay close to our customers while expanding and/or sustaining our industry positions and global reach with major beverage, personal care, household products and aerospace customers. In order to successfully execute our strategy and reach our goals, we realize the importance of excelling in the following areas: customer focus, operational excellence, innovation and business development, people and culture focus and sustainability.

26

Table of Contents

RESULTS OF OPERATIONS

Management’s discussion and analysis for our results of operations on a consolidated and segment basis include a quantification of factors that had a material impact. Other factors that did not have a material impact, but that are significant to understand the results, are qualitatively described.

Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 19, 2020, for a comparison of our 2019 results of operations to the 2018 results. Prior Forms 10-K have not been restated to reflect changes to Ball’s internal reporting structure that were effective January 1, 2020.

Novel Coronavirus (COVID-19)

The novel coronavirus (COVID-19) had a material effect upon the global business environment during the year ended December 31, 2020. Ball provides key products and services to the consumer beverage and household markets and the U.S. aerospace markets and, consequently, the operations of Ball and of its principal customers and suppliers have been designated as essential across our key markets. This designation allowed Ball to operate its manufacturing facilities throughout 2020, and it is expected that Ball will continue to operate its facilities without disruption in the foreseeable future. However, countries around the globe have issued stay-at-home orders and mandated operational closures of non-essential businesses, which has impacted certain of our customers by constraining some supply of products to certain consumers. The risks that COVID-19 continues to present to Ball’s business have been outlined in Item 1. Risk Factors and Note 1 to the consolidated financial statements within Item 8 of this annual report.

Consolidated Sales and Earnings

Years Ended December 31,

($ in millions)

    

2020

    

2019

    

2018

 

Net sales

$

11,781

$

11,474

$

11,635

Net earnings attributable to Ball Corporation

585

566

454

Net earnings attributable to Ball Corporation as a % of net sales

5

%  

5

%  

4

%

Sales in 2020 were $307 million higher compared to 2019 primarily as a result of increased sales volumes in our beverage packaging segments and increased sales in our aerospace segment, partially offset by the pass through of lower aluminum prices, the sale of the China beverage packaging can business in the third quarter of 2019 and the sale of the Argentine steel aerosol business in the fourth quarter of 2019.

Net earnings attributable to Ball Corporation in 2020 were $19 million higher than 2019 primarily due to higher comparable operating earnings for reportable segments and lower interest expense, partially offset by higher business consolidation and debt refinancing costs and a higher effective tax rate.

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales, excluding depreciation and amortization, was $9,323 million in 2020 compared to $9,203 million in 2019. These amounts represented 79 percent and 80 percent of consolidated net sales for the years ended 2020 and 2019, respectively.

Depreciation and Amortization

Depreciation and amortization expense was $668 million in 2020 compared to $678 million in 2019. These amounts represented 6 percent of consolidated net sales for the years ended 2020 and 2019. Amortization expense in 2020 and 2019 included $150 million and $155 million, respectively, for the amortization of acquired Rexam intangibles.

27

Table of Contents

Selling, General and Administrative

Selling, general and administrative (SG&A) expenses were $525 million in 2020 compared to $417 million in 2019. These amounts represented 4 percent of consolidated net sales for both years. Personnel and other costs increased year over year to support growth investments.

Business Consolidation Costs and Other Activities

Business consolidation costs and other activities were $262 million in 2020 compared to $244 million in 2019. These amounts represented 2 percent of consolidated net sales for both years.

Interest Expense

Total interest expense was $316 million in 2020 compared to $324 million in 2019. Interest expense, excluding the effect of debt refinancing and other costs, as a percentage of average borrowings decreased by approximately 85 basis points from 4.4 percent in 2019 to 3.5 percent in 2020 due to the drop in global interest rates.

Tax Provision

The company’s effective tax rate is affected by recurring items such as income earned in foreign jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year.

The 2020 effective income tax rate was 14.4 percent compared to 11.7 percent for 2019. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2020 effective rate was reduced by 6.8 percent for equity compensation benefits, by 5.7 percent for the impact of the U.S. R&D credit and by 2 percent for various uncertain tax positions. These reductions were partially offset by an increase of 3.4 percent for the impact of foreign exchange fluctuations on certain deferred tax assets. While these items are expected to recur, the potential magnitude of each item is uncertain.

The 2020 effective income tax rate was also increased by 2.6 percent for enacted changes to tax rates in the UK and by 2.3 percent for the impact of non-deductible goodwill. These items are not expected to recur.

Further details of taxes on income are included in Note 16 to the consolidated financial statements within Item 8 of this annual report.

RESULTS OF BUSINESS SEGMENTS

Segment Results

Ball’s operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the four reportable segments discussed below. Effective January 1, 2020, Ball implemented changes to its management and internal reporting structure for cost reduction and operational efficiency purposes. As a result of these changes, the company’s plants in Cairo, Egypt, and Manisa, Turkey, are now included in the beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA), segment. In addition, the company’s operations in India and Saudi Arabia are now combined with the former non-reportable beverage packaging, Asia Pacific, operating segment as a new non-reportable beverage packaging, other, operating segment. The company’s segment results and disclosures for the years ended December 31, 2019 and 2018, have been retrospectively adjusted to conform to the current year presentation.

28

Table of Contents

Beverage Packaging, North and Central America

Years Ended December 31,

($ in millions)

2020

    

2019

    

2018

 

Net sales

$

5,076

$

4,758

$

4,626

Comparable operating earnings

683

555

551

Business consolidation and other activities (a)

(5)

(14)

(6)

Amortization of acquired Rexam intangibles

(27)

(29)

(31)

Total segment earnings

$

651

$

512

$

514

Comparable operating earnings as a % of segment net sales

13

%  

12

%  

12

%

(a)Further details of these items are included in Note 6 to the consolidated financial statements within Item 8 of this annual report.

Segment sales in 2020 were $318 million higher compared to 2019. The increase in 2020 was primarily due to higher volumes, higher specialty mix and improved customer contractual terms, partially offset by lower aluminum prices. We cannot predict the impact on sales that will result from future changes in aluminum input prices.

Comparable operating earnings in 2020 were $128 million higher compared to 2019 primarily due to higher sales volumes, higher specialty mix, benefits from improved customer contractual terms and improved operating performance, partially offset by increased capacity expansion and labor costs.

Beverage Packaging, EMEA

Years Ended December 31,

($ in millions)

2020

    

2019

    

2018

 

Net sales

$

2,945

$

2,857

$

2,809

Comparable operating earnings

354

351

328

Business consolidation and other activities (a)

(10)

(39)

(49)

Amortization of acquired Rexam intangibles

(64)

(67)

(73)

Total segment earnings

$

280

$

245

$

206

Comparable operating earnings as a % of segment net sales

12

%  

12

%  

12

%

(a)Further details of these items are included in Note 6 to the consolidated financial statements within Item 8 of this annual report.

Segment sales in 2020 were $88 million higher compared to 2019. The increase in 2020 was primarily due to higher sales volumes and improved customer and specialty mix, partially offset by the pass through of lower aluminum prices.

Comparable operating earnings in 2020 were $3 million higher compared to 2019 primarily due to higher sales volumes and improved customer and specialty mix, partially offset by higher labor and warehousing costs and intermittent production line downtime during the second quarter of 2020.

29

Table of Contents

Beverage Packaging, South America

Years Ended December 31,

($ in millions)

2020

    

2019

    

2018

 

Net sales

$

1,695

$

1,670

$

1,701

Comparable operating earnings

280

288

313

Business consolidation and other activities (a)

1

15

11

Amortization of acquired Rexam intangibles

(55)

(56)

(56)

Total segment earnings

$

226

$

247

$

268

Comparable operating earnings as a % of segment net sales

17

%  

17

%  

18

%

(a)Further details of these items are included in Note 6 to the consolidated financial statements within Item 8 of this annual report.

Segment sales in 2020 were $25 million higher compared to 2019. The increase in 2020 was primarily related to higher volumes, partially offset by regional pricing and the pass through of lower aluminum prices.

Comparable operating earnings in 2020 were $8 million lower compared to 2019 primarily related to adverse cost absorption due to intermittent production line downtime in the second quarter of 2020 and regional pricing, partially offset by increased sales volumes.

Aerospace

Years Ended December 31,

($ in millions)

2020

    

2019

    

2018

 

Net sales

$

1,741

$

1,479

$

1,196

Comparable operating earnings

153

140

113

Comparable operating earnings as a % of segment net sales

9

%  

9

%  

9

%

Segment sales in 2020 were $262 million higher compared to 2019, and comparable operating earnings were $13 million higher. The increase in sales and operating earnings for 2020 was primarily the result of increases from significant U.S. national defense contracts.

Sales to the U.S. government, either directly as a prime contractor or indirectly as a subcontractor, represented 97 percent of segment sales in 2020 compared to 98 percent of segment sales in 2019. The aerospace contract mix in 2020 consisted of 49 percent cost-type contracts, which are billed at our costs plus an agreed-upon and/or earned profit component, and 48 percent fixed-price contracts. The remaining sales were for time and materials contracts.

Contracted backlog for the aerospace segment at December 31, 2020 and 2019, was $2.4 billion and $2.5 billion, respectively. The segment has numerous outstanding bids for future contract awards. The backlog at December 31, 2020, consisted of 42 percent cost-type contracts. Comparisons of backlog are not necessarily indicative of the trend of future operations due to the nature of varying delivery and milestone schedules on contracts, funding of programs and the uncertainty of timing of future contract awards.

30

Table of Contents

Management Performance Measures

Management internally uses various measures to evaluate company performance, including comparable operating earnings (earnings before interest, taxes and business consolidation and other non-comparable costs); comparable net earnings (earnings before business consolidation costs and other non-comparable costs after tax); comparable diluted earnings per share (comparable net earnings divided by diluted weighted average shares outstanding); return on average invested capital (net operating earnings after tax over the relevant performance period divided by average invested capital over the same period); economic value added (EVA®) dollars (net operating earnings after tax less a capital charge on average invested capital employed); earnings before interest and taxes (EBIT); earnings before interest, taxes, depreciation and amortization (EBITDA); and diluted earnings per share. In addition, management uses free cash flow (generally defined by the company as cash flow from operating activities less capital expenditures) as a measure to evaluate the company’s liquidity. We believe this information is also useful to investors as it provides insight into the earnings and cash flow criteria that management uses to make strategic decisions. These financial measures may be adjusted at times for items that affect comparability between periods such as business consolidation costs and gains or losses on acquisitions and dispositions.

Nonfinancial measures in the packaging businesses include production efficiency and spoilage rates; quality control figures; environmental, health and safety statistics; production and sales volumes; asset utilization rates; and measures of sustainability. Additional measures used to evaluate financial performance in the aerospace segment include contract revenue realization, award and incentive fees realized, proposal win rates and backlog (including awarded, contracted and funded backlog).

Many of the above noted financial measurements are presented on a non-U.S. GAAP basis and should be considered in connection with the consolidated financial statements within Item 8 of this annual report. Non-U.S. GAAP measures should not be considered in isolation, nor should they not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP. A presentation of earnings in accordance with U.S. GAAP is available in Item 8 of this annual report.

Based on the above definitions, our calculations of comparable operating earnings, comparable net earnings, comparable diluted earnings per share and free cash flow are summarized as follows:

Years Ended December 31,

($ in millions)

2020

    

2019

    

2018

Net earnings attributable to Ball Corporation

$

585

$

566

$

454

Net earnings (loss) attributable to noncontrolling interests, net of tax

(3)

(30)

(1)

Net earnings

582

536

453

Equity in results of affiliates, net of tax

6

1

(5)

Tax provision (benefit)

99

71

185

Earnings before taxes, as reported

687

608

633

Total interest expense

316

324

302

Earnings before interest and taxes

1,003

932

935

Business consolidation and other activities

262

244

191

Amortization of acquired Rexam intangibles

150

155

164

Comparable operating earnings

$

1,415

$

1,331

$

1,290

31

Table of Contents

Years Ended December 31,

($ in millions, except per share amounts)

    

2020

    

2019

    

2018

Net earnings attributable to Ball Corporation

$

585

$

566

$

454

Business consolidation and other activities

262

244

191

Amortization of acquired Rexam intangibles

150

155

164

Share of equity method affiliate non-comparable costs, net of tax

31

16

8

Debt refinancing and other costs

41

7

1

Impact of U.S. tax reform

(45)

Non-controlling interest share of non-comparable costs, net of tax

1

(32)

Noncomparable taxes

(83)

(95)

2

Net earnings attributable to Ball Corporation before above transactions (Comparable Net Earnings)

$

987

$

861

$

775

Diluted earnings per share

$

1.76

$

1.66

$

1.29

Comparable diluted earnings per share

$

2.97

$

2.53

$

2.20

CRITICAL AND SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

For information regarding the company’s critical and significant accounting policies, as well as recent accounting pronouncements, see Notes 1 and 2 to the consolidated financial statements within Item 8 of this annual report.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Cash Flows and Capital Expenditures

Our primary sources of liquidity are cash provided by operating activities and external borrowings. We believe that cash flows from operating activities and cash provided by short-term, long-term and committed revolver borrowings, when necessary, will be sufficient to meet our ongoing operating requirements, scheduled principal and interest payments on debt, dividend payments, anticipated share repurchases and anticipated capital expenditures. We have no debt maturities until 2022, our senior credit facilities are in place until 2024 and we are focused in the near term on maintaining liquidity and flexibility in the current economic environment. The following table summarizes our cash flows:

Years Ended December 31,

($ in millions)

2020

    

2019

    

2018

Cash flows provided by (used in) operating activities

$

1,432

$

1,548

$

1,566

Cash flows provided by (used in) investing activities

(1,181)

(422)

(206)

Cash flows provided by (used in) financing activities

(602)

(46)

(1,040)

Cash flows provided by operating activities were $116 million lower in 2020 compared to 2019, primarily due to higher working capital outflows of $106 million in 2020 compared to inflows of $236 million in 2019, partially offset by lower pension contributions. The higher working capital outflows in 2020 resulted from seasonal working capital build which was more sizeable than typical due largely to the timing of aluminum payments in the first quarter, increased personnel costs to support growth and a proportionally larger increase in days sales outstanding as compared to days payable outstanding. In comparison to the same period of 2019, our working capital movements reflect an increase of days sales outstanding from 38 days in 2019 to 42 days in 2020 and an increase of inventory days on hand from 48 days in 2019 to 50 days in 2020, partially offset by an increase of days payable outstanding from 118 days in 2019 to 128 days in 2020.

Cash outflows from investing activities increased by $759 million from $422 million in 2019 to $1,181 million in 2020. This predominantly reflected a $515 million increase in capital expenditures for large growth projects, a $160 million inflow from the 2019 sale of the steel food and steel aerosol business and a $69 million outflow for the 2020 acquisition of the Brazil aluminum aerosol packaging business.

32

Table of Contents

Cash outflows from financing activities increased by $556 million from $46 million in 2019 to $602 million in 2020, primarily related to total debt activity changing from net borrowings of $1.1 billion in 2019 to net repayments of $262 million in 2020, partially offset by a reduction in net share repurchases from $945 million in 2019 to $75 million in 2020.

We have entered into several regional committed and uncommitted accounts receivable factoring programs with various financial institutions for certain of our accounts receivable. Programs accounted for as true sales of the receivables, without recourse to Ball, had combined limits of approximately $1.6 billion and $1.4 billion at December 31, 2020, and December 31, 2019, respectively. A total of $232 million and $230 million were available for sale under these programs at December 31, 2020 and 2019, respectively.

As of December 31, 2020, approximately $684 million of our cash was held outside of the U.S. In the event we need to utilize any of the cash held outside of the U.S. for purposes within the U.S., there are no material legal or other economic restrictions regarding the repatriation of cash from any of the countries outside the U.S. where we have cash. The company believes its U.S. operating cash flows, cash on hand, as well as availability under its long-term, revolving credit facilities, uncommitted short-term credit facilities and committed and uncommitted accounts receivable factoring programs will be sufficient to meet the cash requirements of the U.S. portion of our ongoing operations, scheduled principal and interest payments on U.S. debt, dividend payments, capital expenditures and other U.S. cash requirements. If foreign funds are needed for our U.S. cash requirements and we are unable to provide the funds through intercompany financing arrangements, we would be required to repatriate funds from foreign locations where the company has previously asserted indefinite reinvestment of funds outside the U.S.

Based on its indefinite reinvestment assertion, the company has not provided deferred taxes on earnings in certain non-U.S. subsidiaries because such earnings are intended to be indefinitely reinvested in its international operations. It is not practical to estimate the additional taxes that might become payable if these earnings were remitted to the U.S.

Share Repurchases

The company’s share repurchases, net of issuances, totaled $75 million in 2020 and $945 million in 2019. The repurchases were completed using cash on hand, cash provided by operating activities, proceeds from the sale of businesses and available borrowings.

Debt Facilities and Refinancing

Given our cash flow projections and unused credit facilities that are available until March 2024, our liquidity is strong and is expected to meet our ongoing cash and debt service requirements. Total interest-bearing debt was $7.8 billion at both December 31, 2020 and 2019.

In the third quarter of 2020, Ball issued $1.3 billion of 2.875% senior notes due in 2030. In the first quarter of 2020, Ball redeemed the outstanding euro-denominated 3.50% senior notes due in 2020 in the amount of €400 million and the outstanding 4.375% senior notes due 2020 in the amount of $1 billion. We recorded debt refinancing and other costs of $41 million in 2020.

In November 2019, Ball issued €1.3 billion in aggregate principal amount of 1.50% and 0.875% euro-denominated senior notes for general corporate purposes. In March 2019, the company refinanced its existing credit facilities with a U.S. dollar term loan facility, a U.S. dollar revolving facility and a multi-currency revolving facility that mature in March 2024. The revolving facilities provide the company with up to the U.S. dollar equivalent of $1.75 billion.

At December 31, 2020, taking into account outstanding letters of credit, approximately $1.7 billion was available under the company’s long-term, multi-currency committed revolving credit facilities, which are available until March 2024. In addition to these facilities, the company had $1 billion of short-term uncommitted credit facilities available at December 31, 2020, of which $14 million was outstanding and due on demand.

33

Table of Contents

While ongoing financial and economic conditions in certain areas may raise concerns about credit risk with counterparties to derivative transactions, the company mitigates its exposure by allocating the risk among various counterparties and limiting exposure to any one party. We also monitor the credit ratings of our suppliers, customers, lenders and counterparties on a regular basis.

We were in compliance with all loan agreements at December 31, 2020, and for all prior years presented, and we have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividends, investments, financial ratios, guarantees and the incurrence of additional indebtedness. In August 2020, we amended certain of our credit agreements, which among other things, modified the most restrictive of our debt covenants. This covenant requires us to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of December 31, 2022. As of December 31, 2020, the company could borrow up to its limits available under the company’s long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities without violating our existing debt covenants. Additional details about our debt are available in Note 15 to the consolidated financial statements within Item 8 of this annual report.

Other Liquidity Measures

Free Cash Flow

Management internally uses a free cash flow measure to: (1) evaluate the company’s liquidity, (2) evaluate strategic investments, (3) plan share repurchase and dividend levels and (4) evaluate the company’s ability to incur and service debt. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The company defines free cash flow as cash flow from operating activities less capital expenditures. Free cash flow is typically derived directly from the company’s consolidated statement of cash flows; however, it may be adjusted for items that affect comparability between periods.

Based on the above definition, our consolidated free cash flow is summarized as follows: