--- ticker: BALL company: BALL filing_type: 10-K year_current: 2025 year_prior: 2024 risks_added: 40 risks_removed: 32 risks_modified: 80 risks_unchanged: 28 source: SEC EDGAR url: https://riskdiff.com/ball/2025-vs-2024/ markdown_url: https://riskdiff.com/ball/2025-vs-2024/index.md generated: 2026-06-01 --- # BALL: 10-K Risk Factor Changes 2025 vs 2024 > Source: U.S. Securities and Exchange Commission (EDGAR) > Generated: 2026-06-01 > All data extracted directly from official filings. No hallucinated content. ## Summary | Status | Count | |--------|-------| | New risks added | 40 | | Risks removed | 32 | | Risks modified | 80 | | Unchanged | 28 | --- ## New in Current Filing: 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. ​ 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, as well as those of our suppliers and customers. ​ The company's IT systems, or any third party's system on which the company relies, as well as those of our suppliers and customers, 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 well as to the security and data of our suppliers and customers. 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 to our networks, systems and data 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. ​ --- ## New in Current Filing: Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1 to October 31, 2024 ​ 1,893,489 ​ $ 66.04 ​ 1,893,489 ​ 27,117,752 November 1 to November 30, 2024 ​ 3,865,124 ​ ​ 61.50 ​ 3,865,124 ​ 23,252,628 December 1 to December 31, 2024 ​ 4,972,167 ​ ​ 58.32 ​ 4,972,167 ​ 18,280,461 Total ​ 10,730,780 ​ ​ ​ ​ 10,730,780 ​ ​ (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) On April 24, 2024, Ball's Board of Directors approved the repurchase by the company of up to a total of 40 million shares of its common stock. This repurchase authorization replaced all previous authorizations. On January 29, 2025, the Board of Directors approved the repurchase by the company of up to a total of $4.00 billion in shares of its common stock. This repurchase authorization replaced the April 24, 2024, authorization. ​ 21 21 21 Table of ContentsShareholder 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, 2024. The graph assumes $100 was invested on December 31, 2019, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization.​​ Total Return Analysis​​​​​​​​​​​​​​​​​​​​​12/31/2019​12/31/2020​12/31/2021​12/31/2022​12/31/2023​12/31/2024BALL​$100.00​$145.19​$151.18​$81.29​$92.79​$90.04S&P 500​​100.00​​118.40​​152.39​​124.79​​157.59​​197.02DJ US Containers & Packaging​​100.00​​121.14​​134.41​​110.49​​118.91​​136.67​Source: Bloomberg​Item 6. [Reserved]​Removing and reserving Item 6 of Part II.​22 Table of Contents Table of Contents Table of Contents 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, 2024. The graph assumes $100 was invested on December 31, 2019, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization.​​ Total Return Analysis​​​​​​​​​​​​​​​​​​​​​12/31/2019​12/31/2020​12/31/2021​12/31/2022​12/31/2023​12/31/2024BALL​$100.00​$145.19​$151.18​$81.29​$92.79​$90.04S&P 500​​100.00​​118.40​​152.39​​124.79​​157.59​​197.02DJ US Containers & Packaging​​100.00​​121.14​​134.41​​110.49​​118.91​​136.67​Source: Bloomberg​Item 6. [Reserved]​Removing and reserving Item 6 of Part II.​ 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, 2024. The graph assumes $100 was invested on December 31, 2019, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization.​​ Total Return Analysis​​​​​​​​​​​​​​​​​​​​​12/31/2019​12/31/2020​12/31/2021​12/31/2022​12/31/2023​12/31/2024BALL​$100.00​$145.19​$151.18​$81.29​$92.79​$90.04S&P 500​​100.00​​118.40​​152.39​​124.79​​157.59​​197.02DJ US Containers & Packaging​​100.00​​121.14​​134.41​​110.49​​118.91​​136.67​Source: Bloomberg​Item 6. [Reserved]​Removing and reserving Item 6 of Part II.​ --- ## New in Current Filing: Segment Results ​ Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below. ​ Beverage Packaging, North and Central America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES ​ Details of the company's contingencies, legal proceedings, indemnifications and guarantees are available in Note 22 and Note 23 to the consolidated financial statements within Item 8 of this annual report. The company is routinely subject to litigation incidental to operating its businesses and has been designated by various federal, state, and international environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites. The company believes the matters identified will not have a material adverse effect upon its liquidity, results of operations or financial condition. Note 22 Note 23 Item 8 ​ Guaranteed Securities ​ The company's senior notes are guaranteed on a full and unconditional, joint and several basis by the issuer of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group). The entities that comprise the obligor group are 100 percent owned by the company. As described in the supplemental indentures governing the company's existing senior notes, the senior notes are guaranteed by any of the company's domestic subsidiaries that guarantee any other indebtedness of the company. ​ The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2024 and 2023. Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated. The results and balance sheet information of the historical aerospace reportable segment are included in the following summarized financial information of the obligor group as of and for the year ended December 31, 2023, as the guarantees of the aerospace business legal entities were in effect through that date. On February 16, 2024, the company completed the divestiture of the aerospace business. As such, the following summarized financial information of the obligor group as of and for the year ended December 31, 2024, does not include results and balance sheet information of the historical aerospace reportable segment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: Interest Rate Risk ​ Our objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, we may use a variety of interest rate swaps, collars and options to manage our mix of floating and fixed-rate debt. Interest rate instruments held by the company at December 31, 2024, included pay-fixed interest rate swaps and options which effectively convert variable rate obligations to fixed-rate instruments. ​ Based on our interest rate exposure at December 31, 2024, assumed floating rate debt levels throughout the next 12 months and the effects of our existing derivative instruments, a 100-basis point increase in interest rates would result in an estimated $1 million after-tax reduction in net earnings over a one-year period. Actual results may vary based on actual changes in market prices and rates and the timing of these changes. ​ 33 33 33 Table of ContentsCurrency Exchange Rate Risk ​Our objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. In addition, at times Ball manages earnings translation volatility through the use of currency option strategies, and the change in the fair value of those options is recorded in the company's net earnings. Our currency translation risk results from the currencies in which we transact business. The company faces currency exposures in our global operations as a result of various factors including intercompany currency denominated loans, selling our products in various currencies, purchasing raw materials and equipment in various currencies and tax exposures not denominated in the functional currency of the entity with the exposure. Sales contracts are negotiated with customers to reflect cost changes and, where there is not an exchange pass-through arrangement, the company may use derivative instruments to manage significant currency exposures.​Considering the company's derivative financial instruments outstanding at December 31, 2024, and the various currency exposures, a hypothetical 10 percent reduction (U.S. dollar strengthening) in currency exchange rates compared to the U.S. dollar would result in an estimated $19 million after-tax reduction in net earnings over a one-year period. A hypothetical 10 percent adverse change in the U.S. dollar's currency exchange rates would increase our forecasted average debt balance by approximately $73 million. Actual results may vary based on actual changes in market prices and rates and the timing of these changes.​Although Ball's functional currency in Argentina is the U.S. dollar, a portion of its transactions are denominated in pesos. During the fourth quarter of 2023, Argentina suddenly devalued its peso relative to the U.S. dollar as one of the economic policies implemented by the new government with the goal of stabilizing and growing the economy. As a result, Ball recorded a $22 million devaluation charge in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2023. ​The Egypt economy became highly inflationary at September 30, 2024, due to the country's three year cumulative inflation rate exceeding 100 percent. As such, effective October 1, 2024, the company's Egyptian business will be accounted for as operating in a highly inflationary economy.​Net Investments in Foreign Operations Risk ​The company is exposed to changes in foreign currencies impacting its net investments held in foreign subsidiaries. The company's objective in managing exposure to net investments in foreign operations is to limit the foreign exchange translation risk associated with its net investments in non-U.S. Dollar foreign entities. The company uses fixed-for-fixed cross currency swaps to achieve this objective. As of December 31, 2024, the company had three fixed-for-fixed cross currency swaps outstanding, with notional amounts totaling €1.05 billion. A hypothetical 10 percent adverse change in the related foreign currency exchange rate would result in an estimated $62 million after-tax currency translation adjustment loss in other comprehensive earnings (loss). ​​34 Table of Contents Table of Contents Table of Contents Currency Exchange Rate Risk ​Our objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. In addition, at times Ball manages earnings translation volatility through the use of currency option strategies, and the change in the fair value of those options is recorded in the company's net earnings. Our currency translation risk results from the currencies in which we transact business. The company faces currency exposures in our global operations as a result of various factors including intercompany currency denominated loans, selling our products in various currencies, purchasing raw materials and equipment in various currencies and tax exposures not denominated in the functional currency of the entity with the exposure. Sales contracts are negotiated with customers to reflect cost changes and, where there is not an exchange pass-through arrangement, the company may use derivative instruments to manage significant currency exposures.​Considering the company's derivative financial instruments outstanding at December 31, 2024, and the various currency exposures, a hypothetical 10 percent reduction (U.S. dollar strengthening) in currency exchange rates compared to the U.S. dollar would result in an estimated $19 million after-tax reduction in net earnings over a one-year period. A hypothetical 10 percent adverse change in the U.S. dollar's currency exchange rates would increase our forecasted average debt balance by approximately $73 million. Actual results may vary based on actual changes in market prices and rates and the timing of these changes.​Although Ball's functional currency in Argentina is the U.S. dollar, a portion of its transactions are denominated in pesos. During the fourth quarter of 2023, Argentina suddenly devalued its peso relative to the U.S. dollar as one of the economic policies implemented by the new government with the goal of stabilizing and growing the economy. As a result, Ball recorded a $22 million devaluation charge in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2023. ​The Egypt economy became highly inflationary at September 30, 2024, due to the country's three year cumulative inflation rate exceeding 100 percent. As such, effective October 1, 2024, the company's Egyptian business will be accounted for as operating in a highly inflationary economy.​Net Investments in Foreign Operations Risk ​The company is exposed to changes in foreign currencies impacting its net investments held in foreign subsidiaries. The company's objective in managing exposure to net investments in foreign operations is to limit the foreign exchange translation risk associated with its net investments in non-U.S. Dollar foreign entities. The company uses fixed-for-fixed cross currency swaps to achieve this objective. As of December 31, 2024, the company had three fixed-for-fixed cross currency swaps outstanding, with notional amounts totaling €1.05 billion. A hypothetical 10 percent adverse change in the related foreign currency exchange rate would result in an estimated $62 million after-tax currency translation adjustment loss in other comprehensive earnings (loss). ​​ Currency Exchange Rate Risk ​Our objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. In addition, at times Ball manages earnings translation volatility through the use of currency option strategies, and the change in the fair value of those options is recorded in the company's net earnings. Our currency translation risk results from the currencies in which we transact business. The company faces currency exposures in our global operations as a result of various factors including intercompany currency denominated loans, selling our products in various currencies, purchasing raw materials and equipment in various currencies and tax exposures not denominated in the functional currency of the entity with the exposure. Sales contracts are negotiated with customers to reflect cost changes and, where there is not an exchange pass-through arrangement, the company may use derivative instruments to manage significant currency exposures.​Considering the company's derivative financial instruments outstanding at December 31, 2024, and the various currency exposures, a hypothetical 10 percent reduction (U.S. dollar strengthening) in currency exchange rates compared to the U.S. dollar would result in an estimated $19 million after-tax reduction in net earnings over a one-year period. A hypothetical 10 percent adverse change in the U.S. dollar's currency exchange rates would increase our forecasted average debt balance by approximately $73 million. Actual results may vary based on actual changes in market prices and rates and the timing of these changes.​Although Ball's functional currency in Argentina is the U.S. dollar, a portion of its transactions are denominated in pesos. During the fourth quarter of 2023, Argentina suddenly devalued its peso relative to the U.S. dollar as one of the economic policies implemented by the new government with the goal of stabilizing and growing the economy. As a result, Ball recorded a $22 million devaluation charge in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2023. ​The Egypt economy became highly inflationary at September 30, 2024, due to the country's three year cumulative inflation rate exceeding 100 percent. As such, effective October 1, 2024, the company's Egyptian business will be accounted for as operating in a highly inflationary economy.​Net Investments in Foreign Operations Risk ​The company is exposed to changes in foreign currencies impacting its net investments held in foreign subsidiaries. The company's objective in managing exposure to net investments in foreign operations is to limit the foreign exchange translation risk associated with its net investments in non-U.S. Dollar foreign entities. The company uses fixed-for-fixed cross currency swaps to achieve this objective. As of December 31, 2024, the company had three fixed-for-fixed cross currency swaps outstanding, with notional amounts totaling €1.05 billion. A hypothetical 10 percent adverse change in the related foreign currency exchange rate would result in an estimated $62 million after-tax currency translation adjustment loss in other comprehensive earnings (loss). ​​ --- ## New in Current Filing: ($ in millions, except per share amounts) ​ 2024 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (excluding depreciation and amortization) ​ ​ (9,354) ​ ​ (9,754) ​ ​ (11,122) Depreciation and amortization ​ ​ (611) ​ ​ (605) ​ ​ (594) Selling, general and administrative ​ ​ (647) ​ ​ (532) ​ ​ (555) Business consolidation and other activities ​ ​ (420) ​ ​ (133) ​ ​ (71) Interest income ​ ​ 68 ​ ​ 36 ​ ​ 14 Interest expense ​ ​ (293) ​ ​ (460) ​ ​ (313) Debt refinancing and other costs ​ ​ (3) ​ ​ - ​ ​ (18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before taxes ​ ​ 535 ​ ​ 614 ​ ​ 713 Tax (provision) benefit ​ ​ (133) ​ ​ (146) ​ ​ (138) Equity in results of affiliates, net of tax ​ ​ 28 ​ ​ 20 ​ ​ 7 Earnings from continuing operations ​ ​ 430 ​ ​ 488 ​ ​ 582 Discontinued operations, net of tax ​ ​ 3,584 ​ ​ 223 ​ ​ 150 Net earnings ​ ​ 4,014 ​ ​ 711 ​ ​ 732 Net earnings attributable to noncontrolling interests ​ ​ 6 ​ ​ 4 ​ ​ 13 Net earnings attributable to Ball Corporation ​ $ 4,008 ​ $ 707 ​ $ 719 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: Balance at December 31, 2023 ​ 683,241 ​ ​ 1,312 ​ (367,551) ​ ​ (4,390) ​ ​ 7,763 ​ ​ (916) ​ ​ 68 ​ ​ 3,837 Net earnings ​ - ​ ​ - ​ - ​ ​ - ​ ​ 4,008 ​ ​ - ​ ​ 6 ​ ​ 4,014 Other comprehensive earnings (loss), net of tax ​ - ​ ​ - ​ - ​ ​ - ​ ​ - ​ ​ (87) ​ ​ - ​ ​ (87) Common dividends ​ - ​ ​ - ​ - ​ ​ - ​ ​ (244) ​ ​ - ​ ​ - ​ ​ (244) Treasury stock purchases ​ - ​ ​ - ​ (27,261) ​ ​ (1,728) ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,728) Treasury shares reissued ​ - ​ ​ - ​ 22 ​ ​ 16 ​ ​ - ​ ​ - ​ ​ - ​ ​ 16 Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 927 ​ ​ 83 ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 83 Dividends paid to noncontrolling interest ​ - ​ ​ - ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (6) ​ ​ (6) Distributions from deferred compensation plans and other activity ​ - ​ ​ - ​ - ​ ​ 45 ​ ​ - ​ ​ - ​ ​ - ​ ​ 45 --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: Disaggregation of Income Statement Expenses ​ In 2024, new guidance was issued by the FASB with the goal of providing financial statement users with more expense information of certain categories of expenses that are included in line items on the face of the statements of earnings. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2027 annual report and interim periods thereafter. ​ --- ## New in Current Filing: Climate Disclosures ​ In 2024, the Securities and Exchange Commission (SEC) adopted final rules to require disclosures about material climate-related risks, the actual and potential impact of the risks and additional related disclosures. The final rules are currently under a stay by the SEC and the effective dates for the rules are uncertain. ​ --- ## New in Current Filing: Income Tax Disclosures ​ In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information in the income tax rate reconciliation table and regarding income taxes paid. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2025 annual report. ​ --- ## New in Current Filing: Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 5,478 ​ $ 1,418 ​ $ 4,899 ​ $ 11,795 2023 ​ ​ 5,872 ​ ​ 1,408 ​ ​ 4,782 ​ ​ 12,062 2022 ​ ​ 6,510 ​ ​ 1,450 ​ ​ 5,412 ​ ​ 13,372 ​ 54 54 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Summary of Net Long-Lived Assets by Geographic Area (a)​​​​​​​​​​​​​​($ in millions) U.S. Brazil Other Consolidated​​​​​​​​​​​​​As of December 31, 2024​$ 3,215​$ 1,113​$ 3,207​$ 7,535As of December 31, 2023​​ 3,434​​ 1,274​​ 3,361​​ 8,069(a)Long-lived assets exclude goodwill and intangible assets.​Summary of Business by Segment ​​​​​​​​​​​​Years Ended December 31,($ in millions)​2024 2023 2022​​​​​​​​​​Net sales​​​​​​​​​Beverage packaging, North and Central America​$ 5,619​$ 5,963​$ 6,696Beverage packaging, EMEA​​ 3,466​​ 3,395​​ 3,854Beverage packaging, South America​​ 1,951​​ 1,960​​ 2,108Reportable segment sales​​ 11,036​​ 11,318​​ 12,658Other​​ 759​​ 744​​ 714Net sales​$ 11,795​$ 12,062​$ 13,372​​​​​​​​​​Comparable segment operating earnings (a)​​​​​​​​​Beverage packaging, North and Central America​$ 747​$ 710​$ 642Beverage packaging, EMEA​​ 416​​ 354​​ 358Beverage packaging, South America​​ 296​​ 266​​ 275Reportable segment comparable operating earnings​​ 1,459​​ 1,330​​ 1,275Reconciling items​​​​​​​​​Other (b)​​ (69)​​ 12​​ (25)Business consolidation and other activities​​ (420)​​ (133)​​ (71)Amortization of acquired intangibles​​ (139)​​ (135)​​ (135)Interest expense​​ (293)​​ (460)​​ (313)Debt refinancing and other costs​​ (3)​​ - ​​ (18)Earnings before taxes​$ 535​$ 614​$ 713(a)The difference between reportable segment net sales and comparable operating earnings is comprised of other segment items. Other segment items includes cost of sales, depreciation and amortization, selling, general and administrative and interest income amounts. The CODM does not receive or use these amounts at the reportable segment level. However, the CODM is provided these amounts at a consolidated level to manage operations.(b)Includes undistributed corporate expenses, net, of $175 million, $74 million and $82 million for the years ended December 2024, 2023 and 2022, respectively. For the year ended December 2024, undistributed corporate expenses, net, includes $82 million of incremental compensation cost from the successful sale of the aerospace business. For the year ended December 2024, undistributed corporate expenses, net, includes $42 million of corporate interest income. ​​​​​​​​​​​55 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## New in Current Filing: Notes to the Consolidated Financial Statements ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## New in Current Filing: Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 5,478 ​ $ 1,418 ​ $ 4,899 ​ $ 11,795 2023 ​ ​ 5,872 ​ ​ 1,408 ​ ​ 4,782 ​ ​ 12,062 2022 ​ ​ 6,510 ​ ​ 1,450 ​ ​ 5,412 ​ ​ 13,372 ​ 54 54 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Summary of Net Long-Lived Assets by Geographic Area (a)​​​​​​​​​​​​​​($ in millions) U.S. Brazil Other Consolidated​​​​​​​​​​​​​As of December 31, 2024​$ 3,215​$ 1,113​$ 3,207​$ 7,535As of December 31, 2023​​ 3,434​​ 1,274​​ 3,361​​ 8,069(a)Long-lived assets exclude goodwill and intangible assets.​Summary of Business by Segment ​​​​​​​​​​​​Years Ended December 31,($ in millions)​2024 2023 2022​​​​​​​​​​Net sales​​​​​​​​​Beverage packaging, North and Central America​$ 5,619​$ 5,963​$ 6,696Beverage packaging, EMEA​​ 3,466​​ 3,395​​ 3,854Beverage packaging, South America​​ 1,951​​ 1,960​​ 2,108Reportable segment sales​​ 11,036​​ 11,318​​ 12,658Other​​ 759​​ 744​​ 714Net sales​$ 11,795​$ 12,062​$ 13,372​​​​​​​​​​Comparable segment operating earnings (a)​​​​​​​​​Beverage packaging, North and Central America​$ 747​$ 710​$ 642Beverage packaging, EMEA​​ 416​​ 354​​ 358Beverage packaging, South America​​ 296​​ 266​​ 275Reportable segment comparable operating earnings​​ 1,459​​ 1,330​​ 1,275Reconciling items​​​​​​​​​Other (b)​​ (69)​​ 12​​ (25)Business consolidation and other activities​​ (420)​​ (133)​​ (71)Amortization of acquired intangibles​​ (139)​​ (135)​​ (135)Interest expense​​ (293)​​ (460)​​ (313)Debt refinancing and other costs​​ (3)​​ - ​​ (18)Earnings before taxes​$ 535​$ 614​$ 713(a)The difference between reportable segment net sales and comparable operating earnings is comprised of other segment items. Other segment items includes cost of sales, depreciation and amortization, selling, general and administrative and interest income amounts. The CODM does not receive or use these amounts at the reportable segment level. However, the CODM is provided these amounts at a consolidated level to manage operations.(b)Includes undistributed corporate expenses, net, of $175 million, $74 million and $82 million for the years ended December 2024, 2023 and 2022, respectively. For the year ended December 2024, undistributed corporate expenses, net, includes $82 million of incremental compensation cost from the successful sale of the aerospace business. For the year ended December 2024, undistributed corporate expenses, net, includes $42 million of corporate interest income. ​​​​​​​​​​​55 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: Earnings before taxes ​ $ 535 ​ $ 614 ​ $ 713 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 55 55 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​​​Years Ended December 31,($ in millions) 2024 2023 2022​​​​​​​​​​Depreciation and amortization (a)​​​​​​​​​Beverage packaging, North and Central America​$ 214​$ 220​$ 219Beverage packaging, EMEA​​ 187​​ 178​​ 185Beverage packaging, South America​​ 148​​ 145​​ 143Reportable segment depreciation and amortization​​ 549​​ 543​​ 547Other​​ 62​​ 62​​ 47Depreciation and amortization​$ 611​$ 605​$ 594(a)Includes amortization of acquired Rexam intangibles.​The company does not disclose total assets by segment as it is not provided to the CODM.​​​4. Acquisitions and Dispositions​Acquisition of Florida Can Manufacturing​In February 2025, the company closed on the acquisition of Florida Can Manufacturing for cash consideration of $160 million. The business is comprised of an aluminum beverage can manufacturing facility located in Winter Haven, Florida and will be part of Ball's beverage packaging, North and Central America, segment. The transaction strengthens the segment's supply network and enhances its ability to meet growing customer demand for sustainable beverage packaging solutions in the region.​Aluminum Cups ​The growth of the aluminum cups business has not been at the level we initially expected. As a result, in the fourth quarter of 2024, Ball's Board of Directors provided approval for the company to form a strategic partnership in early 2025, which is expected to result in deconsolidation of the business by Ball. ​As a result of the decision to sell the company's controlling financial interest and meeting held for sale criteria in the fourth quarter of 2024, Ball recorded a noncash impairment charge of $233 million to adjust the carrying value of the disposal group of our aluminum cups business to its estimated fair value less cost to sell. This charge is included in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2024. The remaining assets and liabilities of the business are immaterial and consist primarily of working capital and are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet at December 31, 2024.​Saudi Arabia ​In November 2024, the company entered into an agreement to sell 41 percent of its 51 percent ownership in Ball United Arab Can Manufacturing Company, which is expected to close in the first half of 2025. As of December 31, 2024, the assets and liabilities of the business have been presented as current assets and current liabilities held for sale in the amounts of $94 million and $29 million, respectively, which are primarily related to working capital and property, plant and equipment. The transaction is expected to result in deconsolidation upon closing and Ball will retain a 10 percent ownership interest. A gain of approximately $80 million is expected to be recognized upon sale and no impairment or loss resulted upon meeting held for sale presentation. ​56 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## New in Current Filing: Notes to the Consolidated Financial Statements ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## New in Current Filing: Acquisition of Florida Can Manufacturing ​ In February 2025, the company closed on the acquisition of Florida Can Manufacturing for cash consideration of $160 million. The business is comprised of an aluminum beverage can manufacturing facility located in Winter Haven, Florida and will be part of Ball's beverage packaging, North and Central America, segment. The transaction strengthens the segment's supply network and enhances its ability to meet growing customer demand for sustainable beverage packaging solutions in the region. ​ --- ## New in Current Filing: Aluminum Cups ​ The growth of the aluminum cups business has not been at the level we initially expected. As a result, in the fourth quarter of 2024, Ball's Board of Directors provided approval for the company to form a strategic partnership in early 2025, which is expected to result in deconsolidation of the business by Ball. ​ As a result of the decision to sell the company's controlling financial interest and meeting held for sale criteria in the fourth quarter of 2024, Ball recorded a noncash impairment charge of $233 million to adjust the carrying value of the disposal group of our aluminum cups business to its estimated fair value less cost to sell. This charge is included in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2024. The remaining assets and liabilities of the business are immaterial and consist primarily of working capital and are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet at December 31, 2024. ​ --- ## New in Current Filing: Personal & Home Care Acquisition of Alucan Entec ​ In October 2024, the company acquired the entire share capital of Alucan Entec, S.A, an impact extruded aluminum packaging business with a manufacturing facility in Lummen, Belgium and Llinars del Vallés, Spain, for the purchase price of €82 million, subject to customary closing adjustments. Using the exchange rate on the date of close, the initial cash consideration of $80 million (or €75 million) was paid at close and is presented in business acquisitions, net of cash acquired, in the consolidated statement of cash flows for the year ended December 31, 2024, with an additional $8 million (or €7 million) to be paid over the next four years, less any potential obligations covered by the holdback arrangement. The business is part of Ball's PHC segment. The transaction broadens the geographic reach and expands the product portfolio of Ball's PHC business, serving the growing personal, home care and beverage bottle markets. ​ Aerospace ​ In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball's aerospace business. On February 16, 2024, the company completed the divestiture of the aerospace business for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the Agreement. The company is in the process of finalizing the working capital adjustments and other customary closing adjustments with BAE, which may adjust the final cash proceeds and gain on sale amounts. As such, during the fourth quarter of 2024, Ball reduced the gain by $60 million based on preliminary concessions related to the purchase price. After this adjustment, the divestiture resulted in a pre-tax gain of $4.61 billion, which is net of $20 million of costs to sell incurred and paid in 2023 related to the disposal. Cash proceeds received at close from the sale of $5.42 billion, net of the cash disposed, are presented in business dispositions, net of cash sold, in the consolidated statement of cash flows for the year ended December 31, 2024. Income taxes related to the transaction that have not yet been paid are recorded in other current liabilities on the consolidated balance sheet. Additionally, the completion of the divestiture resulted in the removal of the aerospace business from the company's obligor group, as the business no longer guarantees the company's senior notes and senior credit facilities. ​ The sale of the aerospace business represents a strategic shift that will have a major effect on Ball's operations and financial results, including the removal of the aerospace reportable segment. Due to this shift, for all periods presented, the consolidated financial statements reflect the aerospace business' financial results as discontinued operations in the consolidated statements of earnings, and its assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheet as of December 31, 2023. See Note 1 for further information on the basis of presentation. Note 1 ​ The following table presents components of discontinued operations, net of tax for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: Discontinued operations, net of tax ​ $ 3,584 ​ $ 223 ​ $ 150 ​ 57 57 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​The 2024, 2023, and 2022 effective income tax rates on discontinued operations were 23.1 percent, negative 11.5 percent, and 12.3 percent, respectively. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was increased by 2.4 percent for the impact of state and local taxes. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2023 effective income tax rate was reduced by 35.4 percent for federal tax credits, partially offset by 3.3 percent for the impact of state and local taxes. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2022 effective income tax rate was reduced by 12.3 percent for federal tax credits, partially offset by 3.4 percent for the impacts of state and local taxes.​The following table presents assets and liabilities that are classified as held for sale on the consolidated balance sheet as of December 31, 2023:​​​​​​​December 31,($ in millions) 2023​​​​Assets​​​Current assets​​​Receivables, net​$ 277Other current assets​​ 56Total current assets​​ 333Noncurrent assets​​​Property, plant and equipment, net​​ 665Other assets​​ 188Total assets of discontinued operations​$ 1,186​​​​Liabilities​​​Current liabilities​​​Accounts payable​$ 92Accrued employee costs​​ 88Deferred revenue​​ 221Other current liabilities​​ 34Total current liabilities​​ 435Noncurrent liabilities​​​Employee benefit obligations​​ 163Other liabilities​​ 74Total liabilities of discontinued operations​$ 672​The following table presents depreciation and amortization, capital expenditures and significant operating and investing noncash items from discontinued operations for the years ended December 31, 2024, 2023 and 2022 included within the consolidated statements of cash flows. Amounts include adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​​​​​​​​​​​​​Years Ended December 31,($ in millions) 2024​2023​2022​​​​​​​​​​Provided by (used in)​​​​​​​​​Depreciation and amortization​$ 9​$ 81​$ 78Gain on Aerospace disposal​​ (4,634)​​ 20​​ - Capital expenditures​​ (13)​​ (106)​​ (142)​58 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## New in Current Filing: Notes to the Consolidated Financial Statements ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: Liabilities ​ ​ ​ Current liabilities ​ ​ ​ Accounts payable ​ $ 92 Accrued employee costs ​ ​ 88 Deferred revenue ​ ​ 221 Other current liabilities ​ ​ 34 Total current liabilities ​ ​ 435 Noncurrent liabilities ​ ​ ​ Employee benefit obligations ​ ​ 163 Other liabilities ​ ​ 74 --- ## New in Current Filing: Total liabilities of discontinued operations ​ $ 672 ​ The following table presents depreciation and amortization, capital expenditures and significant operating and investing noncash items from discontinued operations for the years ended December 31, 2024, 2023 and 2022 included within the consolidated statements of cash flows. Amounts include adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## New in Current Filing: Notes to the Consolidated Financial Statements ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: Finance Leases ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 83 ​ $ 26 2026 ​ ​ 66 ​ ​ 2 2027 ​ ​ 55 ​ ​ 1 2028 ​ ​ 45 ​ ​ 1 2029 ​ ​ 33 ​ ​ 1 Thereafter ​ ​ 97 ​ ​ - Future value of lease liabilities ​ ​ 379 ​ ​ 31 Less: Imputed interest ​ ​ (35) ​ ​ - Present value of lease liabilities ​ $ 344 ​ $ 31 ​ ​ 15. Debt and Interest Costs ​ Long-term debt outstanding and interest rates in effect, along with short-term debt outstanding, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## New in Current Filing: Other (including debt issuance costs) ​ ​ (43) ​ ​ (60) ​ ​ ​ 5,503 ​ ​ 8,360 Less: Current portion of long-term debt ​ ​ (191) ​ ​ (856) --- ## New in Current Filing: Short-term debt ​ ​ ​ ​ ​ ​ Current portion of long-term debt ​ $ 191 ​ $ 856 Short-term finance leases ​ ​ 24 ​ ​ - Short-term committed loans ​ ​ 109 ​ ​ 196 Short-term uncommitted credit facilities ​ ​ 37 ​ ​ 13 --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: Notes to the Consolidated Financial Statements ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## New in Current Filing: Tax provision (benefit) ​ $ 133 ​ $ 146 ​ $ 138 ​ The income tax provision recorded within the consolidated statements of earnings differs from the provision determined by applying the U.S. statutory tax rate to pretax earnings as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## New in Current Filing: ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## No Match in Current: Human capital risks *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ If we fail to retain key management and personnel, we may be unable to implement our key objectives. ​ We believe our future success depends, in part, on our experienced management team. Unforeseen losses of key members of our management team without appropriate succession and/or compensation planning could make it difficult for us to manage our business and meet our objectives. ​ Prolonged work stoppages at facilities with union employees could jeopardize our financial position. ​ As of December 31, 2023, 8 percent of our North American employees and 39 percent of our European employees were covered by collective bargaining agreements. These collective bargaining agreements have staggered expirations during the next several years. Although we consider our employee relations to be generally good, a prolonged work stoppage or strike at any facility with union employees could have a material adverse effect on our business, financial condition, cash flows or results of operations. In addition, we cannot ensure that upon the expiration of existing collective bargaining agreements, new agreements will be reached without union action or that any such new agreements will be on terms satisfactory to us. ​ --- ## No Match in Current: ($ in millions) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* Total Number of Shares Purchased (a) AveragePricePaid perShare --- ## No Match in Current: Maximum Number ofShares that May YetBe Purchased Underthe Plans or Programs(b) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1 to October 31, 2023 ​ - ​ $ - ​ - ​ 19,596,607 November 1 to November 30, 2023 ​ - ​ ​ - ​ - ​ 19,596,607 December 1 to December 31, 2023 ​ - ​ ​ - ​ - ​ 19,596,607 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 50 million shares were authorized for repurchase by Ball's Board of Directors. ​ --- ## No Match in Current: Segment Results *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ 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. ​ 28 28 28 Table of ContentsBeverage Packaging, North and Central America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2023 2022 2021 ​​​​​​​​​​​Net sales​$ 5,963​$ 6,696​$ 5,856​Comparable operating earnings​​ 710​​ 642​​ 681​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 12%​Ball permanently ceased production at its Phoenix, Arizona aluminum beverage can manufacturing facility in the fourth quarter of 2022, permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023. Additionally, the company announced it will permanently cease production at its aluminum beverage can manufacturing facility in Kent, Washington in the first half of 2024, and has permanently discontinued plans to construct the North Las Vegas beverage can plant.​Segment sales in 2023 were $733 million lower compared to 2022 primarily due to a $408 million decrease from lower volumes and a $325 million decrease from lower sales prices resulting mainly from lower aluminum prices net of the annual pass-through of inflationary costs.​Comparable operating earnings in 2023 were $68 million higher compared to 2022 primarily due to $54 million of fixed cost savings from rightsizing production through the facility actions noted above, $32 million of income recognized from the termination of a long term power supply contract that offsets higher energy costs, a $25 million increase from higher sales prices resulting mainly from the annual pass-through of inflationary costs net of current year inflation and $21 million of lower depreciation expense associated with the third quarter 2022 revision of estimated useful lives, partially offset by an $109 million decrease from lower volumes. Fixed and variable cost management and operational performance initiatives continue and are expected to improve results in 2024 and beyond.​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2023 2022 2021 ​​​​​​​​​​​Net sales​$ 3,395​$ 3,854​$ 3,509​Comparable operating earnings​​ 354​​ 358​​ 452​Comparable operating earnings as a % of segment net sales​​ 10% ​ 9% ​ 13%​Segment sales in 2023 were $459 million lower compared to 2022 primarily due to a $554 million decrease from the 2022 sale of the Russian aluminum beverage packaging business and a $77 million decrease from lower volumes, partially offset by an $168 million increase from higher sales prices resulting mainly from the annual pass-through of inflationary costs net of lower aluminum prices.​Comparable operating earnings in 2023 were $4 million lower compared to 2022 primarily due to an $86 million decrease from the 2022 sale of the Russian aluminum beverage packaging business, a $46 million decrease from new facility start-up costs and a $27 million decrease from currency translation, partially offset by an $126 million increase from higher sales prices mainly from the annual pass-through of inflationary costs net of current year inflation.​During the third quarter of 2022, and further to the Russian invasion of Ukraine, the company sold its Russian business, composed of three manufacturing facilities, for total cash consideration of $530 million. The historical operations and results of the Russian aluminum beverage packaging business, including the gain on sale, are included in the beverage packaging, EMEA segment. See Note 4 of these consolidated financial statements within Item 8 of this annual report for additional discussion regarding the sale and its impact to Ball's financial results.​29 Table of Contents Table of Contents Table of Contents Beverage Packaging, North and Central America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2023 2022 2021 ​​​​​​​​​​​Net sales​$ 5,963​$ 6,696​$ 5,856​Comparable operating earnings​​ 710​​ 642​​ 681​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 12%​Ball permanently ceased production at its Phoenix, Arizona aluminum beverage can manufacturing facility in the fourth quarter of 2022, permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023. Additionally, the company announced it will permanently cease production at its aluminum beverage can manufacturing facility in Kent, Washington in the first half of 2024, and has permanently discontinued plans to construct the North Las Vegas beverage can plant.​Segment sales in 2023 were $733 million lower compared to 2022 primarily due to a $408 million decrease from lower volumes and a $325 million decrease from lower sales prices resulting mainly from lower aluminum prices net of the annual pass-through of inflationary costs.​Comparable operating earnings in 2023 were $68 million higher compared to 2022 primarily due to $54 million of fixed cost savings from rightsizing production through the facility actions noted above, $32 million of income recognized from the termination of a long term power supply contract that offsets higher energy costs, a $25 million increase from higher sales prices resulting mainly from the annual pass-through of inflationary costs net of current year inflation and $21 million of lower depreciation expense associated with the third quarter 2022 revision of estimated useful lives, partially offset by an $109 million decrease from lower volumes. Fixed and variable cost management and operational performance initiatives continue and are expected to improve results in 2024 and beyond.​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2023 2022 2021 ​​​​​​​​​​​Net sales​$ 3,395​$ 3,854​$ 3,509​Comparable operating earnings​​ 354​​ 358​​ 452​Comparable operating earnings as a % of segment net sales​​ 10% ​ 9% ​ 13%​Segment sales in 2023 were $459 million lower compared to 2022 primarily due to a $554 million decrease from the 2022 sale of the Russian aluminum beverage packaging business and a $77 million decrease from lower volumes, partially offset by an $168 million increase from higher sales prices resulting mainly from the annual pass-through of inflationary costs net of lower aluminum prices.​Comparable operating earnings in 2023 were $4 million lower compared to 2022 primarily due to an $86 million decrease from the 2022 sale of the Russian aluminum beverage packaging business, a $46 million decrease from new facility start-up costs and a $27 million decrease from currency translation, partially offset by an $126 million increase from higher sales prices mainly from the annual pass-through of inflationary costs net of current year inflation.​During the third quarter of 2022, and further to the Russian invasion of Ukraine, the company sold its Russian business, composed of three manufacturing facilities, for total cash consideration of $530 million. The historical operations and results of the Russian aluminum beverage packaging business, including the gain on sale, are included in the beverage packaging, EMEA segment. See Note 4 of these consolidated financial statements within Item 8 of this annual report for additional discussion regarding the sale and its impact to Ball's financial results.​ Beverage Packaging, North and Central America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## No Match in Current: ($ in millions) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* Total Number of Shares Purchased (a) AveragePricePaid perShare --- ## No Match in Current: ($ in millions) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* Total Number of Shares Purchased (a) AveragePricePaid perShare --- ## No Match in Current: Comparable operating earnings *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ ​ ​ ​ ​ ​ Russia ​ $ 86 ​ $ 129 Non-Russia ​ ​ 272 ​ ​ 323 Beverage packaging, EMEA, segment ​ $ 358 ​ $ 452 ​ The Russian sales and comparable operating earnings figures in the above table include historical support by Russia for non-Russian regions. See Note 4 to the consolidated financial statements within Item 8 of this annual report for additional discussion regarding the sale. Note 4 Item 8 ​ Beverage Packaging, South America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## No Match in Current: ($ in millions) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* Total Number of Shares Purchased (a) AveragePricePaid perShare --- ## No Match in Current: Other Liquidity Measures *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ Given the on-going growth projects in our businesses being undertaken to support EVA-enhancing contracted volumes, in 2024, we expect capital expenditures to be in the range of $650 million and we intend to return approximately $247 million to shareholders in the form of dividends. We further intend to utilize our operating cash flows to pay down debt and, to the extent available, repurchase Ball common stock or fund acquisitions that meet our rate of return criteria. On February 16, 2024, the company completed the divestiture of the aerospace business. We plan to accelerate capital return to shareholders via share repurchases and repay a portion of outstanding debt as a result of the divestiture. See Note 4 for further details. Note 4 ​ We have committed contracts to purchase raw materials and we align these purchase commitments with long-term sales contracts with our customers such that any commitment to purchase aluminum and other direct materials corresponds to a contractual sale. These aluminum purchase commitments include pass-through provisions which generally result in proportional changes in both sales and costs of sales; however, there may be timing differences of when the costs are passed through. ​ The company's growth and asset maintenance plans require capital expenditures over the coming years, which will be funded by operating cash flows and external borrowings. Approximately $258 million of capital expenditures were contractually committed as of December 31, 2023. Maturities for Ball's long-term debt are disclosed in Note 15 to the consolidated financial statements within Item 8 of this annual report. Repayments of debt and other operational cash requirements will also be funded by operating cash flows and external borrowings. The company has no material off-balance sheet arrangements. Note 15 Item 8 ​ --- ## No Match in Current: December 31, 2022 *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 8,962 ​ $ 9,975 Gross profit (a) ​ ​ 1,074 ​ ​ 996 Net earnings ​ ​ 493 ​ ​ 635 Net earnings attributable to Ball Corporation ​ ​ 493 ​ ​ 635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## No Match in Current: ($ in millions, except per share amounts) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 14,029 ​ $ 15,349 ​ $ 13,811 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (excluding depreciation and amortization) ​ ​ (11,359) ​ ​ (12,766) ​ ​ (11,085) Depreciation and amortization ​ ​ (686) ​ ​ (672) ​ ​ (700) Selling, general and administrative ​ ​ (558) ​ ​ (626) ​ ​ (593) Business consolidation and other activities ​ ​ (153) ​ ​ (71) ​ ​ (142) ​ ​ ​ (12,756) ​ ​ (14,135) ​ ​ (12,520) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## No Match in Current: Earnings before interest and taxes *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ ​ 1,273 ​ ​ 1,214 ​ ​ 1,291 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ (459) ​ ​ (312) ​ ​ (270) Debt refinancing and other costs ​ ​ - ​ ​ (18) ​ ​ (13) Total interest expense ​ ​ (459) ​ ​ (330) ​ ​ (283) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before taxes ​ ​ 814 ​ ​ 884 ​ ​ 1,008 Tax (provision) benefit ​ ​ (123) ​ ​ (159) ​ ​ (156) Equity in results of affiliates, net of tax ​ ​ 20 ​ ​ 7 ​ ​ 26 Net earnings ​ ​ 711 ​ ​ 732 ​ ​ 878 Net earnings attributable to noncontrolling interests ​ ​ 4 ​ ​ 13 ​ ​ - Net earnings attributable to Ball Corporation ​ $ 707 ​ $ 719 ​ $ 878 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## No Match in Current: ($ in millions) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* Total Number of Shares Purchased (a) AveragePricePaid perShare --- ## No Match in Current: Balance at December 31, 2020 *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ 679,524 ​ $ 1,167 ​ (351,939) ​ $ (3,130) ​ $ 6,192 ​ $ (954) ​ $ 62 ​ $ 3,337 ​ Net earnings ​ - ​ ​ - ​ - ​ ​ - ​ ​ 878 ​ ​ - ​ ​ - ​ ​ 878 ​ Other comprehensive earnings (loss), net of tax ​ - ​ ​ - ​ - ​ ​ - ​ ​ - ​ ​ 372 ​ ​ - ​ ​ 372 ​ Common dividends, net of tax benefits ​ - ​ ​ - ​ - ​ ​ - ​ ​ (227) ​ ​ - ​ ​ - ​ ​ (227) ​ Treasury stock purchases ​ - ​ ​ - ​ (8,507) ​ ​ (766) ​ ​ - ​ ​ - ​ ​ - ​ ​ (766) ​ Treasury shares reissued ​ - ​ ​ - ​ 345 ​ ​ 33 ​ ​ - ​ ​ - ​ ​ - ​ ​ 33 ​ Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,421 ​ ​ 53 ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 53 ​ Dividends paid to noncontrolling interest ​ - ​ ​ - ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (4) ​ ​ (4) ​ Other activity ​ - ​ ​ - ​ - ​ ​ 9 ​ ​ - ​ ​ - ​ ​ - ​ ​ 9 ​ --- ## No Match in Current: Critical Accounting Policies *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements. ​ Revenue Recognition in the Aerospace Segment ​ Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​ At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed. ​ To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices. ​ The company has determined that the following distinct goods and services represent separate performance obligations: ​ ​ Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year. ​ 47 47 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Contracts are often modified to account for changes in contract specifications and requirements. The company considers contract modifications to exist when the modification either creates new or revised enforceable rights and obligations. Most of the company's contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract, and such contract modifications are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price, and the company's measure of progress for the performance obligation to which it relates, is recognized as an adjustment to sales (either as an increase or reduction of sales) on a cumulative catch-up basis.​Within the aerospace segment, performance obligations are recognized over time. Aerospace contracts involve specialized and unique products that are tailored to the specific needs of the customer, such as a spacecraft or other hardware conforming to the specifications required by the customer, and as such, no alternative use exists. When there is an enforceable right to payment at cost plus reasonable margin for performance completed to date, the sales are recorded over time as the goods are manufactured or services are performed. Determining a measure of progress requires management to make judgments that affect the timing of recording sales. The extent of progress towards completion is measured based on the ratio of costs incurred to date versus the total estimated costs upon completion of the performance obligation. The cost-to-cost method best depicts the transfer of assets to the customer as the company incurs costs on the company's contracts. 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 related to the outcome of future events, including the quantity and timing of product deliveries, future labor performance and rates, and material and overhead costs. Throughout the period of contract performance, the company regularly evaluates and, if necessary, revises estimates of total contract revenue, total contract cost, and extent of progress toward completion.​The two primary types of long-term sales contracts utilized are cost-type contracts, which are agreements to perform for cost plus an agreed-upon profit component, and fixed price sales contracts, which are completed for a fixed price. Cost-type sales contracts can have different types of fee arrangements, including fixed-fee, cost, milestone and performance incentive fees, award fees or a combination thereof. At the inception of contract performance, the company estimates sales associated with base, incentive and other fees exclusive of any constraint. In other words, the company estimates sales to the extent that it is not probable a significant reversal will occur over the period of contract performance. The company has determined that the above provides a faithful depiction of the transfer of goods to the customer and is the best measure of depicting the company's performance as control is transferred to customers.​Due to the unique and customized nature of deliverables within aerospace contracts, a readily observable selling price for a similar good is not typically available; therefore, in making its determination of stand-alone selling price, the company generally applies the "expected cost plus a margin" approach (whereby the transaction price is allocated based on the relative amount of costs plus an appropriate margin). Use of the expected cost plus a margin approach requires Ball to determine the expected costs for each performance obligation, as well as an appropriate margin (i.e., cost-to-cost percentage of completion). The calculation is made at contract inception to determine the allocation of consideration. ​Uncertainty as to the total amount that will be paid by the customer (such as the exact amount of costs that will be incurred and fees that will be earned by us to satisfy the contractual requirements) gives rise to variable consideration. To estimate variable consideration, the company applies the "most likely amount" method or the "expected value" method depending on the nature of the variable consideration. In certain cases, both methods may be used within a single contract if multiple forms of variable consideration exist. However, once a method has been applied to one form of variable consideration, it is applied consistently throughout the contract term.​The primary types of variable consideration present in the company's contracts are cost reimbursements, performance award fees, incremental funding and finalization of government rates. These types of arrangements are most commonly (though not exclusively) estimated based on the "most likely" method. Once variable consideration has been estimated, it will be constrained if a significant reversal of the cumulative amount of sales is probable in the context of the contract.48 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## No Match in Current: Government Assistance Disclosure *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ In 2021, new guidance was issued by the Financial Accounting Standards Board (FASB) related to the disclosure of government assistance received. The adoption of this new guidance did not have a material effect on the company's consolidated financial statements. ​ New Accounting Guidance and Disclosure Requirements ​ --- ## No Match in Current: Notes to the Consolidated Financial Statements *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ --- ## No Match in Current: Consolidated *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 7,839 ​ $ 1,408 ​ $ 4,782 ​ $ 14,029 2022 ​ ​ 8,487 ​ ​ 1,450 ​ ​ 5,412 ​ ​ 15,349 2021 ​ ​ 7,284 ​ ​ 1,458 ​ ​ 5,069 ​ ​ 13,811 ​ ​ --- ## No Match in Current: Consolidated *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 7,839 ​ $ 1,408 ​ $ 4,782 ​ $ 14,029 2022 ​ ​ 8,487 ​ ​ 1,450 ​ ​ 5,412 ​ ​ 15,349 2021 ​ ​ 7,284 ​ ​ 1,458 ​ ​ 5,069 ​ ​ 13,811 ​ ​ --- ## No Match in Current: Notes to the Consolidated Financial Statements *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ --- ## No Match in Current: ($ in millions) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* Total Number of Shares Purchased (a) AveragePricePaid perShare --- ## No Match in Current: Capital expenditures *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 311 ​ $ 621 ​ $ 697 Beverage packaging, EMEA ​ ​ 378 ​ ​ 458 ​ ​ 305 Beverage packaging, South America ​ ​ 129 ​ ​ 267 ​ ​ 334 Aerospace ​ ​ 106 ​ ​ 142 ​ ​ 198 Reportable segment capital expenditures ​ ​ 924 ​ ​ 1,488 ​ ​ 1,534 Other ​ ​ 121 ​ ​ 163 ​ ​ 192 Capital expenditures ​ $ 1,045 ​ $ 1,651 ​ $ 1,726 ​ The company does not disclose total assets by segment as it is not provided to the chief operating decision maker. ​ ​ ​ --- ## No Match in Current: South Korea Investment *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ In the third quarter of 2021, Ball sold its minority-owned investment in South Korea. Consideration for the transaction was cash of $120 million, of which $110 million was received at closing and is presented in business dispositions, net of cash sold, within cash flows from investing activities in Ball's 2021 consolidated statement of cash flows. In the fourth quarter of 2022, the remaining $10 million was received and is presented in business dispositions, net of cash sold, within cash flows from investing activities in Ball's 2022 consolidated statement of cash flows. In the second quarter of 2021, the company recorded a loss of $5 million related to the disposal, which is presented in business consolidation and other activities in the consolidated statement of earnings. related to the disposal ​ --- ## No Match in Current: Transaction Price Allocated to Remaining Performance Obligations *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ The table below discloses: (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for contracts with an original duration of greater than one year, and (2) when the company expects to record sales on these multi-year contracts. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## No Match in Current: Next Twelve Months *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ Thereafter ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales expected to be recognized on multi-year contracts in place as of December 31, 2023 ​ $ 1,612 ​ $ 1,312 ​ $ 2,924 ​ The contracts with an original duration of less than one year, which are excluded from the table above based on the company's election of the practical expedient, are primarily related to contracts where control will be fully transferred to the customers in less than one year. The nature of the remaining performance obligations within these contracts, as well as the nature of the variability and how it will be resolved, are described in Note 1. Note 1 ​ ​ --- ## No Match in Current: 6. Business Consolidation and Other Activities *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ Following is a summary of business consolidation and other activity (charges)/income included in the consolidated statements of earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## No Match in Current: Notes to the Consolidated Financial Statements *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ --- ## No Match in Current: ($ in millions) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* Total Number of Shares Purchased (a) AveragePricePaid perShare --- ## No Match in Current: ($ in millions) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* Total Number of Shares Purchased (a) AveragePricePaid perShare --- ## No Match in Current: December 31, *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* ​ ​ 2023 ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term in years: ​ ​ ​ ​ ​ Operating leases 9 ​ ​ 10 ​ Finance leases 5 ​ ​ 6 ​ Weighted average discount rate: ​ ​ ​ ​ ​ Operating leases 4.1 % ​ 3.8 % Finance leases 3.0 % ​ 3.0 % ​ Maturities of lease liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## No Match in Current: ($ in millions) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* Total Number of Shares Purchased (a) AveragePricePaid perShare --- ## No Match in Current: ($ in millions) *This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.* Total Number of Shares Purchased (a) AveragePricePaid perShare --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "Accounting Pronouncements ​Recently Adopted Accounting Standards​Segment Reporting​In 2023, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal of providing financial statement users with more information about reportable segments, including more disaggregated expense information." - Reworded sentence: "The company adopted the rollforward disclosure requirements effective for 2024 on a prospective basis.​The company has several regional supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the company." - Reworded sentence: "Our supplier finance programs do not include any of the following: guarantees to the financial institutions, assets pledged as securities or interest accruing on the obligation prior to the due date.​Based on the review of the facts and circumstances of our supplier finance programs, including but not limited to those noted above, the company has concluded that the characteristics of the obligations due under our supplier finance programs have not changed and remain those of standard accounts payable, rather than indicative of debt.​ 2." **Prior (2024):** ​ In 2022, new guidance was issued by the FASB with the goal of enhancing transparency around supplier finance programs. On January 1, 2023, Ball adopted all required disclosures effective for 2023, on a retrospective basis. The company will adopt the rollforward disclosure requirements, on a prospective basis, when they become effective in 2024. ​ The company has several regional supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the company. The company establishes these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they enter into a factoring agreement with the financial institutions. Our suppliers' participation in the programs is voluntary, and the company is not involved in negotiations of the suppliers' arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers' decisions to sell amounts under these programs. Under these supplier finance programs, the company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices, which vary based on the negotiated terms with each supplier. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. Our supplier finance programs do not include any of the following: guarantees to the financial institutions, assets pledged as securities or interest accruing on the obligation prior to the due date. ​ Based on the review of the facts and circumstances of our supplier finance programs, including but not limited to those noted above, the company has concluded that the characteristics of the obligations due under our supplier finance programs have not changed and remain those of standard accounts payables, rather than indicative of debt. ​ The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs was $709 million and $930 million at December 31, 2023 and 2022, respectively. These amounts are classified within accounts payable on the consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the consolidated statements of cash flows. ​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES **Key changes:** - Reworded sentence: "We believe that cash flows from operating activities, even in the absence of operating cash flows from the historical aerospace reportable segment, 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." **Prior (2024):** ​ 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. The following table summarizes our cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ **Current (2025):** ​ 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, even in the absence of operating cash flows from the historical aerospace reportable segment, 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 limited near-term debt maturities and our senior credit facilities are in place until 2027. The following table summarizes our cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## Modified: Significant Accounting Policies **Key changes:** - Reworded sentence: "Investments in which the company neither exercises significant influence over the investee, nor is the primary beneficiary of the investment, are accounted for using the measurement alternative for equity investments, and, as such, are measured at cost minus impairment, if any, and adjusted for observable price changes in orderly transactions for the identical or a similar investment." - Reworded sentence: "​ Reclassifications ​ Certain prior year amounts, including amounts related to discontinued operations, have been reclassified in order to conform to the current year presentation." - Reworded sentence: "​ Recoverability of Goodwill ​ On an annual basis, in the fourth quarter, and at interim periods as circumstances require, the company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, which includes an evaluation as to whether there have been significant changes to macro-economic factors related to the reporting unit." - Reworded sentence: "​ 43 43 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​When performing a quantitative analysis, the company estimates fair value for a reporting unit using market and income approach valuation methodologies." - Reworded sentence: "GAAP measure defined by the company as earnings before interest expense, taxes, depreciation and amortization) margin." **Prior (2024):** ​ Principles of Consolidation and Basis of Presentation ​ The consolidated financial statements include the accounts of Ball, its consolidated subsidiaries, and variable interest entities in which the company is considered to be the primary beneficiary. Equity investments in which the company exercises significant influence but does not control and is not the primary beneficiary are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor is the primary beneficiary of the investment, are accounted for using the cost method of accounting. Intercompany transactions are eliminated in consolidation. ​ Reclassifications ​ Certain prior year amounts have been reclassified in order to conform to the current year presentation. ​ Cash and Cash Equivalents ​ Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less. ​ Inventories ​ Inventories are stated at the lower of cost or net realizable value using either the first-in, first-out (FIFO) cost method of accounting or the average cost method. Inventory cost is calculated for each inventory component taking into consideration the appropriate cost factors, including fixed and variable overhead, material price volatility and production levels. 49 49 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​​Recoverability of Goodwill​On an annual basis, in the fourth quarter, and at interim periods as circumstances require, the company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, which includes an evaluation as to whether there have been significant changes to macro-economic factors related to the reporting unit. If the qualitative analysis is not conclusive that it is more likely than not that a reporting unit's fair value exceeds its carrying amount, the company performs a quantitative impairment test to determine the fair value of the reporting unit and, if necessary, recognizes an impairment charge for the amount by which the carrying value exceeds the fair value. Due to recent variability in the results of the beverage packaging, South America, reporting unit, the company elected to perform a quantitative analysis in 2023 for this reporting unit and determined that the reporting unit was not impaired. ​When performing a quantitative analysis, the company estimates fair value for a reporting unit using market and income approach valuation methodologies. Under the income approach, fair value is estimated as the present value of estimated future cash flows of each reporting unit. The projected cash flows incorporate various assumptions related to weighted average cost of capital (WACC) and growth rates that are specific to each reporting unit, including assumptions relating to net sales growth rates, terminal growth rates and EBITDA (a non-U.S. GAAP measure defined by the company as earnings before interest, taxes, depreciation and amortization) margin. Under the market approach, the company uses available information regarding multiples used in recent market transactions involving a transfer of controlling interests as well as publicly available trading multiples based upon the enterprise value of companies in either the packaging or aerospace and defense industries. The appropriate multiple is applied to forecasted EBITDA of each reporting unit to estimate fair value.​Impairment of Long-Lived Assets​Ball reviews long-lived assets for impairment when circumstances indicate the carrying amount of an asset or asset group may not be recoverable based on the undiscounted future cash flows of the asset. The company reviews long-lived assets for impairment at the individual asset or the asset group level for which the lowest level of independent cash flows can be identified. If the carrying amount of the asset or asset group is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market values, discounted cash flows or with the assistance of external appraisals, as applicable. ​Depreciation and Amortization​Property, plant and equipment are carried at the cost of acquisition or construction. Repairs and maintenance costs, including labor and material costs for major improvements such as annual production line overhauls, are expensed as incurred, unless those costs substantially increase the useful lives or capacity of the existing assets. Assets are depreciated and amortized using the straight-line method over their estimated useful lives, generally 5 to 50 years for buildings and improvements and 2 to 23 years for machinery and equipment. Finite-lived intangible assets, excluding capitalized software costs, are generally amortized over their estimated useful lives of 3 to 18 years. Capitalized software is generally amortized over estimated useful lives of 3 to 7 years. The company periodically reviews these estimated useful lives and when appropriate, changes are made prospectively. During 2022, the company completed an evaluation of the estimated useful lives of its manufacturing equipment, buildings and certain assembly and test equipment. See Note 10 for additional discussion. ​For certain business consolidation activities, accelerated depreciation may be required for the revised remaining useful life for assets designated to be scrapped or abandoned. The accelerated depreciation related to such activities is recorded as part of business consolidation and other activities in the appropriate period.​50 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ Principles of Consolidation and Basis of Presentation ​ The consolidated financial statements include the accounts of Ball, its consolidated subsidiaries, and variable interest entities in which the company is considered to be the primary beneficiary. Equity investments in which the company exercises significant influence but does not control and is not the primary beneficiary are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor is the primary beneficiary of the investment, are accounted for using the measurement alternative for equity investments, and, as such, are measured at cost minus impairment, if any, and adjusted for observable price changes in orderly transactions for the identical or a similar investment. Intercompany transactions are eliminated in consolidation. ​ Reclassifications ​ Certain prior year amounts, including amounts related to discontinued operations, have been reclassified in order to conform to the current year presentation. See Note 4 for additional discontinued operations information. Note 4 ​ Cash and Cash Equivalents ​ Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less. ​ Inventories ​ Inventories are stated at the lower of cost or net realizable value using either the first-in, first-out (FIFO) cost method of accounting or the average cost method. Inventory cost is calculated for each inventory component taking into consideration the appropriate cost factors, including fixed and variable overhead, material price volatility and production levels. ​ Recoverability of Goodwill ​ On an annual basis, in the fourth quarter, and at interim periods as circumstances require, the company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, which includes an evaluation as to whether there have been significant changes to macro-economic factors related to the reporting unit. If the qualitative analysis is not conclusive that it is more likely than not that a reporting unit's fair value exceeds its carrying amount, the company performs a quantitative impairment test to determine the fair value of the reporting unit and, if necessary, recognizes an impairment charge for the amount by which the carrying value exceeds the fair value. ​ 43 43 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​When performing a quantitative analysis, the company estimates fair value for a reporting unit using market and income approach valuation methodologies. Under the income approach, fair value is estimated as the present value of estimated future cash flows of each reporting unit. The projected cash flows incorporate various assumptions related to weighted average cost of capital (WACC) and growth rates that are specific to each reporting unit, including assumptions relating to net sales growth rates, terminal growth rates and EBITDA (a non-U.S. GAAP measure defined by the company as earnings before interest expense, taxes, depreciation and amortization) margin. Under the market approach, the company uses available information regarding multiples used in recent market transactions involving a transfer of controlling interests as well as publicly available trading multiples based upon the enterprise value of companies in the packaging industry. The appropriate multiple is applied to the forecasted EBITDA of each reporting unit to estimate fair value.​Impairment of Long-Lived Assets​Ball reviews long-lived assets for impairment when circumstances indicate the carrying amount of an asset or asset group may not be recoverable based on the undiscounted future cash flows of the asset. The company reviews long-lived assets for impairment at the individual asset or the asset group level for which the lowest level of independent cash flows can be identified. If the carrying amount of the asset or asset group is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market values, discounted cash flows or with the assistance of external appraisals, as applicable. ​Depreciation and Amortization​Property, plant and equipment are carried at the cost of acquisition or construction. Repairs and maintenance costs, including labor and material costs for major improvements such as annual production line overhauls, are expensed as incurred, unless those costs substantially increase the useful lives or capacity of the existing assets. Assets are depreciated and amortized using the straight-line method over their estimated useful lives, generally 5 to 50 years for buildings and improvements and 2 to 25 years for machinery and equipment. Finite-lived intangible assets, excluding capitalized software costs, are generally amortized over their estimated useful lives of 3 to 18 years. Capitalized software is generally amortized over estimated useful lives of 3 to 7 years. The company periodically reviews these estimated useful lives and when appropriate, changes are made prospectively. ​For certain business consolidation activities, accelerated depreciation may be required for the revised remaining useful life for assets designated to be scrapped or abandoned. The accelerated depreciation related to such activities is recorded as part of business consolidation and other activities in the appropriate period.​Environmental Reserves​The company estimates its liability for environmental matters based on, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. The company records the best estimate of a loss when the loss is considered probable. As additional information becomes available, the company reassesses the potential liability related to pending matters and revises the estimates.​Revenue Recognition​The company recognizes sales of packaging products when a customer obtains control of promised goods or services, which occurs either over time or at a point in time. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each instance, the company treats the promise to transfer the customer goods or services as a single performance obligation. 44 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: Global Economic Environment **Key changes:** - Reworded sentence: "​ Recent data has indicated that the rate of inflation is slowing in the majority of regions where we operate." **Prior (2024):** ​ Recent data has indicated continued high inflation in the regions where we operate. Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, and changing demand for certain goods and services. We cannot predict with any certainty the impact that rising interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the rising instability in the Middle East, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become. ​ **Current (2025):** ​ Recent data has indicated that the rate of inflation is slowing in the majority of regions where we operate. That said, current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, tariffs, and changing demand for certain goods and services. We cannot predict with any certainty the impact that interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, hyperinflation in Argentina and Egypt, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the instability in the Middle East and Myanmar, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become. ​ --- ## Modified: Senior Credit Facility (at variable rates) **Key changes:** - Reworded sentence: "dollar revolver due June 2027 ​ ​ - ​ ​ - Term A loan due June 2027 (5.46% - 2024) ​ ​ 625 ​ ​ 1,325" **Prior (2024):** ​ ​ ​ ​ ​ ​ U.S. dollar revolver due June 2027 ​ ​ - ​ ​ 200 Term A loan due June 2027 (6.71% - 2023) ​ ​ 1,325 ​ ​ 1,350 **Current (2025):** ​ ​ ​ ​ ​ ​ U.S. dollar revolver due June 2027 ​ ​ - ​ ​ - Term A loan due June 2027 (5.46% - 2024) ​ ​ 625 ​ ​ 1,325 --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ Disaggregation of Sales​The company disaggregates net sales by reportable segments, as disclosed in Note 3, and based on the timing of transfer of control for goods and services, as disclosed in Note 5." - Reworded sentence: "The company's business consists of three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, EMEA; and (3) beverage packaging, South America.​Revenue Contract Balances​The company enters into contracts to sell packaging products." - Reworded sentence: "The company assesses whether an arrangement is a lease, or contains a lease, upon inception of the contract.​The company enters into operating leases for buildings, warehouses, office equipment, production equipment, aircraft, land and other types of equipment." - Reworded sentence: "The company's business consists of three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, EMEA; and (3) beverage packaging, South America." - Reworded sentence: "​ The company enters into operating leases for buildings, warehouses, office equipment, production equipment, aircraft, land and other types of equipment." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ ​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Packaging products, which may be generic or unique; and●Packaging lids and ends, which may be generic or unique.​Performance obligations for products with no alternative use are recognized over time when the company has manufactured a unique item and has an enforceable right to payment." - Reworded sentence: "These enforceable contracts all have a duration of less than one year." - Reworded sentence: "The nature of the remaining performance obligations within these contracts, as well as the nature of the variability and how it will be resolved, are described in the section below.​Performance obligations are recognized both over time and at a point in time." - Reworded sentence: "Conversely, generic products with an alternative use are recognized at a point in time." - Reworded sentence: "These enforceable contracts all have a duration of less than one year." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Senior Notes **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ 0.875%, euro denominated, due March 2024 ​ $ - ​ $ 828 5.25% due July 2025 ​ ​ 189 ​ ​ 1,000 4.875% due March 2026 ​ ​ 256 ​ ​ 750 1.50%, euro denominated, due March 2027 ​ ​ 569 ​ ​ 607 6.875% due March 2028 ​ ​ 750 ​ ​ 750 6.00% due June 2029 ​ ​ 1,000 ​ ​ 1,000 2.875% due August 2030 ​ ​ 1,300 ​ ​ 1,300 3.125% due September 2031 ​ ​ 850 ​ ​ 850" **Prior (2024):** ​ ​ ​ ​ ​ ​ 4.00% due November 2023 ​ $ - ​ $ 1,000 0.875%, euro denominated, due March 2024 ​ ​ 828 ​ ​ 803 5.25% due July 2025 ​ ​ 1,000 ​ ​ 1,000 4.875% due March 2026 ​ ​ 750 ​ ​ 750 1.50%, euro denominated, due March 2027 ​ ​ 607 ​ ​ 589 6.875% due March 2028 ​ ​ 750 ​ ​ 750 6.00% due June 2029 ​ ​ 1,000 ​ ​ - 2.875% due August 2030 ​ ​ 1,300 ​ ​ 1,300 3.125% due September 2031 ​ ​ 850 ​ ​ 850 **Current (2025):** ​ ​ ​ ​ ​ ​ 0.875%, euro denominated, due March 2024 ​ $ - ​ $ 828 5.25% due July 2025 ​ ​ 189 ​ ​ 1,000 4.875% due March 2026 ​ ​ 256 ​ ​ 750 1.50%, euro denominated, due March 2027 ​ ​ 569 ​ ​ 607 6.875% due March 2028 ​ ​ 750 ​ ​ 750 6.00% due June 2029 ​ ​ 1,000 ​ ​ 1,000 2.875% due August 2030 ​ ​ 1,300 ​ ​ 1,300 3.125% due September 2031 ​ ​ 850 ​ ​ 850 --- ## Modified: Risks and Uncertainties **Key changes:** - Reworded sentence: "​ Global Economic Environment ​ Recent data has indicated that the rate of inflation is slowing in the majority of regions where we operate." - Reworded sentence: "​ Ball management has reviewed the estimates used in preparing the company's consolidated financial statements and the following have a reasonably possible likelihood of being affected, to a material extent, by the direct and indirect impacts of the current global economic environment in the near-term." - Reworded sentence: "​ 51 51 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​2." - Reworded sentence: "The company adopted the rollforward disclosure requirements effective for 2024 on a prospective basis.​The company has several regional supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the company." - Reworded sentence: "Our supplier finance programs do not include any of the following: guarantees to the financial institutions, assets pledged as securities or interest accruing on the obligation prior to the due date.​Based on the review of the facts and circumstances of our supplier finance programs, including but not limited to those noted above, the company has concluded that the characteristics of the obligations due under our supplier finance programs have not changed and remain those of standard accounts payable, rather than indicative of debt.​52 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents" **Prior (2024):** ​ Global Economic Environment ​ Recent data has indicated continued high inflation in the regions where we operate. Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, and changing demand for certain goods and services. We cannot predict with any certainty the impact that rising interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the rising instability in the Middle East, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become. ​ Ball management has reviewed the estimates used in preparing the company's consolidated financial statements and the following have a reasonably possible likelihood of being affected, to a material extent, by the direct and indirect impacts of the current global economic environment in the near term. ​ ​ In addition to the above potential impacts on the estimates used in preparing financial statements, the current global economic environment has the potential to increase Ball's vulnerabilities to near-term severe impacts related to certain concentrations in its business. In line with other companies in the packaging and aerospace industries, Ball makes the majority of its sales and significant purchases to or from a relatively small number of global, or large regional, customers and suppliers. Furthermore, Ball makes the majority of its sales from a small number of product lines. The potential of the current global economic environment to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations. ​ Argentina ​ Although Ball's functional currency in Argentina is the U.S. dollar, a portion of its transactions are denominated in pesos. The company is currently placing increased importance on managing its currency exchange rate risk in Argentina given the devaluation of the country's currency. This devaluation and economic conditions in Argentina make it difficult to manage currency exchange rate risk, and have an adverse effect on the company's results of operations. Ball's Argentinean business is presented in its beverage packaging, South America, reportable operating segment. During the fourth quarter of 2023, Argentina suddenly devalued its peso relative to the U.S. dollar by approximately 55%. As a result, Ball recorded a $22 million devaluation charge in business consolidation and other activities in the consolidated statement of earnings. Ball's peso-denominated net assets in Argentina were approximately $20 million at December 31, 2023. As of December 31, 2023, Ball's Argentinean business had net asset exposure of $404 million, which consisted primarily of working capital and property, plant and equipment. ​ 57 57 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​2. Accounting Pronouncements ​Recently Adopted Accounting Standards​Supplier Finance Programs​In 2022, new guidance was issued by the FASB with the goal of enhancing transparency around supplier finance programs. On January 1, 2023, Ball adopted all required disclosures effective for 2023, on a retrospective basis. The company will adopt the rollforward disclosure requirements, on a prospective basis, when they become effective in 2024.​The company has several regional supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the company. The company establishes these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they enter into a factoring agreement with the financial institutions. Our suppliers' participation in the programs is voluntary, and the company is not involved in negotiations of the suppliers' arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers' decisions to sell amounts under these programs. Under these supplier finance programs, the company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices, which vary based on the negotiated terms with each supplier. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. Our supplier finance programs do not include any of the following: guarantees to the financial institutions, assets pledged as securities or interest accruing on the obligation prior to the due date.​Based on the review of the facts and circumstances of our supplier finance programs, including but not limited to those noted above, the company has concluded that the characteristics of the obligations due under our supplier finance programs have not changed and remain those of standard accounts payables, rather than indicative of debt.​The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs was $709 million and $930 million at December 31, 2023 and 2022, respectively. These amounts are classified within accounts payable on the consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the consolidated statements of cash flows.​Government Assistance Disclosure​In 2021, new guidance was issued by the Financial Accounting Standards Board (FASB) related to the disclosure of government assistance received. The adoption of this new guidance did not have a material effect on the company's consolidated financial statements. ​New Accounting Guidance and Disclosure Requirements​Income Tax Disclosures ​In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information in the income tax rate reconciliation table and regarding income taxes paid. The company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2025 annual report.​58 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ Global Economic Environment ​ Recent data has indicated that the rate of inflation is slowing in the majority of regions where we operate. That said, current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, tariffs, and changing demand for certain goods and services. We cannot predict with any certainty the impact that interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, hyperinflation in Argentina and Egypt, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the rising instability in the Middle East and Myanmar, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become. ​ Ball management has reviewed the estimates used in preparing the company's consolidated financial statements and the following have a reasonably possible likelihood of being affected, to a material extent, by the direct and indirect impacts of the current global economic environment in the near-term. ​ ​ In addition to the above potential impacts on the estimates used in preparing the consolidated financial statements, the current global economic environment has the potential to increase Ball's vulnerabilities to near-term severe impacts related to certain concentrations in its business. In line with other companies in the packaging industry, Ball makes the majority of its sales and significant purchases to or from a relatively small number of global, or large regional, customers and suppliers. Furthermore, Ball makes the majority of its sales from a small number of product lines. The potential of the current global economic environment to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations. ​ 51 51 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​2. Accounting Pronouncements ​Recently Adopted Accounting Standards​Segment Reporting​In 2023, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal of providing financial statement users with more information about reportable segments, including more disaggregated expense information. Ball adopted all required disclosures effective for 2024, on a retrospective basis, in Note 3 and will fulfill the interim disclosure requirements in its Form 10-Q quarterly reports going forward.​Supplier Finance Programs​In 2022, new guidance was issued by the FASB with the goal of enhancing transparency around supplier finance programs. On January 1, 2023, Ball adopted all required disclosures effective for 2023, on a retrospective basis. The company adopted the rollforward disclosure requirements effective for 2024 on a prospective basis.​The company has several regional supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the company. The company establishes these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they enter into a factoring agreement with the financial institutions. Our suppliers' participation in the programs is voluntary, and the company is not involved in negotiations of the suppliers' arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers' decisions to sell amounts under these programs. Under these supplier finance programs, the company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices, which vary based on the negotiated terms with each supplier. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. Our supplier finance programs do not include any of the following: guarantees to the financial institutions, assets pledged as securities or interest accruing on the obligation prior to the due date.​Based on the review of the facts and circumstances of our supplier finance programs, including but not limited to those noted above, the company has concluded that the characteristics of the obligations due under our supplier finance programs have not changed and remain those of standard accounts payable, rather than indicative of debt.​52 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ Fair Value Measurements​Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):​●Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.​●Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.​●Level 3 - Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable." - Reworded sentence: "Transaction costs associated with acquisitions are expensed as incurred and included in the business consolidation and other activities line of the consolidated statements of earnings.​For acquisitions where the company acquires a controlling interest and previously owned an equity investment in the entity, the company will recognize in earnings, upon the completion of the acquisition, a gain or loss related to the company's prior equity investment." - Reworded sentence: "Transaction costs associated with acquisitions are expensed as incurred and included in the business consolidation and other activities line of the consolidated statements of earnings.​For acquisitions where the company acquires a controlling interest and previously owned an equity investment in the entity, the company will recognize in earnings, upon the completion of the acquisition, a gain or loss related to the company's prior equity investment." - Reworded sentence: "​ When the company purchases additional interests of consolidated subsidiaries, the difference between the fair value and carrying value of the noncontrolling interests acquired is accounted for in the common stock line within shareholders' equity." - Reworded sentence: "​Stock-Based Compensation​Ball has a variety of restricted stock, stock option, and stock-settled appreciation rights (SSARs) plans, and the related stock-based compensation is primarily reported as part of selling, general and administrative in the consolidated statements of earnings." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "2024 2023 ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 2,144 ​ $ 2,339 Noncurrent assets ​ ​ 14,698 ​ ​ 15,955 Current liabilities ​ ​ 4,096 ​ ​ 5,163 Noncurrent liabilities ​ ​ 8,415 ​ ​ 10,857 ​ 31 31 31 Table of ContentsIncluded in the amounts disclosed in the tables above, at December 31, 2024 and 2023, the obligor group held receivables due from other subsidiary companies of $440 million and $768 million, respectively, long-term notes receivable due from other subsidiary companies of $10.03 billion and $10.20 billion, respectively, payables due to other subsidiary companies of $1.79 billion and $1.83 billion, respectively, and long-term notes payable due to other subsidiary companies of $2.20 billion and $2.32 billion, respectively." - Reworded sentence: "Additional factors that might affect: a) Ball's packaging segments include product capacity, supply, and demand constraints and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; changes in climate and weather and related events such as drought, wildfires, storms, hurricanes, tornadoes and floods; footprint adjustments and other manufacturing changes, including the opening and closing of facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable mandatory deposit or packaging laws; customer and supplier consolidation; power and supply chain interruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass-through increased costs; war, political instability and sanctions, including relating to the situation in Russia and Ukraine and its impact on Ball's supply chain and its ability to operate in Europe, the Middle East and Africa regions generally; changes in foreign exchange or tax rates; and tariffs, trade actions, or other governmental actions, including business restrictions and orders affecting goods produced by Ball or in its supply chain, including imported raw materials; and b) Ball as a whole include those listed above plus: the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; regulatory actions or issues including those related to tax, environmental, social and governance reporting, competition, environmental, health and workplace safety, including U.S." - Reworded sentence: "Additional factors that might affect: a) Ball's packaging segments include product capacity, supply, and demand constraints and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; changes in climate and weather and related events such as drought, wildfires, storms, hurricanes, tornadoes and floods; footprint adjustments and other manufacturing changes, including the opening and closing of facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable mandatory deposit or packaging laws; customer and supplier consolidation; power and supply chain interruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass-through increased costs; war, political instability and sanctions, including relating to the situation in Russia and Ukraine and its impact on Ball's supply chain and its ability to operate in Europe, the Middle East and Africa regions generally; changes in foreign exchange or tax rates; and tariffs, trade actions, or other governmental actions, including business restrictions and orders affecting goods produced by Ball or in its supply chain, including imported raw materials; and b) Ball as a whole include those listed above plus: the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; regulatory actions or issues including those related to tax, environmental, social and governance reporting, competition, environmental, health and workplace safety, including U.S." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "2024 2023 ​ ​ ​ ​ ​ ​ ​ Long-term pension assets ​ $ 36 ​ $ 41 Right-of-use operating lease assets Right-of-use operating lease assets ​ ​ 334 ​ ​ 365 Investments in affiliates ​ ​ 233 ​ ​ 212 Long-term deferred tax assets ​ ​ 63 ​ ​ 114 Other ​ ​ 696 ​ ​ 622 ​ ​ $ 1,362 ​ $ 1,354 ​ Investments in affiliates primarily includes the company's 50 percent ownership interest in an entity in Guatemala, a 50 percent ownership interest in an entity in Panama, a 50 percent ownership interest in an entity in Vietnam, a 50 percent ownership interest in an entity in the U.S." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ When performing a quantitative analysis, the company estimates fair value for a reporting unit using market and income approach valuation methodologies." - Reworded sentence: "GAAP measure defined by the company as earnings before interest expense, taxes, depreciation and amortization) margin." - Reworded sentence: "Assets are depreciated and amortized using the straight-line method over their estimated useful lives, generally 5 to 50 years for buildings and improvements and 2 to 25 years for machinery and equipment." - Removed sentence: "During 2022, the company completed an evaluation of the estimated useful lives of its manufacturing equipment, buildings and certain assembly and test equipment." - Removed sentence: "See Note 10 for additional discussion." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Supplier Finance Programs **Key changes:** - Reworded sentence: "​ In 2022, new guidance was issued by the FASB with the goal of enhancing transparency around supplier finance programs." - Reworded sentence: "The company adopted the rollforward disclosure requirements effective for 2024 on a prospective basis." - Reworded sentence: "Our supplier finance programs do not include any of the following: guarantees to the financial institutions, assets pledged as securities or interest accruing on the obligation prior to the due date." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ In 2022, new guidance was issued by the FASB with the goal of enhancing transparency around supplier finance programs. On January 1, 2023, Ball adopted all required disclosures effective for 2023, on a retrospective basis. The company adopted the rollforward disclosure requirements effective for 2024 on a prospective basis. ​ The company has several regional supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the company. The company establishes these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they enter into a factoring agreement with the financial institutions. Our suppliers' participation in the programs is voluntary, and the company is not involved in negotiations of the suppliers' arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers' decisions to sell amounts under these programs. Under these supplier finance programs, the company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices, which vary based on the negotiated terms with each supplier. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. Our supplier finance programs do not include any of the following: guarantees to the financial institutions, assets pledged as securities or interest accruing on the obligation prior to the due date. ​ Based on the review of the facts and circumstances of our supplier finance programs, including but not limited to those noted above, the company has concluded that the characteristics of the obligations due under our supplier finance programs have not changed and remain those of standard accounts payable, rather than indicative of debt. ​ 52 52 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​A rollforward of the amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs follows: ​​​​​​​December 31,($ in millions)​2024​​​​Obligations outstanding at the beginning of period​$ 703Invoices confirmed during the period​​ 1,600Confirmed invoices paid during the period​​ (1,851)Foreign exchange impacts​​ (29)Obligations outstanding at the end of period​$ 423​The amounts above are classified within accounts payable on the consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the consolidated statements of cash flows.​New Accounting Guidance and Disclosure Requirements ​Disaggregation of Income Statement Expenses​In 2024, new guidance was issued by the FASB with the goal of providing financial statement users with more expense information of certain categories of expenses that are included in line items on the face of the statements of earnings. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2027 annual report and interim periods thereafter.​Climate Disclosures ​In 2024, the Securities and Exchange Commission (SEC) adopted final rules to require disclosures about material climate-related risks, the actual and potential impact of the risks and additional related disclosures. The final rules are currently under a stay by the SEC and the effective dates for the rules are uncertain. ​Income Tax Disclosures ​In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information in the income tax rate reconciliation table and regarding income taxes paid. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2025 annual report.​3. Business Segment Information​Ball's operations are organized and reviewed by management along its product lines and geographical areas and presented in the three reportable segments outlined below.​Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.​Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries. Ball sold its former operations located in Russia during the third quarter of 2022. See Note 4 for further details. Ball's operations and results of its former Russian aluminum beverage packaging business are included in the results of the beverage packaging, EMEA, business through the date of the disposal in the third quarter of 2022.53 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "​ 2024 2023 ​ ​ ​ ​ ​ ​ Beginning of period: ​ ​ ​ ​ ​ PP&E acquired but not yet paid ​ $ 204 $ 392 ​ ​ ​ ​ ​ ​ ​ End of period: ​ ​ ​ ​ ​ PP&E acquired but not yet paid ​ $ 96 $ 204 ​ ​" **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: Critical Accounting Policies **Key changes:** - Reworded sentence: "​ The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain." - Reworded sentence: "​ 42 42 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​The company recognizes the funded status of each defined benefit pension plan and other postretirement benefit plans on the consolidated balance sheet." - Reworded sentence: "Costs related to defined benefit and other postretirement plans are included in cost of sales and selling, general and administrative, while settlement and curtailment expenses are included in business consolidation expenses.​Significant Accounting Policies​Principles of Consolidation and Basis of Presentation​The consolidated financial statements include the accounts of Ball, its consolidated subsidiaries, and variable interest entities in which the company is considered to be the primary beneficiary." - Reworded sentence: "Investments in which the company neither exercises significant influence over the investee, nor is the primary beneficiary of the investment, are accounted for using the measurement alternative for equity investments, and, as such, are measured at cost minus impairment, if any, and adjusted for observable price changes in orderly transactions for the identical or a similar investment." - Reworded sentence: "Inventory cost is calculated for each inventory component taking into consideration the appropriate cost factors, including fixed and variable overhead, material price volatility and production levels.​Recoverability of Goodwill​On an annual basis, in the fourth quarter, and at interim periods as circumstances require, the company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, which includes an evaluation as to whether there have been significant changes to macro-economic factors related to the reporting unit." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements. ​ Defined Benefit Pension Plans and Other Employee Benefits ​ The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 42 42 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​The company recognizes the funded status of each defined benefit pension plan and other postretirement benefit plans on the consolidated balance sheet. Each overfunded plan is recognized as an asset, and each underfunded plan is recognized as a liability. Pension plan obligations are revalued annually, or when an event occurs that requires remeasurement, based on updated assumptions and information about the individuals covered by the plan. For pension plans, accumulated actuarial gains and losses in excess of a 10 percent corridor and the prior service cost are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants or the average life expectancy for plans with significant inactive participants. For other postemployment benefits, the 10 percent corridor is not used. Costs related to defined benefit and other postretirement plans are included in cost of sales and selling, general and administrative, while settlement and curtailment expenses are included in business consolidation expenses.​Significant Accounting Policies​Principles of Consolidation and Basis of Presentation​The consolidated financial statements include the accounts of Ball, its consolidated subsidiaries, and variable interest entities in which the company is considered to be the primary beneficiary. Equity investments in which the company exercises significant influence but does not control and is not the primary beneficiary are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor is the primary beneficiary of the investment, are accounted for using the measurement alternative for equity investments, and, as such, are measured at cost minus impairment, if any, and adjusted for observable price changes in orderly transactions for the identical or a similar investment. Intercompany transactions are eliminated in consolidation.​Reclassifications​Certain prior year amounts, including amounts related to discontinued operations, have been reclassified in order to conform to the current year presentation. See Note 4 for additional discontinued operations information.​Cash and Cash Equivalents​Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less. ​Inventories​Inventories are stated at the lower of cost or net realizable value using either the first-in, first-out (FIFO) cost method of accounting or the average cost method. Inventory cost is calculated for each inventory component taking into consideration the appropriate cost factors, including fixed and variable overhead, material price volatility and production levels.​Recoverability of Goodwill​On an annual basis, in the fourth quarter, and at interim periods as circumstances require, the company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, which includes an evaluation as to whether there have been significant changes to macro-economic factors related to the reporting unit. If the qualitative analysis is not conclusive that it is more likely than not that a reporting unit's fair value exceeds its carrying amount, the company performs a quantitative impairment test to determine the fair value of the reporting unit and, if necessary, recognizes an impairment charge for the amount by which the carrying value exceeds the fair value. ​43 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: Major Customers **Key changes:** - Reworded sentence: "​ Net sales to major customers, as a percentage of consolidated net sales, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ Anheuser-Busch InBev and affiliates ​ 16 % 15 % 15 % Coca-Cola Bottlers' Sales & Services Company LLC and affiliates ​ 13 % 13 % 13 % ​" **Prior (2024):** ​ Net sales to major customers, as a percentage of consolidated net sales, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ U.S. Government ​ 14 % 12 % 13 % Anheuser-Busch InBev and affiliates ​ 13 % 13 % 12 % Coca-Cola Bottlers' Sales & Services Company LLC and affiliates ​ 11 % 11 % 10 % ​ **Current (2025):** ​ Net sales to major customers, as a percentage of consolidated net sales, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ Anheuser-Busch InBev and affiliates ​ 16 % 15 % 15 % Coca-Cola Bottlers' Sales & Services Company LLC and affiliates ​ 13 % 13 % 13 % ​ --- ## Modified: Operating leases: **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset Other assets Other assets ​ $ 334 ​ $ 365 Current operating lease liabilities Other current liabilities Other current liabilities ​ ​ 79 ​ ​ 83 Noncurrent operating lease liabilities Other liabilities Other liabilities ​ ​ 265 ​ ​ 287" **Prior (2024):** ​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset Other assets Other assets ​ $ 440 ​ $ 434 Current operating lease liabilities Other current liabilities Other current liabilities ​ ​ 93 ​ ​ 91 Noncurrent operating lease liabilities Other liabilities Other liabilities ​ ​ 356 ​ ​ 349 **Current (2025):** ​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset Other assets Other assets ​ $ 334 ​ $ 365 Current operating lease liabilities Other current liabilities Other current liabilities ​ ​ 79 ​ ​ 83 Noncurrent operating lease liabilities Other liabilities Other liabilities ​ ​ 265 ​ ​ 287 --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "The company provides disclosures for material contingencies when there is a reasonable possibility that a loss or an additional loss may be incurred." - Reworded sentence: "The potential of the current global economic environment to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: 3. Business Segment Information **Key changes:** - Reworded sentence: "​ Ball's operations are organized and reviewed by management along its product lines and geographical areas and presented in the three reportable segments outlined below." - Reworded sentence: "Note 4 53 53 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​​Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.​As presented in the tables below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities." - Removed sentence: "In 2021, Ball sold its minority-owned investment in South Korea." - Reworded sentence: "Refer to Note 4 for additional details.​Dan Fisher, Chairman and Chief Executive Officer, is the company's chief operating decision maker (CODM)." **Prior (2024):** ​ Ball's operations are organized and reviewed by management along its product lines and geographical areas and presented in the four reportable segments outlined below. ​ Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries. ​ Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries. Ball sold its former operations located in Russia during the third quarter of 2022. See Note 4 for further details. Ball's operations and results of its former Russian aluminum beverage packaging business are included in the results of the beverage packaging, EMEA, business through the date of the disposal in the third quarter of 2022. Note 4 ​ Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America. ​ Aerospace: Consists of operations that manufacture and sell aerospace and other related products and provide services used in the defense, civil space and commercial space industries. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc., to sell all of the outstanding equity interests in Ball's aerospace business to BAE. On February 16, 2024, the company completed the divestiture of the aerospace business. See Note 4 for further details. Note 4 ​ As presented in the tables below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (aerosol packaging) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities. ​ The accounting policies of the segments are the same as those used in the consolidated financial statements, as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings. In 2021, Ball sold its minority-owned investment in South Korea. In the first quarter of 2022, Ball sold its remaining equity method investment in Ball Metalpack. Refer to Note 4 for additional details on both transactions. Note 4 ​ 59 59 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Major Customers​Net sales to major customers, as a percentage of consolidated net sales, were as follows:​​​​​​​​​​ 2023 2022 2021 ​​​​​​​​U.S. Government ​14% 12% 13% Anheuser-Busch InBev and affiliates​13% 13% 12% Coca-Cola Bottlers' Sales & Services Company LLC and affiliates​11% 11% 10% ​Summary of Net Sales by Geographic Area (a)​​​​​​​​​​​​​​($ in millions) U.S.​Brazil Other Consolidated​​​​​​​​​​​​​2023​$ 7,839​$ 1,408​$ 4,782​$ 14,0292022​​ 8,487​​ 1,450​​ 5,412​​ 15,3492021​​ 7,284​​ 1,458​​ 5,069​​ 13,811​(a)Revenue is attributed based on origin of sale and includes intercompany eliminations.​Summary of Net Long-Lived Assets by Geographic Area (a)​​​​​​​​​​​​​​($ in millions) U.S. Brazil Other Consolidated​​​​​​​​​​​​​As of December 31, 2023​$ 4,186​$ 1,274​$ 3,361​$ 8,821As of December 31, 2022​​ 4,316​​ 1,193​​ 3,259​​ 8,768(a)Long-lived assets exclude goodwill and intangible assets.​60 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ Ball's operations are organized and reviewed by management along its product lines and geographical areas and presented in the three reportable segments outlined below. ​ Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries. ​ Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries. Ball sold its former operations located in Russia during the third quarter of 2022. See Note 4 for further details. Ball's operations and results of its former Russian aluminum beverage packaging business are included in the results of the beverage packaging, EMEA, business through the date of the disposal in the third quarter of 2022. Note 4 53 53 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​​Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.​As presented in the tables below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities. At December 31, 2024, the assets and liabilities of the aluminum cups operating segment and the Saudi Arabian business are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet. See Note 4 for further details.​The accounting policies of the segments are the same as those used in the consolidated financial statements, as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings. In the first quarter of 2022, Ball sold its remaining equity method investment in Ball Metalpack. Refer to Note 4 for additional details.​Dan Fisher, Chairman and Chief Executive Officer, is the company's chief operating decision maker (CODM). For each reportable segment, the CODM uses segment comparable operating earnings to analyze profitability compared to internal forecasts and comparative prior periods. These analyses allow the CODM to have constructive dialogue with other company leaders on how to improve company performance. ​Major Customers​Net sales to major customers, as a percentage of consolidated net sales, were as follows:​​​​​​​​​​ 2024 2023 2022 ​​​​​​​​Anheuser-Busch InBev and affiliates​ 16% 15% 15% Coca-Cola Bottlers' Sales & Services Company LLC and affiliates​ 13% 13% 13% ​Summary of Net Sales by Geographic Area (a)​​​​​​​​​​​​​​($ in millions) U.S.​Brazil Other Consolidated​​​​​​​​​​​​​2024​$ 5,478​$ 1,418​$ 4,899​$ 11,7952023​​ 5,872​​ 1,408​​ 4,782​​ 12,0622022​​ 6,510​​ 1,450​​ 5,412​​ 13,372(a)Revenue is attributed based on origin of sale and includes intercompany eliminations.​54 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: Provided by (used in) **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 9 ​ $ 81 ​ $ 78 Gain on Aerospace disposal ​ ​ (4,634) ​ ​ 20 ​ ​ - Capital expenditures ​ ​ (13) ​ ​ (106) ​ ​ (142) ​ 58 58 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Noncash investing activities include the acquisition of property, plant and equipment (PP&E) for which payment has not been made." - Reworded sentence: "​In connection with this sale, Ball entered into a call option agreement, which was amended in November 2024, that is contingently exercisable between January 2028 and September 2035, and if it becomes exercisable, will provide Ball the right to repurchase the business subject to the status of sanctions and certain other contingencies outside of Ball's control." - Reworded sentence: "Based on the terms of the option relative to current market conditions in Russia, we determined that the option had an immaterial value at the date of sale and it remains immaterial." - Reworded sentence: "Cash proceeds of $298 million related to the sale are presented in business dispositions, net of cash sold, in the consolidated statement of cash flows.​Ball also received proceeds from Ball Metalpack for the repayment of an outstanding promissory note and accrued interest of approximately $16 million, which was recorded as a gain in business consolidation and other activities in the consolidated statement of earnings.59 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents" **Prior (2024):** ​ Aerospace ​ In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball's aerospace business. As of December 31, 2023, the Committee on Foreign Investment in the United States approved the closing of the transaction, but it was pending the approval, clearance, or waiting period expiration or termination required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, among other customary closing conditions. As of December 31, 2023, we were in the process of seeking such regulatory approval, clearance, or waiting period expiration or termination, but could not yet assert that it was probable that we would obtain the approval, clearance, or waiting period expiration or termination, or satisfy the other closing conditions. Due to these conditions, as of December 31, 2023, Ball's aerospace business did not meet the requirements for held for sale presentation in Ball's consolidated financial statements. ​ On February 13, 2024, the company received approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and completed the divestiture of the aerospace business on February 16, 2024, for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the Agreement. The result, using the net assets of the aerospace business as of December 31, 2023, is an estimated pre-tax gain of $4.8 billion and an estimated $4.5 billion in after-tax proceeds. These estimates are subject to customary closing adjustments to the purchase price under the terms of the Agreement. The transaction represents a strategic shift and therefore, beginning with Ball's quarterly report on Form 10-Q for the period ending March 31, 2024, the company's consolidated financial statements will reflect the aerospace business' historical financial results for periods prior to the divestiture as discontinued operations for all periods presented. Additionally, the completion of the divestiture results in the removal of the aerospace business from the company's obligor group, as the business will no longer guarantee the 62 62 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​company's senior notes and senior credit facilities. Also, on February 14, 2024, Ball announced a public tender of the $1.00 billion 5.25% senior notes due July 2025 and the $750 million 4.875% senior notes due March 2026. ​Russia​In the first quarter of 2022, the company announced that it was pursuing the sale of its aluminum beverage packaging business located in Russia. In the second quarter of 2022, Ball experienced deteriorating conditions and determined this constituted a triggering event for its Russian long-lived asset group. As a result, Ball performed a Level 3 expected cash flow recoverability analysis, using an income valuation approach with various scenarios, including a near-term sale of the business, to estimate the fair value of the long-lived assets, and recorded an impairment loss of $435 million during the second quarter of 2022.​In the third quarter of 2022, the company completed the sale of its Russian aluminum beverage packaging business for total cash consideration of $530 million and recorded a gain on disposal of $222 million. When considering the impairment loss recorded during the second quarter 2022 of $435 million, the impairment loss net of gain on the sale of the Russian business was $213 million for the year ended December 31, 2022. The impairment loss in the second quarter and the gain on sale in the third quarter were recorded in business consolidation and other activities in the consolidated statement of earnings. Cash proceeds from the sale of $455 million, net of the cash on the disposed business, were received in the third quarter of 2022 and were presented in business dispositions, net of cash sold, in the consolidated statement of cash flows for the year ended December 31, 2022. ​In connection with this sale, Ball entered into a call option agreement that is contingently exercisable between September 2025 and September 2032, and if it becomes exercisable, will provide Ball the right to repurchase the business subject to the status of sanctions and certain other contingencies outside of Ball's control. The option price, if exercised, would provide a customary compounded annual rate of return to the purchaser based on defined cash flows associated with the purchase and operation of the business from the purchase date through the exercise date of the option. Because the option strike price could limit the residual returns generated by the purchaser, if exercised, the option represents a variable interest retained by Ball in the Russian business. Based on the terms of the option relative to current market conditions in Russia, we determined that the option had an immaterial value at the date of sale. Neither the option nor any other terms in the sales agreement resulted in Ball being the primary beneficiary of the business and, therefore, it was deconsolidated.​Ball Metalpack Investment​During the first quarter of 2022, Ball sold its remaining 49 percent owned equity method investment in Ball Metalpack to Sonoco, a global provider of consumer, industrial, healthcare and protective packaging, for total consideration of $298 million, all of which was received in cash in the first quarter of 2022. Ball's carrying value of the investment before the sale was zero; therefore, a gain from the sale of $298 million is reported in business consolidation and other activities in the consolidated statement of earnings. Cash proceeds of $298 million related to the sale are presented in business dispositions, net of cash sold, in the consolidated statement of cash flows.​Ball also received proceeds from Ball Metalpack for the repayment of an outstanding promissory note and accrued interest of approximately $16 million, which was recorded as a gain in business consolidation and other activities in the consolidated statement of earnings.​63 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 9 ​ $ 81 ​ $ 78 Gain on Aerospace disposal ​ ​ (4,634) ​ ​ 20 ​ ​ - Capital expenditures ​ ​ (13) ​ ​ (106) ​ ​ (142) ​ 58 58 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Noncash investing activities include the acquisition of property, plant and equipment (PP&E) for which payment has not been made. These noncash capital expenditures are excluded from the consolidated statements of cash flows. A summary of the PP&E acquired but not yet paid for from discontinued operations is as follows:​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2024​2023​2022​​​​​​​​​​Supplemental cash flow information:​​​​​​​​​PP&E acquired but not yet paid​$ 17​$ 23​$ 21​Russia​In the first quarter of 2022, the company announced that it was pursuing the sale of its aluminum beverage packaging business located in Russia. In the second quarter of 2022, Ball experienced deteriorating conditions and determined this constituted a triggering event for its Russian long-lived asset group. As a result, Ball performed a Level 3 expected cash flow recoverability analysis, using an income valuation approach with various scenarios, including a near-term sale of the business, to estimate the fair value of the long-lived assets, and recorded an impairment loss of $435 million during the second quarter of 2022.​In the third quarter of 2022, the company completed the sale of its Russian aluminum beverage packaging business for total cash consideration of $530 million and recorded a gain on disposal of $222 million. When considering the impairment loss recorded during the second quarter 2022 of $435 million, the impairment loss net of gain on the sale of the Russian business was $213 million for the year ended December 31, 2022. The impairment loss in the second quarter and the gain on sale in the third quarter were recorded in business consolidation and other activities in the consolidated statement of earnings. Cash proceeds from the sale of $455 million, net of the cash on the disposed business, were received in the third quarter of 2022 and were presented in business dispositions, net of cash sold, in the consolidated statement of cash flows for the year ended December 31, 2022. ​In connection with this sale, Ball entered into a call option agreement, which was amended in November 2024, that is contingently exercisable between January 2028 and September 2035, and if it becomes exercisable, will provide Ball the right to repurchase the business subject to the status of sanctions and certain other contingencies outside of Ball's control. The option price, if exercised, would provide a customary compounded annual rate of return to the purchaser based on defined cash flows associated with the purchase and operation of the business from the purchase date through the exercise date of the option. Because the option strike price could limit the residual returns generated by the purchaser, if exercised, the option represents a variable interest retained by Ball in the Russian business. Based on the terms of the option relative to current market conditions in Russia, we determined that the option had an immaterial value at the date of sale and it remains immaterial. Neither the option nor any other terms in the sales agreement resulted in Ball being the primary beneficiary of the business and, therefore, it was deconsolidated.​Ball Metalpack Investment​During the first quarter of 2022, Ball sold its remaining 49 percent owned equity method investment in Ball Metalpack to Sonoco, a global provider of consumer, industrial, healthcare and protective packaging, for total consideration of $298 million, all of which was received in cash in the first quarter of 2022. Ball's carrying value of the investment before the sale was zero; therefore, a gain from the sale of $298 million is reported in business consolidation and other activities in the consolidated statement of earnings. Cash proceeds of $298 million related to the sale are presented in business dispositions, net of cash sold, in the consolidated statement of cash flows.​Ball also received proceeds from Ball Metalpack for the repayment of an outstanding promissory note and accrued interest of approximately $16 million, which was recorded as a gain in business consolidation and other activities in the consolidated statement of earnings.59 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: Human capital risks **Key changes:** - Reworded sentence: "​ If we fail to retain key management and personnel, we may be unable to implement our key objectives." - Reworded sentence: "17 17 17 Table of Contents​Prolonged work stoppages at facilities with union employees could jeopardize our financial position.​As of December 31, 2024, 13 percent of our North American employees and 27 percent of our European employees were covered by collective bargaining agreements." - Reworded sentence: "Climate changes 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." - Reworded sentence: "We have a dedicated, globally distributed information security team that is responsible for leading information security strategy, standards and processes, which are integrated into our comprehensive enterprise risk management process, including processes related to cybersecurity risks.​The company employs a standards-based cybersecurity program aligned to the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF), including ongoing assessment and continuous improvement to address the rapidly evolving threat landscape." - Reworded sentence: "Climate changes 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." **Prior (2024):** ​ 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. ​ 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, as well as those of our suppliers and customers. ​ The company's IT systems, or any third party's system on which the company relies, as well as those of our suppliers and customers, 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 well as to the security and data of our suppliers and customers. 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 to our networks, systems and data 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. ​ 19 19 19 Table of ContentsHuman 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, 2023, 8 percent of our North American employees and 39 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.​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 1C. Cybersecurity​Risk management and strategy​Ball Corporation is committed to maintaining a strong cybersecurity posture. We have a dedicated, globally distributed information security team that is responsible for leading information security strategy, standards and processes, which are integrated into our comprehensive enterprise risk management process.​The company employs a standards-based cybersecurity program aligned to the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF), including ongoing assessment and continuous improvement to address the rapidly evolving threat landscape. Ball partners closely with a strong network of external partners, including conducting annual assessments of the cyber risk management program against the NIST CSF.​Our information security team has designed and implemented formal processes for assessing, identifying and managing material risk from cybersecurity threats, both internally and related to the use of third-party service providers. Ball has strategically integrated its cyber incident assessment process with its well-defined incident response plan and processes. 20 Table of Contents Table of Contents Table of Contents 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, 2023, 8 percent of our North American employees and 39 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.​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 1C. Cybersecurity​Risk management and strategy​Ball Corporation is committed to maintaining a strong cybersecurity posture. We have a dedicated, globally distributed information security team that is responsible for leading information security strategy, standards and processes, which are integrated into our comprehensive enterprise risk management process.​The company employs a standards-based cybersecurity program aligned to the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF), including ongoing assessment and continuous improvement to address the rapidly evolving threat landscape. Ball partners closely with a strong network of external partners, including conducting annual assessments of the cyber risk management program against the NIST CSF.​Our information security team has designed and implemented formal processes for assessing, identifying and managing material risk from cybersecurity threats, both internally and related to the use of third-party service providers. Ball has strategically integrated its cyber incident assessment process with its well-defined incident response plan and processes. **Current (2025):** ​ 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. 17 17 17 Table of Contents​Prolonged work stoppages at facilities with union employees could jeopardize our financial position.​As of December 31, 2024, 13 percent of our North American employees and 27 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 changes 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.​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 1C. Cybersecurity​Risk management and strategy​Ball Corporation is committed to maintaining a strong cybersecurity posture. We have a dedicated, globally distributed information security team that is responsible for leading information security strategy, standards and processes, which are integrated into our comprehensive enterprise risk management process, including processes related to cybersecurity risks.​The company employs a standards-based cybersecurity program aligned to the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF), including ongoing assessment and continuous improvement to address the rapidly evolving threat landscape. Ball partners closely with a strong network of external partners, including conducting annual assessments of the cyber risk management program against the NIST CSF.​Our information security team has established and implemented formal processes and policies to assess, identify, and manage risks arising from cybersecurity threats, including those associated with our internal operations and the use of third-party service providers. We continually refine our approach to address evolving cybersecurity regulations, identify potential and emerging security risks, and implement strategies to manage these risks. Ball has developed an incident response plan that includes a cyber incident materiality assessment with appropriate leadership governance. In addition, we have aligned our incident response plan with our enterprise risk and global crisis management processes. ​In response to the ever-evolving cyber threat landscape, Ball utilizes external experts to support continuous improvement across our cyber program, processes and operations. Our collaboration with these third-parties includes regular audits, 18 Table of Contents Table of Contents Table of Contents ​Prolonged work stoppages at facilities with union employees could jeopardize our financial position.​As of December 31, 2024, 13 percent of our North American employees and 27 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 changes 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.​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 1C. Cybersecurity​Risk management and strategy​Ball Corporation is committed to maintaining a strong cybersecurity posture. We have a dedicated, globally distributed information security team that is responsible for leading information security strategy, standards and processes, which are integrated into our comprehensive enterprise risk management process, including processes related to cybersecurity risks.​The company employs a standards-based cybersecurity program aligned to the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF), including ongoing assessment and continuous improvement to address the rapidly evolving threat landscape. Ball partners closely with a strong network of external partners, including conducting annual assessments of the cyber risk management program against the NIST CSF.​Our information security team has established and implemented formal processes and policies to assess, identify, and manage risks arising from cybersecurity threats, including those associated with our internal operations and the use of third-party service providers. We continually refine our approach to address evolving cybersecurity regulations, identify potential and emerging security risks, and implement strategies to manage these risks. Ball has developed an incident response plan that includes a cyber incident materiality assessment with appropriate leadership governance. In addition, we have aligned our incident response plan with our enterprise risk and global crisis management processes. ​In response to the ever-evolving cyber threat landscape, Ball utilizes external experts to support continuous improvement across our cyber program, processes and operations. Our collaboration with these third-parties includes regular audits, ​Prolonged work stoppages at facilities with union employees could jeopardize our financial position.​As of December 31, 2024, 13 percent of our North American employees and 27 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 changes 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.​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 1C. Cybersecurity​Risk management and strategy​Ball Corporation is committed to maintaining a strong cybersecurity posture. We have a dedicated, globally distributed information security team that is responsible for leading information security strategy, standards and processes, which are integrated into our comprehensive enterprise risk management process, including processes related to cybersecurity risks.​The company employs a standards-based cybersecurity program aligned to the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF), including ongoing assessment and continuous improvement to address the rapidly evolving threat landscape. Ball partners closely with a strong network of external partners, including conducting annual assessments of the cyber risk management program against the NIST CSF.​Our information security team has established and implemented formal processes and policies to assess, identify, and manage risks arising from cybersecurity threats, including those associated with our internal operations and the use of third-party service providers. We continually refine our approach to address evolving cybersecurity regulations, identify potential and emerging security risks, and implement strategies to manage these risks. Ball has developed an incident response plan that includes a cyber incident materiality assessment with appropriate leadership governance. In addition, we have aligned our incident response plan with our enterprise risk and global crisis management processes. ​In response to the ever-evolving cyber threat landscape, Ball utilizes external experts to support continuous improvement across our cyber program, processes and operations. Our collaboration with these third-parties includes regular audits, ​ Prolonged work stoppages at facilities with union employees could jeopardize our financial position. ​ As of December 31, 2024, 13 percent of our North American employees and 27 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. ​ --- ## Modified: 1. Critical and Significant Accounting Policies **Key changes:** - Added sentence: "​ On February 16, 2024, the company completed the divestiture of its aerospace business." - Added sentence: "The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented." - Added sentence: "The aerospace business was historically presented as a reportable segment." - Added sentence: "Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America." - Added sentence: "See Note 3 for additional segment information." **Prior (2024):** ​ The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented. ​ **Current (2025):** ​ The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented. ​ On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. Note 3 ​ Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​ --- ## Modified: Change in cash, cash equivalents and restricted cash **Key changes:** - Reworded sentence: "​ ​ 221 ​ ​ 152 ​ ​ (21) Cash, cash equivalents and restricted cash - beginning of year ​ ​ 710 ​ ​ 558 ​ ​ 579 Cash, cash equivalents and restricted cash - end of year (a) ​ $ 931 ​ $ 710 ​ $ 558 ​ ​ The accompanying notes are an integral part of the consolidated financial statements." **Prior (2024):** ​ ​ 152 ​ ​ (21) ​ ​ (802) ​ Cash, cash equivalents and restricted cash - beginning of year ​ ​ 558 ​ ​ 579 ​ ​ 1,381 ​ Cash, cash equivalents and restricted cash - end of year ​ $ 710 ​ $ 558 ​ $ 579 ​ ​ The accompanying notes are an integral part of the consolidated financial statements. ​ ​ 45 45 45 Table of Contents​Consolidated Statements of Shareholders' EquityBall Corporation​​​​​​​​​​​​​​​​​​​​​​​​​​​Ball Corporation and Subsidiaries​​​​​​​​​Common Stock​Treasury Stock​​​​Accumulated Other​​​​​​​​Number of​​​Number of​​​Retained​Comprehensive​Noncontrolling ​Total​($ in millions; share amounts in thousands) Shares Amount Shares Amount Earnings Earnings (Loss) Interest Equity​​​​​​​​​​​​​​​​​​​​​​​​​Balance at December 31, 2020​ 679,524​$ 1,167​ (351,939)​$ (3,130)​$ 6,192​$ (954)​$ 62​$ 3,337​Net earnings​ - ​​ - ​ - ​​ - ​​ 878​​ - ​​ - ​​ 878​Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ 372​​ - ​​ 372​Common dividends, net of tax benefits​ - ​​ - ​ - ​​ - ​​ (227)​​ - ​​ - ​​ (227)​Treasury stock purchases​ - ​​ - ​ (8,507)​​ (766)​​ - ​​ - ​​ - ​​ (766)​Treasury shares reissued​ - ​​ - ​ 345​​ 33​​ - ​​ - ​​ - ​​ 33​Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,421​​ 53​ - ​​ - ​​ - ​​ - ​​ - ​​ 53​Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (4)​​ (4)​Other activity​ - ​​ - ​ - ​​ 9​​ - ​​ - ​​ - ​​ 9​Balance at December 31, 2021​ 680,945​​ 1,220​ (360,101)​​ (3,854)​​ 6,843​​ (582)​​ 58​​ 3,685​Net earnings​ - ​​ - ​ - ​​ - ​​ 719​​ - ​​ 13​​ 732​Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (97)​​ - ​​ (97)​Common dividends, net of tax benefits​ - ​​ - ​ - ​​ - ​​ (253)​​ - ​​ - ​​ (253)​Treasury stock purchases​ - ​​ - ​ (8,417)​​ (618)​​ - ​​ - ​​ - ​​ (618)​Treasury shares reissued​ - ​​ - ​ 482​​ 32​​ - ​​ - ​​ - ​​ 32​Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,199​​ 40​ - ​​ - ​​ - ​​ - ​​ - ​​ 40​Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (5)​​ (5)​Other activity​ - ​​ - ​ - ​​ 11​​ - ​​ - ​​ - ​​ 11​Balance at December 31, 2022​ 682,144​​ 1,260​ (368,036)​​ (4,429)​​ 7,309​​ (679)​​ 66​​ 3,527​Net earnings​ - ​​ - ​ - ​​ - ​​ 707​​ - ​​ 4​​ 711​Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (237)​​ - ​​ (237)​Common dividends, net of tax benefits​ - ​​ - ​ - ​​ - ​​ (252)​​ - ​​ - ​​ (252)​Treasury stock purchases​ - ​​ - ​ (60)​​ (3)​​ - ​​ - ​​ - ​​ (3)​Treasury shares reissued​ - ​​ - ​ 545​​ 29​​ - ​​ - ​​ - ​​ 29​Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,097​​ 52​ - ​​ - ​​ - ​​ - ​​ - ​​ 52​Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (2)​​ (2)​Other activity​ - ​​ - ​ - ​​ 13​​ (1)​​ - ​​ - ​​ 12​Balance at December 31, 2023​ 683,241​$ 1,312​ (367,551)​$ (4,390)​$ 7,763​$ (916)​$ 68​$ 3,837​​The accompanying notes are an integral part of the consolidated financial statements.​​46 Table of Contents Table of Contents Table of Contents ​Consolidated Statements of Shareholders' EquityBall Corporation​​​​​​​​​​​​​​​​​​​​​​​​​​​Ball Corporation and Subsidiaries​​​​​​​​​Common Stock​Treasury Stock​​​​Accumulated Other​​​​​​​​Number of​​​Number of​​​Retained​Comprehensive​Noncontrolling ​Total​($ in millions; share amounts in thousands) Shares Amount Shares Amount Earnings Earnings (Loss) Interest Equity​​​​​​​​​​​​​​​​​​​​​​​​​Balance at December 31, 2020​ 679,524​$ 1,167​ (351,939)​$ (3,130)​$ 6,192​$ (954)​$ 62​$ 3,337​Net earnings​ - ​​ - ​ - ​​ - ​​ 878​​ - ​​ - ​​ 878​Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ 372​​ - ​​ 372​Common dividends, net of tax benefits​ - ​​ - ​ - ​​ - ​​ (227)​​ - ​​ - ​​ (227)​Treasury stock purchases​ - ​​ - ​ (8,507)​​ (766)​​ - ​​ - ​​ - ​​ (766)​Treasury shares reissued​ - ​​ - ​ 345​​ 33​​ - ​​ - ​​ - ​​ 33​Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,421​​ 53​ - ​​ - ​​ - ​​ - ​​ - ​​ 53​Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (4)​​ (4)​Other activity​ - ​​ - ​ - ​​ 9​​ - ​​ - ​​ - ​​ 9​Balance at December 31, 2021​ 680,945​​ 1,220​ (360,101)​​ (3,854)​​ 6,843​​ (582)​​ 58​​ 3,685​Net earnings​ - ​​ - ​ - ​​ - ​​ 719​​ - ​​ 13​​ 732​Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (97)​​ - ​​ (97)​Common dividends, net of tax benefits​ - ​​ - ​ - ​​ - ​​ (253)​​ - ​​ - ​​ (253)​Treasury stock purchases​ - ​​ - ​ (8,417)​​ (618)​​ - ​​ - ​​ - ​​ (618)​Treasury shares reissued​ - ​​ - ​ 482​​ 32​​ - ​​ - ​​ - ​​ 32​Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,199​​ 40​ - ​​ - ​​ - ​​ - ​​ - ​​ 40​Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (5)​​ (5)​Other activity​ - ​​ - ​ - ​​ 11​​ - ​​ - ​​ - ​​ 11​Balance at December 31, 2022​ 682,144​​ 1,260​ (368,036)​​ (4,429)​​ 7,309​​ (679)​​ 66​​ 3,527​Net earnings​ - ​​ - ​ - ​​ - ​​ 707​​ - ​​ 4​​ 711​Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (237)​​ - ​​ (237)​Common dividends, net of tax benefits​ - ​​ - ​ - ​​ - ​​ (252)​​ - ​​ - ​​ (252)​Treasury stock purchases​ - ​​ - ​ (60)​​ (3)​​ - ​​ - ​​ - ​​ (3)​Treasury shares reissued​ - ​​ - ​ 545​​ 29​​ - ​​ - ​​ - ​​ 29​Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,097​​ 52​ - ​​ - ​​ - ​​ - ​​ - ​​ 52​Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (2)​​ (2)​Other activity​ - ​​ - ​ - ​​ 13​​ (1)​​ - ​​ - ​​ 12​Balance at December 31, 2023​ 683,241​$ 1,312​ (367,551)​$ (4,390)​$ 7,763​$ (916)​$ 68​$ 3,837​​The accompanying notes are an integral part of the consolidated financial statements.​​ ​ **Current (2025):** ​ ​ 221 ​ ​ 152 ​ ​ (21) Cash, cash equivalents and restricted cash - beginning of year ​ ​ 710 ​ ​ 558 ​ ​ 579 Cash, cash equivalents and restricted cash - end of year (a) ​ $ 931 ​ $ 710 ​ $ 558 ​ ​ The accompanying notes are an integral part of the consolidated financial statements. ​ ​ 40 40 40 Table of Contents​Consolidated Statements of Shareholders' EquityBall Corporation​​​​​​​​​​​​​​​​​​​​​​​​​​Ball Corporation and Subsidiaries​​​​​​​​Common Stock​Treasury Stock​​​​Accumulated Other​​​​​​​Number of​​​Number of​​​Retained​Comprehensive​Noncontrolling ​Total($ in millions; share amounts in thousands) Shares Amount Shares Amount Earnings Earnings (Loss) Interest Equity​​​​​​​​​​​​​​​​​​​​​​​Balance at December 31, 2021​ 680,945​$ 1,220​ (360,101)​$ (3,854)​$ 6,843​$ (582)​$ 58​$ 3,685Net earnings​ - ​​ - ​ - ​​ - ​​ 719​​ - ​​ 13​​ 732Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (97)​​ - ​​ (97)Common dividends, net of tax benefits​ - ​​ - ​ - ​​ - ​​ (253)​​ - ​​ - ​​ (253)Treasury stock purchases​ - ​​ - ​ (8,417)​​ (618)​​ - ​​ - ​​ - ​​ (618)Treasury shares reissued​ - ​​ - ​ 482​​ 32​​ - ​​ - ​​ - ​​ 32Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,199​​ 40​ - ​​ - ​​ - ​​ - ​​ - ​​ 40Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (5)​​ (5)Other activity​ - ​​ - ​ - ​​ 11​​ - ​​ - ​​ - ​​ 11Balance at December 31, 2022​ 682,144​​ 1,260​ (368,036)​​ (4,429)​​ 7,309​​ (679)​​ 66​​ 3,527Net earnings​ - ​​ - ​ - ​​ - ​​ 707​​ - ​​ 4​​ 711Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (237)​​ - ​​ (237)Common dividends​ - ​​ - ​ - ​​ - ​​ (252)​​ - ​​ - ​​ (252)Treasury stock purchases​ - ​​ - ​ (60)​​ (3)​​ - ​​ - ​​ - ​​ (3)Treasury shares reissued​ - ​​ - ​ 545​​ 29​​ - ​​ - ​​ - ​​ 29Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,097​​ 52​ - ​​ - ​​ - ​​ - ​​ - ​​ 52Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (2)​​ (2)Other activity​ - ​​ - ​ - ​​ 13​​ (1)​​ - ​​ - ​​ 12Balance at December 31, 2023​ 683,241​​ 1,312​ (367,551)​​ (4,390)​​ 7,763​​ (916)​​ 68​​ 3,837Net earnings​ - ​​ - ​ - ​​ - ​​ 4,008​​ - ​​ 6​​ 4,014Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (87)​​ - ​​ (87)Common dividends​ - ​​ - ​ - ​​ - ​​ (244)​​ - ​​ - ​​ (244)Treasury stock purchases​ - ​​ - ​ (27,261)​​ (1,728)​​ - ​​ - ​​ - ​​ (1,728)Treasury shares reissued​ - ​​ - ​ 22​​ 16​​ - ​​ - ​​ - ​​ 16Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 927​​ 83​ - ​​ - ​​ - ​​ - ​​ - ​​ 83Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (6)​​ (6)Distributions from deferred compensation plans and other activity​ - ​​ - ​ - ​​ 45​​ - ​​ - ​​ - ​​ 45Balance at December 31, 2024​ 684,168​$ 1,395​ (394,790)​$ (6,057)​$ 11,527​$ (1,003)​$ 68​$ 5,930​The accompanying notes are an integral part of the consolidated financial statements.​​41 Table of Contents Table of Contents Table of Contents ​Consolidated Statements of Shareholders' EquityBall Corporation​​​​​​​​​​​​​​​​​​​​​​​​​​Ball Corporation and Subsidiaries​​​​​​​​Common Stock​Treasury Stock​​​​Accumulated Other​​​​​​​Number of​​​Number of​​​Retained​Comprehensive​Noncontrolling ​Total($ in millions; share amounts in thousands) Shares Amount Shares Amount Earnings Earnings (Loss) Interest Equity​​​​​​​​​​​​​​​​​​​​​​​Balance at December 31, 2021​ 680,945​$ 1,220​ (360,101)​$ (3,854)​$ 6,843​$ (582)​$ 58​$ 3,685Net earnings​ - ​​ - ​ - ​​ - ​​ 719​​ - ​​ 13​​ 732Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (97)​​ - ​​ (97)Common dividends, net of tax benefits​ - ​​ - ​ - ​​ - ​​ (253)​​ - ​​ - ​​ (253)Treasury stock purchases​ - ​​ - ​ (8,417)​​ (618)​​ - ​​ - ​​ - ​​ (618)Treasury shares reissued​ - ​​ - ​ 482​​ 32​​ - ​​ - ​​ - ​​ 32Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,199​​ 40​ - ​​ - ​​ - ​​ - ​​ - ​​ 40Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (5)​​ (5)Other activity​ - ​​ - ​ - ​​ 11​​ - ​​ - ​​ - ​​ 11Balance at December 31, 2022​ 682,144​​ 1,260​ (368,036)​​ (4,429)​​ 7,309​​ (679)​​ 66​​ 3,527Net earnings​ - ​​ - ​ - ​​ - ​​ 707​​ - ​​ 4​​ 711Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (237)​​ - ​​ (237)Common dividends​ - ​​ - ​ - ​​ - ​​ (252)​​ - ​​ - ​​ (252)Treasury stock purchases​ - ​​ - ​ (60)​​ (3)​​ - ​​ - ​​ - ​​ (3)Treasury shares reissued​ - ​​ - ​ 545​​ 29​​ - ​​ - ​​ - ​​ 29Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,097​​ 52​ - ​​ - ​​ - ​​ - ​​ - ​​ 52Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (2)​​ (2)Other activity​ - ​​ - ​ - ​​ 13​​ (1)​​ - ​​ - ​​ 12Balance at December 31, 2023​ 683,241​​ 1,312​ (367,551)​​ (4,390)​​ 7,763​​ (916)​​ 68​​ 3,837Net earnings​ - ​​ - ​ - ​​ - ​​ 4,008​​ - ​​ 6​​ 4,014Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (87)​​ - ​​ (87)Common dividends​ - ​​ - ​ - ​​ - ​​ (244)​​ - ​​ - ​​ (244)Treasury stock purchases​ - ​​ - ​ (27,261)​​ (1,728)​​ - ​​ - ​​ - ​​ (1,728)Treasury shares reissued​ - ​​ - ​ 22​​ 16​​ - ​​ - ​​ - ​​ 16Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 927​​ 83​ - ​​ - ​​ - ​​ - ​​ - ​​ 83Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (6)​​ (6)Distributions from deferred compensation plans and other activity​ - ​​ - ​ - ​​ 45​​ - ​​ - ​​ - ​​ 45Balance at December 31, 2024​ 684,168​$ 1,395​ (394,790)​$ (6,057)​$ 11,527​$ (1,003)​$ 68​$ 5,930​The accompanying notes are an integral part of the consolidated financial statements.​​ ​Consolidated Statements of Shareholders' EquityBall Corporation​​​​​​​​​​​​​​​​​​​​​​​​​​Ball Corporation and Subsidiaries​​​​​​​​Common Stock​Treasury Stock​​​​Accumulated Other​​​​​​​Number of​​​Number of​​​Retained​Comprehensive​Noncontrolling ​Total($ in millions; share amounts in thousands) Shares Amount Shares Amount Earnings Earnings (Loss) Interest Equity​​​​​​​​​​​​​​​​​​​​​​​Balance at December 31, 2021​ 680,945​$ 1,220​ (360,101)​$ (3,854)​$ 6,843​$ (582)​$ 58​$ 3,685Net earnings​ - ​​ - ​ - ​​ - ​​ 719​​ - ​​ 13​​ 732Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (97)​​ - ​​ (97)Common dividends, net of tax benefits​ - ​​ - ​ - ​​ - ​​ (253)​​ - ​​ - ​​ (253)Treasury stock purchases​ - ​​ - ​ (8,417)​​ (618)​​ - ​​ - ​​ - ​​ (618)Treasury shares reissued​ - ​​ - ​ 482​​ 32​​ - ​​ - ​​ - ​​ 32Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,199​​ 40​ - ​​ - ​​ - ​​ - ​​ - ​​ 40Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (5)​​ (5)Other activity​ - ​​ - ​ - ​​ 11​​ - ​​ - ​​ - ​​ 11Balance at December 31, 2022​ 682,144​​ 1,260​ (368,036)​​ (4,429)​​ 7,309​​ (679)​​ 66​​ 3,527Net earnings​ - ​​ - ​ - ​​ - ​​ 707​​ - ​​ 4​​ 711Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (237)​​ - ​​ (237)Common dividends​ - ​​ - ​ - ​​ - ​​ (252)​​ - ​​ - ​​ (252)Treasury stock purchases​ - ​​ - ​ (60)​​ (3)​​ - ​​ - ​​ - ​​ (3)Treasury shares reissued​ - ​​ - ​ 545​​ 29​​ - ​​ - ​​ - ​​ 29Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 1,097​​ 52​ - ​​ - ​​ - ​​ - ​​ - ​​ 52Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (2)​​ (2)Other activity​ - ​​ - ​ - ​​ 13​​ (1)​​ - ​​ - ​​ 12Balance at December 31, 2023​ 683,241​​ 1,312​ (367,551)​​ (4,390)​​ 7,763​​ (916)​​ 68​​ 3,837Net earnings​ - ​​ - ​ - ​​ - ​​ 4,008​​ - ​​ 6​​ 4,014Other comprehensive earnings (loss), net of tax​ - ​​ - ​ - ​​ - ​​ - ​​ (87)​​ - ​​ (87)Common dividends​ - ​​ - ​ - ​​ - ​​ (244)​​ - ​​ - ​​ (244)Treasury stock purchases​ - ​​ - ​ (27,261)​​ (1,728)​​ - ​​ - ​​ - ​​ (1,728)Treasury shares reissued​ - ​​ - ​ 22​​ 16​​ - ​​ - ​​ - ​​ 16Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged ​ 927​​ 83​ - ​​ - ​​ - ​​ - ​​ - ​​ 83Dividends paid to noncontrolling interest​ - ​​ - ​ - ​​ - ​​ - ​​ - ​​ (6)​​ (6)Distributions from deferred compensation plans and other activity​ - ​​ - ​ - ​​ 45​​ - ​​ - ​​ - ​​ 45Balance at December 31, 2024​ 684,168​$ 1,395​ (394,790)​$ (6,057)​$ 11,527​$ (1,003)​$ 68​$ 5,930​The accompanying notes are an integral part of the consolidated financial statements.​​ ​ --- ## Modified: Risk management and strategy **Key changes:** - Reworded sentence: "We have a dedicated, globally distributed information security team that is responsible for leading information security strategy, standards and processes, which are integrated into our comprehensive enterprise risk management process, including processes related to cybersecurity risks." - Reworded sentence: "​ Our information security team has established and implemented formal processes and policies to assess, identify, and manage risks arising from cybersecurity threats, including those associated with our internal operations and the use of third-party service providers." - Reworded sentence: "Refer to Item 1A, Risk Factors - Technological Risks, for additional details on cybersecurity risks that could potentially materially affect the company, including its business strategy, results of operations, financial condition and reputation." - Reworded sentence: "The cybersecurity team has extensive experience selecting, deploying, and operating cybersecurity technologies, strategies and processes, and couples this knowledge with the use of external experts to protect the company from cyber threats." - Reworded sentence: "Refer to Item 1A, Risk Factors - Technological Risks, for additional details on cybersecurity risks that could potentially materially affect the company, including its business strategy, results of operations, financial condition and reputation." **Prior (2024):** ​ Ball Corporation is committed to maintaining a strong cybersecurity posture. We have a dedicated, globally distributed information security team that is responsible for leading information security strategy, standards and processes, which are integrated into our comprehensive enterprise risk management process. ​ The company employs a standards-based cybersecurity program aligned to the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF), including ongoing assessment and continuous improvement to address the rapidly evolving threat landscape. Ball partners closely with a strong network of external partners, including conducting annual assessments of the cyber risk management program against the NIST CSF. ​ Our information security team has designed and implemented formal processes for assessing, identifying and managing material risk from cybersecurity threats, both internally and related to the use of third-party service providers. Ball has strategically integrated its cyber incident assessment process with its well-defined incident response plan and processes. 20 20 20 Table of ContentsIn addition, we have aligned our incident response plan and process with our enterprise risk and global crisis management processes. These critical linkages ensure that we have an effective and efficient overall response to potential threats, with appropriate leadership governance involved in the ongoing cyber materiality assessment and determination.​In response to the ever-evolving cyber threat landscape, Ball utilizes external experts to support continuous improvement across our cyber program, processes and operations. This includes involving independent cybersecurity assessors and auditors to perform ongoing evaluation of our cyber program and operational maturity. Our collaboration with these third-parties includes regular audits, threat assessments, and consultation on cyber enhancements. These partnerships enable us to leverage specialized knowledge and insights to ensure our cybersecurity strategy and improvements remain aligned to critical improvements and address relevant threats and risks for Ball. In addition, we also augment and extend our cyber team, using a select few, trusted third-party partners, integrated as members of our global operations. This provides us with expanded global threat intel and enhances our ability to deliver continuous, global cyber operations 24/7.​We are aware of the increasing risks associated with third-party service providers and have implemented processes to oversee and manage these risks. Prior to engaging with third-party providers, Ball conducts thorough security assessments and also performs ongoing monitoring to ensure compliance with our cybersecurity standards. Third-party cyber incidents follow our incident response plan and processes, including full assessment and remediation. Our oversight of third-party cyber risk aids our ability to lessen and mitigate impacts related to data breaches and other security incidents originating from third-parties.​Ball faces risks from cybersecurity threats that could have a material adverse effect on the company, including its business strategy, results of operations, financial condition and reputation. Ball experiences cyber threats in the normal course of its business; however, prior cybersecurity incidents have not materially affected the company. Refer to Item 1A, Risk Factors - Technological Risks, for additional details on cybersecurity risks that could potentially materially affect the company, including its business strategy, results of operations, financial condition and reputation.​Governance​Ball's Chief Information Security Director (CISD) reports to the Senior Vice President and Chief Information Officer (CIO) and leads the company's cybersecurity team. The CISD is responsible for overseeing cybersecurity, including assessing and managing cybersecurity risk, and together with the CIO, providing comprehensive briefings to the executive leadership team with respect to the cybersecurity program and emerging or potential cybersecurity risks. The cybersecurity team has extensive experience selecting, deploying, and operating cybersecurity technologies, strategies and processes, and couples this knowledge with the use of external experts employed by Ball to protect the company from cyber threats.​Through our global security incident management plan, we aim to prevent potential cybersecurity incidents from becoming material with early detection, escalation, mitigation and remediation activities. If a cybersecurity threat is at risk of materially affecting our company, our cross-functional response team will enact our escalation processes to notify appropriate levels of management, along with the executive leadership team, disclosure committee, and Board of Directors, as necessary.​Our Board of Directors is responsible for providing oversight and governance with respect to IT and cybersecurity matters, which includes providing oversight over disclosure controls and procedures related to any cybersecurity breach occurrences and IT matters. Annually, the CIO briefs the Board of Directors on the company's cybersecurity posture, the effectiveness of its risk management strategies, and the emerging threat landscape, which creates alignment of cybersecurity efforts with Ball's risk management framework.​21 Table of Contents Table of Contents Table of Contents In addition, we have aligned our incident response plan and process with our enterprise risk and global crisis management processes. These critical linkages ensure that we have an effective and efficient overall response to potential threats, with appropriate leadership governance involved in the ongoing cyber materiality assessment and determination.​In response to the ever-evolving cyber threat landscape, Ball utilizes external experts to support continuous improvement across our cyber program, processes and operations. This includes involving independent cybersecurity assessors and auditors to perform ongoing evaluation of our cyber program and operational maturity. Our collaboration with these third-parties includes regular audits, threat assessments, and consultation on cyber enhancements. These partnerships enable us to leverage specialized knowledge and insights to ensure our cybersecurity strategy and improvements remain aligned to critical improvements and address relevant threats and risks for Ball. In addition, we also augment and extend our cyber team, using a select few, trusted third-party partners, integrated as members of our global operations. This provides us with expanded global threat intel and enhances our ability to deliver continuous, global cyber operations 24/7.​We are aware of the increasing risks associated with third-party service providers and have implemented processes to oversee and manage these risks. Prior to engaging with third-party providers, Ball conducts thorough security assessments and also performs ongoing monitoring to ensure compliance with our cybersecurity standards. Third-party cyber incidents follow our incident response plan and processes, including full assessment and remediation. Our oversight of third-party cyber risk aids our ability to lessen and mitigate impacts related to data breaches and other security incidents originating from third-parties.​Ball faces risks from cybersecurity threats that could have a material adverse effect on the company, including its business strategy, results of operations, financial condition and reputation. Ball experiences cyber threats in the normal course of its business; however, prior cybersecurity incidents have not materially affected the company. Refer to Item 1A, Risk Factors - Technological Risks, for additional details on cybersecurity risks that could potentially materially affect the company, including its business strategy, results of operations, financial condition and reputation.​Governance​Ball's Chief Information Security Director (CISD) reports to the Senior Vice President and Chief Information Officer (CIO) and leads the company's cybersecurity team. The CISD is responsible for overseeing cybersecurity, including assessing and managing cybersecurity risk, and together with the CIO, providing comprehensive briefings to the executive leadership team with respect to the cybersecurity program and emerging or potential cybersecurity risks. The cybersecurity team has extensive experience selecting, deploying, and operating cybersecurity technologies, strategies and processes, and couples this knowledge with the use of external experts employed by Ball to protect the company from cyber threats.​Through our global security incident management plan, we aim to prevent potential cybersecurity incidents from becoming material with early detection, escalation, mitigation and remediation activities. If a cybersecurity threat is at risk of materially affecting our company, our cross-functional response team will enact our escalation processes to notify appropriate levels of management, along with the executive leadership team, disclosure committee, and Board of Directors, as necessary.​Our Board of Directors is responsible for providing oversight and governance with respect to IT and cybersecurity matters, which includes providing oversight over disclosure controls and procedures related to any cybersecurity breach occurrences and IT matters. Annually, the CIO briefs the Board of Directors on the company's cybersecurity posture, the effectiveness of its risk management strategies, and the emerging threat landscape, which creates alignment of cybersecurity efforts with Ball's risk management framework.​ In addition, we have aligned our incident response plan and process with our enterprise risk and global crisis management processes. These critical linkages ensure that we have an effective and efficient overall response to potential threats, with appropriate leadership governance involved in the ongoing cyber materiality assessment and determination. ​ In response to the ever-evolving cyber threat landscape, Ball utilizes external experts to support continuous improvement across our cyber program, processes and operations. This includes involving independent cybersecurity assessors and auditors to perform ongoing evaluation of our cyber program and operational maturity. Our collaboration with these third-parties includes regular audits, threat assessments, and consultation on cyber enhancements. These partnerships enable us to leverage specialized knowledge and insights to ensure our cybersecurity strategy and improvements remain aligned to critical improvements and address relevant threats and risks for Ball. In addition, we also augment and extend our cyber team, using a select few, trusted third-party partners, integrated as members of our global operations. This provides us with expanded global threat intel and enhances our ability to deliver continuous, global cyber operations 24/7. ​ We are aware of the increasing risks associated with third-party service providers and have implemented processes to oversee and manage these risks. Prior to engaging with third-party providers, Ball conducts thorough security assessments and also performs ongoing monitoring to ensure compliance with our cybersecurity standards. Third-party cyber incidents follow our incident response plan and processes, including full assessment and remediation. Our oversight of third-party cyber risk aids our ability to lessen and mitigate impacts related to data breaches and other security incidents originating from third-parties. ​ Ball faces risks from cybersecurity threats that could have a material adverse effect on the company, including its business strategy, results of operations, financial condition and reputation. Ball experiences cyber threats in the normal course of its business; however, prior cybersecurity incidents have not materially affected the company. Refer to Item 1A, Risk Factors - Technological Risks, for additional details on cybersecurity risks that could potentially materially affect the company, including its business strategy, results of operations, financial condition and reputation. Item 1A, Risk Factors ​ Governance ​ Ball's Chief Information Security Director (CISD) reports to the Senior Vice President and Chief Information Officer (CIO) and leads the company's cybersecurity team. The CISD is responsible for overseeing cybersecurity, including assessing and managing cybersecurity risk, and together with the CIO, providing comprehensive briefings to the executive leadership team with respect to the cybersecurity program and emerging or potential cybersecurity risks. The cybersecurity team has extensive experience selecting, deploying, and operating cybersecurity technologies, strategies and processes, and couples this knowledge with the use of external experts employed by Ball to protect the company from cyber threats. ​ Through our global security incident management plan, we aim to prevent potential cybersecurity incidents from becoming material with early detection, escalation, mitigation and remediation activities. If a cybersecurity threat is at risk of materially affecting our company, our cross-functional response team will enact our escalation processes to notify appropriate levels of management, along with the executive leadership team, disclosure committee, and Board of Directors, as necessary. ​ Our Board of Directors is responsible for providing oversight and governance with respect to IT and cybersecurity matters, which includes providing oversight over disclosure controls and procedures related to any cybersecurity breach occurrences and IT matters. Annually, the CIO briefs the Board of Directors on the company's cybersecurity posture, the effectiveness of its risk management strategies, and the emerging threat landscape, which creates alignment of cybersecurity efforts with Ball's risk management framework. ​ 21 21 21 Table of ContentsItem 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. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE), to sell all of the outstanding equity interests in Ball's aerospace business to BAE. On February 16, 2024, the company completed the divestiture of the aerospace business. See Note 4 for further details.​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 permanently 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:●Bowling Green, Kentucky●Conroe, Texas●Fairfield, California●Findlay, Ohio●Fort Atkinson, Wisconsin●Fort Worth, Texas●Glendale, Arizona●Golden, Colorado●Goodyear, Arizona●Kapolei, Hawaii●Kent, Washington (planned closure in the first half of 2024)●Monterrey, Mexico●Monticello, Indiana●Pittston, Pennsylvania●Queretaro, Mexico●Rome, Georgia●Saratoga Springs, New York●Tampa, Florida●Whitby, Ontario, Canada●Williamsburg, Virginia​Beverage packaging, EMEA, locations:●Belgrade, Serbia●Bierne, France ●Cabanillas del Campo, Spain●Cairo, Egypt●Ejpovice, Czech Republic●Fosie, Sweden●Fredericia, Denmark●Gelsenkirchen, Germany●Kettering, United Kingdom●La Selva, Spain●Lublin, Poland●Ludesch, Austria●Manisa, Turkey●Mantsala, Finland●Milton Keynes, United Kingdom●Mont, France●Nogara, Italy●Pilsen, Czech Republic22 Table of Contents Table of Contents Table of Contents 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. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE), to sell all of the outstanding equity interests in Ball's aerospace business to BAE. On February 16, 2024, the company completed the divestiture of the aerospace business. See Note 4 for further details.​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 permanently 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:●Bowling Green, Kentucky●Conroe, Texas●Fairfield, California●Findlay, Ohio●Fort Atkinson, Wisconsin●Fort Worth, Texas●Glendale, Arizona●Golden, Colorado●Goodyear, Arizona●Kapolei, Hawaii●Kent, Washington (planned closure in the first half of 2024)●Monterrey, Mexico●Monticello, Indiana●Pittston, Pennsylvania●Queretaro, Mexico●Rome, Georgia●Saratoga Springs, New York●Tampa, Florida●Whitby, Ontario, Canada●Williamsburg, Virginia​Beverage packaging, EMEA, locations:●Belgrade, Serbia●Bierne, France ●Cabanillas del Campo, Spain●Cairo, Egypt●Ejpovice, Czech Republic●Fosie, Sweden●Fredericia, Denmark●Gelsenkirchen, Germany●Kettering, United Kingdom●La Selva, Spain●Lublin, Poland●Ludesch, Austria●Manisa, Turkey●Mantsala, Finland●Milton Keynes, United Kingdom●Mont, France●Nogara, Italy●Pilsen, Czech Republic 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. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE), to sell all of the outstanding equity interests in Ball's aerospace business to BAE. On February 16, 2024, the company completed the divestiture of the aerospace business. See Note 4 for further details. Note 4 ​ 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 permanently 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: ​ Beverage packaging, EMEA, locations: 22 22 22 Table of Contents●Wakefield, United Kingdom●Waterford, Ireland●Widnau, Switzerland​Beverage packaging, South America, locations:●Aguas Claras, Brazil●Asuncion, Paraguay●Brasilia, Brazil●Buenos Aires, Argentina●Extrema, Brazil●Frutal, Brazil ●Jacarei, Sao Paulo, Brazil●Manaus, Brazil●Pouso Alegre, Brazil ●Recife, Brazil●Santiago, Chile●Tres Rios, Rio de Janeiro, Brazil​Beverage packaging, Other, locations:●Dammam, Saudi Arabia●Mumbai, India●Sri City, India●Yangon, MyanmarAerosol packaging locations:●Ahmedabad, India●Beaurepaire, France●Bellegarde, France●Devizes, United Kingdom●Itupeva, Brazil●San Luis Potosí, Mexico●Sherbrooke, Quebec, Canada●Velim, Czech RepublicAluminum cups location:●Rome, Georgia​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 Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.​Ball Corporation common stock is listed for trading on the New York Stock Exchange under the ticker symbol BALL. There were 6,675 common shareholders of record on February 15, 2024.​23 Table of Contents Table of Contents Table of Contents ●Wakefield, United Kingdom●Waterford, Ireland●Widnau, Switzerland​Beverage packaging, South America, locations:●Aguas Claras, Brazil●Asuncion, Paraguay●Brasilia, Brazil●Buenos Aires, Argentina●Extrema, Brazil●Frutal, Brazil ●Jacarei, Sao Paulo, Brazil●Manaus, Brazil●Pouso Alegre, Brazil ●Recife, Brazil●Santiago, Chile●Tres Rios, Rio de Janeiro, Brazil​Beverage packaging, Other, locations:●Dammam, Saudi Arabia●Mumbai, India●Sri City, India●Yangon, MyanmarAerosol packaging locations:●Ahmedabad, India●Beaurepaire, France●Bellegarde, France●Devizes, United Kingdom●Itupeva, Brazil●San Luis Potosí, Mexico●Sherbrooke, Quebec, Canada●Velim, Czech RepublicAluminum cups location:●Rome, Georgia​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 Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.​Ball Corporation common stock is listed for trading on the New York Stock Exchange under the ticker symbol BALL. There were 6,675 common shareholders of record on February 15, 2024.​ ​ Beverage packaging, South America, locations: ​ Beverage packaging, Other, locations: Aerosol packaging locations: Aluminum cups location: ​ 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. Note 22 Item 8 ​ Item 4. Mine Safety Disclosures ​ Not applicable. ​ Part II. ​ Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. ​ Ball Corporation common stock is listed for trading on the New York Stock Exchange under the ticker symbol BALL. There were 6,675 common shareholders of record on February 15, 2024. ​ 23 23 23 Table of ContentsCommon Stock Repurchases​The following table summarizes the company's repurchases of its common stock during the fourth quarter of 2023.​​​​​​​​​​​Purchases of Securities($ in millions) TotalNumber ofSharesPurchased (a) AveragePricePaid perShare Total Number ofShares Purchased asPart of PubliclyAnnounced Plans orPrograms (a) Maximum Number ofShares that May YetBe Purchased Underthe Plans or Programs(b)​​​​​​​​​​October 1 to October 31, 2023​ - ​$ - ​ - ​ 19,596,607November 1 to November 30, 2023​ - ​​ - ​ - ​ 19,596,607December 1 to December 31, 2023​ - ​​ - ​ - ​ 19,596,607Total​ - ​​​​ - ​​(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 50 million shares were authorized for repurchase by Ball's Board of Directors.​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, 2023. The graph assumes $100 was invested on December 31, 2018, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization.​24 Table of Contents Table of Contents Table of Contents Common Stock Repurchases​The following table summarizes the company's repurchases of its common stock during the fourth quarter of 2023.​​​​​​​​​​​Purchases of Securities($ in millions) TotalNumber ofSharesPurchased (a) AveragePricePaid perShare Total Number ofShares Purchased asPart of PubliclyAnnounced Plans orPrograms (a) Maximum Number ofShares that May YetBe Purchased Underthe Plans or Programs(b)​​​​​​​​​​October 1 to October 31, 2023​ - ​$ - ​ - ​ 19,596,607November 1 to November 30, 2023​ - ​​ - ​ - ​ 19,596,607December 1 to December 31, 2023​ - ​​ - ​ - ​ 19,596,607Total​ - ​​​​ - ​​(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 50 million shares were authorized for repurchase by Ball's Board of Directors.​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, 2023. The graph assumes $100 was invested on December 31, 2018, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization.​ **Current (2025):** ​ Ball Corporation is committed to maintaining a strong cybersecurity posture. We have a dedicated, globally distributed information security team that is responsible for leading information security strategy, standards and processes, which are integrated into our comprehensive enterprise risk management process, including processes related to cybersecurity risks. are integrated are integrated ​ The company employs a standards-based cybersecurity program aligned to the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF), including ongoing assessment and continuous improvement to address the rapidly evolving threat landscape. Ball partners closely with a strong network of external partners, including conducting annual assessments of the cyber risk management program against the NIST CSF. ​ Our information security team has established and implemented formal processes and policies to assess, identify, and manage risks arising from cybersecurity threats, including those associated with our internal operations and the use of third-party service providers. We continually refine our approach to address evolving cybersecurity regulations, identify potential and emerging security risks, and implement strategies to manage these risks. Ball has developed an incident response plan that includes a cyber incident materiality assessment with appropriate leadership governance. In addition, we have aligned our incident response plan with our enterprise risk and global crisis management processes. Our information security team has established and implemented formal processes and policies to assess, identify, and manage risks arising from cybersecurity threats, including those associated with our internal operations and the use of third-party service providers. ​ In response to the ever-evolving cyber threat landscape, Ball utilizes external experts to support continuous improvement across our cyber program, processes and operations. Our collaboration with these third-parties includes regular audits, 18 18 18 Table of Contentsthreat assessments, and consultation on cyber enhancements. In addition, we also augment and extend our cyber team using a select few trusted third-party partners that are integrated as members of our global operations. This provides us with expanded global threat intel and enhances our ability to deliver continuous global cyber operations 24/7.​We are aware that there are potential cybersecurity risks associated with third-party service providers. Prior to engaging with third-party providers, Ball conducts thorough security assessments. We monitor for third-party cyber incidents and manage any third-party cyber incidents under our incident response plan and processes. Our oversight of third-party cyber risk aids our ability to lessen and mitigate impacts related to data breaches and other security incidents originating from third-parties.​Ball faces risks from cybersecurity threats that could have a material adverse effect on the company, including its business strategy, results of operations, financial condition and reputation. Refer to Item 1A, Risk Factors - Technological Risks, for additional details on cybersecurity risks that could potentially materially affect the company, including its business strategy, results of operations, financial condition and reputation. To date, we have not identified any cybersecurity incidents that have affected, or are reasonably likely to affect, our business, operations, or financial condition.​Governance​Ball's Chief Information Security Director (CISD) reports to the Senior Vice President and Chief Information Officer (CIO) and leads the company's cybersecurity team. The CISD is responsible for overseeing cybersecurity, including assessing and managing cybersecurity risk, and together with the CIO, providing comprehensive briefings to the executive leadership team with respect to the cybersecurity program and emerging or potential cybersecurity risks. The cybersecurity team has extensive experience selecting, deploying, and operating cybersecurity technologies, strategies and processes, and couples this knowledge with the use of external experts to protect the company from cyber threats. In the event of a cyber incident, our cross-functional response team will enact our incident response plan, and notify appropriate levels of management, including the executive leadership team, disclosure committee, and Board of Directors, as appropriate.​Our Board of Directors oversees our company's cybersecurity and information technology strategies. Annually, the CIO briefs the Board of Directors on the company's cybersecurity posture and the effectiveness of its risk management strategies.​​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. Ball's manufacturing locations, which are owned or leased by the company, are set forth below. Facilities in the process of being constructed, or that have permanently 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:●Bowling Green, Kentucky●Conroe, Texas●Fairfield, California●Findlay, Ohio●Fort Atkinson, Wisconsin●Fort Worth, Texas●Glendale, Arizona●Golden, Colorado●Goodyear, Arizona●Kapolei, Hawaii●Monterrey, Mexico●Monticello, Indiana●Pittston, Pennsylvania19 Table of Contents Table of Contents Table of Contents threat assessments, and consultation on cyber enhancements. In addition, we also augment and extend our cyber team using a select few trusted third-party partners that are integrated as members of our global operations. This provides us with expanded global threat intel and enhances our ability to deliver continuous global cyber operations 24/7.​We are aware that there are potential cybersecurity risks associated with third-party service providers. Prior to engaging with third-party providers, Ball conducts thorough security assessments. We monitor for third-party cyber incidents and manage any third-party cyber incidents under our incident response plan and processes. Our oversight of third-party cyber risk aids our ability to lessen and mitigate impacts related to data breaches and other security incidents originating from third-parties.​Ball faces risks from cybersecurity threats that could have a material adverse effect on the company, including its business strategy, results of operations, financial condition and reputation. Refer to Item 1A, Risk Factors - Technological Risks, for additional details on cybersecurity risks that could potentially materially affect the company, including its business strategy, results of operations, financial condition and reputation. To date, we have not identified any cybersecurity incidents that have affected, or are reasonably likely to affect, our business, operations, or financial condition.​Governance​Ball's Chief Information Security Director (CISD) reports to the Senior Vice President and Chief Information Officer (CIO) and leads the company's cybersecurity team. The CISD is responsible for overseeing cybersecurity, including assessing and managing cybersecurity risk, and together with the CIO, providing comprehensive briefings to the executive leadership team with respect to the cybersecurity program and emerging or potential cybersecurity risks. The cybersecurity team has extensive experience selecting, deploying, and operating cybersecurity technologies, strategies and processes, and couples this knowledge with the use of external experts to protect the company from cyber threats. In the event of a cyber incident, our cross-functional response team will enact our incident response plan, and notify appropriate levels of management, including the executive leadership team, disclosure committee, and Board of Directors, as appropriate.​Our Board of Directors oversees our company's cybersecurity and information technology strategies. Annually, the CIO briefs the Board of Directors on the company's cybersecurity posture and the effectiveness of its risk management strategies.​​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. Ball's manufacturing locations, which are owned or leased by the company, are set forth below. Facilities in the process of being constructed, or that have permanently 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:●Bowling Green, Kentucky●Conroe, Texas●Fairfield, California●Findlay, Ohio●Fort Atkinson, Wisconsin●Fort Worth, Texas●Glendale, Arizona●Golden, Colorado●Goodyear, Arizona●Kapolei, Hawaii●Monterrey, Mexico●Monticello, Indiana●Pittston, Pennsylvania threat assessments, and consultation on cyber enhancements. In addition, we also augment and extend our cyber team using a select few trusted third-party partners that are integrated as members of our global operations. This provides us with expanded global threat intel and enhances our ability to deliver continuous global cyber operations 24/7.​We are aware that there are potential cybersecurity risks associated with third-party service providers. Prior to engaging with third-party providers, Ball conducts thorough security assessments. We monitor for third-party cyber incidents and manage any third-party cyber incidents under our incident response plan and processes. Our oversight of third-party cyber risk aids our ability to lessen and mitigate impacts related to data breaches and other security incidents originating from third-parties.​Ball faces risks from cybersecurity threats that could have a material adverse effect on the company, including its business strategy, results of operations, financial condition and reputation. Refer to Item 1A, Risk Factors - Technological Risks, for additional details on cybersecurity risks that could potentially materially affect the company, including its business strategy, results of operations, financial condition and reputation. To date, we have not identified any cybersecurity incidents that have affected, or are reasonably likely to affect, our business, operations, or financial condition.​Governance​Ball's Chief Information Security Director (CISD) reports to the Senior Vice President and Chief Information Officer (CIO) and leads the company's cybersecurity team. The CISD is responsible for overseeing cybersecurity, including assessing and managing cybersecurity risk, and together with the CIO, providing comprehensive briefings to the executive leadership team with respect to the cybersecurity program and emerging or potential cybersecurity risks. The cybersecurity team has extensive experience selecting, deploying, and operating cybersecurity technologies, strategies and processes, and couples this knowledge with the use of external experts to protect the company from cyber threats. In the event of a cyber incident, our cross-functional response team will enact our incident response plan, and notify appropriate levels of management, including the executive leadership team, disclosure committee, and Board of Directors, as appropriate.​Our Board of Directors oversees our company's cybersecurity and information technology strategies. Annually, the CIO briefs the Board of Directors on the company's cybersecurity posture and the effectiveness of its risk management strategies.​​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. Ball's manufacturing locations, which are owned or leased by the company, are set forth below. Facilities in the process of being constructed, or that have permanently 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:●Bowling Green, Kentucky●Conroe, Texas●Fairfield, California●Findlay, Ohio●Fort Atkinson, Wisconsin●Fort Worth, Texas●Glendale, Arizona●Golden, Colorado●Goodyear, Arizona●Kapolei, Hawaii●Monterrey, Mexico●Monticello, Indiana●Pittston, Pennsylvania threat assessments, and consultation on cyber enhancements. In addition, we also augment and extend our cyber team using a select few trusted third-party partners that are integrated as members of our global operations. This provides us with expanded global threat intel and enhances our ability to deliver continuous global cyber operations 24/7. few trusted third-party ​ We are aware that there are potential cybersecurity risks associated with third-party service providers. Prior to engaging with third-party providers, Ball conducts thorough security assessments. We monitor for third-party cyber incidents and manage any third-party cyber incidents under our incident response plan and processes. Our oversight of third-party cyber risk aids our ability to lessen and mitigate impacts related to data breaches and other security incidents originating from third-parties. ​ Ball faces risks from cybersecurity threats that could have a material adverse effect on the company, including its business strategy, results of operations, financial condition and reputation. Refer to Item 1A, Risk Factors - Technological Risks, for additional details on cybersecurity risks that could potentially materially affect the company, including its business strategy, results of operations, financial condition and reputation. To date, we have not identified any cybersecurity incidents that have affected, or are reasonably likely to affect, our business, operations, or financial condition. To date, we have not identified any cybersecurity incidents that have affected, or are reasonably likely to affect, our business, operations, or financial condition. ​ Governance ​ Ball's Chief Information Security Director (CISD) reports to the Senior Vice President and Chief Information Officer (CIO) and leads the company's cybersecurity team. The CISD is responsible for overseeing cybersecurity, including assessing and managing cybersecurity risk, and together with the CIO, providing comprehensive briefings to the executive leadership team with respect to the cybersecurity program and emerging or potential cybersecurity risks. The cybersecurity team has extensive experience selecting, deploying, and operating cybersecurity technologies, strategies and processes, and couples this knowledge with the use of external experts to protect the company from cyber threats. In the event of a cyber incident, our cross-functional response team will enact our incident response plan, and notify appropriate levels of management, including the executive leadership team, disclosure committee, and Board of Directors, as appropriate. ​ Our Board of Directors oversees our company's cybersecurity and information technology strategies. Annually, the CIO briefs the Board of Directors on the company's cybersecurity posture and the effectiveness of its risk management strategies. ​ ​ 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. Ball's manufacturing locations, which are owned or leased by the company, are set forth below. Facilities in the process of being constructed, or that have permanently 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: 19 19 19 Table of Contents●Queretaro, Mexico●Rome, Georgia●Saratoga Springs, New York●Tampa, Florida●Whitby, Ontario, Canada●Williamsburg, Virginia​Beverage packaging, EMEA, locations:●Belgrade, Serbia●Bierne, France ●Cabanillas del Campo, Spain●Cairo, Egypt●Ejpovice, Czech Republic●Fosie, Sweden●Fredericia, Denmark●Gelsenkirchen, Germany●Kettering, United Kingdom●La Selva, Spain●Lublin, Poland●Ludesch, Austria●Manisa, Turkey●Mantsala, Finland●Milton Keynes, United Kingdom●Mont, France●Nogara, Italy●Pilsen, Czech Republic●Wakefield, United Kingdom●Waterford, Ireland●Widnau, Switzerland​Beverage packaging, South America, locations:●Aguas Claras, Brazil●Asuncion, Paraguay●Brasilia, Brazil●Buenos Aires, Argentina●Extrema, Brazil●Frutal, Brazil ●Jacarei, Sao Paulo, Brazil●Manaus, Brazil●Pouso Alegre, Brazil ●Recife, Brazil●Santiago, Chile●Tres Rios, Rio de Janeiro, Brazil​Beverage packaging, Other, locations:●Dammam, Saudi Arabia (presented as held for sale as of December 31, 2024 on the consolidated balance sheet)●Mumbai, India●Sri City, India●Yangon, Myanmar​20 Table of Contents Table of Contents Table of Contents ●Queretaro, Mexico●Rome, Georgia●Saratoga Springs, New York●Tampa, Florida●Whitby, Ontario, Canada●Williamsburg, Virginia​Beverage packaging, EMEA, locations:●Belgrade, Serbia●Bierne, France ●Cabanillas del Campo, Spain●Cairo, Egypt●Ejpovice, Czech Republic●Fosie, Sweden●Fredericia, Denmark●Gelsenkirchen, Germany●Kettering, United Kingdom●La Selva, Spain●Lublin, Poland●Ludesch, Austria●Manisa, Turkey●Mantsala, Finland●Milton Keynes, United Kingdom●Mont, France●Nogara, Italy●Pilsen, Czech Republic●Wakefield, United Kingdom●Waterford, Ireland●Widnau, Switzerland​Beverage packaging, South America, locations:●Aguas Claras, Brazil●Asuncion, Paraguay●Brasilia, Brazil●Buenos Aires, Argentina●Extrema, Brazil●Frutal, Brazil ●Jacarei, Sao Paulo, Brazil●Manaus, Brazil●Pouso Alegre, Brazil ●Recife, Brazil●Santiago, Chile●Tres Rios, Rio de Janeiro, Brazil​Beverage packaging, Other, locations:●Dammam, Saudi Arabia (presented as held for sale as of December 31, 2024 on the consolidated balance sheet)●Mumbai, India●Sri City, India●Yangon, Myanmar​ ●Queretaro, Mexico●Rome, Georgia●Saratoga Springs, New York●Tampa, Florida●Whitby, Ontario, Canada●Williamsburg, Virginia​Beverage packaging, EMEA, locations:●Belgrade, Serbia●Bierne, France ●Cabanillas del Campo, Spain●Cairo, Egypt●Ejpovice, Czech Republic●Fosie, Sweden●Fredericia, Denmark●Gelsenkirchen, Germany●Kettering, United Kingdom●La Selva, Spain●Lublin, Poland●Ludesch, Austria●Manisa, Turkey●Mantsala, Finland●Milton Keynes, United Kingdom●Mont, France●Nogara, Italy●Pilsen, Czech Republic●Wakefield, United Kingdom●Waterford, Ireland●Widnau, Switzerland​Beverage packaging, South America, locations:●Aguas Claras, Brazil●Asuncion, Paraguay●Brasilia, Brazil●Buenos Aires, Argentina●Extrema, Brazil●Frutal, Brazil ●Jacarei, Sao Paulo, Brazil●Manaus, Brazil●Pouso Alegre, Brazil ●Recife, Brazil●Santiago, Chile●Tres Rios, Rio de Janeiro, Brazil​Beverage packaging, Other, locations:●Dammam, Saudi Arabia (presented as held for sale as of December 31, 2024 on the consolidated balance sheet)●Mumbai, India●Sri City, India●Yangon, Myanmar​ ​ Beverage packaging, EMEA, locations: ​ Beverage packaging, South America, locations: ​ Beverage packaging, Other, locations: ​ 20 20 20 Table of ContentsPersonal & home care locations:●Ahmedabad, India (presented as held for sale as of December 31, 2024 on the consolidated balance sheet)●Beaurepaire, France●Bellegarde, France●Devizes, United Kingdom●Itupeva, Brazil●Llinars del Vallés, Spain ●Lummen, Belgium●San Luis Potosí, Mexico●Sherbrooke, Quebec, Canada●Velim, Czech RepublicAluminum cups location:●Rome, Georgia (presented as held for sale as of December 31, 2024 on the consolidated balance sheet)​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 Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.​Ball Corporation common stock is listed for trading on the New York Stock Exchange under the ticker symbol BALL. There were 8,354 common shareholders of record on February 18, 2025.​Common Stock Repurchases​The following table summarizes the company's repurchases of its common stock during the fourth quarter of 2024.​​​​​​​​​​​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, 2024​ 1,893,489​$ 66.04​ 1,893,489​ 27,117,752November 1 to November 30, 2024​ 3,865,124​​ 61.50​ 3,865,124​ 23,252,628December 1 to December 31, 2024​ 4,972,167​​ 58.32​ 4,972,167​ 18,280,461Total​ 10,730,780​​​​ 10,730,780​​(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)On April 24, 2024, Ball's Board of Directors approved the repurchase by the company of up to a total of 40 million shares of its common stock. This repurchase authorization replaced all previous authorizations. On January 29, 2025, the Board of Directors approved the repurchase by the company of up to a total of $4.00 billion in shares of its common stock. This repurchase authorization replaced the April 24, 2024, authorization.​21 Table of Contents Table of Contents Table of Contents Personal & home care locations:●Ahmedabad, India (presented as held for sale as of December 31, 2024 on the consolidated balance sheet)●Beaurepaire, France●Bellegarde, France●Devizes, United Kingdom●Itupeva, Brazil●Llinars del Vallés, Spain ●Lummen, Belgium●San Luis Potosí, Mexico●Sherbrooke, Quebec, Canada●Velim, Czech RepublicAluminum cups location:●Rome, Georgia (presented as held for sale as of December 31, 2024 on the consolidated balance sheet)​Item 3. Legal Proceedings​Details of the company's legal proceedings are included in Note 22 to the consolidated financial statements within Item 8 of this annual report.​Item 4. Mine Safety Disclosures​Not applicable.​Part II.​Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.​Ball Corporation common stock is listed for trading on the New York Stock Exchange under the ticker symbol BALL. There were 8,354 common shareholders of record on February 18, 2025.​Common Stock Repurchases​The following table summarizes the company's repurchases of its common stock during the fourth quarter of 2024.​​​​​​​​​​​Purchases of Securities($ 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, 2024​ 1,893,489​$ 66.04​ 1,893,489​ 27,117,752November 1 to November 30, 2024​ 3,865,124​​ 61.50​ 3,865,124​ 23,252,628December 1 to December 31, 2024​ 4,972,167​​ 58.32​ 4,972,167​ 18,280,461Total​ 10,730,780​​​​ 10,730,780​​(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)On April 24, 2024, Ball's Board of Directors approved the repurchase by the company of up to a total of 40 million shares of its common stock. This repurchase authorization replaced all previous authorizations. On January 29, 2025, the Board of Directors approved the repurchase by the company of up to a total of $4.00 billion in shares of its common stock. This repurchase authorization replaced the April 24, 2024, authorization.​ Personal & home care locations:●Ahmedabad, India (presented as held for sale as of December 31, 2024 on the consolidated balance sheet)●Beaurepaire, France●Bellegarde, France●Devizes, United Kingdom●Itupeva, Brazil●Llinars del Vallés, Spain ●Lummen, Belgium●San Luis Potosí, Mexico●Sherbrooke, Quebec, Canada●Velim, Czech RepublicAluminum cups location:●Rome, Georgia (presented as held for sale as of December 31, 2024 on the consolidated balance sheet)​Item 3. Legal Proceedings​Details of the company's legal proceedings are included in Note 22 to the consolidated financial statements within Item 8 of this annual report.​Item 4. Mine Safety Disclosures​Not applicable.​Part II.​Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.​Ball Corporation common stock is listed for trading on the New York Stock Exchange under the ticker symbol BALL. There were 8,354 common shareholders of record on February 18, 2025.​Common Stock Repurchases​The following table summarizes the company's repurchases of its common stock during the fourth quarter of 2024.​​​​​​​​​​​Purchases of Securities($ 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, 2024​ 1,893,489​$ 66.04​ 1,893,489​ 27,117,752November 1 to November 30, 2024​ 3,865,124​​ 61.50​ 3,865,124​ 23,252,628December 1 to December 31, 2024​ 4,972,167​​ 58.32​ 4,972,167​ 18,280,461Total​ 10,730,780​​​​ 10,730,780​​(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)On April 24, 2024, Ball's Board of Directors approved the repurchase by the company of up to a total of 40 million shares of its common stock. This repurchase authorization replaced all previous authorizations. On January 29, 2025, the Board of Directors approved the repurchase by the company of up to a total of $4.00 billion in shares of its common stock. This repurchase authorization replaced the April 24, 2024, authorization.​ Personal & home care locations: Aluminum cups location: ​ 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. Note 22 Item 8 ​ Item 4. Mine Safety Disclosures ​ Not applicable. ​ Part II. ​ Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. ​ Ball Corporation common stock is listed for trading on the New York Stock Exchange under the ticker symbol BALL. There were 8,354 common shareholders of record on February 18, 2025. ​ --- ## Modified: Total Ball Corporation shareholders' equity **Key changes:** - Reworded sentence: "​ ​ 5,862 ​ ​ 3,769 Noncontrolling interests ​ ​ 68 ​ ​ 68 Total equity ​ ​ 5,930 ​ ​ 3,837" **Prior (2024):** ​ ​ 3,769 ​ ​ 3,461 Noncontrolling interests ​ ​ 68 ​ ​ 66 Total equity ​ ​ 3,837 ​ ​ 3,527 **Current (2025):** ​ ​ 5,862 ​ ​ 3,769 Noncontrolling interests ​ ​ 68 ​ ​ 68 Total equity ​ ​ 5,930 ​ ​ 3,837 --- ## Modified: Shareholder Return Performance **Key changes:** - Reworded sentence: "​ 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, 2024." - Reworded sentence: "​ ​ Total Return Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/31/2019 ​ 12/31/2020 ​ 12/31/2021 ​ 12/31/2022 ​ 12/31/2023 ​ 12/31/2024 BALL ​ $ 100.00 ​ $ 145.19 ​ $ 151.18 ​ $ 81.29 ​ $ 92.79 ​ $ 90.04 S&P 500 ​ ​ 100.00 ​ ​ 118.40 ​ ​ 152.39 ​ ​ 124.79 ​ ​ 157.59 ​ ​ 197.02 DJ US Containers & Packaging ​ ​ 100.00 ​ ​ 121.14 ​ ​ 134.41 ​ ​ 110.49 ​ ​ 118.91 ​ ​ 136.67 ​ Source: Bloomberg ​ Item 6." - Reworded sentence: "​ 22 22 22 Table of ContentsItem 7." - Reworded sentence: "With a growth mindset and by pursuing operational excellence, we lean on our competitive strengths to reach our financial goals." - Reworded sentence: "The overall global aluminum packaging industry is growing and is expected to continue to grow in the medium to long term." **Prior (2024):** ​ 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, 2023. The graph assumes $100 was invested on December 31, 2018, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization. ​ 24 24 24 Table of Contents​ ​Total Return Analysis​​​​​​​​​​​​​​​​​​​​​12/31/2018​12/31/2019​12/31/2020​12/31/2021​12/31/2022​12/31/2023BALL​$100.00​$ 141.83​$ 205.93​$ 214.43​$ 115.30​$ 131.61S&P 500​​100.00​​ 128.88​​ 149.83​​ 190.13​​ 153.16​​ 190.27DJ US Containers & Packaging​​100.00​​ 125.59​​ 118.34​​ 108.85​​ 80.30​​ 104.72​Source: Refinitiv​Item 6. [Reserved]​Removing and reserving Item 6 of Part II.​25 Table of Contents Table of Contents Table of Contents ​ ​Total Return Analysis​​​​​​​​​​​​​​​​​​​​​12/31/2018​12/31/2019​12/31/2020​12/31/2021​12/31/2022​12/31/2023BALL​$100.00​$ 141.83​$ 205.93​$ 214.43​$ 115.30​$ 131.61S&P 500​​100.00​​ 128.88​​ 149.83​​ 190.13​​ 153.16​​ 190.27DJ US Containers & Packaging​​100.00​​ 125.59​​ 118.34​​ 108.85​​ 80.30​​ 104.72​Source: Refinitiv​Item 6. [Reserved]​Removing and reserving Item 6 of Part II.​ ​ ​ Total Return Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/31/2018 ​ 12/31/2019 ​ 12/31/2020 ​ 12/31/2021 ​ 12/31/2022 ​ 12/31/2023 BALL ​ $ 100.00 ​ $ 141.83 ​ $ 205.93 ​ $ 214.43 ​ $ 115.30 ​ $ 131.61 S&P 500 ​ ​ 100.00 ​ ​ 128.88 ​ ​ 149.83 ​ ​ 190.13 ​ ​ 153.16 ​ ​ 190.27 DJ US Containers & Packaging ​ ​ 100.00 ​ ​ 125.59 ​ ​ 118.34 ​ ​ 108.85 ​ ​ 80.30 ​ ​ 104.72 ​ Source: Refinitiv ​ Item 6. [Reserved] ​ Removing and reserving Item 6 of Part II. ​ 25 25 25 Table of ContentsItem 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. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE), to sell all of the outstanding equity interests in Ball's aerospace business to BAE. On February 16, 2024, the company completed the divestiture of the aerospace business. See Note 4 for further details.​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; however, there may be timing differences of when the costs are passed through. 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.​26 Table of Contents Table of Contents 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. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE), to sell all of the outstanding equity interests in Ball's aerospace business to BAE. On February 16, 2024, the company completed the divestiture of the aerospace business. See Note 4 for further details.​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; however, there may be timing differences of when the costs are passed through. 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.​ 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. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE), to sell all of the outstanding equity interests in Ball's aerospace business to BAE. On February 16, 2024, the company completed the divestiture of the aerospace business. See Note 4 for further details. Note 4 ​ 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; however, there may be timing differences of when the costs are passed through. 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. ​ 26 26 26 Table of ContentsRESULTS 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, 2022, as filed on February 21, 2023, for a comparison of our 2022 results of operations to the 2021 results. ​Global Economic Environment​Recent data has indicated continued high inflation in the regions where we operate. Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, and changing demand for certain goods and services. We cannot predict with any certainty the impact that rising interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the rising instability in the Middle East, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become.​Consolidated Sales and Earnings​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) 2023 2022 2021 ​​​​​​​​​​​Net sales​$ 14,029​$ 15,349​$ 13,811​Net earnings attributable to Ball Corporation​​ 707​​ 719​​ 878​Net earnings attributable to Ball Corporation as a % of net sales​​ 5% ​ 5% ​ 6%​Sales in 2023 were $1,320 million lower compared to 2022 primarily due to a $554 million decrease from the 2022 sale of the Russian aluminum beverage packaging business, a $514 million decrease from lower volumes and a $305 million decrease from lower sales prices resulting mainly from lower aluminum prices net of the annual pass-through of inflationary costs.​Net earnings attributable to Ball Corporation in 2023 were $12 million lower compared to 2022 primarily due to an $129 million increase in interest expense, an $124 million decrease from lower volumes, an $86 million decrease from the 2022 sale of the Russian aluminum beverage packaging business and an $82 million increase in business consolidation costs and other activities, partially offset by an $184 million increase from higher sales prices resulting mainly from the annual pass-through of inflationary costs net of current year inflation, $80 million of cost savings from rightsizing production, a $49 million increase from contract mix and operational performance in the aerospace segment and a $36 million decrease in the income tax provision. ​Cost of Sales (Excluding Depreciation and Amortization) ​Cost of sales, excluding depreciation and amortization, was $11,359 million in 2023 compared to $12,766 million in 2022. These amounts represented 81 percent and 83 percent of consolidated net sales for the years ended 2023 and 2022, respectively. The decrease year-over-year is primarily due to lower manufacturing costs, including lower aluminum costs of $1.29 billion, and lower freight expenses of $176 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2023 that improved financial results.​Depreciation and Amortization ​Depreciation and amortization expense was $686 million in 2023 compared to $672 million in 2022. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2023 and 2022, respectively. Amortization expense in 2023 and 2022 included $135 million for the amortization of acquired Rexam intangibles. The increase compared to the same period in 2022 is primarily due to the company's larger depreciable asset base, partially 27 Table of Contents Table of Contents Table of Contents RESULTS OF OPERATIONS ​Management's discussion and analysis for our results of operations on a consolidated and segment basis include a quantification of factors that had a material impact. Other factors that did not have a material impact, but that are significant to understand the results, are qualitatively described.​Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of the company's Annual Report on Form 10-K for the year ended December 31, 2022, as filed on February 21, 2023, for a comparison of our 2022 results of operations to the 2021 results. ​Global Economic Environment​Recent data has indicated continued high inflation in the regions where we operate. Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, and changing demand for certain goods and services. We cannot predict with any certainty the impact that rising interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the rising instability in the Middle East, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become.​Consolidated Sales and Earnings​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) 2023 2022 2021 ​​​​​​​​​​​Net sales​$ 14,029​$ 15,349​$ 13,811​Net earnings attributable to Ball Corporation​​ 707​​ 719​​ 878​Net earnings attributable to Ball Corporation as a % of net sales​​ 5% ​ 5% ​ 6%​Sales in 2023 were $1,320 million lower compared to 2022 primarily due to a $554 million decrease from the 2022 sale of the Russian aluminum beverage packaging business, a $514 million decrease from lower volumes and a $305 million decrease from lower sales prices resulting mainly from lower aluminum prices net of the annual pass-through of inflationary costs.​Net earnings attributable to Ball Corporation in 2023 were $12 million lower compared to 2022 primarily due to an $129 million increase in interest expense, an $124 million decrease from lower volumes, an $86 million decrease from the 2022 sale of the Russian aluminum beverage packaging business and an $82 million increase in business consolidation costs and other activities, partially offset by an $184 million increase from higher sales prices resulting mainly from the annual pass-through of inflationary costs net of current year inflation, $80 million of cost savings from rightsizing production, a $49 million increase from contract mix and operational performance in the aerospace segment and a $36 million decrease in the income tax provision. ​Cost of Sales (Excluding Depreciation and Amortization) ​Cost of sales, excluding depreciation and amortization, was $11,359 million in 2023 compared to $12,766 million in 2022. These amounts represented 81 percent and 83 percent of consolidated net sales for the years ended 2023 and 2022, respectively. The decrease year-over-year is primarily due to lower manufacturing costs, including lower aluminum costs of $1.29 billion, and lower freight expenses of $176 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2023 that improved financial results.​Depreciation and Amortization ​Depreciation and amortization expense was $686 million in 2023 compared to $672 million in 2022. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2023 and 2022, respectively. Amortization expense in 2023 and 2022 included $135 million for the amortization of acquired Rexam intangibles. The increase compared to the same period in 2022 is primarily due to the company's larger depreciable asset base, partially **Current (2025):** ​ 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, 2024. The graph assumes $100 was invested on December 31, 2019, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization. ​ ​ Total Return Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/31/2019 ​ 12/31/2020 ​ 12/31/2021 ​ 12/31/2022 ​ 12/31/2023 ​ 12/31/2024 BALL ​ $ 100.00 ​ $ 145.19 ​ $ 151.18 ​ $ 81.29 ​ $ 92.79 ​ $ 90.04 S&P 500 ​ ​ 100.00 ​ ​ 118.40 ​ ​ 152.39 ​ ​ 124.79 ​ ​ 157.59 ​ ​ 197.02 DJ US Containers & Packaging ​ ​ 100.00 ​ ​ 121.14 ​ ​ 134.41 ​ ​ 110.49 ​ ​ 118.91 ​ ​ 136.67 ​ Source: Bloomberg ​ Item 6. [Reserved] ​ Removing and reserving Item 6 of Part II. ​ 22 22 22 Table of ContentsItem 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. With a growth mindset and by pursuing operational excellence, we lean on our competitive strengths to reach our financial goals. We are focused on maintaining our strong financial position by listening to and partnering with our global customers, delivering operational efficiencies and an innovative product portfolio from our best-in-class manufacturing facilities and returning value to shareholders via share repurchases and dividends. In the aluminum packaging industry, sales and earnings can be increased by reducing costs, increasing prices, developing new products, expanding volume and making strategic acquisitions. ​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 packaging industry is growing and is expected to continue to grow in the medium to long term. ​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; however, there may be timing differences of when the costs are passed through. 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.​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 equity investments. At any time, we may be engaged in discussions or negotiations at various stages of development with respect to one or more possible transactions or may have entered into non-binding letters of intent. As part of any such initiatives, we may participate in processes being run by other companies or leading our own activities. ​23 Table of Contents Table of Contents 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. With a growth mindset and by pursuing operational excellence, we lean on our competitive strengths to reach our financial goals. We are focused on maintaining our strong financial position by listening to and partnering with our global customers, delivering operational efficiencies and an innovative product portfolio from our best-in-class manufacturing facilities and returning value to shareholders via share repurchases and dividends. In the aluminum packaging industry, sales and earnings can be increased by reducing costs, increasing prices, developing new products, expanding volume and making strategic acquisitions. ​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 packaging industry is growing and is expected to continue to grow in the medium to long term. ​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; however, there may be timing differences of when the costs are passed through. 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.​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 equity investments. At any time, we may be engaged in discussions or negotiations at various stages of development with respect to one or more possible transactions or may have entered into non-binding letters of intent. As part of any such initiatives, we may participate in processes being run by other companies or leading our own activities. ​ 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. With a growth mindset and by pursuing operational excellence, we lean on our competitive strengths to reach our financial goals. We are focused on maintaining our strong financial position by listening to and partnering with our global customers, delivering operational efficiencies and an innovative product portfolio from our best-in-class manufacturing facilities and returning value to shareholders via share repurchases and dividends. In the aluminum packaging industry, sales and earnings can be increased by reducing costs, increasing prices, developing new products, expanding volume and making strategic acquisitions. ​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 packaging industry is growing and is expected to continue to grow in the medium to long term. ​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; however, there may be timing differences of when the costs are passed through. 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.​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 equity investments. At any time, we may be engaged in discussions or negotiations at various stages of development with respect to one or more possible transactions or may have entered into non-binding letters of intent. As part of any such initiatives, we may participate in processes being run by other companies or leading our own activities. ​ 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. With a growth mindset and by pursuing operational excellence, we lean on our competitive strengths to reach our financial goals. We are focused on maintaining our strong financial position by listening to and partnering with our global customers, delivering operational efficiencies and an innovative product portfolio from our best-in-class manufacturing facilities and returning value to shareholders via share repurchases and dividends. In the aluminum packaging industry, sales and earnings can be increased by reducing costs, increasing prices, developing new products, expanding volume and making strategic acquisitions. ​ 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 packaging industry is growing and is expected to continue to grow in the medium to long term. ​ 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; however, there may be timing differences of when the costs are passed through. 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. ​ 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 equity investments. At any time, we may be engaged in discussions or negotiations at various stages of development with respect to one or more possible transactions or may have entered into non-binding letters of intent. As part of any such initiatives, we may participate in processes being run by other companies or leading our own activities. ​ 23 23 23 Table of ContentsRESULTS 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, 2023, as filed on February 20, 2024, for a comparison of our 2023 results of operations to the 2022 results. On February 16, 2024, the company completed the divestiture of its aerospace business. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 1 for further information on the basis of presentation. As a result of the divestiture, prior periods disclosed herein reflect the aerospace business' financial results as discontinued operations. ​Global Economic Environment​Recent data has indicated that the rate of inflation is slowing in the majority of regions where we operate. That said, current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, tariffs, and changing demand for certain goods and services. We cannot predict with any certainty the impact that interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, hyperinflation in Argentina and Egypt, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the instability in the Middle East and Myanmar, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become.​Consolidated Sales and Earnings​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) 2024 2023 2022 ​​​​​​​​​​​Net sales​$ 11,795​$ 12,062​$ 13,372​Net earnings attributable to Ball Corporation​​ 4,008​​ 707​​ 719​Net earnings attributable to Ball Corporation as a % of net sales​​ 34% ​ 6% ​ 5%​Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility.​Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business.​When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​Cost of Sales (Excluding Depreciation and Amortization) ​Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 Table of Contents Table of Contents 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, 2023, as filed on February 20, 2024, for a comparison of our 2023 results of operations to the 2022 results. On February 16, 2024, the company completed the divestiture of its aerospace business. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 1 for further information on the basis of presentation. As a result of the divestiture, prior periods disclosed herein reflect the aerospace business' financial results as discontinued operations. ​Global Economic Environment​Recent data has indicated that the rate of inflation is slowing in the majority of regions where we operate. That said, current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, tariffs, and changing demand for certain goods and services. We cannot predict with any certainty the impact that interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, hyperinflation in Argentina and Egypt, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the instability in the Middle East and Myanmar, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become.​Consolidated Sales and Earnings​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) 2024 2023 2022 ​​​​​​​​​​​Net sales​$ 11,795​$ 12,062​$ 13,372​Net earnings attributable to Ball Corporation​​ 4,008​​ 707​​ 719​Net earnings attributable to Ball Corporation as a % of net sales​​ 34% ​ 6% ​ 5%​Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility.​Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business.​When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​Cost of Sales (Excluding Depreciation and Amortization) ​Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 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, 2023, as filed on February 20, 2024, for a comparison of our 2023 results of operations to the 2022 results. On February 16, 2024, the company completed the divestiture of its aerospace business. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 1 for further information on the basis of presentation. As a result of the divestiture, prior periods disclosed herein reflect the aerospace business' financial results as discontinued operations. ​Global Economic Environment​Recent data has indicated that the rate of inflation is slowing in the majority of regions where we operate. That said, current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, tariffs, and changing demand for certain goods and services. We cannot predict with any certainty the impact that interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, hyperinflation in Argentina and Egypt, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the instability in the Middle East and Myanmar, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become.​Consolidated Sales and Earnings​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) 2024 2023 2022 ​​​​​​​​​​​Net sales​$ 11,795​$ 12,062​$ 13,372​Net earnings attributable to Ball Corporation​​ 4,008​​ 707​​ 719​Net earnings attributable to Ball Corporation as a % of net sales​​ 34% ​ 6% ​ 5%​Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility.​Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business.​When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​Cost of Sales (Excluding Depreciation and Amortization) ​Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ business practices and applicable law." - Reworded sentence: "​Revenue Contract Costs​The company has determined there are no material costs that meet the capitalization criteria for costs to obtain or fulfill a contract.​Revenue Recognition Practical Expedients​For contracts that have an original duration of one year or less, the company has elected the practical expedient applicable to such contracts and has not disclosed the transaction price for future performance obligations as of the end of each reporting period or when the company expects to recognize sales." - Reworded sentence: "​ Revenue Recognition Practical Expedients ​ For contracts that have an original duration of one year or less, the company has elected the practical expedient applicable to such contracts and has not disclosed the transaction price for future performance obligations as of the end of each reporting period or when the company expects to recognize sales." - Reworded sentence: "The company's business consists of three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, EMEA; and (3) beverage packaging, South America.​Revenue Contract Balances​The company enters into contracts to sell packaging products." - Reworded sentence: "The company assesses whether an arrangement is a lease, or contains a lease, upon inception of the contract.​The company enters into operating leases for buildings, warehouses, office equipment, production equipment, aircraft, land and other types of equipment." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Governmental and regulatory risks **Key changes:** - Reworded sentence: "​ 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." - Reworded sentence: "​ Environmental, social and governance reporting requirements and other legislation and regulatory requirements exist and are also evolving." - Removed sentence: "​ 17 17 17 Table of ContentsOur aerospace segment is subject to certain risks specific to that business.​In our aerospace business, U.S." - Removed sentence: "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." - Removed sentence: "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." **Prior (2024):** ​ 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. ​ 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. ​ 17 17 17 Table of ContentsOur 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. ​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. In addition, various U.S. states have passed or are contemplating legislation restricting, and the EU is reviewing a proposal to restrict, the use of materials that contain intentionally added per- and polyfluoroalkyl substances (PFAS), which may require the company to continue to incur costs to convert existing coatings to accommodate PFAS-free coatings. To mitigate these risks, the Company is working with its suppliers to require them to remove PFAS-containing coatings from our products. 18 Table of Contents Table of Contents Table of Contents 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. ​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. In addition, various U.S. states have passed or are contemplating legislation restricting, and the EU is reviewing a proposal to restrict, the use of materials that contain intentionally added per- and polyfluoroalkyl substances (PFAS), which may require the company to continue to incur costs to convert existing coatings to accommodate PFAS-free coatings. To mitigate these risks, the Company is working with its suppliers to require them to remove PFAS-containing coatings from our products. 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. ​ 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. In addition, various U.S. states have passed or are contemplating legislation restricting, and the EU is reviewing a proposal to restrict, the use of materials that contain intentionally added per- and polyfluoroalkyl substances (PFAS), which may require the company to continue to incur costs to convert existing coatings to accommodate PFAS-free coatings. To mitigate these risks, the Company is working with its suppliers to require them to remove PFAS-containing coatings from our products. 18 18 18 Table of Contents​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., as well as recent OECD, European Commission and other trans-national initiatives that seek to impose minimum tax thresholds on most multi-national companies. 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.​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.​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.​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, as well as those of our suppliers and customers.​The company's IT systems, or any third party's system on which the company relies, as well as those of our suppliers and customers, 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 well as to the security and data of our suppliers and customers. 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 to our networks, systems and data 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.​19 Table of Contents Table of Contents Table of Contents ​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., as well as recent OECD, European Commission and other trans-national initiatives that seek to impose minimum tax thresholds on most multi-national companies. 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.​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.​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.​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, as well as those of our suppliers and customers.​The company's IT systems, or any third party's system on which the company relies, as well as those of our suppliers and customers, 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 well as to the security and data of our suppliers and customers. 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 to our networks, systems and data 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.​ ​ 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., as well as recent OECD, European Commission and other trans-national initiatives that seek to impose minimum tax thresholds on most multi-national companies. 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. ​ 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. ​ **Current (2025):** ​ 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. ​ 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. ​ Environmental, social and governance reporting requirements 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 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. In addition, various U.S. states have passed or are contemplating legislation restricting, and the EU is reviewing a proposal to restrict, the use of materials that contain intentionally added per- and polyfluoroalkyl substances (PFAS), which may require the company to continue to incur costs to convert existing coatings to accommodate PFAS-free coatings. To mitigate these risks, the Company is working with its suppliers to require them to remove PFAS-containing coatings from our products. 16 16 16 Table of Contents​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., as well as recent OECD, European Commission and other trans-national initiatives that seek to impose minimum tax thresholds on most multi-national companies. 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.​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.​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.​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, as well as those of our suppliers and customers.​The company's IT systems, or any third party's system on which the company relies, as well as those of our suppliers and customers, 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 well as to the security and data of our suppliers and customers. 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 to our networks, systems and data 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.​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. 17 Table of Contents Table of Contents Table of Contents ​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., as well as recent OECD, European Commission and other trans-national initiatives that seek to impose minimum tax thresholds on most multi-national companies. 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.​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.​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.​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, as well as those of our suppliers and customers.​The company's IT systems, or any third party's system on which the company relies, as well as those of our suppliers and customers, 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 well as to the security and data of our suppliers and customers. 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 to our networks, systems and data 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.​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. ​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., as well as recent OECD, European Commission and other trans-national initiatives that seek to impose minimum tax thresholds on most multi-national companies. 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.​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.​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.​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, as well as those of our suppliers and customers.​The company's IT systems, or any third party's system on which the company relies, as well as those of our suppliers and customers, 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 well as to the security and data of our suppliers and customers. 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 to our networks, systems and data 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.​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. ​ 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., as well as recent OECD, European Commission and other trans-national initiatives that seek to impose minimum tax thresholds on most multi-national companies. 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. ​ 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. ​ --- ## Modified: Ball Metalpack Investment **Key changes:** - Reworded sentence: "59 59 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​​5." - Reworded sentence: "Current contract liabilities are classified within other current liabilities on the consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities.​​6." **Prior (2024):** ​ During the first quarter of 2022, Ball sold its remaining 49 percent owned equity method investment in Ball Metalpack to Sonoco, a global provider of consumer, industrial, healthcare and protective packaging, for total consideration of $298 million, all of which was received in cash in the first quarter of 2022. Ball's carrying value of the investment before the sale was zero; therefore, a gain from the sale of $298 million is reported in business consolidation and other activities in the consolidated statement of earnings. Cash proceeds of $298 million related to the sale are presented in business dispositions, net of cash sold, in the consolidated statement of cash flows. ​ Ball also received proceeds from Ball Metalpack for the repayment of an outstanding promissory note and accrued interest of approximately $16 million, which was recorded as a gain in business consolidation and other activities in the consolidated statement of earnings. ​ 63 63 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​South Korea Investment​In the third quarter of 2021, Ball sold its minority-owned investment in South Korea. Consideration for the transaction was cash of $120 million, of which $110 million was received at closing and is presented in business dispositions, net of cash sold, within cash flows from investing activities in Ball's 2021 consolidated statement of cash flows. In the fourth quarter of 2022, the remaining $10 million was received and is presented in business dispositions, net of cash sold, within cash flows from investing activities in Ball's 2022 consolidated statement of cash flows. In the second quarter of 2021, the company recorded a loss of $5 million related to the disposal, which is presented in business consolidation and other activities in the consolidated statement of earnings. ​5. Revenue from Contracts with Customers ​The following table disaggregates the company's net sales based on the timing of transfer of control:​​​​​​​​​​​​​($ in millions)Year Ended December 31, Point in Time​Over Time​Total​​​​​​​​​​2023​$ 2,363​$ 11,666​$ 14,0292022​​ 2,699​​ 12,650​​ 15,3492021​​ 2,459​​ 11,352​​ 13,811​The company did not have any contract assets at December 31, 2023, 2022, or 2021. The opening and closing balances of the company's current and noncurrent contract liabilities are as follows:​​​​​​​​​​Contract​Contract​​Liabilities​Liabilities($ in millions) (Current)​(Noncurrent)​​​​​​​Balance at December 31, 2021​$ 272​$ 38Increase (decrease)​​ 44​​ (26)Balance at December 31, 2022​​ 316​​ 12Increase (decrease)​​ 21​​ (2)Balance at December 31, 2023​$ 337​$ 10​During the year ended December 31, 2023, contract liabilities increased by $19 million, which is net of cash received of $984 million and amounts recognized as sales of $965 million, the majority of which related to current contract liabilities. The amount of sales recognized during the year ended December 31, 2023, that was included in the company's opening contract liabilities balance was $316 million, all of which related to current contract liabilities. The difference between the opening and closing balances of the company's contract liabilities primarily results from timing differences between the company's performance and the customer's payments. Current contract liabilities are classified within other current liabilities on the consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities.​The company also recognized additional sales of $20 million and $8 million during the years ended December 31, 2023 and 2022, respectively, from performance obligations satisfied (or partially satisfied) in prior periods. These sales amounts are the result of changes in the transaction price of the company's contracts with customers.​64 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ During the first quarter of 2022, Ball sold its remaining 49 percent owned equity method investment in Ball Metalpack to Sonoco, a global provider of consumer, industrial, healthcare and protective packaging, for total consideration of $298 million, all of which was received in cash in the first quarter of 2022. Ball's carrying value of the investment before the sale was zero; therefore, a gain from the sale of $298 million is reported in business consolidation and other activities in the consolidated statement of earnings. Cash proceeds of $298 million related to the sale are presented in business dispositions, net of cash sold, in the consolidated statement of cash flows. ​ Ball also received proceeds from Ball Metalpack for the repayment of an outstanding promissory note and accrued interest of approximately $16 million, which was recorded as a gain in business consolidation and other activities in the consolidated statement of earnings. 59 59 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​​5. Revenue from Contracts with Customers ​The following table disaggregates the company's net sales based on the timing of transfer of control:​​​​​​​​​​​​​($ in millions)Year Ended December 31, Point in Time​Over Time​Total​​​​​​​​​​2024​$ 2,454​$ 9,341​$ 11,7952023​​ 2,352​​ 9,710​​ 12,0622022​​ 2,691​​ 10,681​​ 13,372​The company did not have any contract assets at December 31, 2024, 2023, or 2022. The opening and closing balances of the company's current and noncurrent contract liabilities are as follows:​​​​​​​​​​Contract​Contract​​Liabilities​Liabilities($ in millions) (Current)​(Noncurrent)​​​​​​​Balance at December 31, 2022​$ 49​$ 2Increase (decrease)​​ 65​​ 1Balance at December 31, 2023​​ 114​​ 3Increase (decrease)​​ (64)​​ (1)Balance at December 31, 2024​$ 50​$ 2​During the year ended December 31, 2024, contract liabilities decreased by $65 million, which is net of cash received of $109 million and amounts recognized as sales of $174 million, the majority of which related to current contract liabilities. The amount of sales recognized during the year ended December 31, 2024, that was included in the company's opening contract liabilities balance was $114 million, all of which related to current contract liabilities. The difference between the opening and closing balances of the company's contract liabilities primarily results from timing differences between the company's performance and the customer's payments. Current contract liabilities are classified within other current liabilities on the consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities.​​6. Business Consolidation and Other Activities ​2024​During 2024, the company recorded charges of $420 million primarily related to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell, $161 million facility closure costs and $34 million of costs for employee severance, employee benefits and other related items resulting from the company restructuring its operating model. The charges were partially offset by income of $44 million from the insurance proceeds for replacement costs related to the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. See Note 4 for further details on the aluminum cups impairment.​60 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: Currency Exchange Rate Risk **Key changes:** - Reworded sentence: "​ Our objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts." - Reworded sentence: "The company faces currency exposures in our global operations as a result of various factors including intercompany currency denominated loans, selling our products in various currencies, purchasing raw materials and equipment in various currencies and tax exposures not denominated in the functional currency of the entity with the exposure." - Reworded sentence: "dollar would result in an estimated $19 million after-tax reduction in net earnings over a one-year period." - Reworded sentence: "dollar's currency exchange rates would increase our forecasted average debt balance by approximately $73 million." - Removed sentence: "The company is currently placing increased importance on managing its currency exchange rate risk in Argentina given the devaluation of the country's currency." **Prior (2024):** ​ Our objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, we may use a variety of interest rate swaps, collars and options to manage our mix of floating and fixed-rate debt. Interest rate instruments held by the company at December 31, 2023, included pay-fixed interest rate swaps and options which effectively convert variable rate obligations to fixed-rate instruments. ​ Based on our interest rate exposure at December 31, 2023, assumed floating rate debt levels throughout the next 12 months and the effects of our existing derivative instruments, a 100-basis point increase in interest rates would result in an estimated $7 million after-tax reduction in net earnings over a one-year period. Actual results may vary based on actual changes in market prices and rates and the timing of these changes. ​ 38 38 38 Table of ContentsCurrency Exchange Rate Risk ​Our objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. In addition, at times Ball manages earnings translation volatility through the use of currency option strategies, and the change in the fair value of those options is recorded in the company's net earnings. Our currency translation risk results from the currencies in which we transact business. The company faces currency exposures in our global operations as a result of various factors including intercompany currency denominated loans, selling our products in various currencies, purchasing raw materials and equipment in various currencies and tax exposures not denominated in the functional currency. Sales contracts are negotiated with customers to reflect cost changes and, where there is not an exchange pass-through arrangement, the company may use derivative instruments to manage significant currency exposures.​Considering the company's derivative financial instruments outstanding at December 31, 2023, and the various currency exposures, a hypothetical 10 percent reduction (U.S. dollar strengthening) in currency exchange rates compared to the U.S. dollar would result in an estimated $15 million after-tax reduction in net earnings over a one-year period. A hypothetical 10 percent adverse change in the U.S. dollar's currency exchange rates would increase our forecasted average debt balance by approximately $165 million. Actual changes in market prices or rates may differ from hypothetical changes.​Although Ball's functional currency in Argentina is the U.S. dollar, a portion of its transactions are denominated in pesos. The company is currently placing increased importance on managing its currency exchange rate risk in Argentina given the devaluation of the country's currency. This devaluation and economic conditions in Argentina make it difficult to manage currency exchange rate risk, and have an adverse effect on the company's results of operations. Ball's Argentinean business, which is presented in its beverage packaging, South America, reportable operating segment, represented approximately 1 percent of the company's total comparable operating earnings for the year ended December 31, 2023. In addition, our plant in Argentina accounted for approximately 2 percent of the company's 105 billion global beverage can unit shipments for the year ended December 31, 2023. During the fourth quarter of 2023, Argentina suddenly devalued its peso relative to the U.S. dollar by approximately 55%. As a result, Ball recorded a $22 million devaluation charge in business consolidation and other activities in the consolidated statement of earnings. Ball's peso-denominated net assets in Argentina were approximately $20 million at December 31, 2023. As of December 31, 2023, Ball's Argentinean business had net asset exposure of $404 million, which consisted primarily of working capital and property, plant and equipment. ​​​39 Table of Contents Table of Contents Table of Contents Currency Exchange Rate Risk ​Our objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. In addition, at times Ball manages earnings translation volatility through the use of currency option strategies, and the change in the fair value of those options is recorded in the company's net earnings. Our currency translation risk results from the currencies in which we transact business. The company faces currency exposures in our global operations as a result of various factors including intercompany currency denominated loans, selling our products in various currencies, purchasing raw materials and equipment in various currencies and tax exposures not denominated in the functional currency. Sales contracts are negotiated with customers to reflect cost changes and, where there is not an exchange pass-through arrangement, the company may use derivative instruments to manage significant currency exposures.​Considering the company's derivative financial instruments outstanding at December 31, 2023, and the various currency exposures, a hypothetical 10 percent reduction (U.S. dollar strengthening) in currency exchange rates compared to the U.S. dollar would result in an estimated $15 million after-tax reduction in net earnings over a one-year period. A hypothetical 10 percent adverse change in the U.S. dollar's currency exchange rates would increase our forecasted average debt balance by approximately $165 million. Actual changes in market prices or rates may differ from hypothetical changes.​Although Ball's functional currency in Argentina is the U.S. dollar, a portion of its transactions are denominated in pesos. The company is currently placing increased importance on managing its currency exchange rate risk in Argentina given the devaluation of the country's currency. This devaluation and economic conditions in Argentina make it difficult to manage currency exchange rate risk, and have an adverse effect on the company's results of operations. Ball's Argentinean business, which is presented in its beverage packaging, South America, reportable operating segment, represented approximately 1 percent of the company's total comparable operating earnings for the year ended December 31, 2023. In addition, our plant in Argentina accounted for approximately 2 percent of the company's 105 billion global beverage can unit shipments for the year ended December 31, 2023. During the fourth quarter of 2023, Argentina suddenly devalued its peso relative to the U.S. dollar by approximately 55%. As a result, Ball recorded a $22 million devaluation charge in business consolidation and other activities in the consolidated statement of earnings. Ball's peso-denominated net assets in Argentina were approximately $20 million at December 31, 2023. As of December 31, 2023, Ball's Argentinean business had net asset exposure of $404 million, which consisted primarily of working capital and property, plant and equipment. ​​​ **Current (2025):** ​ Our objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. In addition, at times Ball manages earnings translation volatility through the use of currency option strategies, and the change in the fair value of those options is recorded in the company's net earnings. Our currency translation risk results from the currencies in which we transact business. The company faces currency exposures in our global operations as a result of various factors including intercompany currency denominated loans, selling our products in various currencies, purchasing raw materials and equipment in various currencies and tax exposures not denominated in the functional currency of the entity with the exposure. Sales contracts are negotiated with customers to reflect cost changes and, where there is not an exchange pass-through arrangement, the company may use derivative instruments to manage significant currency exposures. ​ Considering the company's derivative financial instruments outstanding at December 31, 2024, and the various currency exposures, a hypothetical 10 percent reduction (U.S. dollar strengthening) in currency exchange rates compared to the U.S. dollar would result in an estimated $19 million after-tax reduction in net earnings over a one-year period. A hypothetical 10 percent adverse change in the U.S. dollar's currency exchange rates would increase our forecasted average debt balance by approximately $73 million. Actual results may vary based on actual changes in market prices and rates and the timing of these changes. ​ Although Ball's functional currency in Argentina is the U.S. dollar, a portion of its transactions are denominated in pesos. During the fourth quarter of 2023, Argentina suddenly devalued its peso relative to the U.S. dollar as one of the economic policies implemented by the new government with the goal of stabilizing and growing the economy. As a result, Ball recorded a $22 million devaluation charge in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2023. ​ The Egypt economy became highly inflationary at September 30, 2024, due to the country's three year cumulative inflation rate exceeding 100 percent. As such, effective October 1, 2024, the company's Egyptian business will be accounted for as operating in a highly inflationary economy. ​ --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "​ 2024 2023 ​ ​ ​ ​ ​ ​ ​ Operating lease expense ​ $ (98) ​ $ (100) Financing lease expense ​ ​ (4) ​ ​ (2) Variable lease expense ​ ​ (11) ​ ​ (10) Sublease income ​ ​ 2 ​ ​ 3 Net lease expense ​ $ (111) ​ $ (109) ​ 64 64 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Supplemental cash flow information related to leases, inclusive of leases related to the historical aerospace business, was as follows:​​​​​​​​​​December 31,($ in millions)​2024 2023​​​​​​​Cash paid for amounts included in the measurements of lease liabilities:​​​​​​Operating cash outflows for operating leases​$ (97)​$ (113)Financing cash outflows for finance leases​​ (3)​​ (3)​​​​​​​ROU assets obtained in exchange for:​​​​​​Operating lease obligations​​ 53​​ 64Finance lease obligations​​ 24​​ - ​Supplemental balance sheet information related to leases was as follows:​​​​​​​​​​​​December 31,($ in millions)Balance Sheet Location​2024​2023​​​​​​​​Operating leases:​​​​​​​Operating lease ROU assetOther assets​$ 334​$ 365Current operating lease liabilitiesOther current liabilities​​ 79​​ 83Noncurrent operating lease liabilitiesOther liabilities​​ 265​​ 287Finance leases:​​​​​​​Finance lease ROU assets, netProperty, plant and equipment, net​​ 31​​ 8Current finance lease liabilitiesShort-term debt and current portion of long-term debt​​ 26​​ 3Noncurrent finance lease liabilitiesLong-term debt​​ 5​​ 7​Weighted average remaining lease term and weighted average discount rate for the company's leases were as follows: ​​​​​​​​​​​​December 31,​​​​2024​​2023​​​​​​​​​Weighted average remaining lease term in years:​​​​​​​Operating leases​​ 7​​ 8​Finance leases​​ 1​​ 5​Weighted average discount rate:​​​​​​​Operating leases​​ 4.4%​ 4.1%Finance leases​​ 4.8%​ 3.0%​65 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents" **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: Cash Flows from Financing Activities **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term borrowings ​ ​ 650 ​ ​ 2,051 ​ ​ 4,851 Repayments of long-term borrowings ​ ​ (3,480) ​ ​ (2,281) ​ ​ (3,884) Net change in short-term borrowings ​ ​ (29) ​ ​ (210) ​ ​ 394 Acquisitions of treasury stock ​ ​ (1,712) ​ ​ (3) ​ ​ (618) Common stock dividends ​ ​ (244) ​ ​ (252) ​ ​ (254) Other, net ​ ​ 25 ​ ​ 33 ​ ​ (4) Cash provided by (used in) financing activities ​ ​ (4,790) ​ ​ (662) ​ ​ 485 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash ​ ​ (107) ​ ​ 4 ​ ​ (21) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​" **Prior (2024):** ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term borrowings ​ ​ 2,051 ​ ​ 4,851 ​ ​ 850 ​ Repayments of long-term borrowings ​ ​ (2,281) ​ ​ (3,884) ​ ​ (750) ​ Net change in short-term borrowings ​ ​ (210) ​ ​ 394 ​ ​ (2) ​ Acquisitions of treasury stock ​ ​ (3) ​ ​ (618) ​ ​ (766) ​ Common stock dividends ​ ​ (252) ​ ​ (254) ​ ​ (229) ​ Other, net ​ ​ 33 ​ ​ (4) ​ ​ 3 ​ Cash provided by (used in) financing activities ​ ​ (662) ​ ​ 485 ​ ​ (894) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash ​ ​ 4 ​ ​ (21) ​ ​ (29) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ **Current (2025):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term borrowings ​ ​ 650 ​ ​ 2,051 ​ ​ 4,851 Repayments of long-term borrowings ​ ​ (3,480) ​ ​ (2,281) ​ ​ (3,884) Net change in short-term borrowings ​ ​ (29) ​ ​ (210) ​ ​ 394 Acquisitions of treasury stock ​ ​ (1,712) ​ ​ (3) ​ ​ (618) Common stock dividends ​ ​ (244) ​ ​ (252) ​ ​ (254) Other, net ​ ​ 25 ​ ​ 33 ​ ​ (4) Cash provided by (used in) financing activities ​ ​ (4,790) ​ ​ (662) ​ ​ 485 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash ​ ​ (107) ​ ​ 4 ​ ​ (21) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## Modified: Short-term debt and current portion of long-term debt **Key changes:** - Reworded sentence: "​ $ 361 ​ $ 1,065 ​ The company's senior credit facilities include long-term multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S." - Reworded sentence: "At December 31, 2024, $1.73 billion was available under these revolving credit facilities." - Reworded sentence: "Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt, based on discounted cash flows.​Long-term debt obligations outstanding at December 31, 2024, have maturities (excluding unamortized debt issuance costs of $45 million) of $192 million, $258 million, $1.20 billion, $751 million and $1.00 billion in the years ending 2025 through 2029, respectively, and $2.15 billion thereafter.​Letters of credit outstanding at December 31, 2024 and 2023, were $25 million and $57 million, respectively." - Reworded sentence: "Ball was in compliance with the leverage ratio requirement at December 31, 2024, and for all prior periods presented, and has met all debt payment obligations.​16." **Prior (2024):** ​ ​ (60) ​ ​ (61) ​ ​ ​ 8,360 ​ ​ 8,543 Less: Current portion ​ ​ (856) ​ ​ (1,003) ​ ​ $ 7,504 ​ $ 7,540 ​ The company's senior credit facilities include long-term multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At December 31, 2023, $1.69 billion was available under these revolving credit facilities. In addition to these facilities, the company had $196 million of committed short-term loans outstanding. The company also had approximately $964 million of short-term uncommitted credit facilities available at December 31, 2023, of which $13 million was outstanding and due on demand. At December 31, 2022, the company had $293 million of committed short-term loans outstanding and $112 million outstanding under short-term uncommitted credit facilities. The weighted average interest rate of the outstanding short-term facilities was 19.95 percent at December 31, 2023, and 6.71 percent at December 31, 2022. ​ In November 2023, Ball redeemed the outstanding 4.00% senior notes due in the amount of $1.00 billion. In May 2023, Ball issued $1.00 billion of 6.00% senior notes due in 2029, and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $800 million. ​ The fair value of Ball's long-term debt was estimated to be $8.07 billion and $7.99 billion at December 31, 2023 and 2022, respectively, compared to its carrying value of $8.36 billion and $8.54 billion in 2023 and 2022, respectively. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company's ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt, based on discounted cash flows. ​ Long-term debt obligations outstanding at December 31, 2023, have maturities (excluding unamortized debt issuance costs of $62 million) of $858 million, $1.05 billion, $819 million, $1.79 billion and $751 million in the years ending 2024 through 2028, respectively, and $3.15 billion thereafter. ​ Letters of credit outstanding at December 31, 2023 and 2022, were $57 million and $59 million, respectively. ​ 71 71 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Total interest expense was $459 million, $330 million and $283 million, which included cash interest payments of $378 million, $312 million and $276 million, net of capitalized interest of $25 million, $10 million and $17 million and noncash financing fees of $17 million, $16 million and $13 million in 2023, 2022 and 2021, respectively. ​The company's senior notes and senior credit facilities are guaranteed on a full and unconditional, joint and several basis by certain of its material subsidiaries. Each of the guarantor subsidiaries is 100 percent owned by Ball Corporation. These guarantees are required in support of these notes and credit facilities, are coterminous with the terms of the respective note indentures and would require performance upon certain events of default referenced in the respective guarantees. Note 23 provides further details about the company's debt guarantees of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group).​The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The company's most restrictive debt covenant requires it to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of September 30, 2025. Ball was in compliance with the leverage ratio requirement at December 31, 2023 and 2022.​16. Taxes on Income ​The amount of earnings (loss) before income taxes is:​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) 2023 2022 2021​​​​​​​​​​​​U.S.​$ 258​$ 496​$ 146​Non-U.S.​​ 556​​ 388​​ 862​​​$ 814​$ 884​$ 1,008​​The provision (benefit) for income tax expense is:​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) 2023 2022 2021​​​​​​​​​​​​Current​​​​​​​​​​U.S.​$ 10​$ 9​$ (20)​State and local​​ 11​​ 18​​ 8​Non-U.S.​​ 169​​ 134​​ 133​Total current​​ 190​​ 161​​ 121​​​​​​​​​​​​Deferred​​​​​​​​​​U.S.​​ (74)​​ 90​​ (7)​State and local​​ 6​​ 7​​ (4)​Non-U.S.​​ 1​​ (99)​​ 46​Total deferred​​ (67)​​ (2)​​ 35​Tax provision (benefit)​$ 123​$ 159​$ 156​​72 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ $ 361 ​ $ 1,065 ​ The company's senior credit facilities include long-term multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At December 31, 2024, $1.73 billion was available under these revolving credit facilities. The company had approximately $978 million of short-term 66 66 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​uncommitted credit facilities available at December 31, 2024. The weighted average interest rate of the outstanding short-term committed loans and uncommitted credit facilities, the majority of which are outstanding in the beverage packaging, South America, segment, was 18.30 percent at December 31, 2024, and 19.95 percent at December 31, 2023. ​On February 14, 2024, Ball announced a public tender of the $1.00 billion 5.25% senior notes due July 2025 and the $750 million 4.875% senior notes due March 2026. On March 14, 2024, $811 million of the $1.00 billion 5.25% senior notes and $494 million of the $750 million 4.875% senior notes were validly tendered and accepted. Additionally, in the first quarter of 2024, Ball repaid at maturity the outstanding 0.875% euro denominated senior notes due in the amount of $817 million and prepaid $700 million of the Term A loan outstanding balance.​The fair value of Ball's long-term debt was estimated to be $5.19 billion and $8.07 billion at December 31, 2024 and 2023, respectively, compared to its carrying value of $5.50 billion and $8.36 billion in 2024 and 2023, respectively. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company's ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt, based on discounted cash flows.​Long-term debt obligations outstanding at December 31, 2024, have maturities (excluding unamortized debt issuance costs of $45 million) of $192 million, $258 million, $1.20 billion, $751 million and $1.00 billion in the years ending 2025 through 2029, respectively, and $2.15 billion thereafter.​Letters of credit outstanding at December 31, 2024 and 2023, were $25 million and $57 million, respectively. ​Interest expense and debt refinancing and other costs were $296 million, $460 million and $331 million, which included cash interest payments of $336 million, $378 million and $312 million, net of capitalized interest of $13 million, $24 million and $9 million and noncash financing fees of $13 million, $17 million and $16 million in 2024, 2023 and 2022, respectively. ​The company's senior notes and senior credit facilities are guaranteed on a full and unconditional, joint and several basis by certain of its material subsidiaries. Each of the guarantor subsidiaries is 100 percent owned by Ball Corporation. These guarantees are required in support of these notes and credit facilities, are coterminous with the terms of the respective note indentures and would require performance upon certain events of default referenced in the respective guarantees. Note 23 provides further details about the company's debt guarantees of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group).​The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The company's most restrictive debt covenant requires it to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of September 30, 2025. Ball was in compliance with the leverage ratio requirement at December 31, 2024, and for all prior periods presented, and has met all debt payment obligations.​16. Taxes on Income ​The amount of earnings before income taxes is:​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) 2024 2023 2022​​​​​​​​​​​​U.S.​$ (8)​$ 58​$ 326​Non-U.S.​​ 543​​ 556​​ 387​​​$ 535​$ 614​$ 713​​67 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: RESULTS OF OPERATIONS **Key changes:** - Reworded sentence: "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, 2023, as filed on February 20, 2024, for a comparison of our 2023 results of operations to the 2022 results." **Prior (2024):** ​ 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, 2022, as filed on February 21, 2023, for a comparison of our 2022 results of operations to the 2021 results. ​ **Current (2025):** ​ 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, 2023, as filed on February 20, 2024, for a comparison of our 2023 results of operations to the 2022 results. On February 16, 2024, the company completed the divestiture of its aerospace business. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 1 for further information on the basis of presentation. As a result of the divestiture, prior periods disclosed herein reflect the aerospace business' financial results as discontinued operations. Note 1 ​ --- ## Modified: Contributions to the company's defined benefit pension plans were $32 million and $42 million for the years ended 2024 and 2023, respectively, inclusive of contributions in 2023 to the Salaried Employees of Ball Aerospace & Technologies Corp. Pension Plan. Contributions are expected to be approximately $32 million for the full year of 2025. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors. **Key changes:** - Reworded sentence: "​ As of December 31, 2024, approximately $416 million of our cash was held outside of the U.S." - Removed sentence: "where we have cash, other than market liquidity constraints that limit the ability to convert Egyptian pounds held by the company in Egypt with a U.S." - Removed sentence: "dollar equivalent value of $110 million into other currencies." - Reworded sentence: "operating cash flows and cash on hand, as well as availability under its long-term, revolving credit facilities, uncommitted short-term credit facilities and accounts receivable factoring programs, will be sufficient to meet the cash requirements of the U.S." - Reworded sentence: "​ Share Repurchases ​ The company's share repurchases were $1.71 billion in 2024 and $3 million in 2023." **Prior (2024):** ​ As of December 31, 2023, approximately $687 million of our cash was held outside of the U.S. In the event that we would 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, other than market liquidity constraints that limit the ability to convert Egyptian pounds held by the company in Egypt with a U.S. dollar equivalent value of $110 million into other currencies. The company believes its U.S. operating cash flows and 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 non-U.S. funds are needed for our U.S. cash requirements and we are unable to provide the funds through intercompany financing arrangements, we may be required to repatriate funds from non-U.S. 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 totaled $3 million in 2023 and $618 million in 2022. The repurchases were completed using cash on hand, cash provided by operating activities, proceeds from the sale of businesses and available borrowings. On February 16, 2024, the company completed the divestiture of the aerospace business. The company 33 33 33 Table of Contentsplans to accelerate capital return to shareholders via share repurchases as a result of the divestiture. See Note 4 for further details.​In the second quarter of 2022, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $300 million of its common shares using cash on hand and available borrowings. In the third quarter of 2022, Ball settled the agreement and received a total of 4.34 million shares with the average price paid per share of $69.06.​Debt Facilities and Refinancing ​Given our cash flow projections and unused credit facilities that are available until June 2027, our liquidity is strong and is expected to meet our ongoing cash and debt service requirements. Total interest-bearing debt of $8.62 billion and $9.00 billion was outstanding at December 31, 2023 and 2022, respectively. On February 16, 2024, the company completed the divestiture of the aerospace business. We plan to repay a portion of outstanding debt as a result of the divestiture. See Note 4 for further details.​In November 2023, Ball redeemed the outstanding 4.00% senior notes due in the amount of $1.00 billion. In May 2023, Ball issued $1.00 billion of 6.00% senior notes due in 2029, and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $800 million. The remaining $200 million was used for general corporate purposes. During 2022, Ball issued $750 million of 6.875% senior notes due in 2028, redeemed $738 million of outstanding euro denominated 4.375% debt and completed the closing of its new revolving and term loan senior secured credit facilities that refinanced its existing senior secured credit facilities entered into in 2019. ​The company's senior credit facilities include a $1.35 billion term loan and long-term, multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At December 31, 2023, approximately $1.69 billion was available under the company's long-term, multi-currency committed revolving credit facilities. In addition to these facilities, the company had $196 million of committed short-term loans outstanding. The company also had approximately $964 million of short-term uncommitted credit facilities available at December 31, 2023, of which $13 million was outstanding and due on demand. At December 31, 2022, the company had $293 million of committed short-term loans outstanding and $112 million outstanding under short-term uncommitted credit facilities. ​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, 2023, 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. The most restrictive of our debt covenants 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 September 30, 2025. As of December 31, 2023, the company could borrow an additional $2.36 billion under its 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 accompanying the consolidated financial statements within Item 8 of this annual report.​Defined Benefit Pension Plans​In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or "buy-in," for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. This transaction allows the company to reduce volatility by removing investment, longevity, mortality, interest rate and inflation risk upon the transfer of significantly all of the pension plan assets to the insurer in exchange for the group annuity insurance contract. The plan will be frozen in April 2024 and the company anticipates the "buy-out" will occur within the next two years, which will trigger a pension settlement that will result in all plan balances, including accumulated pension components within other comprehensive income, being charged to expense as a noncash settlement charge. See Note 17 for further details.​34 Table of Contents Table of Contents Table of Contents plans to accelerate capital return to shareholders via share repurchases as a result of the divestiture. See Note 4 for further details.​In the second quarter of 2022, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $300 million of its common shares using cash on hand and available borrowings. In the third quarter of 2022, Ball settled the agreement and received a total of 4.34 million shares with the average price paid per share of $69.06.​Debt Facilities and Refinancing ​Given our cash flow projections and unused credit facilities that are available until June 2027, our liquidity is strong and is expected to meet our ongoing cash and debt service requirements. Total interest-bearing debt of $8.62 billion and $9.00 billion was outstanding at December 31, 2023 and 2022, respectively. On February 16, 2024, the company completed the divestiture of the aerospace business. We plan to repay a portion of outstanding debt as a result of the divestiture. See Note 4 for further details.​In November 2023, Ball redeemed the outstanding 4.00% senior notes due in the amount of $1.00 billion. In May 2023, Ball issued $1.00 billion of 6.00% senior notes due in 2029, and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $800 million. The remaining $200 million was used for general corporate purposes. During 2022, Ball issued $750 million of 6.875% senior notes due in 2028, redeemed $738 million of outstanding euro denominated 4.375% debt and completed the closing of its new revolving and term loan senior secured credit facilities that refinanced its existing senior secured credit facilities entered into in 2019. ​The company's senior credit facilities include a $1.35 billion term loan and long-term, multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At December 31, 2023, approximately $1.69 billion was available under the company's long-term, multi-currency committed revolving credit facilities. In addition to these facilities, the company had $196 million of committed short-term loans outstanding. The company also had approximately $964 million of short-term uncommitted credit facilities available at December 31, 2023, of which $13 million was outstanding and due on demand. At December 31, 2022, the company had $293 million of committed short-term loans outstanding and $112 million outstanding under short-term uncommitted credit facilities. ​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, 2023, 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. The most restrictive of our debt covenants 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 September 30, 2025. As of December 31, 2023, the company could borrow an additional $2.36 billion under its 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 accompanying the consolidated financial statements within Item 8 of this annual report.​Defined Benefit Pension Plans​In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or "buy-in," for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. This transaction allows the company to reduce volatility by removing investment, longevity, mortality, interest rate and inflation risk upon the transfer of significantly all of the pension plan assets to the insurer in exchange for the group annuity insurance contract. The plan will be frozen in April 2024 and the company anticipates the "buy-out" will occur within the next two years, which will trigger a pension settlement that will result in all plan balances, including accumulated pension components within other comprehensive income, being charged to expense as a noncash settlement charge. See Note 17 for further details.​ plans to accelerate capital return to shareholders via share repurchases as a result of the divestiture. See Note 4 for further details. Note 4 ​ In the second quarter of 2022, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $300 million of its common shares using cash on hand and available borrowings. In the third quarter of 2022, Ball settled the agreement and received a total of 4.34 million shares with the average price paid per share of $69.06. ​ Debt Facilities and Refinancing ​ Given our cash flow projections and unused credit facilities that are available until June 2027, our liquidity is strong and is expected to meet our ongoing cash and debt service requirements. Total interest-bearing debt of $8.62 billion and $9.00 billion was outstanding at December 31, 2023 and 2022, respectively. On February 16, 2024, the company completed the divestiture of the aerospace business. We plan to repay a portion of outstanding debt as a result of the divestiture. See Note 4 for further details. Note 4 ​ In November 2023, Ball redeemed the outstanding 4.00% senior notes due in the amount of $1.00 billion. In May 2023, Ball issued $1.00 billion of 6.00% senior notes due in 2029, and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $800 million. The remaining $200 million was used for general corporate purposes. During 2022, Ball issued $750 million of 6.875% senior notes due in 2028, redeemed $738 million of outstanding euro denominated 4.375% debt and completed the closing of its new revolving and term loan senior secured credit facilities that refinanced its existing senior secured credit facilities entered into in 2019. ​ The company's senior credit facilities include a $1.35 billion term loan and long-term, multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At December 31, 2023, approximately $1.69 billion was available under the company's long-term, multi-currency committed revolving credit facilities. In addition to these facilities, the company had $196 million of committed short-term loans outstanding. The company also had approximately $964 million of short-term uncommitted credit facilities available at December 31, 2023, of which $13 million was outstanding and due on demand. At December 31, 2022, the company had $293 million of committed short-term loans outstanding and $112 million outstanding under short-term uncommitted credit facilities. ​ 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, 2023, 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. The most restrictive of our debt covenants 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 September 30, 2025. As of December 31, 2023, the company could borrow an additional $2.36 billion under its 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 accompanying the consolidated financial statements within Item 8 of this annual report. Note 15 Item 8 ​ Defined Benefit Pension Plans ​ In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or "buy-in," for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. This transaction allows the company to reduce volatility by removing investment, longevity, mortality, interest rate and inflation risk upon the transfer of significantly all of the pension plan assets to the insurer in exchange for the group annuity insurance contract. The plan will be frozen in April 2024 and the company anticipates the "buy-out" will occur within the next two years, which will trigger a pension settlement that will result in all plan balances, including accumulated pension components within other comprehensive income, being charged to expense as a noncash settlement charge. See Note 17 for further details. Note 17 ​ 34 34 34 Table of ContentsThe company closed its pension plans to all non-unionized new entrants in the United States effective for anyone hired after December 31, 2021. New employees instead receive a non-elective 401(k) company contribution that is expected to approximate the legacy pension benefit. Anyone employed by Ball prior to that date is unaffected by this change. ​Other Liquidity Measures​Given the on-going growth projects in our businesses being undertaken to support EVA-enhancing contracted volumes, in 2024, we expect capital expenditures to be in the range of $650 million and we intend to return approximately $247 million to shareholders in the form of dividends. We further intend to utilize our operating cash flows to pay down debt and, to the extent available, repurchase Ball common stock or fund acquisitions that meet our rate of return criteria. On February 16, 2024, the company completed the divestiture of the aerospace business. We plan to accelerate capital return to shareholders via share repurchases and repay a portion of outstanding debt as a result of the divestiture. See Note 4 for further details.​We have committed contracts to purchase raw materials and we align these purchase commitments with long-term sales contracts with our customers such that any commitment to purchase aluminum and other direct materials corresponds to a contractual sale. These aluminum purchase commitments include pass-through provisions which generally result in proportional changes in both sales and costs of sales; however, there may be timing differences of when the costs are passed through.​The company's growth and asset maintenance plans require capital expenditures over the coming years, which will be funded by operating cash flows and external borrowings. Approximately $258 million of capital expenditures were contractually committed as of December 31, 2023. Maturities for Ball's long-term debt are disclosed in Note 15 to the consolidated financial statements within Item 8 of this annual report. Repayments of debt and other operational cash requirements will also be funded by operating cash flows and external borrowings. The company has no material off-balance sheet arrangements.​CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES​Details of the company's contingencies, legal proceedings, indemnifications and guarantees are available in Note 22 and Note 23 to the consolidated financial statements within Item 8 of this annual report. The company is routinely subject to litigation incidental to operating its businesses and has been designated by various federal, state, and international environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites. The company believes the matters identified will not have a material adverse effect upon its liquidity, results of operations or financial condition. ​Guaranteed Securities​The company's senior notes are guaranteed on a full and unconditional, joint and several basis by the issuer of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group). The entities that comprise the obligor group are 100 percent owned by the company. As described in the supplemental indentures governing the company's existing senior notes, the senior notes are guaranteed by any of the company's domestic subsidiaries that guarantee any other indebtedness of the company.​The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2023 and 2022. Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated.​35 Table of Contents Table of Contents Table of Contents The company closed its pension plans to all non-unionized new entrants in the United States effective for anyone hired after December 31, 2021. New employees instead receive a non-elective 401(k) company contribution that is expected to approximate the legacy pension benefit. Anyone employed by Ball prior to that date is unaffected by this change. ​Other Liquidity Measures​Given the on-going growth projects in our businesses being undertaken to support EVA-enhancing contracted volumes, in 2024, we expect capital expenditures to be in the range of $650 million and we intend to return approximately $247 million to shareholders in the form of dividends. We further intend to utilize our operating cash flows to pay down debt and, to the extent available, repurchase Ball common stock or fund acquisitions that meet our rate of return criteria. On February 16, 2024, the company completed the divestiture of the aerospace business. We plan to accelerate capital return to shareholders via share repurchases and repay a portion of outstanding debt as a result of the divestiture. See Note 4 for further details.​We have committed contracts to purchase raw materials and we align these purchase commitments with long-term sales contracts with our customers such that any commitment to purchase aluminum and other direct materials corresponds to a contractual sale. These aluminum purchase commitments include pass-through provisions which generally result in proportional changes in both sales and costs of sales; however, there may be timing differences of when the costs are passed through.​The company's growth and asset maintenance plans require capital expenditures over the coming years, which will be funded by operating cash flows and external borrowings. Approximately $258 million of capital expenditures were contractually committed as of December 31, 2023. Maturities for Ball's long-term debt are disclosed in Note 15 to the consolidated financial statements within Item 8 of this annual report. Repayments of debt and other operational cash requirements will also be funded by operating cash flows and external borrowings. The company has no material off-balance sheet arrangements.​CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES​Details of the company's contingencies, legal proceedings, indemnifications and guarantees are available in Note 22 and Note 23 to the consolidated financial statements within Item 8 of this annual report. The company is routinely subject to litigation incidental to operating its businesses and has been designated by various federal, state, and international environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites. The company believes the matters identified will not have a material adverse effect upon its liquidity, results of operations or financial condition. ​Guaranteed Securities​The company's senior notes are guaranteed on a full and unconditional, joint and several basis by the issuer of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group). The entities that comprise the obligor group are 100 percent owned by the company. As described in the supplemental indentures governing the company's existing senior notes, the senior notes are guaranteed by any of the company's domestic subsidiaries that guarantee any other indebtedness of the company.​The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2023 and 2022. Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated.​ The company closed its pension plans to all non-unionized new entrants in the United States effective for anyone hired after December 31, 2021. New employees instead receive a non-elective 401(k) company contribution that is expected to approximate the legacy pension benefit. Anyone employed by Ball prior to that date is unaffected by this change. ​ **Current (2025):** ​ As of December 31, 2024, approximately $416 million of our cash was held outside of the U.S. In the event that we would 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 and cash on hand, as well as availability under its long-term, revolving credit facilities, uncommitted short-term credit facilities and 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 non-U.S. funds are needed for our U.S. cash requirements and we are unable to provide the funds through intercompany financing arrangements, we may be required to repatriate funds from non-U.S. 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 were $1.71 billion in 2024 and $3 million in 2023. The repurchases were completed using cash on hand, cash provided by operating activities, proceeds from the sale of businesses and available borrowings. The company plans to continue capital return to shareholders via an estimated $1.3 billion in share repurchases in 2025. ​ On April 24, 2024, Ball's Board of Directors approved the repurchase by the company of up to a total of 40 million shares of its common stock. This repurchase authorization replaced all previous authorizations. On January 29, 2025, the Board of Directors approved the repurchase by the company of up to a total of $4.00 billion in shares of its common stock. This repurchase authorization replaced the April 24, 2024, authorization. ​ Debt Facilities and Refinancing ​ Given our cash flow projections and unused credit facilities that are available until June 2027, our liquidity is strong and is expected to meet our ongoing cash and debt service requirements. Total interest-bearing debt of $5.69 billion and $8.62 billion was outstanding at December 31, 2024 and 2023, respectively. ​ On February 14, 2024, Ball announced a public tender of the $1.00 billion 5.25% senior notes due July 2025 and the $750 million 4.875% senior notes due March 2026. On March 14, 2024, $811 million of the $1.00 billion 5.25% senior notes and $494 million of the $750 million 4.875% senior notes were validly tendered and accepted. Additionally, in the first quarter of 2024, Ball repaid at maturity the outstanding 0.875% euro denominated senior notes due in the amount of $817 million and prepaid $700 million of the Term A loan outstanding balance. ​ The company's senior credit facilities include a $1.35 billion term loan and long-term, multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At December 31, 2024, approximately $1.73 billion was available under the company's long-term, multi-currency committed revolving credit facilities. In addition to these facilities, the company had $109 million of committed short-term loans outstanding and a $24 million short-term finance lease outstanding. The company also had approximately $978 million of short-term uncommitted credit facilities available at December 31, 2024, of which $37 million was outstanding and due on demand. At December 31, 2023, the company had $196 million of committed short-term loans outstanding and $13 million outstanding under short-term uncommitted credit facilities. 29 29 29 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 the leverage ratio requirement at December 31, 2024, and for all prior years presented, and have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants 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 September 30, 2025. As of December 31, 2024, the company could borrow an additional $2.35 billion under its long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities. Additional details about our debt are available in Note 15 accompanying the consolidated financial statements within Item 8 of this annual report. In 2024, we entered into and designated net investment hedges against the net assets of our euro denominated operations. See Note 21 for further details. ​Aluminum Cups​At December 31, 2024, the assets and liabilities of the aluminum cups operating segment are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet. See Note 4 for further details.​Saudi Arabia​In November 2024, the company entered into an agreement to sell 41 percent of its share in Ball United Arab Can Manufacturing Company, which will trigger deconsolidation upon closing of the transaction. See Note 4 for further details.​Defined Benefit Pension Plans​In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or "buy-in," for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. The plan was frozen on April 5, 2024. See Note 17 for further details.​Other Liquidity Measures​The company expects that 2025 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $220 million to shareholders in the form of dividends. We further intend to utilize our operating cash flows, when available, to repurchase Ball common stock or fund acquisitions that meet our rate of return criteria.​We have committed contracts to purchase raw materials and we align these purchase commitments with long-term sales contracts with our customers such that any commitment to purchase aluminum and other direct materials corresponds to a contractual sale. These aluminum purchase commitments include pass-through provisions which generally result in proportional changes in both sales and costs of sales; however, there may be timing differences of when the costs are passed through.​The company's growth and asset maintenance plans require capital expenditures over the coming years, which will be funded by operating cash flows and external borrowings. Approximately $244 million of capital expenditures were contractually committed as of December 31, 2024. Maturities for Ball's long-term debt are disclosed in Note 15 to the consolidated financial statements within Item 8 of this annual report. Repayments of debt and other operational cash requirements will also be funded by operating cash flows and external borrowings. The company has no material off-balance sheet arrangements.​30 Table of Contents Table of Contents 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 the leverage ratio requirement at December 31, 2024, and for all prior years presented, and have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants 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 September 30, 2025. As of December 31, 2024, the company could borrow an additional $2.35 billion under its long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities. Additional details about our debt are available in Note 15 accompanying the consolidated financial statements within Item 8 of this annual report. In 2024, we entered into and designated net investment hedges against the net assets of our euro denominated operations. See Note 21 for further details. ​Aluminum Cups​At December 31, 2024, the assets and liabilities of the aluminum cups operating segment are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet. See Note 4 for further details.​Saudi Arabia​In November 2024, the company entered into an agreement to sell 41 percent of its share in Ball United Arab Can Manufacturing Company, which will trigger deconsolidation upon closing of the transaction. See Note 4 for further details.​Defined Benefit Pension Plans​In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or "buy-in," for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. The plan was frozen on April 5, 2024. See Note 17 for further details.​Other Liquidity Measures​The company expects that 2025 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $220 million to shareholders in the form of dividends. We further intend to utilize our operating cash flows, when available, to repurchase Ball common stock or fund acquisitions that meet our rate of return criteria.​We have committed contracts to purchase raw materials and we align these purchase commitments with long-term sales contracts with our customers such that any commitment to purchase aluminum and other direct materials corresponds to a contractual sale. These aluminum purchase commitments include pass-through provisions which generally result in proportional changes in both sales and costs of sales; however, there may be timing differences of when the costs are passed through.​The company's growth and asset maintenance plans require capital expenditures over the coming years, which will be funded by operating cash flows and external borrowings. Approximately $244 million of capital expenditures were contractually committed as of December 31, 2024. Maturities for Ball's long-term debt are disclosed in Note 15 to the consolidated financial statements within Item 8 of this annual report. Repayments of debt and other operational cash requirements will also be funded by operating cash flows and external borrowings. The company has no material off-balance sheet arrangements.​ ​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 the leverage ratio requirement at December 31, 2024, and for all prior years presented, and have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants 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 September 30, 2025. As of December 31, 2024, the company could borrow an additional $2.35 billion under its long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities. Additional details about our debt are available in Note 15 accompanying the consolidated financial statements within Item 8 of this annual report. In 2024, we entered into and designated net investment hedges against the net assets of our euro denominated operations. See Note 21 for further details. ​Aluminum Cups​At December 31, 2024, the assets and liabilities of the aluminum cups operating segment are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet. See Note 4 for further details.​Saudi Arabia​In November 2024, the company entered into an agreement to sell 41 percent of its share in Ball United Arab Can Manufacturing Company, which will trigger deconsolidation upon closing of the transaction. See Note 4 for further details.​Defined Benefit Pension Plans​In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or "buy-in," for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. The plan was frozen on April 5, 2024. See Note 17 for further details.​Other Liquidity Measures​The company expects that 2025 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $220 million to shareholders in the form of dividends. We further intend to utilize our operating cash flows, when available, to repurchase Ball common stock or fund acquisitions that meet our rate of return criteria.​We have committed contracts to purchase raw materials and we align these purchase commitments with long-term sales contracts with our customers such that any commitment to purchase aluminum and other direct materials corresponds to a contractual sale. These aluminum purchase commitments include pass-through provisions which generally result in proportional changes in both sales and costs of sales; however, there may be timing differences of when the costs are passed through.​The company's growth and asset maintenance plans require capital expenditures over the coming years, which will be funded by operating cash flows and external borrowings. Approximately $244 million of capital expenditures were contractually committed as of December 31, 2024. Maturities for Ball's long-term debt are disclosed in Note 15 to the consolidated financial statements within Item 8 of this annual report. Repayments of debt and other operational cash requirements will also be funded by operating cash flows and external borrowings. The company has no material off-balance sheet arrangements.​ ​ 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 the leverage ratio requirement at December 31, 2024, and for all prior years presented, and have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants 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 September 30, 2025. As of December 31, 2024, the company could borrow an additional $2.35 billion under its long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities. Additional details about our debt are available in Note 15 accompanying the consolidated financial statements within Item 8 of this annual report. In 2024, we entered into and designated net investment hedges against the net assets of our euro denominated operations. See Note 21 for further details. Note 15 Item 8 Note 21 ​ Aluminum Cups ​ At December 31, 2024, the assets and liabilities of the aluminum cups operating segment are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet. See Note 4 for further details. Note 4 ​ Saudi Arabia ​ In November 2024, the company entered into an agreement to sell 41 percent of its share in Ball United Arab Can Manufacturing Company, which will trigger deconsolidation upon closing of the transaction. See Note 4 for further details. Note 4 ​ Defined Benefit Pension Plans ​ In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or "buy-in," for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. The plan was frozen on April 5, 2024. See Note 17 for further details. Note 17 ​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ Supplemental cash flow information related to leases, inclusive of leases related to the historical aerospace business, was as follows:​​​​​​​​​​December 31,($ in millions)​2024 2023​​​​​​​Cash paid for amounts included in the measurements of lease liabilities:​​​​​​Operating cash outflows for operating leases​$ (97)​$ (113)Financing cash outflows for finance leases​​ (3)​​ (3)​​​​​​​ROU assets obtained in exchange for:​​​​​​Operating lease obligations​​ 53​​ 64Finance lease obligations​​ 24​​ - ​Supplemental balance sheet information related to leases was as follows:​​​​​​​​​​​​December 31,($ in millions)Balance Sheet Location​2024​2023​​​​​​​​Operating leases:​​​​​​​Operating lease ROU assetOther assets​$ 334​$ 365Current operating lease liabilitiesOther current liabilities​​ 79​​ 83Noncurrent operating lease liabilitiesOther liabilities​​ 265​​ 287Finance leases:​​​​​​​Finance lease ROU assets, netProperty, plant and equipment, net​​ 31​​ 8Current finance lease liabilitiesShort-term debt and current portion of long-term debt​​ 26​​ 3Noncurrent finance lease liabilitiesLong-term debt​​ 5​​ 7​Weighted average remaining lease term and weighted average discount rate for the company's leases were as follows: ​​​​​​​​​​​​December 31,​​​​2024​​2023​​​​​​​​​Weighted average remaining lease term in years:​​​​​​​Operating leases​​ 7​​ 8​Finance leases​​ 1​​ 5​Weighted average discount rate:​​​​​​​Operating leases​​ 4.4%​ 4.1%Finance leases​​ 4.8%​ 3.0%​ Supplemental cash flow information related to leases, inclusive of leases related to the historical aerospace business, was as follows:​​​​​​​​​​December 31,($ in millions)​2024 2023​​​​​​​Cash paid for amounts included in the measurements of lease liabilities:​​​​​​Operating cash outflows for operating leases​$ (97)​$ (113)Financing cash outflows for finance leases​​ (3)​​ (3)​​​​​​​ROU assets obtained in exchange for:​​​​​​Operating lease obligations​​ 53​​ 64Finance lease obligations​​ 24​​ - ​Supplemental balance sheet information related to leases was as follows:​​​​​​​​​​​​December 31,($ in millions)Balance Sheet Location​2024​2023​​​​​​​​Operating leases:​​​​​​​Operating lease ROU assetOther assets​$ 334​$ 365Current operating lease liabilitiesOther current liabilities​​ 79​​ 83Noncurrent operating lease liabilitiesOther liabilities​​ 265​​ 287Finance leases:​​​​​​​Finance lease ROU assets, netProperty, plant and equipment, net​​ 31​​ 8Current finance lease liabilitiesShort-term debt and current portion of long-term debt​​ 26​​ 3Noncurrent finance lease liabilitiesLong-term debt​​ 5​​ 7​Weighted average remaining lease term and weighted average discount rate for the company's leases were as follows: ​​​​​​​​​​​​December 31,​​​​2024​​2023​​​​​​​​​Weighted average remaining lease term in years:​​​​​​​Operating leases​​ 7​​ 8​Finance leases​​ 1​​ 5​Weighted average discount rate:​​​​​​​Operating leases​​ 4.4%​ 4.1%Finance leases​​ 4.8%​ 3.0%​ Supplemental cash flow information related to leases, inclusive of leases related to the historical aerospace business, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​" **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Cash Flows from Investing Activities **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ (484) ​ ​ (1,045) ​ ​ (1,651) Business acquisitions, net of cash acquired ​ ​ (74) ​ ​ - ​ ​ - Business dispositions, net of cash sold ​ ​ 5,422 ​ ​ - ​ ​ 759 Other, net ​ ​ 139 ​ ​ (8) ​ ​ 106 Cash provided by (used in) investing activities ​ ​ 5,003 ​ ​ (1,053) ​ ​ (786)" **Prior (2024):** ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ (1,045) ​ ​ (1,651) ​ ​ (1,726) ​ Business dispositions, net of cash sold ​ ​ - ​ ​ 759 ​ ​ 112 ​ Other, net ​ ​ (8) ​ ​ 106 ​ ​ (25) ​ Cash provided by (used in) investing activities ​ ​ (1,053) ​ ​ (786) ​ ​ (1,639) ​ **Current (2025):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ (484) ​ ​ (1,045) ​ ​ (1,651) Business acquisitions, net of cash acquired ​ ​ (74) ​ ​ - ​ ​ - Business dispositions, net of cash sold ​ ​ 5,422 ​ ​ - ​ ​ 759 Other, net ​ ​ 139 ​ ​ (8) ​ ​ 106 Cash provided by (used in) investing activities ​ ​ 5,003 ​ ​ (1,053) ​ ​ (786) --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "​ 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 1,951 ​ $ 1,960 ​ $ 2,108 ​ Comparable operating earnings ​ ​ 296 ​ ​ 266 ​ ​ 275 ​ Comparable operating earnings as a % of segment net sales ​ ​ 15 % ​ 14 % ​ 13 % ​ Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million." - Reworded sentence: "These financial measures may be adjusted at times for items that affect comparability between periods, including business consolidation and other non-comparable items.​Nonfinancial measures used in the packaging businesses include production efficiency and spoilage rates; quality control figures; environmental, health and safety statistics; production and sales volume data; asset utilization rates and measures of sustainability." - Reworded sentence: "Detailed below is a discussion of why, to the extent the estimate is material, these estimates are subject to uncertainty and the sensitivity of the reported amounts to the methods and assumptions underlying the estimate's calculation." - Reworded sentence: "These financial measures may be adjusted at times for items that affect comparability between periods, including business consolidation and other non-comparable items.​Nonfinancial measures used in the packaging businesses include production efficiency and spoilage rates; quality control figures; environmental, health and safety statistics; production and sales volume data; asset utilization rates and measures of sustainability." - Reworded sentence: "Detailed below is a discussion of why, to the extent the estimate is material, these estimates are subject to uncertainty and the sensitivity of the reported amounts to the methods and assumptions underlying the estimate's calculation." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "2024 2023 ​ ​ ​ ​ ​ ​ ​ Acquired customer relationships and other intangibles (net of accumulated amortization and impairment losses of $1.11 billion at December 31, 2024, and $1.06 billion at December 31, 2023) ​ $ 1,031 ​ $ 1,197 Capitalized software (net of accumulated amortization of $168 million at December 31, 2024, and $162 million at December 31, 2023) ​ ​ 28 ​ ​ 37 Other intangibles (net of accumulated amortization of $12 million at December 31, 2024, and $49 million at December 31, 2023) ​ ​ 21 ​ ​ 14 ​ ​ $ 1,080 ​ $ 1,248 ​ 63 63 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Total amortization expense of intangible assets was $151 million, $151 million and $157 million for the years ended December 31, 2024, 2023 and 2022, respectively." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows provided by (used in) operating activities ​ $ 115 ​ $ 1,863 ​ $ 301 Cash flows provided by (used in) investing activities ​ ​ 5,003 ​ ​ (1,053) ​ ​ (786) Cash flows provided by (used in) financing activities ​ ​ (4,790) ​ ​ (662) ​ ​ 485 ​ Cash flows from the historical aerospace reportable segment are presented within each cash flow statement category in the consolidated statements of cash flows." - Reworded sentence: "In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms." - Reworded sentence: "Note 15 ​ We have entered into several regional accounts receivable factoring programs with various financial institutions for certain of our accounts receivables." - Reworded sentence: "​As of December 31, 2024, approximately $416 million of our cash was held outside of the U.S." - Removed sentence: "where we have cash, other than market liquidity constraints that limit the ability to convert Egyptian pounds held by the company in Egypt with a U.S." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ 2023 ​During 2023, the company recorded charges of $133 million primarily related to facility closure costs of $94 million, a $22 million foreign exchange loss associated with the company's Argentina business and $21 million transaction costs related to the sale of the company's aerospace business." - Reworded sentence: "​2022 ​During 2022, the company recorded charges of $71 million primarily related to the impairment losses on Russia's long-lived asset group net of gain on the sale of $213 million, facility closure costs of $55 million and a charge related to a donation of $30 million to The Ball Foundation, offset by a gain of $298 million for the sale of Ball's remaining equity method investment in Ball Metalpack." - Removed sentence: "Note 4 ​ 65 65 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​2021​During 2021, the company recorded charges of $142 million primarily related to a noncash settlement loss of $138 million for the purchase of non-participating group annuity contracts and lump-sum payments to settle the projected pension benefit obligations for certain of Ball's U.S." - Removed sentence: "defined benefit pension plans, which triggered settlement accounting." - Removed sentence: "The settlement loss primarily reflects recognition of unamortized actuarial losses in these U.S." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "​ 2024 2023 ​ ​ ​ ​ ​ ​ Beginning of period: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 695 $ 548 Current restricted cash (included in other current assets) Current restricted cash (included in other current assets) ​ ​ 15 ​ 10 Total cash, cash equivalents and restricted cash ​ $ 710 $ 558 ​ ​ ​ ​ ​ ​ End of period: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 885 $ 695 Current restricted cash (included in other current assets) Current restricted cash (included in other current assets) ​ ​ 8 ​ 15 Noncurrent restricted cash (included in other assets) ​ ​ 6 ​ ​ - Cash reported in current assets held for sale ​ ​ 32 ​ ​ - Total cash, cash equivalents and restricted cash ​ $ 931 $ 710 ​ The company's current restricted cash is primarily related to receivables factoring programs and represents amounts collected from customers that have not yet been remitted to the banks as of the end of the reporting period." - Reworded sentence: "A summary of the PP&E acquired but not yet paid, inclusive of amounts related to the historical aerospace business, is as follows:​​​​​​​​​​December 31,($ in millions)​2024 2023​​​​ ​​Beginning of period:​​​ ​​PP&E acquired but not yet paid​$ 204 $ 392​​​​​​​End of period:​​​ ​​PP&E acquired but not yet paid​$ 96 $ 204​​8." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: Cash Flows from Operating Activities **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 4,014 ​ $ 711 ​ $ 732 Adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 620 ​ ​ 686 ​ ​ 672 Business consolidation and other activities ​ ​ 420 ​ ​ 133 ​ ​ 71 Deferred tax provision (benefit) ​ ​ 143 ​ ​ (67) ​ ​ (2) Gain on Aerospace disposal ​ ​ (4,634) ​ ​ 20 ​ ​ - Pension contributions ​ ​ (32) ​ ​ (42) ​ ​ (124) Other, net ​ ​ 135 ​ ​ 62 ​ ​ (124) Working capital changes, excluding effects of acquisitions and dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables ​ ​ (325) ​ ​ 238 ​ ​ (305) Inventories ​ ​ (25) ​ ​ 626 ​ ​ (458) Other current assets ​ ​ (109) ​ ​ (25) ​ ​ (42) Accounts payable ​ ​ (91) ​ ​ (510) ​ ​ (83) Accrued employee costs ​ ​ 47 ​ ​ 93 ​ ​ (101) Other current liabilities ​ ​ (201) ​ ​ (71) ​ ​ 84 Other, net ​ ​ 153 ​ ​ 9 ​ ​ (19) Cash provided by (used in) operating activities ​ ​ 115 ​ ​ 1,863 ​ ​ 301" **Prior (2024):** ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 711 ​ $ 732 ​ $ 878 ​ Adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 686 ​ ​ 672 ​ ​ 700 ​ Business consolidation and other activities ​ ​ 153 ​ ​ 71 ​ ​ 142 ​ Deferred tax provision (benefit) ​ ​ (67) ​ ​ (2) ​ ​ 35 ​ Pension contributions ​ ​ (42) ​ ​ (124) ​ ​ (216) ​ Other, net ​ ​ 62 ​ ​ (124) ​ ​ 101 ​ Working capital changes, excluding effects of acquisitions and dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables ​ ​ 238 ​ ​ (305) ​ ​ (863) ​ Inventories ​ ​ 626 ​ ​ (458) ​ ​ (464) ​ Other current assets ​ ​ (25) ​ ​ (42) ​ ​ (24) ​ Accounts payable ​ ​ (510) ​ ​ (83) ​ ​ 1,312 ​ Accrued employee costs ​ ​ 93 ​ ​ (101) ​ ​ (1) ​ Other current liabilities ​ ​ (71) ​ ​ 84 ​ ​ 159 ​ Other, net ​ ​ 9 ​ ​ (19) ​ ​ 1 ​ Cash provided by (used in) operating activities ​ ​ 1,863 ​ ​ 301 ​ ​ 1,760 ​ **Current (2025):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 4,014 ​ $ 711 ​ $ 732 Adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 620 ​ ​ 686 ​ ​ 672 Business consolidation and other activities ​ ​ 420 ​ ​ 133 ​ ​ 71 Deferred tax provision (benefit) ​ ​ 143 ​ ​ (67) ​ ​ (2) Gain on Aerospace disposal ​ ​ (4,634) ​ ​ 20 ​ ​ - Pension contributions ​ ​ (32) ​ ​ (42) ​ ​ (124) Other, net ​ ​ 135 ​ ​ 62 ​ ​ (124) Working capital changes, excluding effects of acquisitions and dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables ​ ​ (325) ​ ​ 238 ​ ​ (305) Inventories ​ ​ (25) ​ ​ 626 ​ ​ (458) Other current assets ​ ​ (109) ​ ​ (25) ​ ​ (42) Accounts payable ​ ​ (91) ​ ​ (510) ​ ​ (83) Accrued employee costs ​ ​ 47 ​ ​ 93 ​ ​ (101) Other current liabilities ​ ​ (201) ​ ​ (71) ​ ​ 84 Other, net ​ ​ 153 ​ ​ 9 ​ ​ (19) Cash provided by (used in) operating activities ​ ​ 115 ​ ​ 1,863 ​ ​ 301 --- ## Modified: Total liabilities and equity **Key changes:** - Reworded sentence: "​ $ 17,628 ​ $ 19,303 ​ The accompanying notes are an integral part of the consolidated financial statements." **Prior (2024):** ​ $ 19,303 ​ $ 19,909 ​ The accompanying notes are an integral part of the consolidated financial statements. ​ 44 44 44 Table of ContentsConsolidated Statements of Cash FlowsBall Corporation​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2023​2022​2021​​​​​​​​​​​​Cash Flows from Operating Activities​​​​​​​​​​Net earnings​$ 711​$ 732​$ 878​Adjustments to reconcile net earnings to cash provided by (used in) operating activities:​​​​​​​​​​Depreciation and amortization​​ 686​​ 672​​ 700​Business consolidation and other activities​​ 153​​ 71​​ 142​Deferred tax provision (benefit)​​ (67)​​ (2)​​ 35​Pension contributions​​ (42)​​ (124)​​ (216)​Other, net​​ 62​​ (124)​​ 101​Working capital changes, excluding effects of acquisitions and dispositions:​​​​​​​​​​Receivables​​ 238​​ (305)​​ (863)​Inventories​​ 626​​ (458)​​ (464)​Other current assets​​ (25)​​ (42)​​ (24)​Accounts payable​​ (510)​​ (83)​​ 1,312​Accrued employee costs​​ 93​​ (101)​​ (1)​Other current liabilities​​ (71)​​ 84​​ 159​Other, net​​ 9​​ (19)​​ 1​Cash provided by (used in) operating activities​​ 1,863​​ 301​​ 1,760​Cash Flows from Investing Activities​​​​​​​​​​Capital expenditures​​ (1,045)​​ (1,651)​​ (1,726)​Business dispositions, net of cash sold​​ - ​​ 759​​ 112​Other, net​​ (8)​​ 106​​ (25)​Cash provided by (used in) investing activities​​ (1,053)​​ (786)​​ (1,639)​Cash Flows from Financing Activities​​​​​​​​​​Long-term borrowings​​ 2,051​​ 4,851​​ 850​Repayments of long-term borrowings​​ (2,281)​​ (3,884)​​ (750)​Net change in short-term borrowings​​ (210)​​ 394​​ (2)​Acquisitions of treasury stock​​ (3)​​ (618)​​ (766)​Common stock dividends​​ (252)​​ (254)​​ (229)​Other, net​​ 33​​ (4)​​ 3​Cash provided by (used in) financing activities​​ (662)​​ 485​​ (894)​​​​​​​​​​​​Effect of exchange rate changes on cash​​ 4​​ (21)​​ (29)​​​​​​​​​​​​Change in cash, cash equivalents and restricted cash​​ 152​​ (21)​​ (802)​Cash, cash equivalents and restricted cash - beginning of year​​ 558​​ 579​​ 1,381​Cash, cash equivalents and restricted cash - end of year​$ 710​$ 558​$ 579​​The accompanying notes are an integral part of the consolidated financial statements.​​45 Table of Contents Table of Contents Table of Contents Consolidated Statements of Cash FlowsBall Corporation​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2023​2022​2021​​​​​​​​​​​​Cash Flows from Operating Activities​​​​​​​​​​Net earnings​$ 711​$ 732​$ 878​Adjustments to reconcile net earnings to cash provided by (used in) operating activities:​​​​​​​​​​Depreciation and amortization​​ 686​​ 672​​ 700​Business consolidation and other activities​​ 153​​ 71​​ 142​Deferred tax provision (benefit)​​ (67)​​ (2)​​ 35​Pension contributions​​ (42)​​ (124)​​ (216)​Other, net​​ 62​​ (124)​​ 101​Working capital changes, excluding effects of acquisitions and dispositions:​​​​​​​​​​Receivables​​ 238​​ (305)​​ (863)​Inventories​​ 626​​ (458)​​ (464)​Other current assets​​ (25)​​ (42)​​ (24)​Accounts payable​​ (510)​​ (83)​​ 1,312​Accrued employee costs​​ 93​​ (101)​​ (1)​Other current liabilities​​ (71)​​ 84​​ 159​Other, net​​ 9​​ (19)​​ 1​Cash provided by (used in) operating activities​​ 1,863​​ 301​​ 1,760​Cash Flows from Investing Activities​​​​​​​​​​Capital expenditures​​ (1,045)​​ (1,651)​​ (1,726)​Business dispositions, net of cash sold​​ - ​​ 759​​ 112​Other, net​​ (8)​​ 106​​ (25)​Cash provided by (used in) investing activities​​ (1,053)​​ (786)​​ (1,639)​Cash Flows from Financing Activities​​​​​​​​​​Long-term borrowings​​ 2,051​​ 4,851​​ 850​Repayments of long-term borrowings​​ (2,281)​​ (3,884)​​ (750)​Net change in short-term borrowings​​ (210)​​ 394​​ (2)​Acquisitions of treasury stock​​ (3)​​ (618)​​ (766)​Common stock dividends​​ (252)​​ (254)​​ (229)​Other, net​​ 33​​ (4)​​ 3​Cash provided by (used in) financing activities​​ (662)​​ 485​​ (894)​​​​​​​​​​​​Effect of exchange rate changes on cash​​ 4​​ (21)​​ (29)​​​​​​​​​​​​Change in cash, cash equivalents and restricted cash​​ 152​​ (21)​​ (802)​Cash, cash equivalents and restricted cash - beginning of year​​ 558​​ 579​​ 1,381​Cash, cash equivalents and restricted cash - end of year​$ 710​$ 558​$ 579​​The accompanying notes are an integral part of the consolidated financial statements.​​ **Current (2025):** ​ $ 17,628 ​ $ 19,303 ​ The accompanying notes are an integral part of the consolidated financial statements. ​ 39 39 39 Table of ContentsConsolidated Statements of Cash FlowsBall Corporation​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2024​2023​2022​​​​​​​​​​Cash Flows from Operating Activities​​​​​​​​​Net earnings​$ 4,014​$ 711​$ 732Adjustments to reconcile net earnings to cash provided by (used in) operating activities:​​​​​​​​​Depreciation and amortization​​ 620​​ 686​​ 672Business consolidation and other activities​​ 420​​ 133​​ 71Deferred tax provision (benefit)​​ 143​​ (67)​​ (2)Gain on Aerospace disposal​​ (4,634)​​ 20​​ - Pension contributions​​ (32)​​ (42)​​ (124)Other, net​​ 135​​ 62​​ (124)Working capital changes, excluding effects of acquisitions and dispositions:​​​​​​​​​Receivables​​ (325)​​ 238​​ (305)Inventories​​ (25)​​ 626​​ (458)Other current assets​​ (109)​​ (25)​​ (42)Accounts payable​​ (91)​​ (510)​​ (83)Accrued employee costs​​ 47​​ 93​​ (101)Other current liabilities​​ (201)​​ (71)​​ 84Other, net​​ 153​​ 9​​ (19)Cash provided by (used in) operating activities​​ 115​​ 1,863​​ 301Cash Flows from Investing Activities​​​​​​​​​Capital expenditures​​ (484)​​ (1,045)​​ (1,651)Business acquisitions, net of cash acquired​​ (74)​​ - ​​ - Business dispositions, net of cash sold​​ 5,422​​ - ​​ 759Other, net​​ 139​​ (8)​​ 106Cash provided by (used in) investing activities​​ 5,003​​ (1,053)​​ (786)Cash Flows from Financing Activities​​​​​​​​​Long-term borrowings​​ 650​​ 2,051​​ 4,851Repayments of long-term borrowings​​ (3,480)​​ (2,281)​​ (3,884)Net change in short-term borrowings​​ (29)​​ (210)​​ 394Acquisitions of treasury stock​​ (1,712)​​ (3)​​ (618)Common stock dividends​​ (244)​​ (252)​​ (254)Other, net​​ 25​​ 33​​ (4)Cash provided by (used in) financing activities​​ (4,790)​​ (662)​​ 485​​​​​​​​​​Effect of exchange rate changes on cash​​ (107)​​ 4​​ (21)​​​​​​​​​​Change in cash, cash equivalents and restricted cash​​ 221​​ 152​​ (21)Cash, cash equivalents and restricted cash - beginning of year​​ 710​​ 558​​ 579Cash, cash equivalents and restricted cash - end of year (a)​$ 931​$ 710​$ 558​(a)Includes $32 million of cash presented in current assets held for sale on the consolidated balance sheet as of December 31, 2024. ​The accompanying notes are an integral part of the consolidated financial statements.​​40 Table of Contents Table of Contents Table of Contents Consolidated Statements of Cash FlowsBall Corporation​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2024​2023​2022​​​​​​​​​​Cash Flows from Operating Activities​​​​​​​​​Net earnings​$ 4,014​$ 711​$ 732Adjustments to reconcile net earnings to cash provided by (used in) operating activities:​​​​​​​​​Depreciation and amortization​​ 620​​ 686​​ 672Business consolidation and other activities​​ 420​​ 133​​ 71Deferred tax provision (benefit)​​ 143​​ (67)​​ (2)Gain on Aerospace disposal​​ (4,634)​​ 20​​ - Pension contributions​​ (32)​​ (42)​​ (124)Other, net​​ 135​​ 62​​ (124)Working capital changes, excluding effects of acquisitions and dispositions:​​​​​​​​​Receivables​​ (325)​​ 238​​ (305)Inventories​​ (25)​​ 626​​ (458)Other current assets​​ (109)​​ (25)​​ (42)Accounts payable​​ (91)​​ (510)​​ (83)Accrued employee costs​​ 47​​ 93​​ (101)Other current liabilities​​ (201)​​ (71)​​ 84Other, net​​ 153​​ 9​​ (19)Cash provided by (used in) operating activities​​ 115​​ 1,863​​ 301Cash Flows from Investing Activities​​​​​​​​​Capital expenditures​​ (484)​​ (1,045)​​ (1,651)Business acquisitions, net of cash acquired​​ (74)​​ - ​​ - Business dispositions, net of cash sold​​ 5,422​​ - ​​ 759Other, net​​ 139​​ (8)​​ 106Cash provided by (used in) investing activities​​ 5,003​​ (1,053)​​ (786)Cash Flows from Financing Activities​​​​​​​​​Long-term borrowings​​ 650​​ 2,051​​ 4,851Repayments of long-term borrowings​​ (3,480)​​ (2,281)​​ (3,884)Net change in short-term borrowings​​ (29)​​ (210)​​ 394Acquisitions of treasury stock​​ (1,712)​​ (3)​​ (618)Common stock dividends​​ (244)​​ (252)​​ (254)Other, net​​ 25​​ 33​​ (4)Cash provided by (used in) financing activities​​ (4,790)​​ (662)​​ 485​​​​​​​​​​Effect of exchange rate changes on cash​​ (107)​​ 4​​ (21)​​​​​​​​​​Change in cash, cash equivalents and restricted cash​​ 221​​ 152​​ (21)Cash, cash equivalents and restricted cash - beginning of year​​ 710​​ 558​​ 579Cash, cash equivalents and restricted cash - end of year (a)​$ 931​$ 710​$ 558​(a)Includes $32 million of cash presented in current assets held for sale on the consolidated balance sheet as of December 31, 2024. ​The accompanying notes are an integral part of the consolidated financial statements.​​ Consolidated Statements of Cash FlowsBall Corporation​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2024​2023​2022​​​​​​​​​​Cash Flows from Operating Activities​​​​​​​​​Net earnings​$ 4,014​$ 711​$ 732Adjustments to reconcile net earnings to cash provided by (used in) operating activities:​​​​​​​​​Depreciation and amortization​​ 620​​ 686​​ 672Business consolidation and other activities​​ 420​​ 133​​ 71Deferred tax provision (benefit)​​ 143​​ (67)​​ (2)Gain on Aerospace disposal​​ (4,634)​​ 20​​ - Pension contributions​​ (32)​​ (42)​​ (124)Other, net​​ 135​​ 62​​ (124)Working capital changes, excluding effects of acquisitions and dispositions:​​​​​​​​​Receivables​​ (325)​​ 238​​ (305)Inventories​​ (25)​​ 626​​ (458)Other current assets​​ (109)​​ (25)​​ (42)Accounts payable​​ (91)​​ (510)​​ (83)Accrued employee costs​​ 47​​ 93​​ (101)Other current liabilities​​ (201)​​ (71)​​ 84Other, net​​ 153​​ 9​​ (19)Cash provided by (used in) operating activities​​ 115​​ 1,863​​ 301Cash Flows from Investing Activities​​​​​​​​​Capital expenditures​​ (484)​​ (1,045)​​ (1,651)Business acquisitions, net of cash acquired​​ (74)​​ - ​​ - Business dispositions, net of cash sold​​ 5,422​​ - ​​ 759Other, net​​ 139​​ (8)​​ 106Cash provided by (used in) investing activities​​ 5,003​​ (1,053)​​ (786)Cash Flows from Financing Activities​​​​​​​​​Long-term borrowings​​ 650​​ 2,051​​ 4,851Repayments of long-term borrowings​​ (3,480)​​ (2,281)​​ (3,884)Net change in short-term borrowings​​ (29)​​ (210)​​ 394Acquisitions of treasury stock​​ (1,712)​​ (3)​​ (618)Common stock dividends​​ (244)​​ (252)​​ (254)Other, net​​ 25​​ 33​​ (4)Cash provided by (used in) financing activities​​ (4,790)​​ (662)​​ 485​​​​​​​​​​Effect of exchange rate changes on cash​​ (107)​​ 4​​ (21)​​​​​​​​​​Change in cash, cash equivalents and restricted cash​​ 221​​ 152​​ (21)Cash, cash equivalents and restricted cash - beginning of year​​ 710​​ 558​​ 579Cash, cash equivalents and restricted cash - end of year (a)​$ 931​$ 710​$ 558​(a)Includes $32 million of cash presented in current assets held for sale on the consolidated balance sheet as of December 31, 2024. ​The accompanying notes are an integral part of the consolidated financial statements.​​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ A rollforward of the amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs follows: ​​​​​​​December 31,($ in millions)​2024​​​​Obligations outstanding at the beginning of period​$ 703Invoices confirmed during the period​​ 1,600Confirmed invoices paid during the period​​ (1,851)Foreign exchange impacts​​ (29)Obligations outstanding at the end of period​$ 423​The amounts above are classified within accounts payable on the consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the consolidated statements of cash flows.​New Accounting Guidance and Disclosure Requirements ​Disaggregation of Income Statement Expenses​In 2024, new guidance was issued by the FASB with the goal of providing financial statement users with more expense information of certain categories of expenses that are included in line items on the face of the statements of earnings." - Reworded sentence: "Ball's operations and results of its former Russian aluminum beverage packaging business are included in the results of the beverage packaging, EMEA, business through the date of the disposal in the third quarter of 2022." **Prior (2024):** ​ In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information in the income tax rate reconciliation table and regarding income taxes paid. The company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2025 annual report. ​ 58 58 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Segment Reporting​In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information about reportable segments, including more disaggregated expense information. The company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a retrospective basis in its 2024 annual report and interim periods thereafter.​3. Business Segment Information​Ball's operations are organized and reviewed by management along its product lines and geographical areas and presented in the four reportable segments outlined below.​Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.​Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries. Ball sold its former operations located in Russia during the third quarter of 2022. See Note 4 for further details. Ball's operations and results of its former Russian aluminum beverage packaging business are included in the results of the beverage packaging, EMEA, business through the date of the disposal in the third quarter of 2022.​Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.​Aerospace: Consists of operations that manufacture and sell aerospace and other related products and provide services used in the defense, civil space and commercial space industries. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc., to sell all of the outstanding equity interests in Ball's aerospace business to BAE. On February 16, 2024, the company completed the divestiture of the aerospace business. See Note 4 for further details.​As presented in the tables below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (aerosol packaging) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities.​The accounting policies of the segments are the same as those used in the consolidated financial statements, as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings. In 2021, Ball sold its minority-owned investment in South Korea. In the first quarter of 2022, Ball sold its remaining equity method investment in Ball Metalpack. Refer to Note 4 for additional details on both transactions.​59 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Weighted average shares outstanding: (000s) **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 305,459 ​ ​ 314,775 ​ ​ 316,433 Diluted ​ ​ 308,206 ​ ​ 317,022 ​ ​ 320,008 ​ The accompanying notes are an integral part of the consolidated financial statements." **Prior (2024):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 314,775 ​ ​ 316,433 ​ ​ 325,989 Diluted ​ ​ 317,022 ​ ​ 320,008 ​ ​ 331,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The accompanying notes are an integral part of the consolidated financial statements. ​ 42 42 42 Table of ContentsConsolidated Statements of Comprehensive Earnings (Loss) Ball Corporation​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2023​2022​2021​​​​​​​​​​Net earnings​$ 711​$ 732​$ 878​​​​​​​​​​Other comprehensive earnings (loss):​​​​​​​​​Currency translation adjustment​​ 55​​ 99​​ 19Pension and other postretirement benefits​​ (414)​​ (73)​​ 392Derivatives designated as hedges​​ 25​​ (181)​​ 70Total other comprehensive earnings (loss)​​ (334)​​ (155)​​ 481Income tax (provision) benefit​​ 97​​ 58​​ (109)Total other comprehensive earnings (loss), net of tax​​ (237)​​ (97)​​ 372​​​​​​​​​​Total comprehensive earnings​​ 474​​ 635​​ 1,250Comprehensive earnings attributable to noncontrolling interests​​ 4​​ 13​​ - Comprehensive earnings attributable to Ball Corporation​$ 470​$ 622​$ 1,250​The accompanying notes are an integral part of the consolidated financial statements.​43 Table of Contents Table of Contents Table of Contents Consolidated Statements of Comprehensive Earnings (Loss) Ball Corporation​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2023​2022​2021​​​​​​​​​​Net earnings​$ 711​$ 732​$ 878​​​​​​​​​​Other comprehensive earnings (loss):​​​​​​​​​Currency translation adjustment​​ 55​​ 99​​ 19Pension and other postretirement benefits​​ (414)​​ (73)​​ 392Derivatives designated as hedges​​ 25​​ (181)​​ 70Total other comprehensive earnings (loss)​​ (334)​​ (155)​​ 481Income tax (provision) benefit​​ 97​​ 58​​ (109)Total other comprehensive earnings (loss), net of tax​​ (237)​​ (97)​​ 372​​​​​​​​​​Total comprehensive earnings​​ 474​​ 635​​ 1,250Comprehensive earnings attributable to noncontrolling interests​​ 4​​ 13​​ - Comprehensive earnings attributable to Ball Corporation​$ 470​$ 622​$ 1,250​The accompanying notes are an integral part of the consolidated financial statements.​ **Current (2025):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 305,459 ​ ​ 314,775 ​ ​ 316,433 Diluted ​ ​ 308,206 ​ ​ 317,022 ​ ​ 320,008 ​ The accompanying notes are an integral part of the consolidated financial statements. ​ 37 37 37 Table of ContentsConsolidated Statements of Comprehensive Earnings (Loss) Ball Corporation​​​​​​​​​​​​​​​Years Ended December 31,($ in millions) ​2024​2023​2022​​​​​​​​​​​Net earnings​​$ 4,014​$ 711​$ 732​​​​​​​​​​​Other comprehensive earnings (loss):​​​​​​​​​​Currency translation adjustment​​​ (232)​​ 55​​ 99Pension and other postretirement benefits​​​ 180​​ (414)​​ (73)Derivatives designated as hedges​​​ 22​​ 25​​ (181)Total other comprehensive earnings (loss)​​​ (30)​​ (334)​​ (155)Tax (provision) benefit​​​ (57)​​ 97​​ 58Total other comprehensive earnings (loss), net of tax​​​ (87)​​ (237)​​ (97)​​​​​​​​​​​Total comprehensive earnings​​​ 3,927​​ 474​​ 635Comprehensive earnings attributable to noncontrolling interests​​​ 6​​ 4​​ 13Comprehensive earnings attributable to Ball Corporation​​$ 3,921​$ 470​$ 622​The accompanying notes are an integral part of the consolidated financial statements.​38 Table of Contents Table of Contents Table of Contents Consolidated Statements of Comprehensive Earnings (Loss) Ball Corporation​​​​​​​​​​​​​​​Years Ended December 31,($ in millions) ​2024​2023​2022​​​​​​​​​​​Net earnings​​$ 4,014​$ 711​$ 732​​​​​​​​​​​Other comprehensive earnings (loss):​​​​​​​​​​Currency translation adjustment​​​ (232)​​ 55​​ 99Pension and other postretirement benefits​​​ 180​​ (414)​​ (73)Derivatives designated as hedges​​​ 22​​ 25​​ (181)Total other comprehensive earnings (loss)​​​ (30)​​ (334)​​ (155)Tax (provision) benefit​​​ (57)​​ 97​​ 58Total other comprehensive earnings (loss), net of tax​​​ (87)​​ (237)​​ (97)​​​​​​​​​​​Total comprehensive earnings​​​ 3,927​​ 474​​ 635Comprehensive earnings attributable to noncontrolling interests​​​ 6​​ 4​​ 13Comprehensive earnings attributable to Ball Corporation​​$ 3,921​$ 470​$ 622​The accompanying notes are an integral part of the consolidated financial statements.​ Consolidated Statements of Comprehensive Earnings (Loss) Ball Corporation​​​​​​​​​​​​​​​Years Ended December 31,($ in millions) ​2024​2023​2022​​​​​​​​​​​Net earnings​​$ 4,014​$ 711​$ 732​​​​​​​​​​​Other comprehensive earnings (loss):​​​​​​​​​​Currency translation adjustment​​​ (232)​​ 55​​ 99Pension and other postretirement benefits​​​ 180​​ (414)​​ (73)Derivatives designated as hedges​​​ 22​​ 25​​ (181)Total other comprehensive earnings (loss)​​​ (30)​​ (334)​​ (155)Tax (provision) benefit​​​ (57)​​ 97​​ 58Total other comprehensive earnings (loss), net of tax​​​ (87)​​ (237)​​ (97)​​​​​​​​​​​Total comprehensive earnings​​​ 3,927​​ 474​​ 635Comprehensive earnings attributable to noncontrolling interests​​​ 6​​ 4​​ 13Comprehensive earnings attributable to Ball Corporation​​$ 3,921​$ 470​$ 622​The accompanying notes are an integral part of the consolidated financial statements.​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "Revenue from Contracts with Customers ​The following table disaggregates the company's net sales based on the timing of transfer of control:​​​​​​​​​​​​​($ in millions)Year Ended December 31, Point in Time​Over Time​Total​​​​​​​​​​2024​$ 2,454​$ 9,341​$ 11,7952023​​ 2,352​​ 9,710​​ 12,0622022​​ 2,691​​ 10,681​​ 13,372​The company did not have any contract assets at December 31, 2024, 2023, or 2022." - Reworded sentence: "Current contract liabilities are classified within other current liabilities on the consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities.​​6." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ uncommitted credit facilities available at December 31, 2024." - Reworded sentence: "Ball was in compliance with the leverage ratio requirement at December 31, 2024, and for all prior periods presented, and has met all debt payment obligations.​16." - Reworded sentence: "Ball was in compliance with the leverage ratio requirement at December 31, 2024, and for all prior periods presented, and has met all debt payment obligations." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ ​Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.​As presented in the tables below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities." - Removed sentence: "In 2021, Ball sold its minority-owned investment in South Korea." - Reworded sentence: "Refer to Note 4 for additional details.​Dan Fisher, Chairman and Chief Executive Officer, is the company's chief operating decision maker (CODM)." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Point in Time **Key changes:** - Reworded sentence: "​ Over Time ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 2,454 ​ $ 9,341 ​ $ 11,795 2023 ​ ​ 2,352 ​ ​ 9,710 ​ ​ 12,062 2022 ​ ​ 2,691 ​ ​ 10,681 ​ ​ 13,372 ​ The company did not have any contract assets at December 31, 2024, 2023, or 2022." **Prior (2024):** ​ Over Time ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 2,363 ​ $ 11,666 ​ $ 14,029 2022 ​ ​ 2,699 ​ ​ 12,650 ​ ​ 15,349 2021 ​ ​ 2,459 ​ ​ 11,352 ​ ​ 13,811 ​ The company did not have any contract assets at December 31, 2023, 2022, or 2021. The opening and closing balances of the company's current and noncurrent contract liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ ​ **Current (2025):** ​ Over Time ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 2,454 ​ $ 9,341 ​ $ 11,795 2023 ​ ​ 2,352 ​ ​ 9,710 ​ ​ 12,062 2022 ​ ​ 2,691 ​ ​ 10,681 ​ ​ 13,372 ​ The company did not have any contract assets at December 31, 2024, 2023, or 2022. The opening and closing balances of the company's current and noncurrent contract liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ ​ --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility." - Reworded sentence: "​The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023." - Reworded sentence: "federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes." - Reworded sentence: "​The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023." - Reworded sentence: "federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: Definition and Limitations of Internal Control over Financial Reporting **Key changes:** - Reworded sentence: "A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles." **Prior (2024):** ​ A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are 40 40 40 Table of Contentsrecorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.​Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.​Critical Audit Matters ​The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.​Revenue Recognition - Estimated Costs at Completion for Aerospace Fixed-Price Contracts​As described in Notes 1 and 3 to the consolidated financial statements, net sales for the aerospace segment were $2.0 billion for the year ended December 31, 2023, including sales under fixed-price long-term contracts, which are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. 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 related to the outcome of future events, including the quantity and timing of product deliveries, future labor performance and rates, and material and overhead costs. Throughout the period of contract performance, management regularly evaluates and, if necessary, revises its estimates of total contract revenue, total contract cost, and extent of progress toward completion.​The principal considerations for our determination that performing procedures relating to revenue recognition - estimated costs at completion for aerospace fixed-price contracts is a critical audit matter are the significant judgment by management when determining the estimated costs at completion for such contracts. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and in evaluating the related audit evidence over management's assumptions of estimated costs at completion for aerospace fixed-price contracts related to the availability and cost volatility of materials, subcontractor and vendor performance, and schedule and performance delays.​Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the accuracy of estimated costs at completion for aerospace fixed-price contracts. These procedures also included, among others, evaluating and testing management's process for determining the estimated costs at completion for a sample of aerospace fixed-price contracts, including assessing the reasonableness of the significant assumptions related to each contract. Evaluating the reasonableness of management's assumptions related to the availability and cost volatility of materials, subcontractor and vendor performance, and schedule and performance delays involved assessing the nature and status of the aerospace fixed-price contracts, performing retrospective reviews of the aerospace fixed-price contract estimates and changes in estimates over time, obtaining evidence to support estimated costs at completion, and assessing the reasonableness of factors considered and significant assumptions made by management in determining the estimated costs at completion used to recognize revenue.​/s/ PricewaterhouseCoopers LLPDenver, ColoradoFebruary 20, 2024​We have served as the Company's auditor since at least 1962. We have not been able to determine the specific year we began serving as auditor of the Company.​41 Table of Contents Table of Contents Table of Contents recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.​Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.​Critical Audit Matters ​The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.​Revenue Recognition - Estimated Costs at Completion for Aerospace Fixed-Price Contracts​As described in Notes 1 and 3 to the consolidated financial statements, net sales for the aerospace segment were $2.0 billion for the year ended December 31, 2023, including sales under fixed-price long-term contracts, which are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. 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 related to the outcome of future events, including the quantity and timing of product deliveries, future labor performance and rates, and material and overhead costs. Throughout the period of contract performance, management regularly evaluates and, if necessary, revises its estimates of total contract revenue, total contract cost, and extent of progress toward completion.​The principal considerations for our determination that performing procedures relating to revenue recognition - estimated costs at completion for aerospace fixed-price contracts is a critical audit matter are the significant judgment by management when determining the estimated costs at completion for such contracts. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and in evaluating the related audit evidence over management's assumptions of estimated costs at completion for aerospace fixed-price contracts related to the availability and cost volatility of materials, subcontractor and vendor performance, and schedule and performance delays.​Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the accuracy of estimated costs at completion for aerospace fixed-price contracts. These procedures also included, among others, evaluating and testing management's process for determining the estimated costs at completion for a sample of aerospace fixed-price contracts, including assessing the reasonableness of the significant assumptions related to each contract. Evaluating the reasonableness of management's assumptions related to the availability and cost volatility of materials, subcontractor and vendor performance, and schedule and performance delays involved assessing the nature and status of the aerospace fixed-price contracts, performing retrospective reviews of the aerospace fixed-price contract estimates and changes in estimates over time, obtaining evidence to support estimated costs at completion, and assessing the reasonableness of factors considered and significant assumptions made by management in determining the estimated costs at completion used to recognize revenue.​/s/ PricewaterhouseCoopers LLPDenver, ColoradoFebruary 20, 2024​We have served as the Company's auditor since at least 1962. We have not been able to determine the specific year we began serving as auditor of the Company.​ recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. ​ Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. ​ **Current (2025):** A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of 35 35 35 Table of Contentsmanagement and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.Critical Audit MattersThe critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.Revenue Recognition from Certain Product Revenue​As described in Note 1 to the consolidated financial statements, the Company recognizes sales of packaging products when a customer obtains control of promised goods or services, which occurs either over time or at a point in time. Performance obligations for products with no alternative use are recognized over time when the Company has manufactured a unique item and has an enforceable right to payment. Generic products with an alternative use are recognized at a point in time. For all contracts, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product or service purchased. The Company's consolidated net sales were $11.80 billion for the year ended December 31, 2024, of which a majority relates to certain product revenue. ​The principal consideration for our determination that performing procedures relating to revenue recognition from certain product revenue is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company's revenue recognition from certain product revenue. ​Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls over the recognition of certain product revenue at the transaction price once the Company satisfies a performance obligation. These procedures also included, among others (i) testing a sample of revenue transactions by obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and payment receipts, and where sales incentives are applicable, support for the nature of the incentive, amount, and agreement with the customer and (ii) confirming a sample of outstanding customer invoice balances as of December 31, 2024 and, for confirmations not returned, obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and subsequent payment receipts.​/s/ PricewaterhouseCoopers LLPDenver, ColoradoFebruary 20, 2025​We have served as the Company's auditor since at least 1962. We have not been able to determine the specific year we began serving as auditor of the Company.​36 Table of Contents Table of Contents Table of Contents management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.Critical Audit MattersThe critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.Revenue Recognition from Certain Product Revenue​As described in Note 1 to the consolidated financial statements, the Company recognizes sales of packaging products when a customer obtains control of promised goods or services, which occurs either over time or at a point in time. Performance obligations for products with no alternative use are recognized over time when the Company has manufactured a unique item and has an enforceable right to payment. Generic products with an alternative use are recognized at a point in time. For all contracts, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product or service purchased. The Company's consolidated net sales were $11.80 billion for the year ended December 31, 2024, of which a majority relates to certain product revenue. ​The principal consideration for our determination that performing procedures relating to revenue recognition from certain product revenue is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company's revenue recognition from certain product revenue. ​Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls over the recognition of certain product revenue at the transaction price once the Company satisfies a performance obligation. These procedures also included, among others (i) testing a sample of revenue transactions by obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and payment receipts, and where sales incentives are applicable, support for the nature of the incentive, amount, and agreement with the customer and (ii) confirming a sample of outstanding customer invoice balances as of December 31, 2024 and, for confirmations not returned, obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and subsequent payment receipts.​/s/ PricewaterhouseCoopers LLPDenver, ColoradoFebruary 20, 2025​We have served as the Company's auditor since at least 1962. We have not been able to determine the specific year we began serving as auditor of the Company.​ management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.Critical Audit MattersThe critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.Revenue Recognition from Certain Product Revenue​As described in Note 1 to the consolidated financial statements, the Company recognizes sales of packaging products when a customer obtains control of promised goods or services, which occurs either over time or at a point in time. Performance obligations for products with no alternative use are recognized over time when the Company has manufactured a unique item and has an enforceable right to payment. Generic products with an alternative use are recognized at a point in time. For all contracts, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product or service purchased. The Company's consolidated net sales were $11.80 billion for the year ended December 31, 2024, of which a majority relates to certain product revenue. ​The principal consideration for our determination that performing procedures relating to revenue recognition from certain product revenue is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company's revenue recognition from certain product revenue. ​Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls over the recognition of certain product revenue at the transaction price once the Company satisfies a performance obligation. These procedures also included, among others (i) testing a sample of revenue transactions by obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and payment receipts, and where sales incentives are applicable, support for the nature of the incentive, amount, and agreement with the customer and (ii) confirming a sample of outstanding customer invoice balances as of December 31, 2024 and, for confirmations not returned, obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and subsequent payment receipts.​/s/ PricewaterhouseCoopers LLPDenver, ColoradoFebruary 20, 2025​We have served as the Company's auditor since at least 1962. We have not been able to determine the specific year we began serving as auditor of the Company.​ management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "​ 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ $ 5,619 ​ $ 5,963 ​ $ 6,696 ​ Comparable operating earnings ​ ​ ​ 747 ​ ​ 710 ​ ​ 642 ​ Comparable operating earnings as a % of segment net sales ​ ​ ​ 13 % ​ 12 % ​ 10 % ​ Ball permanently ceased production at its aluminum beverage can manufacturing facility in St." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: Earnings per share: **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ ​ ​ Basic - continuing operations ​ $ 1.39 ​ $ 1.54 ​ $ 1.80 Basic - discontinued operations ​ ​ 11.73 ​ ​ 0.71 ​ ​ 0.47 Total basic earnings per share ​ $ 13.12 ​ $ 2.25 ​ $ 2.27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted - continuing operations ​ $ 1.37 ​ $ 1.53 ​ $ 1.78 Diluted - discontinued operations ​ ​ 11.63 ​ ​ 0.70 ​ ​ 0.47 Total diluted earnings per share ​ $ 13.00 ​ $ 2.23 ​ $ 2.25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​" **Prior (2024):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 2.25 ​ $ 2.27 ​ $ 2.69 Diluted ​ $ 2.23 ​ $ 2.25 ​ $ 2.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ **Current (2025):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic - continuing operations ​ $ 1.39 ​ $ 1.54 ​ $ 1.80 Basic - discontinued operations ​ ​ 11.73 ​ ​ 0.71 ​ ​ 0.47 Total basic earnings per share ​ $ 13.12 ​ $ 2.25 ​ $ 2.27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted - continuing operations ​ $ 1.37 ​ $ 1.53 ​ $ 1.78 Diluted - discontinued operations ​ ​ 11.63 ​ ​ 0.70 ​ ​ 0.47 Total diluted earnings per share ​ $ 13.00 ​ $ 2.23 ​ $ 2.25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ --- ## Modified: Segment Reporting **Key changes:** - Reworded sentence: "​ In 2023, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal of providing financial statement users with more information about reportable segments, including more disaggregated expense information." **Prior (2024):** ​ In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information about reportable segments, including more disaggregated expense information. The company is currently assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a retrospective basis in its 2024 annual report and interim periods thereafter. ​ **Current (2025):** ​ In 2023, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal of providing financial statement users with more information about reportable segments, including more disaggregated expense information. Ball adopted all required disclosures effective for 2024, on a retrospective basis, in Note 3 and will fulfill the interim disclosure requirements in its Form 10-Q quarterly reports going forward. Note 3 ​ --- ## Modified: Reconciling items **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ ​ ​ Other (b) ​ ​ (69) ​ ​ 12 ​ ​ (25) Business consolidation and other activities ​ ​ (420) ​ ​ (133) ​ ​ (71) Amortization of acquired intangibles ​ ​ (139) ​ ​ (135) ​ ​ (135) Interest expense ​ ​ (293) ​ ​ (460) ​ ​ (313) Debt refinancing and other costs ​ ​ (3) ​ ​ - ​ ​ (18)" **Prior (2024):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (a) ​ ​ 12 ​ ​ (25) ​ ​ (65) Business consolidation and other activities ​ ​ (153) ​ ​ (71) ​ ​ (142) Amortization of acquired intangibles ​ ​ (135) ​ ​ (135) ​ ​ (152) Earnings before interest and taxes ​ ​ 1,273 ​ ​ 1,214 ​ ​ 1,291 Interest expense ​ ​ (459) ​ ​ (312) ​ ​ (270) Debt refinancing and other costs ​ ​ - ​ ​ (18) ​ ​ (13) Total interest expense ​ ​ (459) ​ ​ (330) ​ ​ (283) **Current (2025):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (b) ​ ​ (69) ​ ​ 12 ​ ​ (25) Business consolidation and other activities ​ ​ (420) ​ ​ (133) ​ ​ (71) Amortization of acquired intangibles ​ ​ (139) ​ ​ (135) ​ ​ (135) Interest expense ​ ​ (293) ​ ​ (460) ​ ​ (313) Debt refinancing and other costs ​ ​ (3) ​ ​ - ​ ​ (18) --- ## Modified: Depreciation and amortization (a) **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 214 ​ $ 220 ​ $ 219 Beverage packaging, EMEA ​ ​ 187 ​ ​ 178 ​ ​ 185 Beverage packaging, South America ​ ​ 148 ​ ​ 145 ​ ​ 143 Reportable segment depreciation and amortization ​ ​ 549 ​ ​ 543 ​ ​ 547 Other ​ ​ 62 ​ ​ 62 ​ ​ 47 Depreciation and amortization ​ $ 611 ​ $ 605 ​ $ 594 ​ The company does not disclose total assets by segment as it is not provided to the CODM." **Prior (2024):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 220 ​ $ 219 ​ $ 200 Beverage packaging, EMEA ​ ​ 178 ​ ​ 185 ​ ​ 223 Beverage packaging, South America ​ ​ 145 ​ ​ 143 ​ ​ 141 Aerospace ​ ​ 81 ​ ​ 78 ​ ​ 65 Reportable segment depreciation and amortization ​ ​ 624 ​ ​ 625 ​ ​ 629 Other ​ ​ 62 ​ ​ 47 ​ ​ 71 Depreciation and amortization ​ $ 686 ​ $ 672 ​ $ 700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ **Current (2025):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 214 ​ $ 220 ​ $ 219 Beverage packaging, EMEA ​ ​ 187 ​ ​ 178 ​ ​ 185 Beverage packaging, South America ​ ​ 148 ​ ​ 145 ​ ​ 143 Reportable segment depreciation and amortization ​ ​ 549 ​ ​ 543 ​ ​ 547 Other ​ ​ 62 ​ ​ 62 ​ ​ 47 Depreciation and amortization ​ $ 611 ​ $ 605 ​ $ 594 ​ The company does not disclose total assets by segment as it is not provided to the CODM. ​ ​ ​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ Total amortization expense of intangible assets was $151 million, $151 million and $157 million for the years ended December 31, 2024, 2023 and 2022, respectively." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: CRITICAL ACCOUNTING POLICIES AND ESTIMATES **Key changes:** - Reworded sentence: "Detailed below is a discussion of why, to the extent the estimate is material, these estimates are subject to uncertainty and the sensitivity of the reported amounts to the methods and assumptions underlying the estimate's calculation." - Reworded sentence: "Note 17 Item 8 ​ 27 27 27 Table of ContentsFINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES​Cash Flows and Capital Expenditures​Our primary sources of liquidity are cash provided by operating activities and external borrowings." - Reworded sentence: "In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms." - Reworded sentence: "In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms." **Prior (2024):** ​ For information regarding the company's critical and significant accounting policies, as well as recent accounting pronouncements, see Note 1 and Note 2 to the consolidated financial statements within Item 8 of this annual report. Note 1 Note 2 Item 8 ​ The company considers certain accounting estimates to be critical, as their application is made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had, or are reasonably likely to have, a material impact on the financial condition or results of operations. Detailed below is a discussion of why, to the extent the estimate is material, these estimates are subject to uncertainty and the sensitivity of the reported amounts to the methods, assumptions, and estimates underlying the estimate's calculation. ​ 31 31 31 Table of ContentsRevenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. The company believes the accounting estimates related to revenue recognition in its aerospace segment are critical accounting estimates because they are highly reliant upon estimation throughout the segment's contracts with its customers. The recognition of revenue requires significant estimation on the part of management, including estimating techniques to project revenues and costs at completion and various assumptions and projections related to the outcome of future events, and evaluation of estimates of total contract revenue, total contract cost, and extent of progress toward completion. Aside from estimation of total contract cost and progress towards completion, total revenues in our aerospace segment are subject to uncertainty due to the total amount that will be paid by the customer giving rise to variable consideration. The primary types of variable consideration present in the company's contracts are cost reimbursements, performance award fees, incremental funding and finalization of government rates. The company's accounting policy around revenue recognition in its aerospace segment and further details of estimates used in revenue recognition in its aerospace segment can be found in Note 1 and Note 5, respectively, to the consolidated financial statements within Item 8 of this annual report.​Defined Benefit Pension Plans​The company has defined benefit plans which require management to make assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, mortality rates and other assumptions. The company believes the accounting estimates related to its pension plans are critical accounting estimates because several of the company's defined benefit plans have significant asset and liability balances, and because the assumptions used are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. These assumptions do not change during the company's fiscal year unless a remeasurement event occurs in one of the plans, such as a significant settlement. The assumptions used in accounting for the company's defined benefit plans and how they have changed over time, as well as the sensitivity of the plans to changes in their related assumptions, can be found in Note 17 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. The following table summarizes our cash flows:​​​​​​​​​​​​​Years Ended December 31,($ in millions) 2023 2022 2021​​​​​​​​​​Cash flows provided by (used in) operating activities​$ 1,863​$ 301​$ 1,760Cash flows provided by (used in) investing activities​​ (1,053)​​ (786)​​ (1,639)Cash flows provided by (used in) financing activities​​ (662)​​ 485​​ (894)​Cash flows provided by operating activities were $1,863 million in 2023, primarily driven by net earnings of $711 million, depreciation and amortization of $686 million, working capital inflows of $360 million and business consolidation and other costs of $153 million. On February 16, 2024, the company completed the divestiture of the aerospace business. We currently estimate a cash tax of $1.0 billion to be recorded as a cash outflow from operations in 2024. See Note 4 for further details. In an elevated interest rate environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms. At December 31, 2023, days sales outstanding, net of factored receivables, was 62 days; therefore, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $38 million. At December 31, 2023, days payable outstanding was 118 days; therefore, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $30 million. At December 31, 2023, days inventory outstanding was 32 Table of Contents Table of Contents Table of Contents Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. The company believes the accounting estimates related to revenue recognition in its aerospace segment are critical accounting estimates because they are highly reliant upon estimation throughout the segment's contracts with its customers. The recognition of revenue requires significant estimation on the part of management, including estimating techniques to project revenues and costs at completion and various assumptions and projections related to the outcome of future events, and evaluation of estimates of total contract revenue, total contract cost, and extent of progress toward completion. Aside from estimation of total contract cost and progress towards completion, total revenues in our aerospace segment are subject to uncertainty due to the total amount that will be paid by the customer giving rise to variable consideration. The primary types of variable consideration present in the company's contracts are cost reimbursements, performance award fees, incremental funding and finalization of government rates. The company's accounting policy around revenue recognition in its aerospace segment and further details of estimates used in revenue recognition in its aerospace segment can be found in Note 1 and Note 5, respectively, to the consolidated financial statements within Item 8 of this annual report.​Defined Benefit Pension Plans​The company has defined benefit plans which require management to make assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, mortality rates and other assumptions. The company believes the accounting estimates related to its pension plans are critical accounting estimates because several of the company's defined benefit plans have significant asset and liability balances, and because the assumptions used are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. These assumptions do not change during the company's fiscal year unless a remeasurement event occurs in one of the plans, such as a significant settlement. The assumptions used in accounting for the company's defined benefit plans and how they have changed over time, as well as the sensitivity of the plans to changes in their related assumptions, can be found in Note 17 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. The following table summarizes our cash flows:​​​​​​​​​​​​​Years Ended December 31,($ in millions) 2023 2022 2021​​​​​​​​​​Cash flows provided by (used in) operating activities​$ 1,863​$ 301​$ 1,760Cash flows provided by (used in) investing activities​​ (1,053)​​ (786)​​ (1,639)Cash flows provided by (used in) financing activities​​ (662)​​ 485​​ (894)​Cash flows provided by operating activities were $1,863 million in 2023, primarily driven by net earnings of $711 million, depreciation and amortization of $686 million, working capital inflows of $360 million and business consolidation and other costs of $153 million. On February 16, 2024, the company completed the divestiture of the aerospace business. We currently estimate a cash tax of $1.0 billion to be recorded as a cash outflow from operations in 2024. See Note 4 for further details. In an elevated interest rate environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms. At December 31, 2023, days sales outstanding, net of factored receivables, was 62 days; therefore, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $38 million. At December 31, 2023, days payable outstanding was 118 days; therefore, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $30 million. At December 31, 2023, days inventory outstanding was Revenue Recognition in the Aerospace Segment ​ Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. The company believes the accounting estimates related to revenue recognition in its aerospace segment are critical accounting estimates because they are highly reliant upon estimation throughout the segment's contracts with its customers. The recognition of revenue requires significant estimation on the part of management, including estimating techniques to project revenues and costs at completion and various assumptions and projections related to the outcome of future events, and evaluation of estimates of total contract revenue, total contract cost, and extent of progress toward completion. Aside from estimation of total contract cost and progress towards completion, total revenues in our aerospace segment are subject to uncertainty due to the total amount that will be paid by the customer giving rise to variable consideration. The primary types of variable consideration present in the company's contracts are cost reimbursements, performance award fees, incremental funding and finalization of government rates. The company's accounting policy around revenue recognition in its aerospace segment and further details of estimates used in revenue recognition in its aerospace segment can be found in Note 1 and Note 5, respectively, to the consolidated financial statements within Item 8 of this annual report. Note 1 Note 5 Item 8 ​ Defined Benefit Pension Plans ​ The company has defined benefit plans which require management to make assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, mortality rates and other assumptions. The company believes the accounting estimates related to its pension plans are critical accounting estimates because several of the company's defined benefit plans have significant asset and liability balances, and because the assumptions used are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. These assumptions do not change during the company's fiscal year unless a remeasurement event occurs in one of the plans, such as a significant settlement. The assumptions used in accounting for the company's defined benefit plans and how they have changed over time, as well as the sensitivity of the plans to changes in their related assumptions, can be found in Note 17 to the consolidated financial statements within Item 8 of this annual report. Note 17 Item 8 ​ **Current (2025):** ​ For information regarding the company's critical and significant accounting policies, as well as recent accounting pronouncements, see Note 1 and Note 2 to the consolidated financial statements within Item 8 of this annual report. Note 1 Note 2 Item 8 ​ The company considers certain accounting estimates to be critical, as their application is made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had, or are reasonably likely to have, a material impact on the financial condition or results of operations. Detailed below is a discussion of why, to the extent the estimate is material, these estimates are subject to uncertainty and the sensitivity of the reported amounts to the methods and assumptions underlying the estimate's calculation. ​ Defined Benefit Pension Plans ​ The company has defined benefit plans which require management to make assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, mortality rates and other assumptions. The company believes the accounting estimates related to its pension plans are critical accounting estimates because several of the company's defined benefit plans have significant asset and liability balances, and because the assumptions used are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. These assumptions do not change during the company's fiscal year unless a remeasurement event occurs in one of the plans, such as a significant settlement. The assumptions used in accounting for the company's defined benefit plans and how they have changed over time, as well as the sensitivity of the plans to changes in their related assumptions, can be found in Note 17 to the consolidated financial statements within Item 8 of this annual report. Note 17 Item 8 ​ 27 27 27 Table of ContentsFINANCIAL 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, even in the absence of operating cash flows from the historical aerospace reportable segment, 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 limited near-term debt maturities and our senior credit facilities are in place until 2027. The following table summarizes our cash flows:​​​​​​​​​​​​​Years Ended December 31,($ in millions) 2024 2023 2022​​​​​​​​​​Cash flows provided by (used in) operating activities​$ 115​$ 1,863​$ 301Cash flows provided by (used in) investing activities​​ 5,003​​ (1,053)​​ (786)Cash flows provided by (used in) financing activities​​ (4,790)​​ (662)​​ 485​Cash flows from the historical aerospace reportable segment are presented within each cash flow statement category in the consolidated statements of cash flows. Depreciation and amortization, capital expenditures and significant operating and investing noncash items of the aerospace discontinued operation are presented in Note 4.​Cash flows provided by operating activities were $115 million in 2024, primarily driven by earnings from continuing operations of $430 million, along with reconciling adjustments to operating cash flows of $620 million for depreciation and amortization and a $233 million noncash impairment charge on the aluminum cups business, partially offset by $766 million of income taxes paid related to the sale of the aerospace business and the company's decision to reduce its use of factoring by $476 million. We currently estimate a total cash tax of $875 million for the sale of the aerospace business. See Note 4 for further details. In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms. At December 31, 2024, days sales outstanding, net of factored receivables, was 68 days; therefore, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $32 million. At December 31, 2024, days payable outstanding was 130 days; therefore, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $25 million. At December 31, 2024, days inventory outstanding was 58 days; therefore, a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $25 million.​Cash flows provided by investing activities were $5.00 billion in 2024, primarily driven by the initial cash proceeds received at close from the sale of the aerospace business of $5.42 billion, partially offset by capital expenditures of $484 million.​Cash flows used in financing activities were $4.79 billion in 2024, primarily driven by net repayments of long-term borrowings of $2.86 billion, repurchases of common stock of $1.71 billion and common stock dividends of $244 million. See Note 15 for further details on the company's borrowings, and additional amounts available. ​We have entered into several regional accounts receivable factoring programs with various financial institutions for certain of our accounts receivables. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.60 billion and $2.00 billion at December 31, 2024 and 2023, respectively. A total of $428 million and $350 million were available for sale under these programs as of December 31, 2024 and 2023, respectively. The combined limit and available for sale amount as of December 31, 2023, included $160 million and $97 million, respectively, associated with receivable factoring programs included within the historical aerospace reportable segment. The company has recorded $44 million, $93 million and $64 million of expense related to its factoring programs in 2024, 2023 and 2022, respectively, and has presented these amounts in selling, general and administrative in its consolidated statements of earnings.​The company has several regional supplier finance programs with various financial institutions that act as the paying agent for certain payables of the company. The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs was $423 million and $703 million at December 31, 2024 and 28 Table of Contents Table of Contents Table of Contents FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES​Cash Flows and Capital Expenditures​Our primary sources of liquidity are cash provided by operating activities and external borrowings. We believe that cash flows from operating activities, even in the absence of operating cash flows from the historical aerospace reportable segment, and cash provided by short-term, long-term and committed revolver borrowings, when necessary, will be sufficient to meet our ongoing operating requirements, scheduled principal and interest payments on debt, dividend payments, anticipated share repurchases and anticipated capital expenditures. We have limited near-term debt maturities and our senior credit facilities are in place until 2027. The following table summarizes our cash flows:​​​​​​​​​​​​​Years Ended December 31,($ in millions) 2024 2023 2022​​​​​​​​​​Cash flows provided by (used in) operating activities​$ 115​$ 1,863​$ 301Cash flows provided by (used in) investing activities​​ 5,003​​ (1,053)​​ (786)Cash flows provided by (used in) financing activities​​ (4,790)​​ (662)​​ 485​Cash flows from the historical aerospace reportable segment are presented within each cash flow statement category in the consolidated statements of cash flows. Depreciation and amortization, capital expenditures and significant operating and investing noncash items of the aerospace discontinued operation are presented in Note 4.​Cash flows provided by operating activities were $115 million in 2024, primarily driven by earnings from continuing operations of $430 million, along with reconciling adjustments to operating cash flows of $620 million for depreciation and amortization and a $233 million noncash impairment charge on the aluminum cups business, partially offset by $766 million of income taxes paid related to the sale of the aerospace business and the company's decision to reduce its use of factoring by $476 million. We currently estimate a total cash tax of $875 million for the sale of the aerospace business. See Note 4 for further details. In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms. At December 31, 2024, days sales outstanding, net of factored receivables, was 68 days; therefore, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $32 million. At December 31, 2024, days payable outstanding was 130 days; therefore, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $25 million. At December 31, 2024, days inventory outstanding was 58 days; therefore, a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $25 million.​Cash flows provided by investing activities were $5.00 billion in 2024, primarily driven by the initial cash proceeds received at close from the sale of the aerospace business of $5.42 billion, partially offset by capital expenditures of $484 million.​Cash flows used in financing activities were $4.79 billion in 2024, primarily driven by net repayments of long-term borrowings of $2.86 billion, repurchases of common stock of $1.71 billion and common stock dividends of $244 million. See Note 15 for further details on the company's borrowings, and additional amounts available. ​We have entered into several regional accounts receivable factoring programs with various financial institutions for certain of our accounts receivables. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.60 billion and $2.00 billion at December 31, 2024 and 2023, respectively. A total of $428 million and $350 million were available for sale under these programs as of December 31, 2024 and 2023, respectively. The combined limit and available for sale amount as of December 31, 2023, included $160 million and $97 million, respectively, associated with receivable factoring programs included within the historical aerospace reportable segment. The company has recorded $44 million, $93 million and $64 million of expense related to its factoring programs in 2024, 2023 and 2022, respectively, and has presented these amounts in selling, general and administrative in its consolidated statements of earnings.​The company has several regional supplier finance programs with various financial institutions that act as the paying agent for certain payables of the company. The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs was $423 million and $703 million at December 31, 2024 and FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES​Cash Flows and Capital Expenditures​Our primary sources of liquidity are cash provided by operating activities and external borrowings. We believe that cash flows from operating activities, even in the absence of operating cash flows from the historical aerospace reportable segment, and cash provided by short-term, long-term and committed revolver borrowings, when necessary, will be sufficient to meet our ongoing operating requirements, scheduled principal and interest payments on debt, dividend payments, anticipated share repurchases and anticipated capital expenditures. We have limited near-term debt maturities and our senior credit facilities are in place until 2027. The following table summarizes our cash flows:​​​​​​​​​​​​​Years Ended December 31,($ in millions) 2024 2023 2022​​​​​​​​​​Cash flows provided by (used in) operating activities​$ 115​$ 1,863​$ 301Cash flows provided by (used in) investing activities​​ 5,003​​ (1,053)​​ (786)Cash flows provided by (used in) financing activities​​ (4,790)​​ (662)​​ 485​Cash flows from the historical aerospace reportable segment are presented within each cash flow statement category in the consolidated statements of cash flows. Depreciation and amortization, capital expenditures and significant operating and investing noncash items of the aerospace discontinued operation are presented in Note 4.​Cash flows provided by operating activities were $115 million in 2024, primarily driven by earnings from continuing operations of $430 million, along with reconciling adjustments to operating cash flows of $620 million for depreciation and amortization and a $233 million noncash impairment charge on the aluminum cups business, partially offset by $766 million of income taxes paid related to the sale of the aerospace business and the company's decision to reduce its use of factoring by $476 million. We currently estimate a total cash tax of $875 million for the sale of the aerospace business. See Note 4 for further details. In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms. At December 31, 2024, days sales outstanding, net of factored receivables, was 68 days; therefore, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $32 million. At December 31, 2024, days payable outstanding was 130 days; therefore, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $25 million. At December 31, 2024, days inventory outstanding was 58 days; therefore, a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $25 million.​Cash flows provided by investing activities were $5.00 billion in 2024, primarily driven by the initial cash proceeds received at close from the sale of the aerospace business of $5.42 billion, partially offset by capital expenditures of $484 million.​Cash flows used in financing activities were $4.79 billion in 2024, primarily driven by net repayments of long-term borrowings of $2.86 billion, repurchases of common stock of $1.71 billion and common stock dividends of $244 million. See Note 15 for further details on the company's borrowings, and additional amounts available. ​We have entered into several regional accounts receivable factoring programs with various financial institutions for certain of our accounts receivables. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.60 billion and $2.00 billion at December 31, 2024 and 2023, respectively. A total of $428 million and $350 million were available for sale under these programs as of December 31, 2024 and 2023, respectively. The combined limit and available for sale amount as of December 31, 2023, included $160 million and $97 million, respectively, associated with receivable factoring programs included within the historical aerospace reportable segment. The company has recorded $44 million, $93 million and $64 million of expense related to its factoring programs in 2024, 2023 and 2022, respectively, and has presented these amounts in selling, general and administrative in its consolidated statements of earnings.​The company has several regional supplier finance programs with various financial institutions that act as the paying agent for certain payables of the company. The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs was $423 million and $703 million at December 31, 2024 and --- ## Modified: 6. Business Consolidation and Other Activities **Key changes:** - Reworded sentence: "​ 2024 ​ During 2024, the company recorded charges of $420 million primarily related to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell, $161 million facility closure costs and $34 million of costs for employee severance, employee benefits and other related items resulting from the company restructuring its operating model." - Removed sentence: "During future periods, the company anticipates receiving additional insurance proceeds for replacement costs and business interruption coverage which will be recorded as a gain." - Reworded sentence: "See Note 4 for further details on the Russia and Ball Metalpack transactions.​​7." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 2024 ​ During 2024, the company recorded charges of $420 million primarily related to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell, $161 million facility closure costs and $34 million of costs for employee severance, employee benefits and other related items resulting from the company restructuring its operating model. The charges were partially offset by income of $44 million from the insurance proceeds for replacement costs related to the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. See Note 4 for further details on the aluminum cups impairment. partially offset by income Note 4 ​ 60 60 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​2023 ​During 2023, the company recorded charges of $133 million primarily related to facility closure costs of $94 million, a $22 million foreign exchange loss associated with the company's Argentina business and $21 million transaction costs related to the sale of the company's aerospace business. Due to the sale of the aerospace business, the company reclassed $20 million of costs to sell incurred and paid in 2023 previously reported as business consolidation and other activities to discontinued operations, net of tax. See Note 4 for further details on the sale of the aerospace business. The facility closure costs during 2023 also include costs recorded to reflect the damage to assets, less insurance receipts, incurred as a result of the fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​2022 ​During 2022, the company recorded charges of $71 million primarily related to the impairment losses on Russia's long-lived asset group net of gain on the sale of $213 million, facility closure costs of $55 million and a charge related to a donation of $30 million to The Ball Foundation, offset by a gain of $298 million for the sale of Ball's remaining equity method investment in Ball Metalpack. See Note 4 for further details on the Russia and Ball Metalpack transactions.​​7. Supplemental Cash Flow Statement Disclosures​​​​​​​​​​December 31,($ in millions)​2024 2023​​​​ ​​Beginning of period:​​​ ​​Cash and cash equivalents​$ 695 $ 548Current restricted cash (included in other current assets)​​ 15 ​ 10Total cash, cash equivalents and restricted cash​$ 710 $ 558​​​​ ​​End of period:​​​ ​​Cash and cash equivalents​$ 885 $ 695Current restricted cash (included in other current assets)​​ 8 ​ 15Noncurrent restricted cash (included in other assets)​​ 6​​ - Cash reported in current assets held for sale​​ 32​​ - Total cash, cash equivalents and restricted cash​$ 931 $ 710​The company's current restricted cash is primarily related to receivables factoring programs and represents amounts collected from customers that have not yet been remitted to the banks as of the end of the reporting period. Noncurrent restricted cash is comprised of additional cash consideration to be paid for the acquisition of Alucan Entec, S.A, less any potential obligations covered by the holdback arrangement. See Note 4 for further details. ​61 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: December 31, **Key changes:** - Reworded sentence: "​ ​ ​ ​ 2024 ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term in years: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 7 ​ ​ 8 ​ Finance leases ​ ​ 1 ​ ​ 5 ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.4 % ​ 4.1 % Finance leases ​ ​ 4.8 % ​ 3.0 % ​ 65 65 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Maturities of lease liabilities are as follows:​​​​​​​​($ in millions)​Operating Leases​Finance Leases​​​​​​​2025​$ 83​$ 262026​​ 66​​ 22027​​ 55​​ 12028​​ 45​​ 12029​​ 33​​ 1Thereafter​​ 97​​ - Future value of lease liabilities​​ 379​​ 31Less: Imputed interest​​ (35)​​ - Present value of lease liabilities​$ 344​$ 31​​15." - Reworded sentence: "At December 31, 2024, $1.73 billion was available under these revolving credit facilities." **Prior (2024):** ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 101 ​ $ 3 2025 ​ ​ 81 ​ ​ 2 2026 ​ ​ 65 ​ ​ 2 2027 ​ ​ 57 ​ ​ 1 2028 ​ ​ 48 ​ ​ 1 Thereafter ​ ​ 176 ​ ​ 2 Future value of lease liabilities ​ ​ 528 ​ ​ 11 Less: Imputed interest ​ ​ (79) ​ ​ (1) Present value of lease liabilities ​ $ 449 ​ $ 10 ​ ​ 70 70 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​15. Debt and Interest Costs​Long-term debt and interest rates in effect consisted of the following:​​​​​​​​​​December 31,($ in millions) 2023 2022​​​​​​​Senior Notes​​​​​​4.00% due November 2023​$ - ​$ 1,0000.875%, euro denominated, due March 2024​​ 828​​ 8035.25% due July 2025​​ 1,000​​ 1,0004.875% due March 2026​​ 750​​ 7501.50%, euro denominated, due March 2027​​ 607​​ 5896.875% due March 2028​​ 750​​ 7506.00% due June 2029​​ 1,000​​ - 2.875% due August 2030​​ 1,300​​ 1,3003.125% due September 2031​​ 850​​ 850Senior Credit Facility (at variable rates)​​​​​​U.S. dollar revolver due June 2027​​ - ​​ 200Term A loan due June 2027 (6.71% - 2023)​​ 1,325​​ 1,350Finance lease obligations​​ 10​​ 12Other (including debt issuance costs)​​ (60)​​ (61)​​​ 8,360​​ 8,543Less: Current portion​​ (856)​​ (1,003)​​$ 7,504​$ 7,540​The company's senior credit facilities include long-term multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At December 31, 2023, $1.69 billion was available under these revolving credit facilities. In addition to these facilities, the company had $196 million of committed short-term loans outstanding. The company also had approximately $964 million of short-term uncommitted credit facilities available at December 31, 2023, of which $13 million was outstanding and due on demand. At December 31, 2022, the company had $293 million of committed short-term loans outstanding and $112 million outstanding under short-term uncommitted credit facilities. The weighted average interest rate of the outstanding short-term facilities was 19.95 percent at December 31, 2023, and 6.71 percent at December 31, 2022. ​In November 2023, Ball redeemed the outstanding 4.00% senior notes due in the amount of $1.00 billion. In May 2023, Ball issued $1.00 billion of 6.00% senior notes due in 2029, and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $800 million. ​The fair value of Ball's long-term debt was estimated to be $8.07 billion and $7.99 billion at December 31, 2023 and 2022, respectively, compared to its carrying value of $8.36 billion and $8.54 billion in 2023 and 2022, respectively. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company's ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt, based on discounted cash flows.​Long-term debt obligations outstanding at December 31, 2023, have maturities (excluding unamortized debt issuance costs of $62 million) of $858 million, $1.05 billion, $819 million, $1.79 billion and $751 million in the years ending 2024 through 2028, respectively, and $3.15 billion thereafter.​Letters of credit outstanding at December 31, 2023 and 2022, were $57 million and $59 million, respectively. ​71 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ ​ ​ ​ 2024 ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term in years: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 7 ​ ​ 8 ​ Finance leases ​ ​ 1 ​ ​ 5 ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.4 % ​ 4.1 % Finance leases ​ ​ 4.8 % ​ 3.0 % ​ 65 65 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Maturities of lease liabilities are as follows:​​​​​​​​($ in millions)​Operating Leases​Finance Leases​​​​​​​2025​$ 83​$ 262026​​ 66​​ 22027​​ 55​​ 12028​​ 45​​ 12029​​ 33​​ 1Thereafter​​ 97​​ - Future value of lease liabilities​​ 379​​ 31Less: Imputed interest​​ (35)​​ - Present value of lease liabilities​$ 344​$ 31​​15. Debt and Interest Costs​Long-term debt outstanding and interest rates in effect, along with short-term debt outstanding, consisted of the following:​​​​​​​​​​December 31,($ in millions) 2024 2023​​​​​​​Senior Notes​​​​​​0.875%, euro denominated, due March 2024​$ - ​$ 8285.25% due July 2025​​ 189​​ 1,0004.875% due March 2026​​ 256​​ 7501.50%, euro denominated, due March 2027​​ 569​​ 6076.875% due March 2028​​ 750​​ 7506.00% due June 2029​​ 1,000​​ 1,0002.875% due August 2030​​ 1,300​​ 1,3003.125% due September 2031​​ 850​​ 850Senior Credit Facility (at variable rates)​​​​​​U.S. dollar revolver due June 2027​​ - ​​ - Term A loan due June 2027 (5.46% - 2024)​​ 625​​ 1,325Finance lease obligations​​ 7​​ 10Other (including debt issuance costs)​​ (43)​​ (60)​​​ 5,503​​ 8,360Less: Current portion of long-term debt​​ (191)​​ (856)Long-term debt​$ 5,312​$ 7,504​​​​​​​Short-term debt​​​​​​Current portion of long-term debt​$ 191​$ 856Short-term finance leases​​ 24​​ - Short-term committed loans​​ 109​​ 196Short-term uncommitted credit facilities​​ 37​​ 13Short-term debt and current portion of long-term debt​$ 361​$ 1,065​The company's senior credit facilities include long-term multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At December 31, 2024, $1.73 billion was available under these revolving credit facilities. The company had approximately $978 million of short-term 66 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ Maturities of lease liabilities are as follows:​​​​​​​​($ in millions)​Operating Leases​Finance Leases​​​​​​​2025​$ 83​$ 262026​​ 66​​ 22027​​ 55​​ 12028​​ 45​​ 12029​​ 33​​ 1Thereafter​​ 97​​ - Future value of lease liabilities​​ 379​​ 31Less: Imputed interest​​ (35)​​ - Present value of lease liabilities​$ 344​$ 31​​15." - Reworded sentence: "At December 31, 2024, $1.73 billion was available under these revolving credit facilities." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Liabilities and Equity **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ Current liabilities ​ ​ ​ ​ ​ ​ Short-term debt and current portion of long-term debt ​ $ 361 ​ $ 1,065 Accounts payable ​ ​ 3,418 ​ ​ 3,661 Accrued employee costs ​ ​ 303 ​ ​ 245 Other current liabilities ​ ​ 725 ​ ​ 779 Current liabilities held for sale ​ ​ 40 ​ ​ 435 Total current liabilities ​ ​ 4,847 ​ ​ 6,185 Noncurrent liabilities ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ 5,312 ​ ​ 7,504 Employee benefit obligations ​ ​ 577 ​ ​ 735 Deferred taxes ​ ​ 594 ​ ​ 421 Other liabilities ​ ​ 368 ​ ​ 384 Noncurrent liabilities held for sale ​ ​ - ​ ​ 237" **Prior (2024):** ​ ​ ​ ​ ​ ​ Current liabilities ​ ​ ​ ​ ​ ​ Short-term debt and current portion of long-term debt ​ $ 1,065 ​ $ 1,408 Accounts payable ​ ​ 3,753 ​ ​ 4,383 Accrued employee costs ​ ​ 333 ​ ​ 236 Other current liabilities ​ ​ 1,034 ​ ​ 981 Total current liabilities ​ ​ 6,185 ​ ​ 7,008 Noncurrent liabilities ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ 7,504 ​ ​ 7,540 Employee benefit obligations ​ ​ 898 ​ ​ 847 Deferred taxes ​ ​ 421 ​ ​ 540 Other liabilities ​ ​ 458 ​ ​ 447 **Current (2025):** ​ ​ ​ ​ ​ ​ Current liabilities ​ ​ ​ ​ ​ ​ Short-term debt and current portion of long-term debt ​ $ 361 ​ $ 1,065 Accounts payable ​ ​ 3,418 ​ ​ 3,661 Accrued employee costs ​ ​ 303 ​ ​ 245 Other current liabilities ​ ​ 725 ​ ​ 779 Current liabilities held for sale ​ ​ 40 ​ ​ 435 Total current liabilities ​ ​ 4,847 ​ ​ 6,185 Noncurrent liabilities ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ 5,312 ​ ​ 7,504 Employee benefit obligations ​ ​ 577 ​ ​ 735 Deferred taxes ​ ​ 594 ​ ​ 421 Other liabilities ​ ​ 368 ​ ​ 384 Noncurrent liabilities held for sale ​ ​ - ​ ​ 237 --- ## Modified: Comparable segment operating earnings (a) **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 747 ​ $ 710 ​ $ 642 Beverage packaging, EMEA ​ ​ 416 ​ ​ 354 ​ ​ 358 Beverage packaging, South America ​ ​ 296 ​ ​ 266 ​ ​ 275 Reportable segment comparable operating earnings ​ ​ 1,459 ​ ​ 1,330 ​ ​ 1,275" **Prior (2024):** ​ ​ ​ ​ ​ ​ Russia ​ $ 86 ​ $ 129 Non-Russia ​ ​ 272 ​ ​ 323 Beverage packaging, EMEA, segment ​ $ 358 ​ $ 452 ​ The Russian sales and comparable operating earnings figures in the above table include historical support by Russia for non-Russian regions. See Note 4 to the consolidated financial statements within Item 8 of this annual report for additional discussion regarding the sale. Note 4 Item 8 ​ Beverage Packaging, South America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ **Current (2025):** ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 747 ​ $ 710 ​ $ 642 Beverage packaging, EMEA ​ ​ 416 ​ ​ 354 ​ ​ 358 Beverage packaging, South America ​ ​ 296 ​ ​ 266 ​ ​ 275 Reportable segment comparable operating earnings ​ ​ 1,459 ​ ​ 1,330 ​ ​ 1,275 --- ## Modified: Balance at December 31, 2024 **Key changes:** - Reworded sentence: "​ 684,168 ​ $ 1,395 ​ (394,790) ​ $ (6,057) ​ $ 11,527 ​ $ (1,003) ​ $ 68 ​ $ 5,930 ​ The accompanying notes are an integral part of the consolidated financial statements." - Reworded sentence: "In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business." **Prior (2024):** ​ 683,241 ​ $ 1,312 ​ (367,551) ​ $ (4,390) ​ $ 7,763 ​ $ (916) ​ $ 68 ​ $ 3,837 ​ ​ The accompanying notes are an integral part of the consolidated financial statements. ​ ​ 46 46 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​47 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ 684,168 ​ $ 1,395 ​ (394,790) ​ $ (6,057) ​ $ 11,527 ​ $ (1,003) ​ $ 68 ​ $ 5,930 ​ The accompanying notes are an integral part of the consolidated financial statements. ​ ​ 41 41 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​42 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Total liabilities **Key changes:** - Reworded sentence: "​ ​ 11,698 ​ ​ 15,466 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock (684,168,252 shares issued - 2024; 683,241,401 shares issued - 2023) ​ ​ 1,395 ​ ​ 1,312 Retained earnings ​ ​ 11,527 ​ ​ 7,763 Accumulated other comprehensive earnings (loss) ​ ​ (1,003) ​ ​ (916) Treasury stock, at cost (394,790,362 shares - 2024; 367,551,366 shares - 2023) ​ ​ (6,057) ​ ​ (4,390)" **Prior (2024):** ​ ​ 15,466 ​ ​ 16,382 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock (683,241,401 shares issued - 2023; 682,144,408 shares issued - 2022) ​ ​ 1,312 ​ ​ 1,260 Retained earnings ​ ​ 7,763 ​ ​ 7,309 Accumulated other comprehensive earnings (loss) ​ ​ (916) ​ ​ (679) Treasury stock, at cost (367,551,366 shares - 2023; 368,036,369 shares - 2022) ​ ​ (4,390) ​ ​ (4,429) **Current (2025):** ​ ​ 11,698 ​ ​ 15,466 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock (684,168,252 shares issued - 2024; 683,241,401 shares issued - 2023) ​ ​ 1,395 ​ ​ 1,312 Retained earnings ​ ​ 11,527 ​ ​ 7,763 Accumulated other comprehensive earnings (loss) ​ ​ (1,003) ​ ​ (916) Treasury stock, at cost (394,790,362 shares - 2024; 367,551,366 shares - 2023) ​ ​ (6,057) ​ ​ (4,390) --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "​BeveragePackaging,North & CentralAmerica ​ ​BeveragePackaging,EMEA ​ ​BeveragePackaging,South America ​ Other Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2022 ​ $ 1,275 ​ $ 1,342 ​ $ 1,298 ​ $ 280 ​ $ 4,195 Effects of currency exchange ​ ​ - ​ ​ 36 ​ ​ - ​ ​ 17 ​ ​ 53 Other ​ ​ 2 ​ ​ - ​ ​ - ​ ​ - ​ ​ 2 Balance at December 31, 2023 ​ $ 1,277 ​ $ 1,378 ​ $ 1,298 ​ $ 297 ​ $ 4,250 Additions ​ ​ - ​ ​ - ​ ​ - ​ ​ 50 ​ ​ 50 Effects of currency exchange ​ ​ - ​ ​ (89) ​ ​ - ​ ​ (35) ​ ​ (124) Other ​ ​ - ​ ​ - ​ ​ 2 ​ ​ (6) ​ ​ (4) Balance at December 31, 2024 ​ $ 1,277 ​ $ 1,289 ​ $ 1,300 ​ $ 306 ​ $ 4,172 ​ ​" **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: Other Liquidity Measures **Key changes:** - Reworded sentence: "​ The company expects that 2025 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $220 million to shareholders in the form of dividends." - Reworded sentence: "​Guaranteed Securities​The company's senior notes are guaranteed on a full and unconditional, joint and several basis by the issuer of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group)." - Reworded sentence: "As described in the supplemental indentures governing the company's existing senior notes, the senior notes are guaranteed by any of the company's domestic subsidiaries that guarantee any other indebtedness of the company.​The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2024 and 2023." - Reworded sentence: "The results and balance sheet information of the historical aerospace reportable segment are included in the following summarized financial information of the obligor group as of and for the year ended December 31, 2023, as the guarantees of the aerospace business legal entities were in effect through that date." **Prior (2024):** ​ Details of the company's contingencies, legal proceedings, indemnifications and guarantees are available in Note 22 and Note 23 to the consolidated financial statements within Item 8 of this annual report. The company is routinely subject to litigation incidental to operating its businesses and has been designated by various federal, state, and international environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites. The company believes the matters identified will not have a material adverse effect upon its liquidity, results of operations or financial condition. Note 22 Note 23 Item 8 ​ Guaranteed Securities ​ The company's senior notes are guaranteed on a full and unconditional, joint and several basis by the issuer of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group). The entities that comprise the obligor group are 100 percent owned by the company. As described in the supplemental indentures governing the company's existing senior notes, the senior notes are guaranteed by any of the company's domestic subsidiaries that guarantee any other indebtedness of the company. ​ The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2023 and 2022. Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated. ​ 35 35 35 Table of Contents​​​​​​​​​Year Ended​Year Ended($ in millions)​December 31, 2023 December 31, 2022​​​​​​​Net sales​$ 8,962​$ 9,975Gross profit (a)​​ 1,074​​ 996Net earnings​​ 493​​ 635Net earnings attributable to Ball Corporation​​ 493​​ 635(a)Gross profit is shown after depreciation and amortization related to cost of sales of $272 million and $261 million for the years ended December 31, 2023 and 2022, respectively.​​​​​​​​​​December 31,​December 31,($ in millions) 2023 2022​​​​​​​Current assets​$ 2,339​$ 2,478Noncurrent assets​​ 15,955​​ 15,764Current liabilities​​ 5,163​​ 6,032Noncurrent liabilities​​ 10,857​​ 10,790​Included in the amounts disclosed in the tables above, at December 31, 2023 and 2022, the obligor group held receivables due from other subsidiary companies of $768 million and $477 million, respectively, long-term notes receivable due from other subsidiary companies of $10.20 billion and $9.89 billion, respectively, payables due to other subsidiary companies of $1.83 billion and $2.22 billion, respectively, and long-term notes payable due to other subsidiary companies of $2.32 billion and $2.21 billion, respectively. ​For the years ended December 31, 2023 and 2022, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $1.13 billion and $1.50 billion, respectively, net credits from them of $38 million and $19 million, respectively, and net interest income from them of $344 million and $329 million, respectively. During the years ended December 31, 2023 and 2022, the obligor group received dividends from other subsidiary companies of $814 million and $18 million, respectively.​A description of the terms and conditions of the company's debt guarantees is located in Note 23 to the consolidated financial statements within Item 8 of this annual report.​36 Table of Contents Table of Contents Table of Contents ​​​​​​​​​Year Ended​Year Ended($ in millions)​December 31, 2023 December 31, 2022​​​​​​​Net sales​$ 8,962​$ 9,975Gross profit (a)​​ 1,074​​ 996Net earnings​​ 493​​ 635Net earnings attributable to Ball Corporation​​ 493​​ 635(a)Gross profit is shown after depreciation and amortization related to cost of sales of $272 million and $261 million for the years ended December 31, 2023 and 2022, respectively.​​​​​​​​​​December 31,​December 31,($ in millions) 2023 2022​​​​​​​Current assets​$ 2,339​$ 2,478Noncurrent assets​​ 15,955​​ 15,764Current liabilities​​ 5,163​​ 6,032Noncurrent liabilities​​ 10,857​​ 10,790​Included in the amounts disclosed in the tables above, at December 31, 2023 and 2022, the obligor group held receivables due from other subsidiary companies of $768 million and $477 million, respectively, long-term notes receivable due from other subsidiary companies of $10.20 billion and $9.89 billion, respectively, payables due to other subsidiary companies of $1.83 billion and $2.22 billion, respectively, and long-term notes payable due to other subsidiary companies of $2.32 billion and $2.21 billion, respectively. ​For the years ended December 31, 2023 and 2022, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $1.13 billion and $1.50 billion, respectively, net credits from them of $38 million and $19 million, respectively, and net interest income from them of $344 million and $329 million, respectively. During the years ended December 31, 2023 and 2022, the obligor group received dividends from other subsidiary companies of $814 million and $18 million, respectively.​A description of the terms and conditions of the company's debt guarantees is located in Note 23 to the consolidated financial statements within Item 8 of this annual report.​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended **Current (2025):** ​ The company expects that 2025 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $220 million to shareholders in the form of dividends. We further intend to utilize our operating cash flows, when available, to repurchase Ball common stock or fund acquisitions that meet our rate of return criteria. ​ We have committed contracts to purchase raw materials and we align these purchase commitments with long-term sales contracts with our customers such that any commitment to purchase aluminum and other direct materials corresponds to a contractual sale. These aluminum purchase commitments include pass-through provisions which generally result in proportional changes in both sales and costs of sales; however, there may be timing differences of when the costs are passed through. ​ The company's growth and asset maintenance plans require capital expenditures over the coming years, which will be funded by operating cash flows and external borrowings. Approximately $244 million of capital expenditures were contractually committed as of December 31, 2024. Maturities for Ball's long-term debt are disclosed in Note 15 to the consolidated financial statements within Item 8 of this annual report. Repayments of debt and other operational cash requirements will also be funded by operating cash flows and external borrowings. The company has no material off-balance sheet arrangements. Note 15 Item 8 ​ 30 30 30 Table of ContentsCONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES​Details of the company's contingencies, legal proceedings, indemnifications and guarantees are available in Note 22 and Note 23 to the consolidated financial statements within Item 8 of this annual report. The company is routinely subject to litigation incidental to operating its businesses and has been designated by various federal, state, and international environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites. The company believes the matters identified will not have a material adverse effect upon its liquidity, results of operations or financial condition. ​Guaranteed Securities​The company's senior notes are guaranteed on a full and unconditional, joint and several basis by the issuer of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group). The entities that comprise the obligor group are 100 percent owned by the company. As described in the supplemental indentures governing the company's existing senior notes, the senior notes are guaranteed by any of the company's domestic subsidiaries that guarantee any other indebtedness of the company.​The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2024 and 2023. Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated. The results and balance sheet information of the historical aerospace reportable segment are included in the following summarized financial information of the obligor group as of and for the year ended December 31, 2023, as the guarantees of the aerospace business legal entities were in effect through that date. On February 16, 2024, the company completed the divestiture of the aerospace business. As such, the following summarized financial information of the obligor group as of and for the year ended December 31, 2024, does not include results and balance sheet information of the historical aerospace reportable segment.​​​​​​​​​​Years Ended December 31,($ in millions)​2024 2023​​​​​​​Net sales​$ 6,708​$ 8,962Gross profit (a)​​ 807​​ 1,074Net earnings​​ 3,824​​ 493Net earnings attributable to Ball Corporation​​ 3,824​​ 493(a)Gross profit is shown after depreciation and amortization related to cost of sales of $189 million and $272 million for the years ended December 31, 2024 and 2023, respectively.​​​​​​​​​​December 31,($ in millions) 2024 2023​​​​​​​Current assets​$ 2,144​$ 2,339Noncurrent assets​​ 14,698​​ 15,955Current liabilities​​ 4,096​​ 5,163Noncurrent liabilities​​ 8,415​​ 10,857​31 Table of Contents Table of Contents Table of Contents CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES​Details of the company's contingencies, legal proceedings, indemnifications and guarantees are available in Note 22 and Note 23 to the consolidated financial statements within Item 8 of this annual report. The company is routinely subject to litigation incidental to operating its businesses and has been designated by various federal, state, and international environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites. The company believes the matters identified will not have a material adverse effect upon its liquidity, results of operations or financial condition. ​Guaranteed Securities​The company's senior notes are guaranteed on a full and unconditional, joint and several basis by the issuer of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group). The entities that comprise the obligor group are 100 percent owned by the company. As described in the supplemental indentures governing the company's existing senior notes, the senior notes are guaranteed by any of the company's domestic subsidiaries that guarantee any other indebtedness of the company.​The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2024 and 2023. Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated. The results and balance sheet information of the historical aerospace reportable segment are included in the following summarized financial information of the obligor group as of and for the year ended December 31, 2023, as the guarantees of the aerospace business legal entities were in effect through that date. On February 16, 2024, the company completed the divestiture of the aerospace business. As such, the following summarized financial information of the obligor group as of and for the year ended December 31, 2024, does not include results and balance sheet information of the historical aerospace reportable segment.​​​​​​​​​​Years Ended December 31,($ in millions)​2024 2023​​​​​​​Net sales​$ 6,708​$ 8,962Gross profit (a)​​ 807​​ 1,074Net earnings​​ 3,824​​ 493Net earnings attributable to Ball Corporation​​ 3,824​​ 493(a)Gross profit is shown after depreciation and amortization related to cost of sales of $189 million and $272 million for the years ended December 31, 2024 and 2023, respectively.​​​​​​​​​​December 31,($ in millions) 2024 2023​​​​​​​Current assets​$ 2,144​$ 2,339Noncurrent assets​​ 14,698​​ 15,955Current liabilities​​ 4,096​​ 5,163Noncurrent liabilities​​ 8,415​​ 10,857​ CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES​Details of the company's contingencies, legal proceedings, indemnifications and guarantees are available in Note 22 and Note 23 to the consolidated financial statements within Item 8 of this annual report. The company is routinely subject to litigation incidental to operating its businesses and has been designated by various federal, state, and international environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites. The company believes the matters identified will not have a material adverse effect upon its liquidity, results of operations or financial condition. ​Guaranteed Securities​The company's senior notes are guaranteed on a full and unconditional, joint and several basis by the issuer of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group). The entities that comprise the obligor group are 100 percent owned by the company. As described in the supplemental indentures governing the company's existing senior notes, the senior notes are guaranteed by any of the company's domestic subsidiaries that guarantee any other indebtedness of the company.​The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2024 and 2023. Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated. The results and balance sheet information of the historical aerospace reportable segment are included in the following summarized financial information of the obligor group as of and for the year ended December 31, 2023, as the guarantees of the aerospace business legal entities were in effect through that date. On February 16, 2024, the company completed the divestiture of the aerospace business. As such, the following summarized financial information of the obligor group as of and for the year ended December 31, 2024, does not include results and balance sheet information of the historical aerospace reportable segment.​​​​​​​​​​Years Ended December 31,($ in millions)​2024 2023​​​​​​​Net sales​$ 6,708​$ 8,962Gross profit (a)​​ 807​​ 1,074Net earnings​​ 3,824​​ 493Net earnings attributable to Ball Corporation​​ 3,824​​ 493(a)Gross profit is shown after depreciation and amortization related to cost of sales of $189 million and $272 million for the years ended December 31, 2024 and 2023, respectively.​​​​​​​​​​December 31,($ in millions) 2024 2023​​​​​​​Current assets​$ 2,144​$ 2,339Noncurrent assets​​ 14,698​​ 15,955Current liabilities​​ 4,096​​ 5,163Noncurrent liabilities​​ 8,415​​ 10,857​ --- ## Modified: (Noncurrent) **Key changes:** - Reworded sentence: "​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2022 ​ $ 49 ​ $ 2 Increase (decrease) ​ ​ 65 ​ ​ 1 Balance at December 31, 2023 ​ ​ 114 ​ ​ 3 Increase (decrease) ​ ​ (64) ​ ​ (1) Balance at December 31, 2024 ​ $ 50 ​ $ 2 ​ During the year ended December 31, 2024, contract liabilities decreased by $65 million, which is net of cash received of $109 million and amounts recognized as sales of $174 million, the majority of which related to current contract liabilities." - Removed sentence: "​ The company also recognized additional sales of $20 million and $8 million during the years ended December 31, 2023 and 2022, respectively, from performance obligations satisfied (or partially satisfied) in prior periods." - Removed sentence: "These sales amounts are the result of changes in the transaction price of the company's contracts with customers." - Removed sentence: "​ 64 64 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Transaction Price Allocated to Remaining Performance Obligations​The table below discloses: (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for contracts with an original duration of greater than one year, and (2) when the company expects to record sales on these multi-year contracts.​​​​​​​​​​​($ in millions) Next Twelve Months​Thereafter​Total​​​​​​​​​​Sales expected to be recognized on multi-year contracts in place as of December 31, 2023​$ 1,612​$ 1,312​$ 2,924​The contracts with an original duration of less than one year, which are excluded from the table above based on the company's election of the practical expedient, are primarily related to contracts where control will be fully transferred to the customers in less than one year." - Removed sentence: "The nature of the remaining performance obligations within these contracts, as well as the nature of the variability and how it will be resolved, are described in Note 1.​​6." **Prior (2024):** ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2021 ​ $ 272 ​ $ 38 Increase (decrease) ​ ​ 44 ​ ​ (26) Balance at December 31, 2022 ​ ​ 316 ​ ​ 12 Increase (decrease) ​ ​ 21 ​ ​ (2) Balance at December 31, 2023 ​ $ 337 ​ $ 10 ​ During the year ended December 31, 2023, contract liabilities increased by $19 million, which is net of cash received of $984 million and amounts recognized as sales of $965 million, the majority of which related to current contract liabilities. The amount of sales recognized during the year ended December 31, 2023, that was included in the company's opening contract liabilities balance was $316 million, all of which related to current contract liabilities. The difference between the opening and closing balances of the company's contract liabilities primarily results from timing differences between the company's performance and the customer's payments. Current contract liabilities are classified within other current liabilities on the consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities. ​ The company also recognized additional sales of $20 million and $8 million during the years ended December 31, 2023 and 2022, respectively, from performance obligations satisfied (or partially satisfied) in prior periods. These sales amounts are the result of changes in the transaction price of the company's contracts with customers. ​ 64 64 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Transaction Price Allocated to Remaining Performance Obligations​The table below discloses: (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for contracts with an original duration of greater than one year, and (2) when the company expects to record sales on these multi-year contracts.​​​​​​​​​​​($ in millions) Next Twelve Months​Thereafter​Total​​​​​​​​​​Sales expected to be recognized on multi-year contracts in place as of December 31, 2023​$ 1,612​$ 1,312​$ 2,924​The contracts with an original duration of less than one year, which are excluded from the table above based on the company's election of the practical expedient, are primarily related to contracts where control will be fully transferred to the customers in less than one year. The nature of the remaining performance obligations within these contracts, as well as the nature of the variability and how it will be resolved, are described in Note 1.​​6. Business Consolidation and Other Activities​Following is a summary of business consolidation and other activity (charges)/income included in the consolidated statements of earnings:​​​​​​​​​​​​​Years Ended December 31,($ in millions) 2023 2022 2021​​​​​​​​​​Beverage packaging, North and Central America ​$ (78)​$ (74)​$ (6)Beverage packaging, EMEA​​ 5​​ (227)​​ (7)Beverage packaging, South America​​ (31)​​ (29)​​ 9Other​​ (49)​​ 259​​ (138)​​$ (153)​$ (71)​$ (142)​2023 ​During 2023, the company recorded charges of $153 million primarily related to facility closure costs of $94 million, transaction costs of $41 million related to the sale of the company's aerospace business and a $22 million foreign exchange loss associated with the company's Argentina business. See Note 4 for further details on the sale of the aerospace business. The facility closure costs during 2023 also include costs recorded to reflect the damage to assets, less insurance receipts, incurred as a result of the fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. During future periods, the company anticipates receiving additional insurance proceeds for replacement costs and business interruption coverage which will be recorded as a gain. ​2022 ​During 2022, the company recorded charges of $71 million primarily related to the impairment losses on Russia's long-lived asset group net of gain on the sale of $213 million, facility closure costs of $55 million and a charge related to a donation of $30 million to The Ball Foundation, offset by a gain of $298 million for the sale of Ball's remaining equity method investment in Ball Metalpack. See Note 4 for further details on the Russia and Ball Metalpack transactions.​65 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2022 ​ $ 49 ​ $ 2 Increase (decrease) ​ ​ 65 ​ ​ 1 Balance at December 31, 2023 ​ ​ 114 ​ ​ 3 Increase (decrease) ​ ​ (64) ​ ​ (1) Balance at December 31, 2024 ​ $ 50 ​ $ 2 ​ During the year ended December 31, 2024, contract liabilities decreased by $65 million, which is net of cash received of $109 million and amounts recognized as sales of $174 million, the majority of which related to current contract liabilities. The amount of sales recognized during the year ended December 31, 2024, that was included in the company's opening contract liabilities balance was $114 million, all of which related to current contract liabilities. The difference between the opening and closing balances of the company's contract liabilities primarily results from timing differences between the company's performance and the customer's payments. Current contract liabilities are classified within other current liabilities on the consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities. ​ ​ --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "​ 2024 2023 ​ ​ ​ ​ ​ ​ ​ Trade accounts receivable ​ $ 1,258 ​ $ 1,165 Unbilled receivables ​ ​ 490 ​ ​ 520 Less: Allowance for doubtful accounts ​ ​ (12) ​ ​ (15) Net trade accounts receivable ​ ​ 1,736 ​ ​ 1,670 Other receivables ​ ​ 430 ​ ​ 387 ​ ​ $ 2,166 ​ $ 2,057 ​ The company has entered into several regional accounts receivable factoring programs with various financial institutions for certain receivables of the company." - Removed sentence: "​ The company has entered into several regional uncommitted and committed accounts receivable factoring programs with various financial institutions for certain receivables of the company." - Removed sentence: "The programs are accounted for as true sales of the receivables and had combined limits of approximately $2.00 billion and $2.04 billion at December 31, 2023 and 2022, respectively." - Removed sentence: "A total of $350 million and $488 million were available for sale under these programs as of December 31, 2023 and 2022, respectively." - Removed sentence: "The company has recorded $97 million, $67 million and $41 million of expense related to its factoring programs in 2023, 2022 and 2021, respectively, and has presented these amounts in selling, general, and administrative in its consolidated statements of earnings." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ The company recognizes the funded status of each defined benefit pension plan and other postretirement benefit plans on the consolidated balance sheet." - Reworded sentence: "Costs related to defined benefit and other postretirement plans are included in cost of sales and selling, general and administrative, while settlement and curtailment expenses are included in business consolidation expenses.​Significant Accounting Policies​Principles of Consolidation and Basis of Presentation​The consolidated financial statements include the accounts of Ball, its consolidated subsidiaries, and variable interest entities in which the company is considered to be the primary beneficiary." - Reworded sentence: "Investments in which the company neither exercises significant influence over the investee, nor is the primary beneficiary of the investment, are accounted for using the measurement alternative for equity investments, and, as such, are measured at cost minus impairment, if any, and adjusted for observable price changes in orderly transactions for the identical or a similar investment." - Reworded sentence: "Inventory cost is calculated for each inventory component taking into consideration the appropriate cost factors, including fixed and variable overhead, material price volatility and production levels.​Recoverability of Goodwill​On an annual basis, in the fourth quarter, and at interim periods as circumstances require, the company performs a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, which includes an evaluation as to whether there have been significant changes to macro-economic factors related to the reporting unit." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "Property, Plant and Equipment, Net​​​​​​​​​​December 31,($ in millions) 2024 2023​​​​​​​Land​$ 198​$ 215Buildings​​ 1,794​​ 1,792Machinery and equipment​​ 7,450​​ 7,636Construction-in-progress​​ 836​​ 1,179​​​ 10,278​​ 10,822Accumulated depreciation​​ (4,105)​​ (4,107)​​$ 6,173​$ 6,715​Property, plant and equipment are stated at historical or acquired cost." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ Personal & Home Care Acquisition of Alucan Entec ​In October 2024, the company acquired the entire share capital of Alucan Entec, S.A, an impact extruded aluminum packaging business with a manufacturing facility in Lummen, Belgium and Llinars del Vallés, Spain, for the purchase price of €82 million, subject to customary closing adjustments." - Reworded sentence: "On February 16, 2024, the company completed the divestiture of the aerospace business for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the Agreement." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Saudi Arabia **Key changes:** - Reworded sentence: "​ In November 2024, the company entered into an agreement to sell 41 percent of its 51 percent ownership in Ball United Arab Can Manufacturing Company, which is expected to close in the first half of 2025." - Reworded sentence: "On February 16, 2024, the company completed the divestiture of the aerospace business for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the Agreement." **Prior (2024):** ​ $ 814 ​ $ 884 ​ $ 1,008 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 61 61 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​​​Years Ended December 31,($ in millions) 2023 2022 2021​​​​​​​​​​Depreciation and amortization (a)​​​​​​​​​Beverage packaging, North and Central America​$ 220​$ 219​$ 200Beverage packaging, EMEA​​ 178​​ 185​​ 223Beverage packaging, South America​​ 145​​ 143​​ 141Aerospace​​ 81​​ 78​​ 65Reportable segment depreciation and amortization​​ 624​​ 625​​ 629Other​​ 62​​ 47​​ 71Depreciation and amortization​$ 686​$ 672​$ 700​​​​​​​​​​Capital expenditures​​​​​​​​​Beverage packaging, North and Central America​$ 311​$ 621​$ 697Beverage packaging, EMEA​​ 378​​ 458​​ 305Beverage packaging, South America​​ 129​​ 267​​ 334Aerospace​​ 106​​ 142​​ 198Reportable segment capital expenditures​​ 924​​ 1,488​​ 1,534Other​​ 121​​ 163​​ 192Capital expenditures​$ 1,045​$ 1,651​$ 1,726(a)Includes amortization of acquired Rexam intangibles.​The company does not disclose total assets by segment as it is not provided to the chief operating decision maker.​​​4. Acquisitions and Dispositions​Aerospace​In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball's aerospace business. As of December 31, 2023, the Committee on Foreign Investment in the United States approved the closing of the transaction, but it was pending the approval, clearance, or waiting period expiration or termination required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, among other customary closing conditions. As of December 31, 2023, we were in the process of seeking such regulatory approval, clearance, or waiting period expiration or termination, but could not yet assert that it was probable that we would obtain the approval, clearance, or waiting period expiration or termination, or satisfy the other closing conditions. Due to these conditions, as of December 31, 2023, Ball's aerospace business did not meet the requirements for held for sale presentation in Ball's consolidated financial statements. ​On February 13, 2024, the company received approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and completed the divestiture of the aerospace business on February 16, 2024, for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the Agreement. The result, using the net assets of the aerospace business as of December 31, 2023, is an estimated pre-tax gain of $4.8 billion and an estimated $4.5 billion in after-tax proceeds. These estimates are subject to customary closing adjustments to the purchase price under the terms of the Agreement. The transaction represents a strategic shift and therefore, beginning with Ball's quarterly report on Form 10-Q for the period ending March 31, 2024, the company's consolidated financial statements will reflect the aerospace business' historical financial results for periods prior to the divestiture as discontinued operations for all periods presented. Additionally, the completion of the divestiture results in the removal of the aerospace business from the company's obligor group, as the business will no longer guarantee the 62 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents **Current (2025):** ​ In November 2024, the company entered into an agreement to sell 41 percent of its 51 percent ownership in Ball United Arab Can Manufacturing Company, which is expected to close in the first half of 2025. As of December 31, 2024, the assets and liabilities of the business have been presented as current assets and current liabilities held for sale in the amounts of $94 million and $29 million, respectively, which are primarily related to working capital and property, plant and equipment. The transaction is expected to result in deconsolidation upon closing and Ball will retain a 10 percent ownership interest. A gain of approximately $80 million is expected to be recognized upon sale and no impairment or loss resulted upon meeting held for sale presentation. ​ 56 56 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Personal & Home Care Acquisition of Alucan Entec ​In October 2024, the company acquired the entire share capital of Alucan Entec, S.A, an impact extruded aluminum packaging business with a manufacturing facility in Lummen, Belgium and Llinars del Vallés, Spain, for the purchase price of €82 million, subject to customary closing adjustments. Using the exchange rate on the date of close, the initial cash consideration of $80 million (or €75 million) was paid at close and is presented in business acquisitions, net of cash acquired, in the consolidated statement of cash flows for the year ended December 31, 2024, with an additional $8 million (or €7 million) to be paid over the next four years, less any potential obligations covered by the holdback arrangement. The business is part of Ball's PHC segment. The transaction broadens the geographic reach and expands the product portfolio of Ball's PHC business, serving the growing personal, home care and beverage bottle markets. ​Aerospace​In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball's aerospace business. On February 16, 2024, the company completed the divestiture of the aerospace business for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the Agreement. The company is in the process of finalizing the working capital adjustments and other customary closing adjustments with BAE, which may adjust the final cash proceeds and gain on sale amounts. As such, during the fourth quarter of 2024, Ball reduced the gain by $60 million based on preliminary concessions related to the purchase price. After this adjustment, the divestiture resulted in a pre-tax gain of $4.61 billion, which is net of $20 million of costs to sell incurred and paid in 2023 related to the disposal. Cash proceeds received at close from the sale of $5.42 billion, net of the cash disposed, are presented in business dispositions, net of cash sold, in the consolidated statement of cash flows for the year ended December 31, 2024. Income taxes related to the transaction that have not yet been paid are recorded in other current liabilities on the consolidated balance sheet. Additionally, the completion of the divestiture resulted in the removal of the aerospace business from the company's obligor group, as the business no longer guarantees the company's senior notes and senior credit facilities.​The sale of the aerospace business represents a strategic shift that will have a major effect on Ball's operations and financial results, including the removal of the aerospace reportable segment. Due to this shift, for all periods presented, the consolidated financial statements reflect the aerospace business' financial results as discontinued operations in the consolidated statements of earnings, and its assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheet as of December 31, 2023. See Note 1 for further information on the basis of presentation. ​The following table presents components of discontinued operations, net of tax for the years ended December 31, 2024, 2023 and 2022: ​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2024​2023​2022​​​​​​​​​​Net sales​$ 261​$ 1,967​$ 1,977​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (214)​​ (1,605)​​ (1,644)Depreciation and amortization​​ (9)​​ (81)​​ (78)Selling, general and administrative​​ (11)​​ (62)​​ (85)Interest expense​​ - ​​ 1​​ 1Gain (loss) on disposition​​ 4,634​​ (20)​​ - Tax (provision) benefit​​ (1,077)​​ 23​​ (21)Discontinued operations, net of tax​$ 3,584​$ 223​$ 150​57 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents --- ## Modified: Notes to the Consolidated Financial Statements **Key changes:** - Reworded sentence: "​ Noncash investing activities include the acquisition of property, plant and equipment (PP&E) for which payment has not been made." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. The aerospace business was historically presented as a reportable segment. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 3 for additional segment information. ​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only. ​Critical Accounting Policies​The company considers accounting policies to be critical when their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policy that management considers to be critical to the company's consolidated financial statements.​Defined Benefit Pension Plans and Other Employee Benefits​The company has defined benefit plans and postretirement plans that provide certain medical benefits and life insurance for retirees and eligible dependents and, to a lesser extent, participates in multi-employer defined benefit plans for which Ball is not the sponsor. For the company-sponsored plans, the relevant accounting guidance requires that management make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, health care cost trend rates, mortality rates and other assumptions. The company believes the accounting estimates related to the company's pension and postretirement plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions and contracted benefit changes. The selection of assumptions is based on historical trends and known economic and market conditions at the time of valuation, as well as independent studies of trends performed by the company's actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions. ​ --- ## Modified: Critical Audit Matters **Key changes:** - Reworded sentence: "The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments." - Reworded sentence: "Revenue Recognition from Certain Product Revenue ​ As described in Note 1 to the consolidated financial statements, the Company recognizes sales of packaging products when a customer obtains control of promised goods or services, which occurs either over time or at a point in time." - Reworded sentence: "These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls over the recognition of certain product revenue at the transaction price once the Company satisfies a performance obligation." - Reworded sentence: "​ 36 36 36 Table of ContentsConsolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2024​2023​2022​​​​​​​​​​Net sales​$ 11,795​$ 12,062​$ 13,372​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (9,354)​​ (9,754)​​ (11,122)Depreciation and amortization​​ (611)​​ (605)​​ (594)Selling, general and administrative​​ (647)​​ (532)​​ (555)Business consolidation and other activities​​ (420)​​ (133)​​ (71)Interest income​​ 68​​ 36​​ 14Interest expense​​ (293)​​ (460)​​ (313)Debt refinancing and other costs​​ (3)​​ - ​​ (18)​​​​​​​​​​Earnings before taxes​​ 535​​ 614​​ 713Tax (provision) benefit​​ (133)​​ (146)​​ (138)Equity in results of affiliates, net of tax​​ 28​​ 20​​ 7Earnings from continuing operations​​ 430​​ 488​​ 582Discontinued operations, net of tax​​ 3,584​​ 223​​ 150Net earnings​​ 4,014​​ 711​​ 732Net earnings attributable to noncontrolling interests​​ 6​​ 4​​ 13Net earnings attributable to Ball Corporation​$ 4,008​$ 707​$ 719​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic - continuing operations​$ 1.39​$ 1.54​$ 1.80Basic - discontinued operations​​ 11.73​​ 0.71​​ 0.47Total basic earnings per share​$ 13.12​$ 2.25​$ 2.27​​​​​​​​​​Diluted - continuing operations​$ 1.37​$ 1.53​$ 1.78Diluted - discontinued operations​​ 11.63​​ 0.70​​ 0.47Total diluted earnings per share​$ 13.00​$ 2.23​$ 2.25​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 305,459​​ 314,775​​ 316,433Diluted ​​ 308,206​​ 317,022​​ 320,008​The accompanying notes are an integral part of the consolidated financial statements.​37 Table of Contents Table of Contents Table of Contents Consolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2024​2023​2022​​​​​​​​​​Net sales​$ 11,795​$ 12,062​$ 13,372​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (9,354)​​ (9,754)​​ (11,122)Depreciation and amortization​​ (611)​​ (605)​​ (594)Selling, general and administrative​​ (647)​​ (532)​​ (555)Business consolidation and other activities​​ (420)​​ (133)​​ (71)Interest income​​ 68​​ 36​​ 14Interest expense​​ (293)​​ (460)​​ (313)Debt refinancing and other costs​​ (3)​​ - ​​ (18)​​​​​​​​​​Earnings before taxes​​ 535​​ 614​​ 713Tax (provision) benefit​​ (133)​​ (146)​​ (138)Equity in results of affiliates, net of tax​​ 28​​ 20​​ 7Earnings from continuing operations​​ 430​​ 488​​ 582Discontinued operations, net of tax​​ 3,584​​ 223​​ 150Net earnings​​ 4,014​​ 711​​ 732Net earnings attributable to noncontrolling interests​​ 6​​ 4​​ 13Net earnings attributable to Ball Corporation​$ 4,008​$ 707​$ 719​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic - continuing operations​$ 1.39​$ 1.54​$ 1.80Basic - discontinued operations​​ 11.73​​ 0.71​​ 0.47Total basic earnings per share​$ 13.12​$ 2.25​$ 2.27​​​​​​​​​​Diluted - continuing operations​$ 1.37​$ 1.53​$ 1.78Diluted - discontinued operations​​ 11.63​​ 0.70​​ 0.47Total diluted earnings per share​$ 13.00​$ 2.23​$ 2.25​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 305,459​​ 314,775​​ 316,433Diluted ​​ 308,206​​ 317,022​​ 320,008​The accompanying notes are an integral part of the consolidated financial statements.​ Consolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2024​2023​2022​​​​​​​​​​Net sales​$ 11,795​$ 12,062​$ 13,372​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (9,354)​​ (9,754)​​ (11,122)Depreciation and amortization​​ (611)​​ (605)​​ (594)Selling, general and administrative​​ (647)​​ (532)​​ (555)Business consolidation and other activities​​ (420)​​ (133)​​ (71)Interest income​​ 68​​ 36​​ 14Interest expense​​ (293)​​ (460)​​ (313)Debt refinancing and other costs​​ (3)​​ - ​​ (18)​​​​​​​​​​Earnings before taxes​​ 535​​ 614​​ 713Tax (provision) benefit​​ (133)​​ (146)​​ (138)Equity in results of affiliates, net of tax​​ 28​​ 20​​ 7Earnings from continuing operations​​ 430​​ 488​​ 582Discontinued operations, net of tax​​ 3,584​​ 223​​ 150Net earnings​​ 4,014​​ 711​​ 732Net earnings attributable to noncontrolling interests​​ 6​​ 4​​ 13Net earnings attributable to Ball Corporation​$ 4,008​$ 707​$ 719​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic - continuing operations​$ 1.39​$ 1.54​$ 1.80Basic - discontinued operations​​ 11.73​​ 0.71​​ 0.47Total basic earnings per share​$ 13.12​$ 2.25​$ 2.27​​​​​​​​​​Diluted - continuing operations​$ 1.37​$ 1.53​$ 1.78Diluted - discontinued operations​​ 11.63​​ 0.70​​ 0.47Total diluted earnings per share​$ 13.00​$ 2.23​$ 2.25​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 305,459​​ 314,775​​ 316,433Diluted ​​ 308,206​​ 317,022​​ 320,008​The accompanying notes are an integral part of the consolidated financial statements.​" **Prior (2024):** ​ The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. ​ Revenue Recognition - Estimated Costs at Completion for Aerospace Fixed-Price Contracts ​ As described in Notes 1 and 3 to the consolidated financial statements, net sales for the aerospace segment were $2.0 billion for the year ended December 31, 2023, including sales under fixed-price long-term contracts, which are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. 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 related to the outcome of future events, including the quantity and timing of product deliveries, future labor performance and rates, and material and overhead costs. Throughout the period of contract performance, management regularly evaluates and, if necessary, revises its estimates of total contract revenue, total contract cost, and extent of progress toward completion. ​ The principal considerations for our determination that performing procedures relating to revenue recognition - estimated costs at completion for aerospace fixed-price contracts is a critical audit matter are the significant judgment by management when determining the estimated costs at completion for such contracts. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and in evaluating the related audit evidence over management's assumptions of estimated costs at completion for aerospace fixed-price contracts related to the availability and cost volatility of materials, subcontractor and vendor performance, and schedule and performance delays. ​ Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the accuracy of estimated costs at completion for aerospace fixed-price contracts. These procedures also included, among others, evaluating and testing management's process for determining the estimated costs at completion for a sample of aerospace fixed-price contracts, including assessing the reasonableness of the significant assumptions related to each contract. Evaluating the reasonableness of management's assumptions related to the availability and cost volatility of materials, subcontractor and vendor performance, and schedule and performance delays involved assessing the nature and status of the aerospace fixed-price contracts, performing retrospective reviews of the aerospace fixed-price contract estimates and changes in estimates over time, obtaining evidence to support estimated costs at completion, and assessing the reasonableness of factors considered and significant assumptions made by management in determining the estimated costs at completion used to recognize revenue. ​ /s/ PricewaterhouseCoopers LLP Denver, Colorado February 20, 2024 ​ We have served as the Company's auditor since at least 1962. We have not been able to determine the specific year we began serving as auditor of the Company. ​ 41 41 41 Table of ContentsConsolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2023​2022​2021​​​​​​​​​​Net sales​$ 14,029​$ 15,349​$ 13,811​​​​​​​​​​Costs and expenses​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (11,359)​​ (12,766)​​ (11,085)Depreciation and amortization​​ (686)​​ (672)​​ (700)Selling, general and administrative​​ (558)​​ (626)​​ (593)Business consolidation and other activities​​ (153)​​ (71)​​ (142)​​​ (12,756)​​ (14,135)​​ (12,520)​​​​​​​​​​Earnings before interest and taxes​​ 1,273​​ 1,214​​ 1,291​​​​​​​​​​Interest expense​​ (459)​​ (312)​​ (270)Debt refinancing and other costs​​ - ​​ (18)​​ (13)Total interest expense​​ (459)​​ (330)​​ (283)​​​​​​​​​​Earnings before taxes​​ 814​​ 884​​ 1,008Tax (provision) benefit​​ (123)​​ (159)​​ (156)Equity in results of affiliates, net of tax​​ 20​​ 7​​ 26Net earnings​​ 711​​ 732​​ 878Net earnings attributable to noncontrolling interests​​ 4​​ 13​​ - Net earnings attributable to Ball Corporation​$ 707​$ 719​$ 878​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic​$ 2.25​$ 2.27​$ 2.69Diluted ​$ 2.23​$ 2.25​$ 2.65​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 314,775​​ 316,433​​ 325,989Diluted ​​ 317,022​​ 320,008​​ 331,615​​​​​​​​​​​The accompanying notes are an integral part of the consolidated financial statements.​42 Table of Contents Table of Contents Table of Contents Consolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2023​2022​2021​​​​​​​​​​Net sales​$ 14,029​$ 15,349​$ 13,811​​​​​​​​​​Costs and expenses​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (11,359)​​ (12,766)​​ (11,085)Depreciation and amortization​​ (686)​​ (672)​​ (700)Selling, general and administrative​​ (558)​​ (626)​​ (593)Business consolidation and other activities​​ (153)​​ (71)​​ (142)​​​ (12,756)​​ (14,135)​​ (12,520)​​​​​​​​​​Earnings before interest and taxes​​ 1,273​​ 1,214​​ 1,291​​​​​​​​​​Interest expense​​ (459)​​ (312)​​ (270)Debt refinancing and other costs​​ - ​​ (18)​​ (13)Total interest expense​​ (459)​​ (330)​​ (283)​​​​​​​​​​Earnings before taxes​​ 814​​ 884​​ 1,008Tax (provision) benefit​​ (123)​​ (159)​​ (156)Equity in results of affiliates, net of tax​​ 20​​ 7​​ 26Net earnings​​ 711​​ 732​​ 878Net earnings attributable to noncontrolling interests​​ 4​​ 13​​ - Net earnings attributable to Ball Corporation​$ 707​$ 719​$ 878​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic​$ 2.25​$ 2.27​$ 2.69Diluted ​$ 2.23​$ 2.25​$ 2.65​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 314,775​​ 316,433​​ 325,989Diluted ​​ 317,022​​ 320,008​​ 331,615​​​​​​​​​​​The accompanying notes are an integral part of the consolidated financial statements.​ **Current (2025):** The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Revenue Recognition from Certain Product Revenue ​ As described in Note 1 to the consolidated financial statements, the Company recognizes sales of packaging products when a customer obtains control of promised goods or services, which occurs either over time or at a point in time. Performance obligations for products with no alternative use are recognized over time when the Company has manufactured a unique item and has an enforceable right to payment. Generic products with an alternative use are recognized at a point in time. For all contracts, the transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product or service purchased. The Company's consolidated net sales were $11.80 billion for the year ended December 31, 2024, of which a majority relates to certain product revenue. ​ The principal consideration for our determination that performing procedures relating to revenue recognition from certain product revenue is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company's revenue recognition from certain product revenue. ​ Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls over the recognition of certain product revenue at the transaction price once the Company satisfies a performance obligation. These procedures also included, among others (i) testing a sample of revenue transactions by obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and payment receipts, and where sales incentives are applicable, support for the nature of the incentive, amount, and agreement with the customer and (ii) confirming a sample of outstanding customer invoice balances as of December 31, 2024 and, for confirmations not returned, obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and subsequent payment receipts. ​ /s/ PricewaterhouseCoopers LLP Denver, Colorado February 20, 2025 ​ We have served as the Company's auditor since at least 1962. We have not been able to determine the specific year we began serving as auditor of the Company. ​ 36 36 36 Table of ContentsConsolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2024​2023​2022​​​​​​​​​​Net sales​$ 11,795​$ 12,062​$ 13,372​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (9,354)​​ (9,754)​​ (11,122)Depreciation and amortization​​ (611)​​ (605)​​ (594)Selling, general and administrative​​ (647)​​ (532)​​ (555)Business consolidation and other activities​​ (420)​​ (133)​​ (71)Interest income​​ 68​​ 36​​ 14Interest expense​​ (293)​​ (460)​​ (313)Debt refinancing and other costs​​ (3)​​ - ​​ (18)​​​​​​​​​​Earnings before taxes​​ 535​​ 614​​ 713Tax (provision) benefit​​ (133)​​ (146)​​ (138)Equity in results of affiliates, net of tax​​ 28​​ 20​​ 7Earnings from continuing operations​​ 430​​ 488​​ 582Discontinued operations, net of tax​​ 3,584​​ 223​​ 150Net earnings​​ 4,014​​ 711​​ 732Net earnings attributable to noncontrolling interests​​ 6​​ 4​​ 13Net earnings attributable to Ball Corporation​$ 4,008​$ 707​$ 719​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic - continuing operations​$ 1.39​$ 1.54​$ 1.80Basic - discontinued operations​​ 11.73​​ 0.71​​ 0.47Total basic earnings per share​$ 13.12​$ 2.25​$ 2.27​​​​​​​​​​Diluted - continuing operations​$ 1.37​$ 1.53​$ 1.78Diluted - discontinued operations​​ 11.63​​ 0.70​​ 0.47Total diluted earnings per share​$ 13.00​$ 2.23​$ 2.25​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 305,459​​ 314,775​​ 316,433Diluted ​​ 308,206​​ 317,022​​ 320,008​The accompanying notes are an integral part of the consolidated financial statements.​37 Table of Contents Table of Contents Table of Contents Consolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2024​2023​2022​​​​​​​​​​Net sales​$ 11,795​$ 12,062​$ 13,372​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (9,354)​​ (9,754)​​ (11,122)Depreciation and amortization​​ (611)​​ (605)​​ (594)Selling, general and administrative​​ (647)​​ (532)​​ (555)Business consolidation and other activities​​ (420)​​ (133)​​ (71)Interest income​​ 68​​ 36​​ 14Interest expense​​ (293)​​ (460)​​ (313)Debt refinancing and other costs​​ (3)​​ - ​​ (18)​​​​​​​​​​Earnings before taxes​​ 535​​ 614​​ 713Tax (provision) benefit​​ (133)​​ (146)​​ (138)Equity in results of affiliates, net of tax​​ 28​​ 20​​ 7Earnings from continuing operations​​ 430​​ 488​​ 582Discontinued operations, net of tax​​ 3,584​​ 223​​ 150Net earnings​​ 4,014​​ 711​​ 732Net earnings attributable to noncontrolling interests​​ 6​​ 4​​ 13Net earnings attributable to Ball Corporation​$ 4,008​$ 707​$ 719​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic - continuing operations​$ 1.39​$ 1.54​$ 1.80Basic - discontinued operations​​ 11.73​​ 0.71​​ 0.47Total basic earnings per share​$ 13.12​$ 2.25​$ 2.27​​​​​​​​​​Diluted - continuing operations​$ 1.37​$ 1.53​$ 1.78Diluted - discontinued operations​​ 11.63​​ 0.70​​ 0.47Total diluted earnings per share​$ 13.00​$ 2.23​$ 2.25​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 305,459​​ 314,775​​ 316,433Diluted ​​ 308,206​​ 317,022​​ 320,008​The accompanying notes are an integral part of the consolidated financial statements.​ Consolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2024​2023​2022​​​​​​​​​​Net sales​$ 11,795​$ 12,062​$ 13,372​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (9,354)​​ (9,754)​​ (11,122)Depreciation and amortization​​ (611)​​ (605)​​ (594)Selling, general and administrative​​ (647)​​ (532)​​ (555)Business consolidation and other activities​​ (420)​​ (133)​​ (71)Interest income​​ 68​​ 36​​ 14Interest expense​​ (293)​​ (460)​​ (313)Debt refinancing and other costs​​ (3)​​ - ​​ (18)​​​​​​​​​​Earnings before taxes​​ 535​​ 614​​ 713Tax (provision) benefit​​ (133)​​ (146)​​ (138)Equity in results of affiliates, net of tax​​ 28​​ 20​​ 7Earnings from continuing operations​​ 430​​ 488​​ 582Discontinued operations, net of tax​​ 3,584​​ 223​​ 150Net earnings​​ 4,014​​ 711​​ 732Net earnings attributable to noncontrolling interests​​ 6​​ 4​​ 13Net earnings attributable to Ball Corporation​$ 4,008​$ 707​$ 719​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic - continuing operations​$ 1.39​$ 1.54​$ 1.80Basic - discontinued operations​​ 11.73​​ 0.71​​ 0.47Total basic earnings per share​$ 13.12​$ 2.25​$ 2.27​​​​​​​​​​Diluted - continuing operations​$ 1.37​$ 1.53​$ 1.78Diluted - discontinued operations​​ 11.63​​ 0.70​​ 0.47Total diluted earnings per share​$ 13.00​$ 2.23​$ 2.25​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 305,459​​ 314,775​​ 316,433Diluted ​​ 308,206​​ 317,022​​ 320,008​The accompanying notes are an integral part of the consolidated financial statements.​ --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "2024 2023 ​ ​ ​ ​ ​ ​ ​ Raw materials and supplies ​ $ 1,089 ​ $ 1,182 Finished goods ​ ​ 470 ​ ​ 440 Less: Inventory reserves ​ ​ (82) ​ ​ (91) ​ ​ $ 1,477 ​ $ 1,531 ​ ​ ​ ​ 62 62 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​10." **Prior (2024):** ​ 1. Critical and Significant Accounting Policies​The preparation of Ball Corporation's (collectively, Ball, the company, we or our) consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the financial statements reflect all adjustments necessary to fairly present the results of the periods presented.​Critical Accounting Policies​The company considers certain accounting policies to be critical, as their application requires management's judgment about the impacts of matters that are inherently uncertain. Detailed below is a discussion of the accounting policies that management considers to be critical to the company's consolidated financial statements.​Revenue Recognition in the Aerospace Segment​Sales under fixed-price long-term contracts in the aerospace segment are primarily recognized using percentage-of-completion accounting under the cost-to-cost method. ​At contract inception, the company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer goods or services to the customer. The performance obligation may be represented by a good or service (or a series of goods or services) that is distinct, or by a series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. In each of these scenarios, the company treats the promise to transfer the customer goods or services as a single performance obligation. Backlog represents the estimated transaction prices on performance obligations to customers for which work remains to be performed.​To identify its performance obligations, the company considers all of the goods or services promised in the contract, regardless of whether they are explicitly stated or are implied by customary business practices.​The company has determined that the following distinct goods and services represent separate performance obligations:​●Manufacture and delivery of distinct spacecraft and/or hardware components;●Research reports, for contracts where such reports are the sole or primary deliverable;●Design, add-on or special studies for contracts where such studies have stand-alone value or a material right exists due to discounted pricing; and●Warranty and performance guarantees beyond standard repair/replacement.​Performance obligations with no alternative use are recognized over time, when the company has an enforceable right to payment for efforts completed to-date. Because of sales contract payment schedules, limitations on funding, and contract terms, the company's sales and accounts receivable generally include amounts that have been earned but not yet billed. The company's payment terms vary by the type and location of the company's customer and the products or services offered. All payment terms are less than one year.​ **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- ## Modified: ($ in millions) **Key changes:** - Reworded sentence: "​ 2024 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ​ ​ $ 4,014 ​ $ 711 ​ $ 732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive earnings (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency translation adjustment ​ ​ ​ (232) ​ ​ 55 ​ ​ 99 Pension and other postretirement benefits ​ ​ ​ 180 ​ ​ (414) ​ ​ (73) Derivatives designated as hedges ​ ​ ​ 22 ​ ​ 25 ​ ​ (181) Total other comprehensive earnings (loss) ​ ​ ​ (30) ​ ​ (334) ​ ​ (155) Tax (provision) benefit ​ ​ ​ (57) ​ ​ 97 ​ ​ 58 Total other comprehensive earnings (loss), net of tax ​ ​ ​ (87) ​ ​ (237) ​ ​ (97) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total comprehensive earnings ​ ​ ​ 3,927 ​ ​ 474 ​ ​ 635 Comprehensive earnings attributable to noncontrolling interests ​ ​ ​ 6 ​ ​ 4 ​ ​ 13 Comprehensive earnings attributable to Ball Corporation ​ ​ $ 3,921 ​ $ 470 ​ $ 622 ​ The accompanying notes are an integral part of the consolidated financial statements." **Prior (2024):** Total Number of Shares Purchased (a) AveragePricePaid perShare **Current (2025):** 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business. ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023. These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 24 24 Table of Contentsrespectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​25 Table of Contents Table of Contents Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023.​Depreciation and Amortization ​Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​Selling, General and Administrative​Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.​Business Consolidation and Other Activities​Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.​Interest Expense​Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​Tax Provision​The company's effective tax rate is affected by recurring items such as income earned in non-U.S. 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 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain.​Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report.​ respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million. We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023. The increase compared to the same period in 2023 was primarily due to the company's larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023. These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively. The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023. These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs. The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company's Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023. These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023. Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024. The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company's effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​ 25 25 25 Table of ContentsRESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​26 Table of Contents Table of Contents Table of Contents RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ RESULTS OF BUSINESS SEGMENTS​Segment Results​Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.​Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​2024 2023 2022 ​​​​​​​​​​​​Net sales​​$ 5,619​$ 5,963​$ 6,696​Comparable operating earnings​​​ 747​​ 710​​ 642​Comparable operating earnings as a % of segment net sales​​​ 13% ​ 12% ​ 10%​Ball permanently ceased production at its aluminum beverage can manufacturing facility in St. Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024.​Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 3,466​$ 3,395​$ 3,854​Comparable operating earnings​​ 416​​ 354​​ 358​Comparable operating earnings as a % of segment net sales​​ 12% ​ 10% ​ 9%​Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices.​Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2024 2023 2022 ​​​​​​​​​​​Net sales​$ 1,951​$ 1,960​$ 2,108​Comparable operating earnings​​ 296​​ 266​​ 275​Comparable operating earnings as a % of segment net sales​​ 15% ​ 14% ​ 13%​Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million.​ --- *Data sourced from SEC EDGAR. Last updated 2026-06-01.*