{
  "ticker": "BALL",
  "company": "BALL",
  "filing_type": "10-K",
  "year_current": "2026",
  "year_prior": "2025",
  "summary": {
    "added": 22,
    "removed": 26,
    "modified": 86,
    "unchanged": 36,
    "total_current": 144,
    "total_prior": 148
  },
  "source": "SEC EDGAR",
  "url": "https://riskdiff.com/ball/2026-vs-2025/",
  "markdown_url": "https://riskdiff.com/ball/2026-vs-2025/index.md",
  "json_url": "https://riskdiff.com/ball/2026-vs-2025/index.json",
  "generated": "2026-06-01",
  "ai_summary": null,
  "risks": [
    {
      "status": "ADDED",
      "current_title": "Investment Risks",
      "prior_title": null,
      "current_body": "​ Our investments in acquisitions, joint ventures and new developments may include risks that could have an adverse impact on our business. ​ We make investments in the growth of our business through the development of new facilities, the improvement of existing facilities, the acquisition of assets or securities of other businesses and through joint venture arrangements. The realization of the expected benefits of these investments is based in part on our ability to cost effectively execute our development plans and, in certain instances, to integrate these investments with our business operations. If we fail to execute our development plans in a cost effective or timely manner or fail to integrate the investments with our existing operations, our internal controls over financial reporting or our information systems, we may experience increases in costs of operations, loss of customers or suppliers, difficulties servicing our debt obligations and our financial performance may not meet shareholder expectations. In addition, our final estimates of the fair value of any assets or liabilities acquired with the investments may be materially different from our initial estimates and the company may not fully realize the anticipated benefits of the investments. ​ Our investments in joint ventures include investments in companies that we may not control. The performance of these investments may change as a result of decisions that are made by our joint venture partners who have control over these joint ventures. In addition, we may be obligated under the joint venture arrangement to assume certain costs, perform certain services or make additional capital investments. If we are unable to realize the benefits of our joint venture and other investments, our business, our operating results and the financial condition of our business could be materially adversely affected. ​"
    },
    {
      "status": "ADDED",
      "current_title": "Human capital risks",
      "prior_title": null,
      "current_body": "​ 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, 2025, 20 percent of our North American employees and 33 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. ​"
    },
    {
      "status": "ADDED",
      "current_title": "Segment Results",
      "prior_title": null,
      "current_body": "​ 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. ​ 25 25 25 Table of ContentsBeverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​ ​ ​​2025 ​ ​ ​2024 ​ ​ ​2023 ​​​​​​​​​​​​Net sales​​$ 6,286​$ 5,619​$ 5,963​Comparable operating earnings​​​ 772​​ 747​​ 710​Comparable operating earnings as a % of segment net sales​​​ 12% ​ 13% ​ 12%​Ball acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington, in the first quarter of 2024. See Note 4 for further details on the acquisition.​Segment sales in 2025 were $667 million higher compared to 2024 primarily due to increases of $291 million from higher volume and $375 million from price/mix. ​Comparable operating earnings in 2025 were $25 million higher compared to 2024 primarily due to an increase of $98 million from higher volumes, partially offset by decreases of $49 million from higher costs and $23 million from price/mix.​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2025 ​ ​ ​2024 ​ ​ ​2023 ​​​​​​​​​​​Net sales​$ 3,983​$ 3,466​$ 3,395​Comparable operating earnings​​ 495​​ 416​​ 354​Comparable operating earnings as a % of segment net sales​​ 12% ​ 12% ​ 10%​Segment sales in 2025 were $517 million higher compared to 2024 primarily due to increases of $251 million from higher volume, $171 million from currency translation and $103 million from price/mix.​Comparable operating earnings in 2025 were $79 million higher compared to 2024 primarily due to increases of $75 million from higher volume and $42 million from price/mix, partially offset by $62 million higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2025 ​ ​ ​2024 ​ ​ ​2023 ​​​​​​​​​​​Net sales​$ 2,162​$ 1,951​$ 1,960​Comparable operating earnings​​ 327​​ 296​​ 266​Comparable operating earnings as a % of segment net sales​​ 15% ​ 15% ​ 14%​Segment sales in 2025 were $211 million higher compared to 2024 primarily due to increases of $136 million from higher volume and $73 million from price/mix.​Comparable operating earnings in 2025 were $31 million higher compared to 2024 primarily due to an increase of $52 million from higher volume and $39 million from price/mix, partially offset by a decrease of $60 million from higher costs.​CRITICAL ACCOUNTING POLICIES AND ESTIMATES​For information regarding the company’s significant accounting policies, as well as recent accounting pronouncements, see Note 1 and Note 2 to the consolidated financial statements within Item 8 of this annual report.​26 Table of Contents Table of Contents Table of Contents Beverage Packaging, North and Central America​​​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​ ​ ​​2025 ​ ​ ​2024 ​ ​ ​2023 ​​​​​​​​​​​​Net sales​​$ 6,286​$ 5,619​$ 5,963​Comparable operating earnings​​​ 772​​ 747​​ 710​Comparable operating earnings as a % of segment net sales​​​ 12% ​ 13% ​ 12%​Ball acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington, in the first quarter of 2024. See Note 4 for further details on the acquisition.​Segment sales in 2025 were $667 million higher compared to 2024 primarily due to increases of $291 million from higher volume and $375 million from price/mix. ​Comparable operating earnings in 2025 were $25 million higher compared to 2024 primarily due to an increase of $98 million from higher volumes, partially offset by decreases of $49 million from higher costs and $23 million from price/mix.​Beverage Packaging, EMEA​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2025 ​ ​ ​2024 ​ ​ ​2023 ​​​​​​​​​​​Net sales​$ 3,983​$ 3,466​$ 3,395​Comparable operating earnings​​ 495​​ 416​​ 354​Comparable operating earnings as a % of segment net sales​​ 12% ​ 12% ​ 10%​Segment sales in 2025 were $517 million higher compared to 2024 primarily due to increases of $251 million from higher volume, $171 million from currency translation and $103 million from price/mix.​Comparable operating earnings in 2025 were $79 million higher compared to 2024 primarily due to increases of $75 million from higher volume and $42 million from price/mix, partially offset by $62 million higher costs. ​Beverage Packaging, South America​​​​​​​​​​​​​​Years Ended December 31,​($ in millions)​2025 ​ ​ ​2024 ​ ​ ​2023 ​​​​​​​​​​​Net sales​$ 2,162​$ 1,951​$ 1,960​Comparable operating earnings​​ 327​​ 296​​ 266​Comparable operating earnings as a % of segment net sales​​ 15% ​ 15% ​ 14%​Segment sales in 2025 were $211 million higher compared to 2024 primarily due to increases of $136 million from higher volume and $73 million from price/mix.​Comparable operating earnings in 2025 were $31 million higher compared to 2024 primarily due to an increase of $52 million from higher volume and $39 million from price/mix, partially offset by a decrease of $60 million from higher costs.​CRITICAL ACCOUNTING POLICIES AND ESTIMATES​For information regarding the company’s significant accounting policies, as well as recent accounting pronouncements, see Note 1 and Note 2 to the consolidated financial statements within Item 8 of this annual report.​ Beverage Packaging, North and Central America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "($ in millions)",
      "prior_title": null,
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​"
    },
    {
      "status": "ADDED",
      "current_title": "December 31, 2025",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ Net sales ​ $ 6,372 Gross profit (a) ​ ​ 853 Net earnings ​ ​ 405 Net earnings attributable to Ball Corporation ​ ​ 405 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "($ in millions; share amounts in thousands)",
      "prior_title": null,
      "current_body": "​ ​ ​ Shares ​ ​ ​ Amount ​ ​ ​ Shares ​ ​ ​ Amount ​ ​ ​ Earnings ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "Balance at December 31, 2024",
      "prior_title": null,
      "current_body": "​ 684,168 ​ ​ 1,395 ​ (394,790) ​ ​ (6,057) ​ ​ 11,527 ​ ​ (1,003) ​ ​ 68 ​ ​ 5,930 Net earnings ​ — ​ ​ — ​ — ​ ​ — ​ ​ 912 ​ ​ — ​ ​ 3 ​ ​ 915 Other comprehensive earnings (loss), net of tax ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 134 ​ ​ — ​ ​ 134 Common dividends ​ — ​ ​ — ​ — ​ ​ — ​ ​ (220) ​ ​ — ​ ​ — ​ ​ (220) Treasury stock purchases ​ — ​ ​ — ​ (25,152) ​ ​ (1,317) ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,317) Treasury shares reissued ​ — ​ ​ — ​ 209 ​ ​ 11 ​ ​ — ​ ​ — ​ ​ — ​ ​ 11 Shares issued and stock-based compensation, net of shares exchanged ​ 939 ​ ​ 27 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 27 Business dispositions ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (65) ​ ​ (65) Distributions from deferred compensation plans and other activity ​ — ​ ​ — ​ — ​ ​ 12 ​ ​ — ​ ​ — ​ ​ (6) ​ ​ 6"
    },
    {
      "status": "ADDED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": null,
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​"
    },
    {
      "status": "ADDED",
      "current_title": "Improvements to Accounting for Internal-Use Software",
      "prior_title": null,
      "current_body": "​ In 2025, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal to better align accounting with how internal-use software is developed. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a prospective basis in 2028. ​"
    },
    {
      "status": "ADDED",
      "current_title": "Measurement of Credit Losses for Accounts Receivable and Contract Assets",
      "prior_title": null,
      "current_body": "​ In 2025, amended guidance was issued by the FASB with the goal of improving efficiencies associated with the measurement of credit losses for accounts receivable and contract assets by allowing entities to elect a practical expedient for measurement. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a prospective basis in 2026. ​"
    },
    {
      "status": "ADDED",
      "current_title": "($ in millions)",
      "prior_title": null,
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​"
    },
    {
      "status": "ADDED",
      "current_title": "Acquisition of Benepack European Production Facilities",
      "prior_title": null,
      "current_body": "​ In January 2026, the company acquired an 80 percent capital share of Benepack’s European beverage can manufacturing business from ORG Technology Co. Ltd. (ORG), for total consideration of $218 million (or €184 million), subject to customary closing adjustments. Ball paid $95 million (or €80 million) in cash for our 80 percent equity interest, with the remainder of the consideration primarily being assumed debt. ORG will retain a 20 percent ownership interest in the business. The business includes two manufacturing facilities, one in Belgium and one in Hungary, and will be consolidated into Ball’s beverage packaging, EMEA, segment. The investment further optimizes the company’s European manufacturing network as the facilities are well positioned to serve the growing demand of customers for sustainable packaging in the region. ​"
    },
    {
      "status": "ADDED",
      "current_title": "Saudi Arabia",
      "prior_title": null,
      "current_body": "​ On August 27, 2025, the company sold 41 percent of its 51 percent ownership in Ball United Arab Can Manufacturing Company for a total cash consideration of $71 million, of which $66 million was received upon closing. The remaining $5 million of cash was received in the fourth quarter. A gain of $81 million was recognized and is presented in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2025. As of December 31, 2024, the assets and liabilities of the business were presented as current assets and current liabilities held for sale. The transaction resulted in deconsolidation upon closing, with Ball retaining a 10 percent ownership interest, which is reported in other assets as an equity method investment on the consolidated balance sheet. ​"
    },
    {
      "status": "ADDED",
      "current_title": "Provided by (used in)",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ — ​ $ 9 ​ $ 81 Loss (gain) on Aerospace disposal ​ ​ 3 ​ ​ (4,634) ​ ​ 20 Capital expenditures ​ ​ — ​ ​ (13) ​ ​ (106) ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "($ in millions)",
      "prior_title": null,
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company’s effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​"
    },
    {
      "status": "ADDED",
      "current_title": "($ in millions)",
      "prior_title": null,
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company’s effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​"
    },
    {
      "status": "ADDED",
      "current_title": "($ in millions)",
      "prior_title": null,
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company’s effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​"
    },
    {
      "status": "ADDED",
      "current_title": "December 31,",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ 2025 ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term in years: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 7 ​ ​ 7 ​ Finance leases ​ ​ 5 ​ ​ 1 ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.8 % ​ 4.4 % Finance leases ​ ​ 3.6 % ​ 4.8 % ​ Maturities of lease liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "($ in millions)",
      "prior_title": null,
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​"
    },
    {
      "status": "ADDED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": null,
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​"
    },
    {
      "status": "ADDED",
      "current_title": "($ in millions)",
      "prior_title": null,
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company’s effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. Note 16 Item 8 ​"
    },
    {
      "status": "ADDED",
      "current_title": "($ in millions)",
      "prior_title": null,
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Technological risks",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Global Economic Environment",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Segment Results",
      "prior_body": "​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "($ in millions)",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "($ in millions)",
      "prior_body": "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.​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Balance at December 31, 2021",
      "prior_body": "​ 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"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Notes to the Consolidated Financial Statements",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Critical Accounting Policies",
      "prior_body": "​ 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"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Notes to the Consolidated Financial Statements",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Notes to the Consolidated Financial Statements",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Risks and Uncertainties",
      "prior_body": "​ 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"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Segment Reporting",
      "prior_body": "​ 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 ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Climate Disclosures",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Aluminum Cups",
      "prior_body": "​ 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 $233 million to adjust the carrying value of the disposal group of our aluminum cups business to its estimated fair value less cost to sell. This charge is included in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2024. The remaining assets and liabilities of the business are immaterial and consist primarily of working capital and are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet at December 31, 2024. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "($ in millions)",
      "prior_body": "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.​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Liabilities",
      "prior_body": "​ ​ ​ 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"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Total liabilities of discontinued operations",
      "prior_body": "​ $ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Provided by (used in)",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ 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"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Notes to the Consolidated Financial Statements",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "($ in millions)",
      "prior_body": "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.​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Notes to the Consolidated Financial Statements",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "($ in millions)",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "($ in millions)",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "($ in millions)",
      "prior_body": "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.​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Finance Leases",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Tax provision (benefit)",
      "prior_body": "​ $ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Risk management and strategy",
      "prior_title": "Risk management and strategy",
      "similarity_score": 0.919,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 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: \"​In response to the ever-evolving cyber threat landscape, Ball utilizes external experts to support continuous improvement across our cyber program, processes and operations.\"",
        "Reworded sentence: \"This provides us with expanded global security monitoring and cyber operations 24/7.​We are aware that there are potential cybersecurity risks associated with third-party service providers.\"",
        "Reworded sentence: \"To date, we have not identified any cybersecurity incidents that have materially affected, or are reasonably likely to materially 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.\"",
        "Reworded sentence: \"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, Wisconsin19 Table of Contents Table of Contents Table of Contents third-party service providers.\""
      ],
      "current_body": "​ 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 third-party security 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 18 18 18 Table of Contentsthird-party service providers. We continually refine our approach to address evolving cybersecurity regulations, identify potential and emerging security risks (including AI-driven phishing and supply chain attacks), 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, vulnerability scans, penetration tests, 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 security monitoring and 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 materially affected, or are reasonably likely to materially 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, Wisconsin19 Table of Contents Table of Contents Table of Contents third-party service providers. We continually refine our approach to address evolving cybersecurity regulations, identify potential and emerging security risks (including AI-driven phishing and supply chain attacks), 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, vulnerability scans, penetration tests, 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 security monitoring and 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 materially affected, or are reasonably likely to materially 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 third-party service providers. We continually refine our approach to address evolving cybersecurity regulations, identify potential and emerging security risks (including AI-driven phishing and supply chain attacks), 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, vulnerability scans, penetration tests, 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 security monitoring and 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 materially affected, or are reasonably likely to materially affect, our business, operations, or financial condition. 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 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●Fort Worth, Texas●Glendale, Arizona●Golden, Colorado●Goodyear, Arizona●Kapolei, Hawaii●Monterrey, Mexico●Monticello, Indiana●Pittston, Pennsylvania●Queretaro, Mexico●Rome, Georgia●Saratoga Springs, New York●Tampa, Florida●Whitby, Ontario, Canada●Williamsburg, Virginia●Winter Haven, Florida​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:●Mumbai, India●Sri City, India●Yangon, MyanmarPersonal & home care locations:●Beaurepaire, France●Bellegarde, France20 Table of Contents Table of Contents Table of Contents ●Fort Worth, Texas●Glendale, Arizona●Golden, Colorado●Goodyear, Arizona●Kapolei, Hawaii●Monterrey, Mexico●Monticello, Indiana●Pittston, Pennsylvania●Queretaro, Mexico●Rome, Georgia●Saratoga Springs, New York●Tampa, Florida●Whitby, Ontario, Canada●Williamsburg, Virginia●Winter Haven, Florida​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:●Mumbai, India●Sri City, India●Yangon, MyanmarPersonal & home care locations:●Beaurepaire, France●Bellegarde, France ​ Beverage packaging, EMEA, locations: ​ Beverage packaging, South America, locations: ​ Beverage packaging, Other, locations: Personal & home care locations: 20 20 20 Table of Contents●Devizes, United Kingdom●Itupeva, Brazil●Llinars del Vallés, Spain ●Lummen, Belgium●San Luis Potosí, Mexico●Sherbrooke, Quebec, Canada●Velim, Czech Republic​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 7,385 common shareholders of record on February 17, 2026.​Common Stock Repurchases​The following table summarizes the company’s repurchases of its common stock during the fourth quarter of 2025.​​​​​​​​​​​​Purchases of Securities​ ​ ​ ​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 Value of Shares that May Yet Be Purchased Under the Plans or Programs (b)​​​​​​​​​​​October 1 to October 31, 2025​ 1,856,168​$ 48.95​ 1,856,168​$ 3,049,987,369November 1 to November 30, 2025​ 2,314,651​​ 48.40​ 2,314,651​​ 2,939,112,414December 1 to December 31, 2025​ 285,600​​ 49.28​ 285,600​​ 2,925,127,964Total​ 4,456,419​​​​ 4,456,419​​​(a)Includes any open market purchases (on a trade-date basis), share repurchase agreements and/or shares retained by the company to settle employee withholding tax liabilities.(b)The company has an ongoing repurchase program for which shares are authorized from time to time by Ball’s Board of Directors. On January 29, 2025, the Board approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations.21 Table of Contents Table of Contents Table of Contents ●Devizes, United Kingdom●Itupeva, Brazil●Llinars del Vallés, Spain ●Lummen, Belgium●San Luis Potosí, Mexico●Sherbrooke, Quebec, Canada●Velim, Czech Republic​Item 3. Legal Proceedings​Details of the company’s legal proceedings are included in Note 22 to the consolidated financial statements within Item 8 of this annual report.​Item 4. Mine Safety Disclosures​Not applicable.​Part II.​Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.​Ball Corporation common stock is listed for trading on the New York Stock Exchange under the ticker symbol BALL. There were 7,385 common shareholders of record on February 17, 2026.​Common Stock Repurchases​The following table summarizes the company’s repurchases of its common stock during the fourth quarter of 2025.​​​​​​​​​​​​Purchases of Securities​ ​ ​ ​Total Number of Shares Purchased (a) ​ ​ ​Average Price Paid per Share ​ ​ ​Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) ​ ​ ​​Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs (b)​​​​​​​​​​​October 1 to October 31, 2025​ 1,856,168​$ 48.95​ 1,856,168​$ 3,049,987,369November 1 to November 30, 2025​ 2,314,651​​ 48.40​ 2,314,651​​ 2,939,112,414December 1 to December 31, 2025​ 285,600​​ 49.28​ 285,600​​ 2,925,127,964Total​ 4,456,419​​​​ 4,456,419​​​(a)Includes any open market purchases (on a trade-date basis), share repurchase agreements and/or shares retained by the company to settle employee withholding tax liabilities.(b)The company has an ongoing repurchase program for which shares are authorized from time to time by Ball’s Board of Directors. On January 29, 2025, the Board approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations. ​ 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 7,385 common shareholders of record on February 17, 2026. ​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Balance at December 31, 2023",
      "prior_title": "Balance at December 31, 2023",
      "similarity_score": 0.917,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 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-based compensation, net of shares exchanged ​ 927 ​ ​ 83 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 83 Dividends paid to noncontrolling interest ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (6) ​ ​ (6) Other activity ​ — ​ ​ — ​ — ​ ​ 45 ​ ​ — ​ ​ — ​ ​ — ​ ​ 45\""
      ],
      "current_body": "​ 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-based compensation, net of shares exchanged ​ 927 ​ ​ 83 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 83 Dividends paid to noncontrolling interest ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (6) ​ ​ (6) Other activity ​ — ​ ​ — ​ — ​ ​ 45 ​ ​ — ​ ​ — ​ ​ — ​ ​ 45",
      "prior_body": "​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES",
      "prior_title": "CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES",
      "similarity_score": 0.909,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2025 and 2024.\"",
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended\""
      ],
      "current_body": "​ 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, 2025 and 2024. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended",
      "prior_body": "​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Interest Rate Risk",
      "prior_title": "Interest Rate Risk",
      "similarity_score": 0.904,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Interest rate instruments held by the company at December 31, 2025, included pay-fixed interest rate swaps which effectively convert variable rate obligations to fixed-rate instruments.\"",
        "Reworded sentence: \"​ 32 32 32 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.\"",
        "Reworded sentence: \"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, 2025, and the various currency exposures, a hypothetical 10 percent reduction (U.S.\"",
        "Reworded sentence: \"dollar would result in an estimated $15 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 $164 million.\""
      ],
      "current_body": "​ 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, 2025, included pay-fixed interest rate swaps which effectively convert variable rate obligations to fixed-rate instruments. ​ Based on our interest rate exposure at December 31, 2025, 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. ​ 32 32 32 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, 2025, 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 $164 million. Actual results may vary based on actual changes in market prices and rates and the timing of these changes.​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 and designated foreign currency denominated debt instruments to achieve this objective. As of December 31, 2025, 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 $67 million after-tax currency translation adjustment loss in other comprehensive earnings (loss). ​​33 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, 2025, 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 $164 million. Actual results may vary based on actual changes in market prices and rates and the timing of these changes.​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 and designated foreign currency denominated debt instruments to achieve this objective. As of December 31, 2025, 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 $67 million after-tax currency translation adjustment loss in other comprehensive earnings (loss). ​​",
      "prior_body": "​ 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). ​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "1. Significant Accounting Policies",
      "prior_title": "Significant Accounting Policies",
      "similarity_score": 0.904,
      "confidence": "high",
      "key_changes": [
        "Added sentence: \"​ 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.\"",
        "Added sentence: \"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.\"",
        "Added sentence: \"These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances.\"",
        "Added sentence: \"Ball’s management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change.\"",
        "Added sentence: \"As future events and their impacts cannot be determined with precision, actual results may differ from these estimates.\""
      ],
      "current_body": "​ 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. ​ 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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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. ​ 41 41 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. ​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 asset group level for which the lowest level of independent cash flows can be identified. If the carrying amount of 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.42 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "(Noncurrent)",
      "prior_title": "(Noncurrent)",
      "similarity_score": 0.897,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2023 ​ $ 114 ​ ​ 3 Increase (decrease) ​ ​ (64) ​ ​ (1) Balance at December 31, 2024 ​ $ 50 ​ $ 2 Increase (decrease) ​ ​ 24 ​ ​ — Balance at December 31, 2025 ​ $ 74 ​ $ 2 ​ During the year ended December 31, 2025, contract liabilities increased by $24 million, which is net of cash received of $91 million and amounts recognized as sales of $67 million, the majority of which related to current contract liabilities.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2023 ​ $ 114 ​ ​ 3 Increase (decrease) ​ ​ (64) ​ ​ (1) Balance at December 31, 2024 ​ $ 50 ​ $ 2 Increase (decrease) ​ ​ 24 ​ ​ — Balance at December 31, 2025 ​ $ 74 ​ $ 2 ​ During the year ended December 31, 2025, contract liabilities increased by $24 million, which is net of cash received of $91 million and amounts recognized as sales of $67 million, the majority of which related to current contract liabilities. The amount of sales recognized during the year ended December 31, 2025, that was included in the company’s opening contract liabilities balance was $50 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. ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ 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. ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Short-term debt",
      "prior_title": "Short-term debt",
      "similarity_score": 0.885,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ Current portion of long-term debt ​ $ 2 ​ $ 191 Short-term finance leases Short-term finance leases ​ ​ — ​ ​ 24 Short-term committed loans ​ ​ — ​ ​ 109 Short-term uncommitted credit facilities ​ ​ 19 ​ ​ 37\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ Current portion of long-term debt ​ $ 2 ​ $ 191 Short-term finance leases Short-term finance leases ​ ​ — ​ ​ 24 Short-term committed loans ​ ​ — ​ ​ 109 Short-term uncommitted credit facilities ​ ​ 19 ​ ​ 37",
      "prior_body": "​ ​ ​ ​ ​ ​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.879,
      "confidence": "high",
      "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)​Point in Time​Over Time​Total​​​​​​​​​​2025​$ 2,317​$ 10,844​$ 13,1612024​​ 2,454​​ 9,341​​ 11,7952023​​ 2,352​​ 9,710​​ 12,062​The company did not have any contract assets at December 31, 2025, 2024, or 2023.\"",
        "Reworded sentence: \"Business Consolidation and Other Activities ​2025 ​During 2025, the company recorded income of $41 million, primarily composed of the $81 million gain on the sale of the Saudi Arabia business, and insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia, extruded aluminum slug manufacturing facility, partially offset by costs for previously announced facility closures and the loss related to the aluminum cups business transaction.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Personal & Home Care Acquisition of Alucan Entec",
      "similarity_score": 0.868,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ transaction in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2025.​Acquisition of Florida Can Manufacturing​In February 2025, the company closed on the acquisition of Florida Can Manufacturing for cash consideration of $160 million.\"",
        "Reworded sentence: \"​Aerospace​In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with BAE Systems, Inc.\"",
        "Reworded sentence: \"In the third quarter of 2025, Ball finalized the customary closing adjustments with BAE, resulting in an immaterial adjustment.\"",
        "Reworded sentence: \"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.\"",
        "Reworded sentence: \"​ transaction in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2025.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Operating leases:",
      "prior_title": "Operating leases:",
      "similarity_score": 0.867,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset Other assets Other assets ​ $ 355 ​ $ 334 Current operating lease liabilities Other current liabilities Other current liabilities ​ ​ 78 ​ ​ 79 Noncurrent operating lease liabilities Other liabilities Other liabilities ​ ​ 283 ​ ​ 265\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset Other assets Other assets ​ $ 355 ​ $ 334 Current operating lease liabilities Other current liabilities Other current liabilities ​ ​ 78 ​ ​ 79 Noncurrent operating lease liabilities Other liabilities Other liabilities ​ ​ 283 ​ ​ 265",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.867,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurements of lease liabilities: ​ ​ ​ ​ ​ Operating cash outflows for operating leases $ (101) ​ $ (97) Financing cash outflows for finance leases ​ (3) ​ ​ (3) ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for: ​ ​ ​ ​ ​ Operating lease obligations ​ 102 ​ ​ 53 Finance lease obligations ​ 2 ​ ​ 24 ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Other (including debt issuance costs)",
      "prior_title": "Other (including debt issuance costs)",
      "similarity_score": 0.867,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ (59) ​ ​ (43) ​ ​ ​ 6,993 ​ ​ 5,503 Less: Current portion of long-term debt ​ ​ (2) ​ ​ (191)\""
      ],
      "current_body": "​ ​ (59) ​ ​ (43) ​ ​ ​ 6,993 ​ ​ 5,503 Less: Current portion of long-term debt ​ ​ (2) ​ ​ (191)",
      "prior_body": "​ ​ (43) ​ ​ (60) ​ ​ ​ 5,503 ​ ​ 8,360 Less: Current portion of long-term debt ​ ​ (191) ​ ​ (856)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Currency Exchange Rate Risk",
      "prior_title": "Currency Exchange Rate Risk",
      "similarity_score": 0.865,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ Considering the company’s derivative financial instruments outstanding at December 31, 2025, and the various currency exposures, a hypothetical 10 percent reduction (U.S.\"",
        "Reworded sentence: \"dollar would result in an estimated $15 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 $164 million.\"",
        "Removed sentence: \"​ Although Ball's functional currency in Argentina is the U.S.\"",
        "Removed sentence: \"dollar, a portion of its transactions are denominated in pesos.\""
      ],
      "current_body": "​ 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, 2025, 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 $164 million. Actual results may vary based on actual changes in market prices and rates and the timing of these changes. ​",
      "prior_body": "​ 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 $22 million devaluation charge in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2023. ​ The Egypt economy became highly inflationary at September 30, 2024, due to the country’s three year cumulative inflation rate exceeding 100 percent. As such, effective October 1, 2024, the company’s Egyptian business will be accounted for as operating in a highly inflationary economy. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Major Customers",
      "prior_title": "Major Customers",
      "similarity_score": 0.861,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ Net sales to major customers, as a percentage of consolidated net sales, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ Anheuser-Busch InBev and affiliates ​ 15 % 16 % 15 % Coca-Cola Bottlers' Sales & Services Company LLC and affiliates ​ 14 % 13 % 13 % Red Bull GmbH and affiliates ​ 11 % 9 % 8 % ​\""
      ],
      "current_body": "​ Net sales to major customers, as a percentage of consolidated net sales, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ Anheuser-Busch InBev and affiliates ​ 15 % 16 % 15 % Coca-Cola Bottlers' Sales & Services Company LLC and affiliates ​ 14 % 13 % 13 % Red Bull GmbH and affiliates ​ 11 % 9 % 8 % ​",
      "prior_body": "​ Net sales to major customers, as a percentage of consolidated net sales, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ Anheuser-Busch InBev and affiliates ​ 16 % 15 % 15 % Coca-Cola Bottlers' Sales & Services Company LLC and affiliates ​ 13 % 13 % 13 % ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.86,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ 2024 ​ ​ ​ ​ ​ ​ ​ Obligations outstanding at the beginning of period ​ $ 423 ​ $ 703 Invoices confirmed during the period ​ ​ 1,292 ​ ​ 1,600 Confirmed invoices paid during the period ​ ​ (1,303) ​ ​ (1,851) Foreign exchange impacts ​ ​ 12 ​ $ (29) Obligations outstanding at the end of period ​ $ 424 ​ $ 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.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Technological risks",
      "prior_title": "Human capital risks",
      "similarity_score": 0.857,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ Decreases in our ability to develop or apply new technology and know-how may affect our competitiveness.\"",
        "Reworded sentence: \"​Prolonged work stoppages at facilities with union employees could jeopardize our financial position.​As of December 31, 2025, 20 percent of our North American employees and 33 percent of our European employees were covered by collective bargaining agreements.\"",
        "Reworded sentence: \"Cybersecurity ​Risk management and strategy​Ball Corporation is committed to maintaining a strong cybersecurity posture.\"",
        "Reworded sentence: \"Ball partners closely with a strong network of third-party security 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 18 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.\"",
        "Reworded sentence: \"Cybersecurity ​Risk management and strategy​Ball Corporation is committed to maintaining a strong cybersecurity posture.\""
      ],
      "current_body": "​ 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. ​ 17 17 17 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, 2025, 20 percent of our North American employees and 33 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 third-party security 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 18 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, 2025, 20 percent of our North American employees and 33 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 third-party security 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",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "6. Business Consolidation and Other Activities",
      "prior_title": "6. Business Consolidation and Other Activities",
      "similarity_score": 0.847,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ During 2025, the company recorded income of $41 million, primarily composed of the $81 million gain on the sale of the Saudi Arabia business, and insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia, extruded aluminum slug manufacturing facility, partially offset by costs for previously announced facility closures and the loss related to the aluminum cups business transaction.\"",
        "Reworded sentence: \"partially offset by income Note 4 ​ 56 56 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 $21 million transaction costs related to the sale of the company’s aerospace business.\"",
        "Reworded sentence: \"Supplemental Cash Flow Statement and Other Disclosures​​​​​​​​​​December 31,($ in millions)​2025 ​ ​ ​2024​​​​ ​ ​ ​​​Beginning 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​​​​ ​ ​ ​​​End of period:​​​ ​ ​ ​​​Cash and cash equivalents​$ 1,212 ​ ​ ​$ 885Current restricted cash (included in other current assets)​​ 7 ​ ​ ​​ 8Noncurrent restricted cash (included in other assets)​​ 2​​ 6Cash reported in current assets held for sale​​ —​​ 32Total cash, cash equivalents and restricted cash​$ 1,221 ​ ​ ​$ 931​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.\""
      ],
      "current_body": "​ 2025 ​ During 2025, the company recorded income of $41 million, primarily composed of the $81 million gain on the sale of the Saudi Arabia business, and insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia, extruded aluminum slug manufacturing facility, partially offset by costs for previously announced facility closures and the loss related to the aluminum cups business transaction. See Note 4 for further details on the Saudia Arabia and aluminum cups transactions. Note 4 ​ 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 ​ 56 56 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 $20 million of costs to sell incurred and paid in 2023 previously reported as business consolidation and other activities to discontinued operations, net of tax. See Note 4 for further details on the sale of the aerospace business. The facility closure costs during 2023 also include costs recorded to reflect the damage to assets, less insurance receipts, incurred as a result of the fire at the company’s Verona, Virginia extruded aluminum slug manufacturing facility. ​​7. Supplemental Cash Flow Statement and Other Disclosures​​​​​​​​​​December 31,($ in millions)​2025 ​ ​ ​2024​​​​ ​ ​ ​​​Beginning 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​​​​ ​ ​ ​​​End of period:​​​ ​ ​ ​​​Cash and cash equivalents​$ 1,212 ​ ​ ​$ 885Current restricted cash (included in other current assets)​​ 7 ​ ​ ​​ 8Noncurrent restricted cash (included in other assets)​​ 2​​ 6Cash reported in current assets held for sale​​ —​​ 32Total cash, cash equivalents and restricted cash​$ 1,221 ​ ​ ​$ 931​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. Restricted cash also relates to consideration owed for business acquisitions.​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, inclusive of amounts related to the historical aerospace business, is as follows:​​​​​​​​​​December 31,($ in millions)​2025 ​ ​ ​2024​​​​ ​ ​ ​​​Beginning of period:​​​ ​ ​ ​​​PP&E acquired but not yet paid​$ 96 ​ ​ ​$ 204​​​​​​​End of period:​​​ ​ ​ ​​​PP&E acquired but not yet paid​$ 161 ​ ​ ​$ 96​​​​Supplier Finance Programs​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 57 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "Senior Notes",
      "prior_title": "Senior Notes",
      "similarity_score": 0.844,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ 5.25% due July 2025 ​ $ — ​ $ 189 4.875% due March 2026 ​ ​ — ​ ​ 256 1.50%, euro denominated, due March 2027 ​ ​ 646 ​ ​ 569 6.875% due March 2028 ​ ​ — ​ ​ 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 4.25%, euro denominated, due July 2032 ​ ​ 998 ​ ​ — 5.50% due September 2033 ​ ​ 750 ​ ​ —\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ 5.25% due July 2025 ​ $ — ​ $ 189 4.875% due March 2026 ​ ​ — ​ ​ 256 1.50%, euro denominated, due March 2027 ​ ​ 646 ​ ​ 569 6.875% due March 2028 ​ ​ — ​ ​ 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 4.25%, euro denominated, due July 2032 ​ ​ 998 ​ ​ — 5.50% due September 2033 ​ ​ 750 ​ ​ —",
      "prior_body": "​ ​ ​ ​ ​ ​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "3. Business Segment Information",
      "prior_title": "3. Business Segment Information",
      "similarity_score": 0.839,
      "confidence": "high",
      "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.\"",
        "Reworded sentence: \"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:​​​​​​​​​​ ​ ​ ​2025 ​ ​ ​2024 ​ ​ ​2023 ​​​​​​​​Anheuser-Busch InBev and affiliates​ 15% 16% 15% Coca-Cola Bottlers' Sales & Services Company LLC and affiliates​ 14% 13% 13% Red Bull GmbH and affiliates​ 11% 9% 8% ​Summary of Net Sales by Geographic Area (a)​​​​​​​​​​​​​​($ in millions) ​ ​ ​U.S.​Brazil ​ ​ ​Other ​ ​ ​Consolidated​​​​​​​​​​​​​2025​$ 6,163​$ 1,494​$ 5,504​$ 13,1612024​​ 5,478​​ 1,418​​ 4,899​​ 11,7952023​​ 5,872​​ 1,408​​ 4,782​​ 12,062(a)Revenue is attributed based on origin of sale and includes intercompany eliminations.​51 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents\""
      ],
      "current_body": "​ 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. ​ 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. ​ 50 50 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​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 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, and Europe; undistributed corporate expenses; and intercompany eliminations and other business activities.​On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial results of the Saudi Arabian business, which were a part of the beverage packaging, other, non-reportable operating segment, are presented in Other in the tables below through the date of the transaction and as of December 31, 2024, the assets and liabilities of the Saudi Arabian business were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet. ​On March 21, 2025, Ball closed on a transaction for its aluminum cups business, which resulted in Ball deconsolidating the business. The financial results of the aluminum cups business are presented in Other in the tables below through the date of the transaction and the assets and liabilities of the business were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet as of December 31, 2024. See Note 4 for further details on the Saudi Arabia and aluminum cups businesses. ​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., Vietnam and Saudi Arabia that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.​Ron Lewis, 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:​​​​​​​​​​ ​ ​ ​2025 ​ ​ ​2024 ​ ​ ​2023 ​​​​​​​​Anheuser-Busch InBev and affiliates​ 15% 16% 15% Coca-Cola Bottlers' Sales & Services Company LLC and affiliates​ 14% 13% 13% Red Bull GmbH and affiliates​ 11% 9% 8% ​Summary of Net Sales by Geographic Area (a)​​​​​​​​​​​​​​($ in millions) ​ ​ ​U.S.​Brazil ​ ​ ​Other ​ ​ ​Consolidated​​​​​​​​​​​​​2025​$ 6,163​$ 1,494​$ 5,504​$ 13,1612024​​ 5,478​​ 1,418​​ 4,899​​ 11,7952023​​ 5,872​​ 1,408​​ 4,782​​ 12,062(a)Revenue is attributed based on origin of sale and includes intercompany eliminations.​51 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "Earnings per share:",
      "prior_title": "Earnings per share:",
      "similarity_score": 0.838,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ Basic - continuing operations ​ $ 3.33 ​ $ 1.39 ​ $ 1.54 Basic - discontinued operations ​ ​ - ​ ​ 11.73 ​ ​ 0.71 Total basic earnings per share ​ $ 3.33 ​ $ 13.12 ​ $ 2.25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted - continuing operations ​ $ 3.30 ​ $ 1.37 ​ $ 1.53 Diluted - discontinued operations ​ ​ — ​ ​ 11.63 ​ ​ 0.70 Total diluted earnings per share ​ $ 3.30 ​ $ 13.00 ​ $ 2.23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ Basic - continuing operations ​ $ 3.33 ​ $ 1.39 ​ $ 1.54 Basic - discontinued operations ​ ​ - ​ ​ 11.73 ​ ​ 0.71 Total basic earnings per share ​ $ 3.33 ​ $ 13.12 ​ $ 2.25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted - continuing operations ​ $ 3.30 ​ $ 1.37 ​ $ 1.53 Diluted - discontinued operations ​ ​ — ​ ​ 11.63 ​ ​ 0.70 Total diluted earnings per share ​ $ 3.30 ​ $ 13.00 ​ $ 2.23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Personal & Home Care Acquisition of Alucan Entec",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.825,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 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 $88 million (or €82 million), subject to customary closing adjustments.\"",
        "Reworded sentence: \"​ Aerospace ​ In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with BAE Systems, Inc.\"",
        "Reworded sentence: \"In the third quarter of 2025, Ball finalized the customary closing adjustments with BAE, resulting in an immaterial adjustment.\"",
        "Reworded sentence: \"Completion of the divestiture resulted in the removal of the aerospace business from the company’s obligor group as the business no longer guarantees the company’s senior notes and senior credit facilities.\"",
        "Reworded sentence: \"Note 1 ​ 54 54 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​The following table presents components of discontinued operations, net of tax for the years ended December 31, 2025, 2024 and 2023: ​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2025​2024​2023​​​​​​​​​​Net sales​$ —​$ 261​$ 1,967​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ —​​ (214)​​ (1,605)Depreciation and amortization​​ —​​ (9)​​ (81)Selling, general and administrative​​ —​​ (11)​​ (62)Interest expense​​ —​​ —​​ 1Gain (loss) on disposition​​ (3)​​ 4,634​​ (20)Tax (provision) benefit​​ 3​​ (1,077)​​ 23Discontinued operations, net of tax​$ —​$ 3,584​$ 223​The 2024 and 2023 effective income tax rates on discontinued operations were 23.1 percent and negative 11.5 percent, respectively.\""
      ],
      "current_body": "​ 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 $88 million (or €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. In the third quarter of 2025, Ball finalized the customary closing adjustments with BAE, resulting in an immaterial 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 $5.42 billion, net of the cash disposed, are presented in business dispositions, net of cash sold, in the consolidated statement of cash flows for the year ended December 31, 2024. Completion of the divestiture resulted in the removal of the aerospace business from the company’s obligor group as the business no longer guarantees the company’s senior notes and senior credit facilities. ​ The sale of the aerospace business represents a strategic shift that will have a major effect on Ball’s operations and financial results, including the removal of the aerospace reportable segment. Due to this shift, for all periods presented, the consolidated financial statements reflect the aerospace business’ financial results as discontinued operations in the consolidated statements of earnings. See Note 1 for further information on the basis of presentation. Note 1 ​ 54 54 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​The following table presents components of discontinued operations, net of tax for the years ended December 31, 2025, 2024 and 2023: ​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2025​2024​2023​​​​​​​​​​Net sales​$ —​$ 261​$ 1,967​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ —​​ (214)​​ (1,605)Depreciation and amortization​​ —​​ (9)​​ (81)Selling, general and administrative​​ —​​ (11)​​ (62)Interest expense​​ —​​ —​​ 1Gain (loss) on disposition​​ (3)​​ 4,634​​ (20)Tax (provision) benefit​​ 3​​ (1,077)​​ 23Discontinued operations, net of tax​$ —​$ 3,584​$ 223​The 2024 and 2023 effective income tax rates on discontinued operations were 23.1 percent and negative 11.5 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.​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, 2025, 2024 and 2023 included within the consolidated statements of cash flows. Amounts include adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​​​​​​​​​​​​​Year Ended December 31,($ in millions) ​ ​ ​2025​2024​2023​​​​​​​​​​Provided by (used in)​​​​​​​​​Depreciation and amortization​$ —​$ 9​$ 81Loss (gain) on Aerospace disposal​​ 3​​ (4,634)​​ 20Capital expenditures​​ —​​ (13)​​ (106)​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:​​​​​​​​​​​​​Year Ended December 31,($ in millions)​2025​2024​2023​​​​​​​​​​Supplemental cash flow information:​​​​​​​​​PP&E acquired but not yet paid​$ —​$ 17​$ 23​55 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Discontinued operations, net of tax",
      "prior_title": "Discontinued operations, net of tax",
      "similarity_score": 0.822,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ $ — ​ $ 3,584 ​ $ 223 ​ The 2024 and 2023 effective income tax rates on discontinued operations were 23.1 percent and negative 11.5 percent, respectively.\"",
        "Reworded sentence: \"​ 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, 2025, 2024 and 2023 included within the consolidated statements of cash flows.\""
      ],
      "current_body": "​ $ — ​ $ 3,584 ​ $ 223 ​ The 2024 and 2023 effective income tax rates on discontinued operations were 23.1 percent and negative 11.5 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. ​ 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, 2025, 2024 and 2023 included within the consolidated statements of cash flows. Amounts include adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ $ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.822,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Supplemental Cash Flow Statement and Other Disclosures​​​​​​​​​​December 31,($ in millions)​2025 ​ ​ ​2024​​​​ ​ ​ ​​​Beginning 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​​​​ ​ ​ ​​​End of period:​​​ ​ ​ ​​​Cash and cash equivalents​$ 1,212 ​ ​ ​$ 885Current restricted cash (included in other current assets)​​ 7 ​ ​ ​​ 8Noncurrent restricted cash (included in other assets)​​ 2​​ 6Cash reported in current assets held for sale​​ —​​ 32Total cash, cash equivalents and restricted cash​$ 1,221 ​ ​ ​$ 931​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.\"",
        "Removed 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 $298 million for the sale of Ball’s remaining equity method investment in Ball Metalpack.\"",
        "Removed sentence: \"See Note 4 for further details on the Russia and Ball Metalpack transactions.​​7.\"",
        "Removed sentence: \"Supplemental Cash Flow Statement Disclosures​​​​​​​​​​December 31,($ 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.\"",
        "Removed sentence: \"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.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Point in Time",
      "prior_title": "Point in Time",
      "similarity_score": 0.821,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ Over Time ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 2,317 ​ $ 10,844 ​ $ 13,161 2024 ​ ​ 2,454 ​ ​ 9,341 ​ ​ 11,795 2023 ​ ​ 2,352 ​ ​ 9,710 ​ ​ 12,062 ​ The company did not have any contract assets at December 31, 2025, 2024, or 2023.\""
      ],
      "current_body": "​ Over Time ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 2,317 ​ $ 10,844 ​ $ 13,161 2024 ​ ​ 2,454 ​ ​ 9,341 ​ ​ 11,795 2023 ​ ​ 2,352 ​ ​ 9,710 ​ ​ 12,062 ​ The company did not have any contract assets at December 31, 2025, 2024, or 2023. The opening and closing balances of the company’s current and noncurrent contract liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ ​",
      "prior_body": "​ 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 ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.821,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The company records the related interest expense and penalties, if any, as tax expense in the tax provision.​Stranded taxes in accumulated other comprehensive earnings (loss) are reclassified to the consolidated statement of earnings when the activity that generated the deferred gains and losses has fully ceased.​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.\"",
        "Reworded sentence: \"Gains and losses remain in AOCI until a sale or upon complete or substantially complete liquidation of the respective Deferred tax assets, including operating loss, capital loss and tax credit carryforwards, are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that any portion of these tax attributes will not be realized.\"",
        "Reworded sentence: \"In assessing whether a loss is probable, Ball may consider the following factors, among others: the nature of the litigation, claim or assessment; available information, opinions or views of legal counsel and other advisors; and the experience gained from similar cases by the company and others.\"",
        "Reworded sentence: \"Accounting Pronouncements ​Recently Adopted Accounting Standards​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.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Total Ball Corporation shareholders' equity",
      "prior_title": "Total Ball Corporation shareholders' equity",
      "similarity_score": 0.814,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ 5,421 ​ ​ 5,862 Noncontrolling interests ​ ​ — ​ ​ 68 Total equity ​ ​ 5,421 ​ ​ 5,930\""
      ],
      "current_body": "​ ​ 5,421 ​ ​ 5,862 Noncontrolling interests ​ ​ — ​ ​ 68 Total equity ​ ​ 5,421 ​ ​ 5,930",
      "prior_body": "​ ​ 5,862 ​ ​ 3,769 Noncontrolling interests ​ ​ 68 ​ ​ 68 Total equity ​ ​ 5,930 ​ ​ 3,837"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.805,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ ​ ​ ​ Current assets ​ $ 2,222 Noncurrent assets ​ ​ 13,453 Current liabilities ​ ​ 3,399 Noncurrent liabilities ​ ​ 12,761 ​ 30 30 30 Table of ContentsIncluded in the amounts disclosed in the tables above, at December 31, 2025, the obligor group held receivables due from other subsidiary companies of $503 million, long-term notes receivable due from other subsidiary companies of $9.93 billion, payables due to other subsidiary companies of $1.09 billion and long-term notes payable due to other subsidiary companies of $4.97 billion.\"",
        "Removed sentence: \"You should therefore not place undue reliance upon any forward-looking statements, and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below.\"",
        "Reworded sentence: \"Forward-looking statements are not guarantees of future performance, and you should therefore not place undue reliance upon such statements.\"",
        "Removed sentence: \"You should therefore not place undue reliance upon any forward-looking statements, and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below.\"",
        "Reworded sentence: \"Forward-looking statements are not guarantees of future performance, and you should therefore not place undue reliance upon such statements.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Senior Credit Facility (at variable rates)",
      "prior_title": "Senior Credit Facility (at variable rates)",
      "similarity_score": 0.804,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"dollar revolver due June 2030 ​ ​ — ​ ​ — Multi-currency revolver due June 2030 ​ ​ — ​ ​ — Term A loan due June 2027 (5.51% - 2025) ​ ​ — ​ ​ 625 Term A loan due November 2030 (4.97% - 2025) ​ ​ 1,500 ​ ​ —\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ U.S. dollar revolver due June 2030 ​ ​ — ​ ​ — Multi-currency revolver due June 2030 ​ ​ — ​ ​ — Term A loan due June 2027 (5.51% - 2025) ​ ​ — ​ ​ 625 Term A loan due November 2030 (4.97% - 2025) ​ ​ 1,500 ​ ​ —",
      "prior_body": "​ ​ ​ ​ ​ ​ U.S. dollar revolver due June 2027 ​ ​ — ​ ​ — Term A loan due June 2027 (5.46% - 2024) ​ ​ 625 ​ ​ 1,325"
    },
    {
      "status": "MODIFIED",
      "current_title": "Aluminum Cups",
      "prior_title": "Saudi Arabia",
      "similarity_score": 0.803,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ In the fourth quarter of 2024, Ball’s Board of Directors provided approval for the company to form a strategic partnership for the aluminum cups business in early 2025.\"",
        "Reworded sentence: \"In the third quarter of 2025, Ball finalized the customary closing adjustments with BAE, resulting in an immaterial adjustment.\"",
        "Reworded sentence: \"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.\"",
        "Reworded sentence: \"​54 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents\""
      ],
      "current_body": "​ In the fourth quarter of 2024, Ball’s Board of Directors provided approval for the company to form a strategic partnership for the aluminum cups business in early 2025. As a result, 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 were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet at December 31, 2024. ​ On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ball owns a 49 percent interest. Ball’s interest in the entity, Oasis Venture Holdings LLC (“Oasis”), is accounted for under the equity method of accounting. Ball recorded an additional loss of $8 million related to the 53 53 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​transaction in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2025.​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 is 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.​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 $88 million (or €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. In the third quarter of 2025, Ball finalized the customary closing adjustments with BAE, resulting in an immaterial 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. 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. See Note 1 for further information on the basis of presentation. ​54 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.799,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows provided by (used in) operating activities ​ $ 1,262 ​ $ 115 ​ $ 1,863 Cash flows provided by (used in) investing activities ​ ​ (656) ​ ​ 5,003 ​ ​ (1,053) Cash flows provided by (used in) financing activities ​ ​ (344) ​ ​ (4,790) ​ ​ (662) ​ 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: \"Note 4 ​ Cash flows provided by operating activities were $1.26 billion in 2025, primarily driven by earnings from continuing operations of $915 million, along with reconciling adjustments to operating cash flows of $478 million and working capital outflows of $131 million.\"",
        "Reworded sentence: \"At December 31, 2025, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $37 million, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $30 million and a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $30 million.\"",
        "Reworded sentence: \"​As of December 31, 2025, approximately $1.00 billion of our cash was held outside of the U.S.\"",
        "Reworded sentence: \"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 $1.32 billion in 2025 and $1.71 billion in 2024.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Comparable segment operating earnings (a)",
      "prior_title": "Comparable segment operating earnings (a)",
      "similarity_score": 0.799,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 772 ​ $ 747 ​ $ 710 Beverage packaging, EMEA ​ ​ 495 ​ ​ 416 ​ ​ 354 Beverage packaging, South America ​ ​ 327 ​ ​ 296 ​ ​ 266 Reportable segment comparable operating earnings ​ ​ 1,594 ​ ​ 1,459 ​ ​ 1,330\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 772 ​ $ 747 ​ $ 710 Beverage packaging, EMEA ​ ​ 495 ​ ​ 416 ​ ​ 354 Beverage packaging, South America ​ ​ 327 ​ ​ 296 ​ ​ 266 Reportable segment comparable operating earnings ​ ​ 1,594 ​ ​ 1,459 ​ ​ 1,330",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.794,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ — ​ $ 261 ​ $ 1,967 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (excluding depreciation and amortization) ​ ​ — ​ ​ (214) ​ ​ (1,605) Depreciation and amortization ​ ​ — ​ ​ (9) ​ ​ (81) Selling, general and administrative ​ ​ — ​ ​ (11) ​ ​ (62) Interest expense ​ ​ — ​ ​ — ​ ​ 1 Gain (loss) on disposition ​ ​ (3) ​ ​ 4,634 ​ ​ (20) Tax (provision) benefit ​ ​ 3 ​ ​ (1,077) ​ ​ 23\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Change in cash, cash equivalents and restricted cash",
      "prior_title": "Change in cash, cash equivalents and restricted cash",
      "similarity_score": 0.79,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ 290 ​ ​ 221 ​ ​ 152 Cash, cash equivalents and restricted cash – beginning of year ​ ​ 931 ​ ​ 710 ​ ​ 558 Cash, cash equivalents and restricted cash – end of year (a) ​ $ 1,221 ​ $ 931 ​ $ 710 ​ ​ The accompanying notes are an integral part of the consolidated financial statements.\""
      ],
      "current_body": "​ ​ 290 ​ ​ 221 ​ ​ 152 Cash, cash equivalents and restricted cash – beginning of year ​ ​ 931 ​ ​ 710 ​ ​ 558 Cash, cash equivalents and restricted cash – end of year (a) ​ $ 1,221 ​ $ 931 ​ $ 710 ​ ​ The accompanying notes are an integral part of the consolidated financial statements. ​ ​ 39 39 39 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, 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, net of tax benefits​ —​​ —​ —​​ —​​ (252)​​ —​​ —​​ (252)Treasury stock purchases​ —​​ —​ (60)​​ (3)​​ —​​ —​​ —​​ (3)Treasury shares reissued​ —​​ —​ 545​​ 29​​ —​​ —​​ —​​ 29Shares issued and stock-based compensation, 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-based compensation, net of shares exchanged ​ 927​​ 83​ —​​ —​​ —​​ —​​ —​​ 83Dividends paid to noncontrolling interest​ —​​ —​ —​​ —​​ —​​ —​​ (6)​​ (6)Other activity​ —​​ —​ —​​ 45​​ —​​ —​​ —​​ 45Balance at December 31, 2024​ 684,168​​ 1,395​ (394,790)​​ (6,057)​​ 11,527​​ (1,003)​​ 68​​ 5,930Net earnings​ —​​ —​ —​​ —​​ 912​​ —​​ 3​​ 915Other comprehensive earnings (loss), net of tax​ —​​ —​ —​​ —​​ —​​ 134​​ —​​ 134Common dividends​ —​​ —​ —​​ —​​ (220)​​ —​​ —​​ (220)Treasury stock purchases​ —​​ —​ (25,152)​​ (1,317)​​ —​​ —​​ —​​ (1,317)Treasury shares reissued​ —​​ —​ 209​​ 11​​ —​​ —​​ —​​ 11Shares issued and stock-based compensation, net of shares exchanged ​ 939​​ 27​ —​​ —​​ —​​ —​​ —​​ 27Business dispositions​ —​​ —​ —​​ —​​ —​​ —​​ (65)​​ (65)Distributions from deferred compensation plans and other activity​ —​​ —​ —​​ 12​​ —​​ —​​ (6)​​ 6Balance at December 31, 2025​ 685,107​$ 1,422​ (419,733)​$ (7,351)​$ 12,219​$ (869)​$ —​$ 5,421​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 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, 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, net of tax benefits​ —​​ —​ —​​ —​​ (252)​​ —​​ —​​ (252)Treasury stock purchases​ —​​ —​ (60)​​ (3)​​ —​​ —​​ —​​ (3)Treasury shares reissued​ —​​ —​ 545​​ 29​​ —​​ —​​ —​​ 29Shares issued and stock-based compensation, 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-based compensation, net of shares exchanged ​ 927​​ 83​ —​​ —​​ —​​ —​​ —​​ 83Dividends paid to noncontrolling interest​ —​​ —​ —​​ —​​ —​​ —​​ (6)​​ (6)Other activity​ —​​ —​ —​​ 45​​ —​​ —​​ —​​ 45Balance at December 31, 2024​ 684,168​​ 1,395​ (394,790)​​ (6,057)​​ 11,527​​ (1,003)​​ 68​​ 5,930Net earnings​ —​​ —​ —​​ —​​ 912​​ —​​ 3​​ 915Other comprehensive earnings (loss), net of tax​ —​​ —​ —​​ —​​ —​​ 134​​ —​​ 134Common dividends​ —​​ —​ —​​ —​​ (220)​​ —​​ —​​ (220)Treasury stock purchases​ —​​ —​ (25,152)​​ (1,317)​​ —​​ —​​ —​​ (1,317)Treasury shares reissued​ —​​ —​ 209​​ 11​​ —​​ —​​ —​​ 11Shares issued and stock-based compensation, net of shares exchanged ​ 939​​ 27​ —​​ —​​ —​​ —​​ —​​ 27Business dispositions​ —​​ —​ —​​ —​​ —​​ —​​ (65)​​ (65)Distributions from deferred compensation plans and other activity​ —​​ —​ —​​ 12​​ —​​ —​​ (6)​​ 6Balance at December 31, 2025​ 685,107​$ 1,422​ (419,733)​$ (7,351)​$ 12,219​$ (869)​$ —​$ 5,421​The accompanying notes are an integral part of the consolidated financial statements.​​ ​",
      "prior_body": "​ ​ 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.​​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Reconciling items",
      "prior_title": "Reconciling items",
      "similarity_score": 0.772,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ Other (b) ​ ​ (39) ​ ​ (69) ​ ​ 12 Business consolidation and other activities ​ ​ 41 ​ ​ (420) ​ ​ (133) Amortization of acquired intangibles ​ ​ (135) ​ ​ (139) ​ ​ (135) Interest expense ​ ​ (314) ​ ​ (293) ​ ​ (460) Debt refinancing and other costs ​ ​ (19) ​ ​ (3) ​ ​ —\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ Other (b) ​ ​ (39) ​ ​ (69) ​ ​ 12 Business consolidation and other activities ​ ​ 41 ​ ​ (420) ​ ​ (133) Amortization of acquired intangibles ​ ​ (135) ​ ​ (139) ​ ​ (135) Interest expense ​ ​ (314) ​ ​ (293) ​ ​ (460) Debt refinancing and other costs ​ ​ (19) ​ ​ (3) ​ ​ —",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ 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)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Finance leases:",
      "prior_title": "Finance leases:",
      "similarity_score": 0.768,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ Finance lease ROU assets, net Property, plant and equipment, net Property, plant and equipment, net ​ ​ 7 ​ ​ 31 Current finance lease liabilities Short-term debt and current portion of long-term debt ​ ​ 2 ​ ​ 26 Noncurrent finance lease liabilities Long-term debt Long-term debt ​ ​ 6 ​ ​ 5 ​ 61 61 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Weighted average remaining lease term and weighted average discount rate for the company’s leases were as follows: ​​​​​​​​​​​​December 31,​​​​2025​​2024​​​​​​​​​Weighted average remaining lease term in years:​​​​​​​Operating leases​​ 7​​ 7​Finance leases​​ 5​​ 1​Weighted average discount rate:​​​​​​​Operating leases​​ 4.8%​ 4.4%Finance leases​​ 3.6%​ 4.8%​Maturities of lease liabilities are as follows:​​​​​​​​($ in millions)​Operating Leases​Finance Leases​​​​​​​2026​$ 83​$ 22027​​ 75​​ 12028​​ 60​​ 12029​​ 45​​ 12030​​ 38​​ 1Thereafter​​ 110​​ 2Future value of lease liabilities​​ 411​​ 8Less: Imputed interest​​ (50)​​ —Present value of lease liabilities​$ 361​$ 8​​62 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ Finance lease ROU assets, net Property, plant and equipment, net Property, plant and equipment, net ​ ​ 7 ​ ​ 31 Current finance lease liabilities Short-term debt and current portion of long-term debt ​ ​ 2 ​ ​ 26 Noncurrent finance lease liabilities Long-term debt Long-term debt ​ ​ 6 ​ ​ 5 ​ 61 61 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Weighted average remaining lease term and weighted average discount rate for the company’s leases were as follows: ​​​​​​​​​​​​December 31,​​​​2025​​2024​​​​​​​​​Weighted average remaining lease term in years:​​​​​​​Operating leases​​ 7​​ 7​Finance leases​​ 5​​ 1​Weighted average discount rate:​​​​​​​Operating leases​​ 4.8%​ 4.4%Finance leases​​ 3.6%​ 4.8%​Maturities of lease liabilities are as follows:​​​​​​​​($ in millions)​Operating Leases​Finance Leases​​​​​​​2026​$ 83​$ 22027​​ 75​​ 12028​​ 60​​ 12029​​ 45​​ 12030​​ 38​​ 1Thereafter​​ 110​​ 2Future value of lease liabilities​​ 411​​ 8Less: Imputed interest​​ (50)​​ —Present value of lease liabilities​$ 361​$ 8​​62 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ Finance lease ROU assets, net Property, plant and equipment, net Property, plant and equipment, net ​ ​ 31 ​ ​ 8 Current finance lease liabilities Short-term debt and current portion of long-term debt Short-term debt and current portion of long-term debt ​ ​ 26 ​ ​ 3 Noncurrent finance lease liabilities Long-term debt Long-term debt ​ ​ 5 ​ ​ 7 ​ Weighted average remaining lease term and weighted average discount rate for the company’s leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Cash Flows from Financing Activities",
      "prior_title": "Cash Flows from Financing Activities",
      "similarity_score": 0.767,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term borrowings ​ ​ 6,683 ​ ​ 650 ​ ​ 2,051 Repayments of long-term borrowings ​ ​ (5,297) ​ ​ (3,480) ​ ​ (2,281) Net change in short-term borrowings ​ ​ (158) ​ ​ (29) ​ ​ (210) Acquisitions of treasury stock ​ ​ (1,321) ​ ​ (1,712) ​ ​ (3) Common stock dividends ​ ​ (220) ​ ​ (244) ​ ​ (252) Other, net ​ ​ (31) ​ ​ 25 ​ ​ 33 Cash provided by (used in) financing activities ​ ​ (344) ​ ​ (4,790) ​ ​ (662) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash ​ ​ 28 ​ ​ (107) ​ ​ 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term borrowings ​ ​ 6,683 ​ ​ 650 ​ ​ 2,051 Repayments of long-term borrowings ​ ​ (5,297) ​ ​ (3,480) ​ ​ (2,281) Net change in short-term borrowings ​ ​ (158) ​ ​ (29) ​ ​ (210) Acquisitions of treasury stock ​ ​ (1,321) ​ ​ (1,712) ​ ​ (3) Common stock dividends ​ ​ (220) ​ ​ (244) ​ ​ (252) Other, net ​ ​ (31) ​ ​ 25 ​ ​ 33 Cash provided by (used in) financing activities ​ ​ (344) ​ ​ (4,790) ​ ​ (662) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash ​ ​ 28 ​ ​ (107) ​ ​ 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.766,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 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.\"",
        "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.​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)​2025​2024​​​​​​​Obligations outstanding at the beginning of period​$ 423​$ 703Invoices confirmed during the period​​ 1,292​​ 1,600Confirmed invoices paid during the period​​ (1,303)​​ (1,851)Foreign exchange impacts​​ 12​$ (29)Obligations outstanding at the end of period​$ 424​$ 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.​​​8.\"",
        "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.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.765,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 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 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, and Europe; undistributed corporate expenses; and intercompany eliminations and other business activities.​On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest.\"",
        "Removed sentence: \"​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.​ ​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: \"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.\"",
        "Removed sentence: \"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.\"",
        "Removed sentence: \"The company also has investments in operations in Guatemala, Panama, the U.S.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "Ball Metalpack Investment",
      "similarity_score": 0.764,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ PP&E acquired but not yet paid ​ $ — ​ $ 17 ​ $ 23 ​ 55 55 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​​5.\"",
        "Reworded sentence: \"Business Consolidation and Other Activities ​2025 ​During 2025, the company recorded income of $41 million, primarily composed of the $81 million gain on the sale of the Saudi Arabia business, and insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia, extruded aluminum slug manufacturing facility, partially offset by costs for previously announced facility closures and the loss related to the aluminum cups business transaction.\"",
        "Reworded sentence: \"See Note 4 for further details on the aluminum cups impairment.​56 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "​ 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 $44 million from the insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia extruded aluminum slug manufacturing facility. See Note 4 for further details on the aluminum cups impairment.​60 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.763,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ Summary of Net Long-Lived Assets by Geographic Area (a)​​​​​​​​​​​​​​($ in millions) ​ ​ ​U.S.\"",
        "Reworded sentence: \"However, the CODM is provided these amounts at a consolidated level to manage operations.(b)Includes undistributed corporate expenses, net, of $155 million, $175 million and $74 million for the years ended December 2025, 2024 and 2023, respectively.\"",
        "Reworded sentence: \"For the years ended December 31, 2025 and 2024, undistributed corporate expenses, net, includes $1 million and $42 million of corporate interest income, respectively.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.755,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Land ​ $ 225 ​ $ 198 Buildings ​ ​ 1,935 ​ ​ 1,794 Machinery and equipment ​ ​ 8,194 ​ ​ 7,450 Construction-in-progress ​ ​ 932 ​ ​ 836 ​ ​ ​ 11,286 ​ ​ 10,278 Accumulated depreciation ​ ​ (4,630) ​ ​ (4,105) ​ ​ $ 6,656 ​ $ 6,173 ​ Property, plant and equipment are stated at historical or acquired cost.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs (b)",
      "prior_title": "Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b)",
      "similarity_score": 0.754,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1 to October 31, 2025 ​ 1,856,168 ​ $ 48.95 ​ 1,856,168 ​ $ 3,049,987,369 November 1 to November 30, 2025 ​ 2,314,651 ​ ​ 48.40 ​ 2,314,651 ​ ​ 2,939,112,414 December 1 to December 31, 2025 ​ 285,600 ​ ​ 49.28 ​ 285,600 ​ ​ 2,925,127,964 Total ​ 4,456,419 ​ ​ ​ ​ 4,456,419 ​ ​ ​ (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.\"",
        "Reworded sentence: \"21 21 21 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, 2025.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1 to October 31, 2025 ​ 1,856,168 ​ $ 48.95 ​ 1,856,168 ​ $ 3,049,987,369 November 1 to November 30, 2025 ​ 2,314,651 ​ ​ 48.40 ​ 2,314,651 ​ ​ 2,939,112,414 December 1 to December 31, 2025 ​ 285,600 ​ ​ 49.28 ​ 285,600 ​ ​ 2,925,127,964 Total ​ 4,456,419 ​ ​ ​ ​ 4,456,419 ​ ​ ​ (a) Includes any open market purchases (on a trade-date basis), share repurchase agreements and/or shares retained by the company to settle employee withholding tax liabilities. (b) The company has an ongoing repurchase program for which shares are authorized from time to time by Ball’s Board of Directors. On January 29, 2025, the Board approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations. 21 21 21 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, 2025. The graph assumes $100 was invested on December 31, 2020, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization.​​ Total Return Analysis​​​​​​​​​​​​​​​​​​​​​12/31/2020​12/31/2021​12/31/2022​12/31/2023​12/31/2024​12/31/2025BALL​$100.00​$104.13​$55.99​$63.91​$62.01​$60.52S&P 500​​100.00​​128.71​​105.40​​133.10​​166.40​​196.16DJ US Containers & Packaging​​100.00​​110.96​​91.21​​98.16​​112.83​​99.86​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, 2025. The graph assumes $100 was invested on December 31, 2020, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization.​​ Total Return Analysis​​​​​​​​​​​​​​​​​​​​​12/31/2020​12/31/2021​12/31/2022​12/31/2023​12/31/2024​12/31/2025BALL​$100.00​$104.13​$55.99​$63.91​$62.01​$60.52S&P 500​​100.00​​128.71​​105.40​​133.10​​166.40​​196.16DJ US Containers & Packaging​​100.00​​110.96​​91.21​​98.16​​112.83​​99.86​Source: Bloomberg​Item 6. [Reserved]​Removing and reserving Item 6 of Part II.​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Consolidated",
      "prior_title": "Consolidated",
      "similarity_score": 0.753,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 6,163 ​ $ 1,494 ​ $ 5,504 ​ $ 13,161 2024 ​ ​ 5,478 ​ ​ 1,418 ​ ​ 4,899 ​ ​ 11,795 2023 ​ ​ 5,872 ​ ​ 1,408 ​ ​ 4,782 ​ ​ 12,062 ​ 51 51 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Summary of Net Long-Lived Assets by Geographic Area (a)​​​​​​​​​​​​​​($ in millions) ​ ​ ​U.S.\"",
        "Reworded sentence: \"However, the CODM is provided these amounts at a consolidated level to manage operations.(b)Includes undistributed corporate expenses, net, of $155 million, $175 million and $74 million for the years ended December 2025, 2024 and 2023, respectively.\"",
        "Reworded sentence: \"For the years ended December 31, 2025 and 2024, undistributed corporate expenses, net, includes $1 million and $42 million of corporate interest income, respectively.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 6,163 ​ $ 1,494 ​ $ 5,504 ​ $ 13,161 2024 ​ ​ 5,478 ​ ​ 1,418 ​ ​ 4,899 ​ ​ 11,795 2023 ​ ​ 5,872 ​ ​ 1,408 ​ ​ 4,782 ​ ​ 12,062 ​ 51 51 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, 2025​$ 3,218​$ 1,149​$ 3,683​$ 8,050As of December 31, 2024​​ 3,215​​ 1,113​​ 3,207​​ 7,535(a)Long-lived assets exclude goodwill and intangible assets.​Summary of Business by Segment ​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2025 ​ ​ ​2024 ​ ​ ​2023​​​​​​​​​​Net sales​​​​​​​​​Beverage packaging, North and Central America​$ 6,286​$ 5,619​$ 5,963Beverage packaging, EMEA​​ 3,983​​ 3,466​​ 3,395Beverage packaging, South America​​ 2,162​​ 1,951​​ 1,960Reportable segment sales​​ 12,431​​ 11,036​​ 11,318Other​​ 730​​ 759​​ 744Net sales​$ 13,161​$ 11,795​$ 12,062​​​​​​​​​​Comparable segment operating earnings (a)​​​​​​​​​Beverage packaging, North and Central America​$ 772​$ 747​$ 710Beverage packaging, EMEA​​ 495​​ 416​​ 354Beverage packaging, South America​​ 327​​ 296​​ 266Reportable segment comparable operating earnings​​ 1,594​​ 1,459​​ 1,330Reconciling items​​​​​​​​​Other (b)​​ (39)​​ (69)​​ 12Business consolidation and other activities​​ 41​​ (420)​​ (133)Amortization of acquired intangibles​​ (135)​​ (139)​​ (135)Interest expense​​ (314)​​ (293)​​ (460)Debt refinancing and other costs​​ (19)​​ (3)​​ —Earnings before taxes​$ 1,128​$ 535​$ 614(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 $155 million, $175 million and $74 million for the years ended December 2025, 2024 and 2023, 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 years ended December 31, 2025 and 2024, undistributed corporate expenses, net, includes $1 million and $42 million of corporate interest income, respectively. ​​​​​​​​​​​​52 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "Contributions to the company’s defined benefit pension plans were $43 million and $32 million for the years ended 2025 and 2024, respectively. Contributions are expected to be approximately $29 million for the full year of 2026. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors.",
      "prior_title": "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.",
      "similarity_score": 0.75,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ As of December 31, 2025, approximately $1.00 billion of our cash was held outside of the U.S.\"",
        "Reworded sentence: \"​ Share Repurchases ​ The company’s share repurchases were $1.32 billion in 2025 and $1.71 billion in 2024.\"",
        "Reworded sentence: \"The company plans to continue capital return to shareholders via an estimated $600 million in share repurchases in 2026.\"",
        "Reworded sentence: \"At December 31, 2025, $2.93 billion remains available to be repurchased.\"",
        "Reworded sentence: \"The most restrictive of our debt covenants requires us to maintain a leverage ratio (as defined) of no greater than 4.5 times.\""
      ],
      "current_body": "​ As of December 31, 2025, approximately $1.00 billion 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 $1.32 billion in 2025 and $1.71 billion in 2024. 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 $600 million in share repurchases in 2026. ​ 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 all previous authorizations. At December 31, 2025, $2.93 billion remains available to be repurchased. ​ Debt Facilities and Refinancing ​ Given our cash flow projections and unused credit facilities that are available until June 2030, our liquidity is strong and is expected to meet our ongoing cash and debt service requirements. Total debt of $7.01 billion and $5.69 billion was outstanding at December 31, 2025 and 2024, respectively. ​ 28 28 28 Table of ContentsOn November 25, 2025 Ball refinanced its existing senior credit facilities which were previously amended in 2022. The company’s senior credit facilities include a $1.50 billion term loan and long-term multi-currency revolving facilities that mature in November 2030, which provide the company with up to U.S. dollar equivalent of $2.00 billion. On November 17, 2025, Ball redeemed all of the outstanding principal of the $750 million of 6.875% senior notes due in March 2028. On December 15, 2025, Ball redeemed all of the outstanding principal of the $256 million of 4.875% senior notes due in March 2026. ​In August 2025, Ball issued $750 million of 5.50% senior notes due in 2033 and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $600 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $100 million.​In July 2025, Ball repaid at maturity the outstanding 5.25% senior notes due in the amount of $189 million.​In May 2025, Ball issued €850 million of 4.25% senior notes due in 2032 and repaid a portion of the U.S. dollar revolving credit facility due in 2027 in the amount of $500 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $200 million.​At December 31, 2025, approximately $1.95 billion was available under the company’s long-term, multi-currency committed revolving credit facilities. The company also had approximately $998 million of short-term uncommitted credit facilities available at December 31, 2025, of which $19 million was outstanding and due on demand. At December 31, 2024, the company had $109 million of committed short-term loans outstanding and a $24 million short-term finance lease outstanding. ​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, 2025, 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 4.5 times. As of December 31, 2025, the company could borrow an additional $2.66 billion, without violating its debt covenants, 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 and 2025, we entered into and designated net investment hedges against the net assets of our euro denominated operations. See Note 21 for further details. ​Saudi Arabia​In August 2025, the company sold 41 percent of its share in Ball United Arab Can Manufacturing Company, which resulted in 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 2026 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $210 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.29 Table of Contents Table of Contents Table of Contents On November 25, 2025 Ball refinanced its existing senior credit facilities which were previously amended in 2022. The company’s senior credit facilities include a $1.50 billion term loan and long-term multi-currency revolving facilities that mature in November 2030, which provide the company with up to U.S. dollar equivalent of $2.00 billion. On November 17, 2025, Ball redeemed all of the outstanding principal of the $750 million of 6.875% senior notes due in March 2028. On December 15, 2025, Ball redeemed all of the outstanding principal of the $256 million of 4.875% senior notes due in March 2026. ​In August 2025, Ball issued $750 million of 5.50% senior notes due in 2033 and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $600 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $100 million.​In July 2025, Ball repaid at maturity the outstanding 5.25% senior notes due in the amount of $189 million.​In May 2025, Ball issued €850 million of 4.25% senior notes due in 2032 and repaid a portion of the U.S. dollar revolving credit facility due in 2027 in the amount of $500 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $200 million.​At December 31, 2025, approximately $1.95 billion was available under the company’s long-term, multi-currency committed revolving credit facilities. The company also had approximately $998 million of short-term uncommitted credit facilities available at December 31, 2025, of which $19 million was outstanding and due on demand. At December 31, 2024, the company had $109 million of committed short-term loans outstanding and a $24 million short-term finance lease outstanding. ​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, 2025, 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 4.5 times. As of December 31, 2025, the company could borrow an additional $2.66 billion, without violating its debt covenants, 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 and 2025, we entered into and designated net investment hedges against the net assets of our euro denominated operations. See Note 21 for further details. ​Saudi Arabia​In August 2025, the company sold 41 percent of its share in Ball United Arab Can Manufacturing Company, which resulted in 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 2026 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $210 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. On November 25, 2025 Ball refinanced its existing senior credit facilities which were previously amended in 2022. The company’s senior credit facilities include a $1.50 billion term loan and long-term multi-currency revolving facilities that mature in November 2030, which provide the company with up to U.S. dollar equivalent of $2.00 billion. On November 17, 2025, Ball redeemed all of the outstanding principal of the $750 million of 6.875% senior notes due in March 2028. On December 15, 2025, Ball redeemed all of the outstanding principal of the $256 million of 4.875% senior notes due in March 2026. ​ In August 2025, Ball issued $750 million of 5.50% senior notes due in 2033 and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $600 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $100 million. ​ In July 2025, Ball repaid at maturity the outstanding 5.25% senior notes due in the amount of $189 million. ​ In May 2025, Ball issued €850 million of 4.25% senior notes due in 2032 and repaid a portion of the U.S. dollar revolving credit facility due in 2027 in the amount of $500 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $200 million. ​ At December 31, 2025, approximately $1.95 billion was available under the company’s long-term, multi-currency committed revolving credit facilities. The company also had approximately $998 million of short-term uncommitted credit facilities available at December 31, 2025, of which $19 million was outstanding and due on demand. At December 31, 2024, the company had $109 million of committed short-term loans outstanding and a $24 million short-term finance lease outstanding. ​ 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, 2025, 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 4.5 times. As of December 31, 2025, the company could borrow an additional $2.66 billion, without violating its debt covenants, 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 and 2025, 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 ​ Saudi Arabia ​ In August 2025, the company sold 41 percent of its share in Ball United Arab Can Manufacturing Company, which resulted in 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 ​ ​",
      "prior_body": "​ 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 ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Depreciation and amortization (a)",
      "prior_title": "Depreciation and amortization (a)",
      "similarity_score": 0.747,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 225 ​ $ 214 ​ $ 220 ​ Beverage packaging, EMEA ​ ​ 202 ​ ​ 187 ​ ​ 178 ​ Beverage packaging, South America ​ ​ 145 ​ ​ 148 ​ ​ 145 ​ Reportable segment depreciation and amortization ​ ​ 572 ​ ​ 549 ​ ​ 543 ​ Other ​ ​ 50 ​ ​ 62 ​ ​ 62 ​ Depreciation and amortization ​ $ 622 ​ $ 611 ​ $ 605 ​ ​ The company does not disclose total assets by segment as it is not provided to the CODM.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 225 ​ $ 214 ​ $ 220 ​ Beverage packaging, EMEA ​ ​ 202 ​ ​ 187 ​ ​ 178 ​ Beverage packaging, South America ​ ​ 145 ​ ​ 148 ​ ​ 145 ​ Reportable segment depreciation and amortization ​ ​ 572 ​ ​ 549 ​ ​ 543 ​ Other ​ ​ 50 ​ ​ 62 ​ ​ 62 ​ Depreciation and amortization ​ $ 622 ​ $ 611 ​ $ 605 ​ ​ The company does not disclose total assets by segment as it is not provided to the CODM. ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ 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. ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Short-term debt and current portion of long-term debt",
      "prior_title": "Short-term debt and current portion of long-term debt",
      "similarity_score": 0.745,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ $ 21 ​ $ 361 ​ On November 25, 2025, Ball refinanced its existing senior credit facilities that were previously amended in 2022, which included redeeming the outstanding obligation of $625 million on its term loan due June 2027.\"",
        "Reworded sentence: \"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 $6.89 billion and $5.19 billion at December 31, 2025 and 2024, respectively, compared to its carrying value of $6.99 billion and $5.50 billion in 2025 and 2024, respectively.\"",
        "Reworded sentence: \"Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt, based on discounted cash flows.​Maturities of long-term debt obligations outstanding at December 31, 2025, are as follows:​​​​​($ in millions)​​​​​​2026​$ 42027​​ 6492028​​ 12029​​ 1,0002030​​ 2,800Thereafter​​ 2,598Total long-term debt obligations​​ 7,052Other (including debt issuance costs)​​ (59)Less: Current portion of long-term debt​​ (2)Long-term debt​$ 6,991​Letters of credit outstanding at December 31, 2025 and 2024, were $48 million and $25 million, respectively.\""
      ],
      "current_body": "​ $ 21 ​ $ 361 ​ On November 25, 2025, Ball refinanced its existing senior credit facilities that were previously amended in 2022, which included redeeming the outstanding obligation of $625 million on its term loan due June 2027. The company’s senior credit facilities include a $1.50 billion term loan and long-term multi-currency revolving facilities that mature in November 2030, which provide the company with up to U.S. dollar equivalent of $2.00 billion. At December 31, 2025, $1.95 billion was available under these revolving credit facilities. The company had approximately $943 million of short-term uncommitted credit facilities available at December 31, 2025. 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 25.51 percent at December 31, 2025, and 18.30 percent at December 31, 2024. ​ On November 17, 2025, Ball redeemed all of the outstanding principal of its $750 million of 6.875% senior notes due in March 2028. On December 15, 2025, Ball redeemed all of the outstanding principal of its $256 million of 4.875% senior notes due in March 2026. ​ 63 63 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​In August 2025, Ball issued $750 million of 5.50% senior notes due in 2033 and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $600 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $100 million.​In July 2025, Ball repaid at maturity the outstanding 5.25% senior notes due in the amount of $189 million.​In May 2025, Ball issued €850 million of 4.25% senior notes due in 2032 and repaid a portion of the U.S. dollar revolving credit facility due in 2027 in the amount of $500 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $200 million.​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 $6.89 billion and $5.19 billion at December 31, 2025 and 2024, respectively, compared to its carrying value of $6.99 billion and $5.50 billion in 2025 and 2024, respectively. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company’s ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt, based on discounted cash flows.​Maturities of long-term debt obligations outstanding at December 31, 2025, are as follows:​​​​​($ in millions)​​​​​​2026​$ 42027​​ 6492028​​ 12029​​ 1,0002030​​ 2,800Thereafter​​ 2,598Total long-term debt obligations​​ 7,052Other (including debt issuance costs)​​ (59)Less: Current portion of long-term debt​​ (2)Long-term debt​$ 6,991​Letters of credit outstanding at December 31, 2025 and 2024, were $48 million and $25 million, respectively. ​Interest expense and debt refinancing and other costs were $333 million, $296 million and $460 million, which included cash interest payments of $317 million, $336 million and $378 million, net of capitalized interest of $7 million, $13 million and $24 million and noncash financing fees of $19 million, $13 million and $17 million in 2025, 2024 and 2023, respectively. ​64 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ $ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.745,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation.\"",
        "Reworded sentence: \"​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $10.58 billion in 2025 compared to $9.35 billion in 2024.\"",
        "Reworded sentence: \"​The 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024.\"",
        "Reworded sentence: \"federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business.\"",
        "Reworded sentence: \"​The 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Cash Flows from Investing Activities",
      "prior_title": "Cash Flows from Investing Activities",
      "similarity_score": 0.74,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ (474) ​ ​ (484) ​ ​ (1,045) Business acquisitions, net of cash acquired ​ ​ (159) ​ ​ (74) ​ ​ — Business dispositions, net of cash sold ​ ​ 32 ​ ​ 5,422 ​ ​ — Derivative settlements ​ ​ (99) ​ ​ 138 ​ ​ 12 Other, net ​ ​ 44 ​ ​ 1 ​ ​ (20) Cash provided by (used in) investing activities ​ ​ (656) ​ ​ 5,003 ​ ​ (1,053)\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ (474) ​ ​ (484) ​ ​ (1,045) Business acquisitions, net of cash acquired ​ ​ (159) ​ ​ (74) ​ ​ — Business dispositions, net of cash sold ​ ​ 32 ​ ​ 5,422 ​ ​ — Derivative settlements ​ ​ (99) ​ ​ 138 ​ ​ 12 Other, net ​ ​ 44 ​ ​ 1 ​ ​ (20) Cash provided by (used in) investing activities ​ ​ (656) ​ ​ 5,003 ​ ​ (1,053)",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ 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)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Critical Audit Matters",
      "prior_title": "Critical Audit Matters",
      "similarity_score": 0.738,
      "confidence": "medium",
      "key_changes": [
        "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: \"The Company’s consolidated net sales were $13.16 billion for the year ended December 31, 2025, of which a majority relates to certain product revenue.\"",
        "Reworded sentence: \"These procedures also included, among others (i) testing a sample of revenue transactions by obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and payment receipts, and where sales incentives are applicable, support for the nature of the incentive, amount, and agreement with the customer and (ii) confirming a sample of outstanding customer invoice balances as of December 31, 2025 and, for confirmations not returned, obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and subsequent payment receipts.\"",
        "Reworded sentence: \"​ 35 35 35 Table of ContentsConsolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2025​2024​2023​​​​​​​​​​Net sales​$ 13,161​$ 11,795​$ 12,062​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (10,583)​​ (9,354)​​ (9,754)Depreciation and amortization​​ (622)​​ (611)​​ (605)Selling, general and administrative​​ (566)​​ (647)​​ (532)Business consolidation and other activities​​ 41​​ (420)​​ (133)Interest income​​ 30​​ 68​​ 36Interest expense​​ (314)​​ (293)​​ (460)Debt refinancing and other costs​​ (19)​​ (3)​​ —​​​​​​​​​​Earnings before taxes​​ 1,128​​ 535​​ 614Tax (provision) benefit​​ (240)​​ (133)​​ (146)Equity in results of affiliates, net of tax​​ 27​​ 28​​ 20Earnings from continuing operations​​ 915​​ 430​​ 488Discontinued operations, net of tax​​ —​​ 3,584​​ 223Net earnings​​ 915​​ 4,014​​ 711Net earnings attributable to noncontrolling interests​​ 3​​ 6​​ 4Net earnings attributable to Ball Corporation​$ 912​$ 4,008​$ 707​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic - continuing operations​$ 3.33​$ 1.39​$ 1.54Basic - discontinued operations​​ -​​ 11.73​​ 0.71Total basic earnings per share​$ 3.33​$ 13.12​$ 2.25​​​​​​​​​​Diluted - continuing operations​$ 3.30​$ 1.37​$ 1.53Diluted - discontinued operations​​ —​​ 11.63​​ 0.70Total diluted earnings per share​$ 3.30​$ 13.00​$ 2.23​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 274,263​​ 305,459​​ 314,775Diluted ​​ 275,972​​ 308,206​​ 317,022​The accompanying notes are an integral part of the consolidated financial statements.​36 Table of Contents Table of Contents Table of Contents Consolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2025​2024​2023​​​​​​​​​​Net sales​$ 13,161​$ 11,795​$ 12,062​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (10,583)​​ (9,354)​​ (9,754)Depreciation and amortization​​ (622)​​ (611)​​ (605)Selling, general and administrative​​ (566)​​ (647)​​ (532)Business consolidation and other activities​​ 41​​ (420)​​ (133)Interest income​​ 30​​ 68​​ 36Interest expense​​ (314)​​ (293)​​ (460)Debt refinancing and other costs​​ (19)​​ (3)​​ —​​​​​​​​​​Earnings before taxes​​ 1,128​​ 535​​ 614Tax (provision) benefit​​ (240)​​ (133)​​ (146)Equity in results of affiliates, net of tax​​ 27​​ 28​​ 20Earnings from continuing operations​​ 915​​ 430​​ 488Discontinued operations, net of tax​​ —​​ 3,584​​ 223Net earnings​​ 915​​ 4,014​​ 711Net earnings attributable to noncontrolling interests​​ 3​​ 6​​ 4Net earnings attributable to Ball Corporation​$ 912​$ 4,008​$ 707​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic - continuing operations​$ 3.33​$ 1.39​$ 1.54Basic - discontinued operations​​ -​​ 11.73​​ 0.71Total basic earnings per share​$ 3.33​$ 13.12​$ 2.25​​​​​​​​​​Diluted - continuing operations​$ 3.30​$ 1.37​$ 1.53Diluted - discontinued operations​​ —​​ 11.63​​ 0.70Total diluted earnings per share​$ 3.30​$ 13.00​$ 2.23​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 274,263​​ 305,459​​ 314,775Diluted ​​ 275,972​​ 308,206​​ 317,022​The accompanying notes are an integral part of the consolidated financial statements.​\""
      ],
      "current_body": "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 $13.16 billion for the year ended December 31, 2025, of which a majority relates to certain product revenue. The principal consideration for our determination that performing procedures relating to revenue recognition from certain product revenue is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company’s revenue recognition from certain product revenue. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls over the recognition of certain product revenue at the transaction price once the Company satisfies a performance obligation. These procedures also included, among others (i) testing a sample of revenue transactions by obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and payment receipts, and where sales incentives are applicable, support for the nature of the incentive, amount, and agreement with the customer and (ii) confirming a sample of outstanding customer invoice balances as of December 31, 2025 and, for confirmations not returned, obtaining and inspecting source documents, such as customer contracts, invoices, proof of shipment, and subsequent payment receipts. /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP Denver, Colorado Denver, Colorado February 19, 2026 We have served as the Company’s auditor since at least 1962. We have not been able to determine the specific year we began serving as auditor of the Company. ​ 35 35 35 Table of ContentsConsolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2025​2024​2023​​​​​​​​​​Net sales​$ 13,161​$ 11,795​$ 12,062​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (10,583)​​ (9,354)​​ (9,754)Depreciation and amortization​​ (622)​​ (611)​​ (605)Selling, general and administrative​​ (566)​​ (647)​​ (532)Business consolidation and other activities​​ 41​​ (420)​​ (133)Interest income​​ 30​​ 68​​ 36Interest expense​​ (314)​​ (293)​​ (460)Debt refinancing and other costs​​ (19)​​ (3)​​ —​​​​​​​​​​Earnings before taxes​​ 1,128​​ 535​​ 614Tax (provision) benefit​​ (240)​​ (133)​​ (146)Equity in results of affiliates, net of tax​​ 27​​ 28​​ 20Earnings from continuing operations​​ 915​​ 430​​ 488Discontinued operations, net of tax​​ —​​ 3,584​​ 223Net earnings​​ 915​​ 4,014​​ 711Net earnings attributable to noncontrolling interests​​ 3​​ 6​​ 4Net earnings attributable to Ball Corporation​$ 912​$ 4,008​$ 707​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic - continuing operations​$ 3.33​$ 1.39​$ 1.54Basic - discontinued operations​​ -​​ 11.73​​ 0.71Total basic earnings per share​$ 3.33​$ 13.12​$ 2.25​​​​​​​​​​Diluted - continuing operations​$ 3.30​$ 1.37​$ 1.53Diluted - discontinued operations​​ —​​ 11.63​​ 0.70Total diluted earnings per share​$ 3.30​$ 13.00​$ 2.23​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 274,263​​ 305,459​​ 314,775Diluted ​​ 275,972​​ 308,206​​ 317,022​The accompanying notes are an integral part of the consolidated financial statements.​36 Table of Contents Table of Contents Table of Contents Consolidated Statements of EarningsBall Corporation ​​​​​​​​​​​​​Years Ended December 31,($ in millions, except per share amounts)​2025​2024​2023​​​​​​​​​​Net sales​$ 13,161​$ 11,795​$ 12,062​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ (10,583)​​ (9,354)​​ (9,754)Depreciation and amortization​​ (622)​​ (611)​​ (605)Selling, general and administrative​​ (566)​​ (647)​​ (532)Business consolidation and other activities​​ 41​​ (420)​​ (133)Interest income​​ 30​​ 68​​ 36Interest expense​​ (314)​​ (293)​​ (460)Debt refinancing and other costs​​ (19)​​ (3)​​ —​​​​​​​​​​Earnings before taxes​​ 1,128​​ 535​​ 614Tax (provision) benefit​​ (240)​​ (133)​​ (146)Equity in results of affiliates, net of tax​​ 27​​ 28​​ 20Earnings from continuing operations​​ 915​​ 430​​ 488Discontinued operations, net of tax​​ —​​ 3,584​​ 223Net earnings​​ 915​​ 4,014​​ 711Net earnings attributable to noncontrolling interests​​ 3​​ 6​​ 4Net earnings attributable to Ball Corporation​$ 912​$ 4,008​$ 707​​​​​​​​​​​​​​​​​​​​Earnings per share:​​​​​​​​​Basic - continuing operations​$ 3.33​$ 1.39​$ 1.54Basic - discontinued operations​​ -​​ 11.73​​ 0.71Total basic earnings per share​$ 3.33​$ 13.12​$ 2.25​​​​​​​​​​Diluted - continuing operations​$ 3.30​$ 1.37​$ 1.53Diluted - discontinued operations​​ —​​ 11.63​​ 0.70Total diluted earnings per share​$ 3.30​$ 13.00​$ 2.23​​​​​​​​​​​​​​​​​​​​Weighted average shares outstanding: (000s)​​​​​​​​​Basic​​ 274,263​​ 305,459​​ 314,775Diluted ​​ 275,972​​ 308,206​​ 317,022​The accompanying notes are an integral part of the consolidated financial statements.​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "1. Critical and Significant Accounting Policies",
      "similarity_score": 0.737,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"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.\"",
        "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.\"",
        "Reworded sentence: \"​Unless otherwise specified, these notes to the consolidated financial statements reflect continuing operations only.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Other Liquidity Measures",
      "prior_title": "Other Liquidity Measures",
      "similarity_score": 0.737,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ The company expects that 2026 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $210 million to shareholders in the form of dividends.\"",
        "Reworded sentence: \"29 29 29 Table of Contents​We have committed contracts to purchase raw materials and we align these purchase commitments with long-term sales contracts with our customers such that any commitment to purchase aluminum and other direct materials corresponds to a contractual sale.\"",
        "Reworded sentence: \"​CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES​Details of the company’s contingencies, legal proceedings, indemnifications and guarantees are available in Note 22 and Note 23 to the consolidated financial statements within Item 8 of this annual report.\"",
        "Reworded sentence: \"As described in the supplemental indentures governing the company’s existing senior notes, the senior notes are guaranteed by any of the company’s domestic subsidiaries that guarantee any other indebtedness of the company.​The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2025 and 2024.\"",
        "Reworded sentence: \"​​​​​​​Year Ended($ in millions)​December 31, 2025​​​​Net sales​$ 6,372Gross profit (a)​​ 853Net earnings​​ 405Net earnings attributable to Ball Corporation​​ 405(a)Gross profit is shown after depreciation and amortization related to cost of sales of $164 million for the year ended December 31, 2025.​​​​​​​December 31,($ in millions) ​ ​ ​2025​​​​Current assets​$ 2,222Noncurrent assets​​ 13,453Current liabilities​​ 3,399Noncurrent liabilities​​ 12,761​30 Table of Contents Table of Contents Table of Contents ​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.\""
      ],
      "current_body": "​ The company expects that 2026 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $210 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. 29 29 29 Table of Contents​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 sales contracts 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 $320 million of capital expenditures were contractually committed as of December 31, 2025. 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. ​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, 2025 and 2024. 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. ​​​​​​​Year Ended($ in millions)​December 31, 2025​​​​Net sales​$ 6,372Gross profit (a)​​ 853Net earnings​​ 405Net earnings attributable to Ball Corporation​​ 405(a)Gross profit is shown after depreciation and amortization related to cost of sales of $164 million for the year ended December 31, 2025.​​​​​​​December 31,($ in millions) ​ ​ ​2025​​​​Current assets​$ 2,222Noncurrent assets​​ 13,453Current liabilities​​ 3,399Noncurrent liabilities​​ 12,761​30 Table of Contents Table of Contents Table of Contents ​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 sales contracts 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 $320 million of capital expenditures were contractually committed as of December 31, 2025. 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. ​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, 2025 and 2024. 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. ​​​​​​​Year Ended($ in millions)​December 31, 2025​​​​Net sales​$ 6,372Gross profit (a)​​ 853Net earnings​​ 405Net earnings attributable to Ball Corporation​​ 405(a)Gross profit is shown after depreciation and amortization related to cost of sales of $164 million for the year ended December 31, 2025.​​​​​​​December 31,($ in millions) ​ ​ ​2025​​​​Current assets​$ 2,222Noncurrent assets​​ 13,453Current liabilities​​ 3,399Noncurrent liabilities​​ 12,761​ ​ 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 sales contracts 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 $320 million of capital expenditures were contractually committed as of December 31, 2025. 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. Note 15 Item 8 ​",
      "prior_body": "​ 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​"
    },
    {
      "status": "MODIFIED",
      "current_title": "CRITICAL ACCOUNTING POLICIES AND ESTIMATES",
      "prior_title": "CRITICAL ACCOUNTING POLICIES AND ESTIMATES",
      "similarity_score": 0.721,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ For information regarding the company’s 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.\"",
        "Removed 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.\"",
        "Removed 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.\"",
        "Removed sentence: \"We have limited near-term debt maturities and our senior credit facilities are in place until 2027.\"",
        "Removed sentence: \"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.\""
      ],
      "current_body": "​ For information regarding the company’s 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 ​ 26 26 26 Table of ContentsThe 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. ​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. The following table summarizes our cash flows:​​​​​​​​​​​​​Years Ended December 31,($ in millions) ​ ​ ​2025 ​ ​ ​2024 ​ ​ ​2023​​​​​​​​​​Cash flows provided by (used in) operating activities​$ 1,262​$ 115​$ 1,863Cash flows provided by (used in) investing activities​​ (656)​​ 5,003​​ (1,053)Cash flows provided by (used in) financing activities​​ (344)​​ (4,790)​​ (662)​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 $1.26 billion in 2025, primarily driven by earnings from continuing operations of $915 million, along with reconciling adjustments to operating cash flows of $478 million and working capital outflows of $131 million. We have estimated a total cash tax of $830 million for the sale of the aerospace business, of which $766 million was paid in 2024 and $168 million was paid in 2025. In January 2026, the company received a refund of $104 million related to these payments. 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, 2025, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $37 million, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $30 million and a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $30 million.​Cash flows used in investing activities were $656 million in 2025, primarily driven by capital expenditures of $474 million, $160 million of cash consideration used for the acquisition of Florida Can Manufacturing and $99 million of derivative settlements, partially offset by $32 million from dispositions.​27 Table of Contents Table of Contents Table of Contents 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. ​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. The following table summarizes our cash flows:​​​​​​​​​​​​​Years Ended December 31,($ in millions) ​ ​ ​2025 ​ ​ ​2024 ​ ​ ​2023​​​​​​​​​​Cash flows provided by (used in) operating activities​$ 1,262​$ 115​$ 1,863Cash flows provided by (used in) investing activities​​ (656)​​ 5,003​​ (1,053)Cash flows provided by (used in) financing activities​​ (344)​​ (4,790)​​ (662)​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 $1.26 billion in 2025, primarily driven by earnings from continuing operations of $915 million, along with reconciling adjustments to operating cash flows of $478 million and working capital outflows of $131 million. We have estimated a total cash tax of $830 million for the sale of the aerospace business, of which $766 million was paid in 2024 and $168 million was paid in 2025. In January 2026, the company received a refund of $104 million related to these payments. 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, 2025, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $37 million, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $30 million and a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $30 million.​Cash flows used in investing activities were $656 million in 2025, primarily driven by capital expenditures of $474 million, $160 million of cash consideration used for the acquisition of Florida Can Manufacturing and $99 million of derivative settlements, partially offset by $32 million from dispositions.​ 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 ​",
      "prior_body": "​ 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 $703 million at December 31, 2024 and"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.714,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ End of period: ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,212 ​ ​ ​ $ 885 Current restricted cash (included in other current assets) Current restricted cash (included in other current assets) ​ ​ 7 ​ ​ ​ ​ 8 Noncurrent restricted cash (included in other assets) ​ ​ 2 ​ ​ 6 Cash reported in current assets held for sale ​ ​ — ​ ​ 32 Total cash, cash equivalents and restricted cash ​ $ 1,221 ​ ​ ​ $ 931 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "Supplier Finance Programs",
      "similarity_score": 0.708,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ PP&E acquired but not yet paid ​ $ 96 ​ ​ ​ $ 204 ​ ​ ​ ​ ​ ​ ​ End of period: ​ ​ ​ ​ ​ ​ ​ ​ PP&E acquired but not yet paid ​ $ 161 ​ ​ ​ $ 96 ​ ​ ​ ​ Supplier Finance Programs ​ 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.​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)​2025​2024​​​​​​​Obligations outstanding at the beginning of period​$ 423​$ 703Invoices confirmed during the period​​ 1,292​​ 1,600Confirmed invoices paid during the period​​ (1,303)​​ (1,851)Foreign exchange impacts​​ 12​$ (29)Obligations outstanding at the end of period​$ 424​$ 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.​​​8.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "Cash Flows from Operating Activities",
      "prior_title": "Cash Flows from Operating Activities",
      "similarity_score": 0.702,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 915 ​ $ 4,014 ​ $ 711 Adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 622 ​ ​ 620 ​ ​ 686 Business consolidation and other activities ​ ​ (41) ​ ​ 420 ​ ​ 133 Deferred tax provision (benefit) ​ ​ 60 ​ ​ 143 ​ ​ (67) Gain on Aerospace disposal ​ ​ 3 ​ ​ (4,634) ​ ​ 20 Pension contributions ​ ​ (43) ​ ​ (32) ​ ​ (42) Other, net ​ ​ (123) ​ ​ 135 ​ ​ 62 Working capital changes, excluding effects of acquisitions and dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables ​ ​ (317) ​ ​ (325) ​ ​ 238 Inventories ​ ​ (453) ​ ​ (25) ​ ​ 626 Other current assets ​ ​ 48 ​ ​ (109) ​ ​ (25) Accounts payable ​ ​ 730 ​ ​ (91) ​ ​ (510) Accrued employee costs ​ ​ (14) ​ ​ 47 ​ ​ 93 Other current liabilities ​ ​ (39) ​ ​ (201) ​ ​ (71) Other, net ​ ​ (86) ​ ​ 153 ​ ​ 9 Cash provided by (used in) operating activities ​ ​ 1,262 ​ ​ 115 ​ ​ 1,863\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 915 ​ $ 4,014 ​ $ 711 Adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 622 ​ ​ 620 ​ ​ 686 Business consolidation and other activities ​ ​ (41) ​ ​ 420 ​ ​ 133 Deferred tax provision (benefit) ​ ​ 60 ​ ​ 143 ​ ​ (67) Gain on Aerospace disposal ​ ​ 3 ​ ​ (4,634) ​ ​ 20 Pension contributions ​ ​ (43) ​ ​ (32) ​ ​ (42) Other, net ​ ​ (123) ​ ​ 135 ​ ​ 62 Working capital changes, excluding effects of acquisitions and dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables ​ ​ (317) ​ ​ (325) ​ ​ 238 Inventories ​ ​ (453) ​ ​ (25) ​ ​ 626 Other current assets ​ ​ 48 ​ ​ (109) ​ ​ (25) Accounts payable ​ ​ 730 ​ ​ (91) ​ ​ (510) Accrued employee costs ​ ​ (14) ​ ​ 47 ​ ​ 93 Other current liabilities ​ ​ (39) ​ ​ (201) ​ ​ (71) Other, net ​ ​ (86) ​ ​ 153 ​ ​ 9 Cash provided by (used in) operating activities ​ ​ 1,262 ​ ​ 115 ​ ​ 1,863",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions, except per share amounts)",
      "prior_title": "($ in millions, except per share amounts)",
      "similarity_score": 0.701,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (excluding depreciation and amortization) ​ ​ (10,583) ​ ​ (9,354) ​ ​ (9,754) Depreciation and amortization ​ ​ (622) ​ ​ (611) ​ ​ (605) Selling, general and administrative ​ ​ (566) ​ ​ (647) ​ ​ (532) Business consolidation and other activities ​ ​ 41 ​ ​ (420) ​ ​ (133) Interest income ​ ​ 30 ​ ​ 68 ​ ​ 36 Interest expense ​ ​ (314) ​ ​ (293) ​ ​ (460) Debt refinancing and other costs ​ ​ (19) ​ ​ (3) ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before taxes ​ ​ 1,128 ​ ​ 535 ​ ​ 614 Tax (provision) benefit ​ ​ (240) ​ ​ (133) ​ ​ (146) Equity in results of affiliates, net of tax ​ ​ 27 ​ ​ 28 ​ ​ 20 Earnings from continuing operations ​ ​ 915 ​ ​ 430 ​ ​ 488 Discontinued operations, net of tax ​ ​ — ​ ​ 3,584 ​ ​ 223 Net earnings ​ ​ 915 ​ ​ 4,014 ​ ​ 711 Net earnings attributable to noncontrolling interests ​ ​ 3 ​ ​ 6 ​ ​ 4 Net earnings attributable to Ball Corporation ​ $ 912 ​ $ 4,008 ​ $ 707 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (excluding depreciation and amortization) ​ ​ (10,583) ​ ​ (9,354) ​ ​ (9,754) Depreciation and amortization ​ ​ (622) ​ ​ (611) ​ ​ (605) Selling, general and administrative ​ ​ (566) ​ ​ (647) ​ ​ (532) Business consolidation and other activities ​ ​ 41 ​ ​ (420) ​ ​ (133) Interest income ​ ​ 30 ​ ​ 68 ​ ​ 36 Interest expense ​ ​ (314) ​ ​ (293) ​ ​ (460) Debt refinancing and other costs ​ ​ (19) ​ ​ (3) ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before taxes ​ ​ 1,128 ​ ​ 535 ​ ​ 614 Tax (provision) benefit ​ ​ (240) ​ ​ (133) ​ ​ (146) Equity in results of affiliates, net of tax ​ ​ 27 ​ ​ 28 ​ ​ 20 Earnings from continuing operations ​ ​ 915 ​ ​ 430 ​ ​ 488 Discontinued operations, net of tax ​ ​ — ​ ​ 3,584 ​ ​ 223 Net earnings ​ ​ 915 ​ ​ 4,014 ​ ​ 711 Net earnings attributable to noncontrolling interests ​ ​ 3 ​ ​ 6 ​ ​ 4 Net earnings attributable to Ball Corporation ​ $ 912 ​ $ 4,008 ​ $ 707 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Income Tax Disclosures",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.7,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 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.\""
      ],
      "current_body": "​ 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. Ball adopted all required disclosures effective 2025, on a prospective basis, in Note 16. Note 16 ​ 49 49 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​New Accounting Guidance and Disclosure Requirements ​Improvements to Accounting for Internal-Use Software​In 2025, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal to better align accounting with how internal-use software is developed. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a prospective basis in 2028.​Measurement of Credit Losses for Accounts Receivable and Contract Assets​In 2025, amended guidance was issued by the FASB with the goal of improving efficiencies associated with the measurement of credit losses for accounts receivable and contract assets by allowing entities to elect a practical expedient for measurement. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a prospective basis in 2026.​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.​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.​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.​50 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "($ in millions)",
      "similarity_score": 0.691,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Intangible Assets, Net​​​​​​​​​​December 31,($ in millions) ​ ​ ​2025 ​ ​ ​2024​​​​​​​Acquired customer relationships and other intangibles (net of accumulated amortization and impairment losses of $1.30 billion at December 31, 2025, and $1.11 billion at December 31, 2024)​$ 940​$ 1,031Capitalized software (net of accumulated amortization of $181 million at December 31, 2025, and $168 million at December 31, 2024)​​ 22​​ 28Other intangibles (net of accumulated amortization of $16 million at December 31, 2025, and $12 million at December 31, 2024)​​ 20​​ 21​​$ 982​$ 1,080​Total amortization expense of intangible assets was $148 million, $151 million and $151 million for the years ended December 31, 2025, 2024 and 2023, respectively.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.685,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ The following table presents components of discontinued operations, net of tax for the years ended December 31, 2025, 2024 and 2023: ​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2025​2024​2023​​​​​​​​​​Net sales​$ —​$ 261​$ 1,967​​​​​​​​​​Cost of sales (excluding depreciation and amortization)​​ —​​ (214)​​ (1,605)Depreciation and amortization​​ —​​ (9)​​ (81)Selling, general and administrative​​ —​​ (11)​​ (62)Interest expense​​ —​​ —​​ 1Gain (loss) on disposition​​ (3)​​ 4,634​​ (20)Tax (provision) benefit​​ 3​​ (1,077)​​ 23Discontinued operations, net of tax​$ —​$ 3,584​$ 223​The 2024 and 2023 effective income tax rates on discontinued operations were 23.1 percent and negative 11.5 percent, respectively.\"",
        "Reworded sentence: \"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.​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, 2025, 2024 and 2023 included within the consolidated statements of cash flows.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.683,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"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) ​ ​ ​2025 ​ ​ ​2024​​​​​​​Senior Notes​​​​​​5.25% due July 2025​$ —​$ 1894.875% due March 2026​​ —​​ 2561.50%, euro denominated, due March 2027​​ 646​​ 5696.875% due March 2028​​ —​​ 7506.00% due June 2029​​ 1,000​​ 1,0002.875% due August 2030​​ 1,300​​ 1,3003.125% due September 2031​​ 850​​ 8504.25%, euro denominated, due July 2032​​ 998​​ —5.50% due September 2033​​ 750​​ —Senior Credit Facility (at variable rates)​​​​​​U.S.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Finance Leases",
      "prior_title": "December 31,",
      "similarity_score": 0.679,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 83 ​ $ 2 2027 ​ ​ 75 ​ ​ 1 2028 ​ ​ 60 ​ ​ 1 2029 ​ ​ 45 ​ ​ 1 2030 ​ ​ 38 ​ ​ 1 Thereafter ​ ​ 110 ​ ​ 2 Future value of lease liabilities ​ ​ 411 ​ ​ 8 Less: Imputed interest ​ ​ (50) ​ ​ — Present value of lease liabilities ​ $ 361 ​ $ 8 ​ ​ 62 62 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​15.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 83 ​ $ 2 2027 ​ ​ 75 ​ ​ 1 2028 ​ ​ 60 ​ ​ 1 2029 ​ ​ 45 ​ ​ 1 2030 ​ ​ 38 ​ ​ 1 Thereafter ​ ​ 110 ​ ​ 2 Future value of lease liabilities ​ ​ 411 ​ ​ 8 Less: Imputed interest ​ ​ (50) ​ ​ — Present value of lease liabilities ​ $ 361 ​ $ 8 ​ ​ 62 62 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​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) ​ ​ ​2025 ​ ​ ​2024​​​​​​​Senior Notes​​​​​​5.25% due July 2025​$ —​$ 1894.875% due March 2026​​ —​​ 2561.50%, euro denominated, due March 2027​​ 646​​ 5696.875% due March 2028​​ —​​ 7506.00% due June 2029​​ 1,000​​ 1,0002.875% due August 2030​​ 1,300​​ 1,3003.125% due September 2031​​ 850​​ 8504.25%, euro denominated, due July 2032​​ 998​​ —5.50% due September 2033​​ 750​​ —Senior Credit Facility (at variable rates)​​​​​​U.S. dollar revolver due June 2030​​ —​​ —Multi-currency revolver due June 2030​​ —​​ —Term A loan due June 2027 (5.51% - 2025)​​ —​​ 625Term A loan due November 2030 (4.97% - 2025)​​ 1,500​​ —Finance lease obligations​​ 8​​ 7Other (including debt issuance costs)​​ (59)​​ (43)​​​ 6,993​​ 5,503Less: Current portion of long-term debt​​ (2)​​ (191)Long-term debt​$ 6,991​$ 5,312​​​​​​​Short-term debt​​​​​​Current portion of long-term debt​$ 2​$ 191Short-term finance leases​​ —​​ 24Short-term committed loans​​ —​​ 109Short-term uncommitted credit facilities​​ 19​​ 37Short-term debt and current portion of long-term debt​$ 21​$ 361​On November 25, 2025, Ball refinanced its existing senior credit facilities that were previously amended in 2022, which included redeeming the outstanding obligation of $625 million on its term loan due June 2027. The company’s senior credit facilities include a $1.50 billion term loan and long-term multi-currency revolving facilities that mature in November 2030, which provide the company with up to U.S. dollar equivalent of $2.00 billion. At December 31, 2025, $1.95 billion was available under these revolving credit facilities. The company had approximately $943 million of short-term uncommitted credit facilities available at December 31, 2025. 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 25.51 percent at December 31, 2025, and 18.30 percent at December 31, 2024. ​On November 17, 2025, Ball redeemed all of the outstanding principal of its $750 million of 6.875% senior notes due in March 2028. On December 15, 2025, Ball redeemed all of the outstanding principal of its $256 million of 4.875% senior notes due in March 2026. ​63 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ ​ ​ ​ 2024 ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term in years: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 7 ​ ​ 8 ​ Finance leases ​ ​ 1 ​ ​ 5 ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.4 % ​ 4.1 % Finance leases ​ ​ 4.8 % ​ 3.0 % ​ 65 65 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​Maturities of lease liabilities are as follows:​​​​​​​​($ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "Total liabilities and equity",
      "prior_title": "Total liabilities and equity",
      "similarity_score": 0.676,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ $ 19,524 ​ $ 17,628 ​ The accompanying notes are an integral part of the consolidated financial statements.\""
      ],
      "current_body": "​ $ 19,524 ​ $ 17,628 ​ The accompanying notes are an integral part of the consolidated financial statements. ​ 38 38 38 Table of ContentsConsolidated Statements of Cash FlowsBall Corporation​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2025​2024​2023​​​​​​​​​​Cash Flows from Operating Activities​​​​​​​​​Net earnings​$ 915​$ 4,014​$ 711Adjustments to reconcile net earnings to cash provided by (used in) operating activities:​​​​​​​​​Depreciation and amortization​​ 622​​ 620​​ 686Business consolidation and other activities​​ (41)​​ 420​​ 133Deferred tax provision (benefit)​​ 60​​ 143​​ (67)Gain on Aerospace disposal​​ 3​​ (4,634)​​ 20Pension contributions​​ (43)​​ (32)​​ (42)Other, net​​ (123)​​ 135​​ 62Working capital changes, excluding effects of acquisitions and dispositions:​​​​​​​​​Receivables​​ (317)​​ (325)​​ 238Inventories​​ (453)​​ (25)​​ 626Other current assets​​ 48​​ (109)​​ (25)Accounts payable​​ 730​​ (91)​​ (510)Accrued employee costs​​ (14)​​ 47​​ 93Other current liabilities​​ (39)​​ (201)​​ (71)Other, net​​ (86)​​ 153​​ 9Cash provided by (used in) operating activities​​ 1,262​​ 115​​ 1,863Cash Flows from Investing Activities​​​​​​​​​Capital expenditures​​ (474)​​ (484)​​ (1,045)Business acquisitions, net of cash acquired​​ (159)​​ (74)​​ —Business dispositions, net of cash sold​​ 32​​ 5,422​​ —Derivative settlements​​ (99)​​ 138​​ 12Other, net​​ 44​​ 1​​ (20)Cash provided by (used in) investing activities​​ (656)​​ 5,003​​ (1,053)Cash Flows from Financing Activities​​​​​​​​​Long-term borrowings​​ 6,683​​ 650​​ 2,051Repayments of long-term borrowings​​ (5,297)​​ (3,480)​​ (2,281)Net change in short-term borrowings​​ (158)​​ (29)​​ (210)Acquisitions of treasury stock​​ (1,321)​​ (1,712)​​ (3)Common stock dividends​​ (220)​​ (244)​​ (252)Other, net​​ (31)​​ 25​​ 33Cash provided by (used in) financing activities​​ (344)​​ (4,790)​​ (662)​​​​​​​​​​Effect of exchange rate changes on cash​​ 28​​ (107)​​ 4​​​​​​​​​​Change in cash, cash equivalents and restricted cash​​ 290​​ 221​​ 152Cash, cash equivalents and restricted cash – beginning of year​​ 931​​ 710​​ 558Cash, cash equivalents and restricted cash – end of year (a)​$ 1,221​$ 931​$ 710​(a)Includes $32 million of cash presented in current assets held for sale on the consolidated balance sheet as of December 31, 2024. ​The accompanying notes are an integral part of the consolidated financial statements.​​39 Table of Contents Table of Contents Table of Contents Consolidated Statements of Cash FlowsBall Corporation​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2025​2024​2023​​​​​​​​​​Cash Flows from Operating Activities​​​​​​​​​Net earnings​$ 915​$ 4,014​$ 711Adjustments to reconcile net earnings to cash provided by (used in) operating activities:​​​​​​​​​Depreciation and amortization​​ 622​​ 620​​ 686Business consolidation and other activities​​ (41)​​ 420​​ 133Deferred tax provision (benefit)​​ 60​​ 143​​ (67)Gain on Aerospace disposal​​ 3​​ (4,634)​​ 20Pension contributions​​ (43)​​ (32)​​ (42)Other, net​​ (123)​​ 135​​ 62Working capital changes, excluding effects of acquisitions and dispositions:​​​​​​​​​Receivables​​ (317)​​ (325)​​ 238Inventories​​ (453)​​ (25)​​ 626Other current assets​​ 48​​ (109)​​ (25)Accounts payable​​ 730​​ (91)​​ (510)Accrued employee costs​​ (14)​​ 47​​ 93Other current liabilities​​ (39)​​ (201)​​ (71)Other, net​​ (86)​​ 153​​ 9Cash provided by (used in) operating activities​​ 1,262​​ 115​​ 1,863Cash Flows from Investing Activities​​​​​​​​​Capital expenditures​​ (474)​​ (484)​​ (1,045)Business acquisitions, net of cash acquired​​ (159)​​ (74)​​ —Business dispositions, net of cash sold​​ 32​​ 5,422​​ —Derivative settlements​​ (99)​​ 138​​ 12Other, net​​ 44​​ 1​​ (20)Cash provided by (used in) investing activities​​ (656)​​ 5,003​​ (1,053)Cash Flows from Financing Activities​​​​​​​​​Long-term borrowings​​ 6,683​​ 650​​ 2,051Repayments of long-term borrowings​​ (5,297)​​ (3,480)​​ (2,281)Net change in short-term borrowings​​ (158)​​ (29)​​ (210)Acquisitions of treasury stock​​ (1,321)​​ (1,712)​​ (3)Common stock dividends​​ (220)​​ (244)​​ (252)Other, net​​ (31)​​ 25​​ 33Cash provided by (used in) financing activities​​ (344)​​ (4,790)​​ (662)​​​​​​​​​​Effect of exchange rate changes on cash​​ 28​​ (107)​​ 4​​​​​​​​​​Change in cash, cash equivalents and restricted cash​​ 290​​ 221​​ 152Cash, cash equivalents and restricted cash – beginning of year​​ 931​​ 710​​ 558Cash, cash equivalents and restricted cash – end of year (a)​$ 1,221​$ 931​$ 710​(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.​​",
      "prior_body": "​ $ 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 $32 million of cash presented in current assets held for sale on the consolidated balance sheet as of December 31, 2024. ​The accompanying notes are an integral part of the consolidated financial statements.​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Weighted average shares outstanding: (000s)",
      "prior_title": "Weighted average shares outstanding: (000s)",
      "similarity_score": 0.673,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 274,263 ​ ​ 305,459 ​ ​ 314,775 Diluted ​ ​ 275,972 ​ ​ 308,206 ​ ​ 317,022 ​ The accompanying notes are an integral part of the consolidated financial statements.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 274,263 ​ ​ 305,459 ​ ​ 314,775 Diluted ​ ​ 275,972 ​ ​ 308,206 ​ ​ 317,022 ​ The accompanying notes are an integral part of the consolidated financial statements. ​ 36 36 36 Table of ContentsConsolidated Statements of Comprehensive Earnings (Loss) Ball Corporation​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2025​2024​2023​​​​​​​​​​Net earnings​$ 915​$ 4,014​$ 711​​​​​​​​​​Other comprehensive earnings (loss):​​​​​​​​​Currency translation adjustment​​ 134​​ (232)​​ 55Pension and other postretirement benefits​​ (19)​​ 180​​ (414)Derivatives designated as hedges​​ 18​​ 22​​ 25Total other comprehensive earnings (loss)​​ 133​​ (30)​​ (334)Tax (provision) benefit​​ 1​​ (57)​​ 97Total other comprehensive earnings (loss), net of tax​​ 134​​ (87)​​ (237)​​​​​​​​​​Total comprehensive earnings​​ 1,049​​ 3,927​​ 474Comprehensive earnings attributable to noncontrolling interests​​ 3​​ 6​​ 4Comprehensive earnings attributable to Ball Corporation​$ 1,046​$ 3,921​$ 470​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 Comprehensive Earnings (Loss) Ball Corporation​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2025​2024​2023​​​​​​​​​​Net earnings​$ 915​$ 4,014​$ 711​​​​​​​​​​Other comprehensive earnings (loss):​​​​​​​​​Currency translation adjustment​​ 134​​ (232)​​ 55Pension and other postretirement benefits​​ (19)​​ 180​​ (414)Derivatives designated as hedges​​ 18​​ 22​​ 25Total other comprehensive earnings (loss)​​ 133​​ (30)​​ (334)Tax (provision) benefit​​ 1​​ (57)​​ 97Total other comprehensive earnings (loss), net of tax​​ 134​​ (87)​​ (237)​​​​​​​​​​Total comprehensive earnings​​ 1,049​​ 3,927​​ 474Comprehensive earnings attributable to noncontrolling interests​​ 3​​ 6​​ 4Comprehensive earnings attributable to Ball Corporation​$ 1,046​$ 3,921​$ 470​The accompanying notes are an integral part of the consolidated financial statements.​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ 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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "($ in millions)",
      "similarity_score": 0.672,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ See Note 14, Note 16 and Note 17 for further details related to the company’s long-term right-of-use operating lease assets, deferred tax assets and pension assets, respectively.​14.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.669,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Inventories, Net​​​​​​​​​​December 31,($ in millions) ​ ​ ​2025 ​ ​ ​2024​​​​​​​Raw materials and supplies​$ 1,483​$ 1,089Finished goods​​ 619​​ 470Less: Inventory reserves​​ (89)​​ (82)​​$ 2,013​$ 1,477​​​​10.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Earnings before taxes",
      "prior_title": "Earnings before taxes",
      "similarity_score": 0.661,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ $ 1,128 ​ $ 535 ​ $ 614 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 52 52 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​​​Years Ended December 31,​($ in millions) ​ ​ ​2025 ​ ​ ​2024 ​ ​ ​2023​​​​​​​​​​​​Depreciation and amortization (a)​​​​​​​​​​Beverage packaging, North and Central America​$ 225​$ 214​$ 220​Beverage packaging, EMEA​​ 202​​ 187​​ 178​Beverage packaging, South America​​ 145​​ 148​​ 145​Reportable segment depreciation and amortization​​ 572​​ 549​​ 543​Other​​ 50​​ 62​​ 62​Depreciation and amortization​$ 622​$ 611​$ 605​(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.\"",
        "Reworded sentence: \"The remaining assets and liabilities of the business are immaterial and consist primarily of working capital and were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet at December 31, 2024.​On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ball owns a 49 percent interest.\""
      ],
      "current_body": "​ $ 1,128 ​ $ 535 ​ $ 614 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 52 52 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​​​Years Ended December 31,​($ in millions) ​ ​ ​2025 ​ ​ ​2024 ​ ​ ​2023​​​​​​​​​​​​Depreciation and amortization (a)​​​​​​​​​​Beverage packaging, North and Central America​$ 225​$ 214​$ 220​Beverage packaging, EMEA​​ 202​​ 187​​ 178​Beverage packaging, South America​​ 145​​ 148​​ 145​Reportable segment depreciation and amortization​​ 572​​ 549​​ 543​Other​​ 50​​ 62​​ 62​Depreciation and amortization​$ 622​$ 611​$ 605​(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 Benepack European Production Facilities​In January 2026, the company acquired an 80 percent capital share of Benepack’s European beverage can manufacturing business from ORG Technology Co. Ltd. (ORG), for total consideration of $218 million (or €184 million), subject to customary closing adjustments. Ball paid $95 million (or €80 million) in cash for our 80 percent equity interest, with the remainder of the consideration primarily being assumed debt. ORG will retain a 20 percent ownership interest in the business. The business includes two manufacturing facilities, one in Belgium and one in Hungary, and will be consolidated into Ball’s beverage packaging, EMEA, segment. The investment further optimizes the company’s European manufacturing network as the facilities are well positioned to serve the growing demand of customers for sustainable packaging in the region.​Saudi Arabia ​On August 27, 2025, the company sold 41 percent of its 51 percent ownership in Ball United Arab Can Manufacturing Company for a total cash consideration of $71 million, of which $66 million was received upon closing. The remaining $5 million of cash was received in the fourth quarter. A gain of $81 million was recognized and is presented in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2025. As of December 31, 2024, the assets and liabilities of the business were presented as current assets and current liabilities held for sale. The transaction resulted in deconsolidation upon closing, with Ball retaining a 10 percent ownership interest, which is reported in other assets as an equity method investment on the consolidated balance sheet.​Aluminum Cups ​In the fourth quarter of 2024, Ball’s Board of Directors provided approval for the company to form a strategic partnership for the aluminum cups business in early 2025. As a result, 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 were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet at December 31, 2024.​On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ball owns a 49 percent interest. Ball’s interest in the entity, Oasis Venture Holdings LLC (“Oasis”), is accounted for under the equity method of accounting. Ball recorded an additional loss of $8 million related to the 53 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ $ 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 $80 million is expected to be recognized upon sale and no impairment or loss resulted upon meeting held for sale presentation. ​56 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.66,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 3,983 ​ $ 3,466 ​ $ 3,395 ​ Comparable operating earnings ​ ​ 495 ​ ​ 416 ​ ​ 354 ​ Comparable operating earnings as a % of segment net sales ​ ​ 12 % ​ 12 % ​ 10 % ​ Segment sales in 2025 were $517 million higher compared to 2024 primarily due to increases of $251 million from higher volume, $171 million from currency translation and $103 million from price/mix.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.659,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ In August 2025, Ball issued $750 million of 5.50% senior notes due in 2033 and repaid the outstanding U.S.\"",
        "Reworded sentence: \"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 $6.89 billion and $5.19 billion at December 31, 2025 and 2024, respectively, compared to its carrying value of $6.99 billion and $5.50 billion in 2025 and 2024, respectively.\"",
        "Reworded sentence: \"Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt, based on discounted cash flows.​Maturities of long-term debt obligations outstanding at December 31, 2025, are as follows:​​​​​($ in millions)​​​​​​2026​$ 42027​​ 6492028​​ 12029​​ 1,0002030​​ 2,800Thereafter​​ 2,598Total long-term debt obligations​​ 7,052Other (including debt issuance costs)​​ (59)Less: Current portion of long-term debt​​ (2)Long-term debt​$ 6,991​Letters of credit outstanding at December 31, 2025 and 2024, were $48 million and $25 million, respectively.\"",
        "Reworded sentence: \"​ The fair value of Ball’s long-term debt was estimated to be $6.89 billion and $5.19 billion at December 31, 2025 and 2024, respectively, compared to its carrying value of $6.99 billion and $5.50 billion in 2025 and 2024, respectively.\"",
        "Reworded sentence: \"​ Maturities of long-term debt obligations outstanding at December 31, 2025, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Liabilities and Equity",
      "prior_title": "Liabilities and Equity",
      "similarity_score": 0.658,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ Current liabilities ​ ​ ​ ​ ​ ​ Short-term debt and current portion of long-term debt ​ $ 21 ​ $ 361 Accounts payable ​ ​ 4,452 ​ ​ 3,418 Accrued employee costs ​ ​ 303 ​ ​ 303 Other current liabilities ​ ​ 711 ​ ​ 725 Current liabilities held for sale ​ ​ — ​ ​ 40 Total current liabilities ​ ​ 5,487 ​ ​ 4,847 Noncurrent liabilities ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ 6,991 ​ ​ 5,312 Employee benefit obligations ​ ​ 499 ​ ​ 577 Deferred taxes ​ ​ 655 ​ ​ 594 Other liabilities ​ ​ 471 ​ ​ 368\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ Current liabilities ​ ​ ​ ​ ​ ​ Short-term debt and current portion of long-term debt ​ $ 21 ​ $ 361 Accounts payable ​ ​ 4,452 ​ ​ 3,418 Accrued employee costs ​ ​ 303 ​ ​ 303 Other current liabilities ​ ​ 711 ​ ​ 725 Current liabilities held for sale ​ ​ — ​ ​ 40 Total current liabilities ​ ​ 5,487 ​ ​ 4,847 Noncurrent liabilities ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ 6,991 ​ ​ 5,312 Employee benefit obligations ​ ​ 499 ​ ​ 577 Deferred taxes ​ ​ 655 ​ ​ 594 Other liabilities ​ ​ 471 ​ ​ 368",
      "prior_body": "​ ​ ​ ​ ​ ​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.651,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​​Years Ended December 31,​($ in millions) ​ ​ ​2025 ​ ​ ​2024 ​ ​ ​2023​​​​​​​​​​​​Depreciation and amortization (a)​​​​​​​​​​Beverage packaging, North and Central America​$ 225​$ 214​$ 220​Beverage packaging, EMEA​​ 202​​ 187​​ 178​Beverage packaging, South America​​ 145​​ 148​​ 145​Reportable segment depreciation and amortization​​ 572​​ 549​​ 543​Other​​ 50​​ 62​​ 62​Depreciation and amortization​$ 622​$ 611​$ 605​(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.\"",
        "Reworded sentence: \"The remaining assets and liabilities of the business are immaterial and consist primarily of working capital and were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet at December 31, 2024.​On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ball owns a 49 percent interest.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Balance at December 31, 2025",
      "prior_title": "Balance at December 31, 2024",
      "similarity_score": 0.647,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 685,107 ​ $ 1,422 ​ (419,733) ​ $ (7,351) ​ $ 12,219 ​ $ (869) ​ $ — ​ $ 5,421 ​ The accompanying notes are an integral part of the consolidated financial statements.\"",
        "Reworded sentence: \"​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.\""
      ],
      "current_body": "​ 685,107 ​ $ 1,422 ​ (419,733) ​ $ (7,351) ​ $ 12,219 ​ $ (869) ​ $ — ​ $ 5,421 ​ The accompanying notes are an integral part of the consolidated financial statements. ​ ​ 40 40 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​41 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.629,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ BeveragePackaging,North & CentralAmerica ​ ​ ​ BeveragePackaging,EMEA ​ ​ ​ BeveragePackaging,South America ​ ​ ​ Other ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Additions ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 Effects of currency exchange ​ ​ — ​ ​ 168 ​ ​ — ​ ​ 38 ​ ​ 206 Balance at December 31, 2025 ​ $ 1,277 ​ $ 1,457 ​ $ 1,300 ​ $ 345 ​ $ 4,379 ​ ​ 59 59 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​12.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.625,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Long-term pension assets ​ $ 37 ​ $ 36 Right-of-use operating lease assets Right-of-use operating lease assets ​ ​ 355 ​ ​ 334 Investments in affiliates ​ ​ 257 ​ ​ 233 Long-term deferred tax assets ​ ​ 64 ​ ​ 63 Other ​ ​ 681 ​ ​ 696 ​ ​ $ 1,394 ​ $ 1,362 ​ 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., a 33 percent ownership interest in an entity in the U.S., and a 10 percent ownership in an entity in Saudi Arabia.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Consolidated",
      "prior_title": "Consolidated",
      "similarity_score": 0.614,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2025 ​ $ 3,218 ​ $ 1,149 ​ $ 3,683 ​ $ 8,050 As of December 31, 2024 ​ ​ 3,215 ​ ​ 1,113 ​ ​ 3,207 ​ ​ 7,535 ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 6,163 ​ $ 1,494 ​ $ 5,504 ​ $ 13,161 2024 ​ ​ 5,478 ​ ​ 1,418 ​ ​ 4,899 ​ ​ 11,795 2023 ​ ​ 5,872 ​ ​ 1,408 ​ ​ 4,782 ​ ​ 12,062 ​ 51 51 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, 2025​$ 3,218​$ 1,149​$ 3,683​$ 8,050As of December 31, 2024​​ 3,215​​ 1,113​​ 3,207​​ 7,535(a)Long-lived assets exclude goodwill and intangible assets.​Summary of Business by Segment ​​​​​​​​​​​​​Years Ended December 31,($ in millions)​2025 ​ ​ ​2024 ​ ​ ​2023​​​​​​​​​​Net sales​​​​​​​​​Beverage packaging, North and Central America​$ 6,286​$ 5,619​$ 5,963Beverage packaging, EMEA​​ 3,983​​ 3,466​​ 3,395Beverage packaging, South America​​ 2,162​​ 1,951​​ 1,960Reportable segment sales​​ 12,431​​ 11,036​​ 11,318Other​​ 730​​ 759​​ 744Net sales​$ 13,161​$ 11,795​$ 12,062​​​​​​​​​​Comparable segment operating earnings (a)​​​​​​​​​Beverage packaging, North and Central America​$ 772​$ 747​$ 710Beverage packaging, EMEA​​ 495​​ 416​​ 354Beverage packaging, South America​​ 327​​ 296​​ 266Reportable segment comparable operating earnings​​ 1,594​​ 1,459​​ 1,330Reconciling items​​​​​​​​​Other (b)​​ (39)​​ (69)​​ 12Business consolidation and other activities​​ 41​​ (420)​​ (133)Amortization of acquired intangibles​​ (135)​​ (139)​​ (135)Interest expense​​ (314)​​ (293)​​ (460)Debt refinancing and other costs​​ (19)​​ (3)​​ —Earnings before taxes​$ 1,128​$ 535​$ 614(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 $155 million, $175 million and $74 million for the years ended December 2025, 2024 and 2023, 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 years ended December 31, 2025 and 2024, undistributed corporate expenses, net, includes $1 million and $42 million of corporate interest income, respectively. ​​​​​​​​​​​​52 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $42 million of corporate interest income. ​​​​​​​​​​​55 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.59,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Trade accounts receivable ​ $ 1,410 ​ $ 1,258 Unbilled receivables ​ ​ 661 ​ ​ 490 Less: Allowance for doubtful accounts ​ ​ (14) ​ ​ (12) Net trade accounts receivable ​ ​ 2,057 ​ ​ 1,736 Other receivables ​ ​ 549 ​ ​ 430 ​ ​ $ 2,606 ​ $ 2,166 ​ The company has entered into several regional accounts receivable factoring programs with various financial institutions for certain receivables of the company.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.582,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ Weighted average remaining lease term and weighted average discount rate for the company’s leases were as follows: ​​​​​​​​​​​​December 31,​​​​2025​​2024​​​​​​​​​Weighted average remaining lease term in years:​​​​​​​Operating leases​​ 7​​ 7​Finance leases​​ 5​​ 1​Weighted average discount rate:​​​​​​​Operating leases​​ 4.8%​ 4.4%Finance leases​​ 3.6%​ 4.8%​Maturities of lease liabilities are as follows:​​​​​​​​($ in millions)​Operating Leases​Finance Leases​​​​​​​2026​$ 83​$ 22027​​ 75​​ 12028​​ 60​​ 12029​​ 45​​ 12030​​ 38​​ 1Thereafter​​ 110​​ 2Future value of lease liabilities​​ 411​​ 8Less: Imputed interest​​ (50)​​ —Present value of lease liabilities​$ 361​$ 8​​ Weighted average remaining lease term and weighted average discount rate for the company’s leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.581,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 6,286 ​ $ 5,619 ​ $ 5,963 Beverage packaging, EMEA ​ ​ 3,983 ​ ​ 3,466 ​ ​ 3,395 Beverage packaging, South America ​ ​ 2,162 ​ ​ 1,951 ​ ​ 1,960 Reportable segment sales ​ ​ 12,431 ​ ​ 11,036 ​ ​ 11,318 Other ​ ​ 730 ​ ​ 759 ​ ​ 744 Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.577,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Statutory U.S.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.575,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ $ 6,286 ​ $ 5,619 ​ $ 5,963 ​ Comparable operating earnings ​ ​ ​ 772 ​ ​ 747 ​ ​ 710 ​ Comparable operating earnings as a % of segment net sales ​ ​ ​ 12 % ​ 13 % ​ 12 % ​ Ball acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington, in the first quarter of 2024.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Total liabilities",
      "prior_title": "Total liabilities",
      "similarity_score": 0.57,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ 14,103 ​ ​ 11,698 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock (685,107,438 shares issued - 2025; 684,168,252 shares issued - 2024) ​ ​ 1,422 ​ ​ 1,395 Retained earnings ​ ​ 12,219 ​ ​ 11,527 Accumulated other comprehensive earnings (loss) ​ ​ (869) ​ ​ (1,003) Treasury stock, at cost (419,733,252 shares - 2025; 394,790,362 shares - 2024) ​ ​ (7,351) ​ ​ (6,057)\""
      ],
      "current_body": "​ ​ 14,103 ​ ​ 11,698 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock (685,107,438 shares issued - 2025; 684,168,252 shares issued - 2024) ​ ​ 1,422 ​ ​ 1,395 Retained earnings ​ ​ 12,219 ​ ​ 11,527 Accumulated other comprehensive earnings (loss) ​ ​ (869) ​ ​ (1,003) Treasury stock, at cost (419,733,252 shares - 2025; 394,790,362 shares - 2024) ​ ​ (7,351) ​ ​ (6,057)",
      "prior_body": "​ ​ 11,698 ​ ​ 15,466 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock (684,168,252 shares issued - 2024; 683,241,401 shares issued - 2023) ​ ​ 1,395 ​ ​ 1,312 Retained earnings ​ ​ 11,527 ​ ​ 7,763 Accumulated other comprehensive earnings (loss) ​ ​ (1,003) ​ ​ (916) Treasury stock, at cost (394,790,362 shares - 2024; 367,551,366 shares - 2023) ​ ​ (6,057) ​ ​ (4,390)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Tax provision (benefit)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.548,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ $ 240 ​ $ 133 ​ $ 146 ​ 65 65 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​The following table is a reconciliation of the U.S.\""
      ],
      "current_body": "​ $ 240 ​ $ 133 ​ $ 146 ​ 65 65 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​The following table is a reconciliation of the U.S. federal statutory rate of 21 percent to the company’s effective tax rate for the year ended December 31, 2025 in accordance with the guidance of the new income tax disclosures:​​​​​​​​​​Year Ended December 31,​​2025($ in millions) ​ ​ ​Amount ​ ​ ​Percent​​​​​​​U.S. federal statutory tax rate​$ 237​ 21.0%State and local income taxes, net of federal income tax effect (a)​​ 14​ 1.3​Foreign tax effects:​​​​​​Brazil:​​​​​​Effect of currency exchange gains and losses​​ 19​ 1.7​Tax holidays​​ (37)​ (3.3)​Other​​ 19​ 1.7​Mexico:​​​​​​Effect of currency exchange gains and losses​​ (14)​ (1.3)​Other​​ 20​ 1.8​Netherlands:​​​​​​Sale of the Saudi Arabian business​​ (23)​ (2.0)​Other​​ 7​ 0.6​Other foreign jurisdictions​​ 8​ 0.7​Tax credits​​ (17)​ (1.5)​Other adjustments​​ 7​ 0.6​Total tax provision and effective tax rate​$ 240​ 21.3%(a)The states that contribute to the majority (greater than 50 percent of the tax effect in this category) include California, Pennsylvania, Maryland, Alabama, Tennessee, Texas and Colorado for 2025. ​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 presented in accordance with the guidance prior to the adoption of the new income tax disclosures:​​​​​​​​​​​Years Ended December 31,​($ in millions) ​ ​ ​2024 ​ ​ ​2023​​​​​​​​​Statutory U.S. federal income tax​$ 112​$ 129​Increase (decrease) due to:​​​​​​​Non-U.S. tax rate differences including tax holidays​​ 3​​ (38)​Non-U.S. tax law and rate changes​​ 1​​ 3​Currency exchange (gain) loss on revaluation of deferred tax balances​​ 31​​ (13)​Global intangible low-taxed income (GILTI)​​ 7​​ 6​U.S. state and local taxes, net​​ (11)​​ 7​U.S. taxes on non-U.S. earnings, net of tax deductions and credits​​ (1)​​ (38)​Uncertain tax positions, including interest​​ (2)​​ (4)​Change in valuation allowances​​ (3)​​ 106​Equity compensation related impacts​​ (3)​​ (6)​Other, net​​ (1)​​ (6)​Provision (benefit) for taxes​$ 133​$ 146​Effective tax rate expressed as a percentage of pretax earnings​​ 24.9% ​ 23.8% ​66 Table of ContentsBall CorporationNotes to the Consolidated Financial Statements​ Table of Contents Table of Contents",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.531,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "similarity_score": 0.513,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ The following table is a reconciliation of the U.S.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.506,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ Current assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,212 ​ $ 885 Receivables, net ​ ​ 2,606 ​ ​ 2,166 Inventories, net ​ ​ 2,013 ​ ​ 1,477 Other current assets ​ ​ 265 ​ ​ 169 Current assets held for sale ​ ​ 17 ​ ​ 144 Total current assets ​ ​ 6,113 ​ ​ 4,841 Noncurrent assets ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ 6,656 ​ ​ 6,173 Goodwill ​ ​ 4,379 ​ ​ 4,172 Intangible assets, net ​ ​ 982 ​ ​ 1,080 Other assets ​ ​ 1,394 ​ ​ 1,362\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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 $13 million.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "($ in millions)",
      "prior_title": "($ in millions)",
      "similarity_score": 0.484,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 915 ​ $ 4,014 ​ $ 711 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive earnings (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency translation adjustment ​ ​ 134 ​ ​ (232) ​ ​ 55 Pension and other postretirement benefits ​ ​ (19) ​ ​ 180 ​ ​ (414) Derivatives designated as hedges ​ ​ 18 ​ ​ 22 ​ ​ 25 Total other comprehensive earnings (loss) ​ ​ 133 ​ ​ (30) ​ ​ (334) Tax (provision) benefit ​ ​ 1 ​ ​ (57) ​ ​ 97 Total other comprehensive earnings (loss), net of tax ​ ​ 134 ​ ​ (87) ​ ​ (237) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total comprehensive earnings ​ ​ 1,049 ​ ​ 3,927 ​ ​ 474 Comprehensive earnings attributable to noncontrolling interests ​ ​ 3 ​ ​ 6 ​ ​ 4 Comprehensive earnings attributable to Ball Corporation ​ $ 1,046 ​ $ 3,921 ​ $ 470 ​ The accompanying notes are an integral part of the consolidated financial statements.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below. ​ 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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 24 24 Table of ContentsSelling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​25 Table of Contents Table of Contents Table of Contents Selling, General and Administrative​Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.​Interest Income ​Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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.​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.​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024. These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The decrease was primarily due to 2024 including $82 million of 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 income of $41 million in 2025 compared to charges of $420 million in 2024. These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction. The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6. Note 6 ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024. The decrease 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 $314 million in 2025 compared to $293 million in 2024. Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025. The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 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 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024. As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business. This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes. 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 ​",
      "prior_body": "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.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Income Tax Disclosures",
      "similarity_score": 0.476,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ New Accounting Guidance and Disclosure Requirements ​Improvements to Accounting for Internal-Use Software​In 2025, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal to better align accounting with how internal-use software is developed.\""
      ],
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​",
      "prior_body": "​ 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. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Disaggregation of Income Statement Expenses",
      "prior_title": "Disaggregation of Income Statement Expenses",
      "current_body": "​ 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. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Financial Instruments and Risk Management",
      "prior_title": "Financial Instruments and Risk Management",
      "current_body": "​ The company employs established risk management policies and procedures which seek to reduce the company’s commercial risk exposure to fluctuations in commodity prices, interest rates, currency exchange rates, net investments in foreign operations and prices of the company’s common stock with regard to common share repurchases and the company’s deferred compensation stock plan. However, there can be no assurance that these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The company monitors counterparty credit risk, including lenders, on a regular basis, but Ball cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the company’s master derivative agreements, the non-defaulting party has the option to set off any amounts owed with regard to open derivative positions. ​ We have estimated our market risk exposure using sensitivity analysis. Market risk exposure has been defined as the changes in fair value of derivative instruments, financial instruments and commodity positions. To test the sensitivity of our market risk exposure, we have estimated the changes in fair value of market risk sensitive instruments assuming a hypothetical 10 percent adverse change in market prices or rates. The results of the sensitivity analyses are summarized below. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Basis for Opinions",
      "prior_title": "Basis for Opinions",
      "current_body": "The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Environmental risks",
      "prior_title": "Environmental risks",
      "current_body": "​ 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 ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "16. Taxes on Income",
      "prior_title": "16. Taxes on Income",
      "current_body": "​ The amount of earnings before income taxes is: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "11. Goodwill",
      "prior_title": "11. Goodwill",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "5. Revenue from Contracts with Customers",
      "prior_title": "5. Revenue from Contracts with Customers",
      "current_body": "​ The following table disaggregates the company’s net sales based on the timing of transfer of control: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Summary of Business by Segment",
      "prior_title": "Summary of Business by Segment",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Summary of Net Sales by Geographic Area (a)",
      "prior_title": "Summary of Net Sales by Geographic Area (a)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Accumulated Other",
      "prior_title": "Accumulated Other",
      "current_body": "​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Number of ​ ​ ​ Retained ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Consolidated Statements of Shareholders’ Equity",
      "prior_title": "Consolidated Statements of Shareholders’ Equity",
      "current_body": "Ball Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Consolidated Balance Sheets",
      "prior_title": "Consolidated Balance Sheets",
      "current_body": "Ball Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Consolidated Statements of Earnings",
      "prior_title": "Consolidated Statements of Earnings",
      "current_body": "Ball Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Summary of Net Long-Lived Assets by Geographic Area (a)",
      "prior_title": "Summary of Net Long-Lived Assets by Geographic Area (a)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Earnings (Loss)",
      "prior_title": "Earnings (Loss)",
      "current_body": "​ ​ ​ Interest ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Consolidated Statements of Cash Flows",
      "prior_title": "Consolidated Statements of Cash Flows",
      "current_body": "Ball Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Consolidated Statements of Comprehensive Earnings (Loss)",
      "prior_title": "Consolidated Statements of Comprehensive Earnings (Loss)",
      "current_body": "Ball Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Report of Independent Registered Public Accounting Firm",
      "prior_title": "Report of Independent Registered Public Accounting Firm",
      "current_body": "​ To the Board of Directors and Shareholders of Ball Corporation"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Net Investments in Foreign Operations Risk",
      "prior_title": "Net Investments in Foreign Operations Risk",
      "current_body": "​ 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 and designated foreign currency denominated debt instruments to achieve this objective. As of December 31, 2025, 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 $67 million after-tax currency translation adjustment loss in other comprehensive earnings (loss). ​ ​ 33 33 33 Table of ContentsItem 8. Financial Statements and Supplementary Data ​Report of Independent Registered Public Accounting Firm​To the Board of Directors and Shareholders of Ball CorporationOpinions on the Financial Statements and Internal Control over Financial ReportingWe have audited the accompanying consolidated balance sheets of Ball Corporation and its subsidiaries (the \"Company\") as of December 31, 2025 and 2024, and the related consolidated statements of earnings, of comprehensive earnings (loss), of shareholders' equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the \"consolidated financial statements\"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.Basis for OpinionsThe Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.Definition and Limitations of Internal Control over Financial ReportingA 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 34 Table of Contents Table of Contents Table of Contents Item 8. Financial Statements and Supplementary Data ​Report of Independent Registered Public Accounting Firm​To the Board of Directors and Shareholders of Ball CorporationOpinions on the Financial Statements and Internal Control over Financial ReportingWe have audited the accompanying consolidated balance sheets of Ball Corporation and its subsidiaries (the \"Company\") as of December 31, 2025 and 2024, and the related consolidated statements of earnings, of comprehensive earnings (loss), of shareholders' equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the \"consolidated financial statements\"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.Basis for OpinionsThe Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.Definition and Limitations of Internal Control over Financial ReportingA 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 Item 8. Financial Statements and Supplementary Data ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Common Stock Repurchases",
      "prior_title": "Common Stock Repurchases",
      "current_body": "​ The following table summarizes the company’s repurchases of its common stock during the fourth quarter of 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Acquisition of Florida Can Manufacturing",
      "prior_title": "Acquisition of Florida Can Manufacturing",
      "current_body": "​ 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 is 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. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Definition and Limitations of Internal Control over Financial Reporting",
      "prior_title": "Definition and Limitations of Internal Control over Financial Reporting",
      "current_body": "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 34 34 34 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 RevenueAs 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 $13.16 billion for the year ended December 31, 2025, 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, 2025 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 19, 2026We 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.​35 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 RevenueAs 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 $13.16 billion for the year ended December 31, 2025, 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, 2025 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 19, 2026We 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."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "RESULTS OF OPERATIONS",
      "prior_title": "RESULTS OF OPERATIONS",
      "current_body": "​ 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, 2024, as filed on February 20, 2025, for a comparison of our 2024 results of operations to the 2023 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 ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "FORWARD-LOOKING STATEMENTS",
      "prior_title": "FORWARD-LOOKING STATEMENTS",
      "current_body": "​ This report and other public filings, earnings news releases, quarterly earnings conference calls and other written and oral communications made by Ball contain statements which are not historical facts and constitute “forward-looking” statements as that term is used in the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Forward-looking statements are generally statements that express or imply an expectation or belief concerning future events or financial performance. Words such as “expects,” “anticipates,” “estimates,” “will,” “believe,” “continue,” “goal” and similar expressions typically identify forward looking statements. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance, and you should therefore not place undue reliance upon such statements. Rather, these statements involve estimates, assumptions uncertainties and known and unknown risks, many of which are outside our control, and such statements are therefore qualified in their entirety by reference to the factors listed below and the risks discussed in Item 1A, Risk Factors and elsewhere in this report. Additional important factors include among others: supply and demand constraints, fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; power and supply chain interruptions; customer and supplier consolidation; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass-through increased costs; footprint adjustments and other manufacturing changes, including the opening and closing of facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; war, political instability, sanctions, and other uncertainties surrounding geopolitical events and governmental policies including relating to the situation in Russia and Ukraine and its impact on Ball’s operations in Europe, the Middle East and Africa regions; changes in foreign exchange or tax rates; tariffs, trade actions, or other governmental actions; unfavorable mandatory deposit or packaging laws; regulatory actions or issues including those related to tax, environmental regulation, social and governance reporting, competition, health and workplace safety, including governmental actions or public concerns affecting products filled in Ball’s containers, or chemicals or substances used in raw materials or in the manufacturing process; changes in climate and weather and related events such as drought, wildfires, storms, hurricanes, tornadoes and floods; 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; strikes; disease; pandemic; labor cost changes; technological developments and innovations; the ability to manage cyber threats; litigation; inflation; pension changes; changes in the rates of return on assets of Ball’s defined benefit retirement plans; reduced cash flow; interest rates affecting Ball’s debt; successful or unsuccessful joint ventures, acquisitions and divestitures, and their effects on Ball’s operating results and business generally. ​ 31 31 31 Table of ContentsItem 7A. Quantitative and Qualitative Disclosures About Market Risk​Financial Instruments and Risk Management​The company employs established risk management policies and procedures which seek to reduce the company’s commercial risk exposure to fluctuations in commodity prices, interest rates, currency exchange rates, net investments in foreign operations and prices of the company’s common stock with regard to common share repurchases and the company’s deferred compensation stock plan. However, there can be no assurance that these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The company monitors counterparty credit risk, including lenders, on a regular basis, but Ball cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the company’s master derivative agreements, the non-defaulting party has the option to set off any amounts owed with regard to open derivative positions. ​We have estimated our market risk exposure using sensitivity analysis. Market risk exposure has been defined as the changes in fair value of derivative instruments, financial instruments and commodity positions. To test the sensitivity of our market risk exposure, we have estimated the changes in fair value of market risk sensitive instruments assuming a hypothetical 10 percent adverse change in market prices or rates. The results of the sensitivity analyses are summarized below.​Commodity Price Risk​Aluminum​We manage commodity price risk in connection with market price fluctuations of aluminum through two different methods. First, we enter into container sales contracts that include aluminum-based pricing terms that generally reflect the same price fluctuations under commercial purchase contracts for aluminum sheet. Second, we use certain derivative instruments, including option and forward contracts, as economic and cash flow hedges of commodity price risk where there are material differences between contracted sales and purchase pricing.​Considering the effects of derivative instruments, the company’s ability to pass-through certain raw material costs through contractual provisions, the market’s ability to accept price increases and the company’s commodity price exposures under its contract terms, a hypothetical 10 percent adverse change in the company’s aluminum prices would result in an estimated $3 million after-tax reduction in net earnings over a one-year period. Additionally, the company has currency exposures on raw materials and the effect of a 10 percent adverse change is included in the total currency exposure discussed below. Actual results may vary based on actual changes in market prices and rates and the timing of these changes.​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, 2025, included pay-fixed interest rate swaps which effectively convert variable rate obligations to fixed-rate instruments.​Based on our interest rate exposure at December 31, 2025, 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.​32 Table of Contents Table of Contents Table of Contents Item 7A. Quantitative and Qualitative Disclosures About Market Risk​Financial Instruments and Risk Management​The company employs established risk management policies and procedures which seek to reduce the company’s commercial risk exposure to fluctuations in commodity prices, interest rates, currency exchange rates, net investments in foreign operations and prices of the company’s common stock with regard to common share repurchases and the company’s deferred compensation stock plan. However, there can be no assurance that these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The company monitors counterparty credit risk, including lenders, on a regular basis, but Ball cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the company’s master derivative agreements, the non-defaulting party has the option to set off any amounts owed with regard to open derivative positions. ​We have estimated our market risk exposure using sensitivity analysis. Market risk exposure has been defined as the changes in fair value of derivative instruments, financial instruments and commodity positions. To test the sensitivity of our market risk exposure, we have estimated the changes in fair value of market risk sensitive instruments assuming a hypothetical 10 percent adverse change in market prices or rates. The results of the sensitivity analyses are summarized below.​Commodity Price Risk​Aluminum​We manage commodity price risk in connection with market price fluctuations of aluminum through two different methods. First, we enter into container sales contracts that include aluminum-based pricing terms that generally reflect the same price fluctuations under commercial purchase contracts for aluminum sheet. Second, we use certain derivative instruments, including option and forward contracts, as economic and cash flow hedges of commodity price risk where there are material differences between contracted sales and purchase pricing.​Considering the effects of derivative instruments, the company’s ability to pass-through certain raw material costs through contractual provisions, the market’s ability to accept price increases and the company’s commodity price exposures under its contract terms, a hypothetical 10 percent adverse change in the company’s aluminum prices would result in an estimated $3 million after-tax reduction in net earnings over a one-year period. Additionally, the company has currency exposures on raw materials and the effect of a 10 percent adverse change is included in the total currency exposure discussed below. Actual results may vary based on actual changes in market prices and rates and the timing of these changes.​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, 2025, included pay-fixed interest rate swaps which effectively convert variable rate obligations to fixed-rate instruments.​Based on our interest rate exposure at December 31, 2025, 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.​ Item 7A. Quantitative and Qualitative Disclosures About Market Risk ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Commodity Price Risk",
      "prior_title": "Commodity Price Risk",
      "current_body": "​ Aluminum ​ We manage commodity price risk in connection with market price fluctuations of aluminum through two different methods. First, we enter into container sales contracts that include aluminum-based pricing terms that generally reflect the same price fluctuations under commercial purchase contracts for aluminum sheet. Second, we use certain derivative instruments, including option and forward contracts, as economic and cash flow hedges of commodity price risk where there are material differences between contracted sales and purchase pricing. ​ Considering the effects of derivative instruments, the company’s ability to pass-through certain raw material costs through contractual provisions, the market’s ability to accept price increases and the company’s commodity price exposures under its contract terms, a hypothetical 10 percent adverse change in the company’s aluminum prices would result in an estimated $3 million after-tax reduction in net earnings over a one-year period. Additionally, the company has currency exposures on raw materials and the effect of a 10 percent adverse change is included in the total currency exposure discussed below. Actual results may vary based on actual changes in market prices and rates and the timing of these changes. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Opinions on the Financial Statements and Internal Control over Financial Reporting",
      "prior_title": "Opinions on the Financial Statements and Internal Control over Financial Reporting",
      "current_body": "We have audited the accompanying consolidated balance sheets of Ball Corporation and its subsidiaries (the \"Company\") as of December 31, 2025 and 2024, and the related consolidated statements of earnings, of comprehensive earnings (loss), of shareholders' equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the \"consolidated financial statements\"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Governmental and regulatory risks",
      "prior_title": "Governmental and regulatory risks",
      "current_body": "​ 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 and restrictions 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. Federal, state and local regulations imposing taxes and restrictions on our customers products could adversely impact the purchasing levels by our customers. In addition, we face risks arising from compliance with and enforcement of numerous and complex federal, state, provincial and local laws and regulations. ​ 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, governmental action or reputational damage, 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 utilized in our container making process. 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 16 16 16 Table of Contentsexisting 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. ​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.​17 Table of Contents Table of Contents Table of Contents 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. ​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.​ 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. ​ 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. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Shareholder Return Performance",
      "prior_title": "Shareholder Return Performance",
      "current_body": "​ 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, 2025. The graph assumes $100 was invested on December 31, 2020, and that all dividends were reinvested. The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization. ​ ​ Total Return Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/31/2020 ​ 12/31/2021 ​ 12/31/2022 ​ 12/31/2023 ​ 12/31/2024 ​ 12/31/2025 BALL ​ $ 100.00 ​ $ 104.13 ​ $ 55.99 ​ $ 63.91 ​ $ 62.01 ​ $ 60.52 S&P 500 ​ ​ 100.00 ​ ​ 128.71 ​ ​ 105.40 ​ ​ 133.10 ​ ​ 166.40 ​ ​ 196.16 DJ US Containers & Packaging ​ ​ 100.00 ​ ​ 110.96 ​ ​ 91.21 ​ ​ 98.16 ​ ​ 112.83 ​ ​ 99.86 ​ 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. ​ 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, 2024, as filed on February 20, 2025, for a comparison of our 2024 results of operations to the 2023 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. ​Consolidated Sales and Earnings​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​ ​ ​2025 ​ ​ ​2024 ​ ​ ​2023 ​​​​​​​​​​​Net sales​$ 13,161​$ 11,795​$ 12,062​Net earnings attributable to Ball Corporation​​ 912​​ 4,008​​ 707​Net earnings attributable to Ball Corporation as a % of net sales​​ 7% ​ 34% ​ 6%​Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation.​Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below.​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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below.​Depreciation and Amortization ​Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​24 Table of Contents Table of Contents Table of Contents RESULTS OF OPERATIONS ​Management’s discussion and analysis for our results of operations on a consolidated and segment basis include a quantification of factors that had a material impact. Other factors that did not have a material impact, but that are significant to understand the results, are qualitatively described.​Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed on February 20, 2025, for a comparison of our 2024 results of operations to the 2023 results. On February 16, 2024, the company completed the divestiture of its aerospace business. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments: (1) beverage packaging, North and Central America; (2) beverage packaging, Europe, Middle East and Africa (beverage packaging, EMEA) and (3) beverage packaging, South America. See Note 1 for further information on the basis of presentation. As a result of the divestiture, prior periods disclosed herein reflect the aerospace business’ financial results as discontinued operations. ​Consolidated Sales and Earnings​​​​​​​​​​​​​​Years Ended December 31,​($ in millions) ​ ​ ​2025 ​ ​ ​2024 ​ ​ ​2023 ​​​​​​​​​​​Net sales​$ 13,161​$ 11,795​$ 12,062​Net earnings attributable to Ball Corporation​​ 912​​ 4,008​​ 707​Net earnings attributable to Ball Corporation as a % of net sales​​ 7% ​ 34% ​ 6%​Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume, $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation.​Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below.​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 $10.58 billion in 2025 compared to $9.35 billion in 2024. These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively. The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below.​Depreciation and Amortization ​Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024. These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES",
      "prior_title": "FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES",
      "current_body": "​ 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. The following table summarizes our cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Notes to the Consolidated Financial Statements",
      "prior_title": "Notes to the Consolidated Financial Statements",
      "current_body": "​ 1. 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. ​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 are accounted for using the equity method of accounting. Investments in which the company neither exercises significant influence over the investee, nor control 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 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.​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Balance at December 31, 2022",
      "prior_title": "Balance at December 31, 2022",
      "current_body": "​ 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-based compensation, net of shares exchanged ​ 1,097 ​ ​ 52 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 52 Dividends paid to noncontrolling interest ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) ​ ​ (2) Other activity ​ — ​ ​ — ​ — ​ ​ 13 ​ ​ (1) ​ ​ — ​ ​ — ​ ​ 12"
    }
  ]
}