BALL Corp

Previous wording

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 volumes and making strategic acquisitions.

Current wording

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.

Previous wording

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

Current wording

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.

Previous wording

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.

Current wording

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 volume 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.

Previous wording

Recent data has indicated continued high inflation in the regions where we operate. Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, and changing demand for certain goods and services. We cannot predict with any certainty the impact that interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the rising instability in the Middle East and 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.

Current wording

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. There is currently significant uncertainty as to the extent and duration of tariffs and the associated impacts on inflation. Furthermore, we cannot predict with any certainty the impact that interest rates, a global or any regional recession, tariffs, 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.

Previous wording

Net earnings attributable to Ball Corporation for the three months ended September 30, 2024, decreased $6 million compared to the same period in 2023 primarily due to a decrease of $65 million from lower discontinued operations, net of tax and an increase in costs of $56 million from business consolidation and other activities, partially offset by increases of $55 million from lower interest expense and $49 million from the results of the reportable segments discussed below. Net earnings attributable to Ball Corporation for the nine months ended September 30, 2024, increased $3.49 billion compared to the same period in 2023 primarily due to increases of $3.44 billion from discontinued operations, net of tax, $132 million from the results of the reportable segments discussed below, $123 million from lower interest expense and $36 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $128 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business.

Current wording

Net earnings attributable to Ball Corporation for the three months ended March 31, 2025, decreased $3.51 billion compared to the same period in 2024 primarily due to decreases of $3.61 billion from lower discontinued operations, net of tax, and $26 million from a higher provision for income taxes, partially offset by increases of $79 million from lower incremental compensation cost from the successful sale of the aerospace business incurred in 2024, $28 million from the results of the reportable segments discussed below and $23 million from lower interest expense.

Previous wording

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.

Current wording

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 in 2024 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 reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the 2024 net sales figure in the table above.

Previous wording

Cost of sales, excluding depreciation and amortization, was $2,425 million and $2,512 million for the three months ended September 30, 2024 and 2023, respectively, and $7,065 million and $7,450 million for the nine months ended September 30, 2024 and 2023, respectively. These amounts represented 79 percent and 81 percent of consolidated net sales for the three months ended September 30, 2024 and 2023, respectively, and 79 percent and 81 percent of consolidated net sales for the nine months ended September 30, 2024 and 2023, respectively. The decrease for the three months ended September 30, 2024, was primarily due tolower manufacturing costs, including lower aluminum costs of $41 million, and other items discussed in the reportable segment sections below. The decrease for the nine months ended September 30, 2024, was primarily due tolower manufacturing costs, including lower aluminum costs of $269 million and lower freight costs of $53 million, and other items discussed in the reportable segment sections below.

Current wording

Cost of sales, excluding depreciation and amortization, was $2,493 million and $2,283 million for the three months ended March 31, 2025 and 2024, respectively. These amounts represented 80 percent and 79 percent of consolidated net sales for the three months ended March 31, 2025 and 2024, respectively. The increase for the three months ended March 31, 2025, was primarily due to higher aluminum costs of $179 million, and other items discussed in the reportable segment sections below.

Previous wording

Depreciation and amortization expense was $150 million and $152 million for the three months ended September 30, 2024 and 2023, respectively, and $460 million and $449 million for the nine months ended September 30, 2024 and 2023, respectively. These amounts represented 5 percent of consolidated net sales for the three and nine months ended September 30, 2024 and 2023. The increase for the nine months ended September 30, 2024, was primarily due to the company’s larger depreciable asset base.

Current wording

Depreciation and amortization expense was $150 million and $158 million for the three months ended March 31, 2025 and 2024, respectively. These amounts represented 5 percent of consolidated net sales for the three months ended March 31, 2025 and 2024. The decrease in expense compared to the same period in 2024 was primarily due to lower amortization expense.

Previous wording

Selling, general and administrative was $142 million and $133 million for the three months ended September 30, 2024 and 2023, respectively, and $518 million and $409 million for the nine months ended September 30, 2024 and 2023, respectively. These amounts represented 5 percent and 4 percent of consolidated net sales for the three months ended September 30, 2024 and 2023, respectively, and 6 percent and 4 percent of consolidated net sales for the nine months ended September 30, 2024 and 2023, respectively. The increase for the nine months ended September 30, 2024, was primarily due to increased compensation costs of $98 million, including incremental compensation cost from the successful sale of the aerospace business consisting of cash bonuses and stock based compensation.

Current wording

ended March 31, 2025 and 2024, respectively. The decrease for the three months ended March 31, 2025, was primarily due to decreased compensation costs of $71 million, which in 2024 included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business.

Previous wording

Business consolidation and other activities resulted in charges of $85 million and $29 million for the three months ended September 30, 2024 and 2023, respectively, and charges of $171 million and $43 million for the nine months ended September 30, 2024 and 2023, respectively. The amounts in 2024 and 2023 primarily included facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.

Current wording

Business consolidation and other activities resulted in charges of $13 million and $26 million for the three months ended March 31, 2025 and 2024, respectively. The 2025 amount includes a loss related to the aluminum cups business transaction and costs for previously announced facility closures. The 2024 amount primarily included facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.

Previous wording

Interest income was $14 million and $12 million for the three months ended September 30, 2024 and 2023, respectively, and $58 million and $23 million for the nine months ended September 30, 2024 and 2023, respectively. The increases in interest income for the three and nine months ended September 30, 2024, were primarily due to the higher amount of cash on hand in 2024 from the aerospace sale.

Current wording

Interest income was $7 million and $26 million for the three months ended March 31, 2025 and 2024, respectively. The decrease in interest income for the three months ended March 31, 2025, was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.

Previous wording

Interest expense was $67 million and $122 million for the three months ended September 30, 2024 and 2023, respectively, and $228 million and $351 million for the nine months ended September 30, 2024 and 2023, respectively. Interest expense as a percentage of average borrowings decreased by approximately 50 basis points from 5.1 percent for the three months ended September 30, 2023, to 4.6 percent for the three months ended September 30, 2024, and remained constant at 4.9 percent for the nine months ended September 30, 2024 and 2023. The interest expense decrease for the three months ended September 30, 2024, was primarily driven by a decrease of $29 million from a smaller amount of weighted average principal outstanding during the quarter, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $26 million from lower weighted average interest rates on outstanding debt during the quarter. The interest expense decrease for the nine months ended September 30, 2024, was driven by a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the

Current wording

Interest expense was $70 million and $93 million for the three months ended March 31, 2025 and 2024, respectively. Interest expense as a percentage of average borrowings decreased by approximately 80 basis points from 5.2 percent for the three months ended March 31, 2024, to 4.4 percent for the three months ended March 31, 2025. The interest expense decrease for the three months ended March 31, 2025, was primarily driven by decreases of $13 million from lower weighted average interest rates on outstanding debt during the year and $10 million from a lower amount of weighted average principal outstanding during the year.

Previous wording

The effective tax rate for the three and nine months ended September 30, 2024, was 18.5 and 22.3 percent, respectively, compared to 25.7 percent and 22.3 percent for the same periods in 2023. The decrease of 7.2 percentage points for the three months ended September 30, 2024, was primarily due to increased tax benefits from state and local tax credits. Similar impacts may occur in future periods, but given their inherent uncertainty, the company is unable to reasonably estimate their potential future impacts.

Current wording

The effective tax rate for the three months ended March 31, 2025, was 23.1 percent, compared to 26.7 percent for the same period in 2024. The decrease of 3.6 percentage points for the three months ended March 31, 2025, was primarily due to increased tax benefits from U.S. permanent differences as well as non-U.S. rate differences and withholding taxes net of credits. This was partially offset by the effects of state and local taxes. Similar impacts may occur in future periods, but given their inherent uncertainty, the company is unable to reasonably estimate their potential future impacts.

Previous wording

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.

Current wording

Ball permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024 and 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. See Note 4 for further details on the acquisition.

Previous wording

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

Current wording

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

Previous wording

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:

Current wording

Our primary sources of liquidity are cash provided by operating activities and external borrowings. We believe that cash flows from operating activities and cash provided by short-term, long-term and committed revolver borrowings, when necessary, will be sufficient to meet our ongoing operating requirements, scheduled principal and interest payments on debt, dividend payments, anticipated share repurchases and anticipated capital expenditures. We have limited near-term debt maturities and our senior credit facilities are in place until 2027. The following table summarizes our cash flows:

Previous wording

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.

Current wording

Cash flows from the historical aerospace reportable segment are presented within each cash flow statement category in the consolidated statement of cash flows for the three months ended March 31, 2024. Depreciation and amortization, capital expenditures and significant operating and investing noncash items of the aerospace discontinued operation are presented in Note 4.

Previous wording

Cash flows used in operating activities were $385 million in 2024, primarily driven by working capital outflows of $630 million. On February 16, 2024, the company completed the divestiture of the aerospace business. We currently estimate a cash tax of $950 million to be recorded as a cash outflow from operations in 2024, of which $484 million has been paid as of September 30, 2024. See Note 4 for further details. In an elevated interest rate environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms. At September 30, 2024, days sales outstanding, net of factored receivables, was 78 days; therefore, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $34 million. At September 30, 2024, days payable outstanding was 117 days; therefore, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $27 million. At September 30, 2024, days inventory outstanding was 51 days; therefore, a change of one day in days inventory outstanding will impact cash flows provided by (used in) operating activities by $27 million.

Current wording

Cash flows used in operating activities were $665 million in 2025, primarily driven by working capital outflows of $887 million, partially offset by earnings from continuing operations of $181 million and a reconciling adjustment to operating cash flows of $150 million for depreciation and amortization. On February 16, 2024, the company completed the sale of the aerospace business. We currently estimate a total cash tax of $875 million for the sale of the aerospace business, of which $766 million was paid in 2024, with the remainder to be paid in 2025. 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 March 31, 2025, days sales outstanding, net of factored receivables, was 77 days and a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $34 million. At March 31, 2025, days payable outstanding was 112 days and a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $28 million. At March 31, 2025, days inventory on hand was 59 days and a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $28 million.

Previous wording

Cash flows used in financing activities were $4.00 billion in 2024, primarily driven by net repayments of long-term borrowings of $2.83 billion and repurchases of common stock of $1.06 billion. See Note 15 for further details on the company’s borrowings, and additional amounts available.

Current wording

Cash flows provided by financing activities were $396 million in 2025, primarily driven by a net inflow from long-term and short-term borrowings of $1.01 billion, partially offset by repurchases of common stock of $555 million and dividends of $57 million. See Note 15 for further details on the company’s borrowings and additional amounts available.

Previous wording

We have entered into several regional accounts receivable factoring programs with various financial institutions for certain of our accounts receivable. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.63 billion and $2.00 billion at September 30, 2024 and December 31, 2023, respectively. A total of $702 million and $350 million were available for sale under these programs as of September 30, 2024, and December 31, 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 expense related to its factoring programs of $12 million and $29 million for the three months ended September 30, 2024 and 2023, respectively, and $35 million and $69 million for the nine months ended September 30, 2024 and 2023, respectively, and has presented these amounts in selling, general and administrative in its unaudited condensed consolidated statements of earnings.

Current wording

We have entered into several regional accounts receivable factoring programs with various financial institutions for certain of our accounts receivable. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.64 billion and $1.60 billion at March 31, 2025, and December 31, 2024, respectively. A total of $472 million and $428 million were available for sale under these programs as of March 31, 2025, and December 31, 2024, respectively. The company has recorded expense related to its factoring programs of $10 million and $13 million for the three months ended March 31, 2025 and 2024, respectively, and has presented these amounts in selling, general and administrative in its unaudited condensed consolidated statements of earnings.

Previous wording

Contributions to the company’s defined benefit pension plans were $24 million in the first nine months of 2024 compared to $13 million in the same period of 2023, and such contributions are expected to be approximately $30 million for the full year of 2024. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors.

Current wording

Contributions to the company’s defined benefit pension plans were $7 million in the first three months of 2025 compared to $10 million in the same period of 2024, and such 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.

Previous wording

The company expects that 2024 capital expenditures for property, plant and equipment will likely be in the range of $650 million. Approximately $167 million of capital expenditures for property, plant and equipment were contractually committed as of September 30, 2024, and the company intends to return approximately $245 million to shareholders in the form of dividends for the full year 2024, inclusive of the cash dividend of 20 cents per share, payable December 16, 2024, to shareholders of record as of December 2, 2024.

Current wording

The company expects that 2025 capital expenditures for property, plant and equipment will likely be in the range of $600 million. Approximately $276 million of capital expenditures for property, plant and equipment were contractually committed as of March 31, 2025, and the company intends to return approximately $220 million to shareholders in the form of dividends for the full year 2025, inclusive of the cash dividend of 20 cents per share, payable June 16, 2025, to shareholders of record as of June 2, 2025.

Previous wording

As of September 30, 2024, approximately $820 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.

Current wording

As of March 31, 2025, approximately $440 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.

Previous wording

The company’s share repurchases totaled $1.06 billion during the nine months ended September 30, 2024, compared to $3 million of repurchases during the same period of 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 $1.4 billion in share repurchases in 2024 using cash from the aerospace divestiture and operating activities.

Current wording

The company’s share repurchases totaled $555 million during the three months ended March 31, 2025, compared to $182 million of repurchases during the same period of 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 $1.3 billion in share repurchases in 2025.

Previous wording

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.

Current wording

On January 29, 2025, the Board of Directors approved the repurchase by the company of up to $4.00 billion in shares of its common stock. This repurchase authorization replaced all previous authorizations. At March 31, 2025, $3.67 billion remains available to be repurchased.

Previous wording

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 $5.82 billion and $8.62 billion was outstanding at September 30, 2024, and December 31, 2023, respectively.

Current wording

Given our cash flow projections and unused credit facilities that are available until June 2027, our liquidity is expected to meet our ongoing cash and debt service requirements. Total interest-bearing debt of $6.75 billion and $5.69 billion was outstanding at March 31, 2025, and December 31, 2024, respectively.

Previous wording

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 September 30, 2024, approximately $1.72 billion was available under the company’s long-term, multi-currency committed revolving credit facilities. In addition to these facilities, the company had $193 million of committed short-term loans outstanding and a $25 million short-term finance lease outstanding. The company also had approximately $1.04 billion of short-term uncommitted credit facilities available at September 30, 2024, of which $42 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.

Current wording

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 March 31, 2025, approximately $674 million was available under the company’s long-term, multi-currency committed revolving credit facilities. In addition to these facilities, the company had $86 million of committed short-term loans outstanding. The company also had approximately $988 million of short-term uncommitted credit facilities available at March 31, 2025, of which $50 million was outstanding and due on demand. At December 31, 2024, the company had $109 million of committed short-term loans outstanding, a $24 million short-term finance lease outstanding and $37 million outstanding under short-term uncommitted credit facilities.

Previous wording

We were in compliance with the leverage ratio requirement at September 30, 2024, and for all prior periods 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 September 30, 2024, the company could borrow an additional $2.39 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 1 of this report. In July 2024, we entered into and designated two net investment hedges against the net assets of our euro denominated operations. See Note 20 for further details.

Current wording

We were in compliance with the leverage ratio requirement at March 31, 2025, and for all prior periods 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 March 31, 2025, the company could borrow an additional $1.32 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 1 of this report. In 2024, we entered into and designated net investment hedges against the net assets of our euro denominated operations. See Note 20 for further details.

Previous wording

Details of the company’s contingencies, legal proceedings, indemnifications and guarantees are available in Note 21 and Note 22 accompanying the consolidated financial statements within Item 1 of this 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.

Current wording

Details of the company’s contingencies, legal proceedings, indemnifications and guarantees are available in Note 21 and Note 22 accompanying the consolidated financial statements within Item 1 of this 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.

Previous wording

The following summarized financial information relates to the obligor group as of September 30, 2024, and December 31, 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 nine months ended September 30, 2024, does not include results and balance sheet information of the historical aerospace reportable segment.

Current wording

The following summarized financial information relates to the obligor group as of March 31, 2025, and December 31, 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.

Previous wording

Included in the amounts disclosed in the table above, at September 30, 2024, and December 31, 2023, the obligor group held receivables due from other subsidiary companies of $472 million and $768 million, respectively, long-term notes receivable due from other subsidiary companies of $10.53 billion and $10.20 billion, respectively, payables due to other subsidiary companies of $1.80 billion and $1.83 billion, respectively, and long-term notes payable due to other subsidiary companies of $2.17 billion and $2.32 billion, respectively.

Current wording

Included in the amounts disclosed in the table above, at March 31, 2025, and December 31, 2024, the obligor group held receivables due from other subsidiary companies of $462 million and $440 million, respectively, long-term notes receivable due from other subsidiary companies of $10.34 billion and $10.03 billion, respectively, payables due to other subsidiary companies of $1.81 billion and $1.79 billion, respectively, and long-term notes payable due to other subsidiary companies of $2.24 billion and $2.20 billion, respectively.

Previous wording

For the nine months ended September 30, 2024, and the year ended December 31, 2023, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $946 million and $1.13 billion, respectively, net credits from them of $54 million and $38 million, respectively, and net interest income from them of $252 million and $344 million, respectively. The obligor group received dividends from other subsidiary companies of $38 million and $814 million, during the nine months ended September 30, 2024, and the year ended December 31, 2023, respectively.

Current wording

For the three months ended March 31, 2025, and the year ended December 31, 2024, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $313 million and $1.23 billion, respectively, net credits from them of $16 million and $75 million, respectively, and net interest income from them of $77 million and $336 million, respectively. The obligor group received dividends from other subsidiary companies of $54 million during the year ended December 31, 2024.