BALL Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>BALL Corp submitted its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

BALL Corp (BALL) filed a Annual Report (10-K) with the SEC on February 20, 2024. BALL Corp filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in the Metal Cans industry (SIC 3411). BALL Corp is incorporated in Indiana. The company's headquarters are located in Westminster, Colorado.

Why It Matters

For investors and stakeholders tracking BALL Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of BALL Corp's financial health, operational performance, and strategic direction for investors and stakeholders. As a public company, BALL Corp is required to disclose detailed financial information, including assets, liabilities, revenue, and expenses, which are crucial for investment analysis and regulatory compliance.

Risk Assessment

Risk Level: medium — BALL Corp shows moderate risk based on this filing. The company operates in the Metal Cans industry, which can be subject to market fluctuations and competition, as indicated by its SIC code 3411.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess BALL Corp's performance and future outlook.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240220 — Filing Date (FILED AS OF DATE)
• 3411 — Standard Industrial Classification (SIC)
• 001-07349 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• BALL Corp (company) — FILER
• BALL Corp (company) — COMPANY CONFORMED NAME
• BALL BROTHERS CO (company) — FORMER COMPANY
• Indiana (location) — STATE OF INCORPORATION
• Westminster (location) — BUSINESS ADDRESS CITY
• Colorado (location) — BUSINESS ADDRESS STATE

FAQ

Industry Context

BALL Corp operates within the Metal Cans manufacturing sector, a key segment of the packaging industry.

Regulatory Implications

As a publicly traded company, BALL Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the 1934 Act.

What Investors Should Do

1. Analyze BALL Corp's financial statements for the fiscal year 2023.
2. Review any disclosed risk factors related to the Metal Cans industry.
3. Compare key financial metrics with previous fiscal years if available in the full filing.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparison with prior filings would require access to those documents.

Key Financial Figures

• $14.03 billion — , our total consolidated net sales were $14.03 billion. Our packaging businesses were responsi

Filing Documents

• ball-20231231x10k.htm (10-K) — 4384KB
• ball-20231231xex2d1.htm (EX-2.1) — 1162KB
• ball-20231231xex3dii.htm (EX-3.II) — 93KB
• ball-20231231xex4d2d.htm (EX-4.2(D)) — 32KB
• ball-20231231xex10d21.htm (EX-10.21) — 39KB
• ball-20231231xex21.htm (EX-21) — 148KB
• ball-20231231xex22.htm (EX-22) — 29KB
• ball-20231231xex23.htm (EX-23) — 3KB
• ball-20231231xex24.htm (EX-24) — 32KB
• ball-20231231xex31d1.htm (EX-31.1) — 13KB
• ball-20231231xex31d2.htm (EX-31.2) — 12KB
• ball-20231231xex32d1.htm (EX-32.1) — 9KB
• ball-20231231xex32d2.htm (EX-32.2) — 9KB
• ball-20231231xex97.htm (EX-97) — 24KB
• ball-20231231xex99.htm (EX-99) — 35KB
• ball-20231231x10k002.jpg (GRAPHIC) — 86KB
• 0001558370-24-001349.txt (&nbsp;) — 22955KB
• ball-20231231.xsd (EX-101.SCH) — 98KB
• ball-20231231_cal.xml (EX-101.CAL) — 110KB
• ball-20231231_def.xml (EX-101.DEF) — 497KB
• ball-20231231_lab.xml (EX-101.LAB) — 1026KB
• ball-20231231_pre.xml (EX-101.PRE) — 774KB
• ball-20231231x10k_htm.xml (XML) — 5238KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6. [Reserved] 25 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Forward-Looking Statements

Forward-Looking Statements 37 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 40 Consolidated Statements of Earnings for the Years Ended December 31, 2023, 2022 and 2021 42 Consolidated Statements of Comprehensive Earnings (Loss) for the Years Ended December 31, 2023, 2022 and 2021 43 Consolidated Balance Sheets at December 31, 2023 and 2022 44 Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021 45 Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2023, 2022 and 2021 46 Notes to the Consolidated Financial Statements 47 Note 1. Critical and Significant Accounting Policies 47 Note 2. Accounting Pronouncements 58 Note 3. Business Segment Information 59 Note 4. Acquisitions and Dispositions 62 Note 5. Revenue from Contracts with Customers 64 Note 6. Business Consolidation and Other Activities 65 Note 7. Supplemental Cash Flow Statement Disclosures 66 Note 8. Receivables, Net 66 Note 9. Inventories, Net 67 Note 10. Property, Plant and Equipment, Net 67 Note 11. Goodwill 68 Note 12. Intangibles Assets, Net 68 Note 13. Other Assets 69 Note 14. Leases 69 Note 15. Debt and Interest Costs 71 Note 16. Taxes on Income 72 Note 17. Employee Benefit Obligations 76 Note 18. Shareholders' Equity 85 Note 19. Stock-Based Compensation Programs 87 Note 20. Earnings Per Share 89 Note 21. Financial Instruments and Risk Management 89 Table of Contents Note 22. Contingencies 95 Note 23. Indemnifications and Guarantees 96 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 98 Item 9A.

Controls and Procedures

Controls and Procedures 98 Item 9B. Other Information 98 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 PART III. Item 10. Directors, Executive Officers and Corporate Governance 99 Item 11.

Executive Compensation

Executive Compensation 99 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 100 Item 13. Certain Relationships and Related Transactions, and Director Independence 100 Item 14. Principal Accountant Fees and Services 100 PART IV. Item 15. Exhibits and Financial Statement Schedules 101 Item 16 . Form 10-K Summary 105

Signatures

Signatures 106 Table of Contents PART I .

Business

Item 1. Business Ball Corporation and its consolidated subsidiaries (collectively, Ball, the company, we or our) is one of the world's leading suppliers of aluminum packaging for the beverage, personal care and household products industries. The company was organized in 1880 and incorporated in the state of Indiana, United States of America (U.S.), in 1922. Our sustainable, aluminum packaging products are produced for a variety of end uses and are manufactured in facilities around the world. We also provide aerospace and other technologies and services to governmental and commercial customers within our aerospace segment. In 2023, our total consolidated net sales were $14.03 billion. Our packaging businesses were responsible for 86 percent of our net sales, with the remaining 14 percent contributed by our aerospace business. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE), to sell all of the outstanding equity interests in Ball's aerospace business to BAE. On February 16, 2024, the company completed the divestiture of the aerospace business. See Note 4 for further details. Our largest product line is aluminum beverage containers and we also produce extruded aluminum aerosol containers, recloseable aluminum bottles across multiple consumer categories, aluminum slugs and aluminum cups. We sell our aluminum packaging products globally to large multinational beverage, personal care and household products companies with which we have developed long-term relationships. This is evidenced by our high customer retention and large number of long-term supply contracts. While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers. Our significant customers include top consumer packaging and beverage companies. Our aerospace business is a leader in delivering solutions ranging from entire missions to contribut

View Full Filing

View this 10-K filing on SEC EDGAR