Ball 10-Q 2021-09-30

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

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FORM 10-Q

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

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For the Quarterly Period Ended September 30, 2021

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

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Commission file number 001-07349

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BALL CORPORATION

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State of Indiana (State or other jurisdiction of incorporation or organization)	35-0160610 (I.R.S. Employer Identification No.)

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9200 West 108th Circle Westminster**,** CO (Address of registrant’s principal executive office)	80021 (Zip Code)

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Registrant’s telephone number, including area code: 303**/**469-3131

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

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Class	​	Trading Symbol	​	Name of Exchange	​	Outstanding at October 31, 2021
Common Stock, without par value	​	BLL	​	NYSE	​	323,894,182 shares

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

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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

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Large accelerated filer ☒	Accelerated filer ◻
Non-accelerated filer ◻	Smaller reporting company◻
​	Emerging growth company ◻

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

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

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Ball Corporation

QUARTERLY REPORT ON FORM 10-Q

For the period ended September 30, 2021

INDEX

​	​	Page Number
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements	1
​	Unaudited Condensed Consolidated Statements of Earnings for the Three and Nine Months Ended September 30, 2021 and 2020	1
​	Unaudited Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020	2
​	Unaudited Condensed Consolidated Balance Sheets at September 30, 2021, and December 31, 2020	3
​	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020	4
​	Notes to the Unaudited Condensed Consolidated Financial Statements	5
​	Note 1, Basis of Presentation	5
​	Note 2, Accounting Pronouncements	6
​	Note 3, Business Segment Information	6
​	Note 4, Acquisitions and Dispositions	8
​	Note 5, Revenue from Contracts with Customers	8
​	Note 6, Business Consolidation and Other Activities	9
​	Note 7, Supplemental Cash Flow Statement Disclosures	11
​	Note 8, Receivables, Net	12
​	Note 9, Inventories, Net	12
​	Note 10, Property, Plant and Equipment, Net	12
​	Note 11, Goodwill	12
​	Note 12, Intangible Assets, Net	13
​	Note 13, Other Assets	13
​	Note 14, Leases	13
​	Note 15, Debt	14
​	Note 16, Taxes on Income	15
​	Note 17, Employee Benefit Obligations	15
​	Note 18, Equity and Accumulated Other Comprehensive Earnings	17
​	Note 19, Earnings and Dividends Per Share	19
​	Note 20, Financial Instruments and Risk Management	19
​	Note 21, Contingencies	24
​	Note 22, Indemnifications and Guarantees	26
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	38
PART II.	OTHER INFORMATION	38

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PART I. FINANCIAL INFORMATION

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,
($ in millions, except per share amounts)	​	2021			2020			2021			2020
​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	3,553	​	$	3,093	​	$	10,137	​	$	8,679
​	​	​	​	​	​	​	​	​	​	​	​	​
Costs and expenses	​	​	​	​	​	​	​	​	​	​	​	​
Cost of sales (excluding depreciation and amortization)	​	​	(2,851)	​	​	(2,430)	​	​	(8,104)	​	​	(6,875)
Depreciation and amortization	​	​	(175)	​	​	(160)	​	​	(515)	​	​	(499)
Selling, general and administrative	​	​	(148)	​	​	(121)	​	​	(471)	​	​	(363)
Business consolidation and other activities	​	​	(141)	​	​	(8)	​	​	(136)	​	​	(235)
​	​	​	(3,315)	​	​	(2,719)	​	​	(9,226)	​	​	(7,972)
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Earnings before interest and taxes	​	​	238	​	​	374	​	​	911	​	​	707
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Interest expense	​	​	(68)	​	​	(68)	​	​	(201)	​	​	(206)
Debt refinancing and other costs	​	​	(1)	​	​	(1)	​	​	(1)	​	​	(41)
Total interest expense	​	​	(69)	​	​	(69)	​	​	(202)	​	​	(247)
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Earnings before taxes	​	​	169	​	​	305	​	​	709	​	​	460
Tax (provision) benefit	​	​	2	​	​	(73)	​	​	(146)	​	​	(92)
Equity in results of affiliates, net of tax	​	​	8	​	​	8	​	​	18	​	​	(13)
Net earnings	​	​	179	​	​	240	​	​	581	​	​	355
Net (earnings) loss attributable to noncontrolling interests	​	​	—	​	​	1	​	​	—	​	​	3
Net earnings attributable to Ball Corporation	​	$	179	​	$	241	​	$	581	​	$	358
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Earnings per share:	​	​	​	​	​	​	​	​	​	​	​	​
Basic	​	$	0.55	​	$	0.74	​	$	1.78	​	$	1.10
Diluted	​	$	0.54	​	$	0.72	​	$	1.75	​	$	1.08
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Weighted average shares outstanding: (000s)	​	​	​	​	​	​	​	​	​	​	​	​
Basic	​	​	325,876	​	​	326,549	​	​	327,097	​	​	325,965
Diluted	​	​	331,595	​	​	332,654	​	​	332,938	​	​	332,152
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See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

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​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,					​
($ in millions)		2021			2020			2021			2020		​
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Net earnings	​	$	179	​	$	240	​	$	581	​	$	355	​
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Other comprehensive earnings (loss):	​	​	​	​	​	​	​	​	​	​	​	​	​
Currency translation adjustment	​	​	(17)	​	​	(130)	​	​	19	​	​	(292)	​
Pension and other postretirement benefits	​	​	193	​	​	9	​	​	242	​	​	(2)	​
Derivatives designated as hedges	​	​	16	​	​	44	​	​	122	​	​	63	​
Total other comprehensive earnings (loss)	​	​	192	​	​	(77)	​	​	383	​	​	(231)	​
Income tax (provision) benefit	​	​	(48)	​	​	(10)	​	​	(82)	​	​	(14)	​
Total other comprehensive earnings (loss), net of tax	​	​	144	​	​	(87)	​	​	301	​	​	(245)	​
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Total comprehensive earnings (loss)	​	​	323	​	​	153	​	​	882	​	​	110	​
Comprehensive (earnings) loss attributable to noncontrolling interests	​	​	—	​	​	1	​	​	—	​	​	3	​
Comprehensive earnings (loss) attributable to Ball Corporation	​	$	323	​	$	154	​	$	882	​	$	113	​

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See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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​	​	September 30,		​	December 31,
($ in millions)		2021			2020
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Assets	​	​	​	​	​	​
Current assets	​	​	​	​	​	​
Cash and cash equivalents	​	$	1,446	​	$	1,366
Receivables, net	​	​	2,489	​	​	1,738
Inventories, net	​	​	1,638	​	​	1,353
Other current assets	​	​	344	​	​	218
Total current assets	​	​	5,917	​	​	4,675
Noncurrent assets	​	​	​	​	​	​
Property, plant and equipment, net	​	​	6,170	​	​	5,351
Goodwill	​	​	4,407	​	​	4,484
Intangible assets, net	​	​	1,732	​	​	1,883
Other assets	​	​	1,906	​	​	1,859
Total assets	​	$	20,132	​	$	18,252
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Liabilities and Equity	​	​	​	​	​	​
Current liabilities	​	​	​	​	​	​
Short-term debt and current portion of long-term debt	​	$	762	​	$	17
Accounts payable	​	​	4,210	​	​	3,430
Accrued employee costs	​	​	364	​	​	347
Other current liabilities	​	​	795	​	​	650
Total current liabilities	​	​	6,131	​	​	4,444
Noncurrent liabilities	​	​	​	​	​	​
Long-term debt	​	​	7,755	​	​	7,783
Employee benefit obligations	​	​	1,322	​	​	1,613
Deferred taxes	​	​	673	​	​	634
Other liabilities	​	​	486	​	​	441
Total liabilities	​	​	16,367	​	​	14,915
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Equity	​	​	​	​	​	​
Common stock (680,667,421 shares issued - 2021; 679,524,325 shares issued - 2020)	​	​	1,209	​	​	1,167
Retained earnings	​	​	6,611	​	​	6,192
Accumulated other comprehensive earnings (loss)	​	​	(653)	​	​	(954)
Treasury stock, at cost (355,842,472 shares - 2021; 351,938,709 shares - 2020)	​	​	(3,463)	​	​	(3,130)
Total Ball Corporation shareholders' equity	​	​	3,704	​	​	3,275
Noncontrolling interests	​	​	61	​	​	62
Total equity	​	​	3,765	​	​	3,337
Total liabilities and equity	​	$	20,132	​	$	18,252

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See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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​	​	Nine Months Ended September 30,
**($ in mi

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Management’s discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements (consolidated financial statements) and accompanying notes included in Item 1 of this Quarterly Report on Form 10-Q, 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.

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OVERVIEW

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Business Overview and Industry Trends

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

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

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

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

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Corporate Strategy

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

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

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

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

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

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

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

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RESULTS OF CONSOLIDATED OPERATIONS

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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.

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Novel Coronavirus (COVID-19)

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The ongoing novel coronavirus (COVID-19) pandemic had a material effect upon the global business environment during the three and nine months ended September 30, 2021 and the year ended December 31, 2020. Ball provides key products and services to the consumer beverage and household markets and the U.S. aerospace markets and, consequently, the operations of Ball and of its principal customers and suppliers have been designated as essential across our key markets. This designation allowed Ball to operate its manufacturing facilities throughout the nine months ended September 30, 2021 and the year ended December 31, 2020, and it is expected that Ball will continue to operate its facilities without disruption in the foreseeable future. However, jurisdictions around the globe have issued stay-at-home orders, mandated operational closures of non-essential businesses and other restrictions, which has impacted certain of our customers by constraining some supply of products to certain consumers. The risks that COVID-19 and its emerging variants continue to present to Ball’s business have been outlined in Note 1 of these consolidated financial statements and within Item 1. Risk Factors in the company’s 2020 Annual Report on Form 10-K filed on February 17, 2021.

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Consolidated Sales and Earnings

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​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,					​
($ in millions)		2021			2020			2021			2020		​
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Net sales	​	$	3,553	​	$	3,093	​	$	10,137	​	$	8,679	​
Net earnings attributable to Ball Corporation	​	​	179	​	​	241	​	​	581	​	​	358	​
Net earnings attributable to Ball Corporation as a % of net sales	​	​	5	%	​	8	%	​	6	%	​	4	%

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Sales in the three months ended September 30, 2021, increased compared to the same periods in 2020 primarily due to increased sales volumes, pass through of higher aluminum prices, improved price/mix in our beverage packaging segments and favorable exchange rates in our beverage packaging, EMEA, segment. Sales in the nine months ended September 30, 2021, increased compared to the same periods in 2020 primarily due to increased sales volumes, pass through of higher aluminum prices, improved price/mix in our beverage packaging segments and favorable exchange rates in our beverage packaging, EMEA, segment.

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Net earnings for the three months ended September 30, 2021, decreased compared to the same periods in 2020 primarily due to higher business consolidation and other activities, higher personnel, startup, and other costs to support growth investments, and the timing of contractual non-aluminum input cost recovery, partially offset by increased sales volumes in our beverage packaging, North and Central America, and beverage packaging, EMEA, segments, favorable price/mix in our beverage packaging segments, and a lower effective tax rate.

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Net earnings for the nine months ended September 30, 2021, increased compared to the same periods in 2020 primarily due to increased sales volumes and favorable price/mix in our beverage packaging segments, lower business consolidation and other activities, lower total interest expense, and higher earnings from equity in results of affiliates, partially offset by the tax effect of higher earnings and higher personnel, startup, and other costs to support growth investments, and the timing of contractual non-aluminum input cost recovery.

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Cost of Sales (Excluding Depreciation and Amortization)

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Cost of sales, excluding depreciation and amortization, was $2,851 million and $2,430 million for the three months ended September 30, 2021 and 2020, respectively, and $8,104 million and $6,875 million for the nine months ended September 30, 2021 and 2020, respectively. These amounts represented 80 percent of consolidated net sales for the three and nine months ended September 30, 2021, and 79 percent of consolidated net sales for the three and nine months ended September 30, 2020.

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Depreciation and Amortization

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Depreciation and amortization expense was $175 million and $160 million for the three months ended September 30, 2021 and 2020, respectively, and $515 million and $499 million for the nine months ended September 30, 2021 and 2020, respectively. These amounts represented 5 percent of consolidated net sales for the three and nine months ended September 30, 2021, and 5 percent and 6 percent of consolidated net sales for the three and nine months ended September 30, 2020, respectively.

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Selling, General and Administrative

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Selling, general and administrative (SG&A) expenses were $148 million and $121 million for the three months ended September 30, 2021 and 2020, respectively, and $471 million and $363 million for the nine months ended September 30, 2021 and 2020, respectively. These amounts represented 4 percent and 5 percent of consolidated net sales for the three and nine months ended September 30, 2021, respectively, and 4 percent of consolidated net sales for the three and nine months ended September 30, 2020. The increase in SG&A expenses was primarily due to higher personnel and other costs to support growth investments.

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Business Consolidation Costs and Other Activities

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Business consolidation and other activities were charges of $141 million and $8 million for the three months ended September 30, 2021 and 2020, respectively, and $136 million and $235 million for the nine months ended September 30, 2021 and 2020, respectively. The amounts in 2021 are primarily the result of a non-cash pension settlement charge of $130 million, partially offset by gains resulting from Brazilian indirect tax rulings of $22 million. The charges in 2020 included a non-cash pension settlement charge of $102 million, a non-cash impairment charge of $62 million related to the goodwill of the beverage packaging, other, reporting unit, an adjustment to the selling price of the company’s former steel food and steel aerosol business and a full write-off of the potential future consideration related to the 2019 sale of the company’s former China beverage packaging business.

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Interest Expense

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Total interest expense was $69 million and $69 million for the three months ended September 30, 2021 and 2020, respectively, and $202 million and $247 million for the nine months ended September 30, 2021 and 2020, respectively. Interest expense, excluding the effect of debt refinancing and other costs, as a percentage of average borrowings decreased 10 basis points from 3.5 percent for the three months ended September 30, 2020, to 3.4 percent for the three months ended September 30, 2021, and decreased 20 basis points from 3.6 percent for the nine months ended September 30, 2020, to 3.4 percent for the nine months ended September 30, 2021, due to the drop in global interest rates.

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Income Taxes

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The effective tax rate for the three and nine months ended September 30, 2021, was negative 1.2 percent and 20.6 percent, respectively, compared to 23.9 percent and 20 percent for the same periods in 2020.

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The decrease of 25.1 percentage points for the three months ended September 30, 2021, was primarily due to an increase in federal tax credits, non-U.S. rate differences net of withholding tax, and the revaluation of deferred tax balances in the U.K. due to a tax rate change occurring in 2020. Similar impacts may occur in future periods, but given their inherent uncertainty, the company is unable to reasonably estimate their potential future impacts.

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The increase of 0.6 percentage points for the nine months ended September 30, 2021 was primarily due to the decreased tax benefits for share-based compensation, and increased tax expense related to the revaluation of deferred tax balances in the U.K. due to tax rate changes, which were partially offset by non-U.S. rate differences net of withholding tax. Similar impacts may occur in future periods, but given their inherent uncertainty, the company is unable to reasonably estimate their potential future impacts. For 2020, tax expense was increased by a charge for the impairment of non tax-deductible goodwill within the beverage packaging, other, operating segment which is not expected to impact tax expense in future periods.

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RESULTS OF BUSINESS SEGMENTS

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Segment Results

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Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the four reportable segments discussed below.

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Beverage Packaging, North and Central America

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​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,					​
($ in millions)	​	2021			2020			2021			2020
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Net sales	​	$	1,519	​	$	1,327	​	$	4,339	​	$	3,775	​
Comparable operating earnings	​	​	186	​	​	209	​	​	519	​	​	544	​
Comparable operating earnings as a % of segment net sales	​	​	12	%	​	16	%	​	12	%	​	14	%

(a)	Further details of these items are included in Note 6 to the consolidated financial statements within Item 1 of this report.

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Segment sales for the three and nine months ended September 30, 2021, were $192 million and $564 million higher, respectively, compared to the same periods in 2020. The increase for the three and nine months ended September 30, 2021, was primarily due to higher volumes, the pass through of higher aluminum prices and improved mix.

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Comparable operating earnings for the three and nine months ended September 30, 2021, were $23 million and $25 million lower, respectively, compared to the same periods in 2020. The decrease for the three and nine months ended September 30, 2021, was primarily due to the impact of low finished goods inventory throughout the quarter, startup and labor costs associated with three new manufacturing plants and timing of contractual non-aluminum input cost recovery, partially offset by higher specialty volumes and improved customer contractual terms.

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Beverage Packaging, EMEA

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​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,					​
($ in millions)		2021			2020			2021			2020
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	937	​	$	809	​	$	2,639	​	$	2,177	​
Comparable operating earnings	​	​	125	​	​	117	​	​	349	​	​	248	​
Comparable operating earnings as a % of segment net sales	​	​	13	%	​	14	%	​	13	%	​	11	%

(a)	Further details of these items are included in Note 6 to the consolidated financial statements within Item 1 of this report.

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Segment sales for the three and nine months ended September 30, 2021, were $128 million and $462 million higher, respectively, compared to the same periods in 2020. The increase in sales for the three and nine months ended September 30, 2021, was primarily related to increased sales volumes, favorable currency exchange effects and the pass through of higher aluminum prices.

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Comparable operating earnings for the three and nine months ended September 30, 2021, were $8 million and $101 million higher, respectively, compared to the same periods in 2020. The increase in comparable operating earnings for the three and nine months ended September 30, 2021, was primarily due to higher sales volumes.

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Beverage Packaging, South America

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​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,					​
($ in millions)		2021			2020			2021			2020
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	462	​	$	432	​	$	1,401	​	$	1,166	​
Comparable operating earnings	​	​	74	​	​	64	​	​	245	​	​	173	​
Comparable operating earnings as a % of segment net sales	​	​	16	%	​	15	%	​	17	%	​	15	%

(a)	Further details of these items are included in Note 6 to the consolidated financial statements within Item 1 of this report.

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Segment sales for the three and nine months ended September 30, 2021, were $30 million and $235 million higher compared to the same periods in 2020. The increase in sales for the three months ended September 30, 2021, was primarily related to the pass through of higher aluminum prices and improved mix, partially offset by decreased sales volumes following unfavorable weather conditions in July and August across South America. The increase in sales for the nine months ended September 30, 2021, was primarily due to higher sales volumes and the pass through of higher aluminum prices.

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Comparable operating earnings for the three and nine months ended September 30, 2021, were $10 million and $72 million higher, respectively, compared to the same periods in 2020. The increase in comparable operating earnings for the three months ended September 30, 2021, was primarily due to improved mix, partially offset by lower volumes. The increase in comparable operating earnings for the nine months ended September 30, 2021, was primarily due to increased sales volumes and favorable mix.

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Aerospace

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​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,					​
($ in millions)		2021			2020			2021			2020
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	498	​	$	451	​	$	1,381	​	$	1,321	​
Comparable operating earnings	​	​	46	​	​	44	​	​	115	​	​	114	​
Comparable operating earnings as a % of segment net sales	​	​	9	%	​	10	%	​	8	%	​	9	%

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Segment sales for the three and nine months ended September 30, 2021, were $47 million and $60 million higher, respectively, compared to the same periods in 2020, and comparable operating earnings for the three and nine months ended September 30, 2021, were $2 million and $1 million higher, respectively, compared to the same periods in 2020. The higher sales and earnings for the three months ended September 30, 2021, were primarily due to the company’s new program wins and backlog growth.

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The aerospace sales contract mix for the nine months ended September 30, 2021, consisted of 48 percent cost-type contracts, which are billed at our costs plus an agreed upon and/or earned profit component, and 49 percent fixed-price contracts. The remaining sales were for time and materials contracts. Contracted backlog was $2.8 billion and $2.4 billion at September 30, 2021, and December 31, 2020, respectively. The backlog at September 30, 2021, consisted of 40 percent cost-type contracts. Comparisons of backlog are not necessarily indicative of the trend of future operations due to the nature of varying delivery and milestone schedules on contracts, timing variances in program funding and the uncertain timing of future contract awards.

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Management Performance Measures

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

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

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The following financial measurements are presented on a non-U.S. GAAP basis and should be considered in connection with the consolidated financial statements included within Item 1 of this report. Non-U.S. GAAP measures should not be considered in isolation and should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP. A presentation of earnings in accordance with U.S. GAAP is available in Item 1 of this report.

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Based on the above definitions, our calculation of comparable operating earnings is summarized below:

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,
($ in millions)		2021			2020			2021			2020
​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings attributable to Ball Corporation	​	$	179	​	$	241	​	$	581	​	$	358
Net earnings (loss) attributable to noncontrolling interests, net of tax	​	​	—	​	​	(1)	​	​	—	​	​	(3)
Net earnings	​	​	179	​	​	240	​	​	581	​	​	355
Equity in results of affiliates, net of tax	​	​	(8)	​	​	(8)	​	​	(18)	​	​	13
Tax provision (benefit)	​	​	(2)	​	​	73	​	​	146	​	​	92
Earnings before taxes	​	​	169	​	​	305	​	​	709	​	​	460
Total interest expense	​	​	69	​	​	69	​	​	202	​	​	247
Earnings before interest and taxes	​	​	238	​	​	374	​	​	911	​	​	707
Business consolidation and other activities	​	​	141	​	​	8	​	​	136	​	​	235
Amortization of acquired intangibles	​	​	38	​	​	37	​	​	114	​	​	111
Comparable operating earnings	​	$	417	​	$	419	​	$	1,161	​	$	1,053

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Our calculation of comparable net earnings and the related earnings per share are summarized below:

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,
($ in millions, except per share amounts)		2021			2020			2021			2020
​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings attributable to Ball Corporation	​	$	179	​	$	241	​	$	581	​	$	358
Business consolidation and other activities	​	​	141	​	​	8	​	​	136	​	​	235
Amortization of acquired intangibles	​	​	38	​	​	37	​	​	114	​	​	111
Share of equity method affiliate non-comparable costs, net of tax	​	​	(3)	​	​	1	​	​	3	​	​	31
Debt refinancing and other costs	​	​	1	​	​	1	​	​	1	​	​	41
Noncontrolling interest share of non-comparable costs, net of tax	​	​	—	​	​	—	​	​	—	​	​	1
Non-comparable taxes	​	​	(43)	​	​	9	​	​	5	​	​	(62)
Comparable net earnings	​	$	313	​	$	297	​	$	840	​	$	715
​	​	​	​	​	​	​	​	​	​	​	​	​
Diluted earnings per share	​	$	0.54	​	$	0.72	​	$	1.75	​	$	1.08
Comparable diluted earnings per share	​	$	0.94	​	$	0.89	​	$	2.52	​	$	2.15

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NEW ACCOUNTING PRONOUNCEMENTS

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For information regarding recent accounting pronouncements, see Note 2 to the consolidated financial statements included within Item 1 of this report on Form 10-Q.

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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

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Cash Flows and Capital Expenditures

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The following summarizes our cash flows:

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​	​	​	​	​	​	​
​	​	Nine Months Ended September 30,
($ in millions)		2021			2020
​	​	​	​	​	​	​
Cash flows provided by (used in) operating activities	​	$	876	​	$	345
Cash flows provided by (used in) investing activities	​	​	(1,104)	​	​	(751)
Cash flows provided by (used in) financing activities	​	​	327	​	​	(521)

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Our primary sources of liquidity are cash provided by operating activities and external borrowings. We believe that cash flows from operations 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.

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Cash flows provided by operating activities were $876 million in 2021, primarily driven by net earnings before depreciation and amortization of $1.1 billion, being partially offset by pension contributions of $203 million and working capital outflows of $248 million, which reflected an increase in days sales outstanding from 42 days in 2020 to 54 days in 2021 and an increase in days payable outstanding from 128 days in 2020 to 136 days in 2021.

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Cash flows used in investing activities were $1.1 billion in 2021 primarily driven by $1.2 billion of capital expenditures for large growth projects, partially offset by $110 million received in 2021 for the sale of our minority-owned investment in South Korea.

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Cash flows provided by financing activities were $327 million in 2021 driven primarily by the issuance of $850 million of 3.125% senior notes, partially offset by net share purchases of $325 million and common stock dividends of $164 million.

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We have entered into several regional committed and uncommitted accounts receivable factoring programs with various financial institutions for certain of our receivables. The programs are accounted for as true sales of the receivables, without recourse to Ball, and had combined limits of approximately $1.7 billion at September 30, 2021, and $1.6 billion at December 31, 2020. A total of $430 million and $232 million were available for sale under such programs as of September 30, 2021, and December 31, 2020, respectively.

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Contributions to the company’s defined benefit pension plans were $203 million in the first nine months of 2021 compared to $92 million in the first nine months of 2020, and such contributions are expected to be approximately $215 million for the full year of 2021. This estimate may change based on changes to the U.S. Pension Protection Act, the effects of the CARES Act and ARPA Act and the actual returns achieved on plan assets, among other factors.

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The company has approximately $1.7 billion of capital expenditures for property, plant and equipment contractually committed as of September 30, 2021.

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As of September 30, 2021, approximately $427 million of our cash was held outside of the U.S. In the event we need to utilize any of the cash held outside 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. Management believes the company’s U.S. operating cash flows and cash on hand, together with its availability under long-term, revolving credit facilities, uncommitted short-term credit facilities and committed and uncommitted accounts receivable factoring programs, will be sufficient to meet the cash requirements of the U.S. portion of our ongoing operations, scheduled principal and interest payments on U.S. debt, dividend payments, capital expenditures and other U.S. cash requirements. If non-U.S. funds are needed for our U.S. cash requirements and we are unable to provide the funds through intercompany financing arrangements, we would be required to repatriate funds from non-U.S. locations where the company has previously asserted indefinite reinvestment of funds outside the U.S.

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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 may become payable if these earnings were remitted to the U.S.

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Share Repurchases

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The company’s share repurchases, net of issuances, totaled $325 million during the nine months ended September 30, 2021, compared to $69 million of repurchases, net of issuances, during the same period of 2020. The company’s share repurchases are completed using cash on hand, cash provided by operating activities and available borrowings.

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Debt Facilities and Refinancing

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Given our cash flow projections and unused credit facilities that are available until March 2024, our liquidity is strong and is expected to meet our ongoing cash and debt service requirements. Total interest-bearing debt of $8.5 billion and $7.8 billion was outstanding at September 30, 2021, and December 31, 2020, respectively.

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At September 30, 2021, taking into account our outstanding letters of credit, approximately $1.7 billion was available under existing long-term, multi-currency committed revolving credit facilities, which are available until March 2024. In addition to these facilities, the company had approximately $1 billion of short-term uncommitted credit facilities available as of September 30, 2021, of which $24 million was outstanding and due on demand.

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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.

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We were in compliance with all loan agreements at September 30, 2021, and for all prior years presented, and we have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividends, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants requires us to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of December 31, 2022. As of September 30, 2021, the company could borrow up to its limits available under the company’s long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities without violating our existing debt covenants. Additional details regarding our debt are available in Note 15 accompanying the consolidated financial statements within Item 1 of this report.

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CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES

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Details about the company’s contingencies, indemnifications and guarantees are available in Note 21 and Note 22 accompanying the consolidated financial statements included 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 and state environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites, including in respect of sites related to alleged activities of certain former Rexam subsidiaries. The company believes the matters identified will not have a material adverse effect upon its liquidity, results of operations or financial condition.

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Guaranteed Securities

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The company’s senior notes are guaranteed on a full and unconditional, joint and several bases 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.

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The following summarized financial information relates to the obligor group as of September 30, 2021, and December 31, 2020, and for the nine months ended September 30, 2021, and the year ended December 31, 2020. 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.

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​	​	​	​	​	​	​
​	​	Nine Months Ended		​	Year Ended
($ in millions)	​	September 30, 2021			December 31, 2020
​	​	​	​	​	​	​
Net sales	​	$	5,885	​	$	7,115
Gross profit (a)	​	​	673	​	​	935
Net earnings (loss)	​	​	266	​	​	528
Net earnings (loss) attributable to Ball Corporation	​	​	266	​	​	528

(a)	Gross profit is shown after depreciation and amortization related to cost of sales of $148 million for the nine months ended September 30, 2021, and $167 million for the year ended December 31, 2020.

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​	​	​	​	​	​	​
​	​	September 30,		​	December 31,
($ in millions)		2021			2020
​	​	​	​	​	​	​
Current assets	​	$	3,218	​	$	2,211
Noncurrent assets	​	​	14,396	​	​	13,701
Current liabilities	​	​	5,181	​	​	3,704
Noncurrent liabilities	​	​	11,075	​	​	10,854

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Included in the amounts disclosed in the tables above, at September 30, 2021, and December 31, 2020, the obligor group held receivables due from other subsidiary companies of $435 million and $221 million, respectively, long-term notes receivable due from other subsidiary companies of $9.1 billion and $9.2 billion, respectively, payables due to other subsidiary companies of $1.8 billion and $1.7 billion, respectively, and long-term notes payable due to other subsidiary companies of $1.9 billion and $1.5 billion, respectively.

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For the nine months ended September 30, 2021, and the year ended December 31, 2020, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $583 million and $804 million, respectively, net credits from them of $25 million and $24 million, respectively, and net interest income from them of $253 million and $393 million, respectively. During the year ended December 31, 2020, the obligor group received dividends from other subsidiary companies of $56 million.

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A description of the terms and conditions of the company’s debt guarantees is located in Note 22 of Item 1 of this report.

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In the ordinary course of business, the company employs established risk management policies and procedures, which seek to reduce our exposure to fluctuations in commodity prices, interest rates, exchange currencies and prices of the company’s common stock in regard to common share repurchases and the company’s deferred compensation stock plan, although there can be no assurance that these policies and procedures will be successful. The company mitigates its exposure by spreading the risk among various counterparties, thus limiting exposure with any one party. The company also monitors the credit ratings of its suppliers, customers, lenders and counterparties on a regular basis. Further details are available in Item 7A within Ball’s 2020 Annual Report on Form 10-K filed on February 17, 2021, and in Note 20 accompanying the consolidated financial statements included within Item 1 of this report.

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Our chief executive officer and chief financial officer participated in management’s evaluation of our disclosure controls and procedures, as defined by the Securities and Exchange Commission (SEC), as of the end of the period covered by this report and concluded that our controls and procedures were effective. There were no changes to internal controls during the company’s third quarter of 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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FORWARD-LOOKING STATEMENTS

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This report contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," "believes," and similar expressions typically identify forward-looking statements, which are generally any statements other than statements of historical fact. 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. You should therefore not place undue reliance upon any forward-looking statements and any such statements should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in our Form 10-K, which are available on our website and at www.sec.gov. Additional factors that might affect: a) our packaging segments include product capacity, supply, and demand constraints and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; changes in climate and weather; footprint adjustments and other manufacturing changes, including the startup of new facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable mandatory deposit or packaging laws; customer and supplier consolidation; power and supply chain interruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; political instability and sanctions; currency controls; changes in currency exchange or tax rates; and tariffs, trade actions, or other governmental actions, including business restrictions and shelter-in-place orders in any country or jurisdiction affecting goods produced by us or in our supply chain, including imported raw materials; b) our aerospace segment include funding, authorization, availability and returns of government and commercial contracts; and delays, extensions and technical uncertainties affecting segment contracts; c) the Company as a whole include those listed above plus: the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; regulatory actions or issues including those related to tax, ESG reporting, competition, environmental, health and workplace safety, including U.S. FDA and other actions or public concerns affecting products filled in our containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; the ability to manage cyber threats; litigation; strikes; disease; pandemic; labor cost changes; rates of return on assets of the Company's defined benefit retirement plans; pension changes; uncertainties surrounding geopolitical events and governmental policies both in the U.S. and in other countries, including policies, orders, and actions related to COVID-19; reduced cash flow; interest rates affecting our debt; and successful or unsuccessful joint ventures, acquisitions and divestitures, and their effects on our operating results and business generally.

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PART II. OTHER INFORMATION

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Item 1. Legal Proceedings

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There were no events required to be reported under Item 1 for the three months ended September 30, 2021, except as discussed in Note 21 to the consolidated financial statements included within Part I, Item 1 of this report.

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Item 2. Changes in Securities

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The following table summarizes the company’s repurchases of its common stock during the third quarter of 2021.

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​	​	​	​	​	​	​	​	​	​
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)
​	​	​	​	​	​	​	​	​	​
July 1 to July 31, 2021	​	257,897	​	$	82.24	​	257,897	​	34,518,266
August 1 to August 31, 2021	​	1,392,218	​	​	90.41	​	1,392,218	​	33,126,048
September 1 to September 30, 2021	​	779,311	​	​	92.71	​	779,311	​	32,346,737
Total	​	2,429,426	​	​	90.28	​	2,429,426	​	​

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

(b)	The company has an ongoing repurchase program for which 50 million shares were authorized for repurchase by Ball’s Board of Directors.

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Item 3. Defaults Upon Senior Securities

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There were no events required to be reported under Item 3 for the three months ended September 30, 2021.

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Item 4. Mine Safety Disclosures

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Not applicable.

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There were no events required to be reported under Item 5 for the three months ended September 30, 2021.

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​	​	​
12	​	Obligor group subsidiaries of Ball Corporation
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31.1		Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) by John A. Hayes, Chairman and Chief Executive Officer of Ball Corporation.
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31.2	​	Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) by Scott C. Morrison, Executive Vice President and Chief Financial Officer of Ball Corporation.
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32.1	​	Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code by John A. Hayes, Chairman and Chief Executive Officer of Ball Corporation.
​	​	​
32.2	​	Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code by Scott C. Morrison, Executive Vice President and Chief Financial Officer of Ball Corporation.
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99	​	Cautionary statement for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.
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101.INS	​	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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101.SCH	​	Inline XBRL Taxonomy Extension Schema Document.
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101.CAL	​	Inline XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF	​	Inline XBRL Taxonomy Extension Definitions Linkbase Document
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101.LAB	​	Inline XBRL Taxonomy Extension Label Linkbase Document
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101.PRE	​	Inline XBRL Taxonomy Extension Presentation Linkbase Document
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104	​	The cover page of the company’s quarterly report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL (contained in Exhibit 101), the: (i) Unaudited Condensed Consolidated Statement of Earnings, (ii) Unaudited Statement of Comprehensive Earnings, (iii) Unaudited Condensed Consolidated Balance Sheet, (iv) Unaudited Condensed Consolidated Statement of Cash Flows and (v) Notes to the Unaudited Condensed Consolidated Financial Statements.

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SIGNATURE

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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Ball Corporation
(Registrant)
​	​
​	​
By:	/s/ Scott C. Morrison	​
​	Scott C. Morrison	​
​	Executive Vice President and Chief Financial Officer	​
​	​	​
​	​	​
Date:	November 5, 2021	​

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