Employee Benefit Obligations

6 Months Ended

Jun. 30, 2026

Employee Benefit Obligations

Employee Benefit Obligations

17. Employee Benefit Obligations


		June 30,			December 31,
($ in millions)		2026			2025

Underfunded defined benefit pension liabilities		$	176		$	191
Less: Current portion			(19)			(19)
Long-term defined benefit pension liabilities			157			172
Long-term retiree medical liabilities			75			77
Deferred compensation plans			170			178
Other			66			72
		$	468		$	499

Components of net periodic benefit cost associated with the company’s defined benefit pension plans were as follows:


		Three Months Ended June 30,
		2026									2025
($ in millions)		U.S.			Non-U.S.			Total			U.S.			Non-U.S.			Total

Ball-sponsored plans:
Service cost		$	3		$	—		$	3		$	3		$	—		$	3
Interest cost			13			22			35			15			23			38
Expected return on plan assets			(19)			(21)			(40)			(20)			(22)			(42)
Amortization of prior service cost			—			—			—			—			—			—
Recognized net actuarial loss			—			5			5			1			4			5
Total net periodic benefit cost		$	(3)		$	6		$	3		$	(1)		$	5		$	4


		Six Months Ended June 30,
		2026									2025
($ in millions)		U.S.			Non-U.S.			Total			U.S.			Non-U.S.			Total

Ball-sponsored plans:
Service cost		$	6		$	—		$	6		$	7		$	—		$	7
Interest cost			25			45			70			29			45			74
Expected return on plan assets			(38)			(43)			(81)			(40)			(43)			(83)
Amortization of prior service cost			—			1			1			—			1			1
Recognized net actuarial loss			1			9			10			2			8			10
Total net periodic benefit cost		$	(6)		$	12		$	6		$	(2)		$	11		$	9

Non-service pension expense of $1 million for the three months ended June 30, 2025, and expense of $2 million for the six months ended June 30, 2025, is included in selling, general and administrative in the unaudited condensed consolidated statements of earnings.

Contributions to the company’s defined benefit pension plans were $15 million for the first six months of 2026 and 2025, and such contributions are expected to be approximately $29 million for the full year of 2026. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors.

In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or “buy-in”, for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. This transaction allows the company to reduce volatility by removing investment, longevity, mortality, interest rate and inflation risk upon the transfer of substantially all of the pension plan assets to the insurer in exchange for the group annuity insurance contract. At this time the company retains both the fair value of the annuity contract within plan assets and the pension benefit obligations related to these participants. The plan was frozen on April 5, 2024, and future service accruals were replaced with defined contribution benefits for the impacted employees. The company anticipates the “buy-out” will occur in third quarter of 2026, which will trigger a pension settlement that will result in all plan balances, including accumulated pension components within other comprehensive income, being charged to expense as a noncash settlement charge. As of June 30, 2026, accumulated other comprehensive income included $454 million of unrecognized pension losses, expected to be recognized upon settlement.