$BALL
BALL Corp

2021 Q4 Form 10-Q Financial Statement

#000155837021014796 Filed on November 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $3.674B $3.553B $3.093B
YoY Change 18.44% 14.87% 4.74%
Cost Of Revenue $2.981B $2.851B $2.430B
YoY Change 21.77% 17.33% 2.88%
Gross Profit $693.0M $702.0M $663.0M
YoY Change 5.96% 5.88% 41.67%
Gross Profit Margin 18.86% 19.76% 21.44%
Selling, General & Admin $122.0M $148.0M $121.0M
YoY Change -24.69% 22.31% 34.44%
% of Gross Profit 17.6% 21.08% 18.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $185.0M $130.0M $115.0M
YoY Change 9.47% 13.04% -6.5%
% of Gross Profit 26.7% 18.52% 17.35%
Operating Expenses $307.0M $148.0M $121.0M
YoY Change -7.25% 22.31% 34.44%
Operating Profit $386.0M $238.0M $374.0M
YoY Change 19.5% -36.36% 88.89%
Interest Expense -$69.00M -$68.00M -$68.00M
YoY Change 0.0% 0.0% -500.0%
% of Operating Profit -17.88% -28.57% -18.18%
Other Income/Expense, Net
YoY Change
Pretax Income $299.0M $169.0M $305.0M
YoY Change 31.72% -44.59% 156.3%
Income Tax $22.00M -$2.000M $73.00M
% Of Pretax Income 7.36% -1.18% 23.93%
Net Earnings $297.0M $179.0M $240.0M
YoY Change 30.84% -25.42% 160.87%
Net Earnings / Revenue 8.08% 5.04% 7.76%
Basic Earnings Per Share $0.55 $0.74
Diluted Earnings Per Share $906.5K $0.54 $0.72
COMMON SHARES
Basic Shares Outstanding 323.9M 325.9M 326.5M
Diluted Shares Outstanding 331.6M 332.7M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $563.0M $1.446B $771.0M
YoY Change -58.78% 87.55% 59.63%
Cash & Equivalents $563.0M $1.446B $771.0M
Short-Term Investments
Other Short-Term Assets $305.0M $344.0M $173.0M
YoY Change 39.91% 98.84% -17.22%
Inventory $1.795B $1.638B $1.309B
Prepaid Expenses
Receivables $2.022B $1.976B $1.418B
Other Receivables $538.0M $513.0M $354.0M
Total Short-Term Assets $5.223B $5.917B $4.025B
YoY Change 11.72% 47.01% 5.12%
LONG-TERM ASSETS
Property, Plant & Equipment $6.922B $6.576B $5.186B
YoY Change 22.45% 26.8% 20.05%
Goodwill $4.378B $4.407B $4.401B
YoY Change -2.36% 0.14% 0.69%
Intangibles $1.688B $1.732B $1.897B
YoY Change -10.36% -8.7% -6.41%
Long-Term Investments $184.0M $182.0M $304.0M
YoY Change -42.68% -40.13% 7.8%
Other Assets $1.923B $1.906B $1.754B
YoY Change 3.44% 8.67% 3.79%
Total Long-Term Assets $14.49B $14.22B $12.95B
YoY Change 6.73% 9.79% 4.34%
TOTAL ASSETS
Total Short-Term Assets $5.223B $5.917B $4.025B
Total Long-Term Assets $14.49B $14.22B $12.95B
Total Assets $19.71B $20.13B $16.97B
YoY Change 8.01% 18.62% 4.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.759B $4.210B $2.832B
YoY Change 38.75% 48.66% 6.55%
Accrued Expenses $429.0M $443.0M $344.0M
YoY Change 4.63% 28.78% 10.26%
Deferred Revenue $272.0M $226.0M $92.00M
YoY Change 151.85% 145.65% 61.4%
Short-Term Debt $12.00M $24.00M $30.00M
YoY Change -14.29% -20.0% -90.99%
Long-Term Debt Due $3.000M $738.0M $1.000M
YoY Change 0.0% 73700.0% -96.43%
Total Short-Term Liabilities $5.953B $6.131B $3.764B
YoY Change 33.96% 62.89% -0.24%
LONG-TERM LIABILITIES
Long-Term Debt $7.722B $7.755B $7.679B
YoY Change -0.78% 0.99% 15.94%
Other Long-Term Liabilities $484.0M $486.0M $414.0M
YoY Change 9.75% 17.39% 5.88%
Total Long-Term Liabilities $484.0M $486.0M $8.093B
YoY Change 9.75% -93.99% 15.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.953B $6.131B $3.764B
Total Long-Term Liabilities $484.0M $486.0M $8.093B
Total Liabilities $16.03B $16.37B $14.02B
YoY Change 7.47% 16.75% 9.76%
SHAREHOLDERS EQUITY
Retained Earnings $6.843B $6.611B $6.014B
YoY Change 10.51% 9.93% 5.62%
Common Stock $1.220B $1.209B $1.164B
YoY Change 4.54% 3.87% -1.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.627B $3.704B $2.886B
YoY Change
Total Liabilities & Shareholders Equity $19.71B $20.13B $16.97B
YoY Change 8.01% 18.62% 4.53%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $297.0M $179.0M $240.0M
YoY Change 30.84% -25.42% 160.87%
Depreciation, Depletion And Amortization $185.0M $130.0M $115.0M
YoY Change 9.47% 13.04% -6.5%
Cash From Operating Activities $884.0M $708.0M $577.0M
YoY Change -18.68% 22.7% 43.18%
INVESTING ACTIVITIES
Capital Expenditures -$522.0M -$447.0M $236.0M
YoY Change -221.4% -289.41% 57.33%
Acquisitions
YoY Change
Other Investing Activities -$13.00M $79.00M -$74.00M
YoY Change -206.76% 111.43%
Cash From Investing Activities -$535.0M -$368.0M -$310.0M
YoY Change 24.42% 18.71% 67.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.221B 549.0M -133.0M
YoY Change 1407.41% -512.78% -74.67%
NET CHANGE
Cash From Operating Activities 884.0M 708.0M 577.0M
Cash From Investing Activities -535.0M -368.0M -310.0M
Cash From Financing Activities -1.221B 549.0M -133.0M
Net Change In Cash -872.0M 889.0M 134.0M
YoY Change -251.39% 563.43% -143.65%
FREE CASH FLOW
Cash From Operating Activities $884.0M $708.0M $577.0M
Capital Expenditures -$522.0M -$447.0M $236.0M
Free Cash Flow $1.406B $1.155B $341.0M
YoY Change 114.0% 238.71% 34.78%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">1</b><b style="font-weight:bold;">.     Basis of Presentation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:12pt;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The accompanying unaudited condensed consolidated financial statements (consolidated financial statements) include the accounts of Ball Corporation and its controlled affiliates, including its consolidated variable interest entities (collectively Ball, the company, we or our), and have been prepared by the company. Certain information and footnote disclosures, including critical and significant accounting policies normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted for this quarterly presentation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Results of operations for the periods shown are not necessarily indicative of results for the year, particularly in view of the seasonality in the packaging segments and the variability of contract sales in the company’s aerospace segment. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto included in the company’s 2020 Annual Report on Form 10-K filed on February 17, 2021, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2020 (annual report).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and reported amounts of sales and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball’s management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the consolidated financial statements reflect all adjustments that are of a normal recurring nature and are necessary to fairly state the results of the periods presented.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Certain prior year amounts have been reclassified in order to conform to the current year presentation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Risks and Uncertainties – Novel Coronavirus (COVID-19)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The preparation of consolidated financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management’s judgement about the outcome of future events. The current global business environment continues to be impacted directly and indirectly by the effects of the ongoing novel coronavirus (COVID-19) pandemic, and it is not possible to accurately estimate the impacts of COVID-19 and its emerging variants. However, Ball management has reviewed the estimates used in preparing the company’s consolidated financial statements and the following have a reasonably possible likelihood of being affected, to a material extent, by the direct and indirect impacts of COVID-19 in the near term. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Estimates regarding the future financial performance of the business used in the company’s impairment tests for goodwill, long-lived assets, equity method investments, recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Estimates of recoverability for customer receivables;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Estimates of net realizable value for inventory;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Estimates regarding the likelihood of forecasted transactions associated with hedge accounting positions at September 30, 2021, which could impact the company’s ability to satisfy hedge accounting requirements and result in the recognition of income and/or expenses. </span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="background-color:#ffff00;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">In addition to the above potential impacts on the estimates used in preparing consolidated financial statements, COVID-19 has the potential to increase Ball’s vulnerabilities to near-term severe impacts related to certain concentrations in its business. In line with other companies in the packaging and aerospace industries, Ball makes the majority of its sales and significant purchases to or from a relatively small number of global, or large regional, customers and suppliers. Furthermore, Ball makes the majority of its sales from a small number of product lines. The potential of COVID-19 to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
5000000
CY2021Q3 us-gaap Foreign Currency Cash Flow Hedge Gain Loss Reclassified To Earnings Net
ForeignCurrencyCashFlowHedgeGainLossReclassifiedToEarningsNet
-27000000
CY2020Q3 us-gaap Foreign Currency Cash Flow Hedge Gain Loss Reclassified To Earnings Net
ForeignCurrencyCashFlowHedgeGainLossReclassifiedToEarningsNet
30000000
us-gaap Foreign Currency Cash Flow Hedge Gain Loss Reclassified To Earnings Net
ForeignCurrencyCashFlowHedgeGainLossReclassifiedToEarningsNet
-66000000
us-gaap Foreign Currency Cash Flow Hedge Gain Loss Reclassified To Earnings Net
ForeignCurrencyCashFlowHedgeGainLossReclassifiedToEarningsNet
23000000
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
16000000
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
36000000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
98000000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
51000000
bll Number Of Subsidiaries Assessed For Disallowed Deductions
NumberOfSubsidiariesAssessedForDisallowedDeductions
1
CY2021Q2 bll Gain On Indirect Tax Contingencies Realized
GainOnIndirectTaxContingenciesRealized
22000000

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