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Acquisitions and Dispositions | 12 Months Ended
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Dec. 31, 2019
Acquisitions and Dispositions |
Acquisitions and Dispositions | 4. Acquisitions and Dispositions ​ Argentina Steel Aerosol Business ​ In October 2019, the company sold its Argentina steel aerosol packaging business, which included facilities in Garin and San Luis, Argentina, and recorded a loss on disposal of $52 million, which included the write-off of cumulative translation adjustments of $45 million related to the Argentina business that had been previously recorded in accumulated other comprehensive income. The loss on disposal has been presented in business consolidation and other activities in the company’s consolidated statements of earnings. ​ Beverage Packaging China ​ In September 2019, the company completed the sale of its metal beverage packaging business in China for upfront consideration of approximately $213 million, subject to customary closing adjustments, plus potential additional consideration related to the relocation of an existing facility in China in the coming years. The upfront proceeds from this sale were received in the fourth quarter of 2019; the potential additional consideration is included in other long-term assets. The company recorded a loss on disposal of $45 million in business consolidation and other activities in the consolidated statement of earnings. ​ U.S. Steel Food and Steel Aerosol Business ​ On July 31, 2018, Ball sold its U.S. steel food and steel aerosol packaging business and formed a joint venture, Ball Metalpack. In exchange for the sale of this business, Ball received approximately $600 million of cash proceeds, subject to customary closing adjustments completed as of December 31, 2018, as well as a 49 percent ownership interest in Ball Metalpack. This investment is reported in other assets as an equity method investment on the company’s consolidated balance sheet. Ball recorded a loss of $41 million upon completion of the sale. This loss was recorded in business consolidation and other activities in the company’s consolidated statement of earnings. In the first quarter of 2020, the shareholders of Ball Metalpack provided additional equity contributions and loans to Ball Metalpack, of which Ball's share was $30 million, which will result in Ball recognizing previously unrecorded equity method losses associated with prior periods. Ball is under no obligation to provide additional equity contributions or loans to Ball Metalpack. Also in the first quarter of 2020, an additional loss on the sale of the business of $15 million will be recorded in connection with a final adjustment to the selling price, which will be recorded in business consolidation and other activities in the company’s consolidated statement of earnings.

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