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Debt | 3 Months Ended
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Mar. 31, 2026
Debt |
Debt | 15. Debt ​ Long-term debt outstanding and interest rates in effect, along with short-term debt outstanding, consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
($ in millions) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | ​ | ​ | ​ | ​ | ​
Senior Notes | ​ | ​ | ​ | ​ | ​ | ​
1.50%, euro denominated, due March 2027 | ​ | ​ | 635 | ​ | ​ | 646
6.00% due June 2029 | ​ | ​ | 1,000 | ​ | ​ | 1,000
2.875% due August 2030 | ​ | ​ | 1,300 | ​ | ​ | 1,300
3.125% due September 2031 | ​ | ​ | 850 | ​ | ​ | 850
4.25%, euro denominated, due July 2032 | ​ | ​ | 982 | ​ | ​ | 998
5.50% due September 2033 | ​ | ​ | 750 | ​ | ​ | 750
Senior Credit Facility (at variable rates) | ​ | ​ | ​ | ​ | ​ | ​
U.S. dollar revolver due November 2030 (4.67% - 2026) | ​ | ​ | 700 | ​ | ​ | —
Multi-currency revolver due November 2030 | ​ | ​ | — | ​ | ​ | —
Term A loan due November 2030 (4.67% - 2026) | ​ | ​ | 1,500 | ​ | ​ | 1,500
Finance lease obligations | ​ | ​ | 7 | ​ | ​ | 8
Other (including debt issuance costs) | ​ | ​ | (56) | ​ | ​ | (59)
​ | ​ | ​ | 7,668 | ​ | ​ | 6,993
Less: Current portion of long-term debt | ​ | ​ | (647) | ​ | ​ | (2)
Long-term debt | ​ | $ | 7,021 | ​ | $ | 6,991
​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term debt | ​ | ​ | ​ | ​ | ​ | ​
Current portion of long-term debt | ​ | $ | 647 | ​ | $ | 2
Short-term uncommitted credit facilities | ​ | ​ | 139 | ​ | ​ | 19
Short-term debt and current portion of long-term debt | ​ | $ | 786 | ​ | $ | 21
​ ​ The company’s senior credit facilities include a $1.50 billion term loan and long-term multi-currency revolving facilities that mature in November 2030, which provide the company with up to U.S. dollar equivalent of $2.00 billion. At March 31, 2026, $1.24 billion was available under these revolving credit facilities. The company had approximately $940 million of short-term uncommitted credit facilities available at March 31, 2026. ​ During the first quarter of 2026, Ball paid down $137 million of short-term borrowings assumed as part of the Benepack acquisition. See Note 4 for further details on the acquisition. ​ The fair value of Ball’s long-term debt was estimated to be $7.46 billion and $6.89 billion at March 31, 2026, and December 31, 2025, respectively. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company’s ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt based on discounted cash flows. ​ The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The company’s most restrictive debt covenant requires it to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of March 31, 2026. The company was in compliance with the leverage ratio requirement at March 31, 2026, and for all prior periods presented, and has met all debt payment obligations.

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