Shareholders Equity

12 Months Ended

Dec. 31, 2022

Shareholders Equity

Equity and Accumulated Other Comprehensive Earnings (Loss)

18. Shareholders’ Equity

At December 31, 2022, the company had 1.1 billion shares of common stock and 15 million shares of preferred stock authorized, both without par value. Preferred stock includes 550,000 authorized but unissued shares designated as Series A Junior Participating Preferred Stock.

Under its ongoing share repurchase program, the company repurchased $582 million, $719 million and $75 million of its shares, net of issuances, during the years ended December 31, 2022, 2021, and 2020, respectively. In the second quarter of 2022, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $300 million of its common shares using cash on hand and available borrowings. In the third quarter of 2022, Ball settled the agreement and received a total of 4.34 million shares with the average price per share paid of $69.06.

In the third quarter of 2021, Ball’s board of directors increased the company’s quarterly common share dividend by 33 percent to 20 cents per share.

Accumulated Other Comprehensive Earnings (Loss)

The activity related to accumulated other comprehensive earnings (loss) was as follows:

($ in millions)	​ Currency Translation (Net of Tax)		Pension and Other Postretirement Benefits (Net of Tax)		Derivatives Designated as Hedges (Net of Tax)		Accumulated Other Comprehensive Earnings (Loss)
Balance at December 31, 2020	$	(555)	$	(466)	$	67	$	(954)
Other comprehensive earnings (loss) before reclassifications		19		158		156		333
Amounts reclassified into earnings		—		139		(100)		39
Balance at December 31, 2021		(536)		(169)		123		(582)
Other comprehensive earnings (loss) before reclassifications		192		(88)		64		168
Amounts reclassified into earnings		(90)		30		(205)		(265)
Balance at December 31, 2022	$	(434)	$	(227)	$	(18)	$	(679)

The following table provides additional details of the amounts reclassified into net earnings from accumulated other comprehensive earnings (loss):

	Years Ended December 31,
($  in millions)	2022		2021		2020
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	59	$	(121)	$	22
Commodity contracts recorded in cost of sales		119		153		(65)
Currency exchange contracts recorded in selling, general and administrative		81		90		(54)
Cross-currency swaps recorded in selling, general and administrative		—		—		(2)
Interest rate contracts recorded in interest expense		2		(2)		(8)
Total before tax effect		261		120		(107)
Tax benefit (expense) on amounts reclassified into earnings		(56)		(20)		24
Recognized gain (loss), net of tax	$	205	$	100	$	(83)
Amortization of pension and other postretirement benefits: (a)
Actuarial gains (losses)	$	(28)	$	(47)	$	(39)
Prior service income (expense)		(2)		(2)		(2)
Effect of settlement losses and other one-time charges		(10)		(135)		(120)
Total before tax effect		(40)		(184)		(161)
Tax benefit (expense) on amounts reclassified into earnings		10		45		40
Recognized gain (loss), net of tax	$	(30)	$	(139)	$	(121)
Currency translation recorded in business consolidation and other activities from the sale of the Russian aluminum beverage packaging business	$	90	$	—	$	—

(a) These components include the computation of net periodic benefit cost detailed in Note 17.