Shareholders' Equity and Comprehensive Earnings

9 Months Ended

Sep. 30, 2013

Shareholders' Equity and Comprehensive Earnings

Shareholders' Equity and Comprehensive Earnings

13.  Shareholders’ Equity and Comprehensive Earnings

Accumulated Other Comprehensive Earnings (Loss)

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

($ in millions)	Foreign Currency Translation		Pension and Other Postretirement Benefits (Net of Tax)			Effective Derivatives (Net of Tax)			Accumulated Other Comprehensive Earnings (Loss)
Balance at December 31, 2012	$	117.5	$	(461.0	)	$	(8.9	)	$	(352.4	)
Other comprehensive earnings (loss) before reclassifications	29.7		(3.8		)	(37.0		)	(11.1		)
Amounts reclassified from Accumulated other comprehensive earnings (loss)	—		21.5			13.9			35.4
Balance at September 30, 2013	$	147.2	$	(443.3	)	$	(32.0	)	$	(328.1	)

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

	Three Months Ended			Nine Months Ended
($ in millions)	September 30, 2013			September 30, 2013
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	2.8		$	5.2
Commodity contracts and currency exchange contracts recorded in cost of sales	(13.2		)	(23.6		)
Interest rate contracts recorded in interest expense	(0.3		)	(0.8		)
Total before tax effect	(10.7		)	(19.2		)
Tax benefit (expense) on amounts reclassified into earnings	2.7			5.3
Recognized gain (loss)	$	(8.0	)	$	(13.9	)
Amortization of pension and other postretirement benefits (a):
Prior service income (cost)	$	0.1		$	0.3
Actuarial gains (losses)	(11.9		)	(35.7		)
Total before tax effect	(11.8		)	(35.4		)
Tax benefit (expense) on amounts reclassified into earnings	4.7			13.9
Recognized gain (loss)	$	(7.1	)	$	(21.5	)

(a) These components are included in the computation of net periodic benefit cost included in Note 12.

Share Repurchase Agreements

In February 2012, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $200 million of its common shares using cash on hand and available borrowings. The company advanced the $200 million on February 3, 2012, and received 4,584,819 shares, which represented 90 percent of the total shares as calculated using the closing price on January 31, 2012. The agreement was settled in May 2012, and the company received an additional 334,039 shares, which represented a weighted average price of $40.66 for the contract period.

In October 2011, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $100 million of its common shares using cash on hand and available borrowings. The company advanced the $100 million on November 2, 2011, and received 2,523,836 shares, which represented 90 percent of the total shares as calculated using the closing price on October 28, 2011. The agreement was settled in January 2012, and the company received an additional 361,615 shares, which represented a weighted average price of $34.66 for the contract period.