Shareholders' Equity and Comprehensive Earnings

3 Months Ended

Mar. 31, 2014

Shareholders' Equity and Comprehensive Earnings

Shareholders' Equity and Comprehensive Earnings

12.  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, 2013	$	179.9		$	(381.8	)	$	(38.8	)	$	(240.7	)
Other comprehensive earnings (loss) before reclassifications	(23.5		)	(0.2		)	(3.5		)	(27.2		)
Amounts reclassified from accumulated other comprehensive earnings (loss)	—			5.3			6.1			11.4
Balance at March 31, 2014	$	156.4		$	(376.7	)	$	(36.2	)	$	(256.5	)

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

	Three Months Ended March 31,
($ in millions)	2014			2013
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	0.8		$	(0.6	)
Commodity contracts and currency exchange contracts recorded in cost of sales	(7.5		)	(4.3		)
Interest rate contracts recorded in interest expense	(0.3		)	(0.3		)
Total before tax effect	(7.0		)	(5.2		)
Tax benefit (expense) on amounts reclassified into earnings	0.9			1.7
Recognized gain (loss)	$	(6.1	)	$	(3.5	)
Amortization of pension and other postretirement benefits (a):
Prior service income (cost)	$	0.1		$	0.1
Actuarial gains (losses)	(8.5		)	(11.9		)
Total before tax effect	(8.4		)	(11.8		)
Tax benefit (expense) on amounts reclassified into earnings	3.1			4.6
Recognized gain (loss)	$	(5.3	)	$	(7.2	)

(a) These components are included in the computation of net periodic benefit cost included in Note 11.

Share Repurchase Agreements

On March 4, 2014, 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 March 7, 2014, and received 1,538,740 shares, which represented 85 percent of the total shares as calculated using the closing price on March 3, 2014. The agreement is expected to be settled by the end of the second quarter.