16. Shareholders’ Equity and Comprehensive Earnings

In April 2017, the company’s board of directors declared a two-for-one split of Ball Corporation’s common stock, which was effective as of May 16, 2017.

In August 2017, 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, and the company received 2.5 million shares.

Accumulated Other Comprehensive Earnings (Loss)

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


($ in millions)	Foreign Currency Translation (Net of Tax)		Pension and Other Postretirement Benefits (Net of Tax)		Effective Derivatives (Net of Tax)		Accumulated Other Comprehensive Earnings (Loss)

Balance at December 31, 2017	$	(307)	$	(362)	$	13	$	(656)
Other comprehensive earnings (loss) before reclassifications		14		5		(57)		(38)
Amounts reclassified from accumulated other comprehensive earnings (loss)		—		7		14		21
Balance at March 31, 2018	$	(293)	$	(350)	$	(30)	$	(673)

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)	2018		2017

Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	(3)	$	(3)
Commodity contracts recorded in cost of sales		10		8
Currency exchange contracts recorded in business consolidation and other activities		—		3
Cross-currency swaps recorded in selling, general and administrative		(29)		(17)
Cross-currency swaps recorded in interest expense		3		—
Total before tax effect		(19)		(9)
Tax benefit (expense) on amounts reclassified into earnings		5		(15)
Recognized gain (loss)	$	(14)	$	(24)

Amortization of pension and other postretirement benefits: (a)
Actuarial gains (losses)		(9)		(9)
Total before tax effect		(9)		(9)
Tax benefit (expense) on amounts reclassified into earnings		2		3
Recognized gain (loss)	$	(7)	$	(6)

(a)

The pension components are included in the computation of net periodic benefit cost included in Note 15.