17. Shareholders’ Equity and Comprehensive Earnings

Under its ongoing share repurchase program, the company repurchased $175 million of its shares, net of issuances, during the six months ended June 30, 2018, and an additional $124 million was repurchased during July 2018. The company expects net share repurchases for the full year 2018 to approach $700 million.

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		(111)		—		34		(77)
Amounts reclassified from accumulated other comprehensive earnings (loss)		—		14		(48)		(34)
Balance at June 30, 2018	$	(418)	$	(348)	$	(1)	$	(767)

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


	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2018		2017		2018		2017

Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	(1)	$	—	$	(4)	$	(3)
Commodity contracts recorded in cost of sales		18		9		28		17
Currency exchange contracts recorded in selling, general and administrative		1		—		1		—
Cross-currency swaps recorded in selling, general and administrative		59		(71)		30		(84)
Cross-currency swaps recorded in interest expense		3		5		6		10
Total before tax effect		80		(57)		61		(60)
Tax benefit (expense) on amounts reclassified into earnings		(18)		13		(13)		(2)
Recognized gain (loss)	$	62	$	(44)	$	48	$	(62)

Amortization of pension and other postretirement benefits: (a)
Actuarial gains (losses)		(10)		(8)		(19)		(17)
Total before tax effect		(10)		(8)		(19)		(17)
Tax benefit (expense) on amounts reclassified into earnings		3		3		5		6
Recognized gain (loss)	$	(7)	$	(5)	$	(14)	$	(11)

(a)

The pension components are included in the computation of net periodic benefit cost included in Note 16.