Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Equity and Accumulated Other Comprehensive Earnings

Equity and Comprehensive Earnings

18. Shareholders’ Equity

At December 31, 2021, 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 $719 million, $75 million and $945 million of its shares, net of issuances, during the years ended December 31, 2021, 2020, and 2019, respectively. The 2019 amount included shares repurchased under accelerated share repurchase agreements with third-party financial institutions.

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, 2019	$	(340)	$	(558)	$	(12)	$	(910)
Other comprehensive earnings (loss) before reclassifications		(215)		(29)		(4)		(248)
Amounts reclassified from accumulated other comprehensive earnings (loss) into earnings		—		121		83		204
Balance at December 31, 2020		(555)		(466)		67		(954)
Other comprehensive earnings (loss) before reclassifications		19		158		156		333
Reclassification of net deferred (gains) losses into earnings		—		139		(100)		39
Balance at December 31, 2021	$	(536)	$	(169)	$	123	$	(582)

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)	2021		2020		2019
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	(121)	$	22	$	18
Commodity contracts recorded in cost of sales		153		(65)		(45)
Currency exchange contracts recorded in selling, general and administrative		90		(54)		7
Cross-currency swaps recorded in selling, general and administrative		—		(2)		35
Interest rate contracts recorded in interest expense		(2)		(8)		13
Total before tax effect		120		(107)		28
Tax benefit (expense) on amounts reclassified into earnings		(20)		24		(6)
Recognized gain (loss), net of tax	$	100	$	(83)	$	22
Amortization of pension and other postretirement benefits: (a)
Actuarial gains (losses)	$	(47)	$	(39)		(14)
Prior service income (expense)		(2)		(2)		(2)
Effect of pension settlements		(135)		(120)		(8)
Total before tax effect		(184)		(161)		(24)
Tax benefit (expense) on amounts reclassified into earnings		45		40		6
Recognized gain (loss), net of tax	$	(139)	$	(121)	$	(18)

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