Equity and Accumulated Other Comprehensive Earnings (Loss)

6 Months Ended

Jun. 30, 2022

Equity and Accumulated Other Comprehensive Earnings (Loss)

Equity and Accumulated Other Comprehensive Earnings (Loss)

18.    Equity and Accumulated Other Comprehensive Earnings (Loss)

The following tables provide additional details of the company’s equity activity:

	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity
Balance at March 31, 2022	681,736	$	1,226	(361,097)	$	(3,941)	$	7,224	$	(611)	$	59	$	3,957
Net earnings (loss)	—		—	—		—		(174)		—		9		(165)
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		265		—		265
Common dividends, net of tax benefits	—		—	—		—		(63)		—		—		(63)
Treasury stock purchases	—		—	(6,316)		(476)		—		—		—		(476)
Treasury shares reissued	—		—	14		8		—		—		—		8
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	130		6	—		—		—		—		—		6
Other activity	—		—	—		1		—		—		—		1
Balance at June 30, 2022	681,866	$	1,232	(367,399)	$	(4,408)	$	6,987	$	(346)	$	68	$	3,533

	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity
Balance at March 31, 2021	680,014	$	1,171	(351,899)	$	(3,124)	$	6,342	$	(897)	$	62	$	3,554
Net earnings (loss)	—		—	—		—		202		—		—		202
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		100		—		100
Common dividends, net of tax benefits	—		—	—		—		(48)		—		—		(48)
Treasury stock purchases	—		—	(1,651)		(139)		—		—		—		(139)
Treasury shares reissued	—		—	75		8		—		—		—		8
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	232		24	—		—		—		—		—		24
Balance at June 30, 2021	680,246	$	1,195	(353,475)	$	(3,255)	$	6,496	$	(797)	$	62	$	3,701

	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity
Balance at December 31, 2021	680,945	$	1,220	(360,101)	$	(3,854)	$	6,843	$	(582)	$	58	$	3,685
Net earnings (loss)	—		—	—		—		272		—		10		282
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		236		—		236
Common dividends	—		—	—		—		(128)		—		—		(128)
Treasury stock purchases	—		—	(7,463)		(578)		—		—		—		(578)
Treasury shares reissued	—		—	165		17		—		—		—		17
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	921		12	—		—		—		—		—		12
Other activity	—		—	—		7		—		—		—		7
Balance at June 30, 2022	681,866	$	1,232	(367,399)	$	(4,408)	$	6,987	$	(346)	$	68	$	3,533

	Common Stock			Treasury Stock					Accumulated Other
	Number of			Number of			Retained		Comprehensive		Noncontrolling		Total
($ in millions; share amounts in thousands)	Shares	Amount		Shares	Amount		Earnings		Earnings (Loss)		Interest		Equity
Balance at December 31, 2020	679,524	$	1,167	(351,939)	$	(3,130)	$	6,192	$	(954)	$	62	$	3,337
Net earnings (loss)	—		—	—		—		402		—		—		402
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		157		—		157
Common dividends	—		—	—		—		(98)		—		—		(98)
Treasury stock purchases	—		—	(1,772)		(149)		—		—		—		(149)
Treasury shares reissued	—		—	236		16		—		—		—		16
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	722		28	—		8		—		—		—		36
Balance at June 30, 2021	680,246	$	1,195	(353,475)	$	(3,255)	$	6,496	$	(797)	$	62	$	3,701

In the second quarter of 2022, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $300 million of its common shares using cash on hand and available borrowings. The company paid the $300 million in May 2022, and received 3.45 million shares, which represented approximately 80 percent of the total shares. The company received an additional approximately 662,000 shares during June 2022, and the average price per share paid under this agreement as of June 30, 2022, was $69.25. The remaining shares settled during the third quarter of 2022 and the final per share price paid by Ball under this agreement was $69.06 for a total of 4.34 million shares.

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, 2021		(536)		(169)		123		(582)
Other comprehensive earnings (loss) before reclassifications		254		(12)		89		331
Reclassification of net deferred (gains) losses into earnings		—		13		(108)		(95)
Balance at June 30, 2022	$	(282)	$	(168)	$	104	$	(346)

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

	Three Months Ended June 30,				Six Months Ended June 30,
($  in millions)	2022		2021		2022		2021
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	(51)	$	(45)	$	(82)	$	(61)
Commodity contracts recorded in cost of sales		111		32		146		42
Currency exchange contracts recorded in selling, general and administrative		49		(3)		77		39
Interest rate contracts recorded in interest expense		(1)		—		—		—
Total before tax effect		108		(16)		141		20
Tax benefit (expense) on amounts reclassified into earnings		(25)		5		(33)		(2)
Recognized gain (loss), net of tax	$	83	$	(11)	$	108	$	18
Amortization of pension and other postretirement benefits: (a)
Actuarial gains (losses)	$	(8)	$	(13)	$	(16)	$	(27)
Prior service income (expense)		(1)		(1)		(2)		(2)
Total before tax effect		(9)		(14)		(18)		(29)
Tax benefit (expense) on amounts reclassified into earnings		3		4		5		8
Recognized gain (loss), net of tax	$	(6)	$	(10)	$	(13)	$	(21)

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