Equity and Accumulated Other Comprehensive Earnings (Loss)

9 Months Ended

Sep. 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 June 30, 2022	681,866	$	1,232	(367,399)	$	(4,408)	$	6,987	$	(346)	$	68	$	3,533
Net earnings	—		—	—		—		392		—		2		394
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		(392)		—		(392)
Currency translation recognized in earnings from the sale of the Russian aluminum beverage packaging business	—		—	—		—		—		90		—		90
Common dividends, net of tax benefits	—		—	—		—		(63)		—		—		(63)
Treasury stock purchases	—		—	(921)		(39)		—		—		—		(39)
Treasury shares reissued	—		—	152		8		—		—		—		8
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	158		15	—		—		—		—		—		15
Other activity	—		—	—		3		—		—		—		3
Balance at September 30, 2022	682,024	$	1,247	(368,168)	$	(4,436)	$	7,316	$	(648)	$	70	$	3,549

	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 June 30, 2021	680,246	$	1,195	(353,475)	$	(3,255)	$	6,496	$	(797)	$	62	$	3,701
Net earnings	—		—	—		—		179		—		—		179
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		144		—		144
Common dividends, net of tax benefits	—		—	—		—		(66)		—		—		(66)
Treasury stock purchases	—		—	(2,429)		(219)		—		—		—		(219)
Treasury shares reissued	—		—	62		9		—		—		—		9
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	421		14	—		—		—		—		—		14
Other activity	—		—	—		2		2		—		(1)		3
Balance at September 30, 2021	680,667	$	1,209	(355,842)	$	(3,463)	$	6,611	$	(653)	$	61	$	3,765

	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	—		—	—		—		664		—		12		676
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		(156)		—		(156)
Currency translation recognized in earnings from the sale of the Russian aluminum beverage packaging business	—		—	—		—		—		90		—		90
Common dividends	—		—	—		—		(191)		—		—		(191)
Treasury stock purchases	—		—	(8,384)		(617)		—		—		—		(617)
Treasury shares reissued	—		—	317		25		—		—		—		25
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	1,079		27	—		—		—		—		—		27
Other activity	—		—	—		10		—		—		—		10
Balance at September 30, 2022	682,024	$	1,247	(368,168)	$	(4,436)	$	7,316	$	(648)	$	70	$	3,549

	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	—		—	—		—		581		—		—		581
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		301		—		301
Common dividends	—		—	—		—		(164)		—		—		(164)
Treasury stock purchases	—		—	(4,201)		(368)		—		—		—		(368)
Treasury shares reissued	—		—	298		25		—		—		—		25
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	1,143		42	—		—		—		—		—		42
Other activity	—		—	—		10		2		—		(1)		11
Balance at September 30, 2021	680,667	$	1,209	(355,842)	$	(3,463)	$	6,611	$	(653)	$	61	$	3,765

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. In the third quarter of 2022, Ball settled the agreement and received a total of 4.34 million shares with the average price per share paid of $69.06.

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		141		(24)		118		235
Reclassification of net deferred gains (losses) into earnings		(90)		23		(234)		(301)
Balance at September 30, 2022	$	(485)	$	(170)	$	7	$	(648)

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

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2022		2021		2022		2021
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	105	$	(28)	$	23	$	(89)
Commodity contracts recorded in cost of sales		(5)		53		141		95
Currency exchange contracts recorded in selling, general and administrative		59		27		136		66
Interest rate contracts recorded in interest expense		2		—		2		—
Total before tax effect		161		52		302		72
Tax benefit (expense) on amounts reclassified into earnings		(35)		(9)		(68)		(11)
Recognized gain (loss), net of tax	$	126	$	43	$	234	$	61
Amortization of pension and other postretirement benefits: (a)
Actuarial gains (losses)	$	(8)	$	(12)	$	(24)	$	(39)
Prior service income (expense)		(1)		(1)		(3)		(3)
Effect of settlement losses and other one-time charges		(3)		(130)		(3)		(130)
Total before tax effect		(12)		(143)		(30)		(172)
Tax benefit (expense) on amounts reclassified into earnings		2		35		7		43
Recognized gain (loss), net of tax	$	(10)	$	(108)	$	(23)	$	(129)
Currency translation recorded in business consolidation and other activities from the sale of the Russian aluminum beverage packaging business	$	90	$	—	$	90	$	—

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