Equity and Accumulated Other Comprehensive Earnings (Loss)

6 Months Ended

Jun. 30, 2024

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, inclusive of activity related to the aerospace business impacting the company’s equity:

	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, 2024	683,560	$	1,352	(370,544)	$	(4,537)	$	11,386	$	(893)	$	69	$	7,377
Net earnings	—		—	—		—		158		—		1		159
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		(28)		—		(28)
Common dividends	—		—	—		—		(62)		—		—		(62)
Treasury stock purchases	—		—	(7,249)		(485)		—		—		—		(485)
Treasury shares reissued	—		—	(48)		3		—		—		—		3
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	241		18	—		—		—		—		—		18
Distributions from deferred compensation plans and other activity	—		—	—		2		(1)		—		—		1
Balance at June 30, 2024	683,801	$	1,370	(377,841)	$	(5,017)	$	11,481	$	(921)	$	70	$	6,983

	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, 2023	682,416	$	1,268	(367,929)	$	(4,414)	$	7,422	$	(637)	$	69	$	3,708
Net earnings	—		—	—		—		173		—		—		173
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		55		—		55
Common dividends	—		—	—		—		(63)		—		—		(63)
Treasury stock purchases	—		—	—		—		—		—		—		—
Treasury shares reissued	—		—	136		7		—		—		—		7
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	312		23	—		—		—		—		—		23
Other activity	—		—	—		1		1		—		—		2
Balance at June 30, 2023	682,728	$	1,291	(367,793)	$	(4,406)	$	7,533	$	(582)	$	69	$	3,905

	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, 2023	683,241	$	1,312	(367,551)	$	(4,390)	$	7,763	$	(916)	$	68	$	3,837
Net earnings	—		—	—		—		3,843		—		2		3,845
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		(5)		—		(5)
Common dividends	—		—	—		—		(125)		—		—		(125)
Treasury stock purchases	—		—	(10,314)		(681)		—		—		—		(681)
Treasury shares reissued	—		—	24		10		—		—		—		10
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	560		58	—		—		—		—		—		58
Distributions from deferred compensation plans and other activity	—		—	—		44		—		—		—		44
Balance at June 30, 2024	683,801	$	1,370	(377,841)	$	(5,017)	$	11,481	$	(921)	$	70	$	6,983

	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, 2022	682,144	$	1,260	(368,036)	$	(4,429)	$	7,309	$	(679)	$	66	$	3,527
Net earnings	—		—	—		—		350		—		3		353
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		97		—		97
Common dividends	—		—	—		—		(126)		—		—		(126)
Treasury stock purchases	—		—	(52)		(3)		—		—		—		(3)
Treasury shares reissued	—		—	295		15		—		—		—		15
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	584		31	—		—		—		—		—		31
Other activity	—		—	—		11		—		—		—		11
Balance at June 30, 2023	682,728	$	1,291	(367,793)	$	(4,406)	$	7,533	$	(582)	$	69	$	3,905

On April 24, 2024, Ball’s Board of Directors approved the repurchase by the company of up to a total of 40 million shares of its common stock. This repurchase authorization replaced all previous authorizations.

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, 2023	$	(380)	$	(537)	(a)	$	1	$	(916)
Other comprehensive earnings (loss) before reclassifications		(139)		11			53		(75)
Amounts reclassified into earnings		—		5			(29)		(24)
Aerospace disposal		—		94			—		94
Balance at June 30, 2024	$	(519)	$	(427)		$	25	$	(921)

(a) Includes amounts associated with the Salaried Employees of Ball Aerospace & Technologies Corp. Pension Plan.

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

	Three Months Ended June 30,				Six Months Ended June 30,
($  in millions)	2024		2023		2024		2023
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	(19)	$	24	$	(6)	$	11
Commodity contracts recorded in cost of sales		4		(16)		(10)		(16)
Currency exchange contracts recorded in selling, general and administrative		16		6		48		3
Interest rate contracts recorded in interest expense		3		2		6		2
Total before tax effect		4		16		38		—
Tax benefit (expense) on amounts reclassified into earnings		(1)		(4)		(9)		—
Recognized gain (loss), net of tax	$	3	$	12	$	29	$	—
Amortization and disposal of pension and other postretirement benefits: (a)
Actuarial gains (losses) (b)	$	(3)	$	1	$	(6)	$	3
Prior service income (expense) (b)		—		(1)		(1)		(1)
Aerospace disposal		—		—		(127)		—
Total before tax effect		(3)		—		(134)		2
Tax benefit (expense) on amounts reclassified into earnings		1		—		35		—
Recognized gain (loss), net of tax	$	(2)	$	—	$	(99)	$	2

(a) Includes amounts associated with the Salaried Employees of Ball Aerospace & Technologies Corp. Pension Plan

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