Equity and Accumulated Other Comprehensive Earnings (Loss)

9 Months Ended

Sep. 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 June 30, 2024	683,801	$	1,370	(377,841)	$	(5,017)	$	11,481	$	(921)	$	70	$	6,983
Net earnings	—		—	—		—		197		—		2		199
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		9		—		9
Common dividends	—		—	—		—		(60)		—		—		(60)
Treasury stock purchases	—		—	(6,216)		(394)		—		—		—		(394)
Treasury shares reissued	—		—	50		3		—		—		—		3
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	248		14	—		—		—		—		—		14
Distributions from deferred compensation plans and other activity	—		—	—		1		—		—		—		1
Balance at September 30, 2024	684,049	$	1,384	(384,007)	$	(5,407)	$	11,618	$	(912)	$	72	$	6,755

	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, 2023	682,728	$	1,291	(367,793)	$	(4,406)	$	7,533	$	(582)	$	69	$	3,905
Net earnings	—		—	—		—		203		—		1		204
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		(60)		—		(60)
Common dividends	—		—	—		—		(63)		—		—		(63)
Treasury stock purchases	—		—	(8)		—		—		—		—		—
Treasury shares reissued	—		—	139		8		—		—		—		8
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	168		13	—		—		—		—		—		13
Other activity	—		—	—		1		—		—		—		1
Balance at September 30, 2023	682,896	$	1,304	(367,662)	$	(4,397)	$	7,673	$	(642)	$	70	$	4,008

	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	—		—	—		—		4,040		—		4		4,044
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		4		—		4
Common dividends	—		—	—		—		(185)		—		—		(185)
Treasury stock purchases	—		—	(16,530)		(1,075)		—		—		—		(1,075)
Treasury shares reissued	—		—	74		13		—		—		—		13
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	808		72	—		—		—		—		—		72
Distributions from deferred compensation plans and other activity	—		—	—		45		—		—		—		45
Balance at September 30, 2024	684,049	$	1,384	(384,007)	$	(5,407)	$	11,618	$	(912)	$	72	$	6,755

	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	—		—	—		—		553		—		4		557
Other comprehensive earnings (loss), net of tax	—		—	—		—		—		37		—		37
Common dividends	—		—	—		—		(189)		—		—		(189)
Treasury stock purchases	—		—	(60)		(3)		—		—		—		(3)
Treasury shares reissued	—		—	434		23		—		—		—		23
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	752		44	—		—		—		—		—		44
Other activity	—		—	—		12		—		—		—		12
Balance at September 30, 2023	682,896	$	1,304	(367,662)	$	(4,397)	$	7,673	$	(642)	$	70	$	4,008

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		(91)		(2)			7		(86)
Amounts reclassified into earnings		—		7			(11)		(4)
Aerospace disposal		—		94			—		94
Balance at September 30, 2024	$	(471)	$	(438)		$	(3)	$	(912)

(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 September 30,				Nine Months Ended September 30,
($ in millions)	2024		2023		2024		2023
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	1	$	29	$	(5)	$	40
Commodity contracts recorded in cost of sales		7		(31)		(3)		(47)
Currency exchange contracts recorded in selling, general and administrative		(36)		31		12		34
Interest rate contracts recorded in interest expense		3		3		9		5
Total before tax effect		(25)		32		13		32
Tax benefit (expense) on amounts reclassified into earnings		7		(9)		(2)		(9)
Recognized gain (loss), net of tax	$	(18)	$	23	$	11	$	23
Amortization and disposal of pension and other postretirement benefits: (a)
Actuarial gains (losses) (b)	$	(3)	$	—	$	(9)	$	3
Prior service income (expense) (b)		—		—		(1)		(1)
Aerospace disposal		—		—		(127)		—
Total before tax effect		(3)		—		(137)		2
Tax benefit (expense) on amounts reclassified into earnings		1		—		36		—
Recognized gain (loss), net of tax	$	(2)	$	—	$	(101)	$	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.