Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Shareholders' Equity

Shareholders' Equity

18. Shareholders’ Equity

At December 31, 2024, 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.

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. On January 29, 2025, the Board of Directors approved the repurchase by the company of up to a total of $4.00 billion in shares of its common stock. This repurchase authorization replaced the April 24, 2024, authorization.

Under its ongoing share repurchase program, the company repurchased $1.71 billion, $3 million and $618 million of its shares during the years ended December 31, 2024, 2023, and 2022, respectively.

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)		(a)	Derivatives Designated as Hedges (Net of Tax)		Accumulated Other Comprehensive Earnings (Loss)
Balance at December 31, 2022	$	(434)	$	(227)		$	(18)	$	(679)
Other comprehensive earnings (loss) before reclassifications		54		(308)			8		(246)
Amounts reclassified into earnings		—		(2)			11		9
Balance at December 31, 2023	$	(380)	$	(537)		$	1	$	(916)
Other comprehensive earnings (loss) before reclassifications		(238)		30			76		(132)
Amounts reclassified into earnings		—		11			(60)		(49)
Aerospace disposal		—		94			—		94
Balance at December 31, 2024	$	(618)	$	(402)		$	17	$	(1,003)

(a) Includes amounts associated with the Salaried Employees of Ball Aerospace & Technologies Corp. Pension Plan through the date of the aerospace business sale

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)	2024		2023		2022
Gains (losses) on cash flow hedges:
Commodity contracts recorded in net sales	$	(3)	$	43	$	59
Commodity contracts recorded in cost of sales		(4)		(70)		119
Currency exchange contracts recorded in selling, general and administrative		74		5		81
Interest rate contracts recorded in interest expense		11		8		2
Total before tax effect		78		(14)		261
Tax benefit (expense) on amounts reclassified into earnings		(18)		3		(56)
Recognized gain (loss), net of tax	$	60	$	(11)	$	205
Amortization and disposal of pension and other postretirement benefits: (a)
Actuarial gains (losses) (b)	$	(12)	$	4	$	(28)
Prior service income (expense) (b)		(2)		(2)		(2)
Aerospace disposal		(127)		—		—
Effect of settlement losses and other one-time charges (b)		—		—		(10)
Total before tax effect		(141)		2		(40)
Tax benefit (expense) on amounts reclassified into earnings		36		—		10
Recognized gain (loss), net of tax	$	(105)	$	2	$	(30)
Currency translation recorded in business consolidation and other activities from the sale of the Russian aluminum beverage packaging business	$	—	$	—	$	90

(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.