page 71 of 94 notes to consolidated financial statements ball corporation and subsidiaries 16 . shareholders 2019 equity ( continued ) on october 24 , 2007 , ball announced the discontinuance of the company 2019s discount on the reinvestment of dividends associated with the company 2019s dividend reinvestment and voluntary stock purchase plan for non- employee shareholders . the 5 percent discount was discontinued on november 1 , 2007 . accumulated other comprehensive earnings ( loss ) the activity related to accumulated other comprehensive earnings ( loss ) was as follows : ( $ in millions ) foreign currency translation pension and postretirement items , net of tax effective financial derivatives , net of tax accumulated comprehensive earnings ( loss ) .
( a ) within the company 2019s 2006 annual report , the consolidated statement of changes in shareholders 2019 equity for the year ended december 31 , 2006 , included a transition adjustment of $ 47.9 million , net of tax , related to the adoption of sfas no . 158 , 201cemployers 2019 accounting for defined benefit pension plans and other postretirement plans , an amendment of fasb statements no . 87 , 88 , 106 and 132 ( r ) , 201d as a component of 2006 comprehensive earnings rather than only as an adjustment to accumulated other comprehensive loss . the 2006 amounts have been revised to correct the previous reporting . notwithstanding the 2005 distribution pursuant to the jobs act , management 2019s intention is to indefinitely reinvest foreign earnings . therefore , no taxes have been provided on the foreign currency translation component for any period . the change in the pension and other postretirement items is presented net of related tax expense of $ 31.3 million and $ 2.9 million for 2007 and 2006 , respectively , and a related tax benefit of $ 27.3 million for 2005 . the change in the effective financial derivatives is presented net of related tax benefit of $ 3.2 million for 2007 , related tax expense of $ 5.7 million for 2006 and related tax benefit of $ 10.7 million for 2005 . stock-based compensation programs effective january 1 , 2006 , ball adopted sfas no . 123 ( revised 2004 ) , 201cshare based payment , 201d which is a revision of sfas no . 123 and supersedes apb opinion no . 25 . the new standard establishes accounting standards for transactions in which an entity exchanges its equity instruments for goods or services , including stock option and restricted stock grants . the major differences for ball are that ( 1 ) expense is now recorded in the consolidated statements of earnings for the fair value of new stock option grants and nonvested portions of grants made prior to january 1 , 2006 , and ( 2 ) the company 2019s deposit share program ( discussed below ) is no longer a variable plan that is marked to current market value each month through earnings . upon adoption of sfas no . 123 ( revised 2004 ) , ball has chosen to use the modified prospective transition method and the black-scholes valuation model. .
($ in millions) Foreign Currency Translation Pension and Other Postretirement Items, Net of Tax Effective Financial Derivatives, Net of Tax Accumulated Other Comprehensive Earnings (Loss)
December 31, 2004 $148.9 $(126.3) $10.6 $33.2
2005 change (74.3) (43.6) (16.0) (133.9)
December 31, 2005 74.6 (169.9) (5.4) (100.7)
2006 change 57.2 55.9 6.0 119.1
Effect of SFAS No. 158 adoption(a) – (47.9) – (47.9)
December 31, 2006 131.8 (161.9) 0.6 (29.5)
2007 change 90.0 57.9 (11.5) 136.4
December 31, 2007 $221.8 $(104.0) $(10.9) $106.9
( $ in millions ) foreign currency translation pension and other postretirement items net of tax effective financial derivatives net of tax accumulated other comprehensive earnings ( loss )
december 31 2004 $ 148.9 $ -126.3 ( 126.3 ) $ 10.6 $ 33.2
2005 change -74.3 ( 74.3 ) -43.6 ( 43.6 ) -16.0 ( 16.0 ) -133.9 ( 133.9 )
december 31 2005 74.6 -169.9 ( 169.9 ) -5.4 ( 5.4 ) -100.7 ( 100.7 )
2006 change 57.2 55.9 6.0 119.1
effect of sfas no . 158 adoption ( a ) 2013 -47.9 ( 47.9 ) 2013 -47.9 ( 47.9 )
december 31 2006 131.8 -161.9 ( 161.9 ) 0.6 -29.5 ( 29.5 )
2007 change 90.0 57.9 -11.5 ( 11.5 ) 136.4
december 31 2007 $ 221.8 $ -104.0 ( 104.0 ) $ -10.9 ( 10.9 ) $ 106.9