Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2015

Financial Instruments and Risk Management

Schedule of fair value of derivative instruments

	June 30, 2015						December 31, 2014
($ in millions)	Derivatives Designated as Hedging Instruments		Derivatives not Designated as Hedging Instruments		Total		Derivatives Designated as Hedging Instruments		Derivatives not Designated as Hedging Instruments		Total
Assets:
Commodity contracts	$	6.5	$	2.6	$	9.1	$	3.8	$	1.3	$	5.1
Foreign currency contracts	0.4		10.5		10.9		0.8		3.5		4.3
Total current derivative contracts	$	6.9	$	13.1	$	20.0	$	4.6	$	4.8	$	9.4
Commodity contracts	$	1.5	$	1.1	$	2.6	$	2.2	$	0.5	$	2.7
Foreign currency contracts	—		75.1		75.1		—		—		—
Interest rate and other contracts	0.1		7.8		7.9		0.4		—		0.4
Total noncurrent derivative contracts	$	1.6	$	84.0	$	85.6	$	2.6	$	0.5	$	3.1
Liabilities:
Commodity contracts	$	16.2	$	4.2	$	20.4	$	6.9	$	1.6	$	8.5
Foreign currency contracts	6.8		3.0		9.8		1.6		1.3		2.9
Interest rate and other contracts	0.5		2.2		2.7		0.5		0.4		0.9
Total current derivative contracts	$	23.5	$	9.4	$	32.9	$	9.0	$	3.3	$	12.3
Commodity contracts	$	5.8	$	1.4	$	7.2	$	6.8	$	0.5	$	7.3
Interest rate and other contracts	0.3		0.5		0.8		0.3		—		0.3
Total noncurrent derivative contracts	$	6.1	$	1.9	$	8.0	$	7.1	$	0.5	$	7.6

Schedule of impact on earnings from derivative instruments

		Three Months Ended June 30,
		2015						2014
($ in millions)	Location of Gain (Loss) Recognized in Earnings on Derivatives	Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)			Gain (Loss) on Derivatives not Designated as Hedge Instruments			Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss)			Gain (Loss) on Derivatives not Designated as Hedge Instruments
Commodity contracts - manage exposure to customer pricing	Net sales	$	2.2		$	0.4		$	(1.3	)	$	0.3
Commodity contracts - manage exposure to supplier pricing	Cost of sales	(2.7		)	(2.9		)	(6.7		)	0.3
Interest rate contracts - manage exposure for outstanding debt	Interest expense	0.1			—			—			—
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs	—			5.1			—			—
Foreign currency contracts - manage exposure to sales of products	Cost of sales	—			0.6			0.3			—
Foreign currency contracts - manage exposure for transactions between segments	Selling, general and administrative	—			(8.3		)	—			(0.5		)
Foreign currency contracts - manage exposure for proposed acquisition of Rexam	Business consolidation and other activities	—			96.0			—			—
Equity contracts	Selling, general and administrative	—			(0.6		)	—			0.9
Total		$	(0.4	)	$	90.3		$	(7.7	)	$	1.0

		Six Months Ended June 30,
		2015						2014
($ in millions)	Location of Gain (Loss) Recognized in Earnings on Derivatives	Cash Flow Hedge - Reclassified Amount From Other Comprehensive Earnings (Loss)			Gain (Loss) on Derivatives Not Designated As Hedge Instruments			Cash Flow Hedge - Reclassified Amount From Other Comprehensive Earnings (Loss)			Gain (Loss) on Derivatives Not Designated As Hedge Instruments
Commodity contracts - manage exposure to customer pricing	Net sales	$	0.8		$	0.7		$	(0.5	)	$	0.2
Commodity contracts - manage exposure to supplier pricing	Cost of sales	(2.2		)	(2.7		)	(14.2		)	0.6
Interest rate contracts - manage exposure for outstanding debt	Interest expense	(0.1		)	—			(0.3		)	—
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs	—			5.0			—			—
Foreign currency contracts - manage exposure to sales of products	Cost of sales	(0.5		)	0.6			0.3			0.5
Foreign currency contracts - manage exposure for transactions between segments	Selling, general and administrative	—			(21.4		)	—			(5.6		)
Foreign currency contracts - manage exposure for proposed acquisition of Rexam	Business consolidation and other activities	—			68.3			—			—
Equity contracts	Selling, general and administrative	—			1.8			—			(0.3		)
Total		$	(2.0	)	$	52.3		$	(14.7	)	$	(4.6	)

Schedule of changes in accumulated other comprehensive earnings (loss) for effective derivatives

	Three Months Ended June 30,						Six Months Ended June 30,
($ in millions)	2015			2014			2015			2014
Amounts reclassified into earnings:
Commodity contracts	$	0.5		$	8.0		$	1.4		$	14.7
Interest rate contracts	(0.1		)	—			0.1			0.3
Currency exchange contracts	—			(0.3		)	0.5			(0.3		)
Change in fair value of cash flow hedges:
Commodity contracts	(15.2		)	9.8			(11.0		)	6.7
Interest rate contracts	0.1			(0.1		)	(0.3		)	(0.4		)
Currency exchange contracts	0.6			(1.4		)	(6.0		)	(1.2		)
Foreign currency and tax impacts	2.6			(2.1		)	3.3			(3.3		)
	$	(11.5	)	$	13.9		$	(12.0	)	$	16.5