5. Business Consolidation and Other Activities

The following is a summary of business consolidation and other activity (charges)/income included in the unaudited condensed consolidated statements of earnings:


	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2016		2015		2016		2015

Metal beverage packaging, Americas & Asia	$	(12)	$	—	$	(16)	$	(3)
Metal beverage packaging, Europe		(5)		(5)		(9)		(7)
Food and aerosol packaging		(3)		(1)		(17)		(1)
Aerospace		—		—		—		1
Corporate and other		47		72		(198)		24
	$	27	$	66	$	(240)	$	14

2016

Metal Beverage Packaging, Americas and Asia

For the three and six months ended June 30, 2016, the company had charges recorded of $9 million for professional services and other costs associated with the acquisition of Rexam.

Other charges in the three and six months ended June 30, 2016 included $3 million and $7 million, respectively, of insignificant items.

Metal Beverage Packaging, Europe

During the three and six months ended June 30, 2016, the company recorded charges of $3 million and $7 million, respectively, for professional services and other costs associated with the acquisition of Rexam.

Other charges in the three and six months ended June 30, 2016, included $2 million of insignificant activities.

Food and Aerosol Packaging

During the first six months of 2016, the company announced the closure of the Weirton, West Virginia, plant, a food and household packaging flat sheet production and end-making facility, which will cease production in early 2017. Charges in the three and six months ended June 30, 2016 were $2 million and $11 million, respectively, and comprised of employee severance and benefits, facility shutdown costs, and asset impairment and disposal costs.

Other charges in the three and six months ended June 30, 2016 included $1 million and $6 million, respectively, of insignificant activities.

Corporate

During the three months ended June 30, 2016, the company recorded the following amounts:

Expense of $53 million for professional services and other costs associated with the acquisition of Rexam.

Losses of $91 million associated with its collar, swap and option contracts entered into to reduce its exposure to currency exchange rate changes in connection with the British pound denominated cash portion of the purchase price for the acquisition of Rexam, further discussed in Note 17.

$99 million for foreign currency losses from the revaluation of foreign currency denominated restricted cash and intercompany loans related to the cash component of the Rexam acquisition purchase price and the revaluation of the euro-denominated debt issuance in December 2015.

Expense of $71 million for compensation arrangements related to the Rexam acquisition.

An unrealized gain of $32 million on the fair value of cross-currency swaps entered into in connection with the December 2015 issuance of the $1 billion senior notes due 2020. See Note 17 for additional information.

A gain of $331 million in connection with the sale of the Ball portion of the Divestment Business.

Expense of $2 million for insignificant activities.

During the six months ended June 30, 2016, the company recorded the following charges:

Expense of $77 million for professional services and other costs associated with the acquisition of Rexam.

Losses of $179 million associated with its collar, swap and option contracts entered into to reduce its exposure to currency exchange rate changes in connection with the British pound denominated cash portion of the purchase price for the acquisition of Rexam, further discussed in Note 17.

$195 million for foreign currency losses from the revaluation of foreign currency denominated restricted cash and intercompany loans related to the cash component of the Rexam acquisition purchase price and the revaluation of the euro-denominated debt issuance in December 2015.

Expense of $71 million for compensation arrangements related to the Rexam acquisition.

An unrealized loss of $4 million on the fair value of cross-currency swaps entered into in connection with the December 2015 issuance of the $1 billion senior notes due 2020. See Note 17 for additional information.

A gain of $331 million in connection with the sale of the Ball portion of the Divestment Business.

Expense of $3 million for insignificant activities.

2015

Metal Beverage Packaging, Americas and Asia

During the first six months of 2015, the company recorded charges of $3 million related to business reorganization activities in the company’s metal beverage packaging, Asia, operations, and for ongoing costs related to previously closed facilities.

Metal Beverage Packaging, Europe

During the first six months of 2015, the company recorded a charge of $5 million for the write down of property held for sale.

During the first and second quarters of 2015, the company recorded charges of $1 million and $1 million, respectively, related to headcount reductions, cost-out initiatives and the relocation of the company’s European headquarters from Germany to Switzerland, as well as additional tax expense of $2 million and $1 million, respectively, related to this relocation. In addition, the first six months of 2015 included charges of $1 million for business reorganization activities.

Corporate

During the first and second quarters of 2015, the company recorded charges of $20 million and $24 million, respectively, for professional services and other costs associated with the acquisition of Rexam announced in February 2015. Also during the first and second quarters of 2015, the company recognized losses of $28 million and gains of $96 million, respectively, associated with its collar and option contracts entered into to reduce its exposure to currency exchange rate changes in connection with the British pound denominated cash portion of the acquisition of Rexam, further discussed in Note 4. Other charges in the first six months of 2015 included $1 million for insignificant activities.