Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2016

Financial Instruments and Risk Management

Schedule of fair value of derivative instruments

	June 30, 2016						December 31, 2015
($ 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	$	12	$	10	$	22	$	6	$	4	$	10
Foreign currency contracts		1		142		143		2		6		8
Interest rate and other contracts		—		—		—		—		3		3
Total current derivative contracts	$	13	$	152	$	165	$	8	$	13	$	21
Commodity contracts	$	2	$	3	$	5	$	1	$	—	$	1
Foreign currency contracts		—		3		3		—		—		—
Interest rate and other contracts		—		—		—		—		2		2
Total noncurrent derivative contracts	$	2	$	6	$	8	$	1	$	2	$	3
Liabilities:
Commodity contracts	$	9	$	27	$	36	$	12	$	5	$	17
Foreign currency contracts		2		285		287		—		33		33
Interest rate and other contracts		—		3		3		—		—		—
Total current derivative contracts	$	11	$	315	$	326	$	12	$	38	$	50
Commodity contracts	$	—	$	4	$	4	$	8	$	—	$	8
Foreign currency contracts		—		—		—		—		—		—
Interest rate and other contracts		6		12		18		—		23		23
Total noncurrent derivative contracts	$	6	$	16	$	22	$	8	$	23	$	31

Schedule of impact on earnings from derivative instruments

		Three Months Ended June 30,
		2016				2015
($ 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	$	—
Commodity contracts - manage exposure to supplier pricing	Cost of sales		(3)		—		(2)		(3)
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs		—		(4)				5
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		(1)		36		—		(7)
Foreign currency contracts - manage exposure for proposed acquisition of Rexam	Business consolidation and other activities		—		1		—		96
Cross-currency swaps - manage exposure for proposed acquisition of Rexam	Business consolidation and other activities		—		32		—		—
Cross-currency swaps - manage intercompany currency exposure within the business	Selling, general and administrative		1		—		—		—
Commodity contracts and currency exchange contracts - attributed to the divestment business	Business consolidation and other activities		(4)		—		—		—
Equity and inflation contracts	Selling, general and administrative		—		1		—		(1)
Total		$	(7)	$	66	$	—	$	90

		Six Months Ended June 30,
		2016				2015
($ 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	$	3	$	—	$	1	$	1
Commodity contracts - manage exposure to supplier pricing	Cost of sales		(10)		—		(2)		(3)
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs		—		(20)		—		5
Foreign currency contracts - manage exposure to sales of products	Cost of sales		—		—		—		—
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		(1)		36		(1)		(21)
Foreign currency contracts - manage exposure for acquisition of Rexam	Business consolidation and other activities		—		(87)		—		68
Cross-currency swaps - manage exposure for acquisition of Rexam	Business consolidation and other activities		—		(4)		—		—
Cross-currency swaps - manage intercompany currency exposure within the business	Selling, general and administrative		1		—		—		—
Commodity contracts and currency exchange contracts - attributed to the divestment business	Business consolidation and other activities		(4)		—		—		—
Equity contracts	Selling, general and administrative		—		(1)		—		2
Total		$	(11)	$	(76)	$	(2)	$	52

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

	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2016		2015		2016		2015
Amounts reclassified into earnings:
Commodity contracts	$	3	$	—	$	7	$	1
Cross currency swap contracts		(1)		—		(1)		—
Commodity and currency exchange contracts attributed to the divestment business		4		—		4		—
Currency exchange contracts		1		—		1		1
Change in fair value of cash flow hedges:
Commodity contracts		13		(15)		6		(11)
Interest rate contracts		1		—		—		—
Cross currency swap contracts		(6)		—		(6)		—
Currency exchange contracts		(3)		—		1		(6)
Foreign currency and tax impacts		(2)		3		(2)		3
	$	10	$	(12)	$	10	$	(12)