Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 30, 2016

Financial Instruments and Risk Management

Schedule of fair value of derivative instruments

	September 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	$	10	$	4	$	14	$	6	$	4	$	10
Foreign currency contracts		3		6		9		2		6		8
Interest rate and other contracts		—		4		4		—		3		3
Total current derivative contracts	$	13	$	14	$	27	$	8	$	13	$	21
Commodity contracts	$	4	$	—	$	4	$	1	$	—	$	1
Interest rate and other contracts		—		—		—		—		2		2
Total noncurrent derivative contracts	$	4	$	—	$	4	$	1	$	2	$	3
Liabilities:
Commodity contracts	$	6	$	3	$	9	$	12	$	5	$	17
Foreign currency contracts		—		5		5		—		33		33
Total current derivative contracts	$	6	$	8	$	14	$	12	$	38	$	50
Commodity contracts	$	—	$	—	$	—	$	8	$	—	$	8
Interest rate and other contracts		29		—		29		—		23		23
Total noncurrent derivative contracts	$	29	$	—	$	29	$	8	$	23	$	31

Schedule of impact on earnings from derivative instruments

		Three Months Ended September 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	$	(1)	$	—	$	1	$	—
Commodity contracts - manage exposure to supplier pricing	Cost of sales		2		(4)		(8)		(2)
Interest rate contracts - manage exposure for outstanding debt	Interest expense		(1)		—		—		—
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs		—		—		—		(15)
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		5		(18)		—		17
Foreign currency contracts - manage exposure for proposed acquisition of Rexam	Business consolidation and other activities		—		(12)		—		(105)
Foreign currency contracts - manage exposure to sales of products	Cost of sales		—		—		—		2
Cross-currency swaps - manage intercompany currency exposure within the business	Selling, general and administrative		(7)		—		—		—
Equity and inflation contracts	Selling, general and administrative		—		10		—		(8)
Total		$	(2)	$	(24)	$	(7)	$	(111)

		Nine Months Ended September 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	$	—	$	2	$	1
Commodity contracts - manage exposure to supplier pricing	Cost of sales		(8)		(4)		(11)		(5)
Interest rate contracts - manage exposure for outstanding debt	Interest expense		(1)		—		—		—
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs		—		(20)		—		(10)
Foreign currency contracts - manage exposure to sales of products	Cost of sales		—		—		—		2
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		3		18		—		(4)
Foreign currency contracts - manage exposure for acquisition of Rexam	Business consolidation and other activities		—		(191)		—		(36)
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		(6)		—		—		—
Commodity contracts and currency exchange contracts - attributed to the divestment business	Business consolidation and other activities		(4)		—		—		—
Equity contracts	Selling, general and administrative		—		9		—		(7)
Total		$	(14)	$	(192)	$	(9)	$	(59)

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

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2016		2015		2016		2015
Amounts reclassified into earnings:
Commodity contracts	$	(1)	$	7	$	6	$	8
Cross currency swap contracts		7		—		6		—
Interest rate contracts		1				1
Commodity and currency exchange contracts attributed to the divestment business		—		—		4		—
Currency exchange contracts		(5)		—		(3)		—
Change in fair value of cash flow hedges:
Commodity contracts		1		(12)		7		(23)
Interest rate contracts		—		—		(1)		—
Cross currency swap contracts		(23)		—		(28)		—
Currency exchange contracts		3		4		3		(1)
Foreign currency and tax impacts		9		(1)		7		2
	$	(8)	$	(2)	$	2	$	(14)