Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2016

Financial Instruments and Risk Management

Schedule of fair value of derivative instruments

	December 31, 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	$	17	$	1	$	18	$	6	$	4	$	10
Foreign currency contracts		1				1		2		6		8
Interest rate and other contracts		—		21		21		—		3		3
Total current derivative contracts	$	18	$	22	$	40	$	8	$	13	$	21
Commodity contracts	$	7	$	—	$	7	$	1	$	—	$	1
Interest rate and other contracts		39		—		39		—		2		2
Total noncurrent derivative contracts	$	46	$	—	$	46	$	1	$	2	$	3
Liabilities:
Commodity contracts	$	3	$	—	$	3	$	12	$	5	$	17
Foreign currency contracts		—		22		22		—		33		33
Total current derivative contracts	$	3	$	22	$	25	$	12	$	38	$	50
Commodity contracts	$	—	$	—	$	—	$	8	$	—	$	8
Interest rate and other contracts		—		—		—		—		23		23
Total noncurrent derivative contracts	$	—	$	—	$	—	$	8	$	23	$	31

Schedule of impact on earnings from derivative instruments

		Years Ended December 31,
		2016				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		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)	$	—	$	5	$	1	$	(6)	$	3
Commodity contracts - manage exposure to supplier pricing	Cost of sales		(7)		(4)		(23)		(5)		(27)		1
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)		—		(16)		—		—
Foreign currency contracts - manage exposure to sales of products	Cost of sales		1		1		—		2		—		(1)
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		3		53		2		(7)		—		(24)
Foreign currency contracts - manage exposure for acquisition of Rexam	Business consolidation and other activities		—		(191)		—		(41)		—		—
Cross-currency swaps - manage exposure for acquisition of Rexam	Business consolidation and other activities		—		(4)		—		(7)		—		—
Cross-currency swaps - manage intercompany currency exposure within the business	Selling, general and administrative		64		—		—		—		—		—
Commodity contracts and currency exchange contracts - attributed to the Divestment Business	Business consolidation and other activities		(5)		—		—		—		—		—
Equity contracts	Selling, general and administrative		—		(1)		—		4		—		(2)
Total		$	54	$	(166)	$	(16)	$	(69)	$	(33)	$	(23)

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

	Years Ended December 31,
($ in millions)	2016		2015		2014
Amounts reclassified into earnings:
Commodity contracts	$	8	$	18	$	33
Cross currency swap contracts		(64)		—		—
Interest rate contracts		1		—		—
Commodity and currency exchange contracts attributed to the divestment business		5		—		—
Currency exchange contracts		(4)		(2)		—
Change in fair value of cash flow hedges:
Commodity contracts		22		(29)		4
Interest rate contracts		(1)		—		—
Cross currency swap contracts		39		—		—
Currency exchange contracts		3		4		1
Foreign currency and tax impacts		(19)		1		(3)
	$	(10)	$	(8)	$	35