Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2017

Financial Instruments and Risk Management

Schedule of fair value of derivative instruments

	March 31, 2017						December 31, 2016
($ 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	$	63	$	3	$	66	$	17	$	1	$	18
Foreign currency contracts		—		21		21		1		—		1
Interest rate and other contracts		—		—		—		—		21		21
Total current derivative contracts	$	63	$	24	$	87	$	18	$	22	$	40
Commodity contracts	$	15	$	—	$	15	$	7	$	—	$	7
Foreign currency contracts		1		—		1		—		—		—
Interest rate and other contracts		27		—		27		39		—		39
Total noncurrent derivative contracts	$	43	$	—	$	43	$	46	$	—	$	46
Liabilities:
Commodity contracts	$	14	$	1	$	15	$	3	$	—	$	3
Foreign currency contracts		—		5		5		—		22		22
Interest rate and other contracts		—		1		1		—		—		—
Total current derivative contracts	$	14	$	7	$	21	$	3	$	22	$	25

Schedule of impact on earnings from derivative instruments

		Three Months Ended March 31,
		2017				2016
($ 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)	$	—	$	3	$	—
Commodity contracts - manage exposure to supplier pricing	Cost of sales		8		—		(7)		—
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs		—		—		—		(16)
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		—		(15)		(1)		—
Foreign currency contracts - manage exposure for acquisition of Rexam	Business consolidation and other activities		3		—		—		(88)
Cross-currency swaps - manage exposure for acquisition of Rexam	Business consolidation and other activities		—		—		—		(36)
Cross-currency swaps - manage intercompany currency exposure within the business	Selling, general and administrative		(17)		—		—		—
Equity contracts	Selling, general and administrative		—		(2)		—		(2)
Total		$	(9)	$	(17)	$	(5)	$	(142)

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

	Three Months Ended March 31,
($ in millions)	2017		2016
Amounts reclassified into earnings:
Commodity contracts	$	(5)	$	4
Cross currency swap contracts		17		—
Currency exchange contracts		(3)		1
Change in fair value of cash flow hedges:
Commodity contracts		51		(6)
Interest rate contracts		—		(2)
Cross currency swap contracts		(12)		—
Currency exchange contracts		3		3
Foreign currency and tax impacts		6		—
	$	57	$	—