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Shareholders’ Equity and Comprehensive Earnings (Tables)
 6 Months Ended
Jun. 30, 2017
Shareholders’ Equity  
Schedule of activity related to accumulated other comprehensive earnings (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

    

Foreign

Currency

Translation

(Net of Tax)

    

Pension and

Other Postretirement

Benefits           

(Net of Tax)

    

Effective

Derivatives

(Net of Tax)

    

Accumulated

Other

Comprehensive

Earnings (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2016

 

$

(329)

 

$

(590)

 

$

(22)

 

$

(941)

Other comprehensive earnings (loss) before reclassifications

 

 

(3)

 

 

(23)

 

 

(25)

 

 

(51)

Amounts reclassified from accumulated other comprehensive earnings (loss)

 

 

 —

 

 

11

 

 

62

 

 

73

Balance at June 30, 2017

 

$

(332)

 

$

(602)

 

$

15

 

$

(919)

 

Information related to amounts recognized into net earnings from accumulated other comprehensive earnings (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

($  in millions)

    

2017

    

2016

    

2017

    

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains (losses) on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts recorded in net sales

 

$

 —

 

$

 —

 

$

(3)

 

$

 3

Commodity contracts recorded in cost of sales

 

 

 9

 

 

(3)

 

 

17

 

 

(10)

Currency exchange contracts recorded in selling, general and administrative

 

 

 —

 

 

(1)

 

 

 —

 

 

(1)

Cross-currency swaps recorded in selling, general and administrative

 

 

(71)

 

 

 1

 

 

(84)

 

 

 1

Cross-currency swaps recorded in interest expense

 

 

 5

 

 

 —

 

 

10

 

 

 —

Commodity and currency exchange contracts attributable to the divestment business recorded in business consolidation and other activities

 

 

 —

 

 

(4)

 

 

 —

 

 

(4)

Total before tax effect

 

 

(57)

 

 

(7)

 

 

(60)

 

 

(11)

Tax benefit (expense) on amounts reclassified into earnings

 

 

13

 

 

 —

 

 

(2)

 

 

(2)

Recognized gain (loss)

 

$

(44)

 

$

(7)

 

$

(62)

 

$

(13)

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of pension and other postretirement benefits: (a)

 

 

 

 

 

 

 

 

 

 

 

 

Prior service income (expense)

 

$

 —

 

$

 2

 

$

 —

 

$

 2

Actuarial gains (losses)

 

 

(8)

 

 

(90)

 

 

(17)

 

 

(99)

Total before tax effect

 

 

(8)

 

 

(88)

 

 

(17)

 

 

(97)

Tax benefit (expense) on amounts reclassified into earnings

 

 

 3

 

 

23

 

 

 6

 

 

26

Recognized gain (loss)

 

$

(5)

 

$

(65)

 

$

(11)

 

$

(71)

(a)

The pension components are included in the computation of net periodic benefit cost included in Note 13.