Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2017

Financial Instruments and Risk Management

Schedule of fair value of derivative instruments

	June 30, 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	$	29	$	2	$	31	$	17	$	1	$	18
Foreign currency contracts		2		9		11		1		—		1
Interest rate and other contracts		—		3		3		—		21		21
Total current derivative contracts	$	31	$	14	$	45	$	18	$	22	$	40
Commodity contracts	$	6	$	—	$	6	$	7	$	—	$	7
Interest rate and other contracts		—		—		—		39		—		39
Total noncurrent derivative contracts	$	6	$	—	$	6	$	46	$	—	$	46
Liabilities:
Commodity contracts	$	6	$	2	$	8	$	3	$	—	$	3
Foreign currency contracts		—		31		31		—		22		22
Total current derivative contracts	$	6	$	33	$	39	$	3	$	22	$	25
Commodity contracts	$	1	$	—	$	1	$	—	$	—	$	—
Foreign currency contracts		39		—		39		—		—		—
Total noncurrent derivative contracts	$	40	$	—	$	40	$	—	$	—	$	—

Schedule of impact on earnings from derivative instruments

		Three Months Ended June 30,
		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 supplier pricing	Cost of sales	$	9	$	(4)	$	(3)	$	—
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs		—		—		—		(4)
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		—		(14)		(1)		36
Foreign currency contracts - manage exposure for proposed acquisition of Rexam	Business consolidation and other activities		—		—		—		1
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		(71)		—		1		—
Cross-currency swaps - manage intercompany currency exposure within the business	Interest expense		5		—		—		—
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		—		13		—		1
Total		$	(57)	$	(5)	$	(7)	$	66

		Six Months Ended June 30,
		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)	$	(2)	$	3	$	—
Commodity contracts - manage exposure to supplier pricing	Cost of sales		17		(3)		(10)		—
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs		—		—		—		(20)
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		—		(29)		(1)		36
Foreign currency contracts - manage exposure for acquisition of Rexam	Business consolidation and other activities		—		—		—		(87)
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		(84)		—		1		—
Cross-currency swaps - manage intercompany currency exposure within the business	Interest expense		10		—		—		—
Commodity contracts and currency exchange contracts - attributed to the Divestment Business	Business consolidation and other activities		—		—		(4)		—
Equity contracts	Selling, general and administrative		—		10		—		(1)
Total		$	(60)	$	(24)	$	(11)	$	(76)

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

	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2017		2016		2017		2016
Amounts reclassified into earnings:
Commodity contracts	$	(9)	$	3	$	(14)	$	7
Cross-currency swap contracts		66		(1)		74		(1)
Commodity and currency exchange contracts attributed to the divestment business		—		4		—		4
Currency exchange contracts		—		1		—		1
Change in fair value of cash flow hedges:
Commodity contracts		(28)		13		23		6
Interest rate contracts				1		1		—
Cross-currency swap contracts		(66)		(6)		(69)		(6)
Currency exchange contracts		2		(3)		1		1
Foreign currency and tax impacts		15		(2)		21		(2)
	$	(20)	$	10	$	37	$	10