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Shareholders’ Equity and Comprehensive Earnings (Tables)
 9 Months Ended
Sep. 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

 

 

 —

 

 

(52)

 

 

(38)

 

 

(90)

Amounts reclassified from accumulated other comprehensive earnings (loss)

 

 

 —

 

 

41

 

 

65

 

 

106

Balance at September 30, 2017

 

$

(329)

 

$

(601)

 

$

 5

 

$

(925)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

($  in millions)

    

2017

    

2016

    

2017

    

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains (losses) on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts recorded in net sales

 

$

 —

 

$

(1)

 

$

(3)

 

$

 2

Commodity contracts recorded in cost of sales

 

 

12

 

 

 2

 

 

34

 

 

(8)

Currency exchange contracts recorded in selling, general and administrative

 

 

 1

 

 

 5

 

 

(2)

 

 

 3

Currency exchange contracts recorded in business consolidation and other activities

 

 

(3)

 

 

 —

 

 

 —

 

 

 —

Cross-currency swaps recorded in selling, general and administrative

 

 

(35)

 

 

(7)

 

 

(119)

 

 

(6)

Cross-currency swaps recorded in interest expense

 

 

 3

 

 

 —

 

 

13

 

 

 —

Interest rate contracts recorded in interest expense

 

 

 —

 

 

(1)

 

 

 —

 

 

(1)

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

 

 

 —

 

 

 —

 

 

 —

 

 

(4)

Total before tax effect

 

 

(22)

 

 

(2)

 

 

(77)

 

 

(14)

Tax benefit (expense) on amounts reclassified into earnings

 

 

15

 

 

 2

 

 

12

 

 

 2

Recognized gain (loss)

 

$

(7)

 

$

 —

 

$

(65)

 

$

(12)

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of pension and other postretirement benefits: (a)

 

 

 

 

 

 

 

 

 

 

 

 

Prior service income (expense)

 

$

(1)

 

$

 —

 

$

(1)

 

$

 3

Actuarial gains (losses) (b)

 

 

(48)

 

 

(9)

 

 

(65)

 

 

(108)

Total before tax effect

 

 

(49)

 

 

(9)

 

 

(66)

 

 

(105)

Tax benefit (expense) on amounts reclassified into earnings

 

 

19

 

 

 3

 

 

25

 

 

29

Recognized gain (loss)

 

$

(30)

 

$

(6)

 

$

(41)

 

$

(76)

(a)

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

(b)

Includes curtailment and settlement losses. Refer to Note 13 for further detail.