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Shareholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 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, 2015

 

$

(183)

 

$

(445)

 

$

(12)

 

$

(640)

Other comprehensive earnings (loss) before reclassifications

 

 

(146)

 

 

(227)

(a)

 

46

 

 

(327)

Amounts reclassified from accumulated other comprehensive earnings (loss)

 

 

 —

 

 

82

(b)

 

(56)

 

 

26

Balance at December 31, 2016

 

$

(329)

 

$

(590)

 

$

(22)

 

$

(941)

Other comprehensive earnings (loss) before reclassifications

 

 

22

 

 

179

 

 

(30)

 

 

171

Amounts reclassified from accumulated other comprehensive earnings (loss)

 

 

 —

 

 

49

(c)

 

65

 

 

114

Balance at December 31, 2017

 

$

(307)

 

$

(362)

 

$

13

 

$

(656)

(a)

Includes $195 million of after-tax net actuarial loss at December 31, 2016, for the remeasurement of acquired plans and $38 million of after-tax actuarial loss at June 30, 2016, for the remeasurement of divested plans.

(b)

Includes $60 million, net of tax, from plans sold with the Divestment Business.

(c)

Includes $28 million of after tax losses recognized during 2017 related to the annuity buyout and lump sum settlements. Refer to Note 15 for further details.

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

The following table provides additional details of the amounts recognized into net earnings from accumulated other comprehensive earnings (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

($  in millions)

    

2017

    

2016

    

2015

 

 

 

 

 

 

 

 

 

 

Gains (losses) on cash flow hedges:

 

 

 

 

 

 

 

 

 

Commodity contracts recorded in net sales

 

$

(7)

 

$

(1)

 

$

 5

Commodity contracts recorded in cost of sales

 

 

50

 

 

(7)

 

 

(23)

Currency exchange contracts recorded in selling, general and administrative

 

 

(1)

 

 

 4

 

 

 2

Currency exchange contracts recorded in business consolidation and other activities

 

 

 —

 

 

64

 

 

 —

Cross-currency swaps recorded in selling, general and administrative

 

 

(136)

 

 

 —

 

 

 —

Cross-currency swaps recorded in interest expense

 

 

16

 

 

 —

 

 

 —

Interest rate contracts recorded in interest expense

 

 

 —

 

 

(1)

 

 

 —

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

 

 

 —

 

 

(5)

 

 

 —

Total before tax effect

 

 

(78)

 

 

54

 

 

(16)

Tax benefit (expense) on amounts reclassified into earnings

 

 

13

 

 

 2

 

 

 6

Recognized gain (loss)

 

$

(65)

 

$

56

 

$

(10)

 

 

 

 

 

 

 

 

 

 

Amortization of pension and other postretirement benefits: (a)

 

 

 

 

 

 

 

 

 

Prior service income (expense)

 

$

(1)

 

$

 2

 

$

 1

Actuarial gains (losses)

 

 

(34)

 

 

(35)

 

 

(48)

Effect of pension settlement (b) 

 

 

(44)

 

 

(80)

 

 

 —

Total before tax effect

 

 

(79)

 

 

(113)

 

 

(47)

Tax benefit (expense) on amounts reclassified into earnings

 

 

30

 

 

31

 

 

17

Recognized gain (loss)

 

$

(49)

 

$

(82)

 

$

(30)

(a)

These components are included in the computation of net periodic benefit cost included in Note 15. 

2017 includes a pretax settlement loss related to the purchase of non-participating group annuity contracts and lump sum payouts.  2016 includes a curtailment charge related to the sale of the Divestment Business. Refer to Note 15 for further details.