Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2017

Financial Instruments and Risk Management

Schedule of fair value of derivative instruments

	December 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	$	46	$	3	$	49	$	17	$	1	$	18
Foreign currency contracts		5		10		15		1		—		1
Interest rate and other contracts		—		—		—		—		21		21
Total current derivative contracts	$	51	$	13	$	64	$	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	$	4	$	4	$	8	$	3	$	—	$	3
Foreign currency contracts		—		21		21		—		22		22
Interest rate and other contracts		—		2		2		—		—		—
Total current derivative contracts	$	4	$	27	$	31	$	3	$	22	$	25
Interest rate and other contracts	$	117	$	3	$	120	$	—	$	—	$	—
Total noncurrent derivative contracts	$	117	$	3	$	120	$	—	$	—	$	—

Schedule of impact on earnings from derivative instruments

		Year Ended December 31, 2017
($ 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
Commodity contracts - manage exposure to customer pricing	Net sales	$	(7)	$	(4)
Commodity contracts - manage exposure to supplier pricing	Cost of sales		50		(5)
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		(1)		(57)
Cross-currency swaps - manage intercompany currency exposure within the business	Selling, general and administrative		(136)		—
Cross-currency swaps - manage intercompany currency exposure within the business	Interest expense		16		—
Equity contracts	Selling, general and administrative		—		(1)
Total		$	(78)	$	(67)

		Year Ended December 31, 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
Commodity contracts - manage exposure to customer pricing	Net sales	$	(1)	$	—
Commodity contracts - manage exposure to supplier pricing	Cost of sales		(7)		(4)
Interest rate contracts - manage exposure for outstanding debt	Interest expense		(1)		—
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs		—		(20)
Foreign currency contracts - manage exposure to sales of products	Cost of sales		1		1
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		3		53
Foreign currency contracts - manage exposure for acquisition of Rexam	Business consolidation and other activities		—		(191)
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		64		—
Commodity contracts and currency exchange contracts - attributed to the Divestment Business	Business consolidation and other activities		(5)		—
Equity contracts	Selling, general and administrative		—		(1)
Total		$	54	$	(166)

		Year Ended December 31, 2015
($ 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
Commodity contracts - manage exposure to customer pricing	Net sales	$	5	$	1
Commodity contracts - manage exposure to supplier pricing	Cost of sales		(23)		(5)
Interest rate contracts - manage exposure for forecasted Rexam financing	Debt refinancing and other costs		—		(16)
Foreign currency contracts - manage exposure to sales of products	Cost of sales		—		2
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		2		(7)
Foreign currency contracts - manage exposure for acquisition of Rexam	Business consolidation and other activities		—		(41)
Cross-currency swaps - manage exposure for acquisition of Rexam	Business consolidation and other activities		—		(7)
Equity contracts	Selling, general and administrative		—		4
Total		$	(16)	$	(69)

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

	Years Ended December 31,
($ in millions)	2017		2016		2015
Amounts reclassified into earnings:
Commodity contracts	$	(43)	$	8	$	18
Cross-currency swap contracts		120		(64)		—
Interest rate contracts		—		1		—
Commodity and currency exchange contracts attributed to the divestment business		—		5		—
Currency exchange contracts		1		(4)		(2)
Change in fair value of cash flow hedges:
Commodity contracts		67		22		(29)
Interest rate contracts		—		(1)		—
Cross-currency swap contracts		(137)		39		—
Currency exchange contracts		7		3		4
Foreign currency and tax impacts		20		(19)		1
	$	35	$	(10)	$	(8)