Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2018

Financial Instruments and Risk Management

Schedule of fair value of derivative instruments

	March 31, 2018						December 31, 2017
($ 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	$	30	$	5	$	35	$	46	$	3	$	49
Foreign currency contracts		3		6		9		5		10		15
Total current derivative contracts	$	33	$	11	$	44	$	51	$	13	$	64
Commodity contracts	$	1	$	—	$	1	$	6	$	—	$	6
Total noncurrent derivative contracts	$	1	$	—	$	1	$	6	$	—	$	6
Liabilities:
Commodity contracts	$	15	$	4	$	19	$	4	$	4	$	8
Foreign currency contracts		1		12		13		—		21		21
Interest rate and other contracts		—		2		2		—		2		2
Total current derivative contracts	$	16	$	18	$	34	$	4	$	27	$	31
Commodity contracts	$	5	$	—	$	5	$	—	$	—	$	—
Foreign currency contracts		1		—		1		—		—		—
Interest rate and other contracts		164		—		164		117		3		120
Total noncurrent derivative contracts	$	170	$	—	$	170	$	117	$	3	$	120

Schedule of impact on earnings from derivative instruments

		Three Months Ended March 31,
		2018				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		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)	$	1	$	(3)	$	—
Commodity contracts - manage exposure to supplier pricing	Cost of sales		10		—		8		—
Foreign currency contracts - manage general exposure with the business	Selling, general and administrative		—		(11)		—		(15)
Foreign currency contracts - manage exposure for proposed acquisition of Rexam	Business consolidation and other activities		—		—		3		—
Cross-currency swaps - manage intercompany currency exposure within the business	Selling, general and administrative		(29)		—		(17)		—
Cross-currency swaps - manage intercompany currency exposure within the business	Interest expense		3		—		—		—
Equity contracts	Selling, general and administrative		—		4		—		(2)
Total		$	(19)	$	(6)	$	(9)	$	(17)

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

	Three Months Ended March 31,
($ in millions)	2018		2017
Amounts reclassified into earnings:
Commodity contracts	$	(7)	$	(5)
Cross-currency swap contracts		26		17
Currency exchange contracts		—		(3)
Change in fair value of cash flow hedges:
Commodity contracts		(30)		51
Cross-currency swap contracts		(39)		(12)
Currency exchange contracts		(1)		3
Foreign currency and tax impacts		8		6
	$	(43)	$	57