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Business Segment Information (Tables)
 6 Months Ended
Jun. 30, 2018
Business Segment Information  
Summary of business by segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

($ in millions)

    

2018

    

2017

    

2018

    

2017

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage packaging, North and Central America

 

$

1,241

 

$

1,151

 

$

2,276

 

$

2,100

 

Beverage packaging, South America

 

 

379

 

 

349

 

 

838

 

 

720

 

Beverage packaging, Europe

 

 

703

 

 

665

 

 

1,312

 

 

1,173

 

Food and aerosol packaging

 

 

304

 

 

274

 

 

579

 

 

546

 

Aerospace

 

 

290

 

 

257

 

 

554

 

 

493

 

Reportable segment sales

 

 

2,917

 

 

2,696

 

 

5,559

 

 

5,032

 

Other

 

 

184

 

 

159

 

 

327

 

 

296

 

Net sales

 

$

3,101

 

$

2,855

 

$

5,886

 

$

5,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparable operating earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage packaging, North and Central America (b)

 

$

157

 

$

156

 

$

270

 

$

279

 

Beverage packaging, South America (b)

 

 

66

 

 

69

 

 

164

 

 

127

 

Beverage packaging, Europe (b)

 

 

75

 

 

63

 

 

135

 

 

110

 

Food and aerosol packaging

 

 

32

 

 

25

 

 

55

 

 

46

 

Aerospace

 

 

24

 

 

26

 

 

49

 

 

47

 

Reportable segment comparable operating earnings

 

 

354

 

 

339

 

 

673

 

 

609

 

Reconciling items

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (a)(b)

 

 

(2)

 

 

(21)

 

 

(21)

 

 

(52)

 

Business consolidation and other activities

 

 

(69)

 

 

(41)

 

 

(99)

 

 

(96)

 

Amortization of acquired Rexam intangibles

 

 

(40)

 

 

(51)

 

 

(84)

 

 

(83)

 

Catch-up depreciation and amortization for 2016 from finalization of Rexam valuation

 

 

 —

 

 

(39)

 

 

 —

 

 

(39)

 

Earnings before interest and taxes

 

 

243

 

 

187

 

 

469

 

 

339

 

Interest expense

 

 

(77)

 

 

(74)

 

 

(150)

 

 

(142)

 

Debt refinancing and other costs

 

 

 —

 

 

(1)

 

 

(1)

 

 

(1)

 

Total interest expense

 

 

(77)

 

 

(75)

 

 

(151)

 

 

(143)

 

Earnings before taxes

 

$

166

 

$

112

 

$

318

 

$

196

 

(a)

Includes undistributed corporate expenses, net, of $21 million and $32 million for the three months ended June 30, 2018 and 2017, respectively, and $43 million and $77 million for the six months ended June 30, 2018 and 2017, respectively.

(b)

The three months ended June 30, 2017, includes catch-up depreciation for the three months ended March 31, 2017, from the finalization of fair values and useful lives for the Rexam acquisition associated with the following segments: $8 million for beverage packaging, Europe; $1 million for beverage packaging, North and Central America; $1 million for beverage packaging, South America;and $1 million for Other.