Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2020

Financial Instruments and Risk Management

Schedule of fair value of derivative instruments

		March 31, 2020
($ in millions)	Balance Sheet Location	Derivatives Designated as Hedging Instruments		Derivatives not Designated as Hedging Instruments		Total
Assets:
Commodity contracts		$	60	$	10	$	70
Foreign currency contracts			—		12		12
Other contracts			—		19		19
Total current derivative contracts	Other current assets	$	60	$	41	$	101
Foreign currency contracts		$	76	$	2	$	78
Total noncurrent derivative contracts	Other noncurrent assets	$	76	$	2	$	78
Liabilities:
Commodity contracts		$	100	$	4	$	104
Foreign currency contracts			5		37		42
Other contracts			1		12		13
Total current derivative contracts	Other current liabilities	$	106	$	53	$	159
Commodity contracts		$	9	$	—	$	9
Foreign currency contracts			—		1		1
Total noncurrent derivative contracts	Other noncurrent liabilities	$	9	$	1	$	10

		December 31, 2019
		Derivatives Designated as Hedging Instruments		Derivatives not Designated as Hedging Instruments		Total
Assets:
Commodity contracts		$	7	$	1	$	8
Foreign currency contracts			4		43		47
Other contracts			2		—		2
Total current derivative contracts	Other current assets	$	13	$	44	$	57
Foreign currency contracts		$	15	$	—	$	15
Other contracts			1		—		1
Total noncurrent derivative contracts	Other noncurrent assets	$	16	$	—	$	16
Liabilities:
Commodity contracts		$	26	$	1	$	27
Foreign currency contracts			—		18		18
Other contracts			—		19		19
Total current derivative contracts	Other current liabilities	$	26	$	38	$	64
Commodity contracts		$	1	$	—	$	1
Total noncurrent derivative contracts	Other noncurrent liabilities	$	1	$	—	$	1

Schedule of impact on earnings from derivative instruments

		Three Months Ended March 31,
		2020				2019
($ 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	$	—	$	1	$	2	$	—
Commodity contracts - manage exposure to supplier pricing	Cost of sales		4		(1)		(5)		1
Interest rate contracts - manage exposure for outstanding debt	Interest expense		(1)		1		—		—
Foreign currency contracts - manage currency exposure	Selling, general and administrative		18		22		—		58
Cross-currency swaps - manage intercompany currency exposure	Selling, general and administrative		(1)		—		23		—
Cross-currency swaps - manage intercompany currency exposure	Interest expense		—		—		4		—
Equity contracts	Selling, general and administrative		—		(2)		—		30
Total		$	20	$	21	$	24	$	89

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

	Three Months Ended March 31,
($ in millions)	2020		2019
Amounts reclassified into earnings:
Commodity contracts	$	(4)	$	3
Cross-currency swap contracts		1		(27)
Interest rate contracts		1		—
Currency exchange contracts		(18)		—
Change in fair value of cash flow hedges:
Commodity contracts		(30)		14
Interest rate contracts		(2)		—
Cross-currency swap contracts		1		43
Currency exchange contracts		58		(2)
Foreign currency and tax impacts		(2)		(9)
Stranded tax effects reclassified into retained earnings:
Commodity contracts		—		2
Cross-currency swap contracts		—		(5)
	$	5	$	19