XML 21 R45.htm IDEA: XBRL DOCUMENT v3.20.1
Financial Instruments and Risk Management (Tables)
3 Months Ended
Mar. 31, 2020
Financial Instruments and Risk Management  
Schedule of fair value of derivative instruments

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March 31, 2020

($ in millions)

Balance Sheet Location

    

Derivatives
Designated
as Hedging
Instruments

    

Derivatives not
Designated as
Hedging
Instruments

    

Total

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Assets:

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Commodity contracts

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$

60

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$

10

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$

70

Foreign currency contracts

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​

​

—

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12

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12

Other contracts

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—

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19

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​

19

Total current derivative contracts

Other current assets

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$

60

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$

41

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$

101

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Foreign currency contracts

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$

76

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$

2

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$

78

Total noncurrent derivative contracts

Other noncurrent assets

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$

76

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$

2

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$

78

 

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Liabilities:

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Commodity contracts

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$

100

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$

4

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$

104

Foreign currency contracts

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5

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37

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42

Other contracts

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1

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12

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13

Total current derivative contracts

Other current liabilities

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$

106

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$

53

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$

159

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Commodity contracts

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$

9

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$

—

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$

9

Foreign currency contracts

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—

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1

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1

Total noncurrent derivative contracts

Other noncurrent liabilities

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$

9

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$

1

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$

10

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December 31, 2019

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Derivatives
Designated
as Hedging
Instruments

    

Derivatives not
Designated as
Hedging
Instruments

    

Total

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Assets:

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Commodity contracts

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$

7

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$

1

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$

8

Foreign currency contracts

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4

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43

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​

47

Other contracts

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2

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—

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2

Total current derivative contracts

Other current assets

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$

13

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$

44

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$

57

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Foreign currency contracts

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$

15

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$

—

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$

15

Other contracts

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1

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—

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1

Total noncurrent derivative contracts

Other noncurrent assets

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$

16

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$

—

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$

16

 

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Liabilities:

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Commodity contracts

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$

26

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$

1

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$

27

Foreign currency contracts

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—

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18

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18

Other contracts

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—

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19

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19

Total current derivative contracts

Other current liabilities

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$

26

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$

38

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$

64

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Commodity contracts

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$

1

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$

—

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$

1

Total noncurrent derivative contracts

Other noncurrent liabilities

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$

1

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$

—

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$

1

Schedule of impact on earnings from derivative instruments

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Three Months Ended March 31,

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2020

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2019

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($ 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

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Commodity contracts - manage exposure to customer pricing

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Net sales

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$

—

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$

1

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$

2

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$

—

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Commodity contracts - manage exposure to supplier pricing

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Cost of sales

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4

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(1)

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(5)

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1

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Interest rate contracts - manage exposure for outstanding debt

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Interest expense

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(1)

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1

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—

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—

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Foreign currency contracts - manage currency exposure

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Selling, general and administrative

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18

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22

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—

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58

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Cross-currency swaps - manage intercompany currency exposure

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Selling, general and administrative

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(1)

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—

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23

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—

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Cross-currency swaps - manage intercompany currency exposure

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Interest expense

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—

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—

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4

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—

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Equity contracts

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Selling, general and administrative

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—

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(2)

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—

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30

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Total

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$

20

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$

21

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$

24

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$

89

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

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Three Months Ended March 31,

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($ in millions)

    

2020

    

2019

    

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Amounts reclassified into earnings:

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Commodity contracts

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$

(4)

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$

3

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Cross-currency swap contracts

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1

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(27)

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Interest rate contracts

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1

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—

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Currency exchange contracts

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(18)

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—

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Change in fair value of cash flow hedges:

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Commodity contracts

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(30)

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14

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Interest rate contracts

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(2)

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—

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Cross-currency swap contracts

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1

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43

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Currency exchange contracts

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58

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(2)

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Foreign currency and tax impacts

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(2)

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(9)

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Stranded tax effects reclassified into retained earnings:

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Commodity contracts

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—

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2

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Cross-currency swap contracts

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—

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(5)

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$

5

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$

19

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