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Financial Instruments and Risk Management (Tables) | 9 Months Ended
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Sep. 30, 2015
Financial Instruments and Risk Management |
Schedule of fair value of derivative instruments |
|  | September 30, 2015 |  | December 31, 2014 |
($ 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 |  | $ | 5.7 |  | $ | 4.7 |  | $ | 10.4 |  | $ | 3.8 |  | $ | 1.3 |  | $ | 5.1 |
Foreign currency contracts |  | 0.1 |  | 13.1 |  | 13.2 |  | 0.8 |  | 3.5 |  | 4.3 |
Total current derivative contracts |  | $ | 5.8 |  | $ | 17.8 |  | $ | 23.6 |  | $ | 4.6 |  | $ | 4.8 |  | $ | 9.4 |
Commodity contracts |  | $ | 0.2 |  | $ | 0.8 |  | $ | 1.0 |  | $ | 2.2 |  | $ | 0.5 |  | $ | 2.7 |
Foreign currency contracts |  | — |  | — |  | — |  | — |  | — |  | — |
Interest rate and other contracts |  | — |  | 1.5 |  | 1.5 |  | 0.4 |  | — |  | 0.4 |
Total noncurrent derivative contracts |  | $ | 0.2 |  | $ | 2.3 |  | $ | 2.5 |  | $ | 2.6 |  | $ | 0.5 |  | $ | 3.1 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 14.0 |  | $ | 6.5 |  | $ | 20.5 |  | $ | 6.9 |  | $ | 1.6 |  | $ | 8.5 |
Foreign currency contracts |  | 2.2 |  | 29.2 |  | 31.4 |  | 1.6 |  | 1.3 |  | 2.9 |
Interest rate and other contracts |  | 0.5 |  | 4.7 |  | 5.2 |  | 0.5 |  | 0.4 |  | 0.9 |
Total current derivative contracts |  | $ | 16.7 |  | $ | 40.4 |  | $ | 57.1 |  | $ | 9.0 |  | $ | 3.3 |  | $ | 12.3 |
Commodity contracts |  | $ | 7.8 |  | $ | 1.5 |  | $ | 9.3 |  | $ | 6.8 |  | $ | 0.5 |  | $ | 7.3 |
Interest rate and other contracts |  | 0.4 |  | 9.2 |  | 9.6 |  | 0.3 |  | — |  | 0.3 |
Total noncurrent derivative contracts |  | $ | 8.2 |  | $ | 10.7 |  | $ | 18.9 |  | $ | 7.1 |  | $ | 0.5 |  | $ | 7.6 |
Schedule of impact on earnings from derivative instruments |
|  |  |  | Three Months Ended September 30, |
|  |  |  | 2015 |  | 2014 |
($ 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 |  | $ | 1.3 |  | $ | 0.2 |  | $ | (2.5 | ) | $ | 3.2 |
Commodity contracts - manage exposure to supplier pricing |  | Cost of sales |  | (8.4 | ) | (2.1 | ) | (20.2 | ) | 1.5 |
Interest rate contracts - manage exposure for outstanding debt |  | Interest expense |  | — |  | — |  | 0.1 |  | — |
Interest rate contracts - manage exposure for forecasted Rexam financing |  | Debt refinancing and other costs |  | — |  | (15.0 | ) | — |  | — |
Foreign currency contracts - manage exposure to sales of products |  | Cost of sales |  | 0.3 |  | 1.6 |  | — |  | (0.7 | )
Foreign currency contracts - manage exposure for transactions between segments |  | Selling, general and administrative |  | — |  | 17.0 |  | (0.1 | ) | (13.7 | )
Foreign currency contracts - manage exposure for proposed acquisition of Rexam |  | Business consolidation and other activities |  | — |  | (104.6 | ) | — |  | — |
Equity contracts |  | Selling, general and administrative |  | — |  | (8.2 | ) | — |  | (3.6 | )
Total |  |  |  | $ | (6.8 | ) | $ | (111.1 | ) | $ | (22.7 | ) | $ | (13.3 | )
|  |  |  | Nine Months Ended September 30, |
|  |  |  | 2015 |  | 2014 |
($ in millions) |  | Location of Gain (Loss) Recognized in Earnings on Derivatives |  | Cash Flow Hedge - Reclassified Amount From Other Comprehensive Earnings (Loss) |  | Gain (Loss) on Derivatives Not Designated As Hedge Instruments |  | Cash Flow Hedge - Reclassified Amount From Other Comprehensive Earnings (Loss) |  | Gain (Loss) on Derivatives Not Designated As Hedge Instruments |
Commodity contracts - manage exposure to customer pricing |  | Net sales |  | $ | 2.1 |  | $ | 0.9 |  | $ | (3.0 | ) | $ | 3.4 |
Commodity contracts - manage exposure to supplier pricing |  | Cost of sales |  | (10.6 | ) | (4.8 | ) | (34.4 | ) | 2.1 |
Interest rate contracts - manage exposure for outstanding debt |  | Interest expense |  | (0.1 | ) | — |  | (0.2 | ) | — |
Interest rate contracts - manage exposure for forecasted Rexam financing |  | Debt refinancing and other costs |  | — |  | (10.0 | ) | — |  | — |
Foreign currency contracts - manage exposure to sales of products |  | Cost of sales |  | (0.2 | ) | 2.2 |  | 0.2 |  | (0.2 | )
Foreign currency contracts - manage exposure for transactions between segments |  | Selling, general and administrative |  | — |  | (4.4 | ) | — |  | (19.3 | )
Foreign currency contracts - manage exposure for proposed acquisition of Rexam |  | Business consolidation and other activities |  | — |  | (36.3 | ) | — |  | — |
Equity contracts |  | Selling, general and administrative |  | — |  | (6.4 | ) | — |  | (3.9 | )
Total |  |  |  | $ | (8.8 | ) | $ | (58.8 | ) | $ | (37.4 | ) | $ | (17.9 | )
Schedule of changes in accumulated other comprehensive earnings (loss) for effective derivatives |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
($ in millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Amounts reclassified into earnings: |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 7.1 |  | $ | 22.7 |  | $ | 8.5 |  | $ | 37.4 |
Interest rate contracts |  | — |  | (0.1 | ) | 0.1 |  | 0.2 |
Currency exchange contracts |  | (0.3 | ) | 0.1 |  | 0.2 |  | (0.2 | )
Change in fair value of cash flow hedges: |  |  |  |  |  |  |  |  |
Commodity contracts |  | (11.9 | ) | 1.4 |  | (22.9 | ) | 8.1 |
Interest rate contracts |  | (0.3 | ) | 0.2 |  | (0.6 | ) | (0.2 | )
Currency exchange contracts |  | 4.1 |  | (0.7 | ) | (1.9 | ) | (1.9 | )
Foreign currency and tax impacts |  | (1.0 | ) | (2.0 | ) | 2.3 |  | (5.3 | )
|  | $ | (2.3 | ) | $ | 21.6 |  | $ | (14.3 | ) | $ | 38.1 |

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