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Business Consolidation and Other Activities | 6 Months Ended
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Jun. 30, 2017
Business Consolidation and Other Activities |
Business Consolidation and Other Activities | 5. Business Consolidation and Other Activities The following is a summary of business consolidation and other activity (charges)/income included in the unaudited condensed consolidated statements of earnings:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
($ in millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Beverage packaging, North and Central America |  | $ | (7) |  | $ | (3) |  | $ | (11) |  | $ | (6)
Beverage packaging, South America |  |  | (3) |  |  | (9) |  |  | — |  |  | (9)
Beverage packaging, Europe |  |  | (4) |  |  | (5) |  |  | (7) |  |  | (9)
Food and aerosol packaging |  |  | (1) |  |  | (3) |  |  | 9 |  |  | (17)
Other |  |  | (26) |  |  | 48 |  |  | (87) |  |  | (198)
|  | $ | (41) |  | $ | 28 |  | $ | (96) |  | $ | (239)
2017 Beverage Packaging, North and Central America During the three and six months ended June 30, 2017, the company recorded charges of $4 million and $7 million, respectively, for employee severance and benefits, facility shutdown costs, asset impairment, accelerated depreciation and disposal costs related to the closure of its Reidsville, North Carolina, plant. Other charges in the three and six months ended June 30, 2017, included $3 million and $4 million, respectively, of individually insignificant activities. Beverage Packaging, South America During the three and six months ended June 30, 2017, the company recorded charges of $2 million for professional services and other costs associated with the acquisition of Rexam. Other charges in the three and six months ended June 30, 2017, included expense of $1 million and income of $2 million, respectively, for individually insignificant activities. Beverage Packaging, Europe During the six months ended June 30, 2017, the company recorded charges of $2 million for professional services and other costs associated with the acquisition of Rexam. Other charges in the three and six months ended June 30, 2017, included $4 million and $5 million, respectively, for individually insignificant activities. Food and Aerosol Packaging During the three and six months ended June 30, 2017, the company recorded charges of $2 million and $5 million, respectively, for facility shutdown costs and accelerated depreciation for the closure of its Weirton, West Virginia, plant which ceased production during the period ended March 31, 2017. During the three months ended March 31, 2017, the company sold its food and aerosol packaging paint and general line can plant in Hubbard, Ohio, and recorded a gain on sale of $15 million. Other charges in the three and six months ended June 30, 2017, included income of $1 million and expense of $1 million for individually insignificant activities. Other During the three months ended June 30, 2017, the company recorded the following amounts:
| · |  | Expense of $7 million for the estimated amount of claims covered by the indemnification for certain tax matters provided to the buyer in the sale of the Divestment Business.
| · |  | Expense of $8 million for long-term incentive and other compensation arrangements associated with the Rexam acquisition.
| · |  | Expense of $5 million for professional services and other costs associated with the acquisition of Rexam.
| · |  | Expense of $6 million for individually insignificant activities.
During the six months ended June 30, 2017, the company recorded the following amounts:
| · |  | Expense of $34 million for the estimated amount of claims covered by the indemnification for certain tax matters provided to the buyer in the sale of the Divestment Business.
| · |  | Expense of $17 million for long-term incentive and other compensation arrangements associated with the Rexam acquisition.
| · |  | A $14 million reduction in the gain recognized in connection with the sale of the Ball portion of the Divestment Business.
| · |  | Expense of $10 million for professional services and other costs associated with the acquisition of Rexam.
| · |  | Expense of $12 million for individually insignificant activities.
2016 Beverage Packaging, North and Central America Charges in the three and six months ended June 30, 2016, included $3 million and $6 million, respectively, of individually insignificant activities. Beverage Packaging, South America During the three months ended June 30, 2016, the company recorded charges of $9 million for professional services and other costs associated with the acquisition of Rexam. Beverage Packaging, Europe During the three months ended June 30, 2016, the company recorded charges of $3 million and $7 million, respectively, for professional services and other costs associated with the acquisition of Rexam. Other charges in the three and six months ended June 30, 2016, included $2 million of individually insignificant activities. Food and Aerosol Packaging During the three and six months ended June 30, 2016, the company recorded charges of $2 million and $11 million, respectively, for employee severance and benefits, facility shutdown costs and asset impairment and disposal costs for the closure of its Weirton, West Virginia, plant. Other charges in the three and six months ended June 30, 2016, included $1 million and $6 million, respectively, of individually insignificant activities. Other During the three months ended June 30, 2016, the company recorded the following charges:
| · |  | A gain of $331 million in connection with the sale of the Ball portion of the Divestment Business.
| · |  | Foreign currency losses of $99 million from the revaluation of foreign currency denominated restricted cash and intercompany loans related to the cash component of the Rexam acquisition purchase price, the sale of the Divestment Business and the revaluation of the euro-denominated debt issuance obtained in December 2015.
| · |  | Losses of $91 million associated with the collar, swap and option contracts entered into to reduce its exposure to currency exchange rate changes in connection with the British pound denominated cash portion of the purchase price for the acquisition of Rexam.
| · |  | Expense of $71 million for compensation arrangements related to the Rexam acquisition.
| · |  | Expense of $53 million for professional services and other costs associated with the acquisition of Rexam.
| · |  | An unrealized gain of $32 million on the fair value of cross-currency swaps entered into in connection with the December 2015 issuance of the $1 billion senior notes due 2020.
| · |  | Expense of $1 million for individually insignificant activities.
During the six months ended June 30, 2016, the company recorded the following charges:
| · |  | A gain of $331 million in connection with the sale of the Ball portion of the Divestment Business.
| · |  | Foreign currency losses of $195 million from the revaluation of foreign currency denominated restricted cash and intercompany loans related to the cash component of the Rexam acquisition purchase price, the sale of the Divestment Business and the revaluation of the euro-denominated debt issuance obtained in December 2015.
| · |  | Losses of $179 million associated with the collar, swap and option contracts entered into to reduce its exposure to currency exchange rate changes in connection with the British pound denominated cash portion of the purchase price for the acquisition of Rexam.
| · |  | Expense of $77 million for professional services and other costs associated with the acquisition of Rexam.
| · |  | Expense of $71 million for compensation arrangements related to the Rexam acquisition.
| · |  | An unrealized loss of $4 million on the fair value of cross-currency swaps entered into in connection with the December 2015 issuance of the $1 billion senior notes due 2020.
| · |  | Expense of $3 million for individually insignificant activities.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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