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Financial Instruments and Risk Management (Tables) | 6 Months Ended
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Jun. 30, 2017
Financial Instruments and Risk Management |
Schedule of fair value of derivative instruments |
|  | June 30, 2017 |  | December 31, 2016
($ 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 |  | $ | 29 |  | $ | 2 |  | $ | 31 |  | $ | 17 |  | $ | 1 |  | $ | 18
Foreign currency contracts |  |  | 2 |  |  | 9 |  |  | 11 |  |  | 1 |  |  | — |  |  | 1
Interest rate and other contracts |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | 21 |  |  | 21
Total current derivative contracts |  | $ | 31 |  | $ | 14 |  | $ | 45 |  | $ | 18 |  | $ | 22 |  | $ | 40
Commodity contracts |  | $ | 6 |  | $ | — |  | $ | 6 |  | $ | 7 |  | $ | — |  | $ | 7
Interest rate and other contracts |  |  | — |  |  | — |  |  | — |  |  | 39 |  |  | — |  |  | 39
Total noncurrent derivative contracts |  | $ | 6 |  | $ | — |  | $ | 6 |  | $ | 46 |  | $ | — |  | $ | 46
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 6 |  | $ | 2 |  | $ | 8 |  | $ | 3 |  | $ | — |  | $ | 3
Foreign currency contracts |  |  | — |  |  | 31 |  |  | 31 |  |  | — |  |  | 22 |  |  | 22
Total current derivative contracts |  | $ | 6 |  | $ | 33 |  | $ | 39 |  | $ | 3 |  | $ | 22 |  | $ | 25
Commodity contracts |  | $ | 1 |  | $ | — |  | $ | 1 |  | $ | — |  | $ | — |  | $ | —
Foreign currency contracts |  |  | 39 |  |  | — |  |  | 39 |  |  | — |  |  | — |  |  | —
Total noncurrent derivative contracts |  | $ | 40 |  | $ | — |  | $ | 40 |  | $ | — |  | $ | — |  | $ | —
Schedule of impact on earnings from derivative instruments |
|  |  |  | Three Months Ended June 30, |
|  |  |  | 2017 |  | 2016 |
($ 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 supplier pricing |  | Cost of sales |  | $ | 9 |  | $ | (4) |  | $ | (3) |  | $ | — |
Interest rate contracts - manage exposure for forecasted Rexam financing |  | Debt refinancing and other costs |  |  | — |  |  | — |  |  | — |  |  | (4) |
Foreign currency contracts - manage general exposure with the business |  | Selling, general and administrative |  |  | — |  |  | (14) |  |  | (1) |  |  | 36 |
Foreign currency contracts - manage exposure for proposed acquisition of Rexam |  | Business consolidation and other activities |  |  | — |  |  | — |  |  | — |  |  | 1 |
Cross-currency swaps - manage exposure for proposed acquisition of Rexam |  | Business consolidation and other activities |  |  | — |  |  | — |  |  | — |  |  | 32 |
Cross-currency swaps - manage intercompany currency exposure within the business |  | Selling, general and administrative |  |  | (71) |  |  | — |  |  | 1 |  |  | — |
Cross-currency swaps - manage intercompany currency exposure within the business |  | Interest expense |  |  | 5 |  |  | — |  |  | — |  |  | — |
Commodity contracts and currency exchange contracts - attributed to the divestment business |  | Business consolidation and other activities |  |  | — |  |  | — |  |  | (4) |  |  | — |
Equity and inflation contracts |  | Selling, general and administrative |  |  | — |  |  | 13 |  |  | — |  |  | 1 |
Total |  |  |  | $ | (57) |  | $ | (5) |  | $ | (7) |  | $ | 66 |
|  |  |  | Six Months Ended June 30,
|  |  |  | 2017 |  | 2016
($ 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 |  | $ | (3) |  | $ | (2) |  | $ | 3 |  | $ | —
Commodity contracts - manage exposure to supplier pricing |  | Cost of sales |  |  | 17 |  |  | (3) |  |  | (10) |  |  | —
Interest rate contracts - manage exposure for forecasted Rexam financing |  | Debt refinancing and other costs |  |  | — |  |  | — |  |  | — |  |  | (20)
Foreign currency contracts - manage general exposure with the business |  | Selling, general and administrative |  |  | — |  |  | (29) |  |  | (1) |  |  | 36
Foreign currency contracts - manage exposure for acquisition of Rexam |  | Business consolidation and other activities |  |  | — |  |  | — |  |  | — |  |  | (87)
Cross-currency swaps - manage exposure for acquisition of Rexam |  | Business consolidation and other activities |  |  | — |  |  | — |  |  | — |  |  | (4)
Cross-currency swaps - manage intercompany currency exposure within the business |  | Selling, general and administrative |  |  | (84) |  |  | — |  |  | 1 |  |  | —
Cross-currency swaps - manage intercompany currency exposure within the business |  | Interest expense |  |  | 10 |  |  | — |  |  | — |  |  | —
Commodity contracts and currency exchange contracts - attributed to the Divestment Business |  | Business consolidation and other activities |  |  | — |  |  | — |  |  | (4) |  |  | —
Equity contracts |  | Selling, general and administrative |  |  | — |  |  | 10 |  |  | — |  |  | (1)
Total |  |  |  | $ | (60) |  | $ | (24) |  | $ | (11) |  | $ | (76)
Schedule of changes in accumulated other comprehensive earnings (loss) for effective derivatives |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
($ in millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Amounts reclassified into earnings: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (9) |  | $ | 3 |  | $ | (14) |  | $ | 7
Cross-currency swap contracts |  |  | 66 |  |  | (1) |  |  | 74 |  |  | (1)
Commodity and currency exchange contracts attributed to the divestment business |  |  | — |  |  | 4 |  |  | — |  |  | 4
Currency exchange contracts |  |  | — |  |  | 1 |  |  | — |  |  | 1
Change in fair value of cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  |  | (28) |  |  | 13 |  |  | 23 |  |  | 6
Interest rate contracts |  |  |  |  |  | 1 |  |  | 1 |  |  | —
Cross-currency swap contracts |  |  | (66) |  |  | (6) |  |  | (69) |  |  | (6)
Currency exchange contracts |  |  | 2 |  |  | (3) |  |  | 1 |  |  | 1
Foreign currency and tax impacts |  |  | 15 |  |  | (2) |  |  | 21 |  |  | (2)
|  | $ | (20) |  | $ | 10 |  | $ | 37 |  | $ | 10

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