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Financial Instruments and Risk Management (Tables) | 3 Months Ended
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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 | ​

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