DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2011

DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]

Schedule of derivative instruments

We had the following notional amount of outstanding commodity forward contracts that were entered into to hedge forecasted purchases:

	September 30, 2011		December 31, 2010		September 30, 2010
	($ in millions)
Copper	$	54.3	$	25.1	$	26.0
Zinc		7.7		3.2		3.4
Lead		36.1		19.6		19.7
Natural gas		5.7		5.5		6.7

Summary of location and fair value of derivative instruments on condensed balance sheets

The following table summarizes the location and fair value of the derivative instruments on our condensed balance sheets.  The table disaggregates our net derivative assets and liabilities into gross components on a contract-by-contract basis before giving effect to master netting arrangements:

	Asset Derivatives								Liability Derivatives
		Fair Value								Fair Value
Derivatives Designated as Hedging Instruments	Balance Sheet Location	September 30, 2011		December 31, 2010		September 30, 2010			Balance Sheet Location	September 30, 2011			December 31, 2010			September 30, 2010
		($ in millions)								($ in millions)
Interest rate contracts	Other current assets	$	—	$	—	$	—		Current installments of long-term debt	$	0.6		$	2.8		$	—
Interest rate contracts	Other assets		14.3		5.3		10.8		Long-term debt		14.0			5.3			14.3
Interest rate contracts	Other assets		—		—		—		Other liabilities		0.2			—			—
Commodity contracts – gains	Other current assets		—		16.9		10.6		Accrued liabilities		(2.3	)		—			—
Commodity contracts – losses	Other current assets		—		—		(0.2	)	Accrued liabilities		16.6			—			—
		$	14.3	$	22.2	$	21.2			$	29.1		$	8.1		$	14.3
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Other current assets	$	0.8	$	3.8	$	—		Accrued liabilities	$	0.3		$	1.2		$	—
Interest rate contracts	Other assets		—		—		4.7		Other liabilities		—			—			1.3
Commodity contracts - gains	Other current assets		—		—		—		Accrued liabilities		—			(0.1	)		—
Commodity contracts – losses	Other current assets		—		—		—		Accrued liabilities		0.4			0.3			0.8
Foreign currency contracts	Other current assets		—		—		—		Accrued liabilities		—			—			0.1
		$	0.8	$	3.8	$	4.7			$	0.7		$	1.4		$	2.2
Total derivatives(1)		$	15.1	$	26.0	$	25.9			$	29.8		$	9.5		$	16.5

(1)   Does not include the impact of cash collateral received from or provided to counterparties.

Summary of effects of derivative instruments on condensed statements of income

The following table summarizes the effects of derivative instruments on our condensed statements of income:

		Amount of Gain (Loss)						Amount of Gain (Loss)
		Three Months Ended September 30,						Nine Months Ended September 30,
	Location of Gain (Loss)	2011			2010			2011			2010
Derivatives – Cash Flow Hedges		($ in millions)
Recognized in other comprehensive loss (effective portion)	———	$	(21.7	)	$	12.9		$	(21.3	)	$	(1.2	)
Reclassified from accumulated other comprehensive loss into income (effective portion)	Cost of goods sold	$	1.2		$	(1.1	)	$	11.8		$	6.6
Derivatives – Fair Value Hedges
Interest rate contracts	Interest expense	$	1.8		$	1.9		$	5.8		$	4.7
Derivatives Not Designated as Hedging Instruments
Interest rate contracts	Interest expense	$	(0.1	)	$	0.1		$	—		$	0.3
Commodity contracts	Cost of goods sold		(0.4	)		(0.9	)		(0.8	)		(1.2	)
Foreign currency contracts	Selling and administration		—			0.1			—			(0.1	)
		$	(0.5	)	$	(0.7	)	$	(0.8	)	$	(1.0	)