DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

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

	September 30, 2018		December 31, 2017		September 30, 2017
	($ in millions)
Natural gas	$	65.6	$	39.2	$	38.4
Copper	48.9		45.2		42.1
Zinc	8.3		8.4		8.0

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:

	September 30, 2018			December 31, 2017			September 30, 2017
	($ in millions)
Asset Derivatives:
Other current assets
Derivatives designated as hedging instruments:
Interest rate contracts - gains	$	7.6		$	6.9		$	5.0
Commodity contracts - gains	2.2			11.4			7.8
Commodity contracts - losses	—			(0.1		)	(0.4		)
Derivatives not designated as hedging instruments:
Foreign exchange contracts - gains	0.3			2.0			0.5
Foreign exchange contracts - losses	(0.1		)	(1.0		)	(0.3		)
Total other current assets	10.0			19.2			12.6
Other assets
Derivatives designated as hedging instruments:
Interest rate contracts - gains	1.6			3.6			3.7
Total other assets	1.6			3.6			3.7
Total Asset Derivatives(1)	$	11.6		$	22.8		$	16.3
Liability Derivatives:
Accrued liabilities
Derivatives designated as hedging instruments:
Commodity contracts - losses	3.7			3.8			2.6
Commodity contracts - gains	(3.0		)	—			—
Derivatives not designated as hedging instruments:
Foreign exchange contracts - losses	2.6			—			0.6
Foreign exchange contracts - gains	(0.4		)	—			(0.5		)
Total accrued liabilities	2.9			3.8			2.7
Other liabilities
Derivatives designated as hedging instruments:
Interest rate contracts - losses	47.8			28.1			23.9
Commodity contracts - losses	0.9			—			—
Commodity contracts - gains	(0.1		)	—			—
Total other liabilities	48.6			28.1			23.9
Total Liability Derivatives(1)	$	51.5		$	31.9		$	26.6

(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 operations:

		Amount of (Loss) Gain
		Three Months Ended September 30,						Nine Months Ended September 30,
	Location of (Loss) Gain	2018			2017			2018			2017
Derivatives – Cash Flow Hedges		($ in millions)
Recognized in other comprehensive income (effective portion):
Commodity contracts	———	$	(2.9	)	$	2.9		$	(5.4	)	$	(4.5	)
Interest rate contracts	———	0.3			0.3			4.5			0.9
		$	(2.6	)	$	3.2		$	(0.9	)	$	(3.6	)
Reclassified from accumulated other comprehensive loss into income (effective portion):
Interest rate contracts	Interest expense	$	2.5		$	1.2		$	5.9		$	1.7
Commodity contracts	Cost of goods sold	(0.3		)	—			1.3			1.9
		$	2.2		$	1.2		$	7.2		$	3.6
Derivatives – Fair Value Hedges
Interest rate contracts	Interest expense	$	(0.6	)	$	0.5		$	(0.9	)	$	2.5
Derivatives Not Designated as Hedging Instruments
Foreign exchange contracts	Selling and administration	$	0.3		$	(0.2	)	$	(0.3	)	$	0.4