DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2020

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:

	June 30, 2020		December 31, 2019		June 30, 2019
	($ in millions)
Natural gas	$	59.3	$	62.9	$	67.1
Ethane	48.2		51.5		53.4
Metals	117.6		60.2		65.6
Total notional	$	225.1	$	174.6	$	186.1

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:

	June 30, 2020			December 31, 2019			June 30, 2019
	($ in millions)
Asset derivatives:
Other current assets
Derivatives designated as hedging instruments:
Interest rate contracts - gains	$	—		$	—		$	1.7
Commodity contracts - gains	5.1			1.8			0.5
Commodity contracts - losses	(2.8		)	(0.5		)	(0.3		)
Derivatives not designated as hedging instruments:
Foreign exchange contracts - gains	5.3			1.1			0.4
Foreign exchange contracts - losses	(2.9		)	(0.5		)	(0.3		)
Total other current assets	4.7			1.9			2.0
Other assets
Derivatives designated as hedging instruments:
Commodity contracts - gains	3.0			0.8			0.9
Commodity contracts - losses	(0.7		)	(0.1		)	(0.4		)
Total other assets	2.3			0.7			0.5
Total asset derivatives(1)	$	7.0		$	2.6		$	2.5
Liability derivatives:
Accrued liabilities
Derivatives designated as hedging instruments:
Commodity contracts - losses	$	8.8		$	18.0		$	18.8
Commodity contracts - gains	(2.4		)	(0.2		)	(0.5		)
Derivatives not designated as hedging instruments:
Foreign exchange contracts - losses	1.3			1.4			0.9
Foreign exchange contracts - gains	(0.1		)	(0.2		)	(0.2		)
Total accrued liabilities	7.6			19.0			19.0
Other liabilities
Derivatives designated as hedging instruments:
Interest rate contracts - losses	—			—			9.0
Commodity contracts - losses	0.2			1.8			1.7
Commodity contracts - gains	(0.1		)	—			—
Total other liabilities	0.1			1.8			10.7
Total liability derivatives(1)	$	7.7		$	20.8		$	29.7

(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 Gain (Loss)
		Three Months Ended June 30,						Six Months Ended June 30,
	Location of Gain (Loss)	2020			2019			2020			2019
Derivatives – Cash Flow Hedges		($ in millions)
Recognized in other comprehensive loss:
Commodity contracts	———	$	29.9		$	(21.5	)	$	(5.2	)	$	(27.7	)
Interest rate contracts	———	—			(0.7		)	—			(1.1		)
		$	29.9		$	(22.2	)	$	(5.2	)	$	(28.8	)
Reclassified from accumulated other comprehensive loss into income:
Interest rate contracts	Interest expense	$	—		$	1.2		$	—		$	2.5
Commodity contracts	Cost of goods sold	(9.3		)	(7.5		)	(20.9		)	(11.0		)
		$	(9.3	)	$	(6.3	)	$	(20.9	)	$	(8.5	)
Derivatives – Fair Value Hedges
Interest rate contracts	Interest expense	$	—		$	(1.0	)	$	—		$	(1.7	)
Derivatives Not Designated as Hedging Instruments
Foreign exchange contracts	Selling and administration	$	0.6		$	(0.6	)	$	7.1		$	(3.0	)