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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 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:
 
September 30, 2020
 
December 31, 2019
 
September 30, 2019
 
($ in millions)
Natural gas
$
46.8

 
$
62.9

 
$
56.6

Ethane
38.2

 
51.5

 
48.3

Metals
118.5

 
60.2

 
62.7

Total notional
$
203.5

 
$
174.6

 
$
167.6
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, 2020
 
December 31, 2019
 
September 30, 2019
 
($ in millions)
Asset derivatives:
 
 
 
 
 
Other current assets
 
 
 
 
 
     Derivatives designated as hedging instruments:
 
 
 
 
 
          Commodity contracts - gains
$
20.6

 
$
1.8

 
$
—

Commodity contracts - losses
(2.9
)
 
(0.5
)
 
—

     Derivatives not designated as hedging instruments:
 
 
 
 
 
          Foreign exchange contracts - gains
2.4

 
1.1

 
1.0

          Foreign exchange contracts - losses
(1.0
)
 
(0.5
)
 
(0.2
)
Total other current assets
19.1

 
1.9

 
0.8

Other assets
 
 
 
 
 
     Derivatives designated as hedging instruments:
 
 
 
 
 
          Commodity contracts - gains
6.7

 
0.8

 
0.1

          Commodity contracts - losses
(0.1
)
 
(0.1
)
 
—

Total other assets
6.6

 
0.7

 
0.1

Total asset derivatives(1)
$
25.7

 
$
2.6

 
$
0.9

Liability derivatives:
 
 
 
 
 
Accrued liabilities
 
 
 
 
 
     Derivatives designated as hedging instruments:
 
 
 
 
 
          Commodity contracts - losses
$
0.1

 
$
18.0

 
$
19.1

          Commodity contracts - gains
—

 
(0.2
)
 
(0.8
)
     Derivatives not designated as hedging instruments:
 
 
 
 
 
          Foreign exchange contracts - losses
1.4

 
1.4

 
1.2

          Foreign exchange contracts - gains
(0.8
)
 
(0.2
)
 
(0.3
)
Total accrued liabilities
0.7

 
19.0

 
19.2

Other liabilities
 
 
 
 
 
     Derivatives designated as hedging instruments:
 
 
 
 
 
          Commodity contracts - losses
—

 
1.8

 
3.0

          Commodity contracts - gains
—

 
—

 
(0.3
)
Total other liabilities
—

 
1.8

 
2.7

Total liability derivatives(1)
$
0.7

 
$
20.8

 
$
21.9


(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 September 30,
 
Nine Months Ended September 30,
 
Location of Gain (Loss)
 
2020
 
2019
 
2020
 
2019
Derivatives – Cash Flow Hedges
 
($ in millions)
Recognized in other comprehensive loss:
 
 
 
 
 
 
 
 
Commodity contracts
———
 
$
26.0

 
$
(12.4
)
 
$
20.8

 
$
(40.1
)
Interest rate contracts
———
 
—

 
0.1

 
—

 
(1.0
)
 
 
 
$
26.0

 
$
(12.3
)
 
$
20.8

 
$
(41.1
)
Reclassified from accumulated other comprehensive loss into income:
 
 
 
 
 
 
 
 
Interest rate contracts
Interest expense
 
$
—

 
$
1.8

 
$
—

 
$
4.3

Commodity contracts
Cost of goods sold
 
(0.1
)
 
(10.8
)
 
(21.0
)
 
(21.8
)
 
 
 
$
(0.1
)
 
$
(9.0
)
 
$
(21.0
)
 
$
(17.5
)
Derivatives – Fair Value Hedges
 
 
 
 
 
 
 
 
Interest rate contracts
Interest expense
 
$
—

 
$
(0.9
)
 
$
—

 
$
(2.6
)
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
Foreign exchange contracts
Selling and administration
 
$
9.6

 
$
(1.4
)
 
$
16.7

 
$
(4.4
)