DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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:

	March 31, 2022		December 31, 2021		March 31, 2021
	($ in millions)
Natural gas	$	51.0	$	37.7	$	56.8
Ethane	41.2		60.3		47.0
Metals	112.5		126.3		134.3
Total notional	$	204.7	$	224.3	$	238.1

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:

	March 31, 2022		December 31, 2021		March 31, 2021
	($ in millions)
Asset derivatives:
Other current assets
Derivatives designated as hedging instruments:
Commodity contracts - gains	$	61.5	$	31.8	$	29.6
Commodity contracts - losses	—		(6.2)		(1.1)
Derivatives not designated as hedging instruments:
Foreign exchange contracts - gains	0.3		2.0		0.6
Foreign exchange contracts - losses	—		(0.8)		(0.2)
Total other current assets	61.8		26.8		28.9
Other assets
Derivatives designated as hedging instruments:
Commodity contracts - gains	9.9		7.9		9.7
Commodity contracts - losses	—		—		(0.1)
Total other assets	9.9		7.9		9.6
Total asset derivatives(1)	$	71.7	$	34.7	$	38.5
Liability derivatives:
Accrued liabilities
Derivatives designated as hedging instruments:
Commodity contracts - losses	$	—	$	3.6	$	0.3
Commodity contracts - gains	—		(0.7)		—
Derivatives not designated as hedging instruments:
Foreign exchange contracts - losses	4.2		0.7		3.4
Foreign exchange contracts - gains	(1.1)		(0.1)		(0.7)
Total accrued liabilities	3.1		3.5		3.0
Other liabilities
Derivatives designated as hedging instruments:
Commodity contracts - losses	0.9		0.3		0.3
Commodity contracts - gains	(0.2)		—		(0.1)
Total other liabilities	0.7		0.3		0.2
Total liability derivatives(1)	$	3.8	$	3.8	$	3.2

(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 March 31,
	Location of Gain (Loss)		2022		2021
Derivatives – Cash Flow Hedges		($ in millions)
Recognized in other comprehensive loss:
Commodity contracts	———		$	52.8	$	122.0
Reclassified from accumulated other comprehensive loss into income:
Commodity contracts	Cost of goods sold		$	12.4	$	112.8
Derivatives – Fair Value Hedges
Interest rate contracts	Interest expense		$	—	$	(1.2)
Derivatives Not Designated as Hedging Instruments
Commodity contracts	Cost of goods sold		$	0.5	$	—
Foreign exchange contracts	Selling and administration		$	—	$	(2.0)