DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Open Forward Foreign Currency Contract

We had the following notional amounts of outstanding forward contracts to buy and sell foreign currency:

	September 30, 2023	December 31, 2022	September 30, 2022
	($ in millions)
Foreign Currency:
Buy	5.3	275.8	273.6
Sell	155.2	110.7	96.0

Schedule of derivative instruments

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

	September 30, 2023		December 31, 2022		September 30, 2022
	($ in millions)
Natural gas	$	67.2	$	107.6	$	92.1
Ethane	25.5		46.0		45.5
Metals	114.8		107.6		134.5
Total notional	$	207.5	$	261.2	$	272.1

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:

	September 30, 2023		December 31, 2022		September 30, 2022
	($ in millions)
Asset derivatives:
Other current assets
Derivatives designated as hedging instruments:
Commodity contracts - gains	$	1.7	$	2.4	$	15.1
Commodity contracts - losses	(0.4)		(0.9)		(1.5)
Derivatives not designated as hedging instruments:
Foreign exchange contracts - gains	1.2		0.3		1.3
Foreign exchange contracts - losses	(0.1)		—		(0.2)
Total other current assets	2.4		1.8		14.7
Other assets
Derivatives designated as hedging instruments:
Commodity contracts - gains	3.2		4.0		3.8
Commodity contracts - losses	—		—		(0.1)
Total other assets	3.2		4.0		3.7
Total asset derivatives(1)	$	5.6	$	5.8	$	18.4
Liability derivatives:
Accrued liabilities
Derivatives designated as hedging instruments:
Commodity contracts - losses	$	19.3	$	43.3	$	34.7
Commodity contracts - gains	(1.5)		(1.7)		(6.8)
Derivatives not designated as hedging instruments:
Foreign exchange contracts - losses	—		1.7		5.3
Foreign exchange contracts - gains	—		(0.8)		(1.8)
Total accrued liabilities	17.8		42.5		31.4
Other liabilities
Derivatives designated as hedging instruments:
Commodity contracts - losses	2.5		8.0		2.6
Commodity contracts - gains	(0.3)		(0.6)		—
Total other liabilities	2.2		7.4		2.6
Total liability derivatives(1)	$	20.0	$	49.9	$	34.0

(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)	2023		2022		2023		2022
Derivatives – Cash Flow Hedges		($ in millions)
Recognized in other comprehensive loss:
Commodity contracts	———	$	(1.9)	$	6.6	$	(33.4)	$	23.0
Reclassified from accumulated other comprehensive loss into income:
Commodity contracts	Cost of goods sold	$	(10.2)	$	17.8	$	(61.4)	$	66.3
Derivatives Not Designated as Hedging Instruments
Commodity contracts	Cost of goods sold	$	—	$	—	$	(0.6)	$	0.5
Foreign exchange contracts	Selling and administration	$	3.6	$	(15.6)	$	(9.6)	$	(42.7)