DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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:

	March 31, 2024		December 31, 2023		March 31, 2023
Notional Value - Foreign Currency	($ in millions)
Buy	$	167.1	$	21.0	$	352.5
Sell	154.6		140.2		147.6

Schedule of derivative instruments

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

	March 31, 2024		December 31, 2023		March 31, 2023
Notional Value - Commodity	($ in millions)
Natural gas	$	61.0	$	63.2	$	94.1
Ethane	30.0		26.4		37.8
Metals	148.9		101.4		88.7
Total notional	$	239.9	$	191.0	$	220.6

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:

		March 31, 2024		December 31, 2023		March 31, 2023
	Balance Sheet Location	($ in millions)
Current Assets
Commodity contracts	Other current assets	$	5.8	$	2.1	$	3.3
Foreign currency contracts	Other current assets	0.5		—		1.6
Noncurrent Assets
Commodity contracts	Other assets	4.6		3.2		4.8
Total derivative assets(1)		$	10.9	$	5.3	$	9.7
Current Liabilities
Commodity contracts	Accrued liabilities	$	24.3	$	29.4	$	33.8
Foreign currency contracts	Accrued liabilities	1.1		2.5		1.6
Noncurrent Liabilities
Commodity contracts	Other liabilities	0.3		0.5		7.9
Total derivative liabilities(1)		$	25.7	$	32.4	$	43.3

(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) for the
		Three Months Ended March 31,
		2024		2023
	Location of Gain (Loss)	($ in millions)
Cash Flow Hedges
Commodity contracts	Other comprehensive income	$	(3.0)	$	(20.8)
Commodity contracts	Cost of goods sold	(13.3)		(30.7)
Not Designated as Hedging Instruments
Commodity contracts	Cost of goods sold	—		(0.6)
Foreign exchange contracts	Selling and administrative	0.8		(1.4)