We are exposed to market risk from changes in foreign exchange rates, interest rates and commodity prices that could impact our results of operations, cash flows and financial condition. We use swaps to hedge interest rate exposures. At inception, interest rate swap derivatives that we designate as hedging instruments are formally documented as a hedge of a forecasted transaction or “cash flow” hedge. We also formally assess, both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, we discontinue hedge accounting and any future mark-to-market adjustments are recognized in earnings. We use derivative financial instruments as risk management tools and not for speculative trading purposes.

We only enter into derivative transactions with established financial institution counterparties having an investment-grade credit rating. We monitor counterparty credit default swap levels and credit ratings on a regular basis. All of our derivative transactions with counterparties are governed by master International Swap and Derivatives Association agreements (“ISDAs”) with netting arrangements. These agreements can limit our exposure in situations where we have gain and loss positions outstanding with a single counterparty. We do not post nor do we receive cash collateral with any counterparty for our derivative transactions. These ISDAs do not have any credit contingent features; however, a default under our bank credit facility would trigger a default under these agreements. Exposure to individual counterparties is controlled and we consider the risk of counterparty default to be negligible.

We purchase natural gas and other various commodities for use in the manufacturing process. Although we are exposed to fluctuations in commodity pricing, we currently have no outstanding positions and do not expect to enter into any commodity derivative products.

As of December 31, 2020, our only major foreign currency exposure is to the Canadian dollar. We currently have no outstanding positions and do not expect to enter into any foreign exchange derivative products.

We utilize interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. These swaps are designated as cash flow hedges against changes in LIBOR for a portion of our variable rate debt. The following table summarizes our interest rate swaps as of December 31, 2020:

Trade Date	Notional Amount		Coverage Period	Risk Coverage
November 14, 2016	$	200.0	December 2016 to March 2021	USD-LIBOR
November 28, 2018	$	200.0	November 2018 to November 2023	USD-LIBOR
November 28, 2018	$	100.0	March 2021 to March 2025	USD-LIBOR
March 6, 2020	$	50.0	March 2020 to March 2022	USD-LIBOR
March 10, 2020	$	50.0	March 2021 to March 2024	USD-LIBOR
March 11, 2020	$	50.0	March 2021 to March 2024	USD-LIBOR

Under the terms of the November 2016 swap maturing in 2021, we receive 3-month LIBOR and pay a fixed rate over the hedged period, in addition to a basis rate swap to convert the floating rate risk under our November 2016 swap from 3-month LIBOR to 1-month LIBOR. As a result, we receive 1-month LIBOR and pay a fixed rate over the hedged period.

Under the terms of the November 2018 swap maturing in 2023, we pay a fixed rate over the hedged amount and receive 1-month LIBOR. This is inclusive of a 0% floor.

Under the terms of the forward starting November 2018 swap maturing in 2025, we will pay a fixed rate monthly and receive 1-month LIBOR. This is inclusive of a 0% floor.

Under the terms of the March 2020 swap maturing in 2022, we pay a fixed rate over the hedged amount and receive 1-month LIBOR. This is inclusive of a 0% floor.

Under the terms of the forward starting March 2020 swaps maturing in 2024, we will pay a fixed rate monthly and receive 1-month LIBOR. These are inclusive of a 0% floor.

In connection with the refinancing of our credit facility in September 2019, we settled a $100.0 million notional interest rate swap.

The following tables detail amounts related to our derivatives as of December 31, 2020 and 2019. We did not have any derivative assets or liabilities not designated as hedging instruments for the years ended December 31, 2020 and 2019. The derivative asset and liability amounts below are shown in gross amounts and have not been netted.

	Derivative Assets					Derivative Liabilities
		Fair Value					Fair Value
	Balance Sheet Location	December 31, 2020		December 31, 2019		Balance Sheet Location	December 31, 2020		December 31, 2019
Interest rate swap contracts	Other current assets	$	-	$	-	Accounts payable and accrued expenses	$	0.5	$	-
Interest rate swap contracts	Other non-current assets		-		1.3	Other long-term liabilities		28.4		15.6

	Amount of Gain (Loss) Recognized in AOCI									Location of Gain (Loss) Reclassified from AOCI into Net Earnings (Loss)	Gain (Loss) Reclassified from AOCI into Net Earnings (Loss)
	2020			2019			2018				2020		2019			2018
Derivatives in cash flow hedging relationships
Natural gas commodity contracts	$	-		$	-		$	0.7		Cost of goods sold	$	-	$	-		$	0.1
Foreign exchange contracts – purchases		-			-			0.1		Cost of goods sold		-		-			-
Foreign exchange contracts – sales		-			-			0.7		Net sales		-		-			-
Interest rate swap contracts		(8.6	)		(20.0	)		(2.0	)	Interest expense		5.6		(1.4	)		(1.6	)
Total	$	(8.6	)	$	(20.0	)	$	(0.5	)	Total gain (loss)	$	5.6	$	(1.4	)	$	(1.5	)

As of December 31, 2020, the amount of existing losses in AOCI expected to be recognized in earnings over the next twelve months is $8.4 million.