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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of derivative instruments | We had the following notional amount of outstanding commodity contracts that were entered into to hedge forecasted purchases:
| March 31, 2017 |  | December 31, 2016 |  | March 31, 2016
| ($ in millions)
Copper | $ | 38.9 |  |  | $ | 35.8 |  |  | $ | 43.1 |
Zinc | 8.0 |  |  | 8.0 |  |  | 8.5 |
Lead | 1.4 |  |  | 3.4 |  |  | 9.1 |
Natural gas | 53.0 |  |  | 54.4 |  |  | 0.9 |
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:
|  | Asset Derivatives |  | Liability Derivatives
|  |  |  | Fair Value |  |  |  | Fair Value
|  | Balance Sheet Location |  | March 31, 2017 |  | December 31, 2016 |  | March 31, 2016 |  | Balance Sheet Location |  | March 31, 2017 |  | December 31, 2016 |  | March 31, 2016
|  |  |  | ($ in millions) |  |  |  | ($ in millions)
Derivatives Designated as Hedging Instruments
Interest rate contracts |  | Other current assets |  | $ | 3.1 |  |  | $ | 1.9 |  |  | $ | — |  |  | Current installments of long-term debt |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.6 |
Interest rate contracts |  | Other assets |  | 8.3 |  |  | 7.7 |  |  | — |  |  | Long-term debt |  | — |  |  | — |  |  | 0.3 |
Interest rate contracts |  | Other assets |  | — |  |  | — |  |  | — |  |  | Other liabilities |  | 29.6 |  |  | 28.5 |  |  | — |
Commodity contracts – gains |  | Other current assets |  | 7.5 |  |  | 13.2 |  |  | — |  |  | Accrued liabilities |  | (0.2 | ) |  | — |  |  | (1.0 | )
Commodity contracts – losses |  | Other current assets |  | (1.2 | ) |  | (1.7 | ) |  | — |  |  | Accrued liabilities |  | 0.4 |  |  | — |  |  | 7.6 |
|  |  |  | $ | 17.7 |  |  | $ | 21.1 |  |  | $ | — |  |  |  |  | $ | 29.9 |  |  | $ | 28.6 |  |  | $ | 7.5 |
Derivatives Not Designated as Hedging Instruments
Interest rate contracts – gains |  | Other current assets |  | $ | — |  |  | $ | — |  |  | $ | 0.9 |  |  | Accrued liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest rate contracts – losses |  | Other current assets |  | — |  |  | — |  |  | (0.4 | ) |  | Accrued liabilities |  | — |  |  | — |  |  | — |
Commodity contracts – losses |  | Other current assets |  | — |  |  | — |  |  | — |  |  | Accrued liabilities |  | — |  |  | — |  |  | 0.1 |
Foreign exchange contracts – gains |  | Other current assets |  | 0.4 |  |  | 0.6 |  |  | 0.4 |  |  | Accrued liabilities |  | (0.6 | ) |  | (0.5 | ) |  | (0.3 | )
Foreign exchange contracts – losses |  | Other current assets |  | (0.2 | ) |  | (0.5 | ) |  | (0.4 | ) |  | Accrued liabilities |  | 0.9 |  |  | 1.7 |  |  | 1.8 |
|  |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 0.5 |  |  |  |  | $ | 0.3 |  |  | $ | 1.2 |  |  | $ | 1.6 |
Total derivatives(1) |  |  |  | $ | 17.9 |  |  | $ | 21.2 |  |  | $ | 0.5 |  |  |  |  | $ | 30.2 |  |  | $ | 29.8 |  |  | $ | 9.1 |
(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 income:
|  | Amount of Gain (Loss)
|  | Three Months Ended March 31,
| Location of Gain (Loss) | 2017 |  | 2016
Derivatives – Cash Flow Hedges |  | ($ in millions)
Recognized in other comprehensive loss (effective portion): |  |  |
Commodity contracts | ——— | $ | (5.0 | ) |  | $ | 1.1 |
Interest rate contracts | ——— | 1.9 |  |  | — |
|  | $ | (3.1 | ) |  | $ | 1.1 |
Reclassified from accumulated other comprehensive loss into income (effective portion): |  |  |
Commodity contracts | Cost of goods sold | $ | 0.1 |  |  | $ | (3.7 | )
Derivatives – Fair Value Hedges |  |  |  |
Interest rate contracts | Interest expense | $ | 1.2 |  |  | $ | 0.7 |
Derivatives Not Designated as Hedging Instruments |  |  |  |
Commodity contracts | Cost of goods sold | $ | — |  |  | $ | (0.4 | )
Foreign exchange contracts | Selling and administration | (4.5 | ) |  | (3.1 | )
|  | $ | (4.5 | ) |  | $ | (3.5 | )

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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