XML 56 R45.htm IDEA: XBRL DOCUMENT
v3.10.0.1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2018
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:
| September 30, 2018 |  | December 31, 2017 |  | September 30, 2017
| ($ in millions)
Natural gas | $ | 65.6 |  |  | $ | 39.2 |  |  | $ | 38.4 |
Copper | 48.9 |  |  | 45.2 |  |  | 42.1 |
Zinc | 8.3 |  |  | 8.4 |  |  | 8.0 |
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, 2018 |  | December 31, 2017 |  | September 30, 2017
| ($ in millions)
Asset Derivatives: |  |  |  |  |
Other current assets |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Interest rate contracts - gains | $ | 7.6 |  |  | $ | 6.9 |  |  | $ | 5.0 |
Commodity contracts - gains | 2.2 |  |  | 11.4 |  |  | 7.8 |
Commodity contracts - losses | — |  |  | (0.1 | ) |  | (0.4 | )
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign exchange contracts - gains | 0.3 |  |  | 2.0 |  |  | 0.5 |
Foreign exchange contracts - losses | (0.1 | ) |  | (1.0 | ) |  | (0.3 | )
Total other current assets | 10.0 |  |  | 19.2 |  |  | 12.6 |
Other assets |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Interest rate contracts - gains | 1.6 |  |  | 3.6 |  |  | 3.7 |
Total other assets | 1.6 |  |  | 3.6 |  |  | 3.7 |
Total Asset Derivatives(1) | $ | 11.6 |  |  | $ | 22.8 |  |  | $ | 16.3 |
Liability Derivatives: |  |  |  |  |
Accrued liabilities |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Commodity contracts - losses | 3.7 |  |  | 3.8 |  |  | 2.6 |
Commodity contracts - gains | (3.0 | ) |  | — |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |
Foreign exchange contracts - losses | 2.6 |  |  | — |  |  | 0.6 |
Foreign exchange contracts - gains | (0.4 | ) |  | — |  |  | (0.5 | )
Total accrued liabilities | 2.9 |  |  | 3.8 |  |  | 2.7 |
Other liabilities |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |
Interest rate contracts - losses | 47.8 |  |  | 28.1 |  |  | 23.9 |
Commodity contracts - losses | 0.9 |  |  | — |  |  | — |
Commodity contracts - gains | (0.1 | ) |  | — |  |  | — |
Total other liabilities | 48.6 |  |  | 28.1 |  |  | 23.9 |
Total Liability Derivatives(1) | $ | 51.5 |  |  | $ | 31.9 |  |  | $ | 26.6 |
(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 (Loss) Gain
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| Location of (Loss) Gain |  | 2018 |  | 2017 |  | 2018 |  | 2017
Derivatives – Cash Flow Hedges |  | ($ in millions)
Recognized in other comprehensive income (effective portion): |  |  |  |  |  |  |  |
Commodity contracts | ——— |  | $ | (2.9 | ) |  | $ | 2.9 |  |  | $ | (5.4 | ) |  | $ | (4.5 | )
Interest rate contracts | ——— |  | 0.3 |  |  | 0.3 |  |  | 4.5 |  |  | 0.9 |
|  |  | $ | (2.6 | ) |  | $ | 3.2 |  |  | $ | (0.9 | ) |  | $ | (3.6 | )
Reclassified from accumulated other comprehensive loss into income (effective portion): |  |  |  |  |  |  |  |
Interest rate contracts | Interest expense |  | $ | 2.5 |  |  | $ | 1.2 |  |  | $ | 5.9 |  |  | $ | 1.7 |
Commodity contracts | Cost of goods sold |  | (0.3 | ) |  | — |  |  | 1.3 |  |  | 1.9 |
|  |  | $ | 2.2 |  |  | $ | 1.2 |  |  | $ | 7.2 |  |  | $ | 3.6 |
Derivatives – Fair Value Hedges |  |  |  |  |  |  |  |
Interest rate contracts | Interest expense |  | $ | (0.6 | ) |  | $ | 0.5 |  |  | $ | (0.9 | ) |  | $ | 2.5 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts | Selling and administration |  | $ | 0.3 |  |  | $ | (0.2 | ) |  | $ | (0.3 | ) |  | $ | 0.4 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=84234895&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=84234895&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: 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=84234895&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=84234895&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=84234895&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=84234895&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=84234895&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=84234895&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=84234895&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=84234895&loc=SL5624171-113959 Reference 8: 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=84234895&loc=SL5579240-113959 Reference 9: 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=84234895&loc=d3e41620-113959 Reference 10: 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration