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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
| December 31,
| 2023 |  | 2022
Notional Value - Commodity | ($ in millions)
Natural gas | $ | 63.2 |  |  | $ | 107.6 |
Ethane | 26.4 |  |  | 46.0 |
Metals | 101.4 |  |  | 107.6 |
Total notional | $ | 191.0 |  |  | $ | 261.2 |
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 consolidated balance sheets:
|  |  | December 31,
|  |  | 2023 |  | 2022
| Balance Sheet Location |  | ($ in millions)
Current Assets |  |  |  |
Commodity contracts | Other current assets |  | $ | 2.1 |  |  | $ | 1.5 |
Foreign currency contracts | Other current assets |  | — |  |  | 0.3 |
Noncurrent Assets |  |  |  |
Commodity contracts | Other assets |  | 3.2 |  |  | 4.0 |
Total derivative assets(1) |  |  | $ | 5.3 |  |  | $ | 5.8 |
Current Liabilities |  |  |  |
Commodity contracts | Accrued liabilities |  | $ | 29.4 |  |  | $ | 41.6 |
Foreign currency contracts | Accrued liabilities |  | 2.5 |  |  | 0.9 |
Noncurrent Liabilities |  |  |  |
Commodity contracts | Other liabilities |  | 0.5 |  |  | 7.4 |
Total derivative liabilities(1) |  |  | $ | 32.4 |  |  | $ | 49.9 |
(1) Does not include the impact of cash collateral received from or provided to counterparties.
Summary of effects of derivative instruments on consolidated statements of operations | The following table summarizes the effects of derivative instruments on our consolidated statements of operations:
|  |  |  | Amount of Gain (Loss) for the
|  |  |  | Years Ended December 31,
|  |  |  | 2023 |  | 2022 |  | 2021
|  | Location of Gain (Loss) |  | ($ in millions)
Cash Flow Hedges |  |  |  |  |  |  |  |
Commodity contracts |  | Other comprehensive (loss) income |  | $ | (53.6) |  |  | $ | (15.6) |  |  | $ | 182.0 |
Commodity contracts |  | Cost of goods sold |  | (72.5) |  |  | 58.2 |  |  | 180.1 |
Fair Value Hedges |  |  |  |  |  |
Interest rate contracts |  | Interest expense |  | — |  |  | — |  |  | (1.8) |
Not Designated as Hedging Instruments |  |  |  |  |  |
Commodity contracts |  | Cost of goods sold |  | (0.6) |  |  | 0.5 |  |  | — |
Foreign exchange contracts |  | Selling and administrative |  | (15.1) |  |  | (27.8) |  |  | (22.0) |

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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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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