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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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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) |

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