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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 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:
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2023
Notional Value - Foreign Currency | ($ in millions)
Buy | $ | 5.3 |  |  | $ | 21.0 |  |  | $ | 10.9 |
Sell | 157.0 |  |  | 140.2 |  |  | 126.1 |
Schedule of derivative instruments | We had the following notional amounts of outstanding commodity contracts that were entered into to hedge forecasted purchases:
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2023
Notional Value - Commodity | ($ in millions)
Natural gas | $ | 47.1 |  |  | $ | 63.2 |  |  | $ | 79.3 |
Ethane | 24.1 |  |  | 26.4 |  |  | 25.0 |
Metals | 136.9 |  |  | 101.4 |  |  | 139.8 |
Total notional | $ | 208.1 |  |  | $ | 191.0 |  |  | $ | 244.1 |
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:
|  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2023
| Balance Sheet Location | ($ in millions)
Current Assets |  |  |  |  |  |
Commodity contracts | Other current assets | $ | 14.9 |  |  | $ | 2.1 |  |  | $ | 0.2 |
Foreign currency contracts | Other current assets | — |  |  | — |  |  | 0.1 |
Noncurrent Assets |  |  |  |  |  |
Commodity contracts | Other assets | 6.0 |  |  | 3.2 |  |  | 3.2 |
Total derivative assets(1) |  | $ | 20.9 |  |  | $ | 5.3 |  |  | $ | 3.5 |
Current Liabilities |  |  |  |  |  |
Commodity contracts | Accrued liabilities | $ | 12.9 |  |  | $ | 29.4 |  |  | $ | 22.1 |
Foreign currency contracts | Accrued liabilities | (3.8) |  |  | 2.5 |  |  | 0.7 |
Noncurrent Liabilities |  |  |  |  |  |
Commodity contracts | Other liabilities | — |  |  | 0.5 |  |  | 5.1 |
Total derivative liabilities(1) |  | $ | 9.1 |  |  | $ | 32.4 |  |  | $ | 27.9 |
(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 June 30, |  | Six Months Ended June 30,
|  |  | 2024 |  | 2023 |  | 2024 |  | 2023
| Location of Gain (Loss) |  | ($ in millions)
Cash Flow Hedges |  |  |  |  |  |  |  |  |
Commodity contracts | Other comprehensive income (loss) |  | $ | 17.1 |  |  | $ | (10.7) |  |  | $ | 14.1 |  |  | $ | (31.5) |
Commodity contracts | Cost of goods sold |  | (5.3) |  |  | (20.5) |  |  | (18.6) |  |  | (51.2) |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Commodity contracts | Cost of goods sold |  | — |  |  | — |  |  | — |  |  | (0.6) |
Foreign exchange contracts | Selling and administrative |  | 8.7 |  |  | (11.8) |  |  | 9.5 |  |  | (13.2) |

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