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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

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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Tabular disclosure of contract for foreign currency transaction at fixed rate at future date.

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