DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments
We had the following notional amount of outstanding commodity forward contracts that were entered into to hedge forecasted purchases:
 
September 30, 2014
 
December 31, 2013
 
September 30, 2013
 
($ in millions)
Copper
$
56.2

 
$
45.3

 
$
58.3

Zinc
5.9

 
4.5

 
5.8

Lead
16.4

 
22.8

 
28.8

Natural gas
7.4

 
5.5

 
7.4
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:

 
 
Asset Derivatives
 
Liability Derivatives
 
 
 
 
Fair Value
 
 
 
Fair Value
Derivatives Designated as Hedging Instruments
 
Balance Sheet Location
 
September 30, 2014
 
December 31, 2013
 
September 30, 2013
 
Balance Sheet Location
 
September 30, 2014
 
December 31, 2013
 
September 30, 2013
 
 
 
 
($ in millions)
 
 
 
($ in millions)
Interest rate contracts
 
Other assets
 
$
—

 
$
—

 
$
—

 
Long-term debt
 
$
5.2

 
$
7.3

 
$
8.1

Commodity contracts – losses
 
Other current assets
 
—

 
(2.4
)
 
—

 
Accrued liabilities
 
3.7

 
—

 
4.0

Commodity contracts – gains
 
Other current assets
 
—

 
3.6

 
—

 
Accrued liabilities
 
(1.1
)
 
—

 
(2.9
)
 
 
 
 
$
—

 
$
1.2

 
$
—

 
 
 
$
7.8

 
$
7.3

 
$
9.2

Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts – gains
 
Other assets
 
$
4.9

 
$
7.6

 
$
8.4

 
Other liabilities
 
$
—

 
$
—

 
$
—

Interest rate contracts – losses
 
Other assets
 
(0.8
)
 
(1.7
)
 
(1.9
)
 
Other liabilities
 
—

 
—

 
—

Commodity contracts – losses
 
Other current assets
 
—

 
(0.1
)
 
—

 
Accrued liabilities
 
0.5

 
—

 
0.4

Commodity contracts – gains
 
Other current assets
 
—

 
0.2

 
—

 
Accrued liabilities
 
—

 
—

 
—

 
 
 
 
$
4.1

 
$
6.0

 
$
6.5

 
 
 
$
0.5

 
$
—

 
$
0.4

Total derivatives(1)
 
 
 
$
4.1

 
$
7.2

 
$
6.5

 
 
 
$
8.3

 
$
7.3

 
$
9.6


(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 income:

 
 
 
Amount of Gain (Loss)
 
Amount of Gain (Loss)
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
Location of Gain (Loss)
 
2014
 
2013
 
2014
 
2013
Derivatives – Cash Flow Hedges
 
 
($ in millions)
Recognized in other comprehensive loss (effective portion)
———
 
$
(3.2
)
 
$
4.9

 
$
(5.2
)
 
$
(8.8
)
 
 
 
 
 
 
 
 
 
 
Reclassified from accumulated other comprehensive loss into income (effective portion)
Cost of goods sold
 
$
0.1

 
$
(1.8
)
 
$
(1.4
)
 
$
(0.1
)
Derivatives – Fair Value Hedges
 
 
 
 
 
 
 
 
 
Interest rate contracts
Interest expense
 
$
0.8

 
$
0.8

 
$
2.2

 
$
2.2

Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
Commodity contracts
Cost of goods sold
 
$
(0.7
)
 
$
(0.1
)
 
$
(0.1
)
 
$
—