Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2014

Financial Instruments and Risk Management

Schedule of fair value of derivative instruments

	March 31, 2014						December 31, 2013
($ in millions)	Derivatives Designated As Hedging Instruments		Derivatives Not Designated As Hedging Instruments		Total		Derivatives Designated As Hedging Instruments		Derivatives Not Designated As Hedging Instruments		Total
Assets:
Commodity contracts	$	6.2	$	1.3	$	7.5	$	2.6	$	1.7	$	4.3
Foreign currency contracts	0.8		2.9		3.7		0.2		1.5		1.7
Other contracts	—		0.9		0.9		—		1.1		1.1
Total current derivative contracts	$	7.0	$	5.1	$	12.1	$	2.8	$	4.3	$	7.1
Commodity contracts	$	0.1	$	—	$	0.1	$	—	$	—	$	—
Foreign currency contracts	—		—		—		—		0.1		0.1
Interest contracts	0.5		—		0.5		—		—		—
Total noncurrent derivative contracts	$	0.6	$	—	$	0.6	$	—	$	0.1	$	0.1
Liabilities:
Commodity contracts	$	17.6	$	1.6	$	19.2	$	19.2	$	2.0	$	21.2
Foreign currency contracts	1.8		7.1		8.9		1.5		6.1		7.6
Interest rate and other contracts	0.7		—		0.7		0.8		—		0.8
Total current derivative contracts	$	20.1	$	8.7	$	28.8	$	21.5	$	8.1	$	29.6
Commodity contracts	$	21.7	$	—	$	21.7	$	20.3	$	—	$	20.3
Interest rate contracts	0.2		—		0.2		—		—		—
Total noncurrent derivative contracts	$	21.9	$	—	$	21.9	$	20.3	$	—	$	20.3

Schedule of impact on earnings from derivative instruments

	Three Months Ended March 31,
	2014						2013
($ in millions)	Cash Flow Hedge - Reclassified Amount From Other Comprehensive Earnings (Loss)			Gain (Loss) on Derivatives Not Designated As Hedge Instruments			Cash Flow Hedge - Reclassified Amount From Other Comprehensive Earnings (Loss)			Gain (Loss) on Derivatives Not Designated As Hedge Instruments
Commodity contracts (a)	$	(6.7	)	$	0.2		$	(4.4	)	$	(0.8	)
Interest rate contracts (b)	(0.3		)	—			(0.3		)	—
Foreign currency contracts (c)	—			(4.6		)	(0.5		)	0.3
Equity contracts (d)	—			(1.2		)	—			1.7
Total	$	(7.0	)	$	(5.6	)	$	(5.2	)	$	1.2

(a) Gains and losses on commodity contracts are recorded in sales and cost of sales in the statements of earnings. Virtually all these expenses were passed through to our customers, resulting in no significant impact to earnings.

(b) Gains and losses on interest contracts are recorded in interest expense in the statements of earnings.

(c) Gains and losses on foreign currency contracts to hedge the sales of products are recorded in cost of sales. Gains and losses on foreign currency hedges used for transactions between segments are reflected in selling, general and administrative expenses in the consolidated statements of earnings.

(d) Gains and losses on equity contracts are recorded in selling, general and administrative expenses in the consolidated statements of earnings.

Schedule of changes in accumulated other comprehensive earnings (loss) for effective derivatives

	Three Months Ended March 31,
($ in millions)	2014			2013
Amounts reclassified into earnings:
Commodity contracts	$	6.7		$	4.4
Interest rate contracts	0.3			0.3
Currency exchange contracts	—			0.5
Change in fair value of cash flow hedges:
Commodity contracts	(3.1		)	(19.3		)
Interest rate contracts	(0.3		)	(0.1		)
Currency exchange contracts	0.2			2.6
Foreign currency and tax impacts	(1.2		)	2.0
	$	2.6		$	(9.6	)