Derivative Financial Instruments and Hedging (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value

The fair values of the Company’s derivative financial instruments are presented below, representing the gross amounts recognized which are not offset by counterparty or by type of item hedged. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy, which includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs derived principally from or corroborated by observable market data.

(In millions) Asset derivatives	Balance sheet location	September 30, 2015		December 31, 2014
Derivatives designated as hedging instruments:
Foreign exchange contracts	Prepaid expenses and other current assets	$	12.3	$	23.6
Nickel and other raw material contracts	Prepaid expenses and other current assets	—		1.1
Foreign exchange contracts	Other assets	18.1		28.3
Nickel and other raw material contracts	Other assets	—		0.5
Total derivatives designated as hedging instruments		30.4		53.5
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Prepaid expenses and other current assets	—		6.4
Total derivatives not designated as hedging instruments		—		6.4
Total asset derivatives		$	30.4	$	59.9
Liability derivatives	Balance sheet location
Derivatives designated as hedging instruments:
Natural gas contracts	Accrued liabilities	$	13.6	$	10.2
Nickel and other raw material contracts	Accrued liabilities	19.6		5.8
Foreign exchange contracts	Accrued liabilities	0.6		—
Electricity contracts	Accrued liabilities	—		0.1
Natural gas contracts	Other long-term liabilities	9.4		7.9
Nickel and other raw material contracts	Other long-term liabilities	19.8		3.0
Foreign exchange contracts	Other long-term liabilities	0.3		—
Total derivatives designated as hedging instruments		63.3		27.0
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Accrued liabilities	1.1		—
Total derivatives not designated as hedging instruments		1.1		—
Total liability derivatives		$	64.4	$	27.0

Schedule Of Derivative Instruments Gain Loss In Statement Of Financial Performance

Activity with regard to derivatives designated as cash flow hedges for the three and nine month periods ended September 30, 2015 and 2014 was as follows (in millions):

	Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)						Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (a)						Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (b)
Derivatives in Cash Flow	Three months ended September 30,						Three months ended September 30,						Three months ended September 30,
Hedging Relationships	2015			2014			2015			2014			2015		2014
Nickel and other raw material contracts	$	(13.5	)	$	(4.7	)	$	(2.4	)	$	1.3		$	—	$	—
Natural gas contracts	(3.7		)	(3.0		)	(1.6		)	—			—		—
Electricity contracts	—			(0.2		)	—			(0.1		)	—		—
Foreign exchange contracts	0.7			25.1			6.0			0.4			—		—
Total	$	(16.5	)	$	17.2		$	2.0		$	1.6		$	—	$	—

	Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)						Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (a)						Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (b)
Derivatives in Cash Flow	Nine months ended September 30,						Nine months ended September 30,						Nine months ended September 30,
Hedging Relationships	2015			2014			2015			2014			2015		2014
Nickel and other raw material contracts	$	(26.6	)	$	5.4		$	(7.0	)	$	0.5		$	—	$	—
Natural gas contracts	(9.5		)	(1.7		)	(6.4		)	2.4			—		—
Electricity contracts	—			0.6			(0.1		)	0.4			—		—
Foreign exchange contracts	24.6			26.5			18.5			(2.7		)	—		—
Total	$	(11.5	)	$	30.8		$	5.0		$	0.6		$	—	$	—

(a) The gains (losses) reclassified from accumulated OCI into income related to the effective portion of the derivatives are presented in cost of sales in the same period or periods in which the hedged item affects earnings.

(b) The gains (losses) recognized in income on derivatives related to the ineffective portion and the amount excluded from effectiveness testing are presented in selling and administrative expenses.

Schedule Of Derivative Instruments Not Designated as Hedging Instruments

Derivatives that are not designated as hedging instruments were as follows:

(In millions)	Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated	Three months ended September 30,				Nine months ended September 30,
as Hedging Instruments	2015		2014		2015		2014
Foreign exchange contracts	$	—	$	3.1	$	3.0	$	4.2