Derivative Financial Instruments and Hedging (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The fair values of the Company’s derivative financial instruments are presented below, representing the gross amounts recognized which are not offset by counterpart 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)		December 31, 2016		December 31, 2015
Asset derivatives	Balance sheet location
Derivatives designated as hedging instruments:
Foreign exchange contracts	Prepaid expenses and other current assets	$	2.4	$	1.6
Natural gas contracts	Prepaid expenses and other current assets	0.2		—
Nickel and other raw material contracts	Prepaid expenses and other current assets	2.2		—
Foreign exchange contracts	Other assets	0.2		0.4
Natural gas contracts	Other assets	0.2		—
Nickel and other raw material contracts	Other assets	3.3		—
Total derivatives designated as hedging instruments:		8.5		2.0
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Prepaid expenses and other current assets	0.6		0.4
Total derivatives not designated as hedging instruments:		0.6		0.4
Total asset derivatives		$	9.1	$	2.4
Liability derivatives	Balance sheet location
Derivatives designated as hedging instruments:
Natural gas contracts	Accrued liabilities	$	2.5	$	17.3
Foreign exchange contracts	Accrued liabilities	—		0.1
Nickel and other raw material contracts	Accrued liabilities	6.7		22.2
Foreign exchange contracts	Other long-term liabilities	0.1		0.1
Natural gas contracts	Other long-term liabilities	—		8.5
Nickel and other raw material contracts	Other long-term liabilities	9.4		23.0
Total liability derivatives		18.7		71.2
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Accrued liabilities	—		0.1
Total derivatives not designated as hedging instruments:		—		0.1
Total liability derivatives		$	18.7	$	71.3

Schedule of derivative instruments gain (loss)

Activity with regard to derivatives designated as cash flow hedges for the year ended December 31, 2016 were as follows (in millions):

Derivatives in Cash Flow Hedging Relationships	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)
	2016		2015			2016			2015			2016			2015
Nickel and other raw material contracts	$	9.4	$	(34.2	)	$	(12.1	)	$	(10.5	)	$	—		$	—
Natural gas contracts	3.8		(14.1		)	(8.4		)	(9.2		)	(0.8		)	(2.1		)
Electricity contracts	—		—			—			(0.1		)	—			—
Foreign exchange contracts	—		27.6			16.4			24.3			—			8.9
Total	$	13.2	$	(20.7	)	$	(4.1	)	$	4.5		$	(0.8	)	$	6.8

(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 derivatives not designated as hedging instruments, gain (loss)

These 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 as Hedging Instruments	2016			2015
Foreign exchange contracts	$	(0.2	)	$	3.9