Derivative Financial Instruments and Hedging (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021		December 31, 2020
Derivatives designated as hedging instruments:
Nickel and other raw material contracts	Prepaid expenses and other current assets	$	2.5	$	3.7
Natural gas contracts	Prepaid expenses and other current assets	8.0		0.2
Nickel and other raw material contracts	Other assets	0.2		0.7
Natural gas contracts	Other assets	1.5		0.2
Total derivatives designated as hedging instruments		$	12.2	$	4.8
Liability derivatives	Balance sheet location
Derivatives designated as hedging instruments:
Interest rate swap	Other current liabilities	$	1.0	$	1.0
Natural gas contracts	Other current liabilities	0.3		0.3
Nickel and other raw material contracts	Other current liabilities	0.6		0.1
Interest rate swap	Other long-term liabilities	1.4		2.5
Natural gas contracts	Other long-term liabilities	0.2		0.1
Nickel and other raw material contracts	Other long-term liabilities	0.1		—
Total derivatives designated as hedging instruments		$	3.6	$	4.0

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, 2021 and 2020 was as follows (in millions): 

	Amount of Gain (Loss) Recognized in OCI on Derivatives				Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (a)
	Three months ended September 30,				Three months ended September 30,
Derivatives in Cash Flow Hedging Relationships	2021		2020		2021		2020
Nickel and other raw material contracts	$	(0.2)	$	2.1	$	1.5	$	0.7
Natural gas contracts	5.6		2.5		1.0		(0.8)
Foreign exchange contracts	—		—		—		—
Interest rate swap	(0.2)		0.1		(0.2)		(0.2)
Total	$	5.2	$	4.7	$	2.3	$	(0.3)

	Amount of Gain (Loss) Recognized in OCI on Derivatives				Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (a)
	Nine months ended September 30,				Nine months ended September 30,
Derivatives in Cash Flow Hedging Relationships	2021		2020		2021		2020
Nickel and other raw material contracts	$	2.6	$	(2.1)	$	4.1	$	(1.3)
Natural gas contracts	8.0		1.2		1.2		(2.8)
Foreign exchange contracts	0.1		(0.1)		—		(0.1)
Interest rate swap	(0.1)		(2.1)		(0.6)		(0.7)
Total	$	10.6	$	(3.1)	$	4.7	$	(4.9)

(a)The gains (losses) reclassified from accumulated OCI into income related to the derivatives, with the exception of the interest rate swap, are presented in cost of sales in the same period or periods in which the hedged item affects earnings. The gains (losses) reclassified from accumulated OCI into income on the interest rate swap are presented in interest expense in the same period as the interest expense on the Term Loan is recognized in earnings.