Derivatives and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Location and Fair Value Amount of Derivative Instruments

The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheets as of December 31, 2023 and 2022. As of December 31, 2023, and 2022, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. The Company’s accounting policy is to not offset these positions in its Consolidated Balance Sheets. The gross derivative assets and liabilities presented in the Consolidated Balance Sheets offset to a net asset of $7.9 million as of December 31, 2023, and a net liability of $3.5 million as of December 31, 2022, when incorporating the effects of master netting arrangements.

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	December 31, 2023		December 31, 2022		Balance Sheet Location	December 31, 2023		December 31, 2022
	(In millions)
Derivatives not designated as hedging instruments under ASC 815
Metal commodity contracts	Prepaid expenses and other current assets	$	12.7	$	8.5	Other accrued liabilities	$	4.8	$	12.1
Diesel fuel commodity contracts	Prepaid expenses and other current assets		—		0.1	Other accrued liabilities		—		—
Total derivatives		$	12.7	$	8.6		$	4.8	$	12.1

Volume of Company 's Activity in Derivative Instruments

The following table presents the volume of the Company’s activity in derivative instruments as of December 31, 2023 and 2022:

	Notional Amount
Derivative Instruments	At December 31, 2023		At December 31, 2022		Unit of Measurement
Hot roll coil swap contracts		64,819		40,036	Tons
Aluminum swap contracts		20,319		21,116	Tons
Nickel swap contracts		1,375		1,525	Tons
Diesel fuel swap contracts		—		70,000	Gallons
Foreign currency exchange contracts	1.6 million		2.3 million		U.S. dollars

Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Consolidated Statements of Operations

The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2023, 2022, and 2021:

		Amount of Gain/ (Loss) Recognized in Income on Derivatives								Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income
		Year Ended December 31,								Year Ended December 31,
Derivatives not designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2023		2022			2021			2023		2022			2021
		(In millions)
Metal commodity contracts	Cost of materials sold	$	10.7	$	(6.5	)	$	(47.3	)	$	—	$	—		$	—
Diesel fuel commodity contracts	Warehousing, delivery, selling, general, and administrative		—		1.2			—			—		—			—
2028 Notes embedded derivative	Other income and (expense), net		—		(0.2	)		(2.1	)		—		—			—
Foreign exchange contracts	Other income and (expense), net		—		—			0.2			—		—			—
Interest rate swaps (subsequent to de-designation)	Interest and other expense on debt		—		0.8			0.1			—		(1.9	)	$	(2.1	)
Total		$	10.7	$	(4.7	)	$	(49.1	)	$	—	$	(1.9	)	$	(2.1	)