Derivatives and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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 Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	June 30, 2019		December 31, 2018		Balance Sheet Location	June 30, 2019			December 31, 2018
	(In millions)
Derivatives not designated as hedging instruments under ASC 815
Metal commodity contracts	Prepaid expenses and other current assets	$	2.6	$	1.6	Other accrued liabilities	$	10.5	(a)	$	5.4
Crude oil contracts	Prepaid expenses and other current assets		0.8		—	Other accrued liabilities		—			—
Foreign exchange contracts	Prepaid expenses and other current assets		—		0.2	Other accrued liabilities		—			—
Derivatives designated as hedging instruments under ASC 815
Interest rate swaps	Deferred charges and other assets		0.3		1.5	Other noncurrent liabilities		0.2			—
Total derivatives		$	3.7	$	3.3		$	10.7		$	5.4
(a) Net of $2.5 million cash collateral

Volume of Company 's Activity in Derivative Instruments

The following table presents the volume of the Company’s activity in derivative instruments as of June 30, 2019 and December 31, 2018:

	Notional Amount
Derivative Instruments	At June 30, 2019		At December 31, 2018		Unit of Measurement
Nickel swap contracts		247		1,541	Tons
Hot roll coil swap contracts		36,886		36,365	Tons
Aluminum swap contracts		21,777		42,419	Tons
Zinc swap contracts		3,750		—	Tons
Iron ore swap contracts		360,000		—	Tons
Crude oil swap contracts		228,000		—	Barrels
Foreign currency exchange contracts	1.4 million		4.5 million		U.S. dollars
Interest rate swaps	210 million		150 million		U.S. dollars

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

The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018:

		Amount of Gain/(Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments	Location of Gain/(Loss) Recognized in Income	Three Months Ended June 30,						Six Months Ended June 30,
under ASC 815	on Derivatives	2019			2018			2019			2018
Metal commodity contracts	Cost of materials sold	$	(9.6	)	$	1.7		$	(8.0	)	$	1.3
Crude oil contracts	Warehousing, delivery, selling, general, and administrative		(0.2	)		—			0.7			—
Foreign exchange contracts	Other income and (expense), net		—			(0.1	)		(0.1	)		0.1
Total		$	(9.8	)	$	1.6		$	(7.4	)	$	1.4

Location and Amount of Gains and Losses on Derivatives Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income

The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018:

		Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives designated as hedging instruments	Location of Gain/(Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
under ASC 815	on Derivatives	2019		2018		2019		2018
		(In millions)
Interest rate swaps	Interest and other expense on debt	$	0.3	$	0.1	$	0.6	$	0.1

Assets and Liabilities Measured and Recorded at Fair Value

The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of June 30, 2019:

	At June 30, 2019
	Level 1		Level 2			Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	2.6		$	—
Crude oil contracts		—		0.8			—
Derivatives designated as hedging instruments under ASC 815:
Interest rate swaps		—		0.3			—
Total derivatives	$	—	$	3.7		$	—
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	10.5	(a)	$	—
Interest rate swaps		—		0.2			—
Total derivatives	$	—	$	10.7		$	—
(a) Net of $2.5 million cash collateral

The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2018:

	At December 31, 2018
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	1.6	$	—
Foreign exchange contracts		—		0.2		—
Derivatives designated as hedging instruments under ASC 815:
Interest rate swaps		—		1.5		—
Total derivatives	$	—	$	3.3	$	—
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	5.4	$	—

Carrying and Estimated Fair Values of Financial Instruments

The carrying and estimated fair values of our financial instruments at June 30, 2019 and December 31, 2018 were as follows:

	At June 30, 2019				At December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	22.8	$	22.8	$	23.2	$	23.2
Restricted cash		1.1		1.1		1.1		1.1
Receivables less provisions		552.5		552.5		521.0		521.0
Accounts payable		427.9		427.9		390.2		390.2
Long-term debt, including current portion		1,115.7		1,149.5		1,153.3		1,158.5