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Derivatives and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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 Sheet as of December 31, 2021 and 2020:

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	December 31, 2021		December 31, 2020		Balance Sheet Location	December 31, 2021		December 31, 2020
	(In millions)
Derivatives not designated as hedging instruments under ASC 815
Metal commodity contracts	Prepaid expenses and other current assets	$	13.0	$	16.0	Other accrued liabilities	$	35.1	$	11.9
2028 Notes embedded derivative	Prepaid expenses and other current assets		0.2		2.3	Other accrued liabilities		—		—
Interest rate swaps	Prepaid expenses and other current assets		—		—	Other accrued liabilities		1.4		—
Interest rate swaps	Deferred charges and other assets		—		—	Other noncurrent liabilities		—		4.0
Foreign exchange contracts	Prepaid expenses and other current assets		—		—	Other accrued liabilities		—		0.2
Total derivatives		$	13.2	$	18.3		$	36.5	$	16.1

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, 2021 and 2020:

	Notional Amount
Derivative Instruments	At December 31, 2021		At December 31, 2020		Unit of Measurement
Hot roll coil swap contracts		176,859		125,220	Tons
Aluminum swap contracts		20,949		20,264	Tons
Nickel swap contracts		857		345	Tons
Diesel fuel swap contracts		840,000		—	Gallons
Foreign currency exchange contracts	4.5 million		7.4 million		U.S. dollars
Interest rate swaps	160 million		160 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, 2021, 2020, and 2019:

		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	2021			2020			2019			2021			2020			2019
		(In millions)
Metal commodity contracts	Cost of materials sold	$	(47.3	)	$	5.3		$	(9.1	)	$	—		$	—		$	—
Diesel fuel commodity contracts	Warehousing, delivery, selling, general, and administrative		—			—			0.7			—			—			—
2028 Notes embedded derivative	Other income and (expense), net		(2.1	)		2.3			—			—			—			—
Foreign exchange contracts	Other income and (expense), net		0.2			(0.2	)		(0.1	)		—			—			—
Interest rate swaps (subsequent to de-designation)	Interest and other expense on debt		0.1			0.3			—			(2.1	)	$	(0.2	)	$	—
Total		$	(49.1	)	$	7.7		$	(8.5	)	$	(2.1	)	$	(0.2	)	$	—

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

The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019:

		Amount of Gain/(Loss) Reclassified from Other Comprehensive Income into Income
		Year Ended December 31,
Derivatives designated as hedging instruments under ASC 815	Location of Gain/(Loss) Recognized in Income on Derivatives	2021		2020			2019
		(In millions)
Interest rate swaps (prior to de-designation)	Interest and other expense on debt	$	—	$	(1.3	)	$	1.1

Assets and Liabilities Measured and Recorded at Fair Value

The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2021:

	At December 31, 2021
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	13.0	$	—
2028 Notes embedded derivative		—		—		0.2
Total derivatives	$	—	$	13.0	$	0.2
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	35.1	$	—
Interest rate swaps		—		1.4		—
Total derivatives	$	—	$	36.5	$	—

	At December 31, 2020
	Level 1		Level 2		Level 3
	(In millions)
Assets
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	16.0	$	—
2028 Notes embedded derivative		—		—		2.3
Total derivatives	$	—	$	16.0	$	2.3
Liabilities
Derivatives:
Derivatives not designated as hedging instruments under ASC 815:
Metal commodity contracts	$	—	$	11.9	$	—
Foreign exchange contracts		—		0.2		—
Interest rate swaps		—		4.0		—
Total derivatives	$	—	$	16.1	$	—

Financial Instruments Measured at Fair Value

The changes in financial instruments measured at fair value for which the Company has used Level 3 inputs to determine fair value are as follows:

	2028 Notes Embedded Derivative
	(In millions)
Balance at January 1, 2021	$	2.3
Unrealized loss recorded in other income and (expense), net		(2.1	)
Balance at December 31, 2021	$	0.2

Carrying and Estimated Fair Values of Financial Instruments

The carrying and estimated fair values of the Company’s financial instruments at December 31, 2021 and 2020 were as follows:

	At December 31, 2021				At December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)
Cash and cash equivalents	$	51.2	$	51.2	$	61.4	$	61.4
Restricted cash		1.2		1.2		1.1		1.1
Receivables less provision		630.8		630.8		378.9		378.9
Accounts payable		481.2		481.2		365.1		365.1
Long-term debt, including current portion		639.3		666.8		740.0		800.3