Derivative and Other Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets Liabilities, Net offset in Balance Sheet

The table below presents gross amounts of recognized assets and liabilities, the amounts offset in the unaudited condensed consolidated balance sheets and the net amounts of assets and liabilities presented therein. As of September 30, 2015, there were no amounts subject to an enforceable master netting arrangement or similar agreement that have not been offset in the unaudited condensed consolidated balance sheets.

	Fair Value of Derivatives
	as of September 30, 2015
(In millions)	Asset			Liability
Metal	$	0.6		$	(1.1	)
Natural gas		—			(0.3	)
Total		0.6			(1.4	)
Effect of counterparty netting arrangements		(0.6	)		0.6
Net derivatives as classified in the condensed consolidated balance sheet	$	—		$	(0.8	)

Fair Value of Derivative Financial Instruments

The following table presents details of the fair value of Real Alloy’s derivative financial instruments as of September 30, 2015, as recorded in the unaudited condensed consolidated balance sheets:

		September 30,
(In millions)	Balance Sheet Location	2015
Derivative liabilities
Metal	Accrued liabilities	$	0.5
Natural gas	Accrued liabilities		0.3
Total		$	0.8

Assets and Liabilities Measured at Fair Value on Recurring Basis Based on Fair Value Hierarchy

The following tables set forth financial assets and liabilities and their level in the fair value hierarchy that are accounted for at fair value on a recurring basis as of September 30, 2015 and December 31, 2014:

		Estimated Fair Value
(In millions)	Fair Value Hierarchy	September 30, 2015			December 31, 2014
Derivative assets	Level 2	$	0.6		$	—
Derivative liabilities	Level 2		(1.4	)		—
Net derivative liabilities		$	(0.8	)	$	—
Common stock warrant liability	Level 3	$	(7.6	)	$	(5.6	)

Schedule of Realized Losses on Derivative Financial Instruments

The following table presents realized losses on derivative financial instruments during the three and nine months ended September 30, 2015:

	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)		2015		2015
Metal	$	1.5	$	2.2
Natural gas		—		—
Total	$	1.5	$	2.2

Carrying Value and Estimated Fair Value of Financial Instruments

The following tables present the carrying values and fair value estimates of other financial instruments as of September 30, 2015 and December 31, 2014:

		September 30, 2015
(In millions)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	Level 1	$	44.9	$	44.9
Restricted cash held in escrow (other current assets)	Level 1		3.9		3.9
Loans receivable, net (other noncurrent assets)	Level 3		1.2		1.2
Liabilities
Long-term debt:
Senior Secured Notes	Level 1	$	290.3	$	315.7
Asset-Based Facility	Level 2		54.9		54.9
Capital leases	Level 3		4.5		4.5
Redeemable Preferred Stock	Level 3	$	21.2	$	20.5

		December 31, 2014
(In millions)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Assets
Continuing operations:
Cash and cash equivalents	Level 1	$	62.0	$	62.0
Loans receivable, net (other noncurrent assets)	Level 3		1.2		1.2
Discontinued operations:
Cash and cash equivalents	Level 1		1.0		1.0
Liabilities
Discontinued operations:
Line of credit	Level 3	$	1.0	$	1.0
Long-term debt	Level 3		13.6		13.6