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

12 Months Ended

Dec. 31, 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 consolidated balance sheets and the net amounts of assets and liabilities presented therein. As of December 31, 2015, there were no amounts subject to enforceable master netting arrangements or similar agreements that have not been offset in the consolidated balance sheets.

	Fair Value of Derivatives
	as of December 31, 2015
(In millions)	Asset			Liability
Metal	$	0.2		$	(0.3	)
Natural gas		—			(0.6	)
Total		0.2			(0.9	)
Effect of counterparty netting arrangements		(0.2	)		0.2
Net derivatives as classified in the consolidated balance sheets	$	—		$	(0.7	)

Fair Value of Derivative Financial Instruments

The following table presents details of the fair value of Real Alloy’s derivative financial instruments as of December 31, 2015, as recorded in the consolidated balance sheets:  

		December 31,
(In millions)	Balance Sheet Location	2015
Derivative liabilities
Metal	Accrued liabilities	$	0.1
Natural gas	Accrued liabilities		0.6
Total		$	0.7

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 December 31, 2015 and 2014:

		Estimated Fair Value
	Fair Value	December 31,
(In millions)	Hierarchy	2015			2014
Derivative assets	Level 2	$	0.2		$	—
Derivative liabilities	Level 2		(0.9	)		—
Net derivative liabilities		$	(0.7	)	$	—
Common stock warrant liability	Level 3	$	(6.9	)	$	(5.6	)

Schedule of Realized Losses on Derivative Financial Instruments

The following table presents realized losses on derivative financial instruments during the year ended December 31, 2015:

	Year Ended December 31,
(In millions)		2015
Metal	$	2.9
Natural gas		0.5
Total	$	3.4

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 December 31, 2015 and 2014:

		December 31, 2015
(In millions)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	Level 1	$	35.7	$	35.7
Financing receivable	Level 2		32.7		32.7
Restricted cash held in escrow (other current assets)	Level 1		3.9		3.9
Loans receivable, net (other assets)	Level 3		1.1		1.1
Liabilities
Long-term debt:
Senior Secured Notes	Level 1	$	290.7	$	310.9
Asset-Based Facility	Level 2		19.6		22.0
Redeemable Preferred Stock	Level 3	$	21.9	$	18.7

		December 31, 2014
(In millions)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Assets
Continuing operations:
Cash and cash equivalents	Level 1	$	61.9	$	61.9
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

Valuation Techniques and Unobservable Inputs Applied to Level Three Fair Value Measurements

The Company’s Level 3 assets and liabilities are determined using valuation techniques that incorporate unobservable inputs that require significant judgment or estimation. The following tables present quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements as of December 31, 2015 and 2014:

	December 31, 2015
(In millions)	Estimated Fair Value		Valuation Technique	Unobservable Input	Input Value
Common stock warrant liability	$	6.9	Monte Carlo    Simulation	Volatility		49.9	%
				Expected term	4.4 years
				Equity raise probability		60	%
				Issue price discount    to fair value		15	%
Redeemable Preferred Stock	$	18.7	Discounted    cash flow	Credit spread		17.5	%
				Redemption period	56 months

	December 31, 2014
(In millions)	Estimated Fair Value		Valuation Technique	Unobservable Input	Input Value
Common stock warrant liability	$	5.6	Monte Carlo    Simulation	Volatility		52.0	%
				Expected term	5.8 years
				Equity raise probability		25	%
				Issue price discount    to fair value		15	%