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

6 Months Ended

Jun. 30, 2016

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 June 30, 2016, 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				Fair Value of Derivatives
	as of June 30, 2016				as of December 31, 2015
(In millions)	Asset		Liability		Asset			Liability
Metal	$	0.3	$	—	$	0.2		$	(0.3	)
Natural gas		0.5		—		—			(0.6	)
Total		0.8		—		0.2			(0.9	)
Effect of counterparty netting arrangements		—		—		(0.2	)		0.2
Net derivatives assets (liabilities) as classified    in the consolidated balance sheets	$	0.8	$	—	$	—		$	(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 June 30, 2016 and December 31, 2015, as recorded in the unaudited condensed consolidated balance sheets:

		June 30,		December 31,
(In millions)	Balance Sheet Location	2016		2015
Derivative assets:
Metal	Prepaid expenses, supplies, and other current assets	$	0.3	$	—
Natural Gas	Prepaid expenses, supplies, and other current assets		0.3		—
Natural Gas	Other noncurrent assets		0.2		—
Total derivative assets		$	0.8	$	—
Derivative liabilities:
Metal	Accrued liabilities	$	—	$	0.1
Natural Gas	Accrued liabilities		—		0.6
Total derivative liabilities		$	—	$	0.7

Changes in Fair Value of Common Stock Warrant Liability

The following table presents changes in the fair value of the common stock warrant liability during the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)		2016			2015			2016			2015
Balance, beginning of period	$	7.5		$	4.9		$	6.9		$	5.6
Warrants exercised		(0.1	)		(0.1	)		(0.1	)		(0.1	)
Change in fair value of common    stock warrant liability		(1.3	)		6.3			(0.7	)		5.6
Balance, end of period	$	6.1		$	11.1		$	6.1		$	11.1

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 June 30, 2016 and December 31, 2015:

		Estimated Fair Value
	Fair Value	June 30,			December 31,
(In millions)	Hierarchy	2016			2015
Derivative assets	Level 2	$	0.8		$	0.2
Derivative liabilities	Level 2		—			(0.9	)
Net derivative assets (liabilities)		$	0.8		$	(0.7	)
Common stock warrant liability	Level 3	$	(6.1	)	$	(6.9	)

Schedule of Losses (Gains) on Derivative Financial Instruments

The following table presents losses (gains) on derivative financial instruments during the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,					Six Months Ended June 30,
(In millions)		2016			2015		2016			2015
Realized losses:
Metal	$	0.2		$	0.8	$	0.4		$	0.7
Natural gas		0.2			—		0.8			—
Total realized losses		0.4			0.8		1.2			0.7
Unrealized losses (gains):
Metal		(0.8	)		1.3		(0.4	)		1.3
Natural gas		(1.1	)		—		(1.1	)		—
Total unrealized losses (gains)		(1.9	)		1.3		(1.5	)		1.3
Losses (gains) on derivative financial instruments	$	(1.5	)	$	2.1	$	(0.3	)	$	2.0

Carrying Value and Estimated Fair Value of Financial Instruments

The following tables present the carrying values and estimated fair values of other financial instruments as of June 30, 2016 and December 31, 2015:

		June 30, 2016
(In millions)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	Level 1	$	40.2	$	40.2
Financing receivable	Level 2		40.9		40.9
Loans receivable, net (other noncurrent assets)	Level 3		1.0		1.0
Liabilities
Long-term debt:
Senior Secured Notes	Level 1	$	292.7	$	305.0
Asset-Based Facility	Level 2		22.1		24.0
Redeemable Preferred Stock	Level 3	$	23.3	$	21.3

		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 noncurrent 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