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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Summary of assets and liabilities measured and recognized at fair value on a recurring basis
The following table presents the Company’s financial instruments, classified under the appropriate level of the fair value hierarchy, as of September 30, 2014:
 
Level 1
 
Level 2
 
Level 3
 
Total
FINANCIAL ASSETS:
 
 
 
 
 
 
 
Derivative Instruments:
 
 
 
 
 
 
 
Aluminum -
 
 
 
 
 
 
 
Fixed price purchase contracts
$
—

 
$
0.5

 
$
—

 
$
0.5

Midwest premium swap contracts
—

 
—

 
1.5

 
1.5

Natural Gas -
 
 
 
 
 
 
 
Fixed price purchase contracts
—

 
0.2

 
—

 
0.2

Electricity -
 
 
 
 
 
 
 
Fixed price purchase contracts
—

 
0.3

 
—

 
0.3

Hedges Relating to the Convertible Notes -
 
 
 
 
 
 
 
Call Options
—

 
99.3

 
—

 
99.3

 
 
 
 
 
 
 
 
All Other Financial Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
35.4

 
176.9

 
—

 
212.3

Short-term investments
—

 
100.1

 
—

 
100.1

Deferred compensation plan asset
—

 
7.2

 
—

 
7.2

Total assets
$
35.4

 
$
384.5

 
$
1.5

 
$
421.4

 
 
 
 
 
 
 
 
FINANCIAL LIABILITIES:
 
 
 
 
 
 
 
Derivative Instruments:
 
 
 
 
 
 
 
Aluminum -
 
 
 
 
 
 
 
Fixed price purchase contracts
$
—

 
$
(1.3
)
 
$
—

 
$
(1.3
)
Natural Gas -
 
 
 
 
 
 
 
Fixed price purchase contracts
—

 
(1.4
)
 
—

 
(1.4
)
Electricity -
 
 
 
 
 
 
 
Fixed price purchase contracts
—

 
(0.5
)
 
—

 
(0.5
)
Hedges Relating to the Convertible Notes -
 
 
 
 
 
 
 
Bifurcated Conversion Feature
—

 
(99.3
)
 
—

 
(99.3
)
 
 
 
 
 
 
 
 
All Other Financial Liabilities:
 
 
 
 
 
 
 
Senior Notes
(247.8
)
 
—

 
—

 
(247.8
)
Convertible Notes, including Bifurcated Conversion Feature
(280.8
)
 
—

 
—

 
(280.8
)
Total liabilities
$
(528.6
)
 
$
(102.5
)
 
$
—

 
$
(631.1
)

The following table presents the Company’s financial instruments, classified under the appropriate level of the fair value hierarchy, as of December 31, 2013:
 
Level 1
 
Level 2
 
Level 3
 
Total
FINANCIAL ASSETS:
 
 
 
 
 
 
 
Derivative Instruments:
 
 
 
 
 
 
 
Aluminum -
 
 
 
 
 
 
 
Fixed price purchase contracts
$
—

 
$
0.1

 
$
—

 
$
0.1

Midwest premium swap contracts
—

 
—

 
1.1

 
1.1

Natural Gas -
 
 
 
 
 
 
 
Fixed price purchase contracts
—

 
0.5

 
—

 
0.5

Electricity -
 
 
 
 
 
 
 
Fixed price purchase contracts
—

 
0.5

 
—

 
0.5

Foreign Currency -
 
 
 
 
 
 
 
Euro
—

 
0.1

 
—

 
0.1

Hedges Relating to the Convertible Notes -
 
 
 
 
 
 
 
Call Options
—

 
79.5

 
—

 
79.5

 
 
 
 
 
 
 
 
All Other Financial Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
57.7

 
111.8

 
—

 
169.5

Short-term investments
—

 
129.5

 
—

 
129.5

Deferred compensation plan asset
—

 
6.5

 
—

 
6.5

Total assets
$
57.7

 
$
328.5

 
$
1.1

 
$
387.3

 
 
 
 
 
 
 
 
FINANCIAL LIABILITIES:
 
 
 
 
 
 
 
Derivative Instruments:
 
 
 
 
 
 
 
Aluminum -
 
 
 
 
 
 
 
Fixed price purchase contracts
$
—

 
$
(1.8
)
 
$
—

 
$
(1.8
)
Natural Gas -
 
 
 
 
 
 
 
Fixed price purchase contracts
—

 
(0.8
)
 
—

 
(0.8
)
Electricity -
 
 
 
 
 
 
 
Fixed price purchase contracts
—

 
(0.4
)
 
—

 
(0.4
)
Hedges Relating to the Convertible Notes -
 
 
 
 
 
 
 
Bifurcated Conversion Feature
—

 
(83.1
)
 
—

 
(83.1
)
 
 
 
 
 
 
 
 
All Other Financial Liabilities:
 
 
 
 
 
 
 
Senior Notes
(255.4
)
 
—

 
—

 
(255.4
)
Convertible Notes, including Bifurcated Conversion Feature
(260.0
)
 
—

 
—

 
(260.0
)
Total liabilities
$
(515.4
)
 
$
(86.1
)
 
$
—

 
$
(601.5
)
Reconciliation of activity for financial instruments classified as Level 3
The following table presents a reconciliation of activity for the Midwest premium derivative contracts on a net basis:
 
Level 3
Balance at December 31, 2013
$
1.1

Total realized/unrealized gains included in:
 
Cost of goods sold excluding depreciation and amortization and other items and Unrealized (gains) losses on derivative instruments
4.4

Transactions involving Level 3 derivative contracts:
 
Purchases
1.9

Sales
—

Issuances
—

Settlements
(5.9
)
Transactions involving Level 3 derivatives — net
(4.0
)
Transfers in and (or) out of Level 3 valuation hierarchy
—

Balance at September 30, 2014
$
1.5

 
 
Total gains included in Unrealized (gains) losses on derivative instruments, attributable to the change in unrealized gains/losses relating to derivative contracts held at September 30, 2014:
$
1.4