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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 the period presented:
 
December 31, 2014
 
Level 1
 
Level 2
 
Level 3
 
Total
FINANCIAL ASSETS:
 
 
 
 
 
 
 
Derivative Instruments
 
 
 
 
 
 
 
Aluminum -
 
 
 
 
 
 
 
Midwest premium swap contracts
—

 
—

 
1.0

 
1.0

Hedges Relating to the Convertible Notes - Option Assets
—

 
84.7

 
—

 
84.7

 
 
 
 
 
 
 
 
VEBAs and Canadian Pension Plan
 
 
 
 
 
 
 
Fixed income investment funds in registered investment companies1
54.0

 
340.3

 
—

 
394.3

Mortgage-backed securities
—

 
30.1

 
—

 
30.1

Corporate debt securities2
—

 
75.4

 
—

 
75.4

Equity investment funds in registered investment companies3
—

 
191.3

 
—

 
191.3

United States Treasuries
—

 
39.5

 
—

 
39.5

Municipal debt securities
—

 
1.8

 
—

 
1.8

Cash and money market investments4
19.3

 
—

 
—

 
19.3

Asset-backed securities
—

 
8.1

 
—

 
8.1

Diversified investment funds in registered investment companies5
20.4

 
6.2

 
—

 
26.6

 
 
 
 
 
 
 
 
All Other Financial Assets
 
 
 
 
 
 
 
Cash and cash equivalents6
29.5

 
148.2

 
—

 
177.7

Short-term investments
—

 
114.0

 
—

 
114.0

Deferred compensation plan assets
—

 
7.3

 
—

 
7.3

Total assets
$
123.2

 
$
1,046.9

 
$
1.0

 
$
1,171.1

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

 
$
(4.2
)
 
$
—

 
$
(4.2
)
Natural Gas - Fixed price purchase contracts
—

 
(6.2
)
 
—

 
(6.2
)
Electricity - Fixed price purchase contracts
—

 
(1.7
)
 
—

 
(1.7
)
Hedges Relating to the Convertible Notes - Bifurcated Conversion Feature
—

 
(84.7
)
 
—

 
(84.7
)
 
 
 
 
 
 
 
 
All Other Financial Liabilities
 
 
 
 
 
 
 
Senior Notes
(244.5
)
 
—

 
—

 
(244.5
)
Convertible Notes, including Bifurcated Conversion Feature
(263.3
)
 
—

 
—

 
(263.3
)
Total liabilities
$
(507.8
)
 
$
(96.8
)
 
$
—

 
$
(604.6
)
The following table presents the Company's financial instruments, classified under the appropriate level of the fair value hierarchy, as of the period presented:
 
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 - Option Assets
—

 
79.5

 
—

 
79.5

 
 
 
 
 
 
 
 
VEBAs and Canadian Pension Plan
 
 
 
 
 
 
 
Fixed income investment funds in registered investment companies1
57.0

 
318.0

 
—

 
375.0

Mortgage-backed securities
—

 
25.9

 
—

 
25.9

Corporate debt securities2
—

 
78.2

 
—

 
78.2

Equity investment funds in registered investment companies3
—

 
175.3

 
—

 
175.3

United States Treasuries
—

 
43.3

 
—

 
43.3

Municipal debt securities
—

 
1.6

 
—

 
1.6

Cash and money market investments4
36.8

 
—

 
—

 
36.8

Asset-backed securities
—

 
8.5

 
—

 
8.5

Diversified investment funds in registered investment companies5
20.1

 
6.2

 
—

 
26.3

 
 
 
 
 
 
 
 
All Other Financial Assets
 
 
 
 
 
 
 
Cash and cash equivalents6
57.7

 
111.8

 
—

 
169.5

Short-term investments
—

 
129.5

 
—

 
129.5

Deferred compensation plan assets
—

 
6.5

 
—

 
6.5

Total assets
$
171.6

 
$
985.5

 
$
1.1

 
$
1,158.2

 
 
 
 
 
 
 
 
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
)
_________________________
1. 
This category represents investments in various fixed income funds with multiple registered investment companies. Such funds invest in diversified portfolios, including (i) marketable fixed income securities such as (a) U.S. Treasury and other government and agency securities, (b) municipal bonds, (c) mortgage-backed securities, (d) asset-backed securities, (e) corporate bonds, notes and debentures in various sectors, (f) preferred and common stock, (g) investments in affiliated and other investment companies, (h) short-term investments and other net assets and (i) repurchase agreements and reverse repurchase agreements; (ii) other commingled investments; (iii) investment grade debt; (iv) fixed income instruments which may be represented by options, future contracts or swap agreements; and (v) cash and cash equivalents. The fair value of assets in this category is estimated using the net asset value per share of the investments.
2. 
This category represents investments in fixed income corporate securities in various sectors. Investments in the industrial, financial and utilities sectors in 2014 represented approximately 51%, 37% and 12% of the total portfolio in this category, respectively. Investments in the industrial, financial and utilities sectors in 2013 represented approximately 56%, 35% and 9% of the total portfolio in this category, respectively. The fair value of assets in this category is estimated using the net asset value per share of the investments.
3. 
This category represents investments in equity funds that invest in portfolios comprised of (i) equity and equity-related securities of U.S. and non-U.S. issuers across all market capitalization; (ii) common stock in investment trust funds; and (iii) other short-term investments. The fair value of assets in this category is determined by using quoted prices in active markets for investments considered Level 1 inputs and estimated using the net asset value per share of the investments for investments considered Level 2 inputs.
4. 
This category represents cash and investments in various money market funds.
5. 
The plan assets are invested in investment funds that hold a diversified portfolio of (i) U.S and international debt and equity securities; (ii) fixed income securities such as corporate bonds and government bonds; (iii) mortgage-related securities; and (iv) cash and cash equivalents. The fair value of assets in this category is estimated using the net asset value per share of the investments.
6. 
See Note 2 for components of cash and cash equivalents.
Schedule of quantitative information for Level 3 Midwest premiums derivative contracts
The following table presents quantitative information for Level 3 Midwest premium derivative contracts:
 
 
Fair Value at December 31, 2014
 
Valuation technique
 
Unobservable input
 
Range ($ in unit price)
Assets:
 
 
 
 
 
 
 
 
  Midwest premium contracts
 
1.0

 
Discounted fair value
 
Pricing forward curve
 
$0.236 per metric ton in Jan 2015 to $0.205 per metric ton in Dec 2016
Reconciliation of activity for financial instruments classified as Level 3
The following table presents a reconciliation of activity for the Level 3 Midwest premium derivative contracts on a net basis:
 
Year Ended December 31,
 
2014
 
2013
Fair value measurement at beginning of period
$
1.1

 
$
0.4

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

 
(0.1
)
Transactions involving Level 3 derivative contracts:
 
 
 
Purchases
2.8

 
1.0

Sales
—

 
—

Issuances
—

 
—

Settlements
(7.3
)
 
(0.2
)
Transactions involving Level 3 derivatives - net
(4.5
)
 
0.8

Transfers in and (or) out of Level 3 valuation hierarchy
—

 
—

Fair value measurement at end of period
$
1.0

 
$
1.1

 
 
 
 
Total gains included in Unrealized (gains) losses on derivative instruments, attributable to the change in unrealized gains/losses relating to derivative contracts held at December 31:
$
1.0

 
$
1.1
Summary of activities relating to the Company's CARO liabilities
The following table summarizes the activity relating to the Company's CARO liabilities:
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
Beginning balance
 
$
4.4

 
$
4.1

 
$
4.0

Liabilities settled during the period
 
—

 
(0.2
)
 
(0.5
)
Accretion expense
 
0.4

 
0.4

 
0.3

Adjustment to accretion expense due to revisions to estimated cash flow and timing of expenditure1
 
—

 
0.1

 
0.3

Ending balance
 
$
4.8

 
$
4.4

 
$
4.1

__________________________________________ 
1 
The adjustments in 2013 did not have a material impact on the basic and diluted net income per share for 2013. The adjustment in 2012 decreased both basic and diluted net income per share for 2012 by approximately $0.02 per share.