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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [Abstract]  
Summary of assets and liabilities measured and recognized at fair value on a recurring basis
The following table presents our financial instruments, classified under the appropriate level of the fair value hierarchy, as of the period presented (in millions of dollars):
 
March 31, 2015
 
Level 1
 
Level 2
 
Level 3
 
Total
FINANCIAL ASSETS:
 
 
 
 
 
 
 
Derivative Instruments:
 
 
 
 
 
 
 
Aluminum -
 
 
 
 
 
 
 
Fixed price purchase contracts
$
—

 
$
0.1

 
$
—

 
$
0.1

Midwest premium swap contracts
—

 
—

 
0.1

 
0.1

Hedges Relating to the Convertible Notes - Option Assets
94.9

 
—

 
—

 
94.9

 
 
 
 
 
 
 
 
All Other Financial Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
204.9

 
16.0

 
—

 
220.9

Short-term investments
—

 
30.0

 
—

 
30.0

Deferred compensation plan asset
—

 
7.1

 
—

 
7.1

Total assets
$
299.8

 
$
53.2

 
$
0.1

 
$
353.1

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

 
$
(3.8
)
 
$
—

 
$
(3.8
)
Midwest premium swap contracts
—

 
—

 
(3.7
)
 
(3.7
)
Natural Gas - Fixed price purchase contracts
—

 
(7.0
)
 
—

 
(7.0
)
Electricity - Fixed price purchase contracts
—

 
(1.3
)
 
—

 
(1.3
)
Hedges Relating to the Convertible Notes - Bifurcated Conversion Feature
(94.9
)
 
—

 
—

 
(94.9
)
 
 
 
 
 
 
 
 
All Other Financial Liabilities:
 
 
 
 
 
 
 
Senior Notes
(245.4
)
 
—

 
—

 
(245.4
)
Convertible Notes, including Bifurcated Conversion Feature
(273.8
)
 
—

 
—

 
(273.8
)
Total liabilities
$
(614.1
)
 
$
(12.1
)
 
$
(3.7
)
 
$
(629.9
)

The following table presents our financial instruments, classified under the appropriate level of the fair value hierarchy, as of the period presented (in millions of dollars):
 
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

 
 
 
 
 
 
 
 
All Other Financial Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
29.5

 
148.2

 
—

 
177.7

Short-term investments
—

 
114.0

 
—

 
114.0

Deferred compensation plan asset
—

 
7.3

 
—

 
7.3

Total assets
$
29.5

 
$
354.2

 
$
1.0

 
$
384.7

 
 
 
 
 
 
 
 
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
)
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 (in millions of dollars):
 
Level 3
Balance at December 31, 2014
$
1.0

Total realized/unrealized (losses) included in:
 
Cost of goods sold excluding depreciation and amortization and other items and Unrealized losses (gains) on derivative instruments
(2.5
)
Transactions involving Level 3 derivative contracts:
 
Purchases
(1.7
)
Sales
—

Issuances
—

Settlements
(0.4
)
Transactions involving Level 3 derivatives — net
(2.1
)
Transfers in and (or) out of Level 3 valuation hierarchy
—

Balance at March 31, 2015
$
(3.6
)
 
 
Total (losses) included in Unrealized losses (gains) on derivative instruments, attributable to the change in unrealized gains/losses relating to derivative contracts held at March 31, 2015:
$
(4.0
)