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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2016
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):
 
June 30, 2016
 
Level 1
 
Level 2
 
Level 3
 
Total
FINANCIAL ASSETS:
 
 
 
 
 
 
 
Derivative Instruments (Non-Designated Hedges):
 
 
 
 
 
 
 
Aluminum – Fixed price purchase contracts
$
—

 
$
4.8

 
$
—

 
$
4.8

Natural Gas – Fixed price purchase contracts
—

 
0.6

 
—

 
0.6

 
 
 
 
 
 
 
 
All Other Financial Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
50.6

 
144.7

 
—

 
195.3

Short-term investments
—

 
72.0

 
—

 
72.0

Deferred compensation plan assets
—

 
7.8

 
—

 
7.8

Total assets
$
50.6


$
229.9


$
—


$
280.5

 
 
 
 
 
 
 
 
FINANCIAL LIABILITIES:
 
 
 
 
 
 
 
Derivative Instruments (Non-Designated Hedges):
 
 
 
 
 
 
 
Aluminum –
 
 
 
 
 
 
 
Fixed price purchase contracts
$
—

 
$
(1.2
)
 
$
—

 
$
(1.2
)
Midwest premium swap contracts
—

 
—

 
(1.4
)
 
(1.4
)
Natural Gas – Fixed price purchase contracts
—

 
(2.4
)
 
—

 
(2.4
)
 
 
 
 
 
 
 
 
All Other Financial Liabilities:
 
 
 
 
 
 
 
5.875% Senior Notes
(383.4
)
 
—

 
—

 
(383.4
)
Total liabilities
$
(383.4
)
 
$
(3.6
)
 
$
(1.4
)
 
$
(388.4
)

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, 2015
 
Level 1
 
Level 2
 
Level 3
 
Total
FINANCIAL ASSETS:
 
 
 
 
 
 
 
Derivative Instruments (Non-Designated Hedges):
 
 
 
 
 
 
 
Aluminum –
 
 
 
 
 
 
 
Call option purchase contracts
$
—

 
$
0.2

 
$
—

 
$
0.2

Fixed price purchase contracts
—

 
0.3

 
—

 
0.3

Fixed price sales contracts
—

 
0.2

 
—

 
0.2

Midwest premium swap contracts
—

 
—

 
0.9

 
0.9

 
 
 
 
 
 
 
 
All Other Financial Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
40.3

 
32.2

 
—

 
72.5

Short-term investments
—

 
30.0

 
—

 
30.0

Deferred compensation plan assets
—

 
7.3

 
—

 
7.3

Total assets
$
40.3

 
$
70.2

 
$
0.9

 
$
111.4

 
 
 
 
 
 
 
 
FINANCIAL LIABILITIES:
 
 
 
 
 
 
 
Derivative Instruments (Non-Designated Hedges):
 
 
 
 
 
 
 
Aluminum –
 
 
 
 
 
 
 
Fixed price purchase contracts
$
—

 
$
(8.9
)
 
$
—

 
$
(8.9
)
Fixed price sales contracts
—

 
(0.1
)
 
—

 
(0.1
)
Midwest premium swap contracts
—

 
—

 
(0.3
)
 
(0.3
)
Natural Gas – Fixed price purchase contracts
—

 
(6.7
)
 
—

 
(6.7
)
 
 
 
 
 
 
 
 
Derivative Instruments (Designated Hedges):
 
 
 
 
 
 
 
Foreign Currency – Euro forward purchase contracts
—

 
(0.2
)
 
—

 
(0.2
)
 
 
 
 
 
 
 
 
All Other Financial Liabilities:
 
 
 
 
 
 
 
8.25% Senior Notes
(207.3
)
 
—

 
—

 
(207.3
)
Total liabilities
$
(207.3
)
 
$
(15.9
)
 
$
(0.3
)
 
$
(223.5
)
Schedule of quantitative information for Level 3 Midwest premiums derivative contracts
quantitative information for Level 3 Midwest premium derivative contracts:
 
 
Fair Value at June 30, 2016 (in millions of dollars)
 
Valuation technique
 
Unobservable input
 
Settlement Period
 
Range ($ in unit price)
Liabilities:
 
 
 
 
 
 
 
 
 
 
Midwest premium swap contracts
 
$
(1.4
)
 
Discounted fair value
 
Forward price curve
 
July-16 through Jun-18
 
$0.070 per metric ton to $0.073 per metric ton
Reconciliation of activity for financial instruments classified as Level 3
The following table presents a reconciliation of activity for the Midwest premium swap contracts on a net basis (in millions of dollars):
 
Level 3
Fair value measurement at December 31, 2015
$
0.6

Total realized/unrealized (loss) included in:
 
Cost of goods sold excluding depreciation and amortization and other items and Unrealized (gain) loss on derivative instruments
(0.5
)
Transactions involving Level 3 derivative contracts:
 
Purchases
(1.3
)
Sales
—

Issuances
—

Settlements
(0.2
)
Transactions involving Level 3 derivatives – net
(1.5
)
Transfers in and/or out of Level 3 valuation hierarchy
—

Fair value measurement at June 30, 2016
$
(1.4
)
 
 
Total loss included in Unrealized (gain) loss on derivative instruments, attributable to the change in unrealized gain/loss relating to derivative contracts held at June 30, 2016:
$
(1.5
)