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Disclosures About Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding commodity price swaps and options and forward foreign exchange contracts
The Company had the following outstanding commodity price swaps and options and forward foreign exchange contracts as of September 30, 2012 and December 31, 2011:
Commodity
 
September 30,
2012
 
December 31, 2011
Nickel (in lbs)
 
627,700

 
545,500

Natural gas (in MMBTUs)
 
7,700,000

 
28,700,000

Zinc (in lbs)
 
7,500,000

 
21,000,000

Electricity (in MWHs)
 
25,600

 
—

Iron ore (in metric tons)
 
990,000

 
294,000

Foreign exchange contracts (in euros)
 
€
15,690,000

 
€
13,050,000
Fair value of derivative instruments in the Condensed Consolidated Balance Sheets
The following table presents the fair value of derivative instruments in the Condensed Consolidated Balance Sheets as of September 30, 2012 and December 31, 2011:
Asset (liability)
 
September 30,
2012
 
December 31, 2011
Derivatives designated as hedging instruments:
 
 
 
 
Other current assets—commodity contracts
 
$
0.5

 
$
—

Accrued liabilities—commodity contracts
 
(9.2
)
 
(19.4
)
Other non-current liabilities—commodity contracts
 
(0.2
)
 
—

 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
Other current assets:
 
 
 
 
Foreign exchange contracts
 
—

 
1.0

Commodity contracts
 
0.2

 
—

Accrued liabilities:
 
 
 
 
Foreign exchange contracts
 
(0.5
)
 
—

Commodity contracts
 
(0.9
)
 
(2.2
)
Gains (losses) on derivative instruments included in the Condensed Consolidated Statements of Operations
The following table presents gains (losses) on derivative instruments included in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2012 and 2011:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Gain (loss)
 
2012
 
2011
 
2012
 
2011
Derivatives in cash flow hedging relationships—
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Reclassified from accumulated other comprehensive income (loss) into cost of products sold (effective portion)
 
$
(11.3
)
 
$
1.9

 
$
(31.9
)
 
$
(3.4
)
Recognized in cost of products sold (ineffective portion and amount excluded from effectiveness testing)
 
(0.7
)
 
(3.5
)
 
(0.7
)
 
(5.9
)
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts—recognized in other income (expense)
 
(0.9
)
 
1.4

 
(1.6
)
 
1.5

Commodity contracts—recognized in cost of products sold
 
1.1

 
(6.6
)
 
0.2

 
(6.5
)
Amount of gains (losses) expected to be reclassified into earnings within the next twelve months
The following table lists the duration of the derivatives and the amount of gains (losses) expected to be reclassified into cost of products sold within the next twelve months for the Company’s existing commodity contracts that qualify for hedge accounting:

Commodity Hedge
Settlement Dates
 
Gains (losses)
Natural gas
October 2012 to December 2012
 
$
(1.2
)
Zinc
October 2012 to December 2012
 
0.4

Electricity
October 2012 to December 2012
 
0.1

Iron ore
October 2012 to December 2013
 
(6.8
)