Disclosures About Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2013

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:

Commodity	March 31, 2013		December 31, 2012
Nickel (in lbs)	243,100		420,100
Natural gas (in MMBTUs)	9,750,000		9,000,000
Iron ore (in metric tons)	855,000		1,140,000
Hot roll carbon steel coils (in short tons)	—		30,000
Foreign exchange contracts (in euros)	€	9,200,000	€	15,950,000

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:

Asset (liability)	March 31, 2013			December 31, 2012
Derivatives designated as hedging instruments:
Other current assets—commodity contracts	$	16.3		$	25.5
Accrued liabilities—commodity contracts	—			(1.2		)
Derivatives not designated as hedging instruments:
Other current assets—foreign exchange contracts	0.3			—
Accrued liabilities:
Foreign exchange contracts	—			(0.2		)
Commodity contracts	(0.1		)	(0.1		)

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:

	Three Months Ended March 31,
Gain (loss)	2013		2012
Derivatives in cash flow hedging relationships—
Commodity contracts:
Reclassified from accumulated other comprehensive income (loss) into net sales (effective portion)	$	0.4	$	—
Reclassified from accumulated other comprehensive income (loss) into cost of products sold (effective portion)	3.5		(7.8		)
Recognized in cost of products sold (ineffective portion and amount excluded from effectiveness testing)	5.8		2.9
Derivatives not designated as hedging instruments:
Foreign exchange contracts—recognized in other income (expense)	0.6		(1.2		)
Commodity contracts:
Recognized in net sales	0.5		—
Recognized in cost of products sold	—		(0.4		)

Amount of gains (losses) expected to be reclassified into earnings within the next twelve months

The following table lists 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	April 2013 to December 2013	$	2.3
Iron ore	April 2013 to December 2013	14.9