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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2015
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
 
June 30,
2015
 
December 31,
2014
Nickel (in lbs)
 
314,500

 
259,300

Natural gas (in MMBTUs)
 
28,285,000

 
33,992,500

Zinc (in lbs)
 
55,496,200

 
61,800,000

Iron ore (in metric tons)
 
2,475,000

 
2,335,000

Electricity (in MWHs)
 
1,298,500

 
1,182,800

Hot roll carbon steel coils (in short tons)
 
6,000

 
15,000

Foreign exchange contracts (in euros)
 
€
39,575,000

 
€
23,675,000
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)
 
June 30,
2015
 
December 31,
2014
Derivatives designated as hedging instruments:
 
 
 
 
Other current assets—commodity contracts
 
$
0.9

 
$
2.1

Other noncurrent assets—commodity contracts
 
0.6

 
1.8

Accrued liabilities—commodity contracts
 
(28.2
)
 
(32.0
)
Other non-current liabilities—commodity contracts
 
(7.3
)
 
(5.7
)
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
Other current assets:
 
 
 
 
Foreign exchange contracts
 
0.5

 
1.2

Commodity contracts
 
0.8

 
1.5

Accrued liabilities—commodity contracts
 
(2.0
)
 
(4.2
)
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:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Gain (loss)
 
2015
 
2014
 
2015
 
2014
Derivatives designated as cash flow hedges—
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Reclassified from accumulated other comprehensive income into cost of products sold (effective portion)
 
$
(9.3
)
 
$
1.3

 
$
(27.2
)
 
$
4.0

Recognized in cost of products sold (ineffective portion and amount excluded from effectiveness testing)
 
(1.1
)
 
(0.7
)
 
(14.1
)
 
(0.7
)
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts—recognized in other income (expense)
 
(2.8
)
 
0.2

 
(1.4
)
 
0.9

Commodity contracts:
 
 
 
 
 
 
 
 
Recognized in net sales
 
0.5

 
(0.6
)
 
1.8

 
(4.2
)
Recognized in cost of products sold
 
0.9

 
(19.4
)
 
(1.5
)
 
(19.2
)
Amount of gains (losses) expected to be reclassified into earnings within the next twelve months

The following table lists the amount of gains (losses) before tax 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, as well as the period of time over which the Company is hedging its exposure to the volatility in future cash flows:
Commodity Hedge
Settlement Dates
 
Gains (losses)
Natural gas
July 2015 to December 2016
 
$
(10.3
)
Zinc
July 2015 to December 2016
 
(4.7
)
Electricity
July 2015 to December 2016
 
(1.2
)
Iron ore
July 2015 to February 2017
 
(16.2
)