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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding commodity price swaps and options and forward foreign exchange contracts
Outstanding commodity price swaps and options and forward foreign exchange contracts as of December 31, 2015 and 2014, are presented below:
Commodity
 
2015
 
2014
Nickel (in lbs)
 
164,800

 
259,300

Natural gas (in MMBTUs)
 
36,972,500

 
33,992,500

Zinc (in lbs)
 
54,173,800

 
61,800,000

Iron ore (in metric tons)
 
2,795,000

 
2,335,000

Electricity (in MWHs)
 
1,386,400

 
1,182,800

Hot roll carbon steel coils (in short tons)
 
—

 
15,000

Foreign exchange contracts (in euros)
 
€
55,500,000

 
€
23,675,000
Fair value of derivative instruments in the condensed consolidated balance sheets
The fair value of derivative instruments as of December 31, 2015 and 2014, is presented below:
Asset (liability)
 
2015
 
2014
Derivatives designated as hedging instruments:
 
 
 
 
Other current assets—commodity contracts
 
$
0.3

 
$
2.1

Other non-current assets—commodity contracts
 
0.3

 
1.8

Accrued liabilities—commodity contracts
 
(40.9
)
 
(32.0
)
Other non-current liabilities—commodity contracts
 
(9.5
)
 
(5.7
)
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
Other current assets:
 
 
 
 
Foreign exchange contracts
 
1.1

 
1.2

Commodity contracts
 
0.2

 
1.5

Accrued liabilities:
 
 
 
 
Commodity contracts
 
(0.3
)
 
(4.2
)
Gains (losses) on derivative instruments included in the condensed consolidated statements of operations
Gains (losses) on derivative instruments for the years ended December 31, 2015, 2014 and 2013, are presented below:
Gain (loss)
 
2015
 
2014
 
2013
Derivatives in cash flow hedging relationships—
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
Reclassified from accumulated other comprehensive income into net sales (effective portion)
 
$
—

 
$
—

 
$
0.4

Reclassified from accumulated other comprehensive income into cost of products sold (effective portion)
 
(61.4
)
 
(1.1
)
 
24.8

Recorded in cost of products sold (ineffective portion and amount excluded from effectiveness testing)
 
(23.6
)
 
(0.8
)
 
3.3

 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Foreign exchange contracts—recognized in other income (expense)
 
(0.1
)
 
1.9

 
(0.1
)
Commodity contracts:
 
 
 
 
 
 
Recognized in net sales
 
2.2

 
(5.1
)
 
(3.1
)
Recognized in cost of products sold
 
(2.0
)
 
(35.0
)
 
1.7
Amount of gains (losses) expected to be reclassified into earnings within the next twelve months
Gains (losses) before tax expected to be reclassified into cost of products sold within the next twelve months for our existing commodity contracts that qualify for hedge accounting, as well as the period over which we are hedging our exposure to the volatility in future cash flows, are presented below:
Commodity Hedge
 Settlement Dates
 
Gains (losses)
Natural gas
January 2016 to December 2017
 
$
(17.1
)
Electricity
January 2016 to December 2017
 
(1.9
)
Iron ore
January 2016 to November 2017
 
(7.8
)
Zinc
January 2016 to December 2017
 
(11.2
)