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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2016
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 are presented below:
Commodity 
 
June 30,
2016
 
December 31,
2015
Nickel (in lbs)
 
39,000

 
164,800

Natural gas (in MMBTUs)
 
45,593,000

 
36,972,500

Zinc (in lbs)
 
41,351,000

 
54,173,800

Iron ore (in metric tons)
 
2,095,000

 
2,795,000

Electricity (in MWHs)
 
1,408,000

 
1,386,400

Foreign exchange contracts (in euros)
 
€
18,050,000

 
€
55,500,000
Fair value of derivative instruments in the condensed consolidated balance sheets
The fair value of derivative instruments in the condensed consolidated balance sheets is presented below:
Asset (liability)
 
June 30,
2016
 
December 31,
2015
Derivatives designated as hedging instruments:
 
 
 
 
Other current assets—commodity contracts
 
$
9.6

 
$
0.3

Other noncurrent assets—commodity contracts
 
3.4

 
0.3

Accrued liabilities—commodity contracts
 
(9.7
)
 
(40.9
)
Other non-current liabilities—commodity contracts
 
(1.9
)
 
(9.5
)
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
Other current assets:
 
 
 
 
Foreign exchange contracts
 
0.1

 
1.1

Commodity contracts
 
—

 
0.2

Accrued liabilities—commodity contracts
 
(0.1
)
 
(0.3
)
Gains (losses) on derivative instruments included in the condensed consolidated statements of operations
Gains (losses) on derivative instruments included in the condensed consolidated statements of operations are presented below:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Gain (loss)
 
2016
 
2015
 
2016
 
2015
Derivatives designated as cash flow hedges—
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Reclassified from accumulated other comprehensive income into cost of products sold (effective portion)
 
$
(14.5
)
 
$
(9.3
)
 
$
(27.7
)
 
$
(27.2
)
Recognized in cost of products sold (ineffective portion and amount excluded from effectiveness testing)
 
(14.1
)
 
(1.1
)
 
(9.7
)
 
(14.1
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts—recognized in other income (expense)
 
1.0

 
(2.8
)
 
(0.8
)
 
(1.4
)
Commodity contracts:
 
 
 
 
 
 
 
 
Recognized in net sales
 
—

 
0.5

 
—

 
1.8

Recognized in cost of products sold
 
—

 
0.9

 
(0.5
)
 
(1.5
)
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
July 2016 to June 2018
 
$
0.4

Zinc
July 2016 to May 2018
 
0.9

Iron ore
July 2016 to May 2018
 
1.0

Electricity
July 2016 to December 2017
 
(0.4
)