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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding commodity price swaps and options and forward foreign exchange contracts Outstanding derivative contracts and the period over which we are hedging our exposure to the volatility in future cash flows are presented below:
Derivative Contracts
Settlement Dates
 
June 30,
2018
 
December 31,
2017
Commodity contracts:
 
 
 
 
 
Nickel (in lbs)
July 2018 to August 2018
 
300,000

 
500,000

Natural gas (in MMBTUs)
July 2018 to June 2020
 
39,868,000

 
41,338,000

Zinc (in lbs)
July 2018 to June 2020
 
46,150,000

 
50,350,000

Iron ore (in metric tons)
July 2018 to May 2020
 
2,210,000

 
2,340,000

Electricity (in MWHs)
July 2018 to June 2020
 
1,676,000

 
1,553,000

Foreign exchange contracts:
 
 
 
 
 
Euros (in millions)
July 2018 to December 2018
 
€
9.0

 
€
26.0

Canadian dollars (in millions)
July 2018 to December 2021
 
C$
147.7

 
C$
148.1
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,
2018
 
December 31,
2017
Derivatives designated as cash flow hedges:
 
 
 
 
Other current assets:
 
 
 
 
Foreign exchange contracts
 
$
0.1

 
$
0.2

Commodity contracts
 
4.2

 
9.0

Other non-current assets:
 
 
 
 
Foreign exchange contracts
 
1.0

 
1.7

Commodity contracts
 
0.2

 
2.3

Accrued liabilities:
 
 
 
 
Foreign exchange contracts
 
(0.8
)
 
(0.2
)
Commodity contracts
 
(3.2
)
 
(4.6
)
Other non-current liabilities:
 
 
 
 
Foreign exchange contracts
 
(0.9
)
 
—

Commodity contracts
 
(1.6
)
 
(0.5
)
Derivatives not designated as cash flow hedges:
 
 
 
 
Other current assets:
 
 
 
 
Foreign exchange contracts
 
0.3

 
—

   Commodity contracts
 
11.9

 
26.2

Other non-current assets—commodity contracts
 
2.1

 
8.3

Accrued liabilities:
 
 
 
 
Foreign exchange contracts
 
—

 
(0.1
)
Commodity contracts
 
(0.3
)
 
(0.3
)
Other non-current liabilities—commodity contracts
 
(0.2
)
 
—
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 and comprehensive income (loss) are presented below:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Gain (loss)
 
2018
 
2017
 
2018
 
2017
Derivatives designated as cash flow hedges:
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Recognized in accumulated other comprehensive income that were included in the assessment of effectiveness
 
$
(2.6
)
 
$
(8.2
)
 
$
(2.3
)
 
$
(16.2
)
Reclassified from accumulated other comprehensive income into cost of products sold
 
5.4

 
1.3

 
13.0

 
1.9

Foreign exchange contracts:
 
 
 
 
 
 
 
 
Recognized in accumulated other comprehensive income that were included in the assessment of effectiveness
 
(1.5
)
 
—

 
(3.2
)
 
—

Reclassified from accumulated other comprehensive income into cost of products sold
 
0.1

 
—

 
0.1

 
—

Derivatives not designated as cash flow hedges:
 
 
 
 
 
 
 
 
Commodity contracts—recognized in cost of products sold
 
2.3

 
(8.2
)
 
(6.4
)
 
7.1

Foreign exchange contracts—recognized in other income (expense)
 
0.7

 
(0.6
)
 
0.4

 
(0.7
)
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 derivatives that qualify as cash flow hedges for hedge accounting are presented below:            
Hedge
 
Gains (losses)
Natural gas
 
$
0.7

Zinc
 
(2.1
)
Electricity
 
2.5

Canadian dollars
 
(0.9
)