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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2019
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
 
September 30,
2019
 
December 31,
2018
Commodity contracts:
 
 
 
 
 
Natural gas (in MMBTUs)
October 2019 to June 2021
 
37,905,000

 
39,868,000

Zinc (in lbs)
October 2019 to June 2021
 
33,050,000

 
52,150,000

Iron ore (in metric tons)
October 2019 to June 2021
 
1,810,000

 
2,125,000

Electricity (in MWHs)
October 2019 to June 2021
 
1,597,000

 
1,461,000

Foreign exchange contracts:
 
 
 
 
 
Euros (in millions)
October 2019 to November 2019
 
€
1.0

 
€
4.0

Canadian dollars (in millions)
October 2019 to December 2021
 
C$
91.1

 
C$
118.6
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)
 
September 30,
2019
 
December 31,
2018
Derivatives designated as cash flow hedges:
 
 
 
 
Other current assets—commodity contracts
 
$
0.8

 
$
3.4

Other non-current assets:
 
 
 
 
Foreign exchange contracts
 
0.2

 
0.4

Commodity contracts
 
—

 
1.0

Accrued liabilities:
 
 
 
 
Foreign exchange contracts
 
(0.7
)
 
(1.2
)
Commodity contracts
 
(10.6
)
 
(4.7
)
Other non-current liabilities:
 
 
 
 
Foreign exchange contracts
 
(0.6
)
 
(1.5
)
Commodity contracts
 
(2.6
)
 
(1.2
)
Derivatives not designated as cash flow hedges:
 
 
 
 
Other current assets:
 
 
 
 
Foreign exchange contracts
 
0.1

 
0.1

   Commodity contracts
 
13.0

 
9.6

Other non-current assets—commodity contracts
 
2.4

 
1.9

Accrued liabilities—commodity contracts
 
(0.2
)
 
(1.2
)
Other non-current liabilities—commodity contracts
 
(0.8
)
 
(0.4
)
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 September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Gain (loss)
 
 
 
 
 
 
 
 
Derivatives designated as cash flow hedges:
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Recognized in accumulated other comprehensive income that were included in the assessment of effectiveness
 
$
(3.4
)
 
$
(3.1
)
 
$
(21.4
)
 
$
(5.4
)
Reclassified from accumulated other comprehensive income into cost of products sold
 
(4.8
)
 
0.1

 
0.4

 
13.1

Foreign exchange contracts:
 
 
 
 
 
 
 
 
Recognized in accumulated other comprehensive income that were included in the assessment of effectiveness
 
(0.8
)
 
0.8

 
0.3

 
(2.4
)
Reclassified from accumulated other comprehensive income into cost of products sold
 
(0.4
)
 
(0.6
)
 
(1.3
)
 
(0.5
)
Derivatives not designated as cash flow hedges:
 
 
 
 
 
 
 
 
Commodity contracts—recognized in cost of products sold
 
(15.3
)
 
4.5

 
41.1

 
(1.9
)
Foreign exchange contracts—recognized in other income (expense)
 
0.1

 
(0.1
)
 
—

 
0.3
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
 
$
(9.9
)
Zinc
 
(3.8
)
Electricity
 
(1.7
)
Canadian dollars
 
(1.5
)