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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 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:

Hedge Contracts
Settlement Dates
 
2019
 
2018
Commodity contracts:
 
 
 
 
 
Nickel (in lbs)
January 2020 to June 2020
 
150,000

 
—

Natural gas (in MMBTUs)
January 2020 to December 2021
 
37,708,000

 
39,868,000

Zinc (in lbs)
January 2020 to December 2021
 
35,550,000

 
52,150,000

Iron ore (in metric tons)
January 2020 to June 2021
 
1,495,000

 
2,125,000

Electricity (in MWHs)
January 2020 to August 2021
 
1,683,000

 
1,461,000

Foreign exchange contracts:
 
 
 
 
 
Euros (in millions)
January 2020 to January 2020
 
€
1.5

 
€
4.0

Canadian dollars (in millions)
January 2020 to December 2021
 
C$
72.6

 
C$
118.6
Fair value of derivative instruments in the condensed consolidated balance sheets
The fair value of derivative instruments as of December 31, 2019 and 2018, is presented below:
Asset (liability)
 
2019
 
2018
Derivatives designated as hedging instruments:
 
 
 
 
Other current assets—commodity contracts
 
$
0.1

 
$
3.4

Other non-current assets:
 
 
 
 
Commodity contracts
 
—

 
1.0

Foreign exchange contracts
 
0.1

 
0.4

Accrued liabilities:
 
 
 
 
Commodity contracts
 
(16.5
)
 
(4.7
)
Foreign exchange contracts
 
(0.5
)
 
(1.2
)
Other non-current liabilities:
 
 
 
 
Commodity contracts
 
(1.9
)
 
(1.2
)
Foreign exchange contracts
 
(0.2
)
 
(1.5
)
Derivatives not designated as hedging instruments:
 
 
 
 
Other current assets:
 
 
 
 
Commodity contracts
 
12.8

 
9.6

Foreign exchange contracts
 
—

 
0.1

Other non-current assets—commodity contracts
 
2.7

 
1.9

Accrued liabilities—commodity contracts
 
—

 
(1.2
)
Other non-current liabilities—commodity contracts
 
—

 
(0.4
)
Gains (losses) on derivative instruments included in the condensed consolidated statements of operations
Gains (losses) on derivative instruments for the years ended December 31, 2019, 2018 and 2017, are presented below:
Gain (loss)
 
2019
 
2018
 
2017
Derivatives designated as cash flow hedges:
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
Recognized in accumulated other comprehensive income that were included in the assessment of effectiveness
 
$
(32.3
)
 
$
(0.2
)
 
$
(11.5
)
Reclassified from accumulated other comprehensive income into cost of products sold
 
(7.2
)
 
11.2

 
6.1

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

 
(5.4
)
 
—

Reclassified from accumulated other comprehensive income into cost of products sold
 
(1.7
)
 
(0.9
)
 
—

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity contracts—recognized in cost of products sold
 
52.2

 
(2.4
)
 
31.6

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

 
0.1

 
(1.6
)
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 are presented below:
Hedge
 
 
Gains (losses)
Natural gas
 
 
$
(10.5
)
Electricity
 
 
(5.8
)
Zinc
 
 
(3.1
)
Canadian dollars
 
 
(1.3
)