XML 35 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivative Financial Instruments and Hedging (Tables)
6 Months Ended
Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value
The fair values of the Company’s derivative financial instruments are presented below, representing the gross amounts recognized which are not offset by counterparty or by type of item hedged. All fair values for these derivatives were measured using Level 2 information as defined by the accounting standard hierarchy, which includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs derived principally from or corroborated by observable market data.
(in millions):
Asset derivatives
 
Balance sheet location
 
June 30,
2014
 
December 31,
2013
Derivatives designated as hedging instruments:
 
 
 
 
Foreign exchange contracts
 
Prepaid expenses and other current assets
 
$
0.2

 
$
0.3

Nickel and other raw material contracts
 
Prepaid expenses and other current assets
 
7.1

 
0.1

Natural gas contracts
 
Prepaid expenses and other current assets
 
2.4

 
2.5

Electricity contracts
 
Prepaid expenses and other current assets
 
0.1

 

Nickel and other raw material contracts
 
Other assets
 
5.4

 
0.4

Natural gas contracts
 
Other assets
 
0.6

 
1.0

Total derivatives designated as hedging instruments
 
15.8

 
4.3

Derivatives not designated as hedging instruments:
 
 
 
 
Foreign exchange contracts
 
Prepaid expenses and other current assets
 
0.3

 

Total derivatives not designated as hedging instruments
 
0.3

 

Total asset derivatives
 
 
 
$
16.1

 
$
4.3

Liability derivatives
 
Balance sheet location
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Natural gas contracts
 
Accrued liabilities
 
$
0.5

 
$
0.4

Nickel and other raw material contracts
 
Accrued liabilities
 
0.1

 
4.5

Foreign exchange contracts
 
Accrued liabilities
 
4.2

 
7.8

Electricity contracts
 
Accrued liabilities
 
0.1

 
0.5

Natural gas contracts
 
Other long-term liabilities
 
1.2

 

Foreign exchange contracts
 
Other long-term liabilities
 
1.7

 
5.4

Nickel and other raw material contracts
 
Other long-term liabilities
 

 
1.3

Total derivatives designated as hedging instruments
 
7.8

 
19.9

Derivatives not designated as hedging instruments:
 
 
 
 
Foreign exchange contracts
 
Accrued liabilities
 
0.2

 
1.7

Total derivatives not designated as hedging instruments
 
0.2

 
1.7

Total liability derivatives
 
 
 
$
8.0

 
$
21.6

Schedule Of Derivative Instruments Gain Loss In Statement Of Financial Performance
Activity with regard to derivatives designated as cash flow hedges for the three and six month periods ended June 30, 2014 and 2013 was as follows (in millions): 
 
Amount of Gain (Loss)
Recognized in OCI on
Derivatives
(Effective Portion)
 
Amount of Gain (Loss)
Reclassified from
Accumulated OCI
into Income
(Effective Portion) (a)
 
Amount of Gain (Loss)
Recognized in Income
on Derivatives (Ineffective
Portion and Amount
Excluded from
Effectiveness Testing) (b)
Derivatives in Cash Flow
Three months ended June 30,
 
Three months ended June 30,
 
Three months ended June 30,
Hedging Relationships
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Nickel and other raw material contracts
$
7.1

 
$
(7.4
)
 
$
0.9

 
$
(1.1
)
 
$

 
$

Natural gas contracts
(1.0
)
 
(1.9
)
 
1.0

 
0.1

 

 

Electricity contracts
(0.1
)
 
(0.1
)
 
0.1

 

 

 

Foreign exchange contracts
1.9

 
(0.4
)
 
(1.7
)
 
0.6

 

 

Total
$
7.9

 
$
(9.8
)
 
$
0.3

 
$
(0.4
)
 
$

 
$


 
Amount of Gain (Loss)
Recognized in OCI on
Derivatives
(Effective Portion)
 
Amount of Gain (Loss)
Reclassified from
Accumulated OCI
into Income
(Effective Portion) (a)
 
Amount of Gain (Loss)
Recognized in Income
on Derivatives (Ineffective
Portion and Amount
Excluded from
Effectiveness Testing) (b)
Derivatives in Cash Flow
Six months ended June 30,
 
Six months ended June 30,
 
Six months ended June 30,
Hedging Relationships
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Nickel and other raw material contracts
$
10.1

 
$
(8.8
)
 
$
(0.8
)
 
$
(1.0
)
 
$

 
$

Natural gas contracts
1.3

 
(0.3
)
 
2.4

 
(0.9
)
 

 

Electricity contracts
0.8

 

 
0.5

 
(0.2
)
 

 

Foreign exchange contracts
1.4

 
7.3

 
(3.1
)
 
1.3

 

 

Total
$
13.6

 
$
(1.8
)
 
$
(1.0
)
 
$
(0.8
)
 
$

 
$

(a)
The gains (losses) reclassified from accumulated OCI into income related to the effective portion of the derivatives are presented in cost of sales in the same period or periods in which the hedged item affects earnings.
(b)
The gains (losses) recognized in income on derivatives related to the ineffective portion and the amount excluded from effectiveness testing are presented in selling and administrative expenses.
Schedule Of Derivative Instruments Not Designated as Hedging Instruments
Derivatives that are not designated as hedging instruments were as follows:
In millions
Amount of Gain (Loss) Recognized
in Income on Derivatives
Derivatives Not Designated
Three months ended June 30,
 
Six months ended June 30,
as Hedging Instruments
2014
 
2013
 
2014
 
2013
Foreign exchange contracts
$
0.9

 
$
(0.4
)
 
$
1.1

 
$
0.4