Derivative Financial Instruments and Hedging (Tables)

6 Months Ended

Jun. 30, 2018

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, 2018		December 31, 2017
Derivatives designated as hedging instruments:
Foreign exchange contracts	Prepaid expenses and other current assets	0.6		—
Natural gas contacts	Prepaid expenses and other current assets	0.3		0.1
Nickel and other raw material contracts	Prepaid expenses and other current assets	10.8		10.5
Natural gas contracts	Other assets	0.1		0.3
Nickel and other raw material contracts	Other assets	6.4		5.5
Total derivatives designated as hedging instruments		18.2		16.4
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Prepaid expenses and other current assets	0.3		0.1
Total derivatives not designated as hedging instruments		0.3		0.1
Total asset derivatives		$	18.5	$	16.5
Liability derivatives	Balance sheet location
Derivatives designated as hedging instruments:
Natural gas contracts	Accrued liabilities	$	0.2	$	0.9
Nickel and other raw material contracts	Accrued liabilities	0.7		2.1
Natural gas contracts	Other long-term liabilities	0.3		0.3
Nickel and other raw material contracts	Other long-term liabilities	0.6		2.2
Total derivatives designated as hedging instruments		1.8		5.5
Total liability derivatives		$	1.8	$	5.5

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, 2018 and 2017 was as follows (in millions):

	Amount of Gain (Loss) Recognized in OCI on Derivatives					Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (a)
	Three months ended June 30,					Three months ended June 30,
Derivatives in Cash Flow Hedging Relationships	2018		2017			2018			2017
Nickel and other raw material contracts	$	6.2	$	(4.6	)	$	3.4		$	(1.0	)
Natural gas contracts	—		(0.5		)	(0.1		)	(0.7		)
Foreign exchange contracts	1.3		(0.1		)	0.2			2.5
Total	$	7.5	$	(5.2	)	$	3.5		$	0.8

	Amount of Gain (Loss) Recognized in OCI on Derivatives					Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (a)
	Six months ended June 30,					Six months ended June 30,
Derivatives in Cash Flow Hedging Relationships	2018		2017			2018			2017
Nickel and other raw material contracts	$	9.3	$	(4.4	)	$	6.2		$	(1.6	)
Natural gas contracts	0.2		(2.1		)	(0.4		)	(2.1		)
Foreign exchange contracts	0.5		(0.2		)	—			5.1
Total	$	10.0	$	(6.7	)	$	5.8		$	1.4

(a) The gains (losses) reclassified from accumulated OCI into income related to the derivatives are presented in cost of sales in the same period or periods in which the hedged item affects earnings.

Schedule Of Derivative Instruments Not Designated as Hedging Instruments

These derivatives that are not designated as hedging instruments were as follows:

(In millions)	Amount of Gain (Loss) Recognized in Income on Derivatives
	Three months ended June 30,					Six months ended June 30,
Derivatives Not Designated as Hedging Instruments	2018		2017			2018		2017
Foreign exchange contracts	$	0.3	$	(0.5	)	$	0.1	$	(0.6	)