Derivative Financial Instruments and Hedging (Tables)

9 Months Ended

Sep. 30, 2020

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	September 30, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Nickel and other raw material contracts	Prepaid expenses and other current assets	1.8		4.4
Natural gas contracts	Prepaid expenses and other current assets	1.4		—
Nickel and other raw material contracts	Other assets	0.4		1.2
Natural gas contracts	Other assets	0.5		—
Total derivatives designated as hedging instruments		4.1		5.6
Total asset derivatives		$	4.1	$	5.6
Liability derivatives	Balance sheet location
Derivatives designated as hedging instruments:
Interest rate swap	Other current liabilities	$	1.1	$	0.3
Natural gas contracts	Other current liabilities	0.3		2.5
Nickel and other raw material contracts	Other current liabilities	0.1		2.5
Interest rate swap	Other long-term liabilities	2.8		1.2
Natural gas contracts	Other long-term liabilities	—		1.0
Total derivatives designated as hedging instruments		4.3		7.5
Total liability derivatives		$	4.3	$	7.5

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 nine month periods ended September 30, 2020 and 2019 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 September 30,				Three months ended September 30,
Derivatives in Cash Flow Hedging Relationships	2020		2019		2020		2019
Nickel and other raw material contracts	$	2.1	$	11.8	$	0.7	$	1.1
Natural gas contracts	2.5		(0.9)		(0.8)		(0.6)
Foreign exchange contracts	—		0.9		—		0.3
Interest rate swap	0.1		(1.2)		(0.2)		(0.1)
Total	$	4.7	$	10.6	$	(0.3)	$	0.7

	Amount of Gain (Loss) Recognized in OCI on Derivatives				Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (a)
	Nine months ended September 30,				Nine months ended September 30,
Derivatives in Cash Flow Hedging Relationships	2020		2019		2020		2019
Nickel and other raw material contracts	$	(2.1)	$	18.2	$	(1.3)	$	0.5
Natural gas contracts	1.2		(3.2)		(2.8)		(0.6)
Foreign exchange contracts	(0.1)		1.0		(0.1)		—
Interest rate swap	(2.1)		(1.7)		(0.7)		(0.3)
Total	$	(3.1)	$	14.3	$	(4.9)	$	(0.4)

(a)The gains (losses) reclassified from accumulated OCI into income related to the derivatives, with the exception of the interest rate swap, are presented in cost of sales in the same period or periods in which the hedged item affects earnings. The gains (losses) reclassified from accumulated OCI into income on the interest rate swap are presented in interest expense in the same period as the interest expense on the Term Loan is recognized in earnings.