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Disclosures About Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Sep. 30, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract] 
Outstanding commodity price swaps and options and forward foreign exchange contracts
As of September 30, 2011, the Company had the following outstanding commodity price swaps and options and forward foreign exchange contracts:
Commodity
 
Amount
Nickel (in lbs)
 
1,064,100

Natural gas (in MMBTUs)
 
13,650,000

Zinc (in lbs)
 
36,000,000

Aluminum (in lbs)
 
800,000

Foreign exchange contracts (in euros)
 
€
18,325,000

Fair value of derivative instruments in the Condensed Consolidated Balance Sheets
The following table presents the fair value of derivative instruments in the Condensed Consolidated Balance Sheets as of September 30, 2011 and December 31, 2010:
Asset (liability)
 
September 30, 2011
 
December 31, 2010
Derivatives designated as hedging instruments:
 
 
 
 
Accrued liabilities—commodity contracts
 
$
(7.4
)
 
$
—

Other non-current liabilities—commodity contracts
 
(0.1
)
 
—

 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
Other current assets:
 
 
 
 
Foreign exchange contracts
 
1.1

 
0.2

Commodity contracts
 
—

 
0.8

Accrued liabilities—commodity contracts
 
(5.7
)
 
(0.1
)
Other non-current liabilities—commodity contracts
 
(0.1
)
 
—


Gains (losses) on derivative instruments included in the Condensed Consolidated Statements of Operations
The following table presents gains (losses) on derivative instruments included in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2011 and 2010:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Gain (loss)
 
2011
 
2010
 
2011
 
2010
Derivatives in cash flow hedging relationships—
 
 
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
 
 
Reclassified from accumulated other comprehensive income (loss) into cost of products sold (effective portion)
 
$
1.9

 
$
(6.4
)
 
$
(3.4
)
 
$
(9.3
)
Recognized in cost of products sold (ineffective portion and amount excluded from effectiveness testing)
 
(3.5
)
 
5.1

 
(5.9
)
 
6.3

 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign exchange contracts—recognized in other income, net
 
1.4

 
(4.3
)
 
1.5

 
(3.0
)
Commodity contracts—recognized in cost of products sold
 
(6.6
)
 
0.5

 
(6.5
)
 
(0.3
)
Amount of gains (losses) expected to be reclassified into earnings within the next twelve months
The following table lists the duration of the derivatives and the amount of gains (losses) expected to be reclassified into earnings within the next twelve months for the Company’s existing commodity contracts that qualify for hedge accounting:
Commodity Hedge
Settlement Dates
 
Gains (losses)
Natural gas
October 2011 to December 2012
 
$
(0.5
)
Electricity
September 2011
 
(0.6
)