Disclosures About Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding commodity price swaps and options and forward foreign exchange contracts

As of December 31, 2012 and 2011, the Company had the following outstanding commodity price swaps and options and forward foreign exchange contracts:

Commodity	2012		2011
Nickel (in lbs)	420,100		545,500
Natural gas (in MMBTUs)	9,000,000		28,700,000
Zinc (in lbs)	—		21,000,000
Iron ore (in metric tons)	1,140,000		294,000
Hot roll carbon steel coils (in short tons)	30,000		—
Foreign exchange contracts (in euros)	€	15,950,000	€	13,050,000

Fair value of derivative instruments in the Condensed Consolidated Balance Sheets

The following table presents the fair value of derivative instruments in the Consolidated Balance Sheets as of December 31, 2012 and 2011:

Asset (liability)	2012			2011
Derivatives designated as hedging instruments:
Other current assets—commodity contracts	$	25.5		$	—
Accrued liabilities—commodity contracts	(1.2		)	(19.4		)
Derivatives not designated as hedging instruments:
Other current assets:
Foreign exchange contracts	—			1.0
Accrued liabilities:
Foreign exchange contracts	(0.2		)	—
Commodity contracts	(0.1		)	(2.2		)

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 Consolidated Statements of Operations for the years ended December 31, 2012, 2011 and 2010:

Gain (loss)	2012			2011			2010
Derivatives in cash flow hedging relationships—
Commodity contracts:
Reclassified from accumulated other comprehensive income (loss) into cost of products sold (effective portion)	$	(36.3	)	$	(4.0	)	$	(17.1	)
Recorded in cost of products sold (ineffective portion and amount excluded from effectiveness testing)	0.1			(10.2		)	(12.9		)
Derivatives not designated as hedging instruments:
Foreign exchange contracts—recorded in other income (expense)	(1.2		)	0.8			(0.7		)
Commodity contracts—recorded in cost of products sold	(0.6		)	(5.1		)	1.8

Amount of gains (losses) expected to be reclassified into earnings within the next twelve months

The following table lists the amount of gains (losses) net of tax 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	January 2013 to December 2013	$	(0.4	)
Iron ore	January 2013 to December 2013	24.3
Hot roll carbon steel coils	January 2013 to March 2013	0.4