XML 84 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivative Financial Instruments and Hedging (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments
(in millions):
 
 
 
December 31,
2013
 
December 31,
2012
Asset derivatives
 
Balance sheet location
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Foreign exchange contracts
 
Prepaid expenses and other current assets
 
$
0.3

 
$
2.9

Nickel and other raw material contracts
 
Prepaid expenses and other current assets
 
0.1

 
0.6

Natural gas contracts
 
Prepaid expenses and other current assets
 
2.5

 
0.4

Foreign exchange contracts
 
Other assets
 
—

 
0.9

Natural gas contracts
 
Other assets
 
1.0

 
0.7

Nickel and other raw material contracts
 
Other assets
 
0.4

 
0.3

Total derivatives designated as hedging instruments:
 
 
 
4.3

 
5.8

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

 
0.4

Total derivatives not designated as hedging instruments:
 
—

 
0.4

Total asset derivatives
 
 
 
$
4.3

 
$
6.2

 
 
 
 
 
 
 
Liability derivatives
 
Balance sheet location
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Natural gas contracts
 
Accrued liabilities
 
$
0.4

 
$
4.4

Foreign exchange contracts
 
Accrued liabilities
 
7.8

 
1.7

Nickel and other raw material contracts
 
Accrued liabilities
 
4.5

 
1.1

Electricity contracts
 
Accrued liabilities
 
0.5

 
0.3

Foreign exchange contracts
 
Other long-term liabilities
 
5.4

 
1.4

Natural gas contracts
 
Other long-term liabilities
 
—

 
0.6

Electricity contracts
 
Other long-term liabilities
 
—

 
0.4

Nickel and other raw material contracts
 
Other long-term liabilities
 
1.3

 
0.3

Total liability derivatives
 
 
 
$
19.9

 
$
10.2

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Foreign exchange contracts
 
Accrued liabilities
 
1.7

 
1.6

Total derivatives not designated as hedging instruments:
 
1.7

 
1.6

Total liability derivatives
 
 
 
$
21.6

 
$
11.8
Schedule of derivative instruments gain (loss)
Activity with regard to derivatives designated as cash flow hedges for the year ended December 31, 2013 were as follows (in millions):
Derivatives in Cash Flow
Hedging Relationships
 
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)
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Nickel and other raw material contracts
 
$
(8.4
)
 
$
(3.6
)
 
$
(5.4
)
 
$
(3.4
)
 
$
—

 
$
—

Natural gas contracts
 
2.1

 
(2.4
)
 
(2.3
)
 
(8.1
)
 
—

 
—

Electricity contracts
 
(0.1
)
 
(1.0
)
 
(0.2
)
 
(1.8
)
 
—

 
—

Foreign exchange contracts
 
(9.1
)
 
1.0

 
(0.7
)
 
10.1

 
—

 
—

Total
 
$
(15.5
)
 
$
(6.0
)
 
$
(8.6
)
 
$
(3.2
)
 
$
—

 
$
—

(a)
The gains (losses) reclassified from accumulated OCI into income related to the effective portion of the derivatives are presented in cost of sales.
(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 derivatives not designated as hedging instruments, gain (loss)
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 as Hedging Instruments
 
2013
 
2012
Foreign exchange contracts
 
$
(0.3
)
 
$
(3.5
)