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Derivative Financial Instruments and Hedging (Tables) | 12 Months Ended
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Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of derivative instruments | The fair values of the Company’s derivative financial instruments are presented below, representing the gross amounts recognized which are not offset by counterpart 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) |  |  |  | December 31, 2016 |  | December 31, 2015
Asset derivatives |  | Balance sheet location |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |
Foreign exchange contracts |  | Prepaid expenses and other current assets |  | $ | 2.4 |  |  | $ | 1.6 |
Natural gas contracts |  | Prepaid expenses and other current assets |  | 0.2 |  |  | — |
Nickel and other raw material contracts |  | Prepaid expenses and other current assets |  | 2.2 |  |  | — |
Foreign exchange contracts |  | Other assets |  | 0.2 |  |  | 0.4 |
Natural gas contracts |  | Other assets |  | 0.2 |  |  | — |
Nickel and other raw material contracts |  | Other assets |  | 3.3 |  |  | — |
Total derivatives designated as hedging instruments: |  |  |  | 8.5 |  |  | 2.0 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign exchange contracts |  | Prepaid expenses and other current assets |  | 0.6 |  |  | 0.4 |
Total derivatives not designated as hedging instruments: |  | 0.6 |  |  | 0.4 |
Total asset derivatives |  |  |  | $ | 9.1 |  |  | $ | 2.4 |
Liability derivatives |  | Balance sheet location |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |
Natural gas contracts |  | Accrued liabilities |  | $ | 2.5 |  |  | $ | 17.3 |
Foreign exchange contracts |  | Accrued liabilities |  | — |  |  | 0.1 |
Nickel and other raw material contracts |  | Accrued liabilities |  | 6.7 |  |  | 22.2 |
Foreign exchange contracts |  | Other long-term liabilities |  | 0.1 |  |  | 0.1 |
Natural gas contracts |  | Other long-term liabilities |  | — |  |  | 8.5 |
Nickel and other raw material contracts |  | Other long-term liabilities |  | 9.4 |  |  | 23.0 |
Total liability derivatives |  |  |  | 18.7 |  |  | 71.2 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign exchange contracts |  | Accrued liabilities |  | — |  |  | 0.1 |
Total derivatives not designated as hedging instruments: |  | — |  |  | 0.1 |
Total liability derivatives |  |  |  | $ | 18.7 |  |  | $ | 71.3 |
Schedule of derivative instruments gain (loss) | Activity with regard to derivatives designated as cash flow hedges for the year ended December 31, 2016 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)
| 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015
Nickel and other raw material contracts |  | $ | 9.4 |  |  | $ | (34.2 | ) |  | $ | (12.1 | ) |  | $ | (10.5 | ) |  | $ | — |  |  | $ | — |
Natural gas contracts |  | 3.8 |  |  | (14.1 | ) |  | (8.4 | ) |  | (9.2 | ) |  | (0.8 | ) |  | (2.1 | )
Electricity contracts |  | — |  |  | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | — |
Foreign exchange contracts |  | — |  |  | 27.6 |  |  | 16.4 |  |  | 24.3 |  |  | — |  |  | 8.9 |
Total |  | $ | 13.2 |  |  | $ | (20.7 | ) |  | $ | (4.1 | ) |  | $ | 4.5 |  |  | $ | (0.8 | ) |  | $ | 6.8 |
(a) | The gains (losses) reclassified from accumulated OCI into income related to the effective portion of the derivatives are presented in cost of sales in the same period or periods in which the hedged item affects earnings.
(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) | These 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 |  | 2016 |  | 2015
Foreign exchange contracts |  | $ | (0.2 | ) |  | $ | 3.9 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 + Details
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