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Derivative Financial Instruments and Hedging (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020						December 31, 2019
Asset derivatives						Balance sheet location
Derivatives designated as hedging instruments:
Natural gas contracts						Prepaid expenses and other current assets						$	0.2					$	—
Nickel and other raw material contracts						Prepaid expenses and other current assets						3.7						4.4
Natural gas contracts						Other assets						0.2						—
Nickel and other raw material contracts						Other assets						0.7						1.2
Total derivatives designated as hedging instruments												4.8						5.6
Total asset derivatives												$	4.8					$	5.6
Liability derivatives						Balance sheet location
Derivatives designated as hedging instruments:
Interest rate swap						Other current liabilities						$	1.0					$	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						2.5						1.2
Natural gas contracts						Other long-term liabilities						0.1						1.0
Total derivatives designated as hedging instruments												4.0						7.5
Total liability derivatives												$	4.0					$	7.5

Schedule of derivative instruments gain (loss)

Activity with regard to derivatives designated as cash flow hedges for the years ended December 31, 2020 and 2019 were as follows (in millions):

Derivatives in Cash Flow Hedging Relationships						Amount of Gain (Loss) Recognized in OCI on Derivatives												Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (a)
						2020						2019						2020						2019
Nickel and other raw material contracts						$	—					$	11.3					$	(0.6)					$	3.9
Natural gas contracts						(0.1)						(4.0)						(2.8)						(0.9)
Foreign exchange contracts						(0.1)						1.0						(0.1)						0.5
Interest rate swap						(1.8)						(0.9)						(1.1)						(0.4)
Total						$	(2.0)					$	7.4					$	(4.6)					$	3.1

(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.

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- References

No definition available.

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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

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