XML 43 R33.htm IDEA: XBRL DOCUMENT
v3.23.2

Derivative Financial Instruments and Hedging (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value | The fair values of the Company’s derivative financial instruments are presented below, representing the gross amounts recognized which are not offset by counterparty 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) Asset derivatives |  | Balance sheet location |  | June 30, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments: |  |  |  |
Interest rate swap |  | Prepaid expenses and other current assets |  | $ | 1.5 |  |  | $ | 1.4 |
Foreign exchange contracts |  | Prepaid expenses and other current assets |  | 0.2 |  |  | — |
Nickel and other raw material contracts |  | Prepaid expenses and other current assets |  | 1.7 |  |  | 12.5 |
Natural gas contracts |  | Prepaid expenses and other current assets |  | 0.2 |  |  | 2.4 |
Interest rate swap |  | Other assets |  | — |  |  | 0.5 |
Nickel and other raw material contracts |  | Other assets |  | — |  |  | 0.5 |
Natural gas contracts |  | Other assets |  | 0.3 |  |  | 0.7 |
Total derivatives designated as hedging instruments |  | $ | 3.9 |  |  | $ | 18.0 |
Liability derivatives |  | Balance sheet location |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Natural gas contracts |  | Other current liabilities |  | 3.6 |  |  | 2.0 |
Nickel and other raw material contracts |  | Other current liabilities |  | 2.1 |  |  | 2.1 |
Natural gas contracts |  | Other long-term liabilities |  | 0.9 |  |  | 0.5 |
Nickel and other raw material contracts |  | Other long-term liabilities |  | $ | 0.5 |  |  | $ | — |
Total derivatives designated as hedging instruments |  | $ | 7.1 |  |  | $ | 4.6 |
Schedule Of Derivative Instruments Gain Loss In Statement Of Financial Performance | Activity with regard to derivatives designated as cash flow hedges for the three and six month periods ended June 30, 2023 and 2022 was as follows (in millions):
| Amount of Gain (Loss) Recognized in OCI on Derivatives |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (a)
| Three months ended June 30, |  | Three months ended June 30,
Derivatives in Cash Flow Hedging Relationships | 2023 |  | 2022 |  | 2023 |  | 2022
Nickel and other raw material contracts | $ | (1.6) |  |  | $ | 9.3 |  |  | $ | (1.4) |  |  | $ | 12.1 |
Natural gas contracts | (0.7) |  |  | 2.5 |  |  | (1.8) |  |  | 3.4 |
Foreign exchange contracts | 0.1 |  |  | 0.3 |  |  | — |  |  | 0.1 |
Interest rate swap | 0.3 |  |  | 0.2 |  |  | 0.3 |  |  | (0.1) |
Total | $ | (1.9) |  |  | $ | 12.3 |  |  | $ | (2.9) |  |  | $ | 15.5 |
| Amount of Gain (Loss) Recognized in OCI on Derivatives |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (a)
| Six months ended June 30, |  | Six months ended June 30,
Derivatives in Cash Flow Hedging Relationships | 2023 |  | 2022 |  | 2023 |  | 2022
Nickel and other raw material contracts | $ | (6.9) |  |  | $ | 17.3 |  |  | $ | 3.9 |  |  | $ | 14.5 |
Natural gas contracts | (6.8) |  |  | 11.8 |  |  | (3.2) |  |  | 5.0 |
Foreign exchange contracts | 0.2 |  |  | 0.4 |  |  | 0.1 |  |  | 0.1 |
Interest rate swap | 0.2 |  |  | 1.5 |  |  | 0.5 |  |  | (0.3) |
Total | $ | (13.3) |  |  | $ | 31.0 |  |  | $ | 1.3 |  |  | $ | 19.3 |
(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 sales and 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.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration