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Derivative Financial Instruments and Hedging (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024						December 31, 2023
Derivatives designated as hedging instruments:
Interest rate swap						Prepaid expenses and other current assets						$	—					$	0.7
Foreign exchange contracts						Prepaid expenses and other current assets						0.3						0.1
Natural gas contracts						Other assets						—						0.1
Total derivatives designated as hedging instruments												$	0.3					$	0.9
Liability derivatives						Balance sheet location
Derivatives designated as hedging instruments:
Natural gas contracts						Other current liabilities						3.0						5.6
Nickel and other raw material contracts						Other current liabilities						3.7						7.5
Natural gas contracts						Other long-term liabilities						0.3						1.1
Nickel and other raw material contracts						Other long-term liabilities						0.5						—
Total derivatives designated as hedging instruments												$	7.5					$	14.2

Schedule Of Derivative Instruments Gain Loss In Statement Of Financial Performance

Activity with regard to derivatives designated as cash flow hedges for the quarters and year-to-date periods ended June 30, 2024 and July 2, 2023 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)
			Quarter ended												Quarter ended
Derivatives in Cash Flow Hedging Relationships			June 30, 2024						July 2, 2023						June 30, 2024						July 2, 2023
Nickel and other raw material contracts			$	(0.9)					$	(1.6)					$	(1.1)					$	(1.4)
Natural gas contracts			0.4						(0.7)						(1.8)						(1.8)
Foreign exchange contracts			0.1						0.1						—						—
Interest rate swap			—						0.3						0.9						0.3
Total			$	(0.4)					$	(1.9)					$	(2.0)					$	(2.9)

			Amount of Gain (Loss) Recognized in OCI on Derivatives												Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (a)
			Year-to-date period ended												Year-to-date period ended
Derivatives in Cash Flow Hedging Relationships			June 30, 2024						July 2, 2023						June 30, 2024						July 2, 2023
Nickel and other raw material contracts			$	(1.1)					$	(6.9)					$	(1.1)					$	3.9
Natural gas contracts			(1.0)						(6.8)						(3.6)						(3.2)
Foreign exchange contracts			0.3						0.2						0.2						0.1
Interest rate swap			—						0.2						1.2						0.5
Total			$	(1.8)					$	(13.3)					$	(3.3)					$	1.3

(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.

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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
-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

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-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

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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

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