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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Financial assets and liabilities at fair value on a recurring basis

Recurring Fair Value Measurements		As of June 30, 2019
		Level 1				Level 2				Level 3				Total
ASSETS:
Cash equivalents		$	14.5			$	—			$	—			$	14.5
Trust assets (1)		1.1				—				—				1.1
Surety bonds		2.1				—				—				2.1
Derivative instruments		—				6.3				7.2				13.5
TOTAL		$	17.7			$	6.3			$	7.2			$	31.2
LIABILITIES:
Contingent obligation – net		$	—			$	—			$	—			$	—
Derivative instruments		—				4.1				3.0				7.1
TOTAL		$	—			$	4.1			$	3.0			$	7.1

Recurring Fair Value Measurements		As of December 31, 2018
		Level 1				Level 2				Level 3				Total
ASSETS:
Cash equivalents		$	7.5			$	—			$	—			$	7.5
Trust assets (1)		0.1				—				—				0.1
Surety bonds		2.1				—				—				2.1
Derivative instruments		—				3.2				5.0				8.2
TOTAL		$	9.7			$	3.2			$	5.0			$	17.9
LIABILITIES:
Contingent obligation – net		$	—			$	—			$	—			$	—
Derivative instruments		—				2.0				0.5				2.5
TOTAL		$	—			$	2.0			$	0.5			$	2.5
(1) Trust assets are currently invested in money market funds. These trust assets are held to fund the non-qualified supplemental executive pension benefit obligations for certain of our officers.

Schedule of valuation methodology for assets and liabilities at fair value

The following section describes the valuation techniques and inputs used for fair value measurements categorized within Level 2 or Level 3 of the fair value hierarchy:

Level 2 and Level 3 Fair Value Measurements:
Asset / Liability		Level		Valuation Techniques		Inputs
LME forward financial sales contracts - ST		2		Discounted cash flows		Quoted LME forward market
LME forward financial sales contracts - LT		3		Discounted cash flows		Quoted LME forward market, discount rate
MWP forward financial sales contracts		2		Discounted cash flows		Quoted MWP forward market
Fixed for floating swaps		2		Discounted cash flows		Quoted LME forward market, quoted MWP forward market
Nord Pool Power price swaps		2		Discounted cash flows		Quoted Nord Pool forward market
FX swaps		2		Discounted cash flows		Euro/USD forward exchange rate
Contingent obligation		3		Discounted cash flows		Quoted LME forward market, management’s estimates of the LME forward market prices for periods beyond the quoted periods, management’s estimates of future level of operations
Hawesville L4 power price swaps		3		Discounted cash flows		Quoted Indy hub forward market, management's estimates of the locational marginal prices during the terms of the contracts

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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