XML 47 R31.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Schedule of financial assets and liabilities at fair value on a recurring basis |
Recurring Fair Value Measurements |  | As of December 31, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 23.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 23.3 |
Trust assets (1) |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Surety bonds (3) |  | 1.8 |  |  | — |  |  | — |  |  | 1.8 |
Derivative instruments |  | — |  |  | 9.1 |  |  | 10.6 |  |  | 19.7 |
TOTAL |  | $ | 25.3 |  |  | $ | 9.1 |  |  | $ | 10.6 |  |  | $ | 45.0 |
LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |
Contingent obligation – net (2) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivative instruments |  | — |  |  | 1.3 |  |  | 2.9 |  |  | 4.2 |
TOTAL |  | $ | — |  |  | $ | 1.3 |  |  | $ | 2.9 |  |  | $ | 4.2 |
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 (3) |  | 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 (2) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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.
(2) | See Note 6 Debt for additional information about the contingent obligation.
(3) | Surety bonds are currently invested in U.S. treasury bills and represent collateral against our workers' compensation insurance policy.
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 |  | 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
Power price swaps |  | 2 |  | Discounted cash flows |  | Quoted Nordpool 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=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration