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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.