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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2015
Fair Value Disclosures [Abstract] |
Summary of assets and liabilities measured and recognized at fair value on a recurring basis | The following table presents our financial instruments, classified under the appropriate level of the fair value hierarchy, as of the period presented (in millions of dollars):
| September 30, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Total
FINANCIAL ASSETS: |  |  |  |  |  |  |
Derivative Instruments (Non-Designated Hedges): |  |  |  |  |  |  |
Aluminum - |  |  |  |  |  |  |
Fixed price sales contracts | $ | — |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |
Midwest premium swap contracts | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
All Other Financial Assets: |  |  |  |  |  |  |
Cash and cash equivalents | 37.1 |  |  | 45.5 |  |  | — |  |  | 82.6 |
Short-term investments | — |  |  | 30.0 |  |  | — |  |  | 30.0 |
Deferred compensation plan asset | — |  |  | 7.0 |  |  | — |  |  | 7.0 |
Total assets | $ | 37.1 |  |  | $ | 82.7 |  |  | $ | 0.1 |  |  | $ | 119.9 |
FINANCIAL LIABILITIES: |  |  |  |  |  |  |
Derivative Instruments (Non-Designated Hedges): |  |  |  |  |  |  |
Aluminum - |  |  |  |  |  |  |
Fixed price purchase contracts | $ | — |  |  | $ | (10.3 | ) |  | $ | — |  |  | $ | (10.3 | )
Midwest premium swap contracts | — |  |  | — |  |  | (2.0 | ) |  | (2.0 | )
Natural Gas - Fixed price purchase contracts | — |  |  | (6.4 | ) |  | — |  |  | (6.4 | )
Electricity - Fixed price purchase contracts | — |  |  | (0.4 | ) |  | — |  |  | (0.4 | )
Derivative Instruments (Designated Hedges): |  |  |  |  |  |  |
Foreign Currency - Euro forward purchase contracts | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
All Other Financial Liabilities: |  |  |  |  |  |  |
Senior Notes | (233.0 | ) |  | — |  |  | — |  |  | (233.0 | )
Total liabilities | $ | (233.0 | ) |  | $ | (17.3 | ) |  | $ | (2.0 | ) |  | $ | (252.3 | )
The following table presents our financial instruments, classified under the appropriate level of the fair value hierarchy, as of the period presented (in millions of dollars):
| December 31, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total
FINANCIAL ASSETS: |  |  |  |  |  |  |
Derivative Instruments (Non-Designated Hedges): |  |  |  |  |  |  |
Aluminum - Midwest premium swap contracts | $ | — |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | 1.0 |
Hedges Relating to the Convertible Notes - Option Assets | — |  |  | 84.7 |  |  | — |  |  | 84.7 |
All Other Financial Assets: |  |  |  |  |  |  |
Cash and cash equivalents | 29.5 |  |  | 148.2 |  |  | — |  |  | 177.7 |
Short-term investments | — |  |  | 114.0 |  |  | — |  |  | 114.0 |
Deferred compensation plan asset | — |  |  | 7.3 |  |  | — |  |  | 7.3 |
Total assets | $ | 29.5 |  |  | $ | 354.2 |  |  | $ | 1.0 |  |  | $ | 384.7 |
FINANCIAL LIABILITIES: |  |  |  |  |  |  |
Derivative Instruments (Non-Designated Hedges): |  |  |  |  |  |  |
Aluminum - Fixed price purchase contracts | $ | — |  |  | $ | (4.2 | ) |  | $ | — |  |  | $ | (4.2 | )
Natural Gas - Fixed price purchase contracts | — |  |  | (6.2 | ) |  | — |  |  | (6.2 | )
Electricity - Fixed price purchase contracts | — |  |  | (1.7 | ) |  | — |  |  | (1.7 | )
Hedges Relating to the Convertible Notes - Bifurcated Conversion Feature | — |  |  | (84.7 | ) |  | — |  |  | (84.7 | )
All Other Financial Liabilities: |  |  |  |  |  |  |
Senior Notes | (244.5 | ) |  | — |  |  | — |  |  | (244.5 | )
Convertible Notes, including Bifurcated Conversion Feature | (263.3 | ) |  | — |  |  | — |  |  | (263.3 | )
Total liabilities | $ | (507.8 | ) |  | $ | (96.8 | ) |  | $ | — |  |  | $ | (604.6 | )
Reconciliation of activity for financial instruments classified as Level 3 | The following table presents a reconciliation of activity for the Midwest premium derivative contracts on a net basis (in millions of dollars):
| Level 3
Balance at December 31, 2014 | $ | 1.0 |
Total realized/unrealized losses included in: |
Cost of goods sold excluding depreciation and amortization and other items and Unrealized losses on derivative instruments | (3.9 | )
Transactions involving Level 3 derivative contracts: |
Purchases | (5.4 | )
Sales | — |
Issuances | — |
Settlements | 6.4 |
Transactions involving Level 3 derivatives — net | 1.0 |
Transfers in and/or out of Level 3 valuation hierarchy | — |
Balance at September 30, 2015 | $ | (1.9 | )
Total losses included in Unrealized losses on derivative instruments, attributable to the change in unrealized gains/losses relating to derivative contracts held at September 30, 2015: | $ | (2.0 | )

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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