XML 44 R31.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2016
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):
| March 31, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total
FINANCIAL ASSETS: |  |  |  |  |  |  |
Derivative Instruments (Non-Designated Hedges): |  |  |  |  |  |  |
Aluminum – |  |  |  |  |  |  |
Call option purchase contracts | $ | — |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |
Fixed price purchase contracts | — |  |  | 0.8 |  |  | — |  |  | 0.8 |
Midwest premium swap contracts | — |  |  | — |  |  | 0.5 |  |  | 0.5 |
Natural Gas - |  |  |  |  |  |  |
Fixed priced purchase contracts | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
All Other Financial Assets: |  |  |  |  |  |  |
Cash and cash equivalents | 34.5 |  |  | 36.2 |  |  | — |  |  | 70.7 |
Short-term investments | — |  |  | 10.0 |  |  | — |  |  | 10.0 |
Deferred compensation plan assets | — |  |  | 7.3 |  |  | — |  |  | 7.3 |
Total assets | $ | 34.5 |  |  | $ | 54.6 |  |  | $ | 0.5 |  |  | $ | 89.6 |
FINANCIAL LIABILITIES: |  |  |  |  |  |  |
Derivative Instruments (Non-Designated Hedges): |  |  |  |  |  |  |
Aluminum – |  |  |  |  |  |  |
Fixed price purchase contracts | $ | — |  |  | $ | (5.6 | ) |  | $ | — |  |  | $ | (5.6 | )
Midwest premium swap contracts | — |  |  | — |  |  | (0.3 | ) |  | (0.3 | )
Natural Gas – Fixed price purchase contracts | — |  |  | (6.1 | ) |  | — |  |  | (6.1 | )
All Other Financial Liabilities: |  |  |  |  |  |  |
Senior Notes | (205.7 | ) |  | — |  |  | — |  |  | (205.7 | )
Total liabilities | $ | (205.7 | ) |  | $ | (11.7 | ) |  | $ | (0.3 | ) |  | $ | (217.7 | )
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, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Total
FINANCIAL ASSETS: |  |  |  |  |  |  |
Derivative Instruments (Non-Designated Hedges): |  |  |  |  |  |  |
Aluminum – |  |  |  |  |  |  |
Call option purchase contracts | $ | — |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |
Fixed price purchase contracts | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Fixed price sales contracts | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Midwest premium swap contracts | — |  |  | — |  |  | 0.9 |  |  | 0.9 |
All Other Financial Assets: |  |  |  |  |  |  |
Cash and cash equivalents | 40.3 |  |  | 32.2 |  |  | — |  |  | 72.5 |
Short-term investments | — |  |  | 30.0 |  |  | — |  |  | 30.0 |
Deferred compensation plan assets | — |  |  | 7.3 |  |  | — |  |  | 7.3 |
Total assets | $ | 40.3 |  |  | $ | 70.2 |  |  | $ | 0.9 |  |  | $ | 111.4 |
FINANCIAL LIABILITIES: |  |  |  |  |  |  |
Derivative Instruments (Non-Designated Hedges): |  |  |  |  |  |  |
Aluminum – |  |  |  |  |  |  |
Fixed price purchase contracts | $ | — |  |  | $ | (8.9 | ) |  | $ | — |  |  | $ | (8.9 | )
Fixed price sales contracts | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Midwest premium swap contracts | — |  |  | — |  |  | (0.3 | ) |  | (0.3 | )
Natural Gas – Fixed price purchase contracts | — |  |  | (6.7 | ) |  | — |  |  | (6.7 | )
Derivative Instruments (Designated Hedges): |  |  |  |  |  |  |
Foreign Currency – Euro forward purchase contracts | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
All Other Financial Liabilities: |  |  |  |  |  |  |
Senior Notes | (207.3 | ) |  | — |  |  | — |  |  | (207.3 | )
Total liabilities | $ | (207.3 | ) |  | $ | (15.9 | ) |  | $ | (0.3 | ) |  | $ | (223.5 | )
Schedule of quantitative information for Level 3 Midwest premiums derivative contracts | quantitative information for Level 3 Midwest premium derivative contracts:
|  | Fair Value at March 31, 2016 (in millions of dollars) |  | Valuation technique |  | Unobservable input |  | Settlement Period |  | Range ($ in unit price)
Assets: |  |  |  |  |  |  |  |  |  |
Midwest premium contracts |  | $ | 0.5 |  |  | Discounted fair value |  | Forward price curve |  | Apr-16 through Dec-17 |  | $0.083 per metric ton to $0.084 per metric ton
Liabilities: |  |  |  |  |  |  |  |  |  |
Midwest premium contracts |  | $ | (0.3 | ) |  | Discounted fair value |  | Forward price curve |  | Apr-16 through Jun-17 |  | $0.083 per metric ton to $0.084 per metric ton
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
Fair value measurement at December 31, 2015 | $ | 0.6 |
Total realized/unrealized (loss) included in: |
Cost of goods sold excluding depreciation and amortization and other items and Unrealized loss on derivative instruments | — |
Transactions involving Level 3 derivative contracts: |
Purchases | (0.1 | )
Sales | — |
Issuances | — |
Settlements | (0.3 | )
Transactions involving Level 3 derivatives – net | (0.4 | )
Transfers in and/or out of Level 3 valuation hierarchy | — |
Fair value measurement at March 31, 2016 | $ | 0.2 |
Total gain included in Unrealized (gain) loss on derivative instruments, attributable to the change in unrealized gain/loss relating to derivative contracts held at March 31, 2016: | $ | (0.1 | )

X
- 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
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
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 quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration