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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 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):
| June 30, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total
FINANCIAL ASSETS: |  |  |  |  |  |  |
Derivative Instruments (Non-Designated Hedges): |  |  |  |  |  |  |
Aluminum – Fixed price purchase contracts | $ | — |  |  | $ | 4.8 |  |  | $ | — |  |  | $ | 4.8 |
Natural Gas – Fixed price purchase contracts | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
All Other Financial Assets: |  |  |  |  |  |  |
Cash and cash equivalents | 50.6 |  |  | 144.7 |  |  | — |  |  | 195.3 |
Short-term investments | — |  |  | 72.0 |  |  | — |  |  | 72.0 |
Deferred compensation plan assets | — |  |  | 7.8 |  |  | — |  |  | 7.8 |
Total assets | $ | 50.6 |  |  | $ | 229.9 |  |  | $ | — |  |  | $ | 280.5 |
FINANCIAL LIABILITIES: |  |  |  |  |  |  |
Derivative Instruments (Non-Designated Hedges): |  |  |  |  |  |  |
Aluminum – |  |  |  |  |  |  |
Fixed price purchase contracts | $ | — |  |  | $ | (1.2 | ) |  | $ | — |  |  | $ | (1.2 | )
Midwest premium swap contracts | — |  |  | — |  |  | (1.4 | ) |  | (1.4 | )
Natural Gas – Fixed price purchase contracts | — |  |  | (2.4 | ) |  | — |  |  | (2.4 | )
All Other Financial Liabilities: |  |  |  |  |  |  |
5.875% Senior Notes | (383.4 | ) |  | — |  |  | — |  |  | (383.4 | )
Total liabilities | $ | (383.4 | ) |  | $ | (3.6 | ) |  | $ | (1.4 | ) |  | $ | (388.4 | )
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: |  |  |  |  |  |  |
8.25% 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 June 30, 2016 (in millions of dollars) |  | Valuation technique |  | Unobservable input |  | Settlement Period |  | Range ($ in unit price)
Liabilities: |  |  |  |  |  |  |  |  |  |
Midwest premium swap contracts |  | $ | (1.4 | ) |  | Discounted fair value |  | Forward price curve |  | July-16 through Jun-18 |  | $0.070 per metric ton to $0.073 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 swap 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 (gain) loss on derivative instruments | (0.5 | )
Transactions involving Level 3 derivative contracts: |
Purchases | (1.3 | )
Sales | — |
Issuances | — |
Settlements | (0.2 | )
Transactions involving Level 3 derivatives – net | (1.5 | )
Transfers in and/or out of Level 3 valuation hierarchy | — |
Fair value measurement at June 30, 2016 | $ | (1.4 | )
Total loss included in Unrealized (gain) loss on derivative instruments, attributable to the change in unrealized gain/loss relating to derivative contracts held at June 30, 2016: | $ | (1.5 | )

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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 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
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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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