Quarterly report pursuant to Section 13 or 15(d)

Derivative Contracts (Tables)

v3.10.0.1
Derivative Contracts (Tables)
9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Commodity Derivative Contracts
The following tables provide a summary of our outstanding derivative contracts:
 
As of
 
September 30, 2018
 
December 31, 2017
(in millions)
Net
Notional
Amount
 
Net
Notional
Amount
Cash flow hedge:
 
 
 
Interest rate swap
$
150.0

 
$

Commodity derivative contracts:
 
 
 
Metal
1.5

 
12.8

Energy and utilities
2.4

 
3.8

Total
$
153.9

 
$
16.6

 
As of
 
September 30, 2018
 
December 31, 2017
(in millions)
Notional
Position
 
Notional
Position
Commodity derivative contracts:
 
 
 
Notional amount - long
$
42.4

 
$
46.1

Notional amount - (short)
(38.5
)
 
(29.5
)
Net long / (short)
$
3.9

 
$
16.6

Effects of Derivative Contracts in Condensed Consolidated Financial Statements
The following tables summarize the gross amounts of open derivative contracts, the net amounts presented in the unaudited consolidated balance sheets, and the collateral deposited with counterparties:
 
As of September 30, 2018
(in millions)
Gross Amounts of
Recognized Assets
 
Gross Amounts Offset in
Consolidated Balance
Sheet
 
Net Amounts of Assets
Presented in Consolidated
Balance Sheet
Cash flow hedge:
 
 
 
 
 
Interest rate swap
$
1.0

 
$

 
$
1.0

Commodity derivative contracts:
 
 
 
 
 
Metal
2.7

 
(2.5
)
 
0.2

Energy and utilities

 

 

Collateral on deposit
0.2

 

 
0.2

Total
$
3.9

 
$
(2.5
)
 
$
1.4

Consolidated balance sheet location:
 
 
 
 
 
Prepaid expenses and other current assets
 
 
 
 
$
0.4

Other noncurrent assets
 
 
 
 
$
1.0

 
As of September 30, 2018
(in millions)
Gross Amounts of
Recognized Liabilities
 
Gross Amounts Offset in
Consolidated Balance
Sheet
 
Net Amounts of Liabilities
Presented in Consolidated
Balance Sheet
Commodity derivative contracts:
 
 
 
 
 
Metal
$
2.5

 
$
(2.5
)
 
$

Energy and utilities
0.2

 

 
0.2

Total
$
2.7

 
$
(2.5
)
 
$
0.2

Consolidated balance sheet location:
 
 
 
 
 
Accrued liabilities
 
 
 
 
$
0.1

Other noncurrent liabilities
 
 
 
 
$
0.1

 
As of December 31, 2017
(in millions)
Gross Amounts of
Recognized Assets
 
Gross Amounts Offset in
Consolidated Balance
Sheet
 
Net Amounts of Assets
Presented in Consolidated
Balance Sheet
Metal
$
5.3

 
$
(3.2
)
 
$
2.1

Energy and utilities

 

 

Total
$
5.3

 
$
(3.2
)
 
$
2.1

Consolidated balance sheet location:
 
 
 
 
 
Prepaid expenses and other current assets
 
 
 
 
$
2.0

Other noncurrent assets
 
 
 
 
$
0.1

 
As of December 31, 2017
(in millions)
Gross Amounts of
Recognized Liabilities
 
Gross Amounts Offset in
Consolidated Balance
Sheet
 
Net Amounts of Liabilities
Presented in Consolidated
Balance Sheet
Metal
$
3.3

 
$
(3.2
)
 
$
0.1

Energy and utilities
0.3

 

 
0.3

Total
$
3.6

 
$
(3.2
)
 
$
0.4

Consolidated balance sheet location:
 
 
 
 
 
Accrued liabilities
 
 
 
 
$
0.2

Other noncurrent liabilities
 
 
 
 
$
0.2

The following table summarizes the effects of derivative contracts in the consolidated statements of comprehensive income and the consolidated statements of operations:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(in millions)
2018
 
2017
 
2018
 
2017
Cash flow hedge gains (losses) in other comprehensive income (loss) for:
 
 
 
 
 
 
 
Interest rate swap
$
1.2

 
$

 
$
1.0

 
$

Commodity derivative contracts (gains) losses in cost of sales for:
 
 
 
 
 
 
 
Metal
$
(1.1
)
 
$
(2.2
)
 
$
(0.9
)
 
$
(2.4
)
Energy and utilities

 
(0.2
)
 
(0.1
)
 
0.3

Total commodity derivative contract (gains) losses in cost of sales
$
(1.1
)
 
$
(2.4
)
 
$
(1.0
)
 
$
(2.1
)